X0206 3 2017-02-15 0 0001045425 RAIT Financial Trust RAS 0001698375 Riis Glenn C/O RAIT FINANCIAL TRUST 2 LOGAN SQ., 100 N. 18TH ST., 23RD FL. PHILADELPHIA PA 19103 0 1 0 0 Senior Managing Director Common Shares of Beneficial Interest 89598 D Share Appreciation Right 3.78 2022-02-14 Common Shares of Beneficial Interest 87500 D Share Appreciation Right 2.38 2021-02-22 Common Shares of Beneficial Interest 87500 D Share Appreciation Right 7.23 2020-02-10 Common Shares of Beneficial Interest 45000 D Share Appreciation Right 8.29 2019-01-29 Common Shares of Beneficial Interest 50000 D These share appreciation rights vest in three equal annual installments beginning on February 14, 2018. These share appreciation rights vest in three equal annual installments beginning on February 22, 2017. 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. Exhibit List Exhibit 24-Power of Attorney Anders Laren, attorney-in-fact 2017-02-24