secwatch.observer — SEC 8-K summary
======================================

Issuer:     Terra Property Trust, Inc. (TPTA)
CIK:        0001674356
Form:       8-K
Filed at:   2023-06-30T23:59:59+00:00
Accession:  0001104659-23-077236
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1674356/000110465923077236/0001104659-23-077236-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1674356/000110465923077236/tm2320304d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-077236

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer