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

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CUSIP NO. 749227609		13D		Page 26 of 33 Pages

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

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

10. Select LLC

(a)    As of
the close of business on May 26, 2017, Select LLC, as the general partner of the Select GP, the general partner of 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

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

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

11. Highland Capital

(a)    As of the close of business on May 26, 2017, Highland Capital, as the sole member of Select LLC, the general
partner of the Select GP, which is the general partner of 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

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

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

12. Strand

(a)    As of the
close of business on May 26, 2017, Strand, as the general partner of Highland Capital, the sole member of Select LLC, which is the general partner of the Select GP, which is the general partner of 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

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

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

13. Mr. Dondero

(a)    As of the close of business on May 26, 2017, Mr. Dondero, who is the president of NexPoint Advisors GP
(the general partner of the NRESFs advisor) and Strand (the general partner of the sole member of the general partner of Select Funds general partner) and ultimately controls Strand XVI (the general partner of the advisor to Global Fund
and Small Cap Fund) and NexPoint Advisors GP, may be deemed the beneficial owner of 5,282,377 Common Shares held by Global Fund, Small-Cap Fund, NRESF and Select Fund.

Percentage: Approximately 5.7%

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

ii. Shared power to vote or direct vote: 5,282,377

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

iv. Shared power to dispose or direct the disposition: 5,282,377

14. NRE Advisors, NRE Advisors GP, Ms. Kuenstner, Mr. Pons and Mr. Richardson

(a)    As of the close of business on May 26, 2017, none of NRE Advisors, NRE Advisors GP, Ms. Kuenstner,
Mr. Pons and Mr. Richardson beneficially owned any Common Shares.