RAIT Financial Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total revenue of $24,603,000 compared to $43,237,000 a year ago. Operating loss was $13,143,000 compared to $7,845,000 a year ago. Loss before taxes was $15,877,000 compared to $9,974,000 a year ago. Loss from continuing operations was $15,843,000 compared to income from continuing operations of $5,328,000 a year ago. Net loss available to common shares from continuing operations was $24,230,000 or $0.26 per basic and diluted share compared to $2,048,000 or $0.02 per basic and diluted share a year ago. Net loss available to common shares was $24,230,000 or $0.26 per basic and diluted shares compared to $4,000 or $0.00 per share a year ago. Cash available for distribution negative was $1,276,000 or $0.01 per share compared to positive of $10,619,000 or $0.12 per share for the quarter ended September 30, 2016. FFO negative was $16,482,000 or $0.18 per share compared to positive of $10,753,000 or $0.12 per share a year ago.

For the nine months, the company reported total revenue of $77,019,000 compared to $137,862,000 a year ago. Operating loss was $60,425,000 compared to $22,308,000 a year ago. Loss before taxes was $154,527,000 compared to $31,131,000 a year ago. Loss from continuing operations was $154,266,000 compared to $13,131,000 a year ago. Net loss available to common shares from continuing operations was $180,072,000 or $1.97 per basic and diluted share compared to $35,526,000 or $0.39 per share a year ago. Net loss available to common shares was $180,072,000 or $1.97 per basic and diluted share compared $25,428,000 or $0.28 per basic and diluted share a year ago. Cash available for distribution was $131,000 or $0.00 per share compared to $34,035,000 or $0.37 per share for the nine-months ended September 30, 2016. FFO negative was $93,707,000 or $1.02 per share compared to positive of $4,146,000 or $0.05 per share a year ago.

The company expects to recognize a $5.5 million gain in its fourth quarter 2017 financial results related to the purchase by RAIT for $20.5 million of common share purchase warrants and common share appreciation rights pursuant to the exercise by the holder of a put right with respect to the Warrants and SARs.  RAIT had classified both Warrants and SARs as liabilities and included their combined fair value in RAIT's liabilities.  This gain would represent the excess of this fair value over the purchase price.  

For the quarter, the company reported asset impairment of $3,121,000 compared to $18,872,000 a year ago.