SEC Form 4 · accession 0001209191-17-042154
RAIT Financial Trust · RAS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Period of report
Jun 26, 2017
Accepted (ET)
Jun 28, 2017 · 4:53 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001045425
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series D Cumulative Redeemable Preferred SharesF2,F3,F1 | — | Jun 26, 2017 | D | 402,280 | D | — | — | Series E Cumulative Redeemable Preferred Shares | 402,280 | 3,133,720 | D |
Explanation of responses
- F1The Series D Cumulative Redeemable Preferred Shares are exchangeable into the issuer's Series E Cumulative Redeemable Preferred Shares in certain circumstances on a one-for-one basis, and have no expiration date.
- F2These securities were repurchased by the issuer pursuant to the Securities Repurchase Agreement dated as of June 22, 2017 (the "Repurchase Agreement") among the issuer, certain subsidiaries of the issuer and the reporting person. The purchase price per Series D Cumulative Redeemable Preferred Share in the Repurchase Agreement was $25.00 per share.
- F3The reported securities are owned directly by the reporting person, a limited partnership. Andrew M. Silberstein, a trustee of the issuer, indirectly holds an equity interest in the reporting person and serves as the deputized trustee of the reporting person serving on the issuer's board of trustees as the reporting person's representative. See Remarks section. The reporting person converted from a limited liability company into a limited partnership on December 31, 2013. Prior to the conversion, the reporting person was known as ARS VI Investor I, LLC.
Remarks
Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among the reporting person, the issuer, and certain subsidiaries of the issuer, the reporting person may designate a trustee on the issuer's board of trustees. The deputized trustee of the reporting person is Andrew M. Silberstein, who serves on the issuer's board of trustees as the reporting person's representative.