Terra Secured Income Fund 5 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document Entity Information Doc

Document Entity Information Document - shares	9 Months Ended
	Sep. 30, 2019	Nov. 13, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Terra Secured Income Fund 5, LLC
Entity Central Index Key	0001581874
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		6,638

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets
Equity investment in Terra Property Trust, Inc. at fair value — controlled (cost of $249,366,017 and $265,200,249, respectively)	$ 252,111,819	$ 263,092,585
Cash and cash equivalents	85,522	131,784
Other assets	21,804	14,283
Total assets	252,219,145	263,238,652
Liabilities
Accounts payable and accrued expenses	247,734	158,210
Total liabilities	247,734	158,210
Commitments and Contingencies
Members' capital:
Managing member	0	0
Non-managing members	251,971,411	263,080,442
Total members’ capital	251,971,411	263,080,442
Total liabilities and members' capital	$ 252,219,145	$ 263,238,652
Net Asset Value Per Unit	$ 37,959	$ 39,630

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Investment Owned, at Cost	$ 249,366,017	$ 265,200,249

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Investment income - controlled
Dividend income	$ 2,994,149	$ 5,487,805	$ 6,917,024		$ 17,829,718
Investment income
Other operating income	82	137	474		1,140
Total investment income	2,994,231	5,487,942	6,917,498		17,830,858
Operating expenses
Professional fees	182,081	126,966	453,414		334,802
Other	686	2,891	9,645		10,832
Total operating expenses	182,767	129,857	463,059		345,634
Net investment income	2,811,464	5,358,085	6,454,439		17,485,224
Net change in unrealized appreciation (depreciation) on investment — controlled	1,655,207	(179,846)	4,853,466		(355,600)
Net increase in members’ capital resulting from operations	$ 4,466,671	$ 5,178,239	$ 11,307,905		$ 17,129,624
Per unit data:
Net investment income per unit	$ 424	$ 806	$ 972	[1]	$ 2,622	[1]
Net increase in members’ capital resulting from operations per unit	$ 673	$ 779	$ 1,704	[1]	$ 2,569	[1]
Weighted average units outstanding	6,638	6,644	6,638		6,670
[1]	The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units and 6,670 units for the nine months ended September 30, 2019 and 2018, respectively.

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	$ 254,985,487	$ 270,804,496	$ 263,080,442	$ 275,549,455
Capital distributions	(7,468,094)	(7,479,981)	(22,404,283)	(22,497,394)
Capital redemptions	(12,653)	(509,859)	(12,653)	(2,188,790)
Increase in members’ capital resulting from operations:
Net investment income	2,811,464	5,358,085	6,454,439	17,485,224
Net change in unrealized depreciation or appreciation on investment	1,655,207	(179,846)	4,853,466	(355,600)
Net increase in members’ capital resulting from operations	4,466,671	5,178,239	11,307,905	17,129,624
Balance, end of period	251,971,411	267,992,895	251,971,411	267,992,895
Managing
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	0	0	0	0
Capital distributions	0	0	0	0
Capital redemptions	0	0	0	0
Increase in members’ capital resulting from operations:
Net investment income	0	0	0	0
Net change in unrealized depreciation or appreciation on investment	0	0	0	0
Net increase in members’ capital resulting from operations	0	0	0	0
Balance, end of period	0	0	0	0
Non-managing
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	254,985,487	270,804,496	263,080,442	275,549,455
Capital distributions	(7,468,094)	(7,479,981)	(22,404,283)	(22,497,394)
Capital redemptions	(12,653)	(509,859)	(12,653)	(2,188,790)
Increase in members’ capital resulting from operations:
Net investment income	2,811,464	5,358,085	6,454,439	17,485,224
