TPT, Western Asset Mortgage Capital Corp. to form $1.2b REIT

Terra Property Trust (TPT), an externally managed (REIT) that originates, invests in and manages loans and assets secured by commercial real estate, and Western Asset Mortgage Capital Corp., an externally managed REIT that invests in, finances and manages a portfolio of real estate-related securities, whole loans, and other financial assets, have agreed to combine to form a REIT that is expected to have approximately $1.2 billion in assets and $436 million of adjusted book value upon completion of the merger (prior to deducting transaction expenses).

“This compelling combination is a unique opportunity to establish a diversified REIT that prioritizes capital preservation, maintains a robust balance sheet, and consistently generates attractive risk-adjusted returns for its shareholders,” said Vik Uppal, CEO of TPT.