13D Filing: Highland Capital Management and Rait Financial Trust (RAS)

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CUSIP NO. 749227609		13D		Page 24 of 33 Pages

The Company and the Investor Group have also agreed to certain mutual non-disparagement and mutual release of claims provisions.

The Cooperation Agreement is attached
as Exhibit 99.8 hereto and is incorporated herein by reference. The foregoing description of the Cooperation Agreement is qualified in its entirety by reference to the full text of the Cooperation Agreement.

Item 5.

Interest in Securities of the Issuer.

Item 5 is hereby amended and restated in its
entirety to read as follows:

The aggregate percentage of Common Shares reported owned by each person named herein is based upon
92,691,743 Common Shares outstanding as of May 8, 2017, which is the total number of Common Shares outstanding as reported in the Issuers Proxy Statement filed with the Securities and Exchange Commission on May 15, 2017.

(a) (b)

1. Global Fund

(a)    As of the close of business on May 26, 2017, Global Fund beneficially owned 2,219,361 Common Shares.

Percentage: Approximately 2.4%

(b)    i. Sole power to vote or direct vote: 0

ii. Shared power to vote or direct vote: 2,219,361

iii. Sole power to dispose or direct the disposition: 0

iv. Shared power to dispose or direct the disposition: 2,219,361

2. Small-Cap Fund

(a)    As of the close of business on May 26, 2017, Small-Cap Fund
beneficially owned 613,889 Common Shares.

Percentage: Approximately 0.7%

(b)    i. Sole power to vote or direct vote: 0

ii. Shared power to vote or direct vote: 613,889

iii. Sole power to dispose or direct the disposition: 0

iv. Shared power to dispose or direct the disposition: 613,889

3. Highland Fund Advisors

(a)    As of the close of business on May 26, 2017, Highland Fund Advisors, as the investment advisor to Global Fund
and Small-Cap Fund, may be deemed the beneficial owner of the 2,833,250 Common Shares held by Global Fund and Small-Cap Fund.

Percentage: Approximately 3.1%

(b)    i. Sole power to vote or direct vote: 0

ii. Shared power to vote or direct vote: 2,833,250

iii. Sole power to dispose or direct the disposition: 0

iv. Shared power to dispose or direct the disposition: 2,833,250

4. Strand XVI

(a)    As of
the close of business on May 26, 2017, Strand XVI, as the general partner of Highland Fund Advisors, the investment advisor to Global Fund and Small-Cap Fund., may be deemed the beneficial owner of the
2,833,250 Common Shares held by Global Fund and Small-Cap Fund.

Percentage: Approximately 3.1%