Net change in unrealized depreciation or appreciation on investment	1,655,207	(179,846)	4,853,466	(355,600)
Net increase in members’ capital resulting from operations	4,466,671	5,178,239	11,307,905	17,129,624
Balance, end of period	$ 251,971,411	$ 267,992,895	$ 251,971,411	$ 267,992,895

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net increase in members’ capital resulting from operations	$ 11,307,905	$ 17,129,624
Adjustments to reconcile net increase in members’ capital resulting from operations to net cash provided by operating activities:
Return of capital on investment	15,834,232	7,066,860
Net change in unrealized (appreciation) depreciation on investment	(4,853,466)	355,600
Changes in operating assets and liabilities:
Increase in other assets	(7,521)	(16,716)
Increase in accounts payable and accrued expenses	89,524	69,320
Net cash provided by operating activities	22,370,674	24,604,688
Cash flows from financing activities:
Distributions paid	(22,404,283)	(22,497,365)
Payments for capital redemptions	(12,653)	(2,188,790)
Net cash used in financing activities	(22,416,936)	(24,686,155)
Net decrease in cash and cash equivalents	(46,262)	(81,467)
Cash and cash equivalents at beginning of period	131,784	212,366
Cash and cash equivalents at end of period	85,522	130,899
Supplemental Disclosure of Cash Flows Information:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

Consolidated Schedules of Inves

Consolidated Schedules of Investments Statement - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2019		Dec. 31, 2018
Schedule of Investments
Members' Capital		$ 251,971,411		$ 263,080,442
Common Stock, Shares, Outstanding		14,912,990		14,912,990
Cost		$ 249,366,017		$ 265,200,249
Fair Value		252,111,819		263,092,585
Terra Property Trust
Schedule of Investments
Real estate		$ 78,547,358		$ 68,004,577
Terra Property Trust | Controlled
Schedule of Investments
Equity Method Investment, Ownership Percentage		98.60%		100.00%
Common Stock, Shares, Outstanding		14,912,990		14,912,990
Cost		$ 249,366,017		$ 265,200,249
Fair Value		$ 252,111,819		$ 263,092,585
% of Members Capital		100.10%		100.00%
Terra Property Trust | Initial Acquisition | Controlled
Schedule of Investments
Acquisition Date		Jan. 1, 2016		Jan. 1, 2016
Terra Property Trust | Subsequent Acquisition | Controlled
Schedule of Investments
Acquisition Date		Mar. 7, 2016		Mar. 7, 2016
UNITED STATES | Terra Property Trust
Schedule of Investments
Principal Amount		$ 339,895,727		$ 385,041,701
Cost		340,884,173		388,243,974
Fair Value		341,942,375	[1]	$ 387,870,130	[2]
% of Members Capital	[1],[3]			147.40%
UNITED STATES | Terra Property Trust | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 337,155,180
% of Members Capital	[5]	133.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Non-controlled
Schedule of Investments
Principal Amount		$ 46,652,704		$ 93,226,740
Cost		47,256,709		94,282,541
Fair Value		47,286,229	[1]	$ 93,971,852	[2]
% of Members Capital	[3]			35.70%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 46,624,222
% of Members Capital	[5]	18.50%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 150 Blackstone River Road, LLC | MA | Industrial | Non-controlled
Schedule of Investments
Interest Rate		8.50%		8.50%
Exit Fee		0.00%		0.00%
Acquisition Date		Sep. 21, 2017		Sep. 21, 2017
Maturity Date		Sep. 6, 2027		Sep. 6, 2027
Principal Amount		$ 7,000,000		$ 7,000,000
Cost		7,000,000		7,000,000
Fair Value		7,164,239	[1]	$ 6,895,383	[2]
% of Members Capital	[3]			2.60%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 150 Blackstone River Road, LLC | MA | Industrial | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 7,063,940
