X0303 4 2009-03-06 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 COO & Secretary Common Shares of Beneficial Interest 2009-03-06 4 P 0 10000 0.50 A 48335 D Common Shares of Beneficial Interest 2500 I By reporting person as UGMA custodian for his child Common Shares of Beneficial Interest 2500 I By reporting person as UGMA custodian for his child 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, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common shares for purposes of Section 16 or for any other purpose. The reporting person disclaims beneficial ownership of these common shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common shares for purposes of Section 16 or for any other purpose. Anders F. Laren, attorney-in-fact 2009-03-09