Terra Property Trust Enters Material Definitive Agreement
Ticker: TPTA · Form: 8-K · Filed: Jun 28, 2024 · CIK: 1674356
| Field | Detail |
|---|---|
| Company | Terra Property Trust, Inc. (TPTA) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Terra Property Trust just signed a big financial deal, could be good or bad.
AI Summary
On June 26, 2024, Terra Property Trust, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Maryland, has its principal executive offices in New York, NY.
Why It Matters
This filing indicates a significant financial commitment or obligation for Terra Property Trust, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and financial obligations can introduce financial risks and uncertainties for a company.
Key Players & Entities
- Terra Property Trust, Inc. (company) — Registrant
- Maryland (jurisdiction) — State of incorporation
- New York (location) — Principal executive offices
- June 26, 2024 (date) — Date of earliest event reported
FAQ
What type of material definitive agreement did Terra Property Trust, Inc. enter into?
The filing states that the agreement is related to a direct financial obligation or an obligation under an off-balance sheet arrangement of the registrant.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on June 26, 2024.
In which state is Terra Property Trust, Inc. incorporated?
Terra Property Trust, Inc. is incorporated in Maryland.
What is the address of Terra Property Trust, Inc.'s principal executive offices?
The principal executive offices are located at 205 West 28th Street, 12th Floor, New York, New York 10001.
What is the registrant's telephone number?
The registrant's telephone number is (212) 753-5100.
Filing Stats: 583 words · 2 min read · ~2 pages · Grade level 15.1 · Accepted 2024-06-28 17:15:31
Filing Documents
- tm2418575d1_8k.htm (8-K) — 26KB
- 0001104659-24-076381.txt ( ) — 198KB
- tpta-20240626.xsd (EX-101.SCH) — 3KB
- tpta-20240626_lab.xml (EX-101.LAB) — 33KB
- tpta-20240626_pre.xml (EX-101.PRE) — 22KB
- tm2418575d1_8k_htm.xml (XML) — 4KB
01 – Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement Western Alliance Bank Revolving Line of Credit On June 26, 2024, Terra Property Trust, Inc., a Maryland corporation (the "Company"), entered into that certain Sixth Amendment to Loan Documents ("Sixth Amendment"), between the Company and Terra Mortgage Portfolio II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, on the one hand, and Western Alliance Bank, an Arizona Corporation ("WAB"), on the other hand, pursuant to which, among other things, the facility agreement governing the revolving line of credit with WAB was amended to extend the maturity date of the facility agreement to December 31, 2024, eliminate the ability to make additional revolving borrowings under the facility agreement, decrease the minimum net worth covenant of the Company for future quarterly measurement dates, introduce a minimum liquidity covenant of the Company, establish an interest reserve account and remove the minimum profitability and maximum global leverage covenants of the Company The description above is only a summary of the material provisions of the Sixth Amendment and is qualified in its entirety by reference to a copy of such document which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending June 30, 2024.
03 – Creation of a Direct Financial Obligation
Item 2.03 – Creation of a Direct Financial Obligation The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TERRA PROPERTY TRUST, INC. Date: June 28, 2024 By: /s/ Gregory Pinkus Name: Gregory Pinkus Title: Chief Financial Officer