Document:

EX-10.1

 Exhibit 10.1 

COOPERATION AGREEMENT 

August 13, 2018 
 THIS
COOPERATION AGREEMENT (this “Agreement”), is made and entered into as of date first set forth above, by and among RAIT Financial Trust, a real estate investment trust formed and existing under the laws of the State of Maryland (the
“Company”), Pleasant Lake Apartments Limited Partnership, Laughlin Holdings LLC and Ramat Securities Ltd (each, an “Investor” and together, the “Investors”) and Howard Amster
(“Amster”). 
 RECITALS 

WHEREAS, the Investors and Amster, for himself and on behalf of several other entities and accounts, beneficially own shares of the
Company’s 7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred”), 8.375% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”) and 8.875% Series C Cumulative
Redeemable Preferred Stock (the “Series C Preferred” and together with the Series A Preferred and the Series B Preferred, the “Preferred Shares”) and do not own any of the Company’s common shares of beneficial
interest, par value $0.03 per share (the “Common Shares”); 
 WHEREAS, the Investors have expressed an interest in
purchasing Preferred Shares in an amount which, when added to the Preferred Shares owned prior to the date hereof by each Investor, Amster and/or by any other entity in which Amster has an ownership interest (other than a public entity in which his
beneficial ownership is less than 1%), will exceed the Ownership Limit (as defined in the Amended and Declaration of Trust of the Company, as the same has been amended and restated from time to time (the “Declaration of Trust”)) of
one or more series of Preferred Shares; 
 WHEREAS, the Investors, Amster and the Company expect to enter into a letter agreement, a form of
which has been provided to each Investor and Amster (the “Letter Agreement”), pursuant to which the Company will exempt each Investor from the Ownership Limit with respect to Preferred Shares that the Investors intend to acquire
after the date of the Letter Agreement to the extent set forth therein (the “Increased Ownership Limit”); and 
 WHEREAS,
as an inducement to, and in consideration of, the Company entering into the Letter Agreement, the Company, the Investors and Amster seek to regulate, among other things, the Investors’ and Amster’s acquisition, disposition and voting of
Preferred Shares and other equity securities of the Company. 
 NOW, THEREFORE, in consideration of the mutual agreements and covenants set
forth herein, and for other good and valuable consideration, the parties agree as follows: 

 Section 1. Ownership of Equity Securities. 

(a) The Investors and Amster each severally represents and warrants that, as of August 10, 2018, none of Investors, Amster
or any of their respective affiliates or associates (as such terms are defined pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (collectively, the “Investor Group”) owned,
beneficially or of record, or controlled, any Preferred Shares or other equity securities of the Company (which, as used herein, includes, without limitation, Common Shares) and any Derivative Security (as defined in Section 3(c) below))
of the Company (together with the Common Shares and the Preferred Shares, the “Equity Securities”), other than as set forth on Exhibit A hereto (all such owned securities, collectively, the “Owned Equity
Securities”). 
 (b) The Investors, Amster and the Company each hereby acknowledges and reaffirms their respective
representations, warranties, covenants and other agreements set forth in the Letter Agreement. 
 (c) The Investors and
Amster acknowledge and agree that (i) in connection with the acquisition of the Owned Equity Securities or any disposition prior to the date hereof, no Investor or Amster was furnished with any materials or information by the Company, or any of
its affiliates or representatives or any other person acting on its behalf, other than information available in the Company’s filings and submissions with the Securities and Exchange Commission, (ii) in connection with any acquisitions and
Transfers (as defined below) of Equity Securities permitted by this Agreement or the Letter Agreement (each a “Future Transaction” and, collectively, the “Future Transactions”), nothing in this Agreement shall
obligate the Company to provide and none of Investors or Amster will be entitled to receive, and none of Investors or Amster will rely upon, any information, statement, advice (whether accounting, tax, financial, legal or other), representation or
warranty made by the Company, or any of its affiliates or representatives or any other person acting on its behalf other than is then publicly available, and (iii) each Investor and Amster are able to fend for themselves with respect to the
Owned Equity Securities and any Future Transactions, have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the Owned Equity Securities and any Future Transactions and have the
ability to bear the economic risks of their respective investments and can afford the complete loss of any investments made in the Owned Equity Securities and in Future Transactions. Investors and Amster each acknowledge and agree that the Company
may, now or in the future (including at the time of any Future Transaction and the execution and delivery of the Letter Agreement and any amendment thereto) be in possession of material non-public information not made available to any Investor or
Amster, and the Investors and Amster each irrevocably disclaims any right to such information. 
 Section 2.
Disposition of Equity Securities. 
 (a) Subject to the remainder of this Section 2, from the date hereof
until the earlier of (i) the fourth day following the 2019 Annual Meeting of Shareholders of the Company and (ii) September 30, 2019 (the “Restricted Period”), Investors and Amster shall not, and Investors and Amster
shall cause each member of the Investor Group not to, without the prior written consent of the Company: 

