Document:

EX-10.1

Execution Copy

STANDBY EQUITY DISTRIBUTION AGREEMENT

THIS AGREEMENT dated as of January 13, 2010 (this “Agreement”) between YA GLOBAL
MASTER SPV LTD., a Cayman Islands exempt limited partnership (the “Investor”), and RAIT
FINANCIAL TRUST, a real estate investment trust organized and existing under the laws of the State
of Maryland (the “Company”).

WHEREAS, the parties desire that, upon the terms and subject to the conditions contained
herein, the Company shall issue and sell to the Investor, from time to time as provided herein, and
the Investor shall purchase from the Company, up to $50,000,000 of the Company’s common shares of
beneficial interest (the “Common Stock”); and

WHEREAS, the offer and sale of the shares of Common Stock issuable hereunder have been
registered by the Company on a registration statement on Form S-3 (File No. 333-152351) filed with
the United States Securities and Exchange Commission (the “SEC”), which has been declared
effective by the SEC under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (the “Securities Act”).

	 	 	 
	NOW, THEREFORE, the parties hereto agree as follows:

	Article I.

	 	Certain Definitions

Section 1.01 “Advance” shall mean the portion of the Commitment Amount requested by the
Company in the Advance Notice.

Section 1.02 “Advance Notice” shall mean a written notice in the form of Exhibit A
attached hereto to the Investor executed by an officer of the Company and setting forth the Advance
amount that the Company requests from the Investor.

Section 1.03 “Advance Notice Date” shall mean each date the Company delivers (in accordance
with Section 2.01(a) of this Agreement) to the Investor an Advance Notice requiring the Investor to
advance funds to the Company, subject to the terms of this Agreement.

Section 1.04 “Advance Settlement Date” shall mean the 1st Trading Day after the
relevant Pricing Period, or such later Trading Day designated by the Company up to and including
the 3rd Trading Day after the relevant Pricing Period.

Section 1.05 “Base Prospectus” shall mean the Company’s prospectus accompanying the
Registration Statement.

Section 1.06 “By-laws” shall have the meaning set forth in Section 4.06.

Section 1.07 “Change in Control” shall mean means the occurrence at any time of any of the
following events: (1) consummation of any transaction or event (whether by means of a share
exchange or tender offer applicable to Common Stock, a liquidation, consolidation,
recapitalization, reclassification, combination or merger of the Company or a sale, lease or other
transfer of all or substantially all of the consolidated assets of the Company) or a series of
related transactions or events pursuant to which all of the outstanding Common Shares are exchanged
for, converted into or constitute solely the right to receive, cash, securities or other property;
(2) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Exchange Act, whether or not applicable), other than the Company or any majority-owned subsidiary
of the Company or any employee benefit plan of the Company or such subsidiary, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
more than 50% of the total voting power in the aggregate of all classes of beneficial interest of
the Company then outstanding entitled to vote generally in elections of the Company’s trustees; or
(3) during the Commitment Period, persons who at the beginning of the Commitment Period constituted
the Board of Trustees of the Company, together with any new persons whose election was approved by
a vote of a majority of the persons then still comprising the Board of Trustees of the Company who
were either members of the Board of Trustees of the Company at the beginning of the Commitment
Period or whose election, designation or nomination for election was previously so approved, cease
for any reason to constitute a majority of the Board of Trustees of the Company.

Section 1.08 “Commission” shall mean an amount equal to 2% of the Advance (reduced, if
necessary, pursuant to Section 2.01(c), Section 2.01(d) or Section 2.01(e) and increased, if
necessary, by the purchase price paid for additional shares of Common Stock purchased on Excluded
Days pursuant to Section 2.01(e)).

Section 1.09 “Commitment Amount” shall mean the aggregate amount of up to $50,000,000 which
the Investor has agreed to provide to the Company in order to purchase the Company’s Common Stock
pursuant to the terms and conditions of this Agreement; provided that, the Company shall not effect
any sales under this Agreement and the Investor shall not have the obligation to purchase shares of
Common Stock under this Agreement to the extent that after giving effect to such purchase and sale
the aggregate number of shares of Common Stock issued under this Agreement would exceed 12,500,000
shares of Common Stock (which is less than 20% of the 74,420,670 outstanding shares of Common Stock
as of January 12, 2010) except that such limitation shall not apply in the event that the Company
(i) obtains the approval of its shareholders as required by the applicable rules of the Principal
Market for the Common Stock for issuances of Common Stock in excess of such amount or (ii) obtains
a written opinion from outside counsel to the Company that such approval is not required, which
opinion shall be reasonably satisfactory to the Investor.

Section 1.10 “Commitment Period” shall mean the period commencing on the Effective Date,
and expiring upon the termination of this Agreement in accordance with Section 10.02.

Section 1.11 “Common Stock” shall have the meaning set forth in the recitals of this
Agreement.

	 	 	 
	Section 1.12

	 	“Condition Satisfaction Date” shall have the meaning set forth in Article VII.
	
 
	 	 
	Section 1.13

	 	“Declaration of Trust” shall have the meaning set forth in Section 4.06.
	
 
	 	 
	Section 1.14

	 	“Effective Date” shall mean the date hereof.
	
 
	 	 
	Section 1.15

	 	“Environmental Laws” shall have the meaning set forth in Section 4.11.
	
 
	 	 

Section 1.16 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

Section 1.17 “Initial Disclosure” shall have the meaning set forth in Section 6.13.

Section 1.18 “Market Price” shall mean the lowest daily VWAP of the Common Stock during the
relevant Pricing Period.

Section 1.19 “Material Adverse Effect” shall mean any condition, circumstance, or situation
that has resulted in, or would reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of this Agreement, (ii) a material adverse effect on the
results of operations, assets, business or condition (financial or otherwise) of the Company, taken
as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement.

Section 1.20 “Maximum Advance Amount” shall be $1,500,000, or such other amount as may be
agreed upon by the mutual consent of the parties.

Section 1.21 “Minimum Acceptable Price” shall have the meaning set forth in Section
2.01(e).

Section 1.22 “Net Advance Amount” shall mean the amount of an Advance (in each case as
reduced, if necessary, pursuant to Section 2.01(c), Section 2.01(d) or Section 2.01(e) and as
increased, if necessary, by the purchase price paid for additional shares of Common Stock purchased
on Excluded Days pursuant to Section 2.01(e)) less the Commission.

	 	 	 
	Section 1.23

	 	“Note” shall have the meaning set forth in Section 2.04.
	
 
	 	 
	Section 1.24

	 	“Ownership Limitation” shall have the meaning set forth in Section 2.01(a).
	
 
	 	 

Section 1.25 “Person” shall mean an individual, a corporation, a partnership, an
association, a trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

	 	 	 
	Section 1.26

	 	“Placement Agent” shall mean Raymond James & Associates.
	
 
	 	 
	Section 1.27

	 	“Preferred Stock” shall have the meaning set forth in Section 4.06.
	
 
	 	 

Section 1.28 “Pricing Period” shall mean the 3 consecutive Trading Days after the Advance
Notice Date.

Section 1.29 “Principal Market” shall mean the New York Stock Exchange.

Section 1.30 “Prospectus” shall mean the Base Prospectus, as supplemented by any Prospectus
Supplement.

Section 1.31 “Prospectus Supplement” shall mean any prospectus supplement to the Base
Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act, including, without
limitation, the Prospectus Supplement required pursuant to Section 6.04 hereof.

Section 1.32 “Purchase Price” shall be set at 97% of the Market Price during the Pricing
Period.

Section 1.33 “Registration Limitation” shall have the meaning set forth in Section 2.01(a).

Section 1.34 “Registration Statement” shall mean the Company’s shelf registration statement
filed by the Company with the SEC under the Securities Act on Form S-3 (Registration Number
333-152351), with respect to Common Stock, Preferred Stock and warrants to be offered and sold by
the Company, as such Registration Statement may be amended and supplemented from time to time and
including any information deemed to be a part thereof pursuant to Rule 430B under the Securities
Act or another registration statement on a form promulgated by the SEC for which the Company then
qualifies and which form shall be available for the registration of the sale of Shares to the
Investor and any successor shelf registration statement filed by the Company with the SEC under the
Securities Act on a form promulgated by the SEC for which the Company then qualifies and which form
shall be available for the registration of the sale of Shares to the Investor.

	 	 	 
	Section 1.35

	 	“SEC” shall have the meaning set forth in the recitals of this Agreement.
	
 
	 	 
	Section 1.36

	 	“SEC Documents” shall have the meaning set forth in Section 4.03.
	
 
	 	 

Section 1.37 “Securities Act” shall have the meaning set forth in the recitals of this
Agreement.

Section 1.38 “Settlement Document” shall have the meaning set forth in Section 2.02(a).

Section 1.39 “Shares” shall mean the shares of Common Stock to be issued from time to time
hereunder pursuant to Advances.

Section 1.40 “Trading Day” shall mean any day during which the Principal Market shall be
open for business.

Section 1.41 “VWAP” shall mean, for any Trading Day, the daily volume weighted average
price of the Common Stock for such date on the Principal Market as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)).

Article II. Advances

Section 2.01 Advances; Mechanics. On the basis of the representations, warranties and
agreements herein contained, but subject to the terms and conditions herein, the Company, at its
sole and exclusive option, may, from time to time, issue and sell to the Investor, and the Investor
shall purchase from the Company, shares of Common Stock on the following terms:

	 	(a)	 	Advance Notice. At any time during the Commitment Period, the Company may
require the Investor to purchase shares of Common Stock by delivering an Advance Notice to
the Investor, subject to the conditions set forth in Article VII; provided, however, that
(i) the amount for each Advance as designated by the Company in the applicable Advance
Notice shall not be more than the Maximum Advance Amount, (ii) the aggregate amount of the
Advances pursuant to this Agreement shall not exceed the Commitment Amount, (iii) in no
event shall the number of shares of Common Stock issuable to the Investor pursuant to an
Advance cause the aggregate number of shares of Common Stock beneficially owned (as
calculated pursuant to Section 13(d) of the Exchange Act) by the Investor and its
affiliates to exceed 4.99% of the then outstanding Common Stock (the “Ownership
Limitation”) and (iv) in no event shall the aggregate offering price or number of
Shares, as the case may be, exceed the aggregate offering price or number of Shares, as the
case may be, available for issuance under the Registration Statement (the “Registration
Limitation”). The Company acknowledges that the Investor may sell shares of the
Company’s Common Stock corresponding with a particular Advance Notice after the Advance
Notice is received by the Investor so long as such sale complies with all applicable laws.

	 	(b)	 	Date of Delivery of Advance Notice. Advance Notices shall be delivered in
accordance with the instructions set forth on the bottom of Exhibit A or such other
instructions that the Investor may provide to the Company. An Advance Notice shall be
deemed delivered on (i) the Trading Day it is received by electronic mail
(“Email”), facsimile or otherwise by the Investor if such notice is received prior
to 5:00 pm Eastern Time, or (ii) the immediately succeeding Trading Day if it is received
by Email, facsimile or otherwise after 5:00 pm Eastern Time on a Trading Day or at any time
on a day which is not a Trading Day. No Advance Notice may be deemed delivered on a day
that is not a Trading Day. The Company acknowledges and agrees that Investor shall be
entitled to treat any email it receives from officers whose email addresses are identified
by the Company purporting to be an Advance Notice as a duly executed and authorized Advance
Notice from the Company. The Investor shall promptly confirm the receipt of any Advance
Notice delivered via email after such email is opened by replying to the sender of such
email. Any Advance Notice delivered by email shall be deemed received by the Investor only
after the Investor has sent such reply confirming receipt.

	 	(c)	 	Ownership Limitation. In connection with each Advance Notice delivered by the
Company, any portion of an Advance that would cause the Investor to exceed the Ownership
Limitation shall automatically be withdrawn.

	 	(d)	 	Registration Limitation. In connection with each Advance Notice, any portion
of an Advance that would cause the aggregate offering price or number of Shares, as the
case may be, to exceed the Registration Limitation shall automatically be deemed to be
withdrawn by the Company with no further action required by the Company. At the Company’s
request from time to time, the Investor shall report to the Company the total amount of
Shares offered and sold pursuant to this Agreement and the portion of the total Commitment
Amount remaining.

