Slide Presentation

www.raitft.com

A Diversified Real Estate Finance REIT

2007 FBR Capital Markets Investor Conference

November 27, 2007

Exhibit 99.1

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Forward Looking Disclosure and Use of Non-

GAAP Financial Measures

This document and the related presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995. These forward-looking statements include, but are not limited to, statements about RAIT Financial Trust’s (“RAIT”) plans, objectives, expectations

and intentions with respect to future operations, products and services and other statements that are not historical facts. These forward-looking

statements

are

based

upon

the

current

beliefs

and

expectations

RAIT's

management

and

are

inherently

subject

significant

business,

economic

and

competitive

uncertainties

and

contingencies,

many

which

are

difficult

predict

and

generally

not

within

RAIT’s

control.

addition,

these

forward-

looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may

differ materially from the anticipated results discussed in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the

forward-looking

statements:

the

risk

factors

discussed

and

identified

filings

RAIT

with

the

Securities

and

Exchange

Commission;

adverse

market

developments

and

credit

losses

have

reduced,

and

may

continue

reduce,

the

value

trust

preferred

securities

and

subordinated

debentures;

adverse

market developments may reduce the value of other assets in RAIT’s

investment portfolio; RAIT’s

liquidity may be adversely affected by the reduced

availability of short-term and long-term financing, including a reduction in the market for securities issued in securitizations and in the availability of

repurchase

agreements

and

warehouse

facilities;

RAIT’s

liquidity

may

adversely

affected

margin

calls;

RAIT

may

unable

obtain

adequate

capital at attractive rates or otherwise; payment delinquencies or failure to meet other collateral performance criteria in collateral underlying RAIT’s

securitizations

have

restricted,

and

may

continue

restrict,

RAIT’s

ability

receive

cash

distributions

from

its

securitizations;

covenants

RAIT’s

financing arrangements may restrict its business operations; fluctuations in interest rates and related hedging activities against such interest rates may

affect

RAIT’s

earnings

and

the

value

its

assets;

borrowing

costs

may

increase

relative

the

interest

received

RAIT’s

investments;

RAIT

may

unable to acquire eligible securities for securitization transactions on favorable economic terms; RAIT may experience unexpected results arising from

litigation; RAIT and Taberna Realty Finance Trust may fail to maintain qualification as REITs; RAIT may fail to maintain exemptions under the Investment

Company Act of 1940; geographic concentrations in investment portfolios of residential mortgage loans could be adversely affected by economic factors

unique

such

concentrations;

the

market

value

real

estate

that

secures

mortgage

loans

could

diminish

due

factors

outside

RAIT’s

control;

adverse governmental or regulatory policies may be enacted; management and other key personnel may be lost; competition from other REITs and other

specialty

finance

companies

may

increase;

and

general

business

and

economic

conditions

could

adversely

affect

credit

quality

and

loan

originations.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All subsequent

written and oral forward-looking statements attributable to RAIT or any person acting on it’s behalf are expressly qualified in their entirety by the

cautionary statements contained or referred to in this document and the related presentation. Except to the extent required by applicable law or

regulation, RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this

presentation or to reflect the occurrence of unanticipated events.

This document contains, and the related presentation may contain, non-U.S. generally accepted accounting principles (“GAAP”) financial measures. A

reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in this document which is

available on RAIT’s

website at www.raitft.com.

www.raitft.com

RAIT is a specialty finance REIT that provides a broad set of debt financing options to the

real estate industry in the U.S. and Europe. We seek to generate risk-adjusted investor

returns on a diversified portfolio of assets and to earn fees from origination, structuring

and management activities.

Diversified Real Estate Finance REIT

Assets under management -

$14.3

billion

Commercial real estate loans -

$2.3

billion

European program –

primarily

subordinated debt of European real

estate companies -

$1.5 billion

Domestic TruPS and subordinated

debt -

$5.3 billion

Residential mortgage securitized

portfolio -

$4.2 billion

Other investments -

$1 billion

RAIT Snapshot:

Public in January 1998

$0.46 per common share dividend

in Q3 2007

20.4% Common dividend yield

based on $9.02 stock price at

11/13/07

$75 million share buy back

authorization in place

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Key Drivers of Value Creation

Credit focus

Experienced

management team

Risk monitoring and

surveillance

Long term matched

funding

A diverse portfolio

of originated and

managed assets

Enhanced

Shareholder

Value

Enhanced

Shareholder

Value

Economic book value

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Strategy

Manage diversified portfolios staying focused on credit to

achieve above average risk-adjusted returns

Allocate capital to commercial real estate and European

platforms

Generate fee income from loan originations, structuring

and asset management fees

Expand third-party asset management and co-investment

opportunities

Sustain and grow quarterly dividends from current levels

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Investment Portfolio Summary

Note: As of 9/30/07

Amortized

Cost(1)

Estimated

FairValue(2)

Percentage

of Total

Portfolio

Weighted

Average

Coupon(3)

(dollars in thousands)

Investments in Securities:

TruPS

and subordinated debentures................................$

4,775,807

4,568,961

38.2%

7.9%

Unsecured REIT note receivables...................................