  
 2 

 (1) Transfer (as defined below) on any trading day any series of Preferred
Shares or any Common Shares acquired by any Investor, Amster and/or any member of the Investor Group (the “Newly Acquired Common Shares”), including, without limitation, any Common Shares acquired in tender or exchange for such
Preferred Shares, in an amount in excess of 25% of the 30-day average daily trading volume of such series of Preferred Shares or Common Shares, calculated as of the immediately preceding trading day, 

(2) Transfer any Preferred Shares or any Newly Acquired Common Shares to any affiliate or associate of any member of the
Investor Group that does not, prior to such Transfer, agree with the Company in writing to be bound by the provisions of this Agreement binding on the Investor Group, 

(3) Transfer any Preferred Shares or any Newly Acquired Common Shares to any person that would knowingly result in such person,
together with its affiliates and associates, owning, controlling or otherwise having any, beneficial, economic or other ownership interest representing in the aggregate in excess of 3% of the Common Shares or any series of Preferred Shares
outstanding at such time as applicable. 
 (b) In addition to the limitation set forth in Section 2(a)(1) above, any
Transfer of Equity Securities must be (i) made in accordance with the volume limitations set forth in clause (e) of Rule 144 of the Securities Act of 1933 or (ii) a marketed block trade to an unaffiliated third party. 

(c) As used herein, “Transfer” means (i) sell, assign, give, pledge, encumber, hypothecate, mortgage,
exchange or otherwise dispose, (ii) grant to any person any option, right or warrant to purchase or otherwise receive, or (iii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences or
other rights of ownership. 
 Section 3. Standstill. 

(a) During the Restricted Period, no Investor or Amster shall, and each Investor and Amster shall cause the Investor Group and
any person acting on behalf of or in concert with the Investor Group to not, directly or indirectly, without the prior written consent of the Company: 

(1) except as permitted pursuant to the terms of the Letter Agreement, and except for Newly Acquired Common Shares in an amount
not to exceed the Ownership Limit applicable to Common Shares (as defined in the Declaration of Trust), acquire, agree to acquire, propose, seek or offer to acquire, or facilitate the acquisition or ownership of, any Equity Securities, or any direct
or indirect right to acquire any Equity Securities, 

  
 3 

 (2) enter, agree to enter, propose, seek or offer to enter into or
facilitate any merger, business combination, recapitalization, restructuring, tender offer, transaction involving a material amount of the Company’s assets or other extraordinary transaction involving the Company or any of its subsidiaries,

 (3) initiate, encourage, make, or in any way participate or engage in, any “solicitation” of “proxies”
or “consent solicitation” (as such terms are used in the proxy rules of the Securities and Exchange Commission) to vote, or seek to advise or influence any person with respect to the voting of, any Preferred Shares, Common Shares
(including, without limitation, any Newly Acquired Common Shares) or other Equity Securities (including, for the avoidance of doubt, indirectly by means of communication with the press or the media), 

(4) nominate or recommend for nomination a person for election at any shareholder meeting at which trustees of the
Company’s board of trustees (the “Board”) are to be elected, 
 (5) submit any shareholder proposal for
consideration at, or bring any other business before, any shareholder meeting of the Company, 
 (6) form, join or in any way
participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any Preferred Shares, Common Shares (including, without limitation, any Newly Acquired Common Shares) or other Equity Securities,

 (7) call, request the calling of, or otherwise seek or assist in the calling of a special meeting of the shareholders of
the Company, 
 (8) otherwise act, alone or in concert with others, to seek to control or influence the management, policies,
business or corporate structure of the Company, 
 (9) demand a copy of the Company’s list of shareholders or its other
books and records pursuant to any statutory right, whether under the laws of the State of Maryland or any other jurisdiction, 

