X0304 4 2012-02-14 0 0001045425 RAIT Financial Trust RAS 0001383037 Stempel Murray III C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 0 0 1 Trustee Common Shares of Beneficial Interest 2012-02-14 4 P 0 5250 5.6709 A 36521 D The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person as of February 14, 2012. 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 $5.63 to $5.72, 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 sold at each separate price within the range set forth in this footnote. This amount has been adjusted for the 1-for-3 reverse stock split of the issuer's common shares of beneficial interest that became effective June 30, 2011. Anders F. Laren, attorney-in-fact 2012-02-15