X0306 4 2017-02-27 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 2017-02-27 4 F 0 9372 D 80226 D This forfeiture was undertaken solely to satisfy tax withholding liabilities relating to the vesting of restricted share awards held by the reporting person. The reporting person made the withholding election on February 27, 2017 with respect to restricted shares that vested on January 29, 2017, February 10, 2017 and February 22, 2017. 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 vesting date which was $3.55, $3.69 and $3.56, respectively, and did not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities. /s/ Anders F. Laren, attorney-in-fact 2017-02-28