% of Members Capital	[5]	2.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 140 Schermerhorn Street Mezz LLC | NY | Hotel | Non-controlled
Schedule of Investments
Interest Rate	[6],[7],[8]			12.00%
Exit Fee	[6],[7],[8]			1.00%
Acquisition Date	[6],[7],[8]			Nov. 16, 2016
Maturity Date	[6],[7],[8]			Dec. 1, 2019
Principal Amount	[6],[7],[8]			$ 15,000,000
Cost	[6],[7],[8]			15,134,200
Fair Value	[2],[6],[7],[8]			$ 15,148,494
% of Members Capital	[3],[6],[7],[8]			5.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 221 W 17th Street Owner LLC | NY | Condominium | Non-controlled
Schedule of Investments
Interest Rate	[6],[7],[8],[9]			12.80%
Exit Fee	[6],[7],[8],[9]			1.00%
Acquisition Date	[6],[7],[8],[9]			Jan. 19, 2018
Maturity Date	[6],[7],[8],[9]			Mar. 31, 2019
Principal Amount	[6],[7],[8],[9]			$ 4,700,000
Cost	[6],[7],[8],[9]			4,745,513
Fair Value	[2],[6],[7],[8],[9]			$ 4,746,499
% of Members Capital	[3],[6],[7],[8],[9]			1.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 2539 Morse, LLC | CA | Student Housing | Non-controlled
Schedule of Investments
Interest Rate		11.00%	[10],[11],[12]	11.00%	[7],[8],[9]
Exit Fee		1.00%	[10],[11],[12]	1.00%	[7],[8],[9]
Acquisition Date		Oct. 20, 2017	[10],[11],[12]	Oct. 20, 2017	[7],[8],[9]
Maturity Date		Nov. 1, 2020	[10],[11],[12]	Nov. 1, 2020	[7],[8],[9]
Principal Amount		$ 7,000,000	[10],[11],[12]	$ 7,000,000	[7],[8],[9]
Cost		7,067,142	[10],[11],[12]	7,057,092	[7],[8],[9]
Fair Value		7,069,334	[1],[10],[11],[12]	$ 7,063,795	[2],[7],[8],[9]
% of Members Capital	[3],[7],[8],[9]			2.70%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 2539 Morse, LLC | CA | Student Housing | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12]	$ 6,970,363
% of Members Capital	[5],[10],[11],[12]	2.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 37 Gables Member LLC | FL | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		13.00%	[10],[12]	13.00%	[8],[9],[13]
Exit Fee		1.00%	[10],[12]	1.00%	[8],[9],[13]
Acquisition Date		Jun. 16, 2016	[10],[12]	Jun. 16, 2016	[8],[9],[13]
Maturity Date		Dec. 16, 2019	[10],[12]	Jun. 16, 2019	[8],[9],[13]
Principal Amount		$ 5,750,000	[10],[12]	$ 5,750,000	[8],[9],[13]
Cost		5,807,500	[10],[12]	5,804,127	[8],[9],[13]
Fair Value		5,806,875	[1],[10],[12]	$ 5,806,875	[2],[8],[9],[13]
% of Members Capital	[3],[8],[9],[13]			2.20%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 37 Gables Member LLC | FL | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[12]	$ 5,725,579
% of Members Capital	[5],[10],[12]	2.30%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 575 CAD I LLC | NY | Condominium | Non-controlled
Schedule of Investments
Interest Rate	[7],[8],[9]			14.50%
Exit Fee	[7],[8],[9]			1.00%
Acquisition Date	[7],[8],[9]			Jan. 31, 2017
Maturity Date	[7],[8],[9]			Jul. 31, 2019
Principal Amount	[7],[8],[9]			$ 14,627,148
Cost	[7],[8],[9]			14,755,657
Fair Value	[2],[7],[8],[9]			$ 14,758,825
% of Members Capital	[3],[7],[8],[9]			5.60%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 575 CAD I LLC | NY | Condominium | Current | Non-controlled
Schedule of Investments
Current rate	[7],[8],[9]			12.00%
UNITED STATES | Terra Property Trust | Mezzanine Loan | 575 CAD I LLC | NY | Condominium | PIK | Non-controlled
Schedule of Investments
Deferred rate	[7],[8],[9]			2.50%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Austin H. I. Owner LLC [Member] | TEXAS | Hotel | Non-controlled
Schedule of Investments
Interest Rate		12.50%	[11],[12]	12.50%	[7],[8]
Exit Fee		1.00%	[11],[12]	1.00%	[7],[8]
Acquisition Date		Sep. 30, 2015	[11],[12]	Sep. 30, 2015	[7],[8]
Maturity Date		Oct. 6, 2020	[11],[12]	Oct. 6, 2020	[7],[8]
Principal Amount		$ 3,500,000	[11],[12]	$ 3,500,000	[7],[8]
Cost		3,530,790	[11],[12]	3,528,012	[7],[8]
