X0202 4 2007-01-23 0 0001045425 RAIT Financial Trust RAS 0001265902 KIM S KRISTIN C/O RAIT PARTNERSHIP, L.P. CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 0 0 1 Trustee Common Shares of Beneficial Interest 2007-01-23 4 A 0 681 0.00 A 3902 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. This amount includes 2,500 common shares underlying the equivalent number of phantom units and phantom shares. /s/ Anders F. Laren, attorney-in-fact 2007-01-25