- -----------------------------                                                                          -----------------------------
|          FORM 5           |                 U.S. SECURITIES AND EXCHANGE COMMISSION                  |        OMB APPROVAL       |
- -----------------------------                         Washington, D.C. 20549                           |----------------------------
[_]  Check this box                                                                                    | OMB Number:     3235-0362 |
     if no longer subject               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP            | Expires: January 31, 2005 |
     to Section 16. Form 4                                                                             | Estimated average burden  |
     or Form 5 obligations          Filed pursuant to Section 16(a) of the Securities Exchange         | hours per response....1.0 |
     may continue. See               Act of 1934, Section 17(a) of the Public Utility Holding          -----------------------------
     Instruction 1(b).                      Company Act of 1935 or Section 30(h) of the
[_]  Form 3 Holdings                              Investment Company Act of 1940
     Reported
[x]  Form 4 Transactions
     Reported
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| 1. Name and Address of               | 2. Issuer Name and Ticker or              | 6. Relationship of Reporting Person(s)        |
|    Reporting Person*                 |    Trading Symbol                         |     to Issuer (Check all applicable)          |
|                                      |                                           |                                               |
|                                      |                                           |    |X| Director             |_| 10% Owner     |
|  Edelman, Martin L.                  |  Capital Trust, Inc. (CT)                 |    |_| Officer (give title  |_| Other (specify|
- ------------------------------------------------------------------------------------                 below)                 below) |
|   (Last)    (First)    (Middle)      | 3. IRS                  | 4. Statement for|                                               |
|                                      |    Identification       |    Month/Year   |                                               |
|                                      |    Number of            |                 |                                               |
|c/o Paul, Hastings, Janofsky &        |    Reporting            | December 2002   |------------------------------------------------
|Walker LLP, 75 East 55th Street       |    Person, if an        ------------------- 7. Individual or Joint/Group Reporting        |
- ----------------------------------------    entity               | 5. If Amendment,|        (check applicable line)                |
|             (Street)                 |    (Voluntary)          |    Date of      |                                               |
|                                      |                         |    Original     |    |X| Form Filed by One Reporting Person     |
|                                      |                         |    (Month/Year) |    |_| Form Filed by More than One Reporting  |
|                                      |                         |                 |        Person                                 |
| New York, NY 10022                   |                         |                 |                                               |
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|   (City)    (State)    (Zip)       |      Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned      |
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|1.                             |2.      |2A.     |3.     |4.                                   |5.             |6.     |7.        |
|Title of Security              |Trans-  |Deemed  |Trans- |Securities Acquired (A)              |Amount of      |Owner- |Nature of |
|(Instr. 3)                     |action  |Execu-  |action |or Disposed of (D)                   |Securities     |ship   |Indirect  |
|                               |Date    |tion    |Code   |(Instr. 3, 4 and 5)                  |Beneficially   |Form:  |Beneficial|
|                               |(Month/ |Date,   |(Instr.|                                     |Owned at end   |Direct |Ownership |
|                               |Day/    |if any  | 8)    |-------------------------------------|of Issuer's    |(D) or |(Instr. 4)|
|                               |Year)   |(Month/ |       |                |(A)|                |Fiscal Year    |Ind-   |          |
|                               |        |Day/    |       |                |or |                |(Instr. 3      |direct |          |
|                               |        |Year)   |       |     Amount     |(D)|      Price     | and 4)        |(Instr.|          |
                                                                                                                | 4)    |          |
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|                               |        |        |       |                |   |                |               |       |          |
|Class A Common Stock Units     |3/31/02 |        |  A    |   1,384(1)     | A |                |               |   D   |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|Class A Common Stock Units     |6/30/02 |        |  A    |   1,520(1)     | A |                |               |   D   |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|Class A Common Stock Units     |9/30/02 |        |  A    |   1,552(1)     | A |                |               |   D   |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|Class A Common Stock Units     |12/31/02|        |  A    |   1,623(1)     | A |                |    30,710     |   D   |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
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|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
|                               |        |        |       |                |   |                |               |       |          |
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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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| FORM 5 (continued)                Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned                 |
|                                           (e.g., puts, calls, warrants, options, convertible securities)                         |
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|1.                                |2.         |3.      |3A.     |4.     |5.                                     |6.               |
|Title of Derivative Security      |Conversion |Trans-  |Deemed  |Trans- |Number of Derivative Securities        |Date Exercisable |
|(Instr. 3)                        |or Exercise|action  |Execu-  |action |Acquired (A) or Disposed of (D)        |and Expiration   |
|                                  |Price of   |Date    |tion    |Code   |(Instr. 3, 4 and 5)                    |Date (Month/Day  |
|                                  |Derivative |(Month/ |Date,   |(Instr.|                                       |Year)            |
|                                  |Security   |Day/    |if any  | 8)    |---------------------------------------|------------------
|                                  |           |Year)   |(Month/ |       |                   |                   | Date   | Expi-  |
|                                  |           |        |Day/    |       |                   |                   | Exer-  | ra-    |
|                                  |           |        |Year)   |       |                   |                   | cis-   | tion   |
|                                  |           |        |        |       |        (A)        |        (D)        | able   | Date   |
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|                                  |           |        |        |       |                   |                   |        |        |
|                                  |           |        |        |       |                   |                   |        |        |
|                                  |           |        |        |       |                   |                   |        |        |
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                                                                                                                   Page 2 of 3 Pages



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| FORM 5 (continued)           Table II (continued) -- Derivative Securities Acquired, Disposed of, or Beneficially Owned          |
|                                           (e.g., puts, calls, warrants, options, convertible securities)                         |
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|1.                              |7.                                      |8.          |9.                   |10.      |11.        |
|Title of Derivative Security    |Title and Amount of Underlying          |Price of    |Number of Derivative |Owner-   |Nature of  |
|(Instr. 3)                      |Securities (Instr. 3, 4 and 5)          |Derivative  |Securities Bene-     |ship of  |Indirect   |
|                                |                                        |Security    |ficially Owned at    |Deriv-   |Beneficial |
|                                |                                        |(Instr. 5)  |End of Year          |ative    |Ownership  |
|                                |                                        |            |(Instr. 4)           |Security:|(Instr. 4) |
|                                |----------------------------------------|            |                     |Direct   |           |
|                                |                    |     Amount or     |            |                     |(D) or   |           |
|                                |        Title       |     Number of     |            |                     |Indirect |           |
|                                |                    |     Shares        |            |                     |(I)      |           |
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|                                |                    |                   |            |                     |         |           |
|                                |                    |                   |            |                     |         |           |
|                                |                    |                   |            |                     |         |           |
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Explanation of Responses:
|
|  (1) Class A Common Stock Units convert to shares of Class A Common Stock on a one-for-one basis at the time
       determined at grant.
|
|
|                                                                      /s/ Martin L. Edelman                  February 13, 2003
**   Intentional misstatements or omissions of facts                  -----------------------------------    -----------------------
     constitute Federal Criminal Violations. See 18 U.S.C.              **Signature of Reporting Person                Date
     1001 and 15 U.S.C. 78ff(a).                                       Martin L. Edelman
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