Terra Property issues statement on terminated Western Asset Mortgage merger

Terra Property Trust issued a statement regarding its terminated merger agreement with Western Asset Mortgage Capital Corporation. Vik Uppal, Chairman & CEO of TPT and Mavik Capital Management, L.P., commented: “We are disappointed that we could not come to an agreement with WMC‘s Board of Directors to merge. Our innovative proposal provided superior value to WMC stockholders in every regard, including higher total and cash consideration, perpetually reduced management fees, greater scale with lower leverage, lower transaction costs, and greater certainty of closing. WMC requested additional changes that we were unwilling to make because they would not have been in stockholders’ best interests. Ultimately, our proposal offered WMC stockholders a new path to maximizing value, but the WMC Board of Directors opted to move forward with a partner who shared its same strategies and policies that have not worked. TPT will remain relentlessly focused on our pursuit of maximizing value, investing with discipline, and advocating for stockholders.”