Rait Financial Trust 8K Announces Fourth Quarter and Fiscal 2015 Financial Results | RAS 25 Feb 16

Exhibit 99.2

Fourth Quarter 2015

Supplemental Information

TABLE OF CONTENTS

Company Information	3
Forward-Looking Statements	5
Earnings Release Text	6
Financial Highlights	10
Balance Sheets
Consolidated by quarter	11
Consolidating, by segment	12
Statements of Operations, FFO & CORE FFO
Consolidated	13
Consolidated – Trailing 5 Quarters	15
Consolidating, by segment	17
Fee and Other Income	19
EBITDA and Coverage Ratios	20
Portfolio Data:
Lending	22
Real Estate Summary	24
Real Estate Properties, Changes in the portfolio	26
Real Estate Properties at December 31, 2015	27
Debt Overview	29
Definitions	31

RAIT Financial Trust

December 31, 2015

Company Information:

RAIT Financial Trust is an internally-managed real estate investment trust that provides debt financing options to owners of commercial real estate and invests directly into commercial real estate properties located throughout the United States. In addition, RAIT is an asset and property manager of real estate-related assets.

Corporate Headquarters

2929 Arch Street

17^th Floor, Cira Centre

Philadelphia, Pa 19104

215.243.9000

Trading Symbol

NYSE: “RAS”

Investor Relations Contact

Andres Viroslav

2929 Arch Street

17^th Floor, Cira Centre

Philadelphia, Pa 19104

215.243.9000

Common and Preferred Stock Information:

	For the Three-Months Ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Common:
Share Price, period end	$	2.70		$	4.96		$	6.11		$	6.86		$	7.67
Share Price, high	$	5.45		$	6.24		$	7.08		$	7.85		$	7.94
Share Price, low	$	2.25		$	4.77		$	6.04		$	6.62		$	6.86
Dividends declared	$	0.09		$	0.18		$	0.18		$	0.18		$	0.18
Dividend yield, period end		13.3	%		14.5	%		11.8	%		10.5	%		9.4	%
Common shares outstanding		91,586,767			90,898,034			82,895,723			82,885,444			82,506,606
Weighted Average common shares, basic		90,642,318			87,110,958			82,150,475			82,081,024			81,970,075
Weighted Average common shares, diluted		90,842,752			87,110,958			89,268,462			82,081,024			81,970,075
Preferred:
Series A
Shares outstanding		5,306,084			5,306,084			5,303,591			4,775,569			4,775,569
Share price, period end	$	18.15		$	18.19		22.34			23.35			23.32
Par, per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Dividend	$	0.484375		$	0.484375		$	0.484375		$	0.484375		$	0.484375
Yield		10.7	%		10.7	%		8.7	%		8.3	%		8.3	%
Series B
Shares outstanding		2,340,969			2,340,969			2,325,626			2,288,465			2,288,465
Share price, period end	$	18.98		$	19.06		$	22.92		$	24.50		$	24.90
Par, per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Dividend	$	0.5234375		$	0.5234375		$	0.5234375		$	0.5234375		$	0.5234375
Yield		11.0	%		11.0	%		9.1	%		8.5	%		8.4	%
Series C
Shares outstanding		1,640,425			1,640,425			1,640,100			1,640,100			1,640,100
Share price, period end	$	19.70		$	20.14		$	24.15		$	24.84		$	25.06
Par, per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Dividend	$	0.5546875		$	0.5546875		$	0.5546875		$	0.5546875		$	0.5546875
Yield		11.3	%		11.0	%		9.2	%		8.9	%		8.9	%
Series D (not publicly traded)
Shares outstanding		4,000,000			4,000,000			4,000,000			4,000,000			4,000,000
Par, per share	$	25.00		$	25.00		$	25.00		$	25.00		$	25.00
Coupon		8.50	%		7.50	%		7.50	%		7.50	%		7.50	%

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “guidance,” "may," “plan”, "will," "should," "expect," "intend," "anticipate," "estimate," "believe," “seek,” “opportunities” or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: overall conditions in commercial real estate and the economy generally; whether the timing and amount of investments, repayments, any capital raised and our use of leverage will vary from those underlying our assumptions; changes in the expected yield of our investments; changes in financial markets and interest rates, or to the business or financial condition of RAIT or its business; whether RAIT will be able to originate loans in the amounts and generating the returns assumed; the availability of financing and capital, including through the capital and securitization markets; whether RAIT will be able to complete sales of RAIT owned properties, whether identified for sale or under contract, in the amounts and generating the gains assumed; and those disclosed in RAIT’s filings with the Securities and Exchange Commission. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

RAIT Financial Trust Announces Fourth Quarter and Fiscal 2015 Financial Results

PHILADELPHIA, PA — February 25, 2016 — RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced fourth quarter and fiscal 2015 financial results. All per share results are reported on a diluted basis.

Highlights

Cash Available for Distribution (“CAD”) per share of $0.28 for the quarter ended December 31, 2015 and $1.11 for the year ended December 31, 2015. CAD per share, without real estate gains, of $0.19 for the quarter ended December 31, 2015 and $0.78 for the year ended December 31, 2015.

Earnings per share of $0.02 for the quarter ended December 31, 2015 and $0.08 for the year ended December 31, 2015.

Investments in mortgages and loans, at cost, increased 16.5% to $1.62 billion at December 31, 2015 from $1.39 billion at December 31, 2014.

RAIT originated $321.8 million of loans during the quarter ended December 31, 2015 and $996.9 million of loans for the year ended December 31, 2015.

RAIT paid a fourth quarter dividend of $0.09 per common share on January 29, 2016.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “Our platform generated just under $1 billion of loan originations in 2015 including more than $600 million of bridge loans. We completed two floating-rate securitizations and sold $425 million of fixed-rate conduit loans during the year. We continue to execute on our capital recycling strategy through property sales given the volatile state of the capital and securitization markets.”

Commercial Real Estate (“CRE”) Business

RAIT originated $321.8 million of loans during the quarter ended December 31, 2015 consisting of $71.9 million of fixed-rate conduit loans and $249.9 million of floating-rate bridge loans. RAIT originated $996.9 million of loans during the year ended December 31, 2015 consisting of $384.1 million of fixed-rate conduit loans, $607.8 million of floating-rate bridge loans and a $5.0 million mezzanine loan.

RAIT sold $85.4 million of conduit loans during the quarter ended December 31, 2015 which generated fee income of $1.1 million. RAIT sold $425.0 million of conduit loans during the year ended December 31, 2015 which generated fee income of $7.2 million.

In December, RAIT closed its fifth non-recourse, floating-rate CMBS transaction totaling $347.4 million collateralized by floating rate commercial real estate first lien mortgage loans and pari passu participation interests in such mortgage loans. The transaction involved the sale by a RAIT subsidiary of investment grade notes totaling approximately $263.6 million with a weighted average cost of LIBOR plus 2.62%. RAIT affiliates retained certain investment grade notes and all of the below investment grade and un-rated subordinated interests totaling approximately $83.8 million.

CRE loan repayments were $121.6 million for the quarter ended December 31, 2015 and $291.2 million during the year ended December 31, 2015

CRE Property Portfolio & Property Sales

As of December 31, 2015, RAIT’s investments in real estate were $2.5 billion which includes $1.4 billion of multi-family properties owned by Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT). IRT is externally advised by RAIT and is a consolidated RAIT entity. IRT is a REIT focused on owning multifamily properties. At December 31, 2015, RAIT owned 15.5% of IRT’s outstanding common stock.

During the quarter ended December 31, 2015, RAIT sold three properties, consisting of two apartment communities and an office property, for $52.9 million and generated net proceeds of approximately $8.4 million after costs and full repayment of the underlying debt. IRT sold one apartment community for $33.6 million and generated net proceeds of approximately $14.2 million after costs and full repayment of the underlying debt. During the year ended December 31, 2015, RAIT sold eight properties, six apartment communities and one office property, and one parcel of land for $141.4 million and generated net proceeds of approximately $27.5 million after costs and full repayment of the underlying debt.

During the three-months ended December 31, 2015, RAIT converted two loans secured by ten industrial properties and by one office property, respectively, into ownership of those properties. Those properties had an aggregate carrying value of $73.1 million.

RAIT reported a $0.9 million asset impairment for the quarter ended December 31, 2015 on an office property in Denver, Colorado and a parcel of land in Daytona Beach, FL. Both of these properties are currently under contract to be sold.

On September 17, 2015, IRT completed the acquisition of Trade Street Residential, Inc. adding nineteen high-quality properties with 4,989 units to its portfolio. RAIT expects the acquisition to benefit RAIT through RAIT’s ownership of IRT common stock and increased fees paid to RAIT by IRT.

Asset & Property Management

Total assets under management increased 33.3% to $6.0 billion at December 31, 2015 from $4.5 billion at December 31, 2014.

RAIT’s property management companies managed 19,639 apartment units and 22.8 million square feet of office and retail space at December 31, 2015.

RAIT generated $9.3 million in asset and property management fees and incentive fees through its external management of IRT during the year ended December 31, 2015.

