Press Release June 29, 2023

Terra Property Trust and Western Asset Mortgage Capital Announce Merger

Alston & Bird represented Terra Property Trust, an externally managed real estate investment trust (REIT) that originates, invests in, and manages loans and assets secured by commercial real estate, in its definitive merger agreement with Western Asset Mortgage Capital Corporation, an externally managed REIT that invests in, finances, and manages a portfolio of real-estate-related securities, whole loans, and other financial assets.

The combination will form a REIT that is expected to have approximately $1.2 billion in assets and $436 million of adjusted book value. The transaction is expected to close in the fourth quarter, pending stockholder approval.

The Alston & Bird team representing Terra Property Trust is led by partners Michael Kessler and David E. Brown, and counsel Aaron Hendricson (Financial Services & Products); partners Justin Howard and Julie Mediamolle, senior associates Brittany Raway and John Schippert, and associate Misbah Mohiuddin (Corporate Transactions & Securities); partner Paul Hespel and counsel David Rutherford (Finance); partner Sarah Ma and associate Joon Yoo (Federal & International Tax); and counsel Kerry Wenzel (Compensation, Benefits & ERISA Litigation).

Media Contact
Alex Wolfe
Communications Director

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