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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table is a summary of the Company’s unsecured notes payable outstanding as of:
Coupon Rate
Effective Rate (1)
Maturity DateDecember 31, 2024December 31, 2023
7.00% Senior Notes Due 2026 (2)
7.00 %10.41 %3/31/202638,375,000 38,375,000 
Unamortized purchase discount (2)
(1,853,316)(3,161,457)
Unsecured notes payable, net$36,521,684 $35,213,543 
_______________
(1)Includes purchase discount that is amortized to interest expense over the remaining life of the notes.
(2)In connection with the Merger, Terra LLC assumed all the obligations under the 7.00% Senior Notes and recorded a purchase discount of $4.6 million, representing the difference between the carrying value and the fair value of the notes on the date of the merger.
The following table is a summary of the Company’s obligations under the Credit Agreement as of December 31, 2023. There was no such loan outstanding as of December 31, 2024.
December 31, 2023
MaturityCoupon RatePrincipal Amount
Term loan payable
3/31/202412.48 %$15,000,000 
Unamortized deferred financing cost(51,396)
Unsecured notes payable, net$14,948,604 
Schedule of Debt Maturity Scheduled debt principal payments for each of the five calendar years following December 31, 2024 are as follows:
Years Ending December 31,Total
2025$— 
202638,375,000 
2027— 
2028— 
2029— 
Thereafter— 
38,375,000 
Unamortized purchase discount(1,853,316)
Total$36,521,684