Silberstein Andrew Mark 4
4 · RAIT Financial Trust · Filed Jun 29, 2018
Insider Transaction Report
Form 4
Transactions
- Award
7.75% Series A Cumulative Redeemable Preferred Shares
2018-06-27+383,147→ 383,147 total(indirect: By ARS VI Investor I, LP) - Disposition to Issuer
Series D Cumulative Redeemable Preferred Shares
2018-06-27−2,270,610→ 668,580 total(indirect: By ARS VI Investor I, LP)→ Series E Cumulative Redeemable Preferred Shares (2,270,610 underlying) - Disposition to Issuer
Series D Cumulative Redeemable Preferred Shares
2018-06-27−668,580→ 0 total(indirect: By ARS VI Investor I, LP)→ Series E Cumulative Redeemable Preferred Shares (668,580 underlying) - Award
8.375% Series B Cumulative Redeemable Preferred Shares
2018-06-27+167,828→ 167,828 total(indirect: By ARS VI Investor I, LP) - Award
8.875% Series C Cumulative Redeemable Preferred Shares
2018-06-27+117,605→ 117,605 total(indirect: By ARS VI Investor I, LP)
Footnotes (3)
- [F1]668,580 shares of Series D Cumulative Redeemable Preferred Shares (the "Exchange Shares") were exchanged with the issuer pursuant to the terms of the Redemption and Exchange Agreement dated as of June 27, 2018 (the "Exchange Agreement") among the issuer, certain subsidiaries of the issuer and ARS VI Investor I, LP (the "Investor"). Pursuant to the terms of the Exchange Agreement, the Exchange Shares were exchanged for (i) 383,147 Series A Cumulative Redeemable Preferred Shares, (ii) 167,828 Series B Cumulative Redeemable Preferred Shares and (iii) 117,605 Series C Cumulative Redeemable Preferred Shares.
- [F2]The reported securities are owned directly by the Investor, a limited partnership in which the reporting person indirectly holds an equity interest. The Investor converted from a limited liability company into a limited partnership on December 31, 2013. Prior to the conversion, the Investor was known as ARS VI Investor I, LLC. Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among the Investor, the issuer and certain subsidiaries of the issuer, the Investor had the right to designate a trustee on the issuer's board of trustees (the "Designation Right"), and the Investor had previously designated the reporting person to the issuer's board of trustees. The Designation Right was cancelled in connection with the Exchange Agreement, and the reporting person has resigned from the issuer's board of trustees. The reporting person disclaims beneficial ownership of the reported securities except to the extent of the reporting person's pecuniary interest therein.
- [F3]These securities were redeemed by the issuer pursuant to the terms of the Exchange Agreement. The redemption price per Series D Cumulative Redeemable Preferred Share in the Exchange Agreement was $25.00 per share.