386,946

368,659

3.1%

5.6%

CMBS receivables...........................................................

283,156

253,692

2.0%

5.7%

Other securities................................................................

160,278

139,692

1.2%

9.7%

Total investments in securities.......................................

5,606,187

5,331,004

44.5%

7.7%

Investments in Mortgages and Loans

Residential mortgages and mortgagerelated receivables(4)...

4,167,907

4,096,794

34.2%

5.6%

Commercial mortgages and mezzanine loans.........................

2,251,972

2,255,622

18.9%

8.9%

Total investments

in mortgages and loans..............................

6,419,879

6,352,416

53.1%

6.8%

Investments in real estate interests

...................................

284,655

2.4%

N/A

Total Portfolio/Weighted Average..........................................

12,310,721

11,968,075

100.0%

7.2%

(1)

Amortized cost reflects the cost incurred by us to acquire or originate the asset, net of origination discount and

other than temporary impairment.

(2)

The fair value of our investments represents our management’s estimate of the price that a willing buyer would

pay a willing seller for such assets. Our management bases this estimate on the underlying interest rates and

credit spreads for fixed-rate securities and, to the extent available, quoted market prices. The amortized cost of

our investments in real estate interests

approximates fair value.

(3)

Weighted average coupon is calculated on the unpaid principal amount of the underlying instruments which does

not necessarily correspond to amortized cost or estimated fair value.

(4)

Our investments in residential mortgages

and mortgagerelated receivables at September30, 2007 consisted of

-related receivables at September30, 2007 consisted of

investments in adjustable rate residential mortgages. These mortgages bear interest rates that are fixed for three,

five, seven and ten year periods, respectively, and reset annual

thereafter and are referred to as 3/1, 5/1, 7/1

and 10/1 ARMs, respectively. We financed our investment in these assets through shortterm repurchase

agreements and long

term securitizations.

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Portfolio: Invested Capital & Cash Flow

Summary

Note: As of 9/30/07

(1)

Represents RAIT’s

retained interests in Taberna II, III, IV,V, VI and VII securitizations

(2)

Represents RAIT’s

retained interest in Taberna I, VIII and XI securitizations

(3)

Includes asset management fees and yield

($ in thousands)

Invested

Capital

Annualized Gross

Cash Flow(3)

Yield on Invested

Capital

Commercial Real Estate Portfolio

............................................................

$ 800,124

$ 126,650

16%

European Portfolio

(unconsolidated).......................................................

56,377

12,574

22%

Domestic TruPS

Portfolio..........................................................................

102,000(1)

12,066

12%

275,300(2)

46,026

17%

Residential mortgage Portfolio.................................................................

257,583

19,614

Other

assets

................................................................................................

33,212

4,459

13%

Totals

.........................................................................................................

1,524,596

221,389

15%

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$2.3 billion CRE assets under management:

Originating and underwriting commercial real

estate loans since 1998

Extensive origination platform:

referral network

repeat borrowers

wall street

Commercial Real Estate Portfolio

Note: As of 9/30/07

Program types:

Commercial Mortgage Loan Program

Senior whole loans, short-term bridge loans

$5 million -

$50 million

Mezzanine Lending and Preferred Equity Program

$250,000 -

$50 million

Higher rates of return than commercial mortgage loans

Strong credit history

14%-20%

$800,124

Target Yields

Invested Capital ($ in thousands)

www.raitft.com

$228

$456

$614

$1,064

$1,396

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2003

2004

2005

2006

YTD '07

Gross Production

(in millions)

Commercial Real Estate Portfolio: Loan

Production

(in millions)

Note: As of 9/30/07

(1) –

Calculated by subtracting the amounts of any repayments and prepayments in the same year.

