X0304 4 2011-08-08 0 0001045425 RAIT Financial Trust RAS 0001383052 Salmon Jack C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 0 CFO & Treasurer Common Shares of Beneficial Interest 2011-08-08 4 P 0 10000 3.36 A 89640 D Common Shares of Beneficial Interest 1000 I By reporting person's child The reporting person's purchase of the issuer's common shares of beneficial interest ("Common Shares") reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, to the extent of 467 Common Shares, with the reporting person's sale of 467 Common Shares at a price of $6.3723 per share on June 2, 2011. The number of Common Shares sold and the related sale price per share have been adjusted for the 1-for-3 reverse stock split of the Common Shares that became effective June 30, 2011. The reporting person has agreed to pay to the issuer, before or upon the settlement of the purchase, $1,406.74 representing the full amount of the profit realized in connection with the short-swing transaction. This amount includes 26,666 Common Shares underlying the equivalent number of phantom units. This amount has been adjusted for the 1-for-3 reverse stock split of Common Shares that became effective June 30, 2011. 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 2011-08-09