X0306 4 2016-12-07 0 0001045425 RAIT Financial Trust RAS 0001560568 ARS VI Investor I, LP C/O RAIT FINANCIAL TRUST 2 LOGAN SQUARE, 100 N. 18TH ST, 23RD FL PHILADELPHIA PA 19103 0 0 0 1 See remarks below Series D Cumulative Redeemable Preferred Shares 2016-12-07 4 D 0 464000 D Series E Cumulative Redeemable Preferred Shares 464000 3536000 D The Series D Cumulative Redeemable Preferred Shares are exchangeable into the issuer's Series E Cumulative Redeemable Preferred Shares in certain circumstances on a one-for-one basis, and have no expiration date. These securities were repurchased by the issuer pursuant to the Securities Repurchase Agreement dated as of November 23, 2016 (the "Repurchase Agreement") among the issuer, certain subsidiaries of the issuer and the reporting person. The purchase price per Series D Cumulative Redeemable Preferred Share in the Repurchase Agreement was $25.00 per share. The reported securities are owned directly by the reporting person, a limited partnership. Andrew M. Silberstein, a trustee of the issuer, indirectly holds an equity interest in the reporting person and serves as the deputized trustee of the reporting person serving on the issuer's board of trustees as the reporting person's representative. See Remarks section. The reporting person converted from a limited liability company into a limited partnership on December 31, 2013. Prior to the conversion, the reporting person was known as ARS VI Investor I, LLC. Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among the reporting person, the issuer, and certain subsidiaries of the issuer, the reporting person may designate a trustee on the issuer's board of trustees. The deputized trustee of the reporting person is Andrew M. Silberstein, who serves on the issuer's board of trustees as the reporting person's representative. s/ Anders F. Laren, attorney-in-fact 2016-12-07