$96

$201

$241

$539

$1,143

$200

$400

$600

$800

$1,000

$1,200

$1,400

2003

2004

2005

2006

YTD '07

Net Production(1)

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Commercial Real Estate Portfolio: Loan

Characteristics

Property Types

Geographic Distribution

Note: As of 9/30/07

Amortized

Cost

Weighted

Average

Coupon

Number

of Loans

% of

Total

Loan

Portfolio

Commercial mortgages

$ 1,486

8.3%

132

66.0%

Mezzanine loans

563

10.8%

170

25.0%

Other loans

203

7.7%

9.0%

Unearned Fees

(17)

Total

$ 2,235

8.9%

314

100%

Mid-

Atlantic

14%

Central

33%

Southeast

21%

West 27%

Northeast

Multi-family

51%

Office 25%

Retail 18%

Industrial 1%

Other 5%

($ in millions)

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European Platform Profile:

$1.5 billion European non-consolidated assets under management

generating enhanced fee income

London office:

11 employees

Strategy :

create one of the top European real estate asset

managers

expand commercial real estate lending in Europe

European Profile

Note: As of 9/30/07

Origination platform:

Extensive referral network

Financing:

As of 9/30/07 –

approximately EUR 513.4 million ($732

million) of capital available in two securitizations in

ramp up period to finance new investments

Expect to finance additional European assets through

another securitization in 2008

15%-25%

$56,377

Target Yields

Invested Capital ($ in thousands)

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European Portfolio Characteristics

Issuer Types

Note: As of 9/30/07

Diversified,

26%

Retail, 21%

Hotel, 11%

Office, 14%

Warehouse/Ind

ustrial, 5%

Specialty

Finance, 11%

Financial

Institutions, 3%

CMBS, 4%

Multi Family,

Infrastructure,

B Notes, 1%

Geographic Distribution

B Notes, 1%

Trust

Preferred, 2%

CMBS, 4%

Perpetual, 8%

Subordinated,

32%

Senior, 53%

Investment Types

Other, 16%

Czech Republic /

Slovak, 5%

Germany, 11%

Spain, 13%

US, 14%

France, 18%

UK, 23%

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Domestic TruPS Platform Profile:

$5.3 billion assets under management

Extensive origination platform

Extensive referral network

Fees:

Asset management fees

Origination fees

Current market conditions

Domestic TruPS Portfolio

15%-20%

$377,300

Target Yields

Invested Capital ($ in thousands)

Commercial

Mortgage

28%

Office 18%

Homebuilders

15%

Residential

Mortgage

13%

Retail 4%

Specialty

finance

15%

Storage

Hospitality

TruPS Issuer Types

Note: As of 9/30/07

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Residential Mortgage Loan Portfolio Profile

Geographic Distribution

Note: As of 9/30/07

CA 44%

IL 3%

FL 7%

AZ 3%

All other

states 22%

WA 3%

VA 5%

NJ 4%

NY 3%

NV 3%

MD 3%

($ in millions)

>710,

75%

<640, 1%

709 -

641, 24%

Portfolio by FICO Score

Target Yields

$257,583

6%-10%

Invested Capital ($ in thousands)

Carrying

Amount at

9/30/07

Average

Interest

Rate

Average

Adjustment

Date

Number

Loans

% of

Portfolio

Average

FICO

3/1 ARM.......................

.$ 121

5.6%

Aug. 2008

310

2.9%

732

5/1 ARM.......................

3,423

5.6%

Jul. 2010

7,075

82.1%

739

7/1 ARM.......................

559

5.7%

Aug. 2011

1,232

13.4%

737

10/1 ARM.....................

5.7%

June 2015

1.6%

749

Total.............................

$4,168

5.6%

8,690

100.0%

738

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Other Investments

Note: As of 9/30/07

1 -

Held in consolidated securitizations.

($ in millions)

Investment Description

Weighted

Average

Coupon

Estimated

Fair Value

RMBS

................................................................

5.7%

$ 5

CMBS receivables

(1)

..............................

.................

5.7%

254

Unsecured REIT notes

(1)

..............................

...........

5.6%

369

Other securities

.....................................................

9.9%

134

Total

................................................................

6.4%

$762

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Liquidity & Capital Resources at

9/30/07

$176.6 million of available cash

$441.0 million of restricted cash (primarily related to committed

funds under our consolidated securitizations)

Repurchase indebtedness

Decreased by $700 million to $212.8 million

EUR 513.4 million ($732 million) of off balance sheet restricted

cash (related to available funds for investment under our

unconsolidated European securitizations in their ramp-up period)

$81.4 million of unused capacity under commercial bank facilities

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Selected GAAP Financial Data

Nine months

ended

September 30,

2007

Year ended

December 31,

2006

Operating Data:

Net investment income

$ 141,279

$ 75,095

Total revenue

170,251

102,282

Total expenses

102,014

32,320

Net income (loss) from continuing operations

(187,320)

72,098

Net income (loss) available to common shareholders

(195,855)

67,839

Balance Sheet Data:

