X0202 4 2007-12-07 0 0001045425 RAIT Financial Trust RAS 0001383119 Licht Raphael C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 0 CAO, CLO & Secretary Common Shares of Beneficial Interest 2007-12-07 4 J 0 16000 0.00 D 37785 D On December 7, 2007, the reporting person voluntarily forfeited the phantom units granted to the reporting person on January 23, 2007 and relinquished any right, title or claim of interest therein or in any future income therefrom. The forfeiture was exempt from Section 16(b) of the Securities Exchange Act of 1934 (the "Act") pursuant to, without limitation, Rule 16b-3(e) promulgated under the Act. Excludes 483 common shares held by the reporting person's father. The reporting person disclaims beneficial ownership of the common shares held by the reporting person's father. Anders F. Laren, attorney-in-fact 2007-12-10