X0202 4 2007-01-23 0 0001045425 RAIT Financial Trust RAS 0001247745 COHEN DANIEL G C/O RAIT PARTNERSHIP, L.P. CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 1 Chief Executive Officer Trustee Common Shares of Beneficial Interest 2007-01-23 4 A 0 75000 0.00 A 1323053 D Common Shares of Beneficial Interest 510488 I by Cohen & Company Common Shares of Beneficial Interest 1300 I By IRA Common Shares of Beneficial Interest 2007-01-24 4 P 0 6258 31.96 A 1329311 D These common shares underlie the equivalent number of units, or phantom units, granted to the reporting person. These units vest in five equal annual installments of 20% 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 75,000 common shares underlying the equivalent number of phantom units. The reporting person indirectly owns approximately 87.6% of the ownership interests in Cohen Brothers, LLC d/b/a Cohen & Company. Anders F. Laren, attorney-in-fact 2007-01-25