Investments in securities

5,420,905

5,138,311

Commercial mortgages, mezzanine loans and other loans

2,235,102

1,250,945

Residential mortgages and mortgage related receivables

4,167,907

4,676,950

Total assets

13,136,344

12,060,506

Total indebtedness

11,757,614

10,452,191

Total liabilities

12,102,779

10,739,829

Minority interest

6,303

124,273

Shareholders’ equity

1,027,262

1,196,404

Other Data:

Common shares outstanding, at period end

61,000,401

52,151,412

Dividends declared per share

2.10

2.70

($ in thousands)

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Performance Measures

Adjusted Earnings

is an additional measure of our operating performance because it facilitates evaluation of us without

the effects of adjustments in accordance with GAAP that may not necessarily be indicative of current operating

performance. Reconciliation of Reported GAAP Net Income Available to Common Shares to Adjusted Earnings for the

Three-Month and Nine-Month Periods Ended September 30, 2007 (unaudited) (1)

(1)

Adjusted

earnings

and

adjusted

earnings

per

are

non-GAAP

financial

measurements

and

not

purport

alternative

net

income

earnings

per

determined

accordance

with

GAAP

measure

operating

performance

cash

flows

from

operating

activities

determined

accordance

with

GAAP

measure

liquidity.

define

adjusted

earnings

net

income

available

common

shares,

determined

accordance

with

GAAP,

adjusted

for

the

following

items:

real

estate

depreciation,

amortization

intangible

assets,

share-based

compensation,

allowance

for

loan

losses,

unrealized

gains

(losses)

hedges,

deferred

fee

income

and

the

deferred

tax

provision.

Management

views

adjusted

earnings

useful

and

appropriate

supplement

net

income

and

earnings

per

share.

The

measure

serves

additional

measure

our

operating

performance

because

facilitates

evaluation

without

the

effects

certain

adjustments

accordance

with

GAAP

that

may

not

necessarily

indicative

current

operating

performance.

Adjusted

earnings

should

reviewed

connection

with

net

income

and

cash

flows

from

operating,

investing

and

financing

activities

our

consolidated

financial

statements,

help

analyze

how

our

business

performing.

Adjusted

earnings

and

other

supplemental

performance

measures

are

defined

various

ways

throughout

the

REIT

industry.

Investors

should

consider

these

differences when comparing our adjusted earnings to other REITs.

For the three

months ended

September 30,

2007

For the nine

months ended

September 30,

2007

Net income available to common shares, as reported

(243,591)

(195,855)

Add (deduct):

Depreciation

1,945

3,816

Amortization of intangible asset

17,473

46,051

Provision for losses

6,099

10,662

Unrealized (gains) losses on interest rate hedges

3,122

2,605

Asset impairment, net of minority interest of $95,986

246,968

Share-based compensation

3,016

8,753

Non-recurring item

—

2,985

Fee income deferred

(5,263)

27,732

Deferred tax provision

3,245

(15,445)

Adjusted earnings

33,014

138,272

Adjusted earnings per share

0.54

2.28

Distributions declared per common share

0.46

2.10

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Performance Measures

Total fees generated represents the total fees generated, without consideration for the deferral of fees, as yield

adjustments, in accordance with GAAP.

For the Three-Month

Period Ended

September 30, 2007

For the Nine-Month

Period Ended

September 30, 2007

(dollars in thousands)

Fees and other income, as reported

11,325

20,889

Add (deduct):

Asset management fees, eliminated

6,300

16,538

Deferred structuring fees

—

11,413

Deferred origination fees, net of

amortization

(5,263)

16,319

Total fees generated

12,362

65,159

(1) Total fees generated represents the total fees generated, without consideration for the deferral of fees, as yield adjustments, in accordance with

GAAP. This data is useful to management as a gauge of our cash revenue as it drives earnings at our taxable REIT subsidiaries for distribution to us

and ultimately to our shareholders.

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Performance Measures

Economic Book Value

is defined as shareholders’

equity, determined in accordance with GAAP, adjusted for the following

items: liquidation value of preferred shares, unamortized intangible assets, goodwill, and losses recognized in excess of

our investments at risk.

At September 30,

2007

Shareholders’ equity, as reported

$1,027,262

Add (deduct):

Liquidation value of preferred shares (1)

(165,458)

Unamortized intangible assets

(76,954)

Goodwill

(75,619)

Tangible Book Value

709,231

Unrealized losses recognized in excess of value at risk

100,000

Economic Book Value

809,231

Shares outstanding as of September 30, 2007

61,000,401

Economic Book Value per share

13.27

(1)

Based on 2,760,000 Series A Preferred shares, 2,258,300 Series B Preferred Shares, and

1,600,000 Series C Preferred shares, all of which have a liquidation preference of $25.00 per share.

www.raitft.com

A Diversified Real Estate Finance REIT

2007 FBR Capital Markets Investor Conference

November 27, 2007