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Filing Details

Accession Number:
0001193125-19-040788
Form Type:
13G Filing
Publication Date:
2019-02-14 16:07:04
Filed By:
Highland Capital Management
Company:
Rait Financial Trust (NYSE:RASFQ)
Filing Date:
2019-02-14
SEC Url:
13G Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highland Global Allocation Fund 0 44,387 0 44,387 44,387 2.4%
Highland Small-Cap Equity Fund 0 12,277 0 12,277 12,277 0.7%
Highland Capital Management Fund Advisors 0 56,664 0 56,664 56,664 3.0%
Strand Advisors XVI, Inc 0 56,664 0 56,664 56,664 3.0%
NexPoint Real Estate Strategies Fund 0 0 0 0 0 0.0%
NexPoint Advisors 0 0 0 0 0 0.0%
NexPoint Advisors GP 0 0 0 0 0 0.0%
Highland Select Equity Master Fund 0 34,830 0 34,830 34,830 1.9%
Highland Select Equity Fund GP 0 34,830 0 34,830 34,830 1.9%
Highland Select Equity GP 0 34,830 0 34,830 34,830 1.9%
Highland Capital Management 0 34,830 0 34,830 34,830 1.9%
Strand Advisors, Inc 0 34,830 0 34,830 34,830 1.9%
James D. Dondero 0 91,494 0 91,494 91,494 4.9%
Amount beneficially owned Percent of Class1 Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Highland Global Allocation Fund 44,387
Filing

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G/A

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.03d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.03d-2

(Amendment No. 1 )

 

 

RAIT FINANCIAL TRUST

(Name of Issuer)

Common Shares of Beneficial Interest, $1.50 par value per share

(Title of Class of Securities)

749227609

(CUSIP Number)

December 31, 2018

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

*

The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Global Allocation Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

44,387

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

44,387

  (9)  

Aggregate amount beneficially owned by each reporting person

 

44,387

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

2.4%

(12)  

Type of reporting person (see instructions)

 

IV, OO

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Small-Cap Equity Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

12,277

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

12,277

  (9)  

Aggregate amount beneficially owned by each reporting person

 

12,277

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

0.7%

(12)  

Type of reporting person (see instructions)

 

IV, OO

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Capital Management Fund Advisors, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Massachusetts

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

56,664

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

56,664

  (9)  

Aggregate amount beneficially owned by each reporting person

 

56,664

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

3.0%

(12)  

Type of reporting person (see instructions)

 

IA, PN

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Strand Advisors XVI, Inc.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

56,664

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

56,664

  (9)  

Aggregate amount beneficially owned by each reporting person

 

56,664

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

3.0%

(12)  

Type of reporting person (see instructions)

 

HC, OO

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

NexPoint Real Estate Strategies Fund

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

0

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

0

  (9)  

Aggregate amount beneficially owned by each reporting person

 

0

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

0.0%

(12)  

Type of reporting person (see instructions)

 

IV

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

NexPoint Advisors, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

0

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

0

  (9)  

Aggregate amount beneficially owned by each reporting person

 

0

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

0.0%

(12)  

Type of reporting person (see instructions)

 

IA, PN

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

NexPoint Advisors GP, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

0

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

0

  (9)  

Aggregate amount beneficially owned by each reporting person

 

0

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

0.0%

(12)  

Type of reporting person (see instructions)

 

HC, OO

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Select Equity Master Fund, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Bermuda

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

34,830

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

34,830

  (9)  

Aggregate amount beneficially owned by each reporting person

 

34,830

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

PN

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Select Equity Fund GP, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

34,830

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

34,830

  (9)  

Aggregate amount beneficially owned by each reporting person

 

34,830

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

PN

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Select Equity GP, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

34,830

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

34,830

  (9)  

Aggregate amount beneficially owned by each reporting person

 

34,830

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

OO

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Highland Capital Management, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

34,830

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

34,830

  (9)  

