---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-077236"
form_type: "8-K"
ticker: "TPTA"
cik: "0001674356"
company_name: "Terra Property Trust, Inc."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T14:03:38.268151+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Terra Property Trust enters merger agreement with Western Asset Mortgage; TPT holders get WMC convertible shares

## Summary
- Per share exchange ratio based on adjusted book values of TPT and WMC as of determination date; no fixed cash price.
- WMC will pay $7M termination fee to its external manager; reciprocal termination fees: $3M (WMC) and $6M (TPT).
- Mavik Capital Management affiliate commits up to $4M of open-market share purchases post-close to support WMC Class A trading.
- New management agreement with Terra REIT Advisers effective at closing: 1.5% quarterly base fee plus 20% incentive fee over 7% hurdle.
- Closing expected by March 21, 2024; subject to stockholder approvals, SEC registration, and other conditions.

## SEC filing metadata
- accession: 0001104659-23-077236
- form_type: 8-K
- ticker: TPTA
- cik: 0001674356
- company_name: Terra Property Trust, Inc.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1674356/000110465923077236/0001104659-23-077236-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674356/000110465923077236/tm2320304d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-077236
- JSON: https://secwatch.observer/filing/0001104659-23-077236.json
- Plain text: https://secwatch.observer/filing/0001104659-23-077236.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.