UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): July 29, 2004

                              RAIT INVESTMENT TRUST
             (Exact name of registrant as specified in its charter)


                                                
               Maryland               1-14760             23-2919819
        ----------------------      -----------       -------------------
        (State of incorporation     (Commission        (I.R.S. Employer
           or organization)         File Number)      Identification No.)


                           c/o RAIT Partnership, L.P.
             1818 Market Street, 28th Floor, Philadelphia, PA 19103
             ------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (215) 861-7900

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits


                               EXHIBIT NUMBER     DESCRIPTION OF DOCUMENT
                               --------------     -----------------------
                                               
                                   99                 Press Release


ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

         On July 29, 2004, RAIT Investment Trust issued a press release
regarding its earnings for the three and six months ended June 30, 2004. A copy
of this press release is filed with this report as an exhibit to Form 8-K.

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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                      RAIT INVESTMENT TRUST

                                      By:  /s/  Ellen J. DiStefano
                                           ------------------------------
                                           Ellen J. DiStefano
                                           Chief Financial Officer

Date: August 2, 2004

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