As filed with the Securities and Exchange Commission on April 3, 2003

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 SCHEDULE 13D/A
                                (Amendment No. 1)

                    Under the Securities Exchange Act of 1934



                               Capital Trust, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                 Class A Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    14052H100
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                            Michael L. Zuppone, Esq.
                      Paul, Hastings, Janofsky & Walker LLP
                               75 East 55th Street
                            New York, New York 10022
                                 (212) 318-6000
--------------------------------------------------------------------------------
            (Name, Address and Telephone Number of Person Authorized
                     to Receive Notices and Communications)


                                January 29, 2003
 -------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box |_|.


The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).




                                  SCHEDULE 13D


----------------------                                 -------------------------
CUSIP No. 14052H100                                        Page  2  of  7  Pages
          ---------                                            -----  ----
----------------------                                 -------------------------

--------------------------------------------------------------------------------
      1
                NAME OF REPORTING PERSON
                I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                      Callahan-CT General Partnership

--------------------------------------------------------------------------------
      2
                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP        (a) |_|
                                                                        (b) |X|

--------------------------------------------------------------------------------
      3
                SEC USE ONLY


--------------------------------------------------------------------------------
      4
                SOURCE OF FUNDS

                      OO
--------------------------------------------------------------------------------

      5
                CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                PURSUANT TO ITEMS 2(d) or 2(e)                              |_|

--------------------------------------------------------------------------------
      6
                CITIZENSHIP OR PLACE OF ORGANIZATION

                      Illinois
--------------------------------------------------------------------------------

                              SOLE VOTING POWER
     NUMBER OF          7
      SHARES                       209,711
   BENEFICIALLY       ----------------------------------------------------------
     OWNED BY                 SHARED VOTING POWER
       EACH             8
     REPORTING                     0
      PERSON          ----------------------------------------------------------
       WITH                   SOLE DISPOSITIVE POWER
                        9
                                   209,711
                      ----------------------------------------------------------
                              SHARED DISPOSITIVE POWER
                        10
                                   0
--------------------------------------------------------------------------------
      11
                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                      209,711
--------------------------------------------------------------------------------

      12
                CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                CERTAIN SHARES                                              |_|

--------------------------------------------------------------------------------

      13
                PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                      1.29%
--------------------------------------------------------------------------------
      14
                TYPE OF REPORTING PERSON

                      PN
--------------------------------------------------------------------------------




                                  SCHEDULE 13D


----------------------                                 -------------------------
CUSIP No. 14052H100                                        Page  3  of  7  Pages
          ---------                                            -----  ----
----------------------                                 -------------------------

--------------------------------------------------------------------------------
      1
                NAME OF REPORTING PERSON
                I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                      Timothy H. Callahan

--------------------------------------------------------------------------------
      2
                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP        (a) |_|
                                                                        (b) |X|

--------------------------------------------------------------------------------
      3
                SEC USE ONLY


--------------------------------------------------------------------------------
      4
                SOURCE OF FUNDS

                      OO
--------------------------------------------------------------------------------

      5
                CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                PURSUANT TO ITEMS 2(d) or 2(e)                              |_|

--------------------------------------------------------------------------------
      6
                CITIZENSHIP OR PLACE OF ORGANIZATION

                      United States of America
--------------------------------------------------------------------------------

                              SOLE VOTING POWER
     NUMBER OF          7
      SHARES                       0
   BENEFICIALLY       ----------------------------------------------------------
     OWNED BY                 SHARED VOTING POWER
       EACH             8
     REPORTING                     209,711
      PERSON          ----------------------------------------------------------
       WITH                   SOLE DISPOSITIVE POWER
                        9
                                   0
                      ----------------------------------------------------------
                              SHARED DISPOSITIVE POWER
                        10
                                   209,711
--------------------------------------------------------------------------------
      11
                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                      209,711
--------------------------------------------------------------------------------

      12
                CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                CERTAIN SHARES                                              |_|

--------------------------------------------------------------------------------

      13
                PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                      1.29%
--------------------------------------------------------------------------------
      14
                TYPE OF REPORTING PERSON

                      IN
--------------------------------------------------------------------------------




                                  SCHEDULE 13D


----------------------                                 -------------------------
CUSIP No. 14052H100                                        Page  4  of  7  Pages
          ---------                                            -----  ----
----------------------                                 -------------------------

--------------------------------------------------------------------------------
      1
                NAME OF REPORTING PERSON
                I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                      Meg Siegler Callahan

--------------------------------------------------------------------------------
      2
                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP        (a) |_|
                                                                        (b) |X|

--------------------------------------------------------------------------------
      3
                SEC USE ONLY


--------------------------------------------------------------------------------
      4
                SOURCE OF FUNDS

                      OO
--------------------------------------------------------------------------------

      5
                CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                PURSUANT TO ITEMS 2(d) or 2(e)                              |_|

--------------------------------------------------------------------------------
      6
                CITIZENSHIP OR PLACE OF ORGANIZATION

