FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Riis Glenn

2. Date of Event Requiring Statement (MM/DD/YYYY)
2/15/2017 

3. Issuer Name and Ticker or Trading Symbol

RAIT Financial Trust [RAS]

(Last)        (First)        (Middle)

C/O RAIT FINANCIAL TRUST, 2 LOGAN SQ., 100 N. 18TH ST., 23RD FL.

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            _____ 10% Owner
___ X ___ Officer (give title below)          _____ Other (specify below)
Senior Managing Director /

(Street)

PHILADELPHIA, PA 19103       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares of Beneficial Interest   89598   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Share Appreciation Right     (1) 2/14/2022   Common Shares of Beneficial Interest   87500   $3.78   D    
Share Appreciation Right     (2) 2/22/2021   Common Shares of Beneficial Interest   87500   $2.38   D    
Share Appreciation Right     (3) 2/10/2020   Common Shares of Beneficial Interest   45000   $7.23   D    
Share Appreciation Right     (4) 1/29/2019   Common Shares of Beneficial Interest   50000   $8.29   D    

Explanation of Responses:
( 1)  These share appreciation rights vest in three equal annual installments beginning on February 14, 2018.
( 2)  These share appreciation rights vest in three equal annual installments beginning on February 22, 2017.
( 3)  These share appreciation rights vest in three equal annual installments beginning on February 10, 2016.
( 4)  These share appreciation rights vest in three equal annual installments beginning on January 29, 2015.

Remarks:
Exhibit List
Exhibit 24-Power of Attorney

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Riis Glenn
C/O RAIT FINANCIAL TRUST
2 LOGAN SQ., 100 N. 18TH ST., 23RD FL.
PHILADELPHIA, PA 19103

Senior Managing Director

Signatures
Anders Laren, attorney-in-fact 2/24/2017
** Signature of Reporting Person Date


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 5(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.