Rait Financial Trust (RAS) 8-K Other Events

Exhibit 12.1

RAIT Financial Trust

Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

(dollars in thousands)

	For the three months ended March 31,				For the years ended December 31,
	2007		2006		2006		2005		2004		2003		2002
Net income from continuing operations as adjusted for minority interest	$	28,475	$	19,632	$	74,704	$	75,074	$	63,098	$	45,379	$	41,390
Add back fixed charges:
Interest expense		159,661		5,393		63,410		13,011		5,435		4,642		5,919
Earnings before fixed charges and preferred share dividends		188,136		25,025		138,114		88,085		68,533		50,021		47,309
Fixed charges and preferred share dividends
Interest expense		159,661		5,393		63,410		13,011		5,435		4,642		5,919
Preferred share dividends		2,519		2,519		10,079		10,076		5,279		—		—
Subtotal	$	162,180	$	7,912	$	73,489	$	23,087	$	10,714	$	4,642	$	5,919
Ratio of earnings to fixed charges and preferred share dividends		1.2x		3.2x		1.9x		3.8x		6.4x		10.8x		8.0x