X0202 4 2004-11-29 0 0001045425 RAIT INVESTMENT TRUST RAS 0001168754 COHEN BETSY Z C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 1 0 1 CEO Chairman & Trustee Common Shares of Beneficial Interest 2004-11-29 4 M 0 26664 15.00 A 73290 D Common Shares of Beneficial Interest 11105 I By 401(k) plan Common Shares of Beneficial Interest 30446 I By IRA Common Shares of Beneficial Interest 37290 I By Spouse's IRA Employee Stock Option (Right to Buy) 15.00 2004-11-29 4 M 0 26664 0.00 D 2008-01-09 Common Shares of Beneficial Interest 26664 198336 D This employee stock option vested in four equal annual installments on 1/9/99, 1/9/00, 1/9/01 and 1/9/02. Table I Column 5 does not include the following Common Shares as to which the reporting person disclaims beneficial ownership: (1) 126,801 Common Shares held by a charitable foundation of which the reporting person serves as trustee because the reporting person has no pecuniary interest in those Common Shares, (2) 58,912 Common Shares deposited in a "rabbi" trust established in connection with the supplemental executive retirement plan established pursuant to the reporting person's employment agreement with the issuer and (3) Common Shares held by Resource America, Inc., the Chairman of the Board of which is the spouse of the reporting person and the Chief Executive Officer, President and a director of which is the son of the reporting person. /s/ Betsy Z. Cohen 2004-11-30