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PHILADELPHIA-The first-quarter financial report from RAIT Financial Trust has shed light on the results of the merger between the former RAIT Investment Trust and Taberna Realty Finance Trust in December 2006. During its first quarter as a merged entity, net investment income reached $43 million, up from $15.4 million in the same quarter a year ago.

European transactions are seen as an important avenue of growth in coming quarters, said Daniel Cohen, CEO, during a conference call. In February the company closed on its first European CDO, which aggregated 600 million euros ($781.1 million US). Cohen said the company has realized $5.6 million in fees from the transaction so far. "Our goal is to do between six to eight CDOs this year," he stated." European business is growing and already profitable."

The locally based company's total originations of commercial real estate loans and trust preferred securities for the quarter reached $1.4 billion. Total assets under management were approximately $14 billion, compared with $11.9 billion on Dec. 31, 2006.