RAIT Financial Trust ("RAIT") (NYSE: RAS) is an internally-managed real estate investment trust ("REIT") that takes a multi-strategy approach to investing in commercial real estate ("CRE"). RAIT is primarily a CRE lender and owner of CRE properties throughout the United States. Additionally, RAIT is an asset and property manager of real estate-related assets. We view this multi-strategy approach as complementary to one another as the asset sourcing, underwriting and skills needed to effectively manage these assets are very similar. As of March 31, 2014, RAIT had $5.1 billion in assets under management.
Scott F. Schaeffer, age 50, has served as our chairman of the board and as a trustee since December 2010, chief executive officer, or CEO, since February 2009, our president since February 2008, our chief operating officer from February 2008 to February 2009, our co-president and co-chief operating officer from December 2006 to February 2008 and our president and chief operating officer from September 2000 to December 2006. Mr. Schaeffer serves on the board of directors of Independence Realty Trust, Inc., or IRT, our non-traded REIT subsidiary whose public offering we are sponsoring. Mr. Schaeffer has served as the chairman of the board of directors and as a director of IRT since we acquired IRT in January 2011. IRT files reports under the Securities Exchange Act of 1934, or the Exchange Act. Mr. Schaeffer served as a director of Resource America, Inc. (a publicly traded specialty finance company), or Resource America, from 1997 to 2002, the vice chairman of the board of directors of Resource America from 1998 to 2000, the executive vice president of Resource America from 1997 to 1998, and a senior vice president of Resource America from 1995 to 1997. Mr. Schaeffer also served as President of Resource Properties, Inc. (a wholly-owned real estate subsidiary of Resource America) from 1992 to 2000.
James J. Sebra, age 37, has served as our chief financial officer and treasurer since May 2012 and as our senior vice president and chief accounting officer from May 2007 to May 2012. Mr. Sebra has served as IRT’s chief financial officer since May 2012 and as IRT’s treasurer since January 2011. Mr. Sebra joined RAIT in connection with the TRFT acquisition having served as TRFT’s vice president and chief accounting officer since June 2005. Prior to joining TRFT, Mr. Sebra was the controller of Brandywine Realty Trust, a publicly held real estate investment trust, from 2004 through 2005. From 1998 through 2004, Mr. Sebra worked with Arthur Andersen LLP and KPMG LLP, public accounting firms, serving a variety of publicly held and privately held real estate companies and professional service firms.
Managing Director - Business Development & General Counsel
Raphael Licht has served as our managing director-business development and general counsel since May 2014, our secretary since December 2006, our chief operating officer from February 2009 to May 2014 and our chief legal officer and chief administrative officer from December 2006 to February 2009. Mr. Licht joined RAIT in connection with our acquisition of Taberna Realty Finance Trust, or TRFT, in December 2006, having served as TRFT’s chief legal officer and secretary since March 2005 and executive vice president and chief administrative officer since April 2006. From January 2011 to March 2011, Mr. Licht served as a director of Independence Realty Trust, Inc., our real estate investment trust subsidiary whose shares of common stock trade on the NYSE MKT under the trading symbol IRT. Mr. Licht also served as the chief legal officer of Cohen & Company, an investment bank, from 2001 until April 2006. From 2000 until 2001, Mr. Licht served as general counsel at iATM global.net Corporation, an ATM software joint venture between TRM Corporation and NCR Corporation. From 1997 until 2000, Mr. Licht was an associate with Morgan Lewis & Bockius LLP, a law firm, specializing in structured finance and securitizations. From 1996 until 1997, Mr. Licht was an associate at Ledgewood, P.C., a law firm, specializing in real estate and securities law.
Executive Vice President - Portfolio & Risk Management
Ken R. Frappier, age 60, has served as our executive vice president-portfolio and risk management since May 2011, our executive vice president-risk management from February 2008 to May 2011, our chief credit officer from December 2006 to February 2008 and served as our senior vice president-portfolio and risk management from April 2002 to December 2006. From December 1999 until he joined RAIT, Mr. Frappier was a senior vice president and regional chairman of the senior officers’ loan committee in Pennsylvania and Southern New Jersey for Hudson United Bank (a commercial bank), following the merger of Hudson United Bancorp (a bank holding company) and JeffBanks, Inc., (a bank holding company) of which Mr. Frappier had been senior vice president since 1993. Before 1993, Mr. Frappier was an executive vice president for Dominion Bancshares Corporation’s, or Dominion, Greater Washington Region (Northern Virginia, Washington, D.C. & Maryland) and, before the acquisition of State National Bank, or State, by Dominion in 1987, he was senior vice president and senior lender at State. Before 1977, he was a national bank examiner for the Comptroller of the Currency, a bureau of the U.S. Treasury Department.
Scott L. N. Davidson has served as RAIT Financial Trust’s (“RAIT”) 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, an asset management firm, from January 2007 to June 2008. From September 2005 to November 2006, Mr. Davidson served as a Portfolio Manager for Amaranth LLC, an asset management firm. From 1993 to January 2005, Mr. Davidson served as Managing Director and Group Head at JPMorgan and its predecessors.