-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 oQdUgk4Aceqam1EPwqOq9Q==

<SEC-DOCUMENT>0001181431-09-039347.txt : 20090813
<SEC-HEADER>0001181431-09-039347.hdr.sgml : 20090813
<ACCEPTANCE-DATETIME>20090813142054
ACCESSION NUMBER:		0001181431-09-039347
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090813
DATE AS OF CHANGE:		20090813
EFFECTIVENESS DATE:		20090813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAIT Financial Trust
		CENTRAL INDEX KEY:			0001045425
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232919819
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-133619
		FILM NUMBER:		091009897

	BUSINESS ADDRESS:	
		STREET 1:		1818 MARKET
		STREET 2:		28TH FL
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2158617900

	MAIL ADDRESS:	
		STREET 1:		1818 MARKET
		STREET 2:		28TH FL
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAIT INVESTMENT TRUST
		DATE OF NAME CHANGE:	20010227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE ASSET INVESTMENT TRUST
		DATE OF NAME CHANGE:	19970904
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001045425</cik>
        <entityName>RAIT Financial Trust</entityName>
        <issuerAddress>
            <street1>2929 Arch Street, 17th Floor</street1>
            <street2></street2>
            <city>Philadelphia</city>
            <stateOrCountry>PA</stateOrCountry>
            <zipCode>19104</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(215) 243-9000</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>RAIT Investment Trust</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Real Estate Investment Trust</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Betsy</firstName>
                <middleName>Z.</middleName>
                <lastName>Cohen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>S.</middleName>
                <lastName>Brown</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>G.</middleName>
                <lastName>Cohen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
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            <relatedPersonName>
                <firstName>Frank</firstName>
                <middleName>A.</middleName>
                <lastName>Farnesi</lastName>
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            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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            <relationshipClarification>Trustee</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>S.</firstName>
                <middleName>Kristin</middleName>
                <lastName>Kim</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Arthur</firstName>
                <middleName></middleName>
                <lastName>Makadon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName></middleName>
                <lastName>Promislo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>F.</middleName>
                <lastName>Quigley, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Murray</firstName>
                <middleName></middleName>
                <lastName>Stempel, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>F.</middleName>
                <lastName>Schaeffer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jack</firstName>
                <middleName>E.</middleName>
                <lastName>Salmon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Plamen</firstName>
                <middleName>M.</middleName>
                <lastName>Mitrikov</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Raphael</firstName>
                <middleName></middleName>
                <lastName>Licht</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ken</firstName>
                <middleName>R.</middleName>
                <lastName>Frappier</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>J.</middleName>
                <lastName>Sebra</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>RAIT Financial Trust</street1>
                <street2>2929 Arch Street, 17th Floor</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Over $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-07-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>43000000</totalOfferingAmount>
            <totalAmountSold>43000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse>Sale of a single note with a face value of $43000000</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>RAIT Financial Trust</issuerName>
                <signatureName>/s/ Anders Laren</signatureName>
                <nameOfSigner>Anders Laren</nameOfSigner>
                <signatureTitle>Senior Vice President</signatureTitle>
                <signatureDate>2009-08-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----