	 	(e)	 	Minimum Acceptable Price. In connection with each Advance Notice, the Company
may indicate a minimum acceptable price (the “Minimum Acceptable Price”). Upon the
issuance by the Company of an Advance Notice with a Minimum Acceptable Price, (i) the
amount of the Advance set forth in such Advance Notice shall automatically be reduced by
33.33% for each Trading Day during the Pricing Period that the VWAP of the Common Stock is
below the Minimum Acceptable Price (each such day, an “Excluded Day”), and (ii)
each Excluded Day shall be excluded from the Pricing Period solely for purposes of
determining the Market Price. The number of shares of Common Stock to be delivered to the
Investor at the Closing (in accordance with Section 2.02 of this Agreement) shall
correspond with the Advance Notice amount as reduced pursuant to clause (i) above, except
that, subject to Section 2.01(c) and Section 2.01(d), the Company shall be obligated to
sell, and the Investor shall be obligated to purchase, up to that number of shares of
Common Stock equal to the amount of any such reduction divided by such Minimum Acceptable
Price corresponding to such Advance Notice that have been sold by the Investor on an
Excluded Day at a price equal to such Minimum Acceptable Price and this exception shall not
affect the calculation of the Purchase Price for the Trading Days in the Pricing Period
that are not Excluded Days.

Section 2.02 Closings. The closing of each Advance with respect to each Pricing Period
shall take place on each Advance Settlement Date in accordance with the following procedures:

	 	(a)	 	By 10:30 am on the Trading Day immediately following each Pricing Period the Investor
shall deliver to the Company a written document (each a “Settlement Document”)
setting forth the amount of the Advance (taking into account any adjustments pursuant to
Section 2.01(c), Section 2.01(d), or Section 2.01(e)), the Net Advance Amount, the Purchase
Price, the number of shares of Common Stock to be issued and subscribed for (which in no
event will be greater than the Ownership Limitation)), and a report by Bloomberg, LP
indicating the VWAP for each of the Trading Days during the Pricing Period, in each case
taking into account the terms and conditions of this Agreement. The Settlement Document
shall be in the form attached hereto as Exhibit B and shall be delivered in accordance with
the instructions set forth on the top of Exhibit B or such other instructions that the
Company may provide to the Investor.

	 	(b)	 	On each Advance Settlement Date the Company will, or will cause its transfer agent to,
electronically transfer such number of shares of Common Stock registered in the name of the
Investor as shall equal the sum of (a) the result obtained by dividing (x) the amount of
the Advance specified in such Advance Notice (as may be reduced according to the terms of
this Agreement), by (y) the Purchase Price and (b) that number of additional shares of
Common Stock purchased on Excluded Days pursuant to Section 2.01(e), by crediting the
Investor’s account or its designee’s account at the Depository Trust Company through its
Deposit Withdrawal Agent Commission System or by such other means of delivery as may be
mutually agreed upon by the parties hereto (which in all cases shall be freely tradable,
registered shares in good deliverable form) against payment of the Net Advance Amount in
same day funds to an account designated by the Company. No fractional shares shall be
issued, and any fractional amounts shall be rounded to the next higher whole number of
            shares. Any certificates evidencing shares of Common Stock delivered pursuant hereto shall
be free of restrictive legends.

	 	(c)	 	On each Advance Settlement Date, upon receipt of the Shares related to such Advance,
the Investor will pay the Commission (on behalf of the Company) to the Placement Agent in
same day funds to an account designated by the Placement Agent.

Section 2.03 Hardship. If the Company defaults in its obligations to deliver the Shares
(which in all cases shall be freely tradable, registered shares in good deliverable form) on the
Advance Settlement Date, the Company agrees that in addition to and in no way limiting the rights
and obligations set forth in Article V hereto and in addition to any other remedy to which the
Investor is entitled at law or in equity, including, without limitation, specific performance, it
will hold the Investor harmless against any direct (and not consequential) loss, claim, damage, or
expense (including reasonable legal fees and expenses), as incurred, arising out of or in
connection with such default by the Company and acknowledges that irreparable damage would occur in
the event of any such default. It is accordingly agreed that the Investor shall be entitled to an
injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce,
without the posting of a bond or other security, the terms and provisions of this Agreement.

Section 2.04 Promissory Notes. After the first Advance Settlement Date under this
Agreement and thereafter during the Commitment Period, the Company may at any time and from time to
time request the Investor to purchase promissory notes (each, a “Note”) issued by the
Company with a principal amount of up to $10,000,000. After considering each request in good
faith, the Investor in its sole discretion, will decide whether or not to purchase such Notes. Any
such Notes purchased by the Investor will be on terms mutually acceptable to both the Company and
the Investor and may include a provision that the Notes be repaid with the proceeds of Advances
delivered pursuant to this Agreement.

Article III. Representations and Warranties of Investor

Investor hereby represents and warrants to, and agrees with, the Company that the following
are true and correct as of the date hereof and will remain true and correct throughout the
Commitment Period:

Section 3.01 Organization and Authorization. The Investor is duly incorporated or
organized, validly existing and in good standing under the laws of the Cayman Islands and has all
requisite power and authority to purchase, hold and sell the Shares. The decision to invest and
the execution and delivery of this Agreement by such Investor, the performance by such Investor of
its obligations hereunder and the consummation by such Investor of the transactions contemplated
hereby have been duly authorized and requires no other proceedings on the part of the Investor.
The undersigned has the right, power and authority to execute and deliver this Agreement and all
other instruments on behalf of the Investor. This Agreement has been duly executed and delivered
by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the
Company, will constitute the legal, valid and binding obligations of the Investor, enforceable
against the Investor in accordance with its terms.

Section 3.02 Evaluation of Risks. The Investor has such knowledge and experience in
financial, tax and business matters as to be capable of evaluating the merits and risks of, and
bearing the economic risks entailed by, an investment in the Company and of protecting its
interests in connection with this transaction. It recognizes that its investment in the Company
involves a high degree of risk.

Section 3.03 No Legal Advice From the Company. The Investor acknowledges that it had the
opportunity to review this Agreement and the transactions contemplated by this Agreement with its
own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel
and advisors and not on any statements or representations of the Company or any of the Company’s
representatives or agents for legal, tax or investment advice with respect to this investment, the
transactions contemplated by this Agreement or the securities laws of any jurisdiction.

Section 3.04 Not an Affiliate. The Investor is not an officer, director or a Person that
directly, or indirectly through one or more intermediaries, controls or is controlled by, or is
under common control with the Company or any “Affiliate” of the Company (as that term is
defined in Rule 405 of the Securities Act).

Section 3.05 Short Position. Subject to the Investor’s rights under Section 2.01(a) and
Section 3.06, neither the Investor nor any affiliate of the Investor has an open short position in
the Common Stock of the Company.

Section 3.06 Trading Activities. The Investor agrees that it shall not, and that it will
cause its affiliates not to, engage in any short sales of the Common Stock, provided that the
Company acknowledges and agrees that upon receipt of an Advance Notice the Investor has the right
to sell the shares to be purchased by the Investor pursuant to an Advance Notice prior to taking
possession of such Shares so long as such sale complies with all applicable laws. The Investor
agrees that it shall not, and that it will cause its affiliates not to, beneficially own (as
calculated pursuant to Section 13(d) of the Exchange Act) any shares of the Common Stock other than
shares of Common Stock acquired pursuant to this Agreement. As of the date of this Agreement, the
Investor and its affiliates do not beneficially own (as calculated pursuant to Section 13(d) of the
Exchange Act) any shares of Common Stock.

Article IV. Representations and Warranties of the Company

Except as stated below, on the disclosure schedules attached hereto or in the SEC Documents
(as defined herein), the Company hereby represents and warrants to the Investor that the following
are true and correct as of the date hereof:

Section 4.01 Registration Statement and Prospectus.

(a) The Company meets the requirements for use of Form S-3 under the Securities Act for the
offering of the Shares, including but not limited to the transactions requirements for an offering
made by the issuer set forth in Instruction I.B.1 to Form S-3.

(b) The Registration Statement, including the Base Prospectus contained therein, was prepared
by the Company in conformity with the requirements of the Securities Act and all applicable U.S.
federal securities laws rules and regulations. Any amendment or supplement to the Registration
Statement or Prospectus required by this Agreement will be so prepared and filed by the Company
and, as applicable, the Company will use its reasonable best efforts to cause it to become
effective as soon as reasonably practicable. No stop order suspending the effectiveness of the
Registration Statement has been issued, and no proceeding for that purpose has been instituted or,
to the knowledge of the Company, threatened by the SEC. Any reference herein to the Registration
Statement, the Prospectus, or any amendment or supplement thereto shall be deemed to refer to and
include the documents incorporated (or deemed to be incorporated) by reference therein pursuant to
Item 12 of Form S-3 under the Securities Act, and any reference herein to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement or Prospectus shall be
deemed to refer to and include the filing after the execution hereof of any document with the SEC
deemed to be incorporated by reference therein.

(c) The Company has not distributed and, prior to the completion of the distribution of the
Shares, shall not distribute any offering material in connection with the offering and sale of the
Shares other than the Registration Statement, the Base Prospectus as supplemented by any Prospectus
Supplement or such other materials, if any, permitted by the Securities Act.

Section 4.02 No Misstatement or Omission. Each part of the Registration Statement, when
such part became or becomes effective, and the Prospectus, on the date of filing thereof with the
SEC and at each date during the Pricing Period and at the Advance Settlement Date conformed or will
conform in all material respects with the requirements of the Securities Act and the rules and
regulations promulgated thereunder; each part of the Registration Statement, when such part became
or becomes effective, did not or will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading; and the Prospectus, on the date of filing thereof with the SEC and at each date during
the Pricing Period and at the Advance Settlement Date did not or will not include an untrue
statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; except that the
foregoing shall not apply to statements or omissions in any such document made in reliance on
information furnished in writing to the Company by the Investor expressly stating that such
information is intended for use in the Registration Statement, the Prospectus, or any amendment or
supplement thereto.

Section 4.03 SEC Documents; Financial Statements. The Common Stock is registered pursuant
to Section 12(b) of the Exchange Act and the Company has filed all reports, schedules, forms,
statements and other documents required to be filed by it with the SEC under the Exchange Act (all
of the foregoing filed within the two years preceding the date hereof or amended after the date
hereof and all exhibits included therein and financial statements and schedules thereto and
documents incorporated by reference therein, being hereinafter referred to as the “SEC
Documents”). The Company is current with its filing obligations under the Exchange Act and all
SEC Documents have been filed on a timely basis or the Company has received a valid extension of
such time of filing and has filed any such SEC Document prior to the expiration of any such
extension. As of their respective dates, the SEC Documents complied in all material respects with
the requirements of the Exchange Act and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were
filed with the SEC, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. As of their
respective dates, the financial statements of the Company included in the SEC Documents complied as
to form in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC with respect thereto. Such financial statements have been prepared in
accordance with generally accepted accounting principles, consistently applied, during the periods
involved (except (i) as may be otherwise indicated in such financial statements or the notes
thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present the financial position of
the Company as of the dates thereof and the results of its operations and cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal year-end audit
adjustments).

Section 4.04 Organization and Qualification. The Company is a real estate investment trust
duly formed and existing under and by virtue of the laws of the State of Maryland and is in good
standing with the State Department of Assessments and Taxation of Maryland, with trust power to
own, lease and operate its properties and to conduct its business substantially as described in the
Registration Statement and the Prospectus and to enter into and perform its obligations under the
Agreement. Each of the Company and its subsidiaries is duly qualified as a foreign corporation to
do business and is in good standing in every jurisdiction in which the nature of the business
conducted by it makes such qualification necessary, except to the extent that the failure to be so
qualified or be in good standing would not have a Material Adverse Effect.

Section 4.05 Authorization, Enforcement, Compliance with Other Instruments. (i) The
Company has the requisite trust power and authority to enter into and perform this Agreement and
any related agreements, in accordance with the terms hereof and thereof, (ii) the execution and
delivery of this Agreement and any related agreements by the Company and the consummation by it of
the transactions contemplated hereby and thereby, have been duly authorized by the Company’s Board
of Trustees or a duly authorized Committee thereof and no further consent or authorization is
required by the Company, its Board of Trustees or its shareholders, provided,
however, that each issuance of Common Stock shall need to be authorized by the Company’s
Board of Trustees or a duly authorized Committee thereof, (iii) this Agreement and any related
agreements have been duly executed and delivered by the Company, (iv) this Agreement and any
related agreements, assuming the execution and delivery thereof and acceptance by the Investor,
constitute the valid and binding obligations of the Company enforceable against the Company in
accordance with their terms, except as such enforceability may be limited by general principles of
equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies; and
except to the extent that rights to indemnification and contribution may be limited or held
unenforceable under applicable federal or state securities laws or public policy underlying such
laws.