Fair Value		3,534,111	[1],[11],[12]	$ 3,512,468	[2],[7],[8]
% of Members Capital	[3],[7],[8]			1.30%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Austin H. I. Owner LLC [Member] | TEXAS | Hotel | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[11],[12]	$ 3,484,633
% of Members Capital	[5],[11],[12]	1.40%
UNITED STATES | Terra Property Trust | Mezzanine Loan | High Pointe Mezzanine Investments, LLC | SC | Student Housing | Non-controlled
Schedule of Investments
Interest Rate		13.00%	[10],[12]	13.00%	[8],[9]
Exit Fee		1.00%	[10],[12]	1.00%	[8],[9]
Acquisition Date		Dec. 27, 2013	[10],[12]	Dec. 27, 2013	[8],[9]
Maturity Date		Jan. 6, 2024	[10],[12]	Jan. 6, 2024	[8],[9]
Principal Amount		$ 3,000,000	[10],[12]	$ 3,000,000	[8],[9]
Cost		3,278,061	[10],[12]	3,322,499	[8],[9]
Fair Value		3,135,003	[1],[10],[12]	$ 3,088,463	[2],[8],[9]
% of Members Capital	[3],[8],[9]			1.20%
UNITED STATES | Terra Property Trust | Mezzanine Loan | High Pointe Mezzanine Investments, LLC | SC | Student Housing | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[12]	$ 3,091,113
% of Members Capital	[5],[10],[12]	1.20%
UNITED STATES | Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | CA | Hotel | Non-controlled
Schedule of Investments
Interest Rate		13.00%	[14]	13.00%	[15]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[14]	LIBOR	[15]
Exit Fee		1.00%	[14]	1.00%	[15]
Acquisition Date		Jun. 27, 2018	[14]	Jun. 27, 2018	[15]
Maturity Date		Jun. 27, 2021	[14]	Jun. 27, 2021	[15]
Principal Amount		$ 1,967,591	[14]	$ 0	[15]
Cost		1,975,543	[14]	0	[15]
Fair Value		1,983,228	[1],[14]	$ 0	[2],[15]
% of Members Capital	[3],[15]			0.00%
Total Commitment		2,300,000
UNITED STATES | Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | CA | Hotel | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[14]	$ 1,955,463
% of Members Capital	[5],[14]	0.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | CA | Hotel | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		10.25%	[14]	10.25%	[15]
LIBOR Floor		2.75%	[14]	2.75%	[15]
UNITED STATES | Terra Property Trust | Mezzanine Loan | SparQ Mezz Borrower, LLC | CA | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		12.00%	[10],[11],[12]	12.00%
Exit Fee		1.00%	[10],[11],[12]	1.00%
Acquisition Date		Sep. 29, 2017	[10],[11],[12]	Sep. 29, 2017
Maturity Date		Oct. 1, 2020	[10],[11],[12]	Oct. 1, 2020
Principal Amount		$ 8,700,000	[10],[11],[12]	$ 8,150,000
Cost		8,782,112	[10],[11],[12]	8,215,918
Fair Value		8,786,126	[1],[10],[11],[12]	$ 8,224,401	[2]
% of Members Capital	[3]			3.10%
UNITED STATES | Terra Property Trust | Mezzanine Loan | SparQ Mezz Borrower, LLC | CA | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12]	$ 8,663,120
% of Members Capital	[5],[10],[11],[12]	3.40%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | NC | Hotel | Non-controlled
Schedule of Investments
Interest Rate		14.00%	[12],[16]	14.00%	[6],[8]
Exit Fee		1.00%	[12],[16]	1.00%	[6],[8]
Acquisition Date		May 31, 2018	[12],[16]	May 31, 2018	[6],[8]
Maturity Date		May 20, 2021	[12],[16]	May 20, 2021	[6],[8]
Principal Amount		$ 9,735,113	[12],[16]	$ 8,548,954	[6],[8]
Cost		9,815,561	[12],[16]	8,609,379	[6],[8]
Fair Value		9,807,313	[1],[12],[16]	$ 8,618,238	[2],[6],[8]
% of Members Capital	[3],[6],[8]			3.30%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | NC | Hotel | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[12],[16]	$ 9,670,011
% of Members Capital	[5],[12],[16]	3.80%
UNITED STATES | Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | NC | Hotel | Current | Non-controlled
Schedule of Investments
Current rate		12.00%	[12],[16]	12.00%	[6],[8]
UNITED STATES | Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | NC | Hotel | PIK | Non-controlled
