X0306 4 2014-12-11 0 0001045425 RAIT Financial Trust RAS 0001598643 Davidson Scott L.N. C/O RAIT FINANCIAL TRUST 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 1 0 0 President Common Shares of Beneficial Interest 2014-12-11 4 M 0 25000 5.68 A 94581 D Common Shares of Beneficial Interest 2014-12-11 4 D 0 18442 7.70 D 76139 D Common Shares of Beneficial Interest 2014-12-11 4 F 0 2520 7.70 D 73619 D Share Appreciation Right 5.68 2014-12-11 4 M 0 25000 0.00 D 2017-01-24 Common Shares of Beneficial Interest 25000 25000 D On December 11, 2014, the reporting person elected to satisfy the tax withholding obligations of the issuer with respect to the exercise of a portion of the reporting person's share appreciation rights, which exercise was being settled with common shares of the issuer, by having common shares withheld from the common shares issued in connection with such settlement. 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 settlement date and did not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities. The share appreciation rights exercised vested on January 24, 2014 and the share appreciation rights beneficially owned following the reported transaction vest on January 24, 2015. /s/ Anders F. Laren, attorney-in-fact 2014-12-15