Section 4.06. Capitalization. The authorized capital stock of the Company consists of
200,000,000 shares of Common Stock and 25,000,000 preferred shares of beneficial interest, $.01 par
value per share (“Preferred Stock”), of which 74,420,670 shares of Common Stock are issued
and outstanding and, with respect to the Preferred Stock, 2,760,000 shares of 7.75% Series A
cumulative redeemable preferred shares of beneficial interest, 2,258,300 shares of 8.375% Series B
cumulative redeemable preferred shares of beneficial interest will be issued and outstanding, and
1,600,000 shares of Series C cumulative redeemable preferred shares are issued and outstanding.
All of such outstanding shares have been validly issued and are fully paid and nonassessable. The
Common Stock is currently quoted on the New York Stock Exchange under the trading symbol “RAS”.
Except as disclosed in the SEC Documents, the Registration Statement, the Prospectus or any
Prospectus Supplement, no shares of Common Stock are subject to preemptive rights or any other
similar rights or any liens or encumbrances suffered or permitted by the Company. Except as
disclosed in the SEC Documents, the Registration Statement, the Prospectus or any Prospectus
Supplement, as of the date hereof, (i) there are no outstanding options, warrants, scrip, rights to
subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company or any of its subsidiaries, or
contracts, commitments, understandings or arrangements by which the Company or any of its
subsidiaries is or may become bound to issue additional shares of capital stock of the Company or
any of its subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any shares of
capital stock of the Company or any of its subsidiaries, (ii) there are no outstanding debt
securities (iii) there are no outstanding registration statements other than the Registration
Statement, other registration statements of the Company on Form S-3 (File No. 333-149340, effective
on March 13, 2008; File No. 333-144603, effective on July 16, 2007 and post effective amendment
effective April 25, 2008; File No. 333-139948, effective on January 12, 2007; File No. 333-139889,
effective on January 10, 2007), Form S-4 (File No. 333-162878, effective on November 30, 2009) and
Form S-8 (File No. 333-151627, effective June 13, 2008; File No. 333-125480, effective on June 3,
2005; File No. 333-100766, effective on October 25, 2002; and File No. 333-67452, effective on
August 14, 2001) and (iv) there are no agreements or arrangements under which the Company or any of
its subsidiaries is obligated to register the sale of any of their securities under the Securities
Act. There are no securities or instruments containing anti-dilution or similar provisions that
will be triggered by this Agreement or any related agreement or the consummation of the
transactions described herein or therein. True and correct copies of the Company’s Declaration of
Trust, as amended and as in effect on the date hereof (the “Declaration of Trust”), and the
Company’s By-laws, as in effect on the date hereof (the “By-laws”), and the terms of all
securities convertible into or exercisable for Common Stock and the material rights of the holders
thereof in respect thereto are available as exhibits to the SEC Documents.

Section 4.07 No Conflict. The execution, delivery and performance of this Agreement by the
Company and the consummation by the Company of the transactions contemplated hereby will not (i)
result in a violation of the Declaration of Trust, any certificate of designations of any
outstanding series of Preferred Stock of the Company or By-laws or (ii) conflict with or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its subsidiaries is a party, or
result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws and regulations and the rules and regulations of the Principal Market on
which the Common Stock is quoted) applicable to the Company or any of its subsidiaries or by which
any material property or asset of the Company or any of its subsidiaries is bound or affected and
which would cause a Material Adverse Effect. Except as disclosed in the SEC Documents, neither the
Company nor its subsidiaries is in violation of any term of or in default under its Declaration of
Trust or By-laws or their organizational charter or by-laws, respectively, or any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or
any statute, rule or regulation applicable to the Company or its subsidiaries that would cause a
Material Adverse Effect. The business of the Company and its subsidiaries is not being conducted
in violation of any material law, ordinance, regulation of any governmental entity. Except as
specifically contemplated by this Agreement and as required under the Securities Act and any
applicable state securities laws, the Company is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for
it to execute, deliver or perform any of its obligations under or contemplated by this Agreement in
accordance with the terms hereof or thereof except as such consent, authorization or order has been
obtained prior to the date hereof. The Company and its subsidiaries are unaware of any fact or
circumstance which, in their reasonable judgment, might give rise to any of the foregoing.

Section 4.08 No Default. Except as disclosed in the SEC Documents, the Company is not in
default in the performance or observance of any material obligation, agreement, covenant or
condition contained in any indenture, mortgage, deed of trust or other material instrument or
agreement to which it is a party or by which it is or its property is bound and neither the
execution, nor the delivery by the Company, nor the performance by the Company of its obligations
under this Agreement or any of the exhibits or attachments hereto will conflict with or result in
the breach or violation of any of the terms or provisions of, or constitute a default or result in
the creation or imposition of any lien or charge on any assets or properties of the Company under
its Declaration of Trust, By-Laws, any material indenture, mortgage, deed of trust or other
material agreement applicable to the Company or instrument to which the Company is a party or by
which it is bound, or any statute, or any decree, judgment, order, rules or regulation of any court
or governmental agency or body having jurisdiction over the Company or its properties, in each case
which default, lien or charge is likely to cause a Material Adverse Effect.

Section 4.09 Intellectual Property Rights. The Company and its subsidiaries own or possess
adequate rights or licenses to use all material trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and rights necessary to conduct their
respective businesses as now conducted. The Company and its subsidiaries do not have any
knowledge of any infringement by the Company or its subsidiaries of trademarks, trade name rights,
patents, patent rights, copyrights, inventions, licenses, service names, service marks, service
mark registrations, trade secrets or other similar rights of others, and, to the knowledge of the
Company, there is no claim, action or proceeding being made or brought against, or to the Company’s
knowledge, being threatened against, the Company or its subsidiaries regarding trademarks, trade
names, patents, patent rights, inventions, copyrights, licenses, service names, service marks,
service mark registrations, trade secrets or other infringement; and the Company and its
subsidiaries are unaware of any facts or circumstances which might give rise to any of the
foregoing.

Section 4.10 Employee Relations. Neither the Company nor any of its subsidiaries is
involved in any labor dispute nor, to the knowledge of the Company or any of its subsidiaries, is
any such dispute threatened.

Section 4.11 Environmental Laws. Except as would not have a Material Adverse Effect, the
Company and its subsidiaries are (i) in compliance with any and all applicable material foreign,
federal, state and local laws and regulations relating to the protection of human health and
safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”), (ii) have received all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct their respective businesses and
(iii) are in compliance with all terms and conditions of any such permit, license or approval.

Section 4.12 Title. Except as set forth in the SEC Documents, the Company has good and
marketable title to its properties and material assets owned by it, free and clear of any pledge,
lien, security interest, encumbrance, claim or equitable interest other than such as are not
material to the business of the Company. Any real property and facilities held under lease by the
Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made
of such property and buildings by the Company and its subsidiaries.

Section 4.13 Insurance. The Company and each of its subsidiaries are insured against such
losses and risks and in such amounts as management of the Company believes to be prudent and
customary for similarly situated companies in the businesses in which the Company and its
subsidiaries are engaged. Neither the Company nor any such subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business at
a cost that would not have a Material Adverse Effect.

Section 4.14 Regulatory Permits. The Company and its subsidiaries possess all material
certificates, authorizations and permits issued by the appropriate federal, state or foreign
regulatory authorities necessary to conduct their respective businesses, and neither the Company
nor any such subsidiary has received any notice of proceedings relating to the revocation or
modification of any such certificate, authorization or permit.

Section 4.15 Internal Accounting Controls. The Company and each of its subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific
authorization and (iv) the recorded accountability for assets is compared with the existing assets
at reasonable intervals and appropriate action is taken with respect to any differences.

Section 4.16 No Material Adverse Breaches, etc. Except as set forth in the SEC Documents,
the Registration Statement, the Prospectus or any Prospectus Supplement, neither the Company nor
any of its subsidiaries is subject to any charter, trust or other legal restriction, or any
judgment, decree, order, rule or regulation which in the judgment of the Company’s officers has or
is expected in the future to have a Material Adverse Effect on the business, properties,
operations, financial condition, results of operations or prospects of the Company or its
subsidiaries. Except as set forth in the SEC Documents, neither the Company nor any of its
subsidiaries is in breach of any contract or agreement which breach, in the judgment of the
Company’s officers, has or is expected to have, individually or in the aggregate, a Material
Adverse Effect on the business, properties, operations, financial condition, results of operations
or prospects of the Company or its subsidiaries, taken as a whole.

Section 4.17 Absence of Litigation. Except as set forth in the SEC Documents, there is no
action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending against or affecting the Company, the Common
Stock or any of the Company’s subsidiaries, wherein an unfavorable decision, ruling or finding
would have a Material Adverse Effect.

Section 4.18 Subsidiaries. Except as disclosed in Schedule 4.18, the Company does not
presently own or control, directly or indirectly, any interest in any other corporation,
partnership, association or other business entity.

Section 4.19 Tax Status. Except as disclosed in the SEC Documents, the Company and each of
its subsidiaries has made or filed all federal and state income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject and (unless and only to the
extent that the Company and each of its subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes) has paid all taxes and
other governmental assessments and charges that are material in amount, shown or determined to be
due on such returns, reports and declarations, except those being contested in good faith and has
set aside on its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no
unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Company know of no basis for any such claim.

Section 4.20 Certain Transactions. Except as set forth in the SEC Documents none of the
officers, directors, or employees of the Company is presently a party to any transaction with the
Company (other than for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the knowledge of the Company, any corporation,
partnership, trust or other entity in which any officer, director, or any such employee has a
substantial interest or is an officer, director, trustee or partner.

Section 4.21 The Shares. The Shares have been duly authorized and, when issued, delivered
and paid for pursuant to this Agreement, will be validly issued and fully paid and non-assessable,
free and clear of all encumbrances and will be issued in compliance with all applicable United
States federal and state securities laws; the capital stock of the Company, including the Common
Stock, conforms in all material respects to the description thereof contained in the Registration
Statement and the Common Stock, including the Shares, will conform to the description thereof
contained in the Prospectus as amended or supplemented. Neither the shareholders of the Company,
nor any other person or entity have any preemptive rights or rights of first refusal with respect
to the Shares or other rights to purchase or receive any of the Shares or any other securities or
assets of the Company, and no person has the right, contractual or otherwise, to cause the Company
to issue to it, or register pursuant to the Securities Act, any shares of capital stock or other
securities or assets of the Company upon the issuance or sale of the Shares. The Company is not
obligated to offer the Shares on a right of first refusal basis or otherwise to any third parties
including, but not limited to, current or former shareholders of the Company, underwriters, brokers
or agents.

Section 4.22 Acknowledgment Regarding Investor’s Purchase of Shares. The Company
acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length
investor with respect to this Agreement and the transactions contemplated hereunder. The Company
further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the
Company (or in any similar capacity) with respect to this Agreement and the transactions
contemplated hereunder and any advice given by the Investor or any of its representatives or agents
in connection with this Agreement and the transactions contemplated hereunder is merely incidental
to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that it
may not be able to request Advances under this Agreement if the Registration Statement ceases to be
effective or if any issuances of Common Stock pursuant to any Advances would violate any rules of
the Principal Market.

Article V. Indemnification

The Investor and the Company covenant to the other the following with respect to itself:

Section 5.01 Indemnification by the Company. The Company agrees to indemnify and hold
harmless the Investor and the Investor’s affiliates, directors, officers, employees and agents and
each person who controls the Investor within the meaning of Section 15 of the Act or Section 20 of
the Exchange Act against any and all losses, claims, damages, expenses or liabilities, joint or
several, to which they or any of them may become subject under the Securities Act, the Exchange Act
or other federal or state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages, expenses or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement for the registration of the Shares as originally filed or in any amendment
thereof, or in the Prospectus, or in any Prospectus Supplement, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, and, subject to Section 5.03, agrees to reimburse each such indemnified party, as
incurred, for any legal or other expenses reasonably incurred by them in connection with
investigating, defending or settling any such loss, claim, damage, liability, expense or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished to the Company by or on behalf
of the Investor specifically for inclusion therein. Anything in this paragraph to the contrary
notwithstanding, the Company shall not be liable for any settlement of any such loss, claim,
damage, liability, expense or action effected without its consent.