(10) commence, encourage or support any derivative action in the name of the Company, or any class action against the Company
or any of its officers or trustees in order to, directly or indirectly, effect any of the actions expressly prohibited by this Agreement or cause the Company to amend or waive any of the provisions of this Agreement (provided that, for the avoidance
of doubt, this clause shall not prevent any Investor or Amster from bringing an action to enforce the provisions of this Agreement), 

(11) disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing, or 

  
 4 

 (12) advise, assist or encourage or enter into any discussions,
negotiations, agreements or arrangements with any other persons in connection with any of the foregoing. 
 (b) During the
Restricted Period, no Investor or Amster shall (and Investors and Amster shall cause the Investor Group to not), directly or indirectly, without the prior written consent of the Company, (i) make any request directly or indirectly, to amend or
waive any provision of this Section 3 (including this sentence), (ii) take any action challenging the validity or enforceability of any provision of this Section 3 (including this sentence) or make any public disclosure
in respect thereof or (iii) take any action that would reasonably be expected to require the Company to make a public announcement regarding the possibility of a business combination, merger or other type of transaction described in this
Section 3 with the Company. 
 (c) As used herein, the term “Derivative Security” means
(i) any subscription, option, conversion right, warrant, phantom stock right or other agreement, security or commitment of any kind obligating the Company or any of its subsidiaries to issue, grant, deliver or sell, or cause to be issued,
granted, delivered or sold, any Common Shares or Preferred Shares of the Company or any security convertible into, or exchangeable for, any Common Shares or Preferred Shares of the Company or (ii) any obligations measured by the price or value
of any Common Shares or any Preferred Shares of the Company, in the case of each of the foregoing clauses (i) and (ii), whether any of the foregoing is exercisable immediately, only after the passage of time or upon the satisfaction of one or
more conditions. 
 Section 4. Voting. 

(a) During the Restricted Period, Investors and Amster shall cause all Equity Securities owned, beneficially or of record, by
Investors, Amster and/or the Investor Group to be present for quorum purposes and to be voted in accordance with the recommendation of a majority of the Board with respect to any matter at any meeting of shareholders of the Company (whether they be
holders of Common Shares, holders of one or more series of Preferred Shares or any combination thereof) for which proxies are solicited during the Restricted Period. With respect to any matter on which the consent of any Investor, Amster and/or a
member of the Investor Group is solicited by reason of such member’s holding of Equity Securities during the Restricted Period, Investors and Amster shall, and shall cause such member of the Investor Group to, provide its consent as a holder of
such Equity Securities to such matter as recommended by a majority of the Board. 
 (b) If and when requested by the Company,
Investors and Amster shall, and shall cause any member of the Investor Group to, promptly execute and deliver to the Company an irrevocable proxy, in customary form, to vote or to give consent with respect to all of the Equity Securities as to which
Investors or Amster (or such member of the Investor Group) is entitled to vote, in the manner and with respect to the matters set forth in this Section 4. Such proxy shall terminate upon the earlier of the expiration of the Restricted
Period or the termination of this Section 4. 

  
 5 

 Section 5. REIT Status. Notwithstanding Section 2,
in any calendar year, promptly following written notice from the Company, any Investor and/or Amster shall, and shall cause the Investor Group to, Transfer any Equity Securities owned, beneficially or of record, by the Investor Group as necessary in
order for the Company to continue to qualify as a real estate investment trust under the Code; provided, however, that (a) prior to such Investor and/or Amster becoming obligated to effect such a Transfer, the Company, each Investor and Amster
shall in good faith consult with each other in order to determine whether the Company may continue to qualify as a real estate investment trust under the Code without such a Transfer having to be effected and (b) neither the Company nor the
Board has granted an exemption (i) from the Ownership Limit with respect to the acquisition of Common Shares or Preferred Shares to any person other than a member of the Investor Group (or the Excluded Holder (as defined in the Declaration of
Trust), to the extent set forth in the Declaration of Trust) that is, at the time the Company provides such written notice, then in effect and (ii) that does not require such person to Transfer securities as necessary in order for the Company
to continue to qualify as a real estate investment trust under the Code. 
 Section 6. Miscellaneous. 

