X0202 4 2005-10-25 0 0001045425 RAIT INVESTMENT TRUST RAS 0001170822 PROMISLO DANIEL C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 0 0 1 Trustee Common Shares of Beneficial Interest 2005-10-25 4 A 0 470 0.00 A 16418 D These common shares underlie the equivalent number of units, or phantom units, granted to the reporting person. These units vested on the date of grant, may not be settled in cash and are redeemable automatically in common shares on a one-for-one basis on the earliest to occur of (i) the first anniversary of the date of grant or (ii) the reporting person's termination of service with the issuer. In addition to the common shares underlying the phantom units granted in the reported transaction, this amount also includes 448 common shares underlying the equivalent number of phantom shares previously issued to the reporting person pursuant to the RAIT Investment Trust Phantom Share Plan. /s/ Anders F. Laren, attorney-in-fact 2005-10-27