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Schedule IV – Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV – Mortgage Loans on Real Estate
Schedule IV – Mortgage Loans on Real Estate
As of December 31, 2022
Portfolio Company (1)
Collateral LocationProperty TypeInterest Payment Rates
Maximum Maturity Date (2)
Periodic Payment TermsPrior LiensFace AmountCarrying Amount
Mezzanine Loans:
150 Blackstone River Road, LLCUS - MAIndustrial8.5 %9/6/2027Interest Only$— $7,000,000 $7,000,000 
610 Walnut Investors LLC (3)(4)
US - CAOffice
Term SOFR + 12.0% (2.0% Floor)
9/7/2025Interest Only— 18,625,738 18,738,386 
Dwight Mezz II, LLCUS - CAStudent
   housing		11.0 %5/6/2027Interest Only— 3,000,000 2,916,369 
Havemeyer TSM LLC (5)
US - NYMixed-use15.0 %6/1/2023Interest Only— 3,282,208 3,313,813 
UNJ Sole Member, LLC (5)
US - CAMixed-use15.0 %6/1/2027Interest Only— 7,444,357 7,482,547 
39,352,303 39,451,115 
First Mortgages:
14th & Alice Street Owner, LLC (6)
US - CAMultifamily
LIBOR + 4.0% (0.25% Floor)
4/15/2024Interest Only— 1,364,944 1,364,944 
1389 Peachtree St, LP; 1401 Peachtree St, LP;
   1409 Peachtree St, LP		US - GAOffice
LIBOR + 4.5%
8/10/2024Interest Only— 57,184,178 57,453,482 
330 Tryon DE LLCUS - NCOffice
Term SOFR + 4.25% (0.1% Floor)
3/1/2024Interest Only— 22,800,000 22,902,215 
AGRE DCP Palm Springs, LLCUS - CAHotel - full/select service
LIBOR + 5.0% (1.8% Floor)
1/1/2025Interest Only— 43,222,382 43,758,804 
AARSHW Property LLC (7)
US - NJIndustrial
SOFR + 7.5% (0.15% Floor)
8/17/2025Interest Only— 44,368,331 44,669,513 
AAESUF Property LLCUS - NJLand
SOFR + 11.95% (0.05% Floor)
3/1/2025Interest Only— 17,860,291 18,288,969 
American Gilsonite CompanyUS - UTInfrastructure14.0 %8/31/2024Interest Only— 21,250,000 21,840,359 
Dallas - Big Town Owner, LLCUS - TXIndustrial
Term SOFR + 4.5% (2.5% Floor)
12/27/2027Interest Only— 26,635,183 26,838,830 
Dallas - Oakland Owner, LLCUS - TXIndustrial
Term SOFR + 4.5% (2.5% Floor)
12/27/2027Interest Only— 9,673,597 9,747,559 
Dallas - US HWY 80 Owner, LLCUS - TXIndustrial
Term SOFR + 4.5% (2.5% Floor)
12/27/2027Interest Only— 11,395,169 11,482,294 
Dallas - 11333 Pagemill Owner, LLCUS - TXIndustrial
Term SOFR + 4.5% (2.5% Floor)
12/27/2027Interest Only— 12,296,945 12,390,965 
Dallas - 11221 Pagemill Owner, LLCUS - TXIndustrial
Term SOFR + 4.5% (2.5% Floor)
12/27/2027Interest Only— 7,624,106 7,682,398 
Terra Property Trust, Inc.
