---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-087054"
form_type: "8-K"
ticker: "TPTA"
cik: "0001674356"
company_name: "Terra Property Trust, Inc."
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T08:38:40.780938+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-087054
- form_type: 8-K
- ticker: TPTA
- cik: 0001674356
- company_name: Terra Property Trust, Inc.
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1674356/000110465923087054/0001104659-23-087054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674356/000110465923087054/tm2322680d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-087054
- JSON: https://secwatch.observer/filing/0001104659-23-087054.json
- Plain text: https://secwatch.observer/filing/0001104659-23-087054.txt

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