Exhibit 12.1

RAIT Financial Trust

Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

(dollars in thousands)

	For the years ended December 31,
	2007			2006		2005		2004		2003
Net income (loss) from continuing operations as adjusted for minority interest	$	(437,102	)	$	74,704	$	75,074	$	63,098	$	45,379
Add back fixed charges:
Interest expense		700,216			63,410		13,011		5,435		4,642
Earnings before fixed charges and preferred share dividends		263,114			138,114		88,085		68,533		50,021
Fixed charges and preferred share dividends
Interest expense		700,216			63,410		13,011		5,435		4,642
Preferred share dividends		11,817			10,079		10,076		5,279		—
Subtotal		712,033		$	73,489	$	23,087	$	10,714	$	4,642
Ratio of earnings to fixed charges and preferred share dividends		0.4x			1.9x		3.8x		6.4x		10.8x