X0202 4 2006-01-24 0 0001045425 RAIT INVESTMENT TRUST RAS 0001265902 KIM S KRISTIN C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 0 0 1 Trustee Common Shares of Beneficial Interest 2006-01-24 4 A 0 932 0.00 A 2798 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. These common shares underlie the equivalent number of phantom units and phantom shares. /s/ Anders F. Laren, attorney-in-fact 2006-01-26