RAIT generated $12.8 million of property management and leasing fees primarily through its retail property manager subsidiary and through services provided by its multi-family property manager subsidiary to unaffiliated properties during the year ended December 31, 2015.

Dividends

On December 7, 2015, RAIT’s Board of Trustees (the “Board”) declared a fourth quarter 2015 cash dividend on RAIT’s common shares of $0.09 per common share. The dividend was paid on January 29, 2016 to holders of record on January 8, 2016.

On November 4, 2015, the Board declared a fourth quarter 2015 cash dividend of $0.484375 per share on RAIT’s 7.75% Series A Cumulative Redeemable Preferred Shares, $0.5234375 per share on RAIT’s 8.375% Series B Cumulative Redeemable Preferred Shares and $0.5546875 per share on RAIT’s 8.875% Series C Cumulative Redeemable Preferred Shares. The dividends were paid on December 31, 2015 to holders of record on December 1, 2015.

2016 CAD Guidance

RAIT estimates that its 2016 full year CAD per diluted share will be in a range of $0.85-$0.95 per common share. 2016 full year CAD guidance includes $0.35 per share of gains on property sales. A reconciliation of RAIT's projected net income (loss) allocable to common shares to its projected CAD, a non-GAAP financial measure, is included below. The assumptions underlying this estimate are also included below.

	2016 Annualized Projected CAD⁽¹⁾
Net income (loss) allocable to common shares		$22,792	-	$31,892
Adjustments:
Gains on property sales		(5,766)	-	(5,766)
Depreciation, amortization expense and other items		60,324	-	60,324
CAD		$77,350	-	$86,450
CAD per share		$0.85	-	$0.95
CAD per share, without real estate gains		$0.50	-	$0.60

(1)

Constitutes forward-looking information. Actual full 2016 CAD could vary significantly from the projections presented. CAD may fluctuate based upon a variety of factors, including those described in “Forward Looking Statements” below. Our estimate is based on the following key operating assumptions during 2016:

Gross loan originations of $200 million to $500 million.

No CMBS gain on sale profits.

RAIT property sale gains of $32 million.

Loan repayments totaling $200 million.

No capital issuances in 2016.

Selected Financial Information

See Schedule I to this Release for selected financial information for RAIT.

Non-GAAP Financial Measures and Definitions

RAIT discloses the following non-GAAP financial measures in this release: funds from operations (“FFO”), CAD and net operating income (“NOI”). A reconciliation of RAIT’s reported net income (loss) allocable to common shares to its FFO and CAD is included as Schedule IV to this release. A reconciliation of RAIT’s NOI to its reported net income (loss) is included as Schedule V to this release. See Schedule VI to this release for management’s respective definitions and rationales for the usefulness of each of these non-GAAP financial measures and other definitions used in this release.

Supplemental Information

RAIT produces supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures and other useful information for investors. The supplemental also contains deconsolidating financial information. The supplemental information is available via the Company's website, www.rait.com, through the "Investor Relations" section.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, February 25, 2016 from the home page of the RAIT Financial Trust website at www.rait.com or by dialing 877.787.4169, access code 38442508. For those who are not available to listen to the live call, the replay will be available shortly following the live call on RAIT’s website and telephonically until Thursday, March 3, 2016, by dialing 855.859.2056, access code 38442508.

About RAIT Financial Trust

RAIT is an asset and property manager of real estate-related assets. For more information, please visit www.rait.com or call Investor Relations at 215.243.9000.

Forward-Looking Statements

RAIT Financial Trust Contact

Andres Viroslav

215-243-9000

aviroslav@rait.com

FINANCIAL HIGHLIGHTS

($'s in 000's)	For the Three-Months Ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
OPERATING DATA:
Lending:
Investments in loans	$	1,623,583		$	1,588,097		$	1,506,542		$	1,504,456		$	1,392,436
Gross loan production	$	321,837		$	237,674		$	218,613		$	218,770		$	255,335
CMBS gain on sales (included in fee income)	$	1,135		$	434		$	3,681		$	1,996		$	2,986
CMBS loans sold	$	85,430		$	116,251		$	130,401		$	92,897		$	170,679
Average CMBS Gain on Sale (points)		1.3			0.4			2.8			2.1			1.7

Real estate portfolio:
Gross real estate investments (a)	$	2,517,645		$	2,448,331		$	1,783,888		$	1,833,978		$	1,840,451
Property income (a)	$	69,464		$	55,459		$	55,534		$	53,274		$	46,096
Operating expenses (a)	$	31,476		$	25,832		$	26,416		$	25,277		$	22,948
Net operating income (a)	$	37,988		$	29,627		$	29,118		$	27,997		$	23,148
NOI margin (a)		54.7	%		53.4	%		52.4	%		52.6	%		50.2	%

EARNINGS & DIVIDENDS:
Earnings per Share -- diluted	$	0.02		$	(0.07	)	$	0.22		$	(0.09	)	$	(3.11	)
FFO per share	$	(0.08	)	$	(0.05	)	$	0.15		$	0.05		$	(2.97	)
CAD per share	$	0.28		$	0.27		$	0.37		$	0.19		$	0.26
CAD per share, without real estate gains	$	0.19		$	0.20		$	0.21		$	0.18		$	0.26
Dividends per share	$	0.09		$	0.18		$	0.18		$	0.18		$	0.18
CAD payout ratio		31.8	%		66.0	%		48.8	%		96.7	%		70.4	%

CAPITALIZATION AND COVERAGE RATIOS:
Debt:
Recourse	$	494,697		$	586,952		$	497,430		$	579,258		$	509,701
Non-recourse		2,864,753			2,613,029			2,164,098			2,107,499			2,105,965
Total debt		3,359,450			3,199,981			2,661,528			2,686,757			2,615,666
Preferred shares (par)		332,187			332,187			331,733			317,603			317,603
Common shares (market capitalization)		247,284			450,854			506,493			568,594			632,826
Noncontrolling interests, at carrying value		340,213			346,063			204,034			208,894			214,297
Total market capitalization	$	4,279,134		$	4,329,085		$	3,703,788		$	3,781,848		$	3,780,392

Total Liabilities/Total Gross Assets		77.9	%		77.2	%		77.5	%		78.0	%		77.3	%
Total Liabilities + Preferred/Total Gross Assets		85.0	%		84.6	%		86.4	%		86.5	%		85.9	%

Interest Coverage		1.94	x		1.81	x		2.12	x		1.93	x		2.20	x
Interest + Preferred Coverage		1.55	x		1.42	x		1.63	x		1.50	x		1.70	x

OTHER KEY BENCHMARKS:
Total Assets Under Management (AUM)	$	6,026,341		$	5,820,702		$	4,764,259		$	4,607,413		$	4,485,525
Total Gross Assets	$	4,645,622		$	4,475,217		$	3,754,148		$	3,741,103		$	3,681,955

(a)

Includes Independence Realty Trust.

BALANCE SHEETS

CONSOLIDATED, by quarter

($'s in 000's)	As of
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Assets
Investments in loans:
Investment in loans	$	1,623,583		$	1,588,097		$	1,506,542		$	1,504,456		$	1,392,436
Allowance for loan losses		(17,097	)		(14,646	)		(12,796	)		(10,797	)		(9,218	)
Investments in loans, net		1,606,486			1,573,451			1,493,746			1,493,659			1,383,218
Investments in real estate:
Investments in real estate at cost		2,517,645			2,448,331			1,783,888			1,833,978			1,840,451
Accumulated depreciation		(198,326	)		(188,581	)		(178,572	)		(175,319	)		(168,480	)
Investments in real estate, net		2,319,319			2,259,750			1,605,316			1,658,659			1,671,971
Investments in securities, at fair value		—			—			—			—			31,412
Cash and cash equivalents		125,886			92,652			104,772			92,657			121,726
Restricted cash		213,012			159,200			179,878			126,850			124,220
Accrued interest receivable		47,343			56,249			56,844			53,586			51,640
Other assets		71,207			76,222			77,708			84,629			72,023
Deferred costs, net		31,368			29,806			25,117			25,034			27,802
Intangible assets, net		32,675			39,306			32,195			30,710			29,463
Total assets	$	4,447,296		$	4,286,636		$	3,575,576		$	3,565,784		$	3,513,475

Liabilities and Equity
Indebtedness:
Indebtedness:
Recourse	$	494,697		$	586,952		$	497,430		$	579,258		$	509,701
Nonrecourse		2,864,753			2,613,029			2,164,098			2,107,499			2,105,965
Indebtedness, total		3,359,450			3,199,981			2,661,528			2,686,757			2,615,666
Accrued interest payable		9,834			13,748			11,042			12,889			10,269
Accounts payable and accrued expenses		39,672			42,219			52,728			48,489			54,962
Derivative liabilities		4,727			8,960			12,154			17,767			20,695
Borrowers escrows, dividends payable and other liabilities		203,477			188,797			172,621			152,757			144,733
Total liabilities		3,617,160			3,453,705			2,910,073			2,918,659			2,846,325
Series D preferred stock		85,395			83,787			82,513			80,871			79,308
Equity
Equity:
Preferred shares:
Shareholders' Equity:
7.75% Series A Preferred shares		53			53			53			48			48
8.375% Series B Preferred shares		23			23			23			23			23
8.875% Series C Preferred shares		17			17			17			17			17
Common shares, $0.01 par value per share		2,748			2,727			2,487			2,484			2,473
Additional paid in capital		2,087,137			2,082,695			2,039,594			2,026,347			2,025,683
Accumulated other comprehensive income (loss)		(4,699	)		(8,022	)		(11,605	)		(15,778	)		(20,788	)
Retained earnings (deficit)		(1,680,751	)		(1,674,412	)		(1,651,613	)		(1,655,781	)		(1,633,911	)
Total shareholders' equity		404,528			403,081			378,956			357,360			373,545
Noncontrolling Interests		340,213			346,063			204,034			208,894			214,297
Total equity		744,741			749,144			582,990			566,254			587,842
Total liabilities and equity	$	4,447,296		$	4,286,636		$	3,575,576		$	3,565,784		$	3,513,475

