X0303 4 2011-01-26 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 & CAO Common Shares of Beneficial Interest 2011-01-26 4 F 0 27772 2.72 D 122758 D 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. This amount includes 62,500 common shares underlying the equivalent number of phantom units. /s/ Anders F. Laren, attorney-in-fact 2011-01-28