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BDC Merger (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the total consideration and the fair values of assets acquired and liabilities assumed in the BDC Merger:

Total Consideration
Fair value of Terra Property Trust shares of common stock issued						$	71,054,620
Cash paid for fractional shares						12,920
Transaction costs						2,283,785
						$	73,351,325
Assets Acquired and Liabilities Assumed at Fair Value
Cash and cash equivalents						$	24,321,951
Restricted cash						260,614
Loans held for investment						77,562,528
Loans held for investment acquired through participation						36,793,313
Interest receivable						1,367,044
Other assets						55,465
Term loan payable						(25,000,000)
Unsecured notes payable						(33,770,000)
Obligations under participation agreements						(6,114,979)
Interest reserve and other deposits held on investments						(260,614)
Due to manager						(682,541)
Interest payable						(53,186)
Accounts payable and accrued expenses						(740,824)
Other liabilities						(387,446)
Net assets acquired						$	73,351,325

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- References

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472

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