BALANCE SHEET

CONSOLIDATING – AS OF DECEMBER 31, 2015

($'s in 000's)	As of December 31, 2015
	RAIT			IRT			Corporate / Eliminations			Consolidated
Assets
Investments in loans:
Investment in loans	$	1,661,658		$	-		$	(38,075	)	$	1,623,583
Allowance for loan losses		(17,097	)		-			-			(17,097	)
Investments in loans, net		1,644,561			-			(38,075	)		1,606,486
Investments in real estate:
Investments in real estate at cost		1,145,630			1,372,015			-			2,517,645
Accumulated depreciation		(158,688	)		(39,638	)		-			(198,326	)
Investments in real estate, net		986,942			1,332,377			-			2,319,319
Investment in IRT		53,947			-			(53,947	)		-
Cash and cash equivalents		87,585			38,301			-			125,886
Restricted cash		207,599			5,413			-			213,012
Accrued interest receivable		47,343			-			-			47,343
Other assets		68,281			3,362			(436	)		71,207
Deferred costs, net		22,142			9,226			-			31,368
Intangible assets, net		28,940			3,735			-			32,675
Total assets	$	3,147,340		$	1,392,414		$	(92,458	)	$	4,447,296

Liabilities and Equity
Indebtedness:
Recourse	$	494,697		$	391,500		$	(391,500	)	$	494,697
Nonrecourse		1,926,991			584,337			353,425			2,864,753
Indebtedness, total		2,421,688			975,837			(38,075	)		3,359,450
Accrued interest payable		8,595			1,239			-			9,834
Accounts payable and accrued expenses		20,368			19,304			-			39,672
Derivative liabilities		4,727			-			-			4,727
Borrowers escrows, dividends payable and other liabilities		197,909			6,004			(436	)		203,477
Total liabilities		2,653,287			1,002,384			(38,511	)		3,617,160
Series D preferred stock		85,395			-			-			85,395
Equity:
Shareholders' Equity:
7.75% Series A Preferred shares		53			-			-			53
8.375% Series B Preferred shares		23			-			-			23
8.875% Series C Preferred shares		17			-			-			17
Common shares, $0.01 par value per share		2,748			471			(471	)		2,748
Additional paid in capital		2,087,137			378,187			(378,187	)		2,087,137
Accumulated other comprehensive income (loss)		(4,691	)		(8	)		-			(4,699	)
Retained earnings (deficit)		(1,680,751	)		(14,500	)		14,500			(1,680,751	)
Total shareholders' equity		404,536			364,150			(364,158	)		404,528
Noncontrolling Interests		4,122			25,880			310,211			340,213
Total equity		408,658			390,030			(53,947	)		744,741
Total liabilities and equity	$	3,147,340		$	1,392,414		$	(92,458	)	$	4,447,296

STATEMENTS OF OPERATIONS, FFO & CAD

CONSOLIDATED – THREE MONTHS AND YEAR ENDED DECEMBER 31, 2015

($'s in 000's, except per share amounts)	Three-Months Ended December 31						Year Ended December 31
	2015			2014			2015			2014
Revenue:
Net interest margin
Investment interest income	$	26,609		$	30,537		$	98,432		$	133,419
Investment interest expense		(6,733	)		(7,968	)		(29,250	)		(30,310	)
Net interest margin		19,876			22,569			69,182			103,109
Property income		69,464			46,096			233,731			162,281
Fee and other income		5,004			5,167			21,069			24,280
Total revenue		94,344			73,832			323,982			289,670

Expenses:
Interest expense		25,408			16,635			84,338			55,391
Real estate operating expenses		31,476			22,948			109,001			81,584
Compensation expenses		8,416			5,050			28,229			28,168
General and administrative expenses		5,825			4,414			20,779			17,653
Acquisition and integration expenses		1,684			950			16,527			2,358
Provision for loan losses		2,450			2,000			8,300			5,500
Depreciation and amortization expense		22,583			18,065			73,868			56,784
Total expenses		97,842			70,062			341,042			247,438
Operating Income		(3,498	)		3,770			(17,060	)		42,232
Other income (expense)		7			51			(1,009	)		(21,398	)
Gains (loss) on assets		19,094			(20	)		43,805			(5,370	)
Asset impairment		(929	)		—			(8,179	)		—
TSRE financing extinguishment and employee separation expenses		—			—			(27,508	)		—
Gains (losses) on IRT merger with TSRE		592			—			64,604			—
Gains (loss) on deconsolidation of VIEs		—			(215,804	)		—			(215,804	)
Gain (loss) on sale of collateral management contracts		—			4,549			—			4,549
Gain (loss) on debt extinguishment		—			—			—			2,421
Change in fair value of financial instruments		(1,828	)		(39,319	)		11,638			(98,752	)
Income (loss) before taxes		13,438			(246,773	)		66,291			(292,122	)
Income tax benefit (provision)		(1,478	)		(307	)		(2,798	)		2,147
Net income (loss)		11,960			(247,080	)		63,493			(289,975	)
Income allocated to preferred shares		(8,447	)		(8,365	)		(32,830	)		(28,993	)
(Income) loss allocated to noncontrolling interests		(1,682	)		444			(23,505	)		464
Net income (loss) available to common shares	$	1,831		$	(255,001	)	$	7,158		$	(318,504	)
EPS - BASIC	$	0.02		$	(3.11	)	$	0.08		$	(3.92	)
EPS - DILUTED	$	0.02		$	(3.11	)	$	0.08		$	(3.92	)
Weighted-average shares outstanding - Basic		90,642,318			81,970,075			85,524,073			81,328,129
Weighted-average shares outstanding - Diluted		90,842,752			81,970,075			86,457,871			81,328,129

FUNDS FROM OPERATIONS (FFO):
Net Income (loss) available to common shares	$	1,831		$	(255,001	)	$	7,158		$	(318,504	)
Add-Back (Deduct):
Depreciation		10,022			11,370			41,096			38,620
(Gains) Losses on the sale of real estate		(18,803	)		—			(43,514	)		319
FFO	$	(6,950	)	$	(243,631	)	$	4,740		$	(279,565	)
FFO per share--basic	$	(0.08	)	$	(2.97	)	$	0.06		$	(3.44	)
Weighted-average shares outstanding		90,642,318			81,970,075			85,524,073			81,328,129

CASH AVAILABLE FOR DISTRIBUTION (CAD):
Net Income (loss) available to common shares	$	1,831		$	(255,001	)	$	7,158		$	(318,504	)
Add-Back (Deduct):
Depreciation and amortization expense		22,583			18,065			73,868			56,784
Change in fair value of financial instruments		1,828			39,319			(11,638	)		98,752
(Gains) losses on assets		(7,803	)		20			(12,204	)		5,370
TSRE financing extinguishment and employee separation expenses		—			—			27,508			—
Gains (losses) on IRT merger with TSRE		(592	)		—			(64,604	)		—
(Gains) losses on deconsolidation of VIEs		—			215,804			—			215,804
(Gains) losses on debt extinguishment		—			—			—			(2,421	)
Taberna VIII and Taberna IX securitizations, net effect		—			(5,868	)		—			(26,931	)
Straight-line rental adjustments		148			1,440			95			1,111
Equity based compensation		913			630			4,466			4,407
Acquisition and integration expenses		1,684			950			16,527			2,358
Origination fees and other deferred items		10,768			5,554			35,659			19,596
Provision for losses		2,450			2,000			8,300			5,500
Asset impairment		929			—			8,179			—
Noncontrolling interest effect of certain adjustments		(9,055	)		(1,951	)		1,750			(4,302	)
CAD	$	25,684		$	20,962		$	95,064		$	57,524
CAD per share	$	0.28		$	0.26		$	1.11		$	0.71
CAD per share, without real estate gains	$	0.19		$	0.26		$	0.78		$	0.71
Weighted-average shares outstanding		90,642,318			81,970,075			85,524,073			81,328,129

