Rait Financial Trust (RAS) 8-K Entry into a Material Definitive Agreement

Exhibit 99.1

Item 6. Selected Financial Data

The following selected financial data information should be read in conjunction with Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements, including the notes thereto, included elsewhere herein (dollars in thousands, except share and per share data).

	As of and For the Years Ended December 31
	2008			2007			2006			2005			2004
Operating Data:
Investment interest income	$	691,287		$	893,212		$	138,639		$	86,174		$	63,942
Investment interest expense		(485,286	)		(698,591	)		(61,833	)		(12,933	)		(4,917	)
Net interest margin		206,001			194,621			76,806			73,241			59,025
Total revenue		246,519			231,637			103,832			92,448			75,561
Provision for losses		(162,783	)		(21,721	)		(2,499	)		—			—
Total expenses		(254,311	)		(169,208	)		(34,720	)		(17,752	)		(15,330	)
Change in fair value of financial instruments		(552,437	)		—			—			—			—
Asset impairments		(67,052	)		(517,452	)		—			—			—
Income (loss) from continuing operations		(617,070	)		(435,991	)		74,704			75,074			63,098
Net income (loss) available to common shares		(443,246	)		(379,588	)		67,839			67,951			60,878
Earnings (loss) per share from continuing operations
Basic	$	(6.96	)	$	(6.16	)	$	2.11		$	2.48		$	2.36
Diluted	$	(6.96	)	$	(6.16	)	$	2.09		$	2.46		$	2.35
Earnings (loss) per share:
Basic	$	(6.99	)	$	(6.18	)	$	2.31		$	2.59		$	2.49
Diluted	$	(6.99	)	$	(6.18	)	$	2.29		$	2.57		$	2.48
Balance Sheet Data:
Investments in mortgages and loans	$	5,468,064		$	6,378,050		$	5,922,550		$	714,428		$	491,281
Investments in securities		1,920,883			3,827,800			5,138,311			—			—
Total assets		8,151,450			11,057,580			12,060,506			1,024,585			729,498
Total indebtedness		6,102,890			10,040,925			10,452,191			329,859			101,288
Total liabilities		6,882,109			10,474,982			10,739,829			414,890			187,311
Total equity		1,269,341			582,598			1,320,677			609,695			542,188
	As of and For the Years Ended December 31
	2008			2007			2006			2005			2004
Other Data:
Common shares outstanding, at period end, including unvested restricted share awards		64,842,571			61,018,231			52,151,412			27,899,065			25,579,948
Book value per share	$	14.07		$	6.78		$	20.54		$	17.34		$	16.27
Ratio of earnings to fixed charges and preferred share dividends		—	(1)		—	(1)		1.9x			3.8x			6.4x
Dividends declared per share	$	1.27		$	2.56		$	2.70		$	2.43		$	2.40

(1) The ratio of earnings to fixed charges and preferred share dividends for the years ended December 31, 2008 and 2007 is deficient by $630.7 million and $447.8 million, respectively.