X0306 4 2014-12-12 0 0001045425 RAIT Financial Trust RAS 0001174780 FRAPPIER KEN C/O RAIT FINANCIAL TRUST CIRA CENTRE, 2929 ARCH ST., 17TH FL. PHILADELPHIA PA 19104 0 1 0 0 EVP Portfolio & Risk Mgt Common Shares of Beneficial Interest 2014-12-12 4 S 0 68310 7.505 D 30000 D Common Shares of Beneficial Interest 1194 I By 401(k) plan Common Shares of Beneficial Interest 1000 I By spouse The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions on the transaction date at prices ranging from $7.49 to $7.58, 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. /s/ Anders F. Laren, attorney-in-fact 2014-12-15