STATEMENT OF OPERATIONS, FFO & CAD

CONSOLIDATED – by quarter

($'s in 000's, except per share amounts)	For the Three-Months Ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Revenue:
Net interest margin
Investment interest income	$	26,609		$	24,468		$	24,107		$	23,248		$	30,537
Investment interest expense		(6,733	)		(8,021	)		(7,582	)		(6,914	)		(7,968	)
Net interest margin		19,876			16,447			16,525			16,334			22,569
Property income		69,464			55,459			55,534			53,274			46,096
Fee and other income		5,004			3,056			7,415			5,594			5,167
Total revenue		94,344			74,962			79,474			75,202			73,832
Expenses:
Interest expense		25,408			19,574			19,673			19,683			16,635
Real estate operating expenses		31,476			25,832			26,416			25,277			22,948
Compensation expenses		8,416			7,137			6,568			6,108			5,050
General and administrative expenses		5,825			4,489			5,065			5,400			4,414
Acquisition and integration expenses		1,684			12,901			985			957			950
Provision for loan losses		2,450			1,850			2,000			2,000			2,000
Depreciation and amortization expense		22,583			15,254			17,007			19,024			18,065
Total expenses		97,842			87,037			77,714			78,449			70,062
Operating Income		(3,498	)		(12,075	)		1,760			(3,247	)		3,770
Other income (expense)		7			(380	)		(241	)		(395	)		51
Gains (loss) on assets		19,094			7,430			17,281			—			(20	)
Asset impairment		(929	)		(7,250	)		—			—			—
TSRE financing extinguishment and employee separation expenses		—			(27,508	)		—			—			—
Gains (losses) on IRT merger with TSRE		592			64,012			—			—			—
Gain (loss) on deconsolidation of VIEs		—			—			—			—			(215,804	)
Net gain from collateral management sale		—			—			—			—			4,549
Change in fair value of financial instruments		(1,828	)		620			8,356			4,490			(39,319	)
Income (loss) before taxes		13,438			24,849			27,156			848			(246,773	)
Income tax benefit (provision)		(1,478	)		(23	)		(715	)		(582	)		(307	)
Net income (loss)		11,960			24,826			26,441			266			(247,080	)
Income allocated to preferred shares		(8,447	)		(8,303	)		(8,221	)		(7,859	)		(8,365	)
(Income) loss allocated to noncontrolling interests		(1,682	)		(23,055	)		736			496			444
Net income (loss) available to common shares	$	1,831		$	(6,532	)	$	18,956		$	(7,097	)	$	(255,001	)
EPS - BASIC	$	0.02		$	(0.07	)	$	0.23		$	(0.09	)	$	(3.11	)
EPS - DILUTED	$	0.02		$	(0.07	)	$	0.22		$	(0.09	)	$	(3.11	)
Weighted-average shares outstanding - Basic		90,642,318			87,110,958			82,150,475			82,081,024			81,970,075
Weighted-average shares outstanding - Diluted		90,842,752			87,110,958			89,268,462			82,081,024			81,970,075

Funds From Operations (FFO):
Net Income (loss) available to common shares		1,831		$	(6,532	)	$	18,956		$	(7,097	)	$	(255,001	)
Add-Back (Deduct):
Depreciation		10,022			9,621			10,248			11,205			11,370
(Gains) Losses on the sale of real estate		(18,803	)		(7,430	)		(17,281	)		—			—
FFO	$	(6,950	)	$	(4,341	)	$	11,923		$	4,108		$	(243,631	)
FFO per share	$	(0.08	)	$	(0.05	)	$	0.15		$	0.05		$	(2.97	)
Weighted average shares		90,642,318			87,110,958			82,150,475			82,081,024			81,970,075

Cash Available for Distribution (CAD):
Net Income (loss) available to common shares	$	1,831		$	(6,532	)	$	18,956		$	(7,097	)	$	(255,001	)
Add-Back (Deduct):
Depreciation and amortization expense		22,583			15,254			17,007			19,024			18,065
Change in fair value of financial instruments		1,828			(620	)		(8,356	)		(4,490	)		39,319
(Gains) losses on assets		(7,803	)		(1,030	)		(4,196	)		825			20
TSRE financing extinguishment and employee separation expenses		—			27,508			—			—			—
Gains (losses) on IRT merger with TSRE		(592	)		(64,012	)		—			—			—
(Gains) losses on deconsolidation of VIEs		—			—			—			—			215,804
Taberna VIII and Taberna IX securitizations, net effect		—			—			—			—			(5,868	)
Straight-line rental adjustments		148			(78	)		23			2			1,440
Equity based compensation		913			1,158			1,046			1,348			630
Acquisition and integration expenses		1,684			12,901			985			957			950
Origination fees and other deferred items		10,768			10,198			7,268			7,426			5,554
Provision for losses		2,450			1,850			2,000			2,000			2,000
Asset impairment		929			7,250			—			—			—
Noncontrolling interest effect of certain adjustments		(9,055	)		19,939			(4,421	)		(4,713	)		(1,951	)
CAD	$	25,684		$	23,786		$	30,312		$	15,282		$	20,962
CAD per share	$	0.28		$	0.27		$	0.37		$	0.19		$	0.26
CAD per share, without real estate gains		0.19			0.20			0.21			0.18			0.26
Weighted average shares		90,642,318			87,110,958			82,150,475			82,081,024			81,970,075

STATEMENT OF OPERATIONS, FFO and CAD

CONSOLIDATING – FOR THE YEAR ENDED DECEMBER 31, 2015

($'s in 000's, except per share amounts)	For the Twelve-Month Period Ended December 31, 2015
	RAIT			IRT			Corporate / Eliminations			Consolidated
Revenue:
Net interest margin
Investment interest income	$	99,397		$	-		$	(965	)	$	98,432
Investment interest expense		(29,250	)		-			-			(29,250	)
Net interest margin		70,147			-			(965	)		69,182
Property income		124,155			109,576			-			233,731
Fee and other income		41,874			-			(20,805	)		21,069
Total revenue		236,176			109,576			(21,770	)		323,982

Expenses:
Interest expense		61,750			23,553			(965	)		84,338
Real estate operating expenses		62,721			49,955			(3,675	)		109,001
Compensation expenses		39,251			495			(11,517	)		28,229
General and administrative expenses		19,097			7,295			(5,613	)		20,779
Acquisition and integration expenses		2,972			13,555			-			16,527
Provision for loan losses		8,300			-			-			8,300
Depreciation and amortization expense		45,774			28,094			-			73,868
Total expenses		239,865			122,947			(21,770	)		341,042

Operating Income		(3,689	)		(13,371	)		-			(17,060	)
Other income (expense)		4,206			19			(5,234	)		(1,009	)
Gains (loss) on assets		37,393			6,412			-			43,805
Asset impairment		(8,179	)		-			-			(8,179	)
TSRE financing extinguishment and employee separation					(27,508	)					(27,508	)
Gain (loss) on IRT merger with TSRE		-			64,604						64,604
Gain (loss) on debt extinguishment		-			-			-			-
Change in fair value of financial instruments		11,638			-			-			11,638
Income (loss) before taxes		41,369			30,156			(5,234	)		66,291
Income tax benefit (provision)		(2,798	)		-			-			(2,798	)
Net income (loss)		38,571			30,156			(5,234	)		63,493
Income allocated to preferred shares		(32,830	)		-			-			(32,830	)
(Income) loss allocated to noncontrolling interests		2,233			(1,914	)		(23,824	)		(23,505	)
Net income (loss) available to common shares	$	7,974		$	28,242		$	(29,058	)	$	7,158

EPS - BASIC	$	0.09		$	0.33		$	(0.34	)	$	0.08
EPS - DILUTED	$	0.09		$	0.33		$	(0.34	)	$	0.08
Weighted-average shares outstanding - Basic		85,524,073			85,524,073			85,524,073			85,524,073
Weighted-average shares outstanding - Diluted		86,457,871			86,457,871			86,457,871			86,457,871

Funds From Operations (FFO):
Net Income (loss) available to common shares	$	7,974		$	28,242		$	(29,058	)	$	7,158
Add-Back (Deduct):
Depreciation		36,951			20,888			(16,743	)		41,096
(Gains) Losses on the sale of real estate		(37,102	)		(6,412	)		-			(43,514	)
FFO	$	7,823		$	42,718		$	(45,801	)	$	4,740
FFO per share--basic	$	0.09		$	0.50		$	(0.54	)	$	0.06
Weighted-average shares outstanding		85,524,073			85,524,073			85,524,073			85,524,073

Cash Available for Distribution (CAD):
Net Income (loss) available to common shares	$	7,974		$	28,242		$	(29,058	)	$	7,158
Add-Back (Deduct):
Depreciation and amortization expense		45,774			28,094			-			73,868
Change in fair value of financial instruments		(11,638	)		-			-			(11,638	)
(Gains) losses on assets		(9,590	)		(2,614	)		-			(12,204	)
TSRE financing extinguishment and employee separation		-			27,508			-			27,508
(Gains) loss on IRT merger with TSRE		-			(64,604	)		-			(64,604	)
Straight-line rental adjustments		95			-			-			95
Equity based compensation		3,971			495			-			4,466
Acquisition and integration expenses		2,972			13,555						16,527
Origination fees and other deferred items		35,402			258			-			35,660
Provision for losses		8,300			-			-			8,300
Asset impairment		8,179			-			-			8,179
Noncontrolling interest effect of certain adjustments		3,788			-			(2,039	)		1,749
CAD	$	95,227		$	30,934		$	(31,097	)	$	95,064
CAD per share	$	1.11		$	0.36		$	(0.36	)	$	1.11

