On February 24, 2017, RAIT Financial Trust confirmed that it has received a notice of nomination from an affiliate of Highland Capital Management, L.P. regarding its intention to nominate 5 trustee candidates to the Trust’s 9 member board of trustees and, thereby, seek to take control of the Trust by replacing more than a majority of the members of the Board at the Trust’s 2017 annual meeting of shareholders. In addition, the Trust stated that shareholders are not required to take any action at this time.