<SEC-DOCUMENT>0000000000-21-006042.txt : 20210630
<SEC-HEADER>0000000000-21-006042.hdr.sgml : 20210630
<ACCEPTANCE-DATETIME>20210512163013
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-21-006042
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210512

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terra Property Trust, Inc.
		CENTRAL INDEX KEY:			0001674356
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		805 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-754-5100

	MAIL ADDRESS:	
		STREET 1:		805 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
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<TEXT>
United States securities and exchange commission logo





                            May 12, 2021

       Vikram S. Uppal
       Chief Executive Officer
       Terra Property Trust, Inc.
       550 Fifth Avenue, 6th Floor
       New York, NY 10036

                                                        Re: Terra Property
Trust, Inc.
                                                            Registration
Statement on Form S-11
                                                            Filed April 16,
2021
                                                            File No. 333-255321

       Dear Mr. Uppal:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Form S-11 Filed April 16, 2021

       General

   1.                                                   We note your cover page
discloses general liabilities of $46 million as of December 31,
                                                        2020 which will rank
pari passu with your notes. Please similarly quantify the total
                                                        amount of indebtedness
senior to these notes.
       Policies with Respect to Certain Activities and Market Risk
       Quantitative and Qualitative Disclosures About Market Risk, page 50

   2.                                                   In this section you
state that in the event LIBOR is unavailable, your investment
                                                        documents provide for a
substitute index intended to put you in substantially the same
                                                        economic position. This
language appears inconsistent with your disclosure on page 25,
                                                        which indicates that
some of your debt and loan assets may not include robust fallback
 Vikram S. Uppal
Terra Property Trust, Inc.
May 12, 2021
Page 2
       language that would facilitate replacing LIBOR with a clearly defined
alternative
       reference rate after LIBOR   s discontinuation. Please revise to
reconcile these statements
       and clarify if the company has material exposure to risks associated
with the expected
       discontinuation of LIBOR based on debt or assets that do not have robust
fallback
       language.
Description of the Notes
Indenture Provisions - Ranking, page 61

3.     Please revise to clarify how your notes rank compared to your
obligations under both
       participation agreements and the A-note, which totaled $89.5 million as
of December 31,
       2020.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

        You may contact Jeffrey Lewis at (202) 551-6216 or Shannon Menjivar at
(202) 551-
3856 if you have questions regarding the financial statements and related
matters. Please contact
Christopher Dunham at (202) 551-3783 or Kim McManus at (202) 551-3215 with any
other
questions.



                                                            Sincerely,
FirstName LastNameVikram S. Uppal
                                                            Division of
Corporation Finance
Comapany NameTerra Property Trust, Inc.
                                                            Office of Real
Estate & Construction
May 12, 2021 Page 2
cc:       Daniel B. Honeycutt, Esq.
FirstName LastName
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