FEE AND OTHER INCOME

TRAILING 5 QUARTERS AND YEARS ENDED DECEMBER 31, 2015 AND 2014

($'s in 000's)	Three Months Ended											Year Ended December 31
	December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015			December 31, 2014		2015		2014

CMBS Gain on sale	$	1,135	$	434	$	3,681	$	1,996		$	2,986	$	7,246	$	9,526
Property management & leasing fees		3,513		2,287		2,636		3,436			1,803		11,872		11,630
Property reimbursement income		274		277		224		199			280		974		1,404
Collateral management fees		-		-		-		-			48		-		991
Other income		82		58		874		(37	)		50		977		729

Fee and other income, as reported		5,004		3,056		7,415		5,594			5,167		21,069		24,280
Add: Items eliminated in consolidation:
IRT Property management fees (a)		1,294		861		764		755			556		3,674		1,759
IRT advisory fees (a)		1,882		1,259		1,260		1,212			644		5,613		1,736
Total fee and other income	$	8,180	$	5,176	$	9,439	$	7,561		$	6,367	$	30,356	$	27,775

(a)	Represent fees paid by IRT to RAIT affiliates for services rendered. Fees are eliminated in the consolidation of IRT. As of December 31, 2015, RAIT owns 15.5% of the outstanding common shares of IRT. Excludes property management fees from RAIT owned properties.

ADJUSTED EBITDA AND COVERAGE RATIOS

($'s in 000's)	Three Months Ended															Year Ended December 31
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			2015			2014

ADJUSTED EBITDA:
Net income	$	11,960		$	24,826		$	26,441		$	266		$	(247,080	)	$	63,493		$	(289,975	)
Add (deduct):
Investment interest expense		6,733			8,021			7,582			6,914			7,968			29,250			30,310
Interest expense		25,408			19,574			19,673			19,683			16,635			84,338			55,391
Acquisition and integration expenses		1,684			12,901			985			957			950			16,527			2,358
Depreciation and amortization		22,583			15,254			17,007			19,024			18,065			73,868			56,784
(Gains) Losses on assets		(19,094	)		(7,430	)		(17,281	)		-			20			(43,805	)		5,370
Asset impairment		929			7,250			-			-			-			8,179			-
TSRE financing extinguishment and employee separation expenses		-			27,508			-			-			-			27,508			-
(Gain) on IRT merger with TSRE		(592	)		(64,012	)		-			-			-			(64,604	)		-
Loss on deconsolidation of VIEs		-			-			-			-			215,804			-			215,804
Net gain from collateral management sale		-			-			-			-			(4,549	)		-			(4,549	)
(Gain) on debt extinguishment		-			-			-			-			-			-			(2,421	)
Change in fair value of financial instruments		1,828			(620	)		(8,356	)		(4,490	)		39,319			(11,638	)		98,752
Income tax (benefit) provision		1,478			23			715			582			307			2,798			(2,147	)

Adjusted EBITDA	$	52,917		$	43,295		$	46,766		$	42,936		$	47,439		$	185,914		$	165,677

INTEREST COST:
Investment interest expense	$	6,733		$	8,021		$	7,582		$	6,914		$	7,968		$	29,250		$	30,310
Interest expense		25,408			19,574			19,673			19,683			16,635			84,338			55,391
Total Interest Expense		32,141			27,595			27,255			26,597			24,603			113,588			85,701
Less: Amortization of deferred financing costs and debt discounts		(4,840	)		(3,645	)		(5,159	)		(4,299	)		(3,058	)		(17,943	)		(10,786	)
Interest Cost	$	27,301		$	23,950		$	22,096		$	22,298		$	21,545		$	95,645		$	74,915

PREFERRED COST:
Net income allocated to preferred shares	$	8,447		$	8,303		$	8,221		$	7,859		$	8,365		$	32,830		$	28,993
Less: preferred share discount amortization		(1,608	)		(1,725	)		(1,642	)		(1,563	)		(2,061	)		(6,538	)		(5,452	)
Preferred cost	$	6,839		$	6,578		$	6,579		$	6,296		$	6,304		$	26,292		$	23,541

INTEREST COVERAGE:		1.94	x		1.81	x		2.12	x		1.93	x		2.20	x		1.94	x		2.21	x
INTEREST + PREFERRED COVERAGE:		1.55	x		1.42	x		1.63	x		1.50	x		1.70	x		1.52	x		1.68	x

LOAN PORTFOLIO DATA

Loan Portfolio Data, as of December 31, 2015
($'s in 000's)
Loan Type	Unpaid Principal Balance			Weighted Average Coupon			Remaining Life, Years (weighted average)			# of Loans
Bridge loans	$	1,378,089			5.6	%		3.0			118
Conduit loans		49,239			4.8	%		9.0			6
Mezzanine loans		169,556			10.0	%		3.0			57
Preferred equity investments		30,237			6.9	%		6.0			7

Total		1,627,121			6.1	%		3.2			188
Unamortized discounts, fees and costs		(3,537	)
Aggregate carrying amount	$	1,623,583


Loan Portfolio Data Trends
($'s on 000's)
	For the Three Months Ended															For the Year Ended Dccember 31
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			2015			2014
Bridge First Mortgage loans:
Origination volume	$	249,937		$	172,478		$	95,325		$	90,100		$	114,500		$	607,840		$	504,962
# of loans originated		16			17			10			9			12			52			48
Unpaid principal balance (period end)	$	1,378,089		$	1,305,086		$	1,168,106		$	1,128,392		$	1,054,365		$	1,378,089		$	1,054,365
Weighted average coupon (period end)		5.6	%		5.4	%		5.7	%		6.1	%		6.3	%		5.6	%		6.3	%

Conduit First Mortgage loans (for sale):
Origination volume	$	71,900		$	65,196		$	118,288		$	128,670		$	139,935		$	384,054		$	459,245
# of loans originated		12			8			14			8			17			42			53
Loans sold to securitization	$	85,430		$	116,251		$	130,401		$	92,897		$	170,679		$	424,979		$	409,667
Securitization profits		1,135			434			3,681			1,996			2,986			7,246			9,526
Securitization profit %		1.3	%		0.4	%		2.8	%		2.1	%		1.7	%		1.7	%		2.3	%
Unpaid principal balance (period end)	$	49,239		$	62,986		$	114,048		$	129,550		$	93,925		$	49,239		$	93,925
Weighted average coupon (period end)		4.8	%		4.8	%		4.3	%		4.3	%		4.6	%		4.8	%		4.6	%

Mezzanine and Preferred Equity Investments:
Origination volume	$	—		$	—		$	5,000		$	—		$	900		$	5,000		$	19,550
Unpaid principal balance (period end)		199,793			236,608			242,005			261,027			260,964		$	199,793		$	260,964
Weighted average coupon (period end)		9.5	%		9.1	%		9.4	%		9.4	%		9.4	%		9.5	%		9.4	%

Non-accrual loans:
Bridge loans	$	15,645		$	15,645		$	—		$	—		$	—		$	15,645		$	—
Mezzanine and preferred equity		20,292			24,851			24,851			24,851			25,281			20,292			25,281
Total non-accrual loans	$	35,937		$	40,496		$	24,851		$	24,851		$	25,281		$	35,937		$	25,281

Credit status:
Satisfactory	$	1,494,884		$	1,538,388		$	1,433,092		$	1,438,279		$	1,328,134		$	1,494,884		$	1,328,134
Watchlist -- expecting full recovery		77,800			18,296			47,716			55,839			67,839			77,800			67,839
Watchlist -- with reserves (Impaired Loans)		54,437			47,996			43,351			24,851			13,281			54,437			13,281
Total	$	1,627,121		$	1,604,680		$	1,524,159		$	1,518,969		$	1,409,254		$	1,627,121		$	1,409,254

Loan loss reserves:
Beginning balance	$	14,647		$	12,797		$	10,797		$	9,218		$	15,662		$	9,218		$	22,955
Provision		2,450			1,850			2,000			2,000			2,000			8,300			5,500
Charge-offs, net of recoveries		-			—			—			(421	)		(8,444	)		(421	)		(19,237	)
Ending balance	$	17,097		$	14,647		$	12,797		$	10,797		$	9,218		$	17,097		$	9,218

Statistics as a % of Total Loans (period end):
Non-accrual loans		2.2	%		2.5	%		1.6	%		1.6	%		1.8	%		2.2	%		1.8	%
Watchlist -- expecting full recovery		4.8	%		1.1	%		3.1	%		3.7	%		4.8	%		4.8	%		4.8	%
Watchlist -- with reserves (Impaired Loans)		3.3	%		3.0	%		2.8	%		1.6	%		0.9	%		3.3	%		0.9	%
Loan loss reserves		1.1	%		0.9	%		0.8	%		0.7	%		0.7	%		1.1	%		0.7	%