Schedule of Investments
Current rate		2.00%	[12],[16]	2.00%	[6],[8]
UNITED STATES | Terra Property Trust | Mezzanine Loan | WWML96MEZZ, LLC | NY | Condominium | Non-controlled
Schedule of Investments
Interest Rate	[17]			13.00%
Exit Fee	[17]			1.00%
Acquisition Date	[17]			Dec. 18, 2015
Maturity Date	[17]			Jan. 14, 2019
Principal Amount	[17]			$ 15,950,638
Cost	[17]			16,110,144
Fair Value	[2],[17]			$ 16,108,411
% of Members Capital	[3],[17]			6.10%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Non-controlled
Schedule of Investments
Principal Amount		$ 181,266,641		$ 174,720,610
Cost		182,007,888		175,436,447
Fair Value		182,087,982	[1]	$ 175,336,825	[2]
% of Members Capital	[3]			66.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 179,538,749
% of Members Capital	[5]	71.30%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | NY | Office Building | Non-controlled
Schedule of Investments
Interest Rate		10.70%	[12],[16],[18]	10.80%	[6],[8],[19]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[12],[16],[18]	LIBOR	[6],[8],[19]
Exit Fee		0.00%	[12],[16],[18]	0.00%	[6],[8],[19]
Acquisition Date		Dec. 17, 2018	[12],[16],[18]	Dec. 17, 2018	[6],[8],[19]
Maturity Date		Jan. 9, 2022	[12],[16],[18]	Jan. 9, 2022	[6],[8],[19]
Principal Amount		$ 47,066,628	[12],[16],[18]	$ 43,500,000	[6],[8],[19]
Cost		47,066,628	[12],[16],[18]	43,500,000	[6],[8],[19]
Fair Value		47,066,628	[1],[12],[16],[18]	$ 43,500,000	[2],[6],[8],[19]
% of Members Capital	[3],[6],[8],[19]			16.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | NY | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[12],[16],[18]	$ 46,407,695
% of Members Capital	[5],[12],[16],[18]	18.40%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | NY | Office Building | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		8.25%	[12],[16],[18]	8.25%	[6],[8],[19]
LIBOR Floor		2.44%	[12],[16],[18]	2.44%	[6],[8],[19]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | ASA Mgt Holdings LLC | AL | Multifamily | Non-controlled
Schedule of Investments
Interest Rate				16.00%
Exit Fee				1.00%
Acquisition Date				Apr. 7, 2012
Maturity Date				Aug. 1, 2022
Principal Amount				$ 2,100,000
Cost				2,135,189
Fair Value	[2]			$ 2,120,720
% of Members Capital	[3]			0.80%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | CA | Student Housing | Non-controlled
Schedule of Investments
Interest Rate		12.00%	[10],[11],[12],[16],[18]	12.50%	[6],[8],[19]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[10],[11],[12],[16],[18]	LIBOR	[6],[8],[19]
Exit Fee		0.00%	[10],[11],[12],[16],[18]	0.00%	[6],[8],[19]
Acquisition Date		Apr. 11, 2018	[10],[11],[12],[16],[18]	Apr. 11, 2018	[6],[8],[19]
Maturity Date		Apr. 1, 2021	[10],[11],[12],[16],[18]	Apr. 1, 2021	[6],[8],[19]
Principal Amount		$ 27,213,272	[10],[11],[12],[16],[18]	$ 20,816,038	[6],[8],[19]
Cost		27,212,145	[10],[11],[12],[16],[18]	20,816,038	[6],[8],[19]
Fair Value		27,221,456	[1],[10],[11],[12],[16],[18]	$ 20,816,038	[2],[6],[8],[19]
% of Members Capital	[3],[6],[8],[19]			7.90%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | CA | Student Housing | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12],[16],[18]	$ 26,840,356
% of Members Capital	[5],[10],[11],[12],[16],[18]	10.70%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | CA | Student Housing | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		9.95%	[10],[11],[12],[16],[18]	9.95%	[6],[8],[19]
LIBOR Floor		2.00%	[10],[11],[12],[16],[18]	2.00%	[6],[8],[19]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Greystone Gables Holdings Member LLC | FL | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		13.00%	[10],[12]	13.00%	[8],[9],[13]
