RAIT Financial Trust (NYSE:RAS) has floated 7 million shares in an underwritten public issue. The REIT also expects to grant the underwriters a 30-day purchase option for an additional 1.05 million shares.

In the press release announcing the move, RAIT Financial Trust didn't specify the pricing of the offering.

The company said it plans to use its proceeds to "make investments relating to its business and for general corporate purposes." The SEC filing says the last reported sale price of the common shares was $8.02 per share.

Deutsche Bank's Securities unit and Barclays are the joint book-running managers of the issue.