X0303 4 2011-05-19 0 0001045425 RAIT Financial Trust RAS 0001168758 SCHAEFFER SCOTT C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 1 CEO & President Chairman & Trustee Common Shares of Beneficial Interest 2011-05-19 4 P 0 50000 1.9892 A 437860 D Common Shares of Beneficial Interest 10998 I By 401(k) plan The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions on the transaction date at prices ranging from $1.97 to $2.01, inclusive. The reporting person undertakes to provide to RAIT Financial Trust ("RAIT"), any security holder of RAIT or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. This amount includes 135,000 common shares underlying the equivalent number of phantom units. /s/ Anders F. Laren, attorney-in-fact 2011-05-19