Exit Fee		1.00%	[10],[12]	1.00%	[8],[9],[13]
Acquisition Date		Jun. 16, 2016	[10],[12]	Jun. 16, 2016	[8],[9],[13]
Maturity Date		Dec. 16, 2019	[10],[12]	Jun. 16, 2019	[8],[9],[13]
Principal Amount		$ 500,000	[10],[12]	$ 500,000	[8],[9],[13]
Cost		505,000	[10],[12]	504,707	[8],[9],[13]
Fair Value		504,946	[1],[10],[12]	$ 504,946	[2],[8],[9],[13]
% of Members Capital	[3],[8],[9],[13]			0.20%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Greystone Gables Holdings Member LLC | FL | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[12]	$ 497,877
% of Members Capital	[5],[10],[12]	0.20%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | NB Private Capital LLC | Other States | Student Housing | Non-controlled
Schedule of Investments
Interest Rate		14.00%	[12],[16],[18]	14.00%	[6],[8],[19]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[12],[16],[18]	LIBOR	[6],[8],[19]
Exit Fee		1.00%	[12],[16],[18]	1.00%	[6],[8],[19]
Acquisition Date		Jul. 27, 2018	[12],[16],[18]	Jul. 27, 2018	[6],[8],[19]
Maturity Date		Jul. 27, 2020	[12],[16],[18]	Jul. 27, 2020	[6],[8],[19]
Principal Amount		$ 25,500,000	[12],[16],[18]	$ 25,500,000	[6],[8],[19]
Cost		25,726,977	[12],[16],[18]	25,704,182	[6],[8],[19]
Fair Value		25,726,977	[1],[12],[16],[18]	$ 25,704,182	[2],[6],[8],[19]
% of Members Capital	[3],[6],[8],[19]			9.80%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | NB Private Capital LLC | Other States | Student Housing | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[12],[16],[18]	$ 25,366,799
% of Members Capital	[5],[12],[16],[18]	10.10%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | NB Private Capital LLC | Other States | Student Housing | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		10.50%	[12],[16],[18]	10.50%
LIBOR Floor		3.50%	[12],[16],[18]	3.50%	[6],[8],[19]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Nelson Brothers Professional Real Estate, LLC | CO | Student Housing | Non-controlled
Schedule of Investments
Interest Rate	[20]			14.00%
Exit Fee	[20]			1.00%
Acquisition Date	[20]			Jul. 27, 2016
Maturity Date	[20]			Feb. 1, 2019
Principal Amount	[20]			$ 4,027,736
Cost	[20]			4,068,014
Fair Value	[2],[20]			$ 4,067,543
% of Members Capital	[3],[20]			1.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | CA | Condominium | Non-controlled
Schedule of Investments
Interest Rate		12.00%	[12],[16]	12.00%	[6],[8]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[12],[16]	LIBOR	[6],[8]
Exit Fee		1.00%	[12],[16]	1.00%	[6],[8]
Acquisition Date		May 24, 2018	[12],[16]	May 24, 2018	[6],[8]
Maturity Date		Jun. 1, 2021	[12],[16]	Jun. 1, 2021	[6],[8]
Principal Amount		$ 9,350,000	[12],[16]	$ 8,350,000	[6],[8]
Cost		9,421,280	[12],[16]	8,414,582	[6],[8]
Fair Value		9,433,752	[1],[12],[16]	$ 8,415,618	[2],[6],[8]
% of Members Capital	[3],[6],[8]			3.20%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | CA | Condominium | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[12],[16]	$ 9,301,679
% of Members Capital	[5],[12],[16]	3.70%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | CA | Condominium | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		8.00%	[12],[16]	8.00%	[6],[8]
LIBOR Floor		4.00%	[12],[16]	4.00%	[6],[8]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | NY | Land | Non-controlled
Schedule of Investments
Interest Rate		14.50%		15.00%
Loans Receivable, Description of Variable Rate Basis		LIBOR		LIBOR
Exit Fee		0.00%		0.00%
Acquisition Date		Mar. 9, 2018		Mar. 9, 2018
Maturity Date		Mar. 9, 2023		Mar. 9, 2023
Principal Amount		$ 18,444,375		$ 20,619,375
Cost		18,444,375		20,619,375
Fair Value		18,419,767	[1]	$ 20,619,375	[2]
% of Members Capital	[3]			7.80%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | NY | Land | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 18,161,890
