X0202 4 2007-12-07 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 2007-12-07 4 J 0 6000 0.00 D 20130 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. /s/ Anders F. Laren, attorney-in-fact 2007-12-10