(b)

As previously reported in a Current Report on Form 8-K
filed by RAIT Financial Trust (RAIT) on September 27,
2016, on September 26, 2016, RAIT entered into a Binding
Memorandum of Understanding with James J. Sebra, the
Chief Financial Officer (CFO) and Treasurer of RAIT at
that time, which provided that Mr. Sebra would remain as
RAITs CFO and Treasurer until the later to occur of March
31, 2017 or the filing of RAITs Form 10-K for the fiscal
year ending December 31, 2016 with the U.S. Securities
and Exchange Commission, at which time Mr. Sebra
wouldresign from his CFO position and any other positions
held by him at RAIT to become the fulltime CFO and
Treasurer of Independence Realty Trust, Inc.On March 31,
2017, Mr. Sebra notified RAIT that he was resigning as
CFO and Treasurer of RAIT effective March 31, 2017 (the
Resignation Date).

(c)

As previously reported in a Current Report on Form 8-K
filed by RAIT on February 21, 2017 (the 2/17 8-K), on
February 17, 2017, RAIT and Paul W. Kopsky, Jr. entered
into an offer letter and employment agreement providing
that Mr. Kopsky would become RAITs new CFO and Treasurer
effective upon Mr. Sebras resignation from those
positions.Effective upon the Resignation Date, Mr. Kopsky
was appointed to serve as RAITs CFO and Treasurer.The
disclosure required by Item 5.02(c) of Form 8-K with
respect to Mr. Kopskys appointment is incorporated herein
by reference from the 2/17 8-K.

(e)

The disclosure required by Item 5.02(e) of Form 8-K with
respect to Mr. Kopskys compensatory arrangements is
incorporated herein by reference from the 2/17 8-K.