X0202 3 2007-05-22 0 0001045425 RAIT Financial Trust RAS 0001401067 Sebra James J C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 0 SVP-Finance & CAO Common Shares of Beneficial Interest 25130 D This amount includes 6,000 common shares underlying the equivalent number of phantom units. /s/ Anders F. Laren, attorney-in-fact 2007-05-25