On January 29, 2014, Scott F. Schaeffer, RAIT Financial Trust's ('RAIT') Chairman of the Board of Trustees (the 'board'), Chief Executive Officer ('CEO') and President, proposed to the board that the board promote Scott L.N. Davidson to serve as RAIT's President and for Mr. Schaeffer to continue to serve as Chairman and CEO and the Board approved Mr. Schaeffer's proposals. Mr. Davidson, has served as RAIT's President since January 2014 and served as a Managing Director of RAIT from April 2010 to January 2014. Prior to joining RAIT, Mr. Davidson served as a portfolio manager for Carlyle Blue Wave.