REAL ESTATE PORTFOLIO DATA

Real Estate Portfolio Summary, as of December 31, 2015
($'s in 000's)
Property Type	Gross Cost			# of Properties			Units / Square Feet / Acres			Weighted Average Occupancy			Weighted Average Rental Rate
RAIT:
Multifamily	$	470,689			22			5,311			92.8	%	$	841		per unit, per month
Office		333,362			14			2,264,264			78.5	%	$	19.90		per square foot, per year
Retail		122,347			5			1,378,171			68.6	%	$	15.23		per square foot, per year
Industrial		94,936			10			1,615,473			82.0	%	$	3.71		per square foot, per year
Redevelopment		73,847			2			1,206,514
Land		50,449			8			14.2
Total RAIT Owned		1,145,630			61
Independence Realty Trust (IRT) Multifamily		1,372,015			49			13,724			93.0	%	$	951		per unit, per month

Total		2,517,645			110
Accumulated depreciation		(198,326	)
Carrying Amount	$	2,319,319


Real Estate Same Store Property Trends	For the Three Months Ended															For the Year Ended Dccember 31
($'s in 000's)	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			2015			2014
RAIT Multifamily Portfolio:
# of Properties		22			22			22			22			22			21			21
# of Units		5,311			5,311			5,311			5,311			5,311			4,941			4,941
Property income	$	13,016		$	13,056		$	12,813		$	12,520		$	12,307		$	46,378		$	43,787
Operating expenses		6,390			6,393			6,410			6,370			6,350			23,135			22,732
Net operating income		6,626			6,663			6,403			6,150			5,957			23,242			21,055
NOI margin		50.9	%		51.0	%		50.0	%		49.1	%		48.4	%		50.1	%		48.1	%
Occupancy		92.8	%		93.7	%		93.7	%		93.2	%		92.5	%		93.5	%		92.5	%
Effective monthly rental rate, per unit	$	833		$	824		$	809		$	797		$	791		$	789		$	759

RAIT Office Portfolio:
# of Properties		15			15			15			15			15			12			12
Square feet		2,264,264			2,263,429			2,263,429			2,263,429			2,263,429			1,988,361			1,988,361
Property income	$	8,880		$	9,305		$	8,965		$	8,608		$	8,443		$	30,891		$	28,550
Operating expenses		4,106			4,003			3,862			3,992			3,770			13,987			13,955
Net operating income		4,774			5,302			5,103			4,616			4,673			16,904			14,595
NOI margin		53.8	%		57.0	%		56.9	%		53.6	%		55.3	%		55	%		51	%
Occupancy		78.3	%		78.0	%		76.8	%		75.0	%		75.3	%		77.6	%		75.2	%
Effective annual rental rate, per square foot	$	19.34		$	19.62		$	19.75		$	19.46		$	19.29		$	18.94		$	18.69

RAIT Retail Portfolio:

# of Properties		5			5			5			5			5			3			3
Square feet		1,378,171			1,378,171			1,378,171			1,378,171			1,356,487			986,427			986,427
Property income	$	3,580		$	3,469		$	4,118		$	3,313		$	3,444		$	8,357		$	7,999
Operating expenses		1,987			2,124			2,806			1,490			2,010			6,699			6,654
Net operating income		1,593			1,344			1,312			1,823			1,434			1,658			1,345
NOI margin		44.5	%		38.8	%		31.9	%		55.0	%		41.6	%		19.8	%		16.8	%
Occupancy		68.6	%		69.0	%		69.6	%		70.6	%		70.8	%		58.2	%		60.7	%
Effective annual rental rate, per square foot	$	15.23		$	14.71		$	15.98		$	14.03		$	14.34		$	14.63		$	13.73

RAIT Industrial Portfolio:
No same store properties		—			—			—			—			—			—			—

Independence Realty Trust Multifamily Portfolio:
# of Properties		21			21			21			21			21			9			9
# of Units		6,150			6,150			6,150			6,150			6,150			2,470			2,470
Property income	$	14,886		$	14,859		$	14,681		$	14,351		$	14,150		$	23,880		$	22,560
Operating expenses		7,143			7,369			7,050			6,808			6,855			11,972			11,478
Net operating income		7,743			7,490			7,631			7,543			7,295			11,908			11,082
Occupancy		92.9	%		93.5	%		93.2	%		93.0	%		92.5	%		94.0	%		94.1	%
Effective monthly rental rate, per unit	$	823		$	814		$	808		$	794		$	790		$	809		$	767

Total Same Store Revenue	$	40,362		$	40,689		$	40,577		$	38,792		$	38,345		$	109,506		$	102,896
Total Same Store Operating expenses		19,626			19,890			20,128			18,660			18,986			55,794			54,820
Total Same Store Net operating income (a)	$	20,736		$	20,799		$	20,449		$	20,132		$	19,359		$	53,712		$	48,077
NOI Increase (qtr to qtr / year to year)		7.1	%														11.7	%

(a)

See definition and reconciliation to net income in the definitions section.

REAL ESTATE PROPERTIES, CHANGES IN THE PORTFOLIO – Q4 2015:

($'s in 000's)

City & State

Square Feet / Units

Month Acquired / Sold

Transaction

Value

ADDITIONS:

Industrial Portfolio:

Adams Aircraft

Englewood, CO

48,490

Oct 2015

Loan conversion

4,472

South Midco

Wichita, KS

73,740

Oct 2015

Loan conversion

4,404

East Glendale

Sparks, NV

31,976

Oct 2015

Loan conversion

1,788

Perry Avenue

Attleboro, MA

456,000

Oct 2015

Loan conversion

30,656

Interstate Drive

West Springfield, MA

143,025

Oct 2015

Loan conversion

5,862

Hunt Valley Circle

New Kensington, PA

198,000

Oct 2015

Loan conversion

10,611

Kirby Circle

Palm Bay, FL

231,313

Oct 2015

Loan conversion

19,648

Rex Boulevard

Auburn Hills, MI

151,200

Oct 2015

Loan conversion

7,868

Square Drive

Marysville, OH

130,044

Oct 2015

Loan conversion

4,931

Fondorf Drive

Columbus, OH

151,685

Oct 2015

Loan conversion

5,960

Total Industrial

1,615,473

96,200

Office Portfolio:

Erieview Tower and Parking

Cleveland, OH

769,795

Dec 2015

Loan conversion

63,014

Total Additions

159,214

SALES:

Multifamily:

Vista Lago Apartments

Miami, FL

135

Dec 2015

Sale

17,675

Balcones Apartments

Austin, TX

312

Dec 2015

Sale

30,000

Centrepointe Apartments (IRT)

Tucson, AZ

320

Dec 2015

Sale

33,600

Total Multifamily

767

81,275

Office:

Long Beach Promenade

Long Beach, CA

27,173

Dec 2015

Sale

5,200

Atria East

Garden City, NY

208,201

Nov 2015

Sale

200

(a)

Total Office

235,374

5,400

Total Sales:

86,675

(a)	Atria East was impaired at September 30, 2015. RAIT sold the asset to the senior lender for nominal consideration.

REAL ESTATE PROPERTIES, AS OF DECEMBER 31, 2015

($'s in 000's)							INVESTMENTS IN REAL ESTATE
Property Name	Location	Units/ Square Feet/ Acres		Year of Acquisition	Description	Status	Initial Cost		Capex -- Life to Date		Gross Cost		Accumulated Depreciation			Net Book Value		Occupancy (Period End)			Rental Rate (a)
RAIT MULTIFAMILY PORTFOLIO:
Mandalay Bay	Austin, TX		300	2008	Multi-Family	Hold	$	27,310	$	760	$	28,070	$	(6,122	)	$	21,948		95.1	%	$	992
Oyster Point	Newport News, VA		278	2008	Multi-Family	Hold		19,835		907		20,742		(4,544	)		16,198		89.7	%		669
Tuscany Bay	Orlando, FL		396	2008	Multi-Family	Hold		35,620		1,465		37,085		(8,098	)		28,987		94.5	%		788
Tierra Bella	Las Vegas, NV		98	2009	Multi-Family	Hold		10,921		153		11,074		(2,046	)		9,028		91.6	%		898
Regency Meadows	Las Vegas, NV		120	2009	Multi-Family	Hold		9,374		440		9,814		(1,919	)		7,895		92.4	%		602
Ashford Place	Tampa, FL		369	2009	Multi-Family	Hold		21,365		4,668		26,033		(5,631	)		20,402		88.7	%		817
Desert Wind	Phoenix, AZ		216	2009	Multi-Family	Marketing for Sale		12,600		530		13,130		(2,419	)		10,711		92.3	%		519
Eagle Ridge	Colton, CA		144	2009	Multi-Family	Hold		15,990		650		16,640		(3,162	)		13,478		96.9	%		948
Emerald Bay	Las Vegas, NV		337	2009	Multi-Family	Hold		32,500		1,149		33,649		(6,215	)		27,434		94.4	%		977
Grand Terrace	Colton, CA		208	2009	Multi-Family	Hold		23,096		740		23,836		(4,398	)		19,438		91.2	%		654
Las Vistas	Phoenix, AZ		200	2009	Multi-Family	Marketing for Sale		12,200		824		13,024		(2,477	)		10,547		91.5	%		559
Penny Lane	Mesa, AZ		136	2009	Multi-Family	Marketing for Sale		7,700		570		8,270		(1,610	)		6,660		92.9	%		712
Sandal Ridge	Mesa, AZ		196	2009	Multi-Family	Marketing for Sale		9,900		948		10,848		(2,164	)		8,684		93.9	%		577
Ventura	Gainesville, FL		208	2010	Multi-Family	Marketing for Sale		9,563		742		10,305		(1,904	)		8,401		93.5	%		546
Lexington	Jackson, MS		220	2010	Multi-Family	Hold		15,840		797		16,637		(2,793	)		13,844		95.6	%		858
Trails at Northpointe	Jackson, MS		144	2010	Multi-Family	Hold		6,768		890		7,658		(1,439	)		6,219		91.4	%		676
Silversmith	Jacksonville, FL		140	2010	Multi-Family	Hold		5,239		795		6,034		(1,268	)		4,766		90.5	%		673
Ellington Apartments	Miami Gardens, FL		343	2011	Multi-Family	Hold		27,306		3,784		31,090		(3,994	)		27,096		95.0	%		1,059
Augusta Apartments	Las Vegas, NV		272	2011	Multi-Family	Hold		30,900		529		31,429		(3,908	)		27,521		94.9	%		893
South Terrace	Durham, NC		328	2013	Multi-Family	Hold		36,644		1,062		37,706		(2,884	)		34,822		94.0	%		978
River Park West	Houston, TX		288	2013	Multi-Family	Hold		29,572		263		29,835		(1,966	)		27,869		93.5	%		1,113
Coles Crossing	Cypress, TX		370	2014	Multi-Family	Hold		47,235		545		47,780		(2,588	)		45,192		88.6	%		1,169

