Embattled diversified REIT RAIT Financial Trust (RAS) had a dismal 2007. The stock tanked and RAIT was forced to slash its dividend almost in half. The Company came roaring back with a vengeance today. For Q1 2008, adjusted earnings per diluted share, the metric which the Company essentially uses to set the dividend, more than covered the most recently announced payout. Friedman Billings Ramsey analyst Merrill Ross wrote in a research report the company has proved its dividend is viable. The $0.07 beat on adjusted earnings and $7 million beat in investment revenue lifted the stock powerfully today. It was a roaring 22% day for RAIT, who definitely deserves some love, trading far below its economic book value. Former REIT NovaStar had placed it trust preferred securities in two Taberna investment securities. NovaStar, which can not make the preferred payment. Taberna and NovaStar have worked out a forbearance agreement until May 30, but the value in those TruPS is long gone.