Aggregate amount beneficially owned by each reporting person

 

34,830

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

IA, PN

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

Strand Advisors, Inc.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

34,830

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

34,830

  (9)  

Aggregate amount beneficially owned by each reporting person

 

34,830

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

1.9%

(12)  

Type of reporting person (see instructions)

 

HC, CO

 

 


CUSIP No. 749227609    SCHEDULE 13G/A   

 

  (1)   

Name of reporting person

 

James D. Dondero

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ☐        (b)  ☐

 

  (3)  

SEC use only

 

  (4)  

Citizenship or place of organization

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with

   (5)    

Sole voting power

 

0

   (6)   

Shared voting power

 

91,494

   (7)   

Sole dispositive power

 

0

   (8)   

Shared dispositive power

 

91,494

  (9)  

Aggregate amount beneficially owned by each reporting person

 

91,494

(10)  

Check if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

(11)  

Percent of class represented by amount in Row (9)

 

4.9%

(12)  

Type of reporting person (see instructions)

 

HC, IN

 

 


CUSIP NO. 749227609    13G/A   

 

SCHEDULE 13G/A

This Amendment No. 1 (this Amendment) to Schedule 13G (the 13G) is being filed on behalf of Highland Global Allocation Fund, a series of Highland Funds II, a Massachusetts business trust (the Global Fund), Highland Small-Cap Equity Fund, a series of Highland Funds II, a Massachusetts business trust (the Small-Cap Fund), Highland Capital Management Fund Advisors, L.P., a Delaware limited partnership (Highland Fund Advisors), Strand Advisors XVI, Inc., a Delaware corporation (Strand XVI), NexPoint Real Estate Strategies Fund, a Delaware statutory trust (NRESF), NexPoint Advisors, L.P., a Delaware limited partnership (NexPoint Advisors), NexPoint Advisors GP, LLC, a Delaware limited liability company (NexPoint Advisors GP), Highland Select Equity Master Fund, L.P., a Bermuda limited partnership (Select Fund), Highland Select Equity Fund GP, L.P., a Delaware limited partnership (Select GP), Highland Select Equity GP, LLC, a Delaware limited liability company (Select LLC), Highland Capital Management, L.P., a Delaware limited partnership (Highland Capital), Strand Advisors, Inc., a Delaware corporation (Strand) and James D. Dondero (collectively, the Reporting Persons). This Amendment amends and restates the 13G in its entirety as set forth below.

Item 1(a). Name of Issuer:

RAIT Financial Trust (the Issuer)

Item 1(b). Address of Issuers Principal Executive Offices:

Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103

Item 2(a). Name of Persons Filing:

This 13G is filed by and on behalf of each of the following persons: (1) Global Fund, (2) Small-Cap Fund, (3) Highland Fund Advisors, (4), Strand XVI, (5) NRESF, (6) NexPoint Advisors, (7) NexPoint Advisors GP, (8) Select Fund, (9) Select GP, (10) Select LLC, (11) Highland Capital, (12) Strand and (13) James D. Dondero.

Item 2(b). Address of Principal Business Office or, if None, Residence:

The address of the principal business office of each of the Reporting Persons is 300 Crescent Court, Suite 700, Dallas, Texas 75201.

Item 2(c). Citizenship:

Mr. Dondero is a United States citizen. Global Fund and Small-Cap Fund are series of a Massachusetts business trust. Highland Fund Advisors, NexPoint Advisors, Select GP, and Highland Capital are Delaware limited partnerships. Strand XVI and Strand are Delaware corporations. NRESF is a Delaware statutory trust. NexPoint Advisors GP and Select LLC are Delaware limited liability companies. Select Fund is a Bermuda limited partnership.

Item 2(d). Title of Class of Securities:

Common Shares of Beneficial Interest, $1.50 par value per share.