Section 5.02 Indemnification by the Investor. The Investor agrees to indemnify and hold
harmless the Company, each of its directors, each of its officers who signs the Registration
Statement, and each person who controls the Company within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act to the same extent as the foregoing indemnity to the Investor, but
only with reference to written information relating to such Investor furnished to the Company by or
on behalf of the Investor specifically for inclusion in the documents referred to in the foregoing
indemnity.

Section 5.03 Notice of Claim. Promptly after receipt by an indemnified party under this
Article V of notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this Article V, notify the
indemnifying party in writing of the commencement thereof; but the failure so to notify the
indemnifying party will not relieve it from liability under Section 5.01 or Section 5.02 above
unless and to the extent the indemnifying party did not otherwise learn of such action and such
failure results in the forfeiture by the indemnifying party of substantial rights and defenses or
otherwise results in a material impairment of the indemnifying party’s ability to defend. In the
case of parties indemnified pursuant to Section 5.01 above, counsel to the indemnified parties
shall be selected by the Company, and, in the case of parties indemnified pursuant to Section 5.02
above, counsel to the indemnified parities shall be selected by the Investor. An indemnified party
may participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with the consent of the
indemnified party) also be counsel to the indemnified party if the indemnified party shall have
concluded, based upon the written opinion of counsel, that a conflict may exist in the
representation of both the indemnifying and indemnified parties. In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to any local counsel)
for all indemnified parties in connection with any one action or separate but similar or related
actions arising out of the same general allegations or circumstances. An indemnifying party will
not, without the prior written consent of the indemnified parties, settle or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought under this Agreement
(whether or not the indemnified parties are actual or potential parties to such claim or action)
unless (i) such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding and
(ii) such settlement, compromise or consent does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.

Section 5.04 Contribution. In the event that the indemnity provided in Section 5.01,
Section 5.02 or Section 5.03 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, the Company and the Investor severally agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in
connection with investigating or defending the same) (collectively “Losses”) to which the
Company and the Investor may be subject in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and by the Investor on the other from
transactions contemplated by this Agreement. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the Company and the Investor severally shall
contribute in such proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of the Company on the one hand and of the Investor on the other in connection
with the statements or omissions which resulted in such Losses as well as any other relevant
equitable considerations. Benefits received by the Company shall be deemed to be equal to the
total proceeds from the offering (net of underwriting discounts and commissions but before
deducting expenses) received by it, and benefits received by the Investor shall be deemed to be
equal to the total discounts received by the Investor. Relative fault shall be determined by
reference to, among other things, whether any untrue or any alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information provided
by the Company on the one hand or the Investor on the other, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The Company and the Investor agree that it would not be just and equitable
if contribution were determined by pro rata allocation or any other method of allocation which does
not take account of the equitable considerations referred to above. The aggregate amount of
losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to
above in this Article V shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged
omission. Notwithstanding the provisions of this Section 5.04, the Investor shall not be required
to contribute any amount in excess of the amount by which the Purchase Price for Shares actually
purchased pursuant to this Agreement exceeds the amount of any damages which the Investor has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Article V, each person who
controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act and each director, officer, employee and agent of the Investor shall have the same
rights to contribution as the Investor, and each person who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act, and each trustee, officer,
employee and agent of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this Section 5.04.

Section 5.05 Remedies. The remedies provided for in this Article V are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any indemnified person
at law or in equity. The obligations of the parties to indemnify or make contribution under this
Article V shall survive termination.

Article VI.

Covenants of the Company

Section 6.01 Effective Registration Statement. During the Commitment Period, the Company
shall notify the Investor promptly if (i) the Registration Statement shall cease to be effective
under the Securities Act, (ii) the Common Stock shall cease to be authorized for listing on the
Principal Market, (iii) the Common Stock ceases to be registered under Section 12(b) of the
Exchange Act or (iv) the Company fails to file in a timely manner all reports and other documents
required of it as a reporting company under the Exchange Act.

Section 6.02 Trust Existence. The Company will take all steps necessary to preserve and
continue the trust existence of the Company.

Section 6.03 Notice of Certain Events Affecting Registration; Suspension of Right to Make an
Advance. The Company will immediately notify the Investor, and confirm in writing, upon its
becoming aware of the occurrence of any of the following events: (i) receipt of any request for
additional information by the SEC or any other Federal or state governmental authority for
amendments or supplements to the Registration Statement, the Prospectus or for any additional
information relating to the Registration Statement or Prospectus; (ii) the issuance by the SEC or
any other Federal or state governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt
of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Common Stock for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; (iv) the happening of any event that makes any
statement made in the Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that requires the making
of any changes in the Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not
misleading, or of the necessity to amend the Registration Statement or supplement the Prospectus to
comply with the Securities Act or any other law; and (v) the Company’s reasonable determination
that a post-effective amendment to the Registration Statement would be appropriate; and the Company
will promptly make available to the Investor any such supplement or amendment to the related
prospectus. The Company shall not deliver to the Investor any Advance Notice during the
continuation of any of the foregoing events.

Section 6.04 Prospectus Delivery. The Company agrees that on such dates as the Securities
Act shall require, the Company will file a Prospectus Supplement or other appropriate form as
determined by counsel with the SEC under the applicable paragraph of Rule 424(b) under the
Securities Act, which Prospectus Supplement will set forth, within the relevant period, the amount
of Shares sold to the Investor, the net proceeds to the Company and the discount paid by the
Investor with respect to such Shares. The Company shall provide the Investor at least 24 hours to
comment on a draft of each such Prospectus Supplement (and shall give due consideration to all such
comments) and shall deliver or make available to the Investor, without charge, an electronic copy
of each form of Prospectus Supplement, together with the Base Prospectus. The Company consents to
the use of the Prospectus (and of any Prospectus Supplement thereto) in accordance with the
provisions of the Securities Act and with the securities or “blue sky” laws of the jurisdictions in
which the Shares may be sold by the Investor, in connection with the offering and sale of the
Shares and for such period of time thereafter as the Prospectus is required by the Securities Act
to be delivered in connection with sales of the Shares. If during such period of time any event
shall occur that in the judgment of the Company and its counsel is required to be set forth in the
Prospectus or should be set forth therein in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading, or if it is necessary to
supplement or amend the Prospectus to comply with the Securities Act or any other applicable law or
regulation, the Company shall forthwith prepare and file with the SEC an appropriate Prospectus
Supplement to the Prospectus and shall expeditiously furnish or make available to the Investor an
electronic copy thereof.

Section 6.05 Listing of Shares. The Company will use commercially reasonable efforts to
cause the Shares to be listed on the Principal Market and to qualify the Shares for sale under the
securities laws of such jurisdictions as are required by law in the reasonable opinion of
Investor’s counsel that the Investor designates; provided that the Company shall not be required in
connection therewith to qualify as a foreign corporation or to file a general consent to service of
process in any jurisdiction.

Section 6.06 Issuance of the Company’s Common Stock. The sale of Common Stock hereunder
shall be made in accordance with the provisions and requirements of the Securities Act and any
applicable state securities law.

Section 6.07 Use of Proceeds. The Company shall use the net proceeds from this offering as
disclosed in the Prospectus.

Section 6.08 Expenses. The Company, whether or not the transactions contemplated hereunder
are consummated or this Agreement is terminated, will pay all expenses incident to the performance
of its obligations hereunder, including but not limited to (i) the preparation, printing and filing
of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of
each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares
issued pursuant to this Agreement, (iii) all fees and disbursements of the Company’s counsel,
accountants and other advisors, (iv) the qualification of the Shares under securities laws in
accordance with the provisions of this Agreement, including filing fees in connection therewith,
(v) the printing and delivery of copies of the Prospectus and any amendments or supplements
thereto, (vi) the fees and expenses incurred in connection with the listing or qualification of the
Shares for trading on the Principal Market, or (vii) filing fees of the SEC and the Financial
Industry Regulatory Authority, Inc. Corporate Finance Department.

Section 6.09 Compliance with Laws. The Company will not, directly or indirectly, take any
action designed to cause or result in, or that constitutes or might reasonably be expected to
constitute, the stabilization or manipulation of the price of any security of the Company or which
caused or resulted in, or which would in the future reasonably be expected to cause or result in,
stabilization or manipulation of the price of any security of the Company.

Section 6.10 Comfort Letters. At the request of the Investor and within a reasonable
period of time after (i) the date hereof, and (ii) the date of filing or amending each Annual
Report on Form 10-K for a period in which an Advance was delivered pursuant to this Agreement and
which are incorporated by reference in the Registration Statement, the Company will request that
its independent accountants furnish to the Investor a letter in form and substance reasonably
satisfactory to the Investor, containing statements and information of the type ordinarily included
in, and dated as of the customary date for, accountants’ “comfort letters” to underwriters with
respect to the financial statements of the Company.

Section 6.11 Opinion of Counsel. Prior to the date of the first Advance Notice, the
Investor shall have received an opinion letter from counsel to the Company in the form attached
hereto as Exhibit C.

Section 6.12 Current Report. Promptly after the date hereof (and prior to the Company
delivering an Advance Notice to the Investor hereunder), the Company shall file with the SEC a
report on Form 8-K or such other appropriate form as determined by counsel to the Company, relating
to the transactions contemplated by this Agreement and a preliminary Prospectus Supplement pursuant
to Rule 424(b) of the Securities Act disclosing all information relating to the transaction
contemplated hereby required to be disclosed therein (collectively, the “Initial
Disclosure”) and shall provide the Investor with 24 hours to review the Initial Disclosure
prior to its filing.

Article VII.

Conditions for Advance and Conditions to Closing

Conditions Precedent to each Advance. The right of the Company to deliver an Advance
Notice and the obligations of the Investor hereunder with respect to an Advance is subject to the
satisfaction by the Company, on each Advance Notice Date and Advance Settlement Date (a
“Condition Satisfaction Date”), of each of the following conditions:

Section 7.01 Accuracy of the Company’s Representations and Warranties. The representations
and warranties of the Company shall be true and correct in all material respects.

Section 7.02 Registration of the Common Stock with the SEC. The Registration Statement is
effective and the Company is not aware of any of the events set forth in Section 6.03 hereof. The
Initial Disclosure shall have been filed with the SEC, all Prospectus Supplements shall have been
filed with the SEC, as required pursuant to Section 6.04 in connection with all prior Advances and
an electronic copy of such Prospectus Supplement together with the Base Prospectus shall have been
delivered or made available to the Investor. The Company shall have filed with the SEC in a timely
manner all reports, notices and other documents required of a “reporting company” under the
Exchange Act and applicable SEC regulations.

Section 7.03 Authority. The Company shall have obtained all permits and qualifications
required by any applicable state for the offer and sale of the shares of Common Stock, or shall
have the availability of exemptions therefrom. The sale and issuance of the shares of Common Stock
shall be legally permitted by all laws and regulations to which the Company is subject.

Section 7.04 No Material Notices. None of the following events shall have occurred and be
continuing: (i) receipt by the Company of any request for additional information from the SEC or
any other federal or state governmental, administrative or self regulatory authority during the
period of effectiveness of the Registration Statement, the response to which would require any
amendments or supplements to the Registration Statement or Prospectus; (ii) the issuance by the
SEC or any other federal or state governmental authority of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for that purpose;
(iii) receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Shares for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event
that makes any statement made in the Registration Statement or the Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in the Registration Statement, Prospectus or documents so
that, in the case of the Registration Statement, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, and that in the case of the Prospectus, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; and (v) the Company’s reasonable determination that a
post-effective amendment to the Registration Statement would be required.

Section 7.05 Performance by the Company. The Company shall have performed, satisfied and
complied in all material respects with all covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by the Company at or prior to each Condition
Satisfaction Date.

Section 7.06 No Injunction. No statute, rule, regulation, executive order, decree, ruling
or injunction shall have been enacted, entered, promulgated or endorsed by any court or
governmental authority of competent jurisdiction that prohibits or directly and materially
adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall
have been commenced that may have a Material Adverse Effect.

Section 7.07 No Suspension of Trading in or Delisting of Common Stock. The Common Stock is
trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice
shall have been approved for listing on the Principal Market and the Company believes, in good
faith, that trading of the Common Stock on the Principal Market will continue uninterrupted for the
foreseeable future. The issuance of shares of Common Stock with respect to the applicable Advance
Notice will not violate the shareholder approval requirements, if any, of the Principal Market.
The Company shall not have received any notice threatening the continued listing of the Common
Stock on the Principal Market.

