X0306 4 2016-12-07 0 0001045425 RAIT Financial Trust RAS 0001559072 Silberstein Andrew Mark C/O RAIT FINANCIAL TRUST 2 LOGAN SQUARE, 100 N. 18TH ST, 23RD FL PHILADELPHIA PA 19103 0 0 0 1 Trustee Series D Cumulative Redeemable Preferred Shares 2016-12-07 4 D 0 464000 D Series E Cumulative Redeemable Preferred Shares 464000 3536000 I By ARS VI Investor I, LP 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 ARS VI Investor I, LP (the "Investor"). 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 Investor, a limited partnership in which the reporting person indirectly holds an equity interest. The Investor converted from a limited liability company into a limited partnership on December 31, 2013. Prior to the conversion, the Investor was known as ARS VI Investor I, LLC. Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among the Investor, the issuer and certain subsidiaries of the issuer, the Investor may designate a trustee on the issuer's board of trustees. The deputized trustee of the Investor is the reporting person, who serves on the issuer's board of trustees as the Investor's representative. The reporting person disclaims beneficial ownership of the reported securities except to the extent of the reporting person's pecuniary interest therein. s/ Anders F. Laren, attorney-in-fact 2016-12-07