X0202 4 2006-01-24 0 0001045425 RAIT INVESTMENT TRUST RAS 0001168758 SCHAEFFER SCOTT C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 1 0 0 President & COO Common Shares of Beneficial Interest 2006-01-24 4 A 0 18505 0.00 A 110609 D Common Shares of Beneficial Interest 6548 I By 401(k) plan These common shares underlie the equivalent number of units, or phantom units, granted to the reporting person. These units vest in four annual installments of 20%, 20%, 20% and 40% beginning 01/24/2007 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 applicable vesting date, (ii) the date of death of the reporting person or (iii) the reporting person becomes disabled. These units may not be settled in cash. This amount includes 20,109 common shares underlying the equivalent number of phantom units. /s/ Anders F. Laren, attorney-in-fact 2006-01-26