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

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CUSIP NO. 749227609		13D		Page 27 of 33 Pages

Percentage: Approximately 0.0%

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

ii. Shared power to vote or direct vote: 0

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

iv. Shared power to dispose or direct the disposition: 0

15. Mr. McGraner

(a) As of the close of
business on May 26, 2017, Mr. McGraner beneficially owned 3,000 Common Shares.

Percentage: Less than 0.1%

(b)    i. Sole power to vote or direct vote: 3,000

ii. Shared power to vote or direct vote: 0

iii. Sole power to dispose or direct the disposition: 3,000

iv. Shared power to dispose or direct the disposition: 0

16. Mr. Friedman

(a)    As of the close of business on May 26, 2017, Mr. Friedman beneficially owned 346,865 Common Shares.

Percentage: Approximately 0.4%

(b)    i. Sole power to vote or direct vote: 346,865

ii. Shared power to vote or direct vote: 0

iii. Sole power to dispose or direct the disposition: 346,865

iv. Shared power to dispose or direct the disposition: 0

An aggregate of 5,632,242 Common Shares, constituting approximately 5.7% of the Common Shares outstanding, are reported in this Statement.

The Reporting Persons, as members of a group for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended, may be deemed the beneficial owners of the Common Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Common Shares except to the extent of his or its pecuniary interest
therein.

(c) Annex A attached hereto lists all transactions in the Common Shares during the past 60 days by the Reporting Persons. Except
as otherwise noted, the transactions in the Common Shares were effected in the open market.

(d) Not applicable.

(e) Not applicable.

Item 6.

Purpose of Transaction.

Item 4 is hereby amended to add the following:

See Item 4 for a description of the Cooperation Agreement.