X0202 4 2007-01-23 0 0001045425 RAIT Financial Trust RAS 0001168754 COHEN BETSY Z C/O RAIT PARTNERSHIP, L.P. CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 0 0 1 Chairman & Trustee Common Shares of Beneficial Interest 2007-01-23 4 A 0 100000 0.00 A 344750 D Common Shares of Beneficial Interest 12212 I By 401(k) plan Common Shares of Beneficial Interest 37290 I By IRA f/b/o spouse Common Shares of Beneficial Interest 68190 I By Solomon Investment Partnership, L.P. Common Shares of Beneficial Interest 2007-01-24 4 P 0 3910 31.96 A 348660 D Common Shares of Beneficial Interest 2007-01-24 4 P 0 2347 31.96 A 2347 I By spouse 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 110,868 common shares underlying the equivalent number of phantom units. This amount excludes the following common shares as to which the reporting person disclaims beneficial ownership: (1) 126,801 common shares held by a charitable foundation of which the reporting person serves as trustee because the reporting person has no pecuniary interest in those Common Shares, and (2) 151,658 common shares deposited in a "rabbi" trust established in connection with the supplemental executive retirement plan established pursuant to the reporting person's employment agreement with the issuer. The reporting person and her spouse are the sole shareholders, officers and directors of the corporate general partner of Solomon Investment Partnership, L.P., a limited partnership, and are the sole limited partners of this partnership. /s/ Anders F. Laren Attorney-in-fact 2007-01-25