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Salmon Jack - Rait Financial Trust - For 08/09/11
  1. About Form 4 Filing: Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the '34 Act must file with the U.S. Securities and Exchange Commission (SEC) a statement of ownership regarding such security. The initial filing is on Form 3 and changes are reported on Form 4. The Annual Statement of beneficial ownership of securities is on Form 5. The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities.
  2. Form 4 is stored in SEC's EDGAR database. EDGAR is Electronic Data Gathering, Analysis and Retrieval System. It is a registered trademark of the SEC.

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The following is an SEC EDGAR document rendered as filed.
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
Salmon Jack
2. Issuer Name and Ticker or Trading Symbol
RAIT Financial Trust [ RAS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
CFO & Treasurer
(Last)
(First)
(Middle)
C/O RAIT FINANCIAL TRUST, CIRA CENTRE, 2929 ARCH ST., 17TH FL.
3. Date of Earliest Transaction (MM/DD/YY)
08/08/2011
(Street)
PHILADELPHIA, PA   19104
4. If Amendment, Date Original Filed(MM/DD/YY)
6. Individual or Joint/Group Filing(Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest 08/08/2011   P( 1 )   10,000 A $ 3.36 89,640 ( 2 ) ( 3 ) D  
Common Shares of Beneficial Interest               1,000 ( 3 ) ( 4 ) I By reporting person's child
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
  Director   10% Owner   Officer   Other
Salmon Jack
C/O RAIT FINANCIAL TRUST
CIRA CENTRE, 2929 ARCH ST., 17TH FL.
PHILADELPHIA, PA   19104
      CFO & Treasurer  
Signatures
Anders F. Laren, attorney-in-fact 08/09/2011
** Signature of Reporting Person Date
Explanation of Responses:
( 1 )The reporting person's purchase of the issuer's common shares of beneficial interest ("Common Shares") reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, to the extent of 467 Common Shares, with the reporting person's sale of 467 Common Shares at a price of $6.3723 per share on June 2, 2011. The number of Common Shares sold and the related sale price per share have been adjusted for the 1-for-3 reverse stock split of the Common Shares that became effective June 30, 2011. The reporting person has agreed to pay to the issuer, before or upon the settlement of the purchase, $1,406.74 representing the full amount of the profit realized in connection with the short-swing transaction.
( 2 )This amount includes 26,666 Common Shares underlying the equivalent number of phantom units.
( 3 )This amount has been adjusted for the 1-for-3 reverse stock split of Common Shares that became effective June 30, 2011.
( 4 )The reporting person disclaims beneficial ownership of these Common Shares and this report shall not be deemed an admission that the reporting person is the beneficial owner of such Common Shares for purposes of Section 16 or for any other purpose.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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