X0206 3 2015-02-10 0 0001045425 RAIT Financial Trust RAS 0001634358 Reyle John J. C/O RAIT FINANCIAL TRUST 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 1 0 0 Senior Managing Director-CLO Common Shares of Beneficial Interest 19333 D Share Appreciation Right 7.23 2020-02-10 Common Shares of Beneficial Interest 21000 D Share Appreciation Right 8.29 2019-01-29 Common Shares of Beneficial Interest 21000 D Share Appreciation Right 6.89 2018-01-29 Common Shares of Beneficial Interest 22500 D Share Appreciation Right 5.68 2017-01-24 Common Shares of Beneficial Interest 7500 D These share appreciation rights vest in three equal annual installments beginning on February 10, 2016. These share appreciation rights vest in three equal annual installments beginning on January 29, 2015. These share appreciation rights vest in three equal annual installments beginning on January 29, 2014. These share appreciation rights vest in three equal annual installments beginning on January 24, 2013. Anders Laren, attorney-in-fact 2015-02-20