Terra Property Trust delivers enhanced $15.96/share proposal to WMC, topping MITT's $10.60 offer

Terra Property Trust, Inc.

TPT offers WMC stockholders $15.96/share total ($1.43 cash; $8.75M cash total) vs MITT's $10.60 ($1.06 cash; $7.0M).
Proposes management fee reduction to 1.25% of equity (vs MITT's 1.50%), providing ~$1M annual perpetual savings.
Expects merger close by Q4 2023; S-4 filing in days; 80% of TPT shares committed to vote in favor.
Combined pro-forma book value $419M (MITT: $330M) and leverage 4.0x (MITT: 9.6x), per TPT analysis.
Claims MITT's cash component is subject to downward adjustment and capped at 9.9% to avoid convertible note repurchase.

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