% of Members Capital	[5]	7.20%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | NY | Land | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		12.50%		12.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | RS JZ Driggs, LLC | NY | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		12.30%	[12],[16]	12.30%	[6],[8]
Exit Fee		1.00%	[12],[16]	1.00%	[6],[8]
Acquisition Date		May 1, 2018	[12],[16]	May 1, 2018	[6],[8]
Maturity Date		May 1, 2020	[12],[16]	May 1, 2020	[6],[8]
Principal Amount		$ 8,200,000	[12],[16]	$ 4,041,350	[6],[8]
Cost		8,290,209	[12],[16]	4,075,613	[6],[8]
Fair Value		8,276,854	[1],[12],[16]	$ 4,075,613	[2],[6],[8]
% of Members Capital	[3],[6],[8]			1.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | RS JZ Driggs, LLC | NY | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[12],[16]	$ 8,160,978
% of Members Capital	[5],[12],[16]	3.20%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | SVA Mgt Holdings LLC | AL | Multifamily | Non-controlled
Schedule of Investments
Interest Rate				16.00%
Exit Fee				1.00%
Acquisition Date				Apr. 7, 2012
Maturity Date				Aug. 1, 2022
Principal Amount				$ 1,600,000
Cost				1,628,607
Fair Value	[2]			$ 1,615,786
% of Members Capital	[3]			0.60%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | WA | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		12.00%	[10],[11],[12],[18]	12.00%	[7],[8],[9],[19]
Exit Fee		1.00%	[10],[11],[12],[18]	1.00%	[7],[8],[9],[19]
Acquisition Date		Sep. 22, 2017	[10],[11],[12],[18]	Sep. 22, 2017	[7],[8],[9],[19]
Maturity Date		Sep. 22, 2022	[10],[11],[12],[18]	Sep. 22, 2022	[7],[8],[9],[19]
Principal Amount		$ 23,500,000	[10],[11],[12],[18]	$ 23,115,541	[7],[8],[9],[19]
Cost		23,656,903	[10],[11],[12],[18]	23,258,826	[7],[8],[9],[19]
Fair Value		23,767,698	[1],[10],[11],[12],[18]	$ 23,185,858	[2],[7],[8],[9],[19]
% of Members Capital	[3],[7],[8],[9],[19]			8.80%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | WA | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12],[18]	$ 23,434,950
% of Members Capital	[5],[10],[11],[12],[18]	9.30%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | WA | Multifamily | Current | Non-controlled
Schedule of Investments
Current rate	[7],[8],[9],[19]			10.00%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | WA | Multifamily | PIK | Non-controlled
Schedule of Investments
Current rate	[7],[8],[9],[19]			2.00%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Windy Hill PV Seven CM LLC | CA | Office Building | Non-controlled
Schedule of Investments
Interest Rate		12.50%	[10],[11],[12]	12.50%	[7],[8],[9]
Exit Fee		1.00%	[10],[11],[12]	1.00%	[7],[8],[9]
Acquisition Date		Jan. 9, 2018	[10],[11],[12]	Jan. 9, 2018	[7],[8],[9]
Maturity Date		Jan. 9, 2021	[10],[11],[12]	Jan. 9, 2021	[7],[8],[9]
Principal Amount		$ 21,492,366	[10],[11],[12]	$ 19,001,150	[7],[8],[9]
Cost		21,684,371	[10],[11],[12]	19,146,400	[7],[8],[9]
Fair Value		21,669,904	[1],[10],[11],[12]	$ 19,146,400	[2],[7],[8],[9]
% of Members Capital	[3],[7],[8],[9]			7.30%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Windy Hill PV Seven CM LLC | CA | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12]	$ 21,366,525
% of Members Capital	[5],[10],[11],[12]	8.50%
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Windy Hill PV Seven CM LLC | CA | Office Building | Current | Non-controlled
Schedule of Investments
Current rate		10.00%	[10],[11],[12]	10.00%	[7],[8],[9]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | Windy Hill PV Seven CM LLC | CA | Office Building | PIK | Non-controlled
Schedule of Investments
Interest Rate		2.50%	[10],[11],[12]	2.50%	[7],[8],[9]