Subtotal -- Multifamily			5,311				$	447,478	$	23,211	$	470,689	$	(73,549	)	$	397,140		92.8	%	$	841

RAIT OFFICE PORTFOLIO:
Reuss	Milwaukee, WI		578,104	2004	Office	Hold	$	42,861	$	20,312	$	63,173	$	(21,232	)	$	41,941		58.0	%	$	18.48
McDowell	Scottsdale, AZ		255,573	2007	Office	Hold		65,389		8,415		73,804		(15,801	)		58,003		96.4	%		23.02
Executive Center	Milwaukee, WI		102,017	2009	Office	Hold		7,855		3,816		11,671		(2,560	)		9,111		97.1	%		18.37
Mineral Business Center	Denver, CO		117,461	2009	Office	Marketing for Sale		8,959		793		9,752		(1,837	)		7,915		58.2	%		21.45
1501 Yamato Road	Boca Raton, FL		171,489	2009	Office	Hold		41,000		5,503		46,503		(8,780	)		37,723		100.0	%		19.84
Executive Mews - Willow Grove	Willow Grove, PA		86,554	2010	Office	Hold		11,400		1,159		12,559		(2,210	)		10,349		76.9	%		23.15
Executive Mews - Cherry Hill	Cherry Hill, NJ		112,146	2010	Office	Hold		9,900		2,299		12,199		(2,599	)		9,600		93.3	%		19.06
Tiffany Square	Colorado Springs, CO		184,219	2010	Office	Hold		12,996		2,994		15,990		(2,835	)		13,155		74.6	%		15.41
Four Resource Square	Charlotte, NC		151,916	2011	Office	Hold		20,300		836		21,136		(2,941	)		18,195		94.0	%		16.30
UBS Tower	St. Paul, MN		228,882	2012	Office	Hold		11,586		7,740		19,326		(3,483	)		15,843		86.1	%		17.70
Rutherford	Woodlawn, MD		86,641	2014	Office	Hold		9,942		1,451		11,393		(1,103	)		10,290		77.8	%		20.02
Union Medical	Colorado Springs, CO		151,299	2014	Office	Hold		25,881		2,904		28,785		(1,850	)		26,935		76.3	%		26.76
100 East Lancaster Avenue	Downingtown, PA		37,963	2014	Office	Hold		6,859		212		7,071		(243	)		6,828		66.8	%		37.17

Subtotal -- Office			2,264,264				$	274,928	$	58,434	$	333,362	$	(67,474	)	$	265,888		78.5	%	$	19.90

RAIT INDUSTRIAL PORTFOLIO:
Adams Aircraft	Englewood, CO		48,490	2015	Industrial	Hold	$	4,472	$	—	$	4,472	$	(27	)	$	4,445		0.0	%	$	—
South Midco	Witchita, KS		73,740	2015	Industrial	Hold		4,129		5		4,134		(29	)		4,105		100.0	%		6.37
East Glendale	Sparks, NV		31,976	2015	Industrial	Hold		1,467		3		1,470		(7	)		1,463		100.0	%		4.50
Perry Avenue	Attleboro, MA		456,000	2015	Industrial	Hold		30,774		24		30,798		(38	)		30,760		100.0	%		4.47
Interstate Drive	West Springfield, MA		143,025	2015	Industrial	Hold		5,273		10		5,283		(51	)		5,232		100.0	%		4.29
Hunt Valley Circle	New Kensington, PA		198,000	2015	Industrial	Hold		10,329		5		10,334		(41	)		10,293		100.0	%		4.73
Kirby Circle	Palm Bay, FL		231,313	2015	Industrial	Hold		19,649		—		19,649		(45	)		19,604		0.0	%		-
Rex Boulevard	Auburn Hills, MI		151,200	2015	Industrial	Hold		7,703		211		7,914		(68	)		7,846		100.0	%		5.09
Square Drive	Marysville, OH		130,044	2015	Industrial	Hold		4,886		37		4,923		(23	)		4,900		100.0	%		3.96
Fondorf Drive	Columbus, OH		151,685	2015	Industrial	Hold		5,924		35		5,959		(30	)		5,929		93.1	%		3.40

Subtotal -- Industrial			1,615,473				$	94,606	$	330	$	94,936	$	(359	)	$	94,577		82.0	%	$	3.71

RAIT RETAIL PORTFOLIO:
Sharpstown Mall	Houston, TX	637,646	2009	Retail	Hold	$	33,685	$	9,172	$	42,857	$	(8,748	)	$	34,109	44.8	%	$	16.84
South Plaza	Nashville, TN	284,697	2011	Retail	Hold		22,400		933		23,333		(2,940	)		20,393	82.7	%		9.39
May’s Crossing	Round Rock, TX	64,084	2012	Retail	Hold		8,177		248		8,425		(924	)		7,501	63.1	%		11.44
Oakland Square	Troy, MI	220,226	2014	Retail	Hold		21,867		477		22,344		(797	)		21,547	100.0	%		13.35
Oakland Plaza	Troy, MI	171,518	2014	Retail	Hold		24,734		654		25,388		(914	)		24,474	95.6	%		22.78

Subtotal -- Retail		1,378,171				$	110,863	$	11,484	$	122,347	$	(14,323	)	$	108,024	68.6	%	$	15.23

RAIT REDEVELOPMENT PORTFOLIO:
Inlet Square Mall	Myrtle Beach, SC	436,719	2009	Retail	Redevelopment	$	2,500	$	9,484	$	11,984	$	(2,983	)	$	9,001	48.0	%
Erieview Tower	Cleveland, OH	769,795	2015	Office	Redevelopment		61,863		—		61,863		—			61,863	47.1	%

Subtotal -- Retail		1,206,514				$	64,363	$	9,484	$	73,847	$	(2,983	)	$	70,864	47.4	%

RAIT LAND PORTFOLIO:
Willow Grove	Willow Grove, PA	0.5	2001	Land	Hold	$	307	$	—	$	307	$	—		$	307
Cherry Hill	Cherry Hill, NJ	0.5	2001	Land	Hold		307		—		307		—			307
Corey Landings	St. Pete Beach, FL	5.3	2009	Land	Hold		21,595		5,024		26,619		—			26,619
Treasure Island Resort	Daytona Beach, FL	2.5	2011	Land	Hold		6,230		1,334		7,564		—			7,564
Sunny Shores Resort	Daytona Beach, FL	1.0	2011	Land	Hold		3,379		43		3,422		—			3,422
MGS Gift Shop	Daytona Beach, FL	1.0	2011	Land	Hold		409		16		425		—			425
Saxony Inn	Daytona Beach, FL	0.5	2011	Land	Marketing for sale		1,465		5		1,470		—			1,470
Beachcomber Beach Resort	Daytona Beach, FL	2.9	2011	Land	Hold		10,300		35		10,335		—			10,335

Subtotal -- Land		14.2				$	43,992	$	6,457	$	50,449	$	—		$	50,449

TOTAL RAIT						$	1,036,230	$	109,400	$	1,145,630	$	(158,688	)	$	986,942

INDEPENDENCE REALTY TRUST PORTFOLIO (b)		13,724	Various	Multifamily	Various	$	1,359,038	$	12,977	$	1,372,015	$	(39,638	)	$	1,332,373	93.0	%	$	951

CONSOLIDATED REAL ESTATE PORTFOLIO						$	2,395,268	$	122,377	$	2,517,645	$	(198,326	)	$	2,319,315

(a)	Multifamily rental rate data is per unit, per month. Office, Industrial and Retail are per square foot, per year.

