X0303 4 2011-01-26 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 2011-01-26 4 F 0 52640 2.72 D 231504 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 On January 26, 2011, the reporting person elected to satisfy the tax withholding obligations of the issuer with respect to the scheduled redemption of a portion of the reporting person's phantom units, which portion was being redeemed with common shares of the issuer, by having common shares withheld from the common shares issued in connection with such redemption. The common shares so withheld are being reported herein as a disposition to the issuer. The aggregate value of the common shares so withheld was based on the closing price of the common shares on the New York Stock Exchange on the relevant redemption date and did not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities. 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. This amount includes 117,500 common shares underlying the equivalent number of phantom units. 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 2011-01-28