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 12, 2001

                              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.)


             1818 Walnut Street, 28th Floor, Philadelphia, PA 19103
             ------------------------------------------------------
              (Address of principal executive offices) (Zip Code)



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


Item 5   Other Events

     On July 12, 2001, the Company entered into an Underwriting Agreement (the
"Underwriting Agreement") with Friedman, Billings, Ramsey & Co., Inc. and U.S.
Bancorp Piper Jaffray Inc., acting as representatives of the underwriters, for
the sale of 2,550,000 common shares of beneficial interest, plus up to 338,983
additional shares to cover over-allotments, at such initial public price per
share, less underwriting discounts as is provided in the Underwriting Agreement.

Item 7   Financial Statements and Exhibits

         (c)      Exhibits

                  Exhibit - Underwriting Agreement


                                   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