Schedule IV – Mortgage Loans on Real Estate (Continued)
As of December 31, 2022
Portfolio Company (1)
Collateral LocationProperty TypeInterest Payment Rates
Maximum Maturity Date (2)
Periodic Payment TermsPrior LiensFace AmountCarrying Amount
First Mortgages (Continued):
Grandview's Madison Place, LLCUS - WAMultifamily
Term SOFR + 4.45% (0.05% Floor)
2/10/2027Interest Only$— $17,000,000 $17,105,928 
Grandview's Remington Place, LLCUS - WAMultifamily
Term SOFR + 4.45% (0.05% Floor)
4/22/2026Interest Only— 23,100,000 23,199,620 
Hillsborough Owners LLCUS - NCMixed-use
LIBOR + 8.0% (0.25%% Floor)
11/1/2024Interest Only— 20,720,028 21,138,947 
Mesa AZ Industrial Owner, LLCUS - AZLand
Term SOFR + 12.7% (2.3% Floor)
9/14/2024Interest Only— 31,000,000 31,276,468 
NB Factory TIC 1, LLCUS - UTStudent
   housing
LIBOR +5.0% (0.25% Floor)
3/5/2024Interest Only— 28,000,000 28,857,892 
Patrick Henry Recovery Acquisition, LLCUS - CAOffice
LIBOR + 2.95% (1.5% Floor)
12/1/2024Interest Only— 18,000,000 18,041,782 
The Lux Washington, LLCUS - WAMultifamily
LIBOR +7.0% (0.75% Floor)
1/22/2026Interest Only— 16,571,267 16,722,091 
University Park Berkeley, LLCUS - CAMultifamily
LIBOR + 4.2% (1.5% Floor)
3/1/2025Interest Only— 26,342,468 26,536,122 
456,408,889 461,299,182 
Preferred equity investments:
370 Lex Part Deux, LLC (8)
US - NYOffice
LIBOR +8.25% (2.44% Floor)
7/9/2022Interest Only— 67,586,792 67,586,792 
Ann Street JV LLCUS - GAMultifamily14.0 %6/27/2026Interest Only— 15,217,540 15,648,482 
Asano Bankers Hill, LLCUS - CAMixed-use
SOFR + 15.0% (0.25% Floor)
7/31/2025Interest Only— 17,450,623 17,920,424 
REEC Harlem Holdings Company LLC (9)
US - NYMixed-use
LIBOR + 12.5%
3/9/2025Interest Only— 15,983,234 15,983,234 
RS JZ Driggs, LLC (10)
US - NYMultifamily12.3 %8/1/2021Interest Only— 4,993,245 4,993,245 
121,231,434 122,132,177 
Credit facility:
William A. Shopoff & Cindy I. Shopoff (11)
US-CAIndustrial15.0 %4/4/2023Interest Only— 28,802,833 29,080,183 
28,802,833 29,080,183 
Allowance for loan losses— (25,471,890)
Total investments$645,795,459 $626,490,767 
___________________________
(1)All of the Company’s loans have a prepayment penalty provision.
(2)Maximum maturity date assumes all extension options are exercised.
(3)The Company sold a portion of its interest in this loan through a participation agreement to a third party (Note 8).
(4)The loan participations from the Company do not qualify for sale accounting under ASC 860 and therefore, the gross amount of these loans remain in Schedule IV. See “Obligations under Participation Agreement and Secured Borrowing” in Note 9 and “Transfers of Participation Interest by the Company” in Note 8 in the accompanying notes to the consolidated financial statements.
(5)The Company purchased a portion of its interest in this loan through a participation agreement. Participation interest is with RESOF REIT, a related-party real estate investment trust managed by the Manager (Note 8).
(6)This loan is classified as a TDR. The Company does not anticipate a full recovery of the remaining principal balance, as such, the loan is fully reserved.
(7)Amount included $4.0 million of incremental borrowing that bears interest at an annual rate of 20.0% until certain conditions are met, at which time the interest rate will be the same as the original loan.
(8)This loan is currently in maturity default. For the year ended December 31, 2022, the Company suspended interest income accrual of $3.7 million on this loan, because recovery of such income was doubtful. As of December 31, 2022, the Company recorded a specific allowance for loan losses of $11.2 million on the loan as a result of a decline in the fair value of the collateral.
(9)For the year ended December 31, 2022, the Company suspended interest income accrual of $2.9 million on this loan, because recovery of such income was doubtful. As of December 31, 2022, the Company recorded a specific allowance for loan losses of $12.9 million on the loan as a result of a decline in the fair value of the collateral.
(10)This loan is in maturity default. the Company initiated a litigation to seek full repayment of the loan from the sponsor. For the year ended December 31, 2022, the Company suspended interest income accrual of $2.0 million on this loan, because recovery of such income was doubtful.
(11)Amount included $3.0 million of incremental borrowing that bears interest at an annual rate of Term SOFR plus 7.0% with a SOFR floor of 4.30%.
Notes to Schedule IV - Mortgage Loans on Real Estate
December 31, 2022
Reconciliation of Mortgage Loans
on Real Estate
Year Ended December 31, 2022
Balance, beginning of year$469,673,314 
Additions during the period:
New mortgage loans290,005,676 
Loans acquired and contributed in the BDC Merger74,818,438 
Accrual, payment and accretion of investment-related fees and other, net1,847,999 
Deductions during the period:
Collections of principal(197,484,239)
Provision for loan losses(11,813,409)
Amortization of premium(557,012)
Balance, end of year$626,490,767