Page 3 of 6 SEC Filing
| CUSIP No. 749227609 | SCHEDULE 13D/A | Page 3 of 6 |
This Amendment No. 1 (the “Amendment No. 1”) to Schedule 13D is being filed by Tiptree Financial Inc. (“Tiptree”) to amend the Schedule 13D filed on January 22, 2016 (the “Original Schedule 13D”). The information in each Item below amends the information disclosed under the corresponding Item of the Original Schedule 13D. Except as amended and supplemented herein, the information set forth in the Original Schedule 13D remains unchanged. Capitalized terms used herein have meanings as assigned thereto in the Original Schedule 13D unless defined herein. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.
| Item 1. | Security and Issuer |
This Amendment No. 1 relates to the common shares of beneficial interest, par value $0.03 per share (the “Common Shares”), of RAIT Financial Trust, a Maryland trust (the “Issuer”), having its principal executive office at 2929 Arch Street, 17th Floor, Philadelphia, PA, 19104.
| Item 3. | Source and Amount of Funds or Other Consideration |
Item 3 to Amendment No. 1 is amended, in pertinent part, as follows:
Since the filing of the Original Schedule 13D, Tiptree, through certain of its subsidiaries, purchased an aggregate of 1,044,400 additional Common Shares in the open market for an aggregate price of $2,183,411, exclusive of commissions and fees. The funds for the purchase of such Common Shares came from Tiptree and its subsidiaries’ cash on hand. No borrowed funds were used to purchase such Common Shares.
| Item 5. | Interest in Securities of the Issuer |
Item 5 to Amendment No. 1 is amended and restated as follows:
(a-b) As of the date hereof, Tiptree is the beneficial owners of 6,622,380 Common Shares (7.26%) of the Issuer, based upon the 91,235,358 Common Shares outstanding as of November 9, 2015, according to the Issuer’s Form 10-Q for the quarter ended September 30, 2015, filed with the Securities and Exchange Commission.
Tiptree is filing this Schedule 13D as the parent company of and indirect beneficial owner of the Common Shares held by its subsidiaries. Tiptree has sole voting and dispositive power of the Common Shares to which this filing relates.
(c) The trading dates, number of Common Shares purchased or sold and the price per share for all transactions in the Common Shares since the filing of the Original Schedule 13D by Tiptree’s subsidiaries are set forth in Schedule A and were effected in open market transactions. Schedule A is incorporated herein by reference.
(d) No person other than Tiptree and its applicable subsidiaries is known to have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, the securities reported in this Schedule 13D.
(e) Not applicable.
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