Item 2(e). CUSIP Number:

749227609

 

 


Item 3. If this statement is filed pursuant to §§ 240.03d-1(b), or 240.03d-2(b) or (c), check whether the person filing is a:

Not applicable.

Item 4. Ownership:

(a) (c)

The following beneficial ownership of each of the Reporting Persons as of December 31, 2018 is as follows:

 

Name of Reporting Person    Amount
beneficially
owned
     Percent
of Class1
    Sole
Voting
Power
     Shared
Voting
Power
     Sole
Dispositive
Power
     Shared
Dispositive
Power
 

Highland Global Allocation Fund

     44,387        2.4     0        44,387        0        44,387  

Highland Small-Cap Equity Fund

     12,277        0.7     0        12,277        0        12,277  

Highland Capital Management Fund Advisors, L.P.

     56,664        3.0     0        56,664        0        56,664  

Strand Advisors XVI, Inc.

     56,664        3.0     0        56,664        0        56,664  

NexPoint Real Estate Strategies Fund

     0        0.0     0        0        0        0  

NexPoint Advisors, L.P.

     0        0.0     0        0        0        0  

NexPoint Advisors GP, LLC

     0        0.0     0        0        0        0  

Highland Select Equity Master Fund, L.P.

     34,830        1.9     0        34,830        0        34,830  

Highland Select Equity Fund GP, L.P.

     34,830        1.9     0        34,830        0        34,830  

Highland Select Equity GP, LLC

     34,830        1.9     0        34,830        0        34,830  

Highland Capital Management, L.P.

     34,830        1.9     0        34,830        0        34,830  

Strand Advisors, Inc.

     34,830        1.9     0        34,830        0        34,830  

James D. Dondero

     91,494        4.9     0        91,494        0        91,494  

TOTAL

     91,494        4.9     0        91,494        0        91,494  

 

1.

The percentages are based on 1,850,471 common shares of beneficial interest, par value $1.50 per share, outstanding as of November 2, 2018, which is the total number of common shares of beneficial interest outstanding as reported in the Issuers Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2018.

Item 5. Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owners of more than five percent of the class of securities, check the following [X].

Item 6. Ownership of More Than Five Percent on Behalf of Another Person:

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person:

Not applicable.

Item 8. Identification and Classification of Members of the Group:

Not applicable.


Item 9. Notice of Dissolution of Group:

Not applicable.

Item 10. Certification.

Not applicable.


CUSIP NO. 749227609    13G

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2019

 

HIGHLAND FUNDS II, on behalf of its series Highland Global Allocation Fund
  By:  

/s/ Frank Waterhouse

    Name: Frank Waterhouse
    Title: Authorized Signatory
HIGHLAND FUNDS II, on behalf of its series Highland Small-Cap Equity Fund
  By:  

/s/ Frank Waterhouse

    Name: Frank Waterhouse
    Title: Authorized Signatory
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.
By:   Strand Advisors XVI, Inc., its general partner
  By:  

/s/ Frank Waterhouse

    Name: Frank Waterhouse
    Title: Authorized Signatory
STRAND ADVISORS XVI, INC.
  By:  

/s/ Frank Waterhouse

    Name: Frank Waterhouse
    Title: Authorized Signatory
NEXPOINT REAL ESTATE STRATEGIES FUND
  By:  

/s/ Frank Waterhouse

    Name: Frank Waterhouse
    Title: Authorized Signatory

By: Highland Capital Management, L.P., its sole member
By:   Strand Advisors, Inc., its general partner
  By: /s/ James Dondero                                
        Name: James Dondero
        Title: Authorized Signatory
HIGHLAND CAPITAL MANAGEMENT, L.P.
By:   Strand Advisors, Inc., its general partner
  By: /s/ James Dondero                                
        Name: James Dondero
        Title: Authorized Signatory
STRAND ADVISORS, INC.
  By: /s/ James Dondero                                
        Name: James Dondero
        Title: Authorized Signatory

/s/ James D. Dondero

James D. Dondero