(a) Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the
Laws of the State of Maryland, without regard to the conflict of laws principles thereof that would require the application of the Law of any other jurisdiction. The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the
state and federal courts of Maryland solely and specifically for the purposes of any action or proceeding arising out of or in connection with this Agreement. 

(b) Waiver. Waiver by a party of a breach hereunder by another party shall not be construed as a waiver of any
subsequent breach of the same or any other provision. No delay or omission by a party in exercising or availing itself of any right, power or privilege hereunder shall preclude the later exercise of any such right, power or privilege by such party.
No waiver shall be effective unless made in writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the party granting the waiver. 

(c) Entire Agreement. This Agreement, together with the Letter Agreement, contains the entire agreement among the
parties with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous arrangements or understandings, whether written or oral, with respect hereto and thereto. 

(d) Amendments. No provision in this Agreement shall be supplemented, deleted or amended except in a writing executed by
each of the parties hereto. Notwithstanding the foregoing, the Investors and Amster each hereby acknowledge and agree that the Company shall have the right during the ten business days immediately following each three month period following the date
hereof to request a report (the “Investor Holdings Report”) of the Equity Securities held by Investor Group that are the subject of a Letter Agreement, and such parties shall use best efforts to provide the Company with such a
report within a reasonable amount of time. If the aggregate 

  
 6 

 
holdings of Investor Group with respect to such Equity Securities is less than the Increased Ownership Limit set forth in the Letter Agreement (or otherwise in effect pursuant to the terms
hereof), then the Company, in its discretion, may amend the Letter Agreement by written notice to the Investor Group sent within ten business days of receipt of the Investor Holding Report to reset the Increased Ownership Limit to the then-current
level of holdings of such Equity Securities, so that no member of the Investor Group may thereafter acquire any additional shares of such Equity Securities in excess of the reset Increased Ownership Limit then in effect. 

(e) Severability. If any term or provision of this Agreement is held invalid, illegal or unenforceable in any respect
under any applicable law or as a matter of public policy, the validity, legality and enforceability of all other terms and provisions of this Agreement will not in any way be affected or impaired. If the final judgment of a court of competent
jurisdiction or other governmental authority declares that any term or provision hereof is invalid, illegal or unenforceable, the parties hereto agree that the court making such determination will have the power to reduce the scope, duration, area
or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, illegal or unenforceable term or provision with a term or provision that is valid, legal and enforceable and that comes closest to expressing
the intention of the invalid, illegal or unenforceable term or provision. 
 (f) Assignment. Neither this Agreement
nor any rights or duties of a party hereto may be assigned by such party, in whole or in part, without the prior written consent of the other party. 

(g) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns and on any assignee or transferee of the Equity Securities owned beneficially or of record by any Investor or Amster. 

(h) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument. 
 (i) Third Party Beneficiaries. None of the provisions of
this Agreement shall be for the benefit of or enforceable by any third party. No third party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability or
obligation (or otherwise) against any party hereto. 
 (j) Remedies. The rights, powers and remedies of the parties
under this Agreement are cumulative and not exclusive of any other right, power or remedy which such parties may have under any other agreement or law. No single or partial assertion or exercise of any right, power or remedy of a party hereunder
shall preclude any other or further assertion or exercise thereof. 

  
 7 

 (k) Specific Performance. The parties hereby acknowledge and agree
that the rights of the parties hereunder are special, unique and of extraordinary character, and that if any party refuses or otherwise fails to act, or to cause its affiliates to act, in accordance with the provisions of this Agreement, such
refusal or failure would result in irreparable injury to the Company, Investors or Amster, as the case may be, the exact amount of which would be difficult to ascertain or estimate and the remedies at law for which would not be reasonable or
adequate compensation. Accordingly, if any party refuses or otherwise fails to act, or to cause its affiliates to act, in accordance with the provisions of this Agreement, then, in addition to any other remedy which may be available to any damaged
party at law or in equity, such damaged party will be entitled to seek specific performance and injunctive relief, without posting bond or other security, and without the necessity of proving actual or threatened damages, which remedy such damaged
party will be entitled to seek in any court of competent jurisdiction. 
 (l) Notices. All notices or reports
permitted or required under this Agreement shall be in writing and shall be considered delivered (a) if given by electronic mail, at the time the email is transmitted to the following email address (b) if given by mail, three
(3) business days after being mailed by registered or certified mail, postage prepaid, to the following addresses, or (c) if given by any other means (including but not limited to overnight delivery), when delivered at the following
addresses: 
 Company: 

