X0202 4 2007-01-23 0 0001045425 RAIT Financial Trust RAS 0001382861 Kahn Mitchell C/O RAIT PARTNERSHIP, L.P. CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA' PA 19104 0 1 0 0 Co-President Common Shares of Beneficial Interest 2007-01-23 4 A 0 25000 0.00 A 198846 D 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 01/23/2008 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 25,000 common shares underlying the equivalent number of phantom units. Anders F. Laren, attorney-in-fact 2007-01-25