UNITED STATES | Terra Property Trust | Preferred Equity Investment | WWML96, LLC | NY | Condominium | Non-controlled
Schedule of Investments
Interest Rate	[17]			13.00%
Exit Fee	[17]			1.00%
Acquisition Date	[17]			Dec. 18, 2015
Maturity Date	[17]			Jan. 14, 2019
Principal Amount	[17]			$ 1,549,420
Cost	[17]			1,564,914
Fair Value	[2],[17]			$ 1,564,746
% of Members Capital	[3],[17]			0.60%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Non-controlled
Schedule of Investments
Principal Amount		$ 111,976,382		$ 117,094,351
Cost		111,619,576		118,524,986
Fair Value		112,568,164	[1]	$ 118,561,453	[2]
% of Members Capital	[3]			45.10%
Repurchase Agreement Payable		51,290,313		$ 34,200,000
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 110,992,209
% of Members Capital	[5]	44.00%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 14th & Alice Street Owner LLC | CA | Multifamily | Non-controlled
Schedule of Investments
Interest Rate		9.00%
Loans Receivable, Description of Variable Rate Basis		LIBOR
Exit Fee		0.50%
Acquisition Date		Mar. 5, 2019
Maturity Date		Mar. 5, 2022
Principal Amount		$ 6,479,224
Cost		6,380,011
Fair Value	[1]	6,504,640
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 14th & Alice Street Owner LLC | CA | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 6,413,575
% of Members Capital	[5]	2.50%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 14th & Alice Street Owner LLC | CA | Multifamily | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		5.75%
LIBOR Floor		3.25%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | GA | Office Building | Non-controlled
Schedule of Investments
Interest Rate	[21]	6.50%
Loans Receivable, Description of Variable Rate Basis	[21]	LIBOR
Exit Fee	[21]	0.50%
Acquisition Date	[21]	Feb. 22, 2019
Maturity Date	[21]	Feb. 10, 2022
Principal Amount	[21]	$ 27,076,048
Cost	[21]	26,933,741
Fair Value	[1],[21]	27,207,707
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | GA | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[21]	$ 26,826,799
% of Members Capital	[5],[21]	10.60%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | GA | Office Building | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate	[21]	4.50%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 330 Tryon DE LLC | NC | Office Building | Non-controlled
Schedule of Investments
Interest Rate	[21]	6.40%
Loans Receivable, Description of Variable Rate Basis	[21]	LIBOR
Exit Fee	[21]	0.50%
Acquisition Date	[21]	Feb. 7, 2019
Maturity Date	[21]	Mar. 1, 2022
Principal Amount	[21]	$ 22,800,000
Cost	[21]	22,888,678
Fair Value	[1],[21]	22,904,516
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 330 Tryon DE LLC | NC | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[21]	$ 22,583,853
% of Members Capital	[5],[21]	8.90%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | 330 Tryon DE LLC | NC | Office Building | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate	[21]	3.85%
LIBOR Floor	[21]	2.50%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | CGI 1100 Biscayne Management LLC | FL | Hotel | Non-controlled
Schedule of Investments
Interest Rate	[22]			8.20%
Loans Receivable, Description of Variable Rate Basis	[22]			LIBOR
Exit Fee	[22]			2.00%
Acquisition Date	[22]			Nov. 19, 2018
Maturity Date	[22]			Nov. 19, 2020
Principal Amount	[22]			$ 57,269,351
Cost	[22]			58,244,986
Fair Value	[2],[22]			$ 58,286,097
% of Members Capital	[3],[22]			22.20%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | CGI 1100 Biscayne Management LLC | FL | Hotel | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate	[22]			5.65%
LIBOR Floor	[22]			2.30%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | MSC Fields