Section 7.08 Change in Control. There shall not have been any Change in Control.

Section 7.09 Authorized. There shall be a sufficient number of authorized but unissued and
otherwise unreserved shares of Common Stock for the issuance of all of the shares issuable pursuant
to such Advance Notice.

Section 7.10 Consecutive Advance Notices. Except with respect to the first Advance Notice,
the Company shall have delivered all Shares relating to all prior Advances.

Section 7.11 Executed Advance Notice. The Investor shall have received the Advance Notice
in compliance with the Advance parameters set forth in Section 2.01 executed by an officer of the
Company and the representations contained in such Advance Notice shall be true and correct as of
each Condition Satisfaction Date.

Article VIII.

Non-Disclosure of Non-Public Information

Nothing herein shall require the Company to disclose non-public information to the Investor or
its advisors or representatives, provided, however, that notwithstanding anything herein to the
contrary, during any period from and including the delivery of an Advance Notice through and
including the occurrence of the related Advance Settlement Date, the Company will immediately
notify the Investor or its advisors or representatives of any event or the existence of any
circumstance (without any obligation to disclose the specific event or circumstance) of which it
becomes aware, constituting non-public information (whether or not requested of the Company
specifically or generally during the course of due diligence by such persons or entities), which,
if not disclosed in the prospectus included in the Registration Statement would cause such
prospectus to include a material misstatement or to omit a material fact required to be stated
therein in order to make the statements, therein, in light of the circumstances in which they were
made, not misleading.

The Company shall hold in confidence and not make any disclosure of information concerning the
Investor provided to the Company unless (i) disclosure of such information is necessary to comply
with federal or state securities laws, (ii) the disclosure of such information is necessary to
avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final, non-appealable order from a
court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement. The
Company agrees that it shall, upon learning that disclosure of such information concerning the
Investor is sought in or by a court or governmental body of competent jurisdiction or through other
means, give prompt written notice to the Investor and allow the Investor, at the Investor’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, such information.

Article IX.

Choice of Law/Jurisdiction

This Agreement shall be governed by and interpreted in accordance with the laws of the State
of New York without regard to the principles of conflict of laws.

Article X. Assignment; Termination

Section 10.01 Assignment. Neither this Agreement nor any rights or obligations of either
party hereunder may be assigned to any other Person.

Section 10.02 Termination.

	 	(a)	 	Unless earlier terminated as provided hereunder, this Agreement shall terminate
automatically on the earliest of (i) the date that is 24-months from the Effective Date, or
(ii) the date on which the Investor shall have made payment of Advances pursuant to this
Agreement in the aggregate amount of the Commitment Amount.

	 	(b)	 	The Company may terminate this Agreement at any time upon prior written notice to the
Investor; provided that upon such termination (i) there are no Advances outstanding, and
(ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement.
This Agreement may be terminated at any time by the mutual written consent of the parties,
effective as of the date of such mutual written consent unless otherwise provided in such
written consent.

	 	(c)	 	The obligation of the Investor to make an Advance to the Company pursuant to this
Agreement shall terminate permanently (including with respect to an Advance Settlement Date
that has not yet occurred) in the event that (i) there shall occur any stop order or
suspension of the effectiveness of the Registration Statement for an aggregate of 50
Trading Days, other than due to the acts of the Investor, during the Commitment Period,
provided, however, that this termination provision shall not apply to any
period commencing upon the filing of a post-effective amendment to such Registration
Statement and ending upon the date on which such post effective amendment is declared
effective by the SEC and provided, further, however, that this
termination provision shall not apply to any period commencing upon the filing of a
successor shelf registration statement to such Registration Statement and ending upon the
date on which such successor shelf registration statement is declared effective by the SEC.

	 	(d)	 	Nothing in this Section 10.02 shall be deemed to release the Company or the Investor
from any liability for any breach under this Agreement, or to impair the rights of the
Company and the Investor to compel specific performance by the other party of its
obligations under this Agreement. The indemnification provisions contained in Article V
shall survive termination hereunder.

Article XI. Notices

Any notices, consents, waivers, or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered (i)
upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile, provided a copy
is mailed by U.S. certified mail, return receipt requested; (iii) 3 days after being sent by U.S.
certified mail, return receipt requested, or (iv) 1 day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses, facsimile numbers and Email addresses for such communications, except for Advance
Notices which shall be delivered in accordance with Section 2.01(b) hereof and Settlement Documents
which shall be delivered in accordance with Section 2.02(a) hereof, shall be:

	 	 	 
	If to the Company, to:
	 	RAIT Financial Trust

	 	 	Cira Centre

2929 Arch Street, 17th Floor

	 	 	Philadelphia, PA 19104

	 	 	Attention: Raphael Licht, Chief Operating Officer

	 	 	Telephone: (215) 243-9033

	 	 	Facsimile: (215) 243-9039

	With a copy to:
	 	Ledgewood

	 	 	1900 Market Street, Suite 750

	 	 	Philadelphia, PA 19103

	 	 	Attention: J. Baur Whittlesey, Esq.

	 	 	Telephone: (215) 731-9450

	 	 	Facsimile: (215) 735-2513

	If to the Investor(s):
	 	YA Global Master SPV Ltd.

	 	 	101 Hudson Street –Suite 3700

	 	 	Jersey City, NJ 07302

	 	 	Attention: Mark Angelo

	 	 	Portfolio Manager

	 	 	Telephone: (201) 985-8300

	 	 	Facsimile: (201) 985-8266

	With a Copy to:
	 	David Gonzalez, Esq.

	 	 	101 Hudson Street – Suite 3700

	 	 	Jersey City, NJ 07302

	 	 	Telephone: (201) 985-8300

	 	 	Facsimile: (201) 985-8266

Each party shall provide 5 days’ prior written notice to the other party of any change in address,
or facsimile number.

Article XII. Miscellaneous

Section 12.01 Counterparts. This Agreement may be executed in two or more identical
counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party. In
the event any signature page is delivered by Email or facsimile transmission, the party using such
means of delivery shall cause 2 additional original executed signature pages to be physically
delivered to the other party within 5 days of the execution and delivery hereof, though failure to
deliver such copies shall not affect the validity of this Agreement.

Section 12.02 Reporting Entity for the Common Stock. The reporting entity relied upon for
the determination of the trading price or trading volume of the Common Stock on any given Trading
Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The
written mutual consent of the Investor and the Company shall be required to employ any other
reporting entity.

Section 12.03 Brokerage. Other than the Placement Agent, each of the parties hereto
represents that it has had no dealings in connection with this transaction with any finder or
broker who will demand payment of any fee or commission from the other party. The Company on the
one hand, and the Investor, on the other hand, agree to indemnify the other against and hold the
other harmless from any and all liabilities to any person claiming brokerage commissions or
finder’s fees on account of services purported to have been rendered on behalf of the indemnifying
party in connection with this Agreement or the transactions contemplated hereby.

Section 12.04 Integration. This Agreement, along with any exhibits or amendments hereto,
encompasses the entire agreement of the parties and supersedes all previous understandings and
agreements between the parties, whether oral or written.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the parties hereto have caused this Standby Equity Distribution Agreement
to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above.

	 
	COMPANY:

	RAIT Financial Trust

	By: /s/ Jack E. Salmon

	 

	Name: Jack E. Salmon

	Title: Chief Financial Officer & Treasurer

	INVESTOR:

	YA Global Master SPV Ltd.

	By: Yorkville Advisors, LLC

	Its: Investment Manager

	By: /s/ Mark Angelo

	 

	Name: Mark Angelo

	Title: Portfolio Manager

EXHIBIT A

ADVANCE NOTICE

RAIT FINANCIAL TRUST

The undersigned,        hereby certifies, with respect to the sale of shares
of Common Stock of RAIT FINANCIAL TRUST (the “Company”) issuable in connection with this
Advance Notice, delivered pursuant to the Standby Equity Distribution Agreement (the
“Agreement”), as follows:

1. The undersigned is the duly elected        of the Company.

2. The Company has performed in all material respects all covenants and agreements to be
performed by the Company and has complied in all material respects with all obligations and
conditions contained in this Agreement on or prior to the Advance Notice Date, and shall continue
to perform in all material respects all covenants and agreements to be performed by the Company
through the applicable Advance Notice Date. All conditions to the delivery of this Advance Notice
are satisfied as of the date hereof.

3. The Advance requested is       .

4. 4.99% of the outstanding Common Stock of the Company as of the date hereof is
     .

5. The Minimum Acceptable Price for this Advance is       .

The undersigned has executed this Certificate this        day of       .

RAIT FINANCIAL TRUST

By:

Name:

Title:

	 	 	Please deliver this Advance Notice by mail, e-mail or facsimile with a follow up phone call
to:

Yorkville Advisors, LLC

101 Hudson Street, Suite 3700, Jersey City, NJ 07302

Fax: (201) 946-0851

Attention: Trading Department and Compliance Officer

Confirmation Telephone Number: (201) 985-8300 ext. 129.

E-mail: trading@yorkvilleadvisors.com

2

EXHIBIT B

FORM OF SETTLEMENT DOCUMENT

VIA EMAIL

RAIT FINANCIAL TRUST

Attn: Jack E. Salmon, CFO & Treasurer

Email:

Attn: James J. Sebra, SVP & CAO

Email: jsebra@raitft.com

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Below please find the settlement information with respect to the	 	 	 	 	 	 
	 	 	 	 	Advance Notice Date of:	 	 	 	 	 	 
	 	1.	 	 	(a) Amount of Advance $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaa aaa
	 	 	 	 	 	 
	 	 	 	 	(b) Amount of Advance after adjusting for Ownership Limitation,
Registration Limitation and Minimum Acceptable Price, if
applicable: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaa
	 	 	 	 	 	 
	 	 	 	 	(c) Additional Aggregate Purchase Price Paid for Common Stock on
Excluded Days pursuant to Section 2.01(e) at the Minimum Acceptable
Price, if 6 below applies: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaa
	 	 	 	 	 	 
	 	 	 	 	(d) Amount of Commission: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaaaa aaa
	 	 	 	 	 	 
	 	 	 	 	(e) Net Advance Amount: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaa aaa
	 	 	 	 	 	 
	 	2.	 	 	Market Price: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaa a
	 	 	 	 	 	 
	 	3.	 	 	Purchase Price (Market Price X 97%) per share: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa a
	 	 	 	 	 	 
	 	4.	 	 	Minimum Acceptable Price per share, if 6 below applies: $
	 	 	 	 	 	 
	 	 	 	 	aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa a
	 	 	 	 	 	 
	 	 	 	 	Number of Shares due to Investor computed by dividing 1(b) above by

	 	 	5.	 	 	3 above:

	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Additional Shares to be Purchased Pursuant to Excluded Days

	 	 	6.	 	 	pursuant to Section 2.01(e) at the Minimum Acceptable Price:

	 	 	 	 	 
	 	 	 	 	 	 
	 	7.	 	 	Aggregate Number of Shares due to Investor:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 

Please issue the number of Shares due to the Investor to the account of the Investor as follows:

[to come]

	 	 	 
	Approved By RAIT Financial Trust:	 	Sincerely,
	_________________________________	 	YA GLOBAL MASTER SPV, LTD.
	Name:

	 	

	 

	 	 

EXHIBIT C

FORM OF OPINION

1. The Company is a real estate investment trust duly formed and existing under and by virtue
of the laws of the State of Maryland and is in good standing with the State Department of
Assessments and Taxation of Maryland, with trust power to own, lease and operate its properties and
to conduct its business substantially as described in the Registration Statement and the Prospectus
and to enter into and perform its obligations under the Standby Equity Distribution Agreement (the
“Agreement”).

 

2. The Company has the requisite trust power and authority to enter into and perform its
obligations under the Agreement and to issue the Shares in accordance with their terms. The
execution and delivery of the Agreement by the Company and the consummation by it of the
transactions contemplated thereby have been duly authorized by all necessary trust action, and no
further consent or authorization of the Company or its Board of Trustees or shareholders is
required. The Agreement has been duly executed and delivered by the Company and constitutes the
valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of creditors’ rights and remedies; and except to the extent that rights
to indemnification and contribution may be limited or held unenforceable under applicable federal
or state securities laws or public policy underlying such laws.

3. The Shares are duly authorized and, upon issuance in accordance with the terms of the
Agreement, will be duly and validly issued, fully paid and nonassessable, free of any liens,
encumbrances and preemptive or similar rights contained to our knowledge, in any agreement filed by
the Company as an exhibit to the Company’s latest Form 10-K or 10-Q filed by the Company under the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder
(the “Public Filings”).

4. The execution, delivery and performance of the Agreement by the Company (other than
performance by the Company of its obligations under the indemnification sections of the Agreement,
as to which no opinion need be rendered) will not (i) result in a violation of the Company’s
Declaration of Trust or By-Laws; (ii) conflict with, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement or, indenture filed by the
Company as an exhibit to the Company’s Public Filings; or (iii) to our knowledge, result in a
violation of any federal law, rule or regulation, order, judgment or decree applicable to the
Company or by which any material property or asset of the Company is bound or affected.

5. To our knowledge and other then as set forth in the Public Filings, there are no legal or
governmental proceedings pending to which the Company is a party or of which any property or assets
of the Company is subject which are required to be disclosed in any Public Filings.

RAIT FINANCIAL TRUST

SCHEDULE 4.18 TO SEDA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Classification
	 	 	STATE/DATE OF	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	REIT, PRTNR, DRE,
	COMPANY NAME	 	FORMATION	 	OWNER(S)	 	PERCENTAGE INTEREST OWNED	 	STATES WHERE QUALIFIED	 	CORP, TRS, QRS
	RAIT Financial Trust

	 	Maryland – 8/14/97
	 	Publicly held
	 	 	 	 	 	 	 	 	 	PA
	 	 	 	REIT
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT General, Inc.	 	Maryland – 8/14/97	 	RAIT Financial Trust	 	100%	 	 	 	 	 	PA	 	 	 	QRS
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Limited, Inc.	 	Maryland – 8/14/97	 	RAIT Financial Trust	 	100%	 	 	 	 	 	PA	 	 	 	QRS
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Partnership, L.P.	 	Delaware – 8/15/97	 	RAIT General, Inc.	 	1% general partner	 	 	 	 	 	 	 	AL, CA, NY, PA	 	 
	 	 	 	 	RAIT Limited, Inc.	 	99% limited partner	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Realty Finance Trust	 	Maryland – 6/7/06	 	RAIT Financial Trust	 	100% common shares	 	 	 	 	 	 	 	NY, PA	 	REIT
	 	 	 	 	 	 	80% preferred shares	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	210-218 The Promenade North LLC	 	California – 4/5/07	 	Long Beach Promenade Holdings,	 	100%	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	LLC
	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	901 King Street Associates

	 	Pennsylvania
	 	RAIT Firehouse, LLC
	 	25% partner
	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	990 Stewart Avenue Investors, LLC	 	Delaware - 01/19/06	 	RAIT Atria, LLC	 	Preferred Capital Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1805 Old Alabama Road, LLC	 	Georgia	 	1805 Old Alabama Road Manager,	 	.5%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	LLC	 	99.5%	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	RAIT Old Alabama Road, LLC
	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1805 Old Alabama Road Manager, LLC	 	Georgia	 	RAIT Old Alabama Road, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	6006 Executive Boulevard, LLC	 	Maryland – 1/15/98	 	RAIT Executive Boulevard, LLC	 	1% (managing) member	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	RAIT Partnership, L.P.

SAS Executive Boulevard
	 	83.6% member

15.4% member
	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	AI-Hartford, LLC

	 	Delaware — 11/22/06
	 	RAIT-Hartford, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AI-Neenah, LLC

	 	Delaware — 11/22/06
	 	RAIT-Neenah, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AI-Two Rivers, LLC

	 	Delaware — 11/22/06
	 	RAIT-Two Rivers, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Advenir@Promontory, LLC	 	Florida	 	RAIT Promontory Point, LLC	 	Class B Member	 	 	 	 	 	 	 	Texas	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Amarillo Dunhill, LLC	 	Delaware - 08/29/06	 	RAIT Amarillo, LLC	 	Class A member	 	 	 	 	 	 	 	Texas	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Apartments of Mandalay Bay, LLC	 	Delaware – 11/21/06	 	Mandalay Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aslan Centerpoint, LLC	 	Kentucky	 	RAIT Aslan Centerpoint, LLC	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Aslan Chalkville, LLC	 	Kentucky	 	RAIT Aslan Chalkville, LLC	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Aslan Terrace, LLC	 	Kentucky	 	RAIT Aslan Terrace, LLC	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Autumn Grove Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Autumn Grove Apartments Illinois,	 	Delaware – 1/22/07	 	Autumn Grove Member, LLC	 	100%	 	 	 	 	 	IL	 	 	 	 
	LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Belle Creek, LLC	 	Delaware – 2/10/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Belle Creek Member, LLC	 	Delaware – 11/29/06	 	Belle Creek, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	RAIT-CVI III Belle Creek, LLC
	 	Class B Member
	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	Belle Creek Apartments Colorado,	 	Delaware – 11/21/06	 	Belle Creek Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Boca Yamato, LLC	 	Delaware – 9/18/09	 	Yamato Member, LLC	 	100%	 	 	 	 	 	FL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Braden Lakes Member, LLC

	 	Delaware — 05/05/05
	 	RAIT Braden Lakes, LLC
	 	Class B Member
	 	 	 	 	 	 	 	FL
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Broadstone I Partner, LLC

	 	Delaware – 2/18/04
	 	RAIT Broadstone, Inc.
	 	3% Member
	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	Burton Holdings, LLC	 	DE- 10/23/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Colonial Parc Apartments	 	Delaware –	 	Colonial Parc Member, LLC	 	100%	 	 	 	 	 	Arkansas	 	 
	Arkansas, LLC

	 	12/17/2008
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Colonial Parc Member, LLC	 	Delaware –	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	
 
	 	12/17/2008
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Copper Mill Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Creeks at Copper Hills Apartments	 	Delaware – 11/27/06	 	Copper Mill Member, LLC	 	100%	 	 	 	 	 	TX	 	 	 	 
	Texas, LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Creekstone Colony Lakes Member,	 	Delaware – 9/15/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cornerstone Member, LLC

	 	Delaware
	 	RAIT Cornerstone, LLC
	 	Class B Member
	 	 	 	 	 	 	 	FL
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CP/GP, Inc.	 	PA – 11/19/97	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Crestmont Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Crestmont Apartments Georgia, LLC	 	Delaware – 11/21/06	 	Crestmont Member, LLC	 	100%	 	 	 	 	 	GA	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Cumberland Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cumberland Glen Apartments	 	Delaware – 1/22/07	 	Cumberland Member, LLC	 	100%	 	 	 	 	 	GA	 	 	 	 
	Georgia, LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Desert Wind, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desert Wind Member, LLC	 	Delaware – 2/5/07	 	Desert Wind, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desert Wind Apartments Arizona,

LLC

	 	Delaware – 11/21/06

	 	Desert Wind Member, LLC

	 	100%

	 	

	 	

	 	AZ

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Diversified Historic Investors

III: Lincoln Court Apartments

Trust

	 	PA -

	 	RAIT Lincoln Court, LLC

	 	20% beneficiary

	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	Eagle Ridge, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Eagle Ridge Member, LLC	 	Delaware – 2/5/07	 	Eagle Ridge, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Eagle Ridge Apartments	 	Delaware – 1/22/07	 	Eagle Ridge Member, LLC	 	100%	 	 	 	 	 	CA	 	 	 	 
	California, LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Embark on Burton, LLC	 	Delaware – 3/6/07	 	Burton Holdings, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Emerald Bay Manager, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Emerald Bay Member, LLC	 	Delaware – 2/5/07	 	Emerald Bay Manager, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Emerald Bay Apartments Nevada, LLC	 	Delaware – 11/21/06	 	Emerald Bay Member, LLC	 	100%	 	 	 	 	 	NV	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Executive Center Member, LLC	 	Delaware – 2/24/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Executive Center Wisconsin, LLC	 	Delaware – 2/24/09	 	Executive Center Member, LLC	 	100%	 	 	 	 	 	WI	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Fourth & Plum, LLC

	 	Delaware – 9/04/07
	 	RAIT Old Town Investor, LLC
	 	Class B Member
	 	 	 	 	 	 	 	OH
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Terrace, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Terrace Member, LLC	 	Delaware – 2/5/07	 	Grand Terrace, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Terrace Apartments	 	Delaware – 1/22/07	 	Grand Terrace Member, LLC	 	100%	 	 	 	 	 	CA	 	 	 	 
	California, LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Heritage Trace Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Heritage Trace Apartments	 	Delaware – 11/21/06	 	Heritage Trace Member, LLC	 	100%	 	 	 	 	 	VA	 	 	 	 
	Virginia, LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	JPG – Hartford, L.L.C.

	 	Delaware — 11/13/06
	 	RAIT-Hartford, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPG – Neenah, LLC

	 	Delaware — 11/13/06
	 	RAIT-Neenah, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPG – Two Rivers, L.L.C.

	 	Delaware — 11/13/06
	 	RAIT-Two Rivers, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jupiter Communities, LLC (f//k/a	 	Delaware – 4/9/09	 	RAIT Jupiter Holdings, LLC	 	75% Member	 	 	 	 	 	 	 	Alabama, Arizona,	 	 
	Jupiter Illinois Acquisition, LLC)	 	 	 	 	 	 	 	 	 	 	 	 	 	Arkansas, Colorado,	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Florida, Georgia,	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Illinois, Indiana,	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Iowa, Kansas,	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Kentucky, Michigan,	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Nevada, Ohio, Texas	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	and Wisconsin	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lafayette English Apartments, LP	 	Texas – 8/24/06	 	Lafayette English GP, LLC	 	.5% general partner	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Lafayette English Partner, LLC	 	99.5% limited partner	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lafayette English GP, LLC	 	Delaware – 6/4/09	 	Lafayette English Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lafayette English Member, LLC	 	Delaware – 6/4/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Las Vistas, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	Las Vistas Member, LLC	 	Delaware – 2/5/07	 	Las Vistas, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Las Vistas Apartments Arizona, LLC	 	Delaware – 11/21/06	 	Las Vistas Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Long Beach Promenade Holdings, LLC	 	Delaware – 7/28/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mandalay Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Madison Park Apartments Indiana,	 	DE – 10/19/09	 	Madison Park Member, LLC	 	100%	 	 	 	 	 	IN	 	 	 	 
	LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Madison Park Member, LLC	 	DE – 10/19/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	McDowell Mountain Arizona, LLC	 	Delaware - 02/06/06	 	RAIT McDowell, LLC	 	Class B Member (and managing member)	 	AZ	 	 	 	 
	(f/k/a ICP 3400, LLC)

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Mineral Center Colorado, LLC	 	DE – 10/26/09	 	Mineral Center Member, LLC	 	100%	 	 	 	 	 	 	 	CO	 	 
	 	 	 	 	 	 	 	 	 
	Mineral Center Member, LLC	 	DE – 10/26/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Murrells Retail Associates, LLC	 	DE – 8/19/09	 	Murrells Retail Holdings, LLC	 	100%	 	 	 	 	 	SC	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Murrells Retail Holdings, LLC	 	DE – 8/20/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	NP Dunhill, Ltd.

	 	Texas – 4/27/06
	 	RAIT North Park, LLC
	 	Class A Member
	 	

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	 	

	 	

	 	

	 	

	 	

	New Stonecrest Associates, L.P.	 	Pennsylvania –	 	New Stonecrest Preferred, LLC	 	Class A Member (80%)	 	 	 	 	 	AL	 	 	 	 
	 	 	7/15/08	 	RAIT Stonecrest, LLC	 	Class B Member (100%)	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	New Stonecrest Preferred, LLC	 	Delaware – 8/1/08	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	North Park Place Owner A, LLC	 	Delaware – 6/9/06	 	RAIT North Park Place, LLC	 	100%	 	 	 	 	 	MI	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	North Park Place Owner B, LLC	 	Delaware – 6/9/06	 	RAIT North Park Place, LLC	 	100%	 	 	 	 	 	MI	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	North Park Place Owner C, LLC	 	Delaware – 7/12/06	 	RAIT North Park Place, LLC	 	100%	 	 	 	 	 	MI	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Orchid Tree Arizona, LLC	 	Delaware – 1/14/09	 	Orchid Tree Member, LLC	 	100%	 	 	 	 	 	Arizona	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Orchid Tree Member, LLC	 	Delaware – 3/18/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	OSEB GP, Inc.	 	Delaware – 7/11/98	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Oyster Point Member, LLC	 	Delaware – 2/5/07	 	PRG-RAIT Portfolio Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Oyster Point Apartments Virginia,	 	Delaware – 11/21/06	 	Oyster Point Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	LLC

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Penny Lane Manager, LLC	 	Delaware – 4/13/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Penny Lane Member, LLC	 	Delaware – 2/5/07	 	Penny Lane Manager, LLC	 	100% Class A Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	100% Class B Member	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Penny Lane Apartments Arizona, LLC	 	Delaware – 11/21/06	 	Penny Lane Member, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PMZ – Hartford, L.L.C.

	 	Delaware — 10/18/06
	 	RAIT-Hartford, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PMZ – Neenah, L.L.C.

	 	Delaware — 10/18/06
	 	RAIT-Neenah, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PMZ – Two Rivers, LLC

	 	Delaware — 10/18/06
	 	RAIT-Two Rivers, L.L.C.
	 	Class B Member
	 	 	 	 	 	 	 	WI
	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PRG-RAIT Portfolio Member, LLC	 	Delaware – 9/22/08	 	RAIT-PRG Member, LLC	 	95%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	PRG RAIT Portfolio Manager, LLC	 	5%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Quito Village Associates, LLC

	 	Delaware – 6/20/07
	 	RAIT Quito-B, LLC

RAIT Quito-C, LLC
	 	Class B Member

Class C Member
	 	

	 	

	 	CA

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-401 Michigan, LLC	 	Delaware – 12/27/04	 	RAIT CRE CDO I Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT 500 Michigan, LLC	 	Delaware – 10/30/06	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Amarillo, LLC	 	Delaware – 9/13/06	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Aslan Centerpoint, LLC	 	Delaware - 05/30/07	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Aslan Chalkville, LLC	 	Delaware - 05/30/07	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Aslan Terrace, LLC	 	Delaware - 05/30/07	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	AL	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Asset Holdings, LLC	 	Delaware – 10/5/05	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Asset Holdings II, LLC	 	Delaware – 7/14/09	 	RAIT Asset Holdings II Member,	 	100%	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	LLC
	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Asset Holdings II Member, LLC	 	Delaware – 7/20/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Asset Management, LLC	 	Delaware – 9/17/09	 	Taberna Funding, LLC	 	100%	 	 	 	 	 	Illinois	 	 
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Atria, LLC	 	Delaware – 9/13/06	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Braden Lakes, LLC	 	Delaware – 5/10/05	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Broadstone, Inc.	 	Delaware – 2/18/04	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Capital Corp.	 	Delaware – 8/2/00	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	PA	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Capital, Limited

	 	Ireland
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RCMBS Investors I, LLC	 	Delaware – 1/20/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Cornerstone, LLC	 	Delaware – 5/10/05	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT CRE CDO I, LLC	 	Delaware – 10/5/06	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT CRE CDO I, Ltd.	 	Cayman Islands –	 	RAIT Preferred Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	
 
	 	10/4/06
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT CRE Holdings, LLC	 	Delaware - 05/30/07	 	Taberna Realty Finance Trust	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-CVI III, LLC	 	Delaware – 7/2/08	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-CVI III Belle Creek, LLC	 	Delaware – 7/3/08	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Enterprises, LLC	 	Delaware – 6/24/02	 	RAIT Financial Trust	 	16.67%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Executive Mews Manager I,	 	Delaware – 3/29/01	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Executive Mews Manager II,	 	Delaware – 3/29/01	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Executive Mews Manager III,	 	Delaware – 3/29/01	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Equity Holdings I, LLC	 	Delaware – 6/4/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-Hartford, L.L.C.	 	Delaware – 03/14/07	 	RAIT Preferred Funding II, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Jupiter Holdings, LLC	 	Delaware – 4/9/09	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Lincoln Court, LLC	 	Delaware – 9/25/02	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT McDowell, LLC	 	Delaware – 1/16/07	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Milwaukee, LLC	 	Delaware – 7/29/04	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-Neenah, L.L.C.	 	Delaware - 03/27/07	 	RAIT Preferred Funding II, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT North Park, LLC	 	Delaware – 6/9/06	 	RAIT CRE CDO I Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT North Park Place, LLC	 	Delaware – 10/23/08	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Old Alabama Road, LLC	 	Georgia – 7/2/08	 	RAIT Partnership, L.P.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Old Town Investor, LLC	 	Delaware – 9/20/07	 	RAIT CRE CDO I, Ltd.	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-PRG Member, LLC	 	Delaware – 9/22/08	 	RAIT Partnership, L.P.	 	 	 	 	 	100%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Preferred Funding II, Ltd.	 	Cayman Islands –	 	RAIT CRE Holdings, LLC	 	 	 	 	 	100%	 	 	 	 
	(f/k/a RAIT CRE CDO II, Ltd.)

	 	2/8/07
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Preferred Funding II, LLC

(f/k/a/ RAIT CRE CDO II, LLC)

	 	Delaware – 3/2/07

	 	RAIT Preferred Funding II, Ltd.

	 	

	 	

	 	100%

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Preferred Holdings I, LLC

	 	Delaware – 10/27/06
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Preferred Holdings II, LLC

	 	Delaware – 2/22/07
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Promontory Point, LLC

	 	Delaware – 4/11/07
	 	RAIT Preferred Funding II, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Quito-B, LLC

	 	Delaware — 7/10/07
	 	RAIT Preferred Funding II, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Quito-C, LLC

	 	Delaware – 7/10/07
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Reuss B Member, LLC

	 	Delaware – 5/14/08
	 	RAIT CRE CDO I, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Reuss C Member, LLC

	 	Delaware – 10/17/08
	 	RAIT CRE CDO I, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Reuss D Member, LLC

	 	Delaware – 3/26/09
	 	RAIT CRE CDO I, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Reuss Federal Plaza, LLC	 	Delaware – 9/14/07	 	RAIT Partnership, L.P.	 	 	 	Class A Member	 	 	 	 	 	WI
	 	 	 	 	RAIT Reuss B Member, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	RAIT Reuss C Member, LLC	 	 	 	Class C Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Rohrerstown, L.P.	 	Pennsylvania –	 	RAIT General, Inc.	 	 	 	1% general partner	 	 	 	 	 	 
	 	 	3/17/98	 	RAIT Partnership, L.P.	 	 	 	99% limited partner	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Rutherford A, LLC

	 	Delaware – 1/20/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT SLH, Inc.

	 	Pennsylvania –

9/27/99
	 	RAIT General, Inc.

	 	

	 	100%

	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 	 	 
	 	

	 	

	 	

	 	

	RAIT SLH, L.P.	 	Pennsylvania –	 	RAIT Partnership, L.P.	 	 	 	11% limited partner	 	 	 	 	 	 
	
 
	 	9/27/99
	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT SAAR Company, LLC

	 	Delaware – 9/29/06
	 	RAIT CRE CDO I, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Sabel Key Manager, Inc.

	 	Delaware – 7/10/02
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Securities, LLC	 	Delaware – 02/03/05	 	Taberna Realty Finance Trust	 	 	 	 	 	 	100	%	 	 	 	PA, NY, NC
	 	 	 	 	 	 	 	 	 	 	 
	RAIT Securities (UK), Ltd.

	 	United Kingdom
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Stone Creek, LLC

	 	Delaware – 1/8/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Stone Creek Preferred, LLC

	 	Delaware – 1/8/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Stonecrest, LLC	 	Delaware – 07/09/08	 	RAIT Partnership, L.P.	 	 	 	100%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Towne Square, LLC

	 	Delaware – 6/9/06
	 	RAIT CRE CDO I, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT-Two Rivers, L.L.C.

	 	Delaware — 03/27/07
	 	RAIT Preferred Funding II, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Urban Holdings, LLC

	 	Delaware – 8/28/07
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	RAIT Ventures, LLC

	 	Delaware – 4/1/02
	 	RAIT Financial Trust
	 	 	 	 	 	 	30	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regency Meadows, LLC

	 	Delaware – 2/10/09
	 	RAIT Equity Holdings I, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regency Meadows Nevada Member, LLC

	 	Nevada – 12/13/05
	 	Regency Meadows, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regency Meadows Nevada, LLC	 	Nevada – 12/6/05	 	Regency Meadows Nevada Member, LLC	 	 	 	 	100	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	REM-Cherry Hill, LLC

	 	New Jersey – 3/29/01
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	REM-Willow Grove, Inc.

	 	Pennsylvania –

3/29/01
	 	RAIT Partnership, L.P.

	 	

	 	

	 	100%

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	REM-Willow Grove, L.P.	 	Pennsylvania –	 	REM-Willow Grove, Inc.	 	 	 	1% general partner	 	 	 	 	 	 
	 	 	3/29/01	 	RAIT Partnership, L.P.	 	 	 	99% limited partner	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Remington Florida, LLC

	 	Delaware – 6/8/06
	 	Remington Florida Member, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Remington Florida Member, LLC

	 	Delaware – 2/18/09
	 	RAIT Equity Holdings I, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	River View New York, LLC

	 	Delaware – 3/3/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	 	 	 	 	NY
	 	 	 	 	 	 	 	 	 	 	 
	Rutherford Plaza A Member I, LLC

	 	Delaware – 7/16/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rutherford Plaza A Member II, LLC

	 	Delaware – 7/16/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rutherford Plaza A Member III, LLC

	 	Delaware – 7/16/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rutherford Plaza Manager, Inc.

	 	Delaware – 7/23/03
	 	HVC Rutherford Plaza, LLC

RAIT Partnership, L.P.
	 	 	 	 	 	50%

50%
	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rutherford Preferred, LLC (f/k/a

RAIT Rutherford B, LLC)

	 	Delaware – 1/20/09

(name changed on

7/16/09)
	 	RAIT Partnership, L.P.

	 	

	 	

	 	100%

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	SAAR Company, LLC	 	NY– 05/08/95	 	RAIT SAAR Company, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sabel Key Southwest, LLC	 	Delaware – 07/02/02	 	RAIT Sabel Key Manager, Inc.	 	 	 	Non-member manager	 	 	 	 	 	FL
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sandal Ridge, LLC

	 	Delaware – 4/13/09
	 	RAIT Equity Holdings I, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sandal Ridge Member, LLC	 	Delaware – 2/5/07	 	Sandal Ridge, LLC	 	 	 	100% Class A Member	 	 	 	 	 	 
	 	 	 	 	RAIT-CVI III, LLC	 	 	 	100% Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sandal Ridge Apartments Arizona,

LLC

	 	Delaware – 11/21/06

	 	Sandal Ridge Member, LLC

	 	

	 	

	 	100%

	 	

	 	

	 	AZ

	 	 	 	 	 	 	 	 	 	 	 
	Sharpstown Mall Texas, LLC

(f/k/a RAIT Sharpstown, L.L.C.)

	 	Delaware — 05/15/07

	 	Sharpstown Member, LLC

	 	

	 	

	 	100%

	 	

	 	

	 	TX

	 	 	 	 	 	 	 	 	 	 	 
	Sharpstown Member, LLC

(f/k/a RAIT Sharpstown GP, Inc.)

	 	Delaware — 05/15/07

converted on 1/20/09
	 	RAIT Partnership, L.P.

	 	

	 	

	 	100%

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Southgreen Apartments Indiana, LLC	 	DE – 10/19/09	 	Southgreen Member, LLC	 	100%	 	 	 	 	 	IN	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Southgreen Member, LLC	 	DE – 10/19/09	 	RAIT Equity Holdings I, LLC	 	100%	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	St. Pete Beach Holdings, LLC

	 	Delaware – 2/14/08
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Stone Creek Apartments Colorado,

LLC

	 	Delaware – 2/5/07

	 	Stone Creek Member, LLC

	 	

	 	

	 	100%

	 	

	 	

	 	CO

	 	 	 	 	 	 	 	 	 	 	 
	Stone Creek Member, LLC	 	Delaware – 2/5/07	 	RAIT Stone Creek, LLC	 	 	 	Class A Member	 	 	 	 	 	 
	 	 	 	 	RAIT Stone Creek Preferred, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TS Dunhill, Ltd.	 	Texas – 4/27/06	 	RAIT Towne Square, LLC	 	 	 	Class A Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna VII Equity Trust, LLC

	 	Delaware – 9/10/09
	 	Taberna Capital Management, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna IX Equity Trust, LLC

	 	Delaware – 9/10/09
	 	Taberna Capital Management, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Capital Management, LLC

	 	Delaware — 08/28/03
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	 	 	 	 	NY, PA
	 	 	 	 	 	 	 	 	 	 	 
	Taberna Capital (Bermuda) Ltd

	 	Bermuda
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Equity Funding, Ltd

	 	Cayman Island
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Europe CDO I p.l.c.	 	Ireland	 	Taberna Equity Funding, Ltd.	 	 	 	49% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Europe CDO II p.l.c.	 	Ireland	 	Taberna Equity Funding, Ltd.	 	 	 	41% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna European Capital

Management, LLC

	 	Delaware – 12/15/09

	 	Taberna Capital Management, LLC

	 	

	 	

	 	100%

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Funding LLC

	 	Delaware — 06/20/05
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Funding Capital Trust I

	 	Delaware – 02/08/07
	 	Taberna Funding LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Funding Capital Trust II

	 	Delaware – 02/08/07
	 	Taberna Funding LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Loan Holdings I, LLC

	 	Delaware – 07/27/05
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Loan Holdings II, LLC

	 	Delaware – 08/31/06
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding II, Inc.	 	Delaware – 05/18/05	 	Taberna Preferred Funding II, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding III,	 	Delaware – 09/14/05	 	Taberna Preferred Funding III, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding IV, Inc.	 	Delaware – 12/16/05	 	Taberna Preferred Funding IV, Ltd.	 	 	 	 	61	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding V, Inc.

	 	Delaware 03/13/06
	 	Taberna Preferred Funding V, Ltd.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VI, Inc.	 	Delaware – 06/07/06	 	Taberna Preferred Funding VI, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VII,	 	Delaware – 08/31/06	 	Taberna Preferred Funding VII, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VIII,	 	Delaware – 02/20/07	 	Taberna Preferred Funding VIII, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	Inc.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding IX, Inc.	 	Delaware – 06/20/07	 	Taberna Preferred Funding IX, Ltd.	 	 	 	 	100	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding II, Ltd.	 	Cayman Islands	 	Taberna Equity Funding Ltd.	 	 	 	50% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding III,	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	55% of “equity”	 	 	 	 
	Ltd.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding IV, Ltd.	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	55% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding V, Ltd.	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	49% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VI, Ltd.	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	64% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VII,	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	62% of “equity”	 	 	 	 
	Ltd.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding VIII,	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	100% of “equity”	 	 	 	 
	Ltd.

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Preferred Funding IX, Ltd.	 	Cayman Islands	 	Taberna Realty Finance Trust	 	 	 	100% of “equity”	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Real Estate CDO I, Ltd.

	 	Cayman Islands
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taberna Realty Holdings Trust

	 	Maryland – 04/07/05
	 	Taberna Realty Finance Trust
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tresa at Arrowhead Arizona, LLC

	 	Delaware – 9/30/09
	 	Tresa at Arrowhead Member, LLC
	 	 	 	 	 	 	100	%	 	 	 	 	 	AZ
	 	 	 	 	 	 	 	 	 	 	 
	Tresa at Arrowhead Member, LLC

	 	Delaware – 9/30/09
	 	RAIT Equity Holdings I, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tuscany Bay Member, LLC

	 	Delaware – 2/5/07
	 	PRG-RAIT Portfolio Member, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Urban Retail Properties, LLC

	 	Delaware – 5/12/93
	 	RAIT Urban Holdings, LLC
	 	 	 	25% Member
	 	

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 	 	 
	 	

	 	

	 	

	 	

	Ventura Member, LLC	 	Delaware – 2/7/07	 	RAIT-CVI III, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Westminster Chase Holdings, LLC

	 	Georgia – 1/22/08
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Willows Member, LLC

	 	Delaware – 2/10/09
	 	RAIT Equity Holdings I, LLC
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Willows at Lone Mountain West, LLC

	 	Delaware – 10/17/06
	 	Willows Member, LLC
	 	 	 	 	 	 	100	%	 	 	 	 	 	NV
	 	 	 	 	 	 	 	 	 	 	 
	Yamato Member, LLC

	 	Delaware – 5/29/09
	 	RAIT Partnership, L.P.
	 	 	 	 	 	 	100	%	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Zeller-401 RAIT, L.L.C.	 	Delaware – 12/23/04	 	RAIT-401 Michigan, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Zeller-500 RAIT, L.L.C.	 	Delaware – 10/27/06	 	RAIT 500 Michigan, LLC	 	 	 	Class B Member	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

3EX-10.2

Exhibit 10.2

SunTrust Banks, Inc.

2009 Stock Plan

Salary Share
Stock Unit Agreement

SunTrust Banks, Inc. (“SunTrust”), a Georgia corporation, pursuant to action of the
Compensation Committee (“Committee”) and in accordance with the SunTrust Banks, Inc. 2009 Stock
Plan (“Plan”), has determined that going forward and until the Committee determines otherwise
Grantee’s base salary will be payable partly in cash and partly in stock units. The Committee
therefore has granted these stock units (the “Stock Units”) to Grantee as a periodic payment of the
stock portion of Grantee’s salary, net of applicable withholdings and other deductions.  

	 	 	 	 	 
	Name of Grantee

	 	 
	 	[Name]
	 	 	 
	Number of

Stock Units

	 	

 
	 	

[# of Units]
	 	 	 
	Grant Date

	 	 
	 	[Grant Date]

Each Stock Unit represents the right to receive a payment in cash equal to the Fair Market
Value of SunTrust Common Stock, $1.00 par value, at a future date and time, subject to the terms of
this Salary Share Stock Unit Agreement. The number of Stock Units was calculated as follows. First,
the salary amount to be paid in Stock Units was divided by the reported closing price on the New
York Stock Exchange (“NYSE”) for a share of SunTrust common stock on the pay date for the relevant
pay period (or, if not a NYSE trading day, on the immediately preceding such trading day) to
determine the gross number of Stock Units to be awarded to Grantee. Next, the dollar amount of
applicable tax withholdings and other deductions was determined, and was divided by the reported
closing price on the NYSE for a share of SunTrust common stock on the pay date for the relevant pay
period (or, if not a NYSE trading day, on the immediately preceding such trading day) to determine
the number of Stock Units to be retained and cancelled by the Company in lieu of such taxes and
other deductions. Finally, an account was credited on behalf of Grantee for the net amount of Stock
Units described in the preceding two sentences. This Salary Share Stock Unit Agreement (the “Salary
Agreement”) evidences this grant, which has been made subject to all the terms and conditions set
forth on the attached Terms and Conditions and in the Plan.

 

	 
	SUNTRUST BANKS, INC.

	 

	 

	Authorized Officer

1

§ 1. EFFECTIVE DATE. This grant of Stock Units to the Grantee is effective as of
                (“Grant Date”). Except as otherwise provided in this Agreement, Grantee’s
salary shall be payable in accordance with SunTrust’s regular payroll practice for similarly
situated employees, as in effect from time to time.

§ 2. VESTING. Once awarded, the Stock Units will be fully vested and not subject to the
risk of forfeiture or any requirement of future service.

§ 3. GRANTEE’S RIGHTS PRIOR TO PAYMENT.

(a) The Stock Unit award will not include any rights to receive dividends or dividend equivalents.

(b) Nothing in the Plan, this Agreement, or the Stock Units shall be construed to give the Grantee
any rights as a shareholder of SunTrust, including the right to vote or receive dividends. The
Grantee shall be an unsecured general creditor of SunTrust with respect to any cash payment
relating to Stock Units, and any payment provided pursuant to this Agreement shall be made from
SunTrust’s general assets.

(c) The Stock Units may not be sold, assigned, transferred, exchanged, pledged, hypothecated or
otherwise encumbered. If Grantee is deceased at the time the Stock Units are settled, SunTrust will
make such payment to the executor or administrator of Grantee’s estate or to Grantee’s other legal
representative as determined in good faith by SunTrust.

§ 4. PAYMENT OF AWARD.

Each such Stock Unit award will be settled in cash on the Settlement Date. The “Settlement Date”
shall mean the earlier of: (a) with respect to one-half of the Stock Units, March 31, 2011, (b)
with respect to the other one-half of the Stock Units, March 31, 2012, and (c) the date of
Grantee’s death. The amount to be paid on settlement of the Stock Units will be equal to the number
of Stock Units being settled multiplied by the reported closing price on the NYSE for a share of
SunTrust common stock on the settlement date (or, if not a NYSE trading day, on the immediately
preceding such trading day).

The value of the Stock Units shall be paid in a cash lump sum on the Settlement Date. For purposes
of this § 4, the value of each Stock Unit will equal the Fair Market Value of a share of Stock on
the Settlement Date.

§ 5. WITHHOLDING. Upon the payment of any Stock Units, SunTrust’s obligation to deliver
cash to settle the Stock Units shall be subject to the satisfaction of applicable tax withholding
requirements, including federal, state, and local requirements. The Grantee must pay to SunTrust
any applicable federal, state or local withholding tax due as a result of such payment. Where
Grantee has not previously satisfied all applicable withholding tax obligations, SunTrust will, at
the time the tax withholding obligation arises in connection herewith, retain an amount sufficient
to satisfy the minimum amount of taxes then required to be withheld by the Company in connection
therewith from any amounts then payable hereunder to Grantee. If any withholding is required prior
to the time amounts are payable to Grantee hereunder, the withholding will be taken from other
compensation then payable to Grantee or as otherwise determined by SunTrust.

§ 6. NO EMPLOYMENT RIGHTS. Nothing in the Plan or this Salary Agreement or any related material
shall give the Grantee the right to continue in the employment of SunTrust or any Subsidiary or
adversely affect the right of SunTrust or any Subsidiary to terminate the Grantee’s employment with
or without cause at any time.

§ 7. OTHER LAWS. Notwithstanding anything in the Agreement, SunTrust will not be required to comply
with any term or condition of the Agreement if and to the extent prohibited by law, including but
not limited to federal banking and securities regulations, or as otherwise directed by one or more
regulatory agencies having jurisdiction over SunTrust or any of its subsidiaries. In particular,
SunTrust shall have the right to refuse to pay any amount or under this Salary Agreement if
SunTrust acting in its absolute discretion determines that the payment of such amount, issuance or
transfer of such Stock might violate any applicable law or regulation.

2

§ 8. MISCELLANEOUS.

(a) This Salary Agreement shall be subject to all of the provisions, definitions, terms and
conditions set forth in the Plan and any interpretations, rules and regulations promulgated by the
Committee from time to time, all of which are incorporated by reference in this Salary Agreement.
If the Plan and this Agreement are inconsistent, the provisions of the Plan will govern.
Interpretations of the Plan and this Agreement by the Committee are binding on you and the Company.

(b) The Plan and this Salary Agreement shall be governed by the laws of the State of Georgia
(without regard to its choice-of-law provisions).

(c) Any written notices provided for in this Salary Agreement that are sent by mail shall be deemed
received three (3) business days after mailing, but not later than the date of actual receipt.
Notices shall be directed, if to Grantee, at Grantee’s address indicated by SunTrust’s records and,
if to SunTrust, at SunTrust’s principal executive offices.

(d) It is the intention of the parties that this Agreement and the awards made pursuant to the
Agreement comply with the provisions of Section 409A of the Internal Revenue Code to the extent, if
any, that such provisions are applicable to the Agreement, and the Agreement will be administered
by SunTrust in a manner consistent with this intent. If any payments or benefits hereunder may be
deemed to constitute nonconforming deferred compensation subject to taxation under the provisions
of Section 409A, Grantee agrees that SunTrust may, without the consent of Grantee, modify the
Agreement and the awards made pursuant to this Agreement to the extent and in the manner SunTrust
deems necessary or advisable or take such other action or actions, including an amendment or action
with retroactive effect, that SunTrust deems appropriate in order either to preclude any such
payments or benefits from being deemed “deferred compensation” within the meaning of Section 409A
or to provide such payments or benefits in a manner that complies with the provisions of
Section 409A such that they will not be taxable thereunder.

(e) If one or more of the provisions of this Salary Agreement shall be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable
provisions shall be deemed null and void; however, to the extent permissible by law, any provisions
which could be deemed null and void shall first be construed retroactively to permit this Salary
Agreement to be construed so as to foster the intent of this Salary Agreement and the Plan.

(f) This Salary Agreement (which incorporates the terms and conditions of the Plan) constitutes the
entire agreement of the parties with respect to the subject matter hereof. This Salary Agreement
supersedes all prior discussions, negotiations, understandings, commitments and agreements with
respect to such matters.

3

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