RAIT Financial Trust (NYSE:RAS) issued the following statement in response to the amended Schedule 13D filed yesterday by Highland Capital Management, L.P.: "RAIT strives to maintain constructive, ongoing communications with all of its shareholders and values constructive input from all shareholders on RAIT's strategy, performance and plans for creating long-term shareholder value. As always, RAIT is committed to acting in the best interests of all RAIT shareholders, and RAIT's Board of Trustees and management are confident that they are pursuing the right strategy to enhance value for all shareholders and will continue to take actions that will enable RAIT to build long-term shareholder value for all shareholders. Over the past sixty days, RAIT has announced a number of significant actions intended to facilitate the ability of RAIT to transition to a more focused and simpler business model, deleverage and generate enhanced returns for its shareholders. These initiatives, which were in the process of being executed well before Highland Capital's initial Schedule 13D filing on October 7, 2016, include the announcement of a transformative transaction to unlock shareholder value by monetizing RAIT's interest in Independence Realty Advisors, LLC, the external advisor of Independence Realty Trust, Inc. (NYSE MKT:IRT), a transaction that is expected to result in RAIT ultimately receiving $120 million in gross proceeds, before fees and expenses ("IRT Internalization Transaction"). RAIT has also recently announced a new Board leadership structure with the appointment of Michael Malter to serve as Independent Chairman of the Board of Trustees, and the naming of Scott Davidson, RAIT's current President, to be the successor to Scott Schaeffer, RAIT's current Chief Executive Officer. As Mr. Davidson discussed on RAIT's third quarter earnings call last week, as we move forward with our leadership transition, he and Mr. Malter, under the oversight of the entire RAIT Board of Trustees, will be continuing to refine RAIT's strategy and look forward to communicating further and regularly with our shareholders regarding our strategic initiatives for further simplifying RAIT's business and enhancing value for shareholders."