Terra Property Trust reaffirms plans to merge with Western Asset Mortgage

Terra Property Trust reaffirmed its commitment to the previously announced combination with Western Asset Mortgage Capital (WMC) to form a REIT that is expected to have approximately $1.2B in assets and $436M of adjusted book value upon completion of the merger. On July 13, AG Mortgage Investment Trust (MITT) announced that it submitted an unsolicited non-binding proposal to the Board of Directors of WMC to acquire WMC. TPT believes that its proposed combination with WMC represents the most compelling transaction for stockholders of WMC. TPT continues to believe that the TPT Merger is a compelling combination and 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. TPT also believes that the TPT Merger could be consummated more quickly and provides more certainty of execution compared to the MITT Proposal. TPT’s Merger Agreement has already been negotiated and executed and, for the reasons noted above, the voting agreement nearly guarantees a successful TPT stockholder vote.