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

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CUSIP NO. 749227609		13D		Page 25 of 33 Pages

(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

5. NRESF

(a)    As of the
close of business on May 26, 2017, NRESF beneficially owned 117,040 Common Shares.

Percentage: Approximately 0.1%

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

ii. Shared power to vote or direct vote: 117,040

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

iv. Shared power to dispose or direct the disposition: 117,040

6. NexPoint Advisors

(a)    As of the close of business on May 26, 2017, NexPoint Advisors, as the investment advisor to NRESF, may be
deemed the beneficial owner of the 117,040 Common Shares held by NRESF.

Percentage: Approximately 0.1%

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

ii. Shared power to vote or direct vote: 117,040

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

iv. Shared power to dispose or direct the disposition: 117,040

7. NexPoint Advisors GP

(a)    As of the close of business on May 26, 2017, NexPoint Advisors GP, as the general partner of NexPoint Advisors,
the investment advisor to NRESF, may be deemed the beneficial owner of the 117,040 Common Shares held by NRESF.

Percentage: Approximately
0.1%

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

ii. Shared power to vote or direct vote: 117,040

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

iv. Shared power to dispose or direct the disposition: 117,040

8. Select Fund

(a)    As of
the close of business on May 26, 2017, Select Fund beneficially owned 2,332,087 Common Shares.

Percentage: Approximately 2.5%

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

ii. Shared power to vote or direct vote: 2,332,087

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

iv. Shared power to dispose or direct the disposition: 2,332,087

9. Select GP

(a)    As of
the close of business on May 26, 2017, Select GP, as the general partner of the Select Fund, may be deemed the beneficial owner of 2,332,087 Common Shares held by Select Fund.

Percentage: Approximately 2.5%

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

ii. Shared power to vote or direct vote: 2,332,087