On March 27, 2026, Terra Property Trust, Inc. (the "Company") issued a press release detailing the final results of its previously announced exchange offers and consent solicitations. The Company aimed to exchange all validly tendered unsecured 6.00% Senior Notes due June 30, 2026, and unsecured 7.00% Senior Notes due March 31, 2026, for new secured 7.00% Senior Notes due March 31, 2029. The exchange offers were part of a broader strategy to amend the indenture governing the existing notes, which included eliminating restrictive covenants and certain reporting obligations. However, as of the expiration date on March 26, 2026, the Company did not receive valid consents from the requisite majority of TPT Notes holders, meaning the proposed amendments will not take effect, and the existing indenture will remain unchanged. Ladenburg Thalmann & Co. Inc. acted as the dealer manager for the exchange offers, while D.F. King & Co., Inc. served as the exchange agent. This development is viewed as a setback for the Company, as it limits its flexibility in managing its debt obligations and could impact its liquidity position moving forward.

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