<SEC-DOCUMENT>0001104659-21-068927.txt : 20210630
<SEC-HEADER>0001104659-21-068927.hdr.sgml : 20210630
<ACCEPTANCE-DATETIME>20210518171218
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-068927
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210518

FILER:

	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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2112955d5_correspimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">One Atlantic Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1201 West Peachtree Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Atlanta, GA 30309-3424</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">404-881-7000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fax: 404-253-8447</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.alston.com</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt; font-weight: bold">Rosemarie A. Thurston</TD>
    <TD STYLE="width: 26%; font-size: 10pt; font-weight: bold; text-align: center">Direct Dial: 404-881-4417</TD>
    <TD STYLE="white-space: nowrap; width: 36%; font-size: 10pt; font-weight: bold; text-align: right">Email: rosemarie.thurston@alston.com</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 18, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><I>VIA EDGAR AND OVERNIGHT
DELIVERY</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Christopher Dunham</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff Attorney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Jeffrey Lewis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terra Property Trust, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Registration Statement on Form S-11, Filed
April 16, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">File No. 333-255321</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Messrs. Dunham and Lewis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter sets forth the responses of our client, Terra Property
Trust, Inc. (the &#8220;<U>Company</U>&#8221;), to the comments by the staff (the &#8220;<U>Staff</U>&#8221;) of the U.S. Securities and
Exchange Commission provided on May 12, 2021, regarding the Company&#8217;s registration statement on Form S-11 (SEC File No. 333&#45;255321),
as originally filed on April 16, 2021 (the &#8220;Registration Statement&#8221;). The Company is concurrently filing Pre-Effective Amendment
No. 1 to the Registration Statement (&#8220;Amendment No. 1&#8221;), which includes changes in response to the Staff&#8217;s comments,
as well as updates to reflect the Company&#8217;s first quarter financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For your convenience, we have set forth below each of the Staff&#8217;s
comments followed by the relevant response. Unless otherwise indicated, page references in the responses refer to Amendment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B><U>Comment</U>: We note your cover page discloses general liabilities of $46 million as of December 31, 2020 which will rank <I>pari
passu</I> with your notes. Please similarly quantify the total amount of indebtedness senior to these notes.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In response to the Staff&#8217;s comment, the Company has revised its
disclosure on the cover page of Amendment No. 1 to quantify the total amount of indebtedness senior to these notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Policies with Respect to Certain Activities and Market Risk</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Quantitative and Qualitative Disclosures About Market Risk, page
50</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B><U>Comment</U>: 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 language that would facilitate replacing LIBOR
with a clearly defined alternative reference rate after LIBOR&#8217;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.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company confirms that its investment documents provide for a substitute
index, on a basis generally consistent with market practice, intended to put the Company in substantially the same economic position as
LIBOR. Accordingly, in response to the Staff&#8217;s comment, the Company has revised the disclosure on page 25 of Amendment No. 1 under
the heading &#8220;Risk Factors&#8212;Risks Related to Our Business&#8212; The expected discontinuance of the London interbank offered
rate and transition to alternative reference rates may adversely impact our borrowings and assets&#8221; to remove the reference to the
lack of robust fallback language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Description of the Notes</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Indenture Provisions - Ranking, page 61</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><U>Comment</U>: 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.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company confirms that the notes will be effectively and structurally subordinated to its obligations under both participation agreements
and the A-note. Accordingly, in response to the Staff&rsquo;s comment, the Company has revised the disclosure on the cover page and pages
13, 17 and 61 of Amendment No. 1 under the headings &ldquo;Summary&mdash;Specific Terms of the Notes and the Offering,&rdquo; &ldquo;Risk
Factors&mdash;Risks Related to Our Notes&rdquo; and &ldquo;Description of the Notes&mdash;Indenture Provisions&mdash;Ranking,&rdquo; respectively,
to clarify the ranking of the notes relative to the participation agreements and the A-note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should you have any further questions or need additional information,
please do not hesitate to contact me at 404-881-4417.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Rosemarie A. Thurston<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Rosemarie A. Thurston</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Vikram S. Uppal,
    Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Gregory M. Pinkus, Chief Financial Officer, Chief Operating Officer, Treasurer
    and Secretary </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in; padding-left: 0.5in"></TD>
    <TD STYLE="padding-left: 0.125in; text-align: left"><FONT STYLE="font-size: 10pt">Terra Property Trust, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michael J. Kessler</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in; padding-left: 0.5in"></TD>
    <TD STYLE="padding-left: 0.125in; text-align: left"><FONT STYLE="font-size: 10pt">Alston &amp; Bird LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