                      United States of America
--------------------------------------------------------------------------------

                              SOLE VOTING POWER
     NUMBER OF          7
      SHARES                       0
   BENEFICIALLY       ----------------------------------------------------------
     OWNED BY                 SHARED VOTING POWER
       EACH             8
     REPORTING                     209,711
      PERSON          ----------------------------------------------------------
       WITH                   SOLE DISPOSITIVE POWER
                        9
                                   0
                      ----------------------------------------------------------
                              SHARED DISPOSITIVE POWER
                        10
                                   209,711
--------------------------------------------------------------------------------
      11
                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                      209,711
--------------------------------------------------------------------------------

      12
                CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                CERTAIN SHARES                                              |_|

--------------------------------------------------------------------------------

      13
                PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                      1.29%
--------------------------------------------------------------------------------
      14
                TYPE OF REPORTING PERSON

                      IN
--------------------------------------------------------------------------------





----------------------                                 -------------------------
CUSIP No. 14052H100                                        Page  5  of  7  Pages
          ---------                                            -----  ----
----------------------                                 -------------------------


     This Amendment No. 1 to Schedule 13D is filed by the Reporting Persons (as
defined below) pursuant to rule 13d-2(a) under the Securities Exchange Act of
1934, as amended. This Amendment No. 1 to Schedule 13D amends and supplements
the Schedule 13D, as filed with the Securities and Exchange Commission (the
"SEC") on October 30, 2001 (the "Original Schedule 13D").



     The Reporting Persons are:

     (i)  Callahan-CT General Partnership, an Illinois general partnership
          ("Callahan-CT");

     (ii) Mr. Timothy H. Callahan ("Callahan"), who is a general partner of
          Callahan-CT; and

     (iii) Ms. Meg Siegler Callahan ("Siegler Callahan"), who is a general
          partner of Callahan-CT.

     Callahan and Siegler Callahan are the sole general partners of Callahan-CT.

     This statement relates to the shares of class A common stock, par value
$0.01 per share ("Class A Common Stock") of Capital Trust, Inc., a Maryland
corporation (the "Issuer"). The principal executive office of the Issuer is
located at 410 Park Avenue, 14th Floor, New York, New York 10022.


Item 5.   Interest in Securities of the Issuer.
          ------------------------------------

     Item 5 is amended as follows:

     (a) and (b) The aggregate percentage of shares of Class A Common Stock
reported beneficially owned by the Reporting Persons as of the date of filing of
this Amendment No. 1 to Schedule 13D is based upon 16,278,563 shares of Class A
Common Stock issued and outstanding as of March 27, 2003 as reported in the
Issuer's Annual Report on Form 10-K, as filed with the SEC on March 28, 2003.

     Callahan-CT holds of record and thereby directly beneficially owns and has
the sole direct power to vote and dispose of 209,711 shares of Class A Common
Stock (the "Callahan-CT Shares"). Callahan indirectly beneficially owns and
shares the indirect power to vote and dispose of the Callahan-CT Shares. Siegler
Callahan indirectly beneficially owns and shares the indirect power to vote and
dispose of the Callahan-CT Shares.

     (c) On January 29, 2003, the Issuer repurchased warrants representing
8,528,467 shares of Class A Common Stock from Travelers Insurance Company,
Citigroup Alternative Investments GP, LLC and Citigroup Alternative Investments
General Real Estate Mezzanine





----------------------                                 -------------------------
CUSIP No. 14052H100                                        Page  6  of  7  Pages
          ---------                                            -----  ----
----------------------                                 -------------------------


Investments II, LLC (collectively, the "Citigroup Affiliates") for an aggregate
purchase price of $2,132,116.75.

     (e) As of January 29, 2003, the Citigroup Affiliates and affiliates
controlling and under common control with them no longer beneficially held more
than 5% of the Class A Common Stock and therefore any obligation of the
Reporting Persons to report beneficial ownership of the Class A Common Stock on
Schedule 13D that may have arisen from the Stockholder Approval Agreement (as
defined in the Original Schedule 13D) has terminated as of such date.

     To the best of knowledge of the Reporting Persons, except as described in
this Amendment No. 1 to Schedule 13D, none of the Reporting Persons has effected
any transactions in the Class A Common Stock during the period which commenced
sixty days prior to the date of the filing of this Amendment No. 1 to Schedule
13D.





                                    SIGNATURE

     After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.


                                        Callahan-CT General Partnership

                                        By: Timothy H. Callahan and Meg Siegler
                                            Callahan, its general partners

                                            /s/ Timothy H. Callahan
                                            -----------------------
                                            Timothy H. Callahan

                                            /s/ Meg Siegler Callahan
                                            ------------------------
                                            Meg Siegler Callahan


                                        /s/ Timothy H. Callahan
                                        -------------------------
                                        TIMOTHY H. CALLAHAN

                                        /s/ Meg Siegler Callahan
                                        -------------------------
                                        MEG SIEGLER CALLAHAN