(b)	RAIT consolidates Independence Realty Trust (IRT) as of December 31, 2015. Please refer to IRT's separate earnings release and supplemental package at www.irtreit.com for 2015.

DEBT OVERVIEW

As of December 31, 2015

($'S in 000's)	Unpaid Principal		Carrying Amount		Rate				Weighted Average Maturity (in years)
RAIT DEBT:
Recourse debt
7% convertible senior notes	$	30,048	$	29,887		7.0	%			0.3	(a)
4% convertible senior notes		141,750		137,084		4.0	%			2.8	(b)
7.625% senior notes		60,000		60,000		7.6	%			8.3
7.125% senior notes		71,905		71,905		7.1	%			3.7
Senior secured notes		70,000		63,150		7.0	%			2.3
Lending warehouse facilities
Conduit loans		36,922		36,922		2.9	%			0.8
Floating rate loans		60,145		60,145		2.0	%			1.4
Total		97,067		97,067		2.3	%			1.2
Junior subordinated notes, at fair value		18,671		10,504		4.3	%			19.3
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%			21.3
Total Recourse Debt		514,541		494,697		5.1	%			4.5
Non-Recourse debt
Securitization notes payable:
CRE CDO I		554,205		546,935		0.8	%			30.9
CRE CDO II		396,776		393,153		1.0	%			29.5
FL2		129,544		129,402		1.8	%			15.4
FL3		146,192		146,192		2.0	%			16.0
FL4		177,894		177,894		2.0	%			16.0
FL5		263,625		263,625		3.4	%			16.0
Total securitization notes payable		1,668,236		1,657,201		1.6	%			24.1
Loans payable on real estate		269,790		269,790		5.6	%			3.2
Total Non-recourse debt		1,938,026		1,926,991		2.1	%			21.2

Total RAIT Debt		2,452,567		2,421,688		2.7	%			17.7

Independence Realty Trust Debt
KeyBank Credit Facility		271,500		271,500		2.9	%			2.7
KeyBank Interim Term Loan		120,000		120,000		5.4	%			0.7
Mortgages		545,956		546,262		4.0	%	#		6.9
Total IRT Debt		937,456		937,762		3.9	%			4.9

Total Debt	$	3,390,023	$	3,359,450		3.1	%			14.2

(a)	Includes the Put option in April 2016 on the 7% convertible notes with an unpaid principal balance of $30,048 at December 31, 2015.

(b)	Includes the Put option in October 2018 on the 4% convertible notes with an unpaid principal balance of $141,750 at December 31, 2015.

DEFINITIONS

Adjusted EBITDA

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, is a non-GAAP financial measure. We calculate Adjusted EBITDA as Net Income, before the effects of investment interest expense, interest expense, acquisition and integration expenses, depreciation and amortization, (gains) losses on assets, asset impairments, TSRE financing extinguishment and employee separation expenses, (gain) on IRT merger with TSRE, loss on deconsolidation of VIEs, net gain on collateral management sale, gain on debt extinguishments, change in fair value of financial instruments and income tax (benefit) provision. We believe Adjusted EBITDA provides useful information to investors to ascertain our interest coverage and interest plus preferred dividends coverage ratios.

Assets Under Management

Assets under management, or AUM, is an operating measure representing the total assets that we own or are managing for third parties. While not all AUM generates fee income, it is an important operating measure to gauge our asset growth, volume of originations, size and scale of our operations and our performance. AUM includes our total investment portfolio, assets associated with unconsolidated securitizations for which we derive asset management fees and real estate properties we manage on behalf of third parties.

Cash Available for Distribution

Cash available for distribution, or CAD, is a non-GAAP financial measure. We believe that CAD provides investors and management with a meaningful indicator of operating performance. Management also uses CAD, among other measures, to evaluate profitability and our board of trustees considers CAD in determining our quarterly cash distributions. We also believe that CAD is useful because it adjusts for a variety of noncash items (such as depreciation and amortization, equity-based compensation, realized non-cash gain (loss) on assets, provision for loan losses and non-cash interest income and expense items). Furthermore, CAD removes the effect of our previous consolidation of the legacy securitizations, T8 and T9, which we deconsolidated as part of our exit of the Taberna business in December 2014.

We calculate CAD by subtracting from or adding to net income (loss) attributable to common shareholders the following items: depreciation and amortization items including depreciation and amortization, straight-line rental income or expense, amortization of in place leases, amortization of deferred financing costs, amortization of discount on financings and equity-based compensation; changes in the fair value of our financial instruments; realized non-cash gain (loss) on assets and other; provision for loan losses; impairment on depreciable property; acquisition gains or losses and transaction costs; certain fee income eliminated in consolidation that is attributable to third parties; and one-time events pursuant to changes in U.S. GAAP and certain other non-routine items.

CAD should not be considered as an alternative to net income (loss) or cash generated from operating activities, determined in accordance with U.S. GAAP, as an indicator of operating performance. For example, CAD does not adjust for the accrual of income and expenses that may not be received or paid in cash during the associated periods. Please refer to our consolidated financial statements prepared in accordance with U.S. GAAP in Part I, Item 1. In addition, our methodology for calculating CAD may differ from the methodologies used by other comparable companies, including other REITs, when calculating the same or similar supplemental financial measures and may not be comparable with these companies.

Funds from Operations

We believe that funds from operations, or FFO, which is a non-GAAP measure, is an additional appropriate measure of the operating performance of a REIT. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles. Our management utilizes FFO as a measure of our operating performance. FFO is not an equivalent to net income or cash generated from operating activities determined in accordance with U.S. GAAP. Furthermore, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

Interest Coverage

Interest coverage is computed as Adjusted EBITDA divided by interest costs (excluding amortization of deferred financing costs and debt discounts)

Interest + Preferred Coverage

Interest + Preferred coverage is computed as Adjusted EBITDA divided by the sum of interest costs (excluding amortization of deferred financing costs and debt discounts) and preferred costs (excluding amortization of preferred share discounts).

Net Operating Income

Net Operating Income (“NOI”), a non-GAAP measure, is a useful measure of the operating performance of its real estate portfolio. NOI is defined as total property revenue less total property operating expenses, excluding depreciation and amortization and interest expense. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our real estate portfolio performance on a same store and non-same store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental rates and property operating expenses.

Same Store Properties and Same Store Portfolio

Same Store is defined as properties which were owned and operational for the entire periods presented, including each comparative period. Properties included in the redevelopment portfolio are not part of the same store properties. A reconciliation of our same store net operating income to net income is as follows for each of the periods presented below:

($'s in 000's)	For the Three Months Ended															For the Year Ended December 31
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			2015			2014
Same store property net operating income	$	20,736		$	20,799		$	20,449		$	20,132		$	19,359		$	53,712		$	48,077
Non same store property net operating income		17,252			8,828			8,669			7,865			3,789			71,018			32,620
Net interest margin		19,876			16,447			16,525			16,334			22,569			69,182			103,109
Fee and other income		5,004			3,056			7,415			5,594			5,167			21,069			24,280
Interest expense		(25,408	)		(19,574	)		(19,673	)		(19,683	)		(16,635	)		(84,338	)		(55,391	)
Compensation expenses		(8,416	)		(7,137	)		(6,568	)		(6,108	)		(5,050	)		(28,229	)		(28,168	)
General and administrative expenses		(5,825	)		(4,489	)		(5,065	)		(5,400	)		(4,414	)		(20,779	)		(17,653	)
Acquisition and integration expenses		(1,684	)		(12,901	)		(985	)		(957	)		(950	)		(16,527	)		(2,358	)
Provision for loan losses		(2,450	)		(1,850	)		(2,000	)		(2,000	)		(2,000	)		(8,300	)		(5,500	)
Depreciation and amortization expense		(22,583	)		(15,254	)		(17,007	)		(19,024	)		(18,065	)		(73,868	)		(56,784	)
Other income (expense)		7			(380	)		(241	)		(395	)		51			(1,009	)		(21,398	)
Gains (loss) on assets		19,094			7,430			17,281			-			(20	)		43,805			(5,370	)
Asset impairment		(929	)		(7,250	)		-			-			-			(8,179	)		-
TSRE financing extinguishment and employee separation expenses		-			(27,508	)		-			-			-			(27,508	)		-
Gains (losses) on IRT merger with TSRE		592			64,012			-			-			-			64,604			-
Gains (loss) on deconsolidation of VIEs		-			-			-			-			(215,804	)		-			(215,804	)
Gain (loss) on sale of collateral management contracts		-			-			-			-			4,549			-			4,549
Gain (loss) on debt extinguishment		-			-			-			-			-			-			2,421
Change in fair value of financial instruments		(1,828	)		620			8,356			4,490			(39,319	)		11,638			(98,752	)
Income tax benefit (provision)		(1,478	)		(23	)		(715	)		(582	)		(307	)		(2,798	)		2,147
Net Income (Loss)	$	11,960		$	24,826		$	26,441		$	266		$	(247,080	)	$	63,493		$	(289,975	)

Rait Financial Trust (RAS) 8-KRAIT Financial Trust Announces Fourth Quarter and Fiscal 2015 Financial Results