RAIT Financial Trust 
 Two Logan
Square 
 100 N. 18th Street, 23rd Floor 

Philadelphia, PA 19103 

Attention: Jamie Reyle 
 Email:
jreyle@rait.com 
 Investor Group: 

Ramat Securities, Ltd. 
 23811
Chagrin Blvd, Suite 200 
 Beachwood, Ohio 44122 

Attention.: Howard Amster, Managing Member 

E-mail: howardamster1@gmail.com 

Facsimile: 216-595-0989 

[Signature Pages Follow] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
day and year first written above. 
  

			
	RAIT FINANCIAL TRUST
		
	By:	 	 /s/ John J. Reyle

	Name: John J. Reyle
	 Title: Chief Executive Officer, President and

General Counsel

	
	PLEASANT LAKE APARTMENTS L.P.
	    By:	 	      Pleasant Lake Apts. Corp., general

     partner

		
	    By:	 	 /s/ Howard Amster

	    Name: Howard Amster
	    Title: President
	
	LAUGHLIN HOLDINGS, LLC
	    By:	 	      Pleasant Lake Apts. Corp.,

     Managing Member

		
	    By:	 	 /s/ Howard Amster

	    Name: Howard Amster
	    Title: President
	
	RAMAT SECURITIES, LTD.
		
	By:	 	 /s/ Howard Amster

	Name: Howard Amster
	Title: Managing Member
	
	HOWARD AMSTER
	
	 /s/ Howard Amster

 [Signature Page to Cooperation Agreement] 

  
 9 

 Exhibit A 

Investor, Amster and Affiliate 

Ownership 
  

																	
	 Last date reviewed
	  				 	 	08/10/18	 	  				  			
					
		  	 	% of Ownership	 	 	 	RASFP	 	  	 	RASFO	 	  	 	RASFN	 
		  				 	 	    RAS PRE A	 	  	 	    RAS PRE B	 	  	 	    RAS PRE C	 
	 Group Members
	  				 				  				  			
	 Amster Limited Partnership
	  	 	19.13	% 	 	 	18,400	 	  	 	33,677	 	  	 	1,300	 
	 Somerset Outlet Centers L.P.
	  	 	80.81	% 	 	 	39,300	 	  				  	 	16,100	 
	 Horizon Group Properties
	  	 	64.24	% 	 				  	 	2,400	 	  			
	 Howard Amster
	  	 	100.00	% 	 	 	6,450	 	  	 	20,025	 	  	 	1,591	 
	 Howard Amster IRA
	  	 	100.00	% 	 	 	249,465	 	  	 	112,355	 	  	 	59,007	 
	 Laughlin Holdings LLC
	  	 	100.00	% 	 	 	42,400	 	  				  	 	15,031	 
	 newAx Inc.
	  	 	65.10	% 	 	 	1,100	 	  				  			
	 Pleasant Lake Apts. Ltd Partnership
	  	 	100.00	% 	 	 	18,425	 	  	 	7,000	 	  	 	15,136	 
	 Pleasant Lake Apts Corp
	  	 	100.00	% 	 				  	 	3,400	 	  			
	 Pleasant Lake Apts LLC
	  	 	100.00	% 	 	 	20,000	 	  	 	8,000	 	  			
	 Pleasant Lake - Skoien Investments LLC
	  	 	89.70	% 	 				  	 	4,974	 	  	 	6,300	 
	 Ramat Securities Ltd
	  	 	83.33	% 	 	 	84,338	 	  	 	25,321	 	  	 	14,405	 
					
	 Totals
	  				 	 	479,878	 	  	 	217,152	 	  	 	128,870EX-10.2

 Exhibit 10.2 

Howard Amster 
 23811
Chagrin Blvd, Suite 200 
 Beachwood, Ohio 44122 

August 13, 2018 
 RAIT Financial Trust 

Two Logan Square 
 100 N. 18th Street, 23rd Floor 

Philadelphia, PA 19103 
 Ledgewood, P.C. 

Two Commerce Square 
 2001 Market Street, Suite 3400 

Philadelphia, PA 19103 
 Dear Sirs: 

Howard Amster, for himself and on behalf of Pleasant Lake Apartments Limited Partnership, Laughlin Holdings LLC and Ramat Securities Ltd
(collectively, the “Investor”), have expressed an interest in purchasing shares of RAIT Financial Trust’s (the “Company”) 7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A
Preferred”), 8.375% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”) and 8.875% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred” and together with the Series
A Preferred and the Series B Preferred, the “Preferred Shares”). 
 The number of Preferred Shares that Investor intends to
purchase on or after the date hereof (collectively the “To Be Acquired Shares”), together with the Preferred Shares owned by Investor prior to the acquisition of the To Be Acquired Shares, and Preferred Shares held at the time of
any such acquisition individually by Howard Amster or by any other entity in which he has an ownership interest (other than a public entity in which his beneficial ownership is less than 1%) (collectively the “Previously Owned
Shares” and together with the To Be Acquired Shares, the “Investor Shares”), is an amount equal to up to 14.9% of the outstanding number of each series of Preferred Shares, which amount would exceed the Ownership Limit (as
defined in the Amended and Restated Declaration of Trust of the Company, as the same has been amended and supplemented from time to time (the “Declaration of Trust”)) currently applicable to each series of Preferred Shares. 

The Company and Ledgewood, P.C., tax counsel to the Company, have asked Investor to make certain representations, covenants and undertakings
so that (A) Ledgewood may deliver its opinion to the Company to the effect that the restrictions contained in the Declaration of Trust will not be violated and that the Company’s status as a real estate investment trust will not be lost if
the Company grants to Investor an 

 
exemption from the Ownership Limit for the holding of the To Be Acquired Shares in an amount which, when added to the Previously Owned Shares, does not exceed an amount equal to 14.9% of the
outstanding number of each series of Preferred Shares at any time and from time to time, and (B) the Board of Trustees of the Company (the “Board”) may consider exempting Investor from the Ownership Limit in such amount with
respect to the applicable Investor Shares. 
 Investor hereby represents, covenants and undertakes as to the following: 

(a) None of the Investors is an entity formed for the purposes of this transaction. 

(b) Investor acknowledges that, notwithstanding the exemption of the Ownership Limit that may be granted to Investor by the Board in
accordance herewith, the Board is not granting Investor an exemption from any other ownership restrictions set forth in Article VII of the Declaration of Trust or with respect to any securities other than the Preferred Shares. 

(c) Investor agrees to take such further reasonable steps to cooperate with the Company by way of providing additional factual information
relevant to Investor’s investment in the Company, as may be reasonably requested by the Company, such that the Company satisfies the requirements for qualification as a real estate investment trust under the Internal Revenue Code of 1986, as
amended. 
 In consideration of the foregoing, Investor requests that the Board exempt Investor from the Ownership Limit for the holding of
the To Be Acquired Shares in an amount which, when added to the Previously Owned Shares, does not exceed an amount equal to 14.9% of the outstanding number of each series of Preferred Shares at any time and from time to time. If the Company agrees
to the foregoing, please evidence such agreement by signing and returning a copy of this letter to Investor. 
 {signatures appear on
following page} 

			
	PLEASANT LAKE APARTMENTS L.P.
	By:	 	Pleasant Lake Apts. Corp., general partner
		
	By:	 	 /s/ Howard Amster

	Name:	 	Howard Amster
	Title: President
	
	LAUGHLIN HOLDINGS, LLC
	By:	 	Pleasant Lake Apts. Corp., Managing Member
		
	By:	 	 /s/ Howard Amster

	Name:	 	Howard Amster
	Title: President
	
	RAMAT SECURITIES, LTD.
		
	By:	 	 /s/ Howard Amster

	Name:	 	Howard Amster
	Title: Managing Member

			
	
	HOWARD AMSTER
	
	 /s/ Howard Amster

			
	
	Agreed and Accepted as of the date set forth above:

			
	
	RAIT FINANCIAL TRUST

			
		
	By:	 	 /s/ John J. Reyle

			
	Name: John J. Reyle

			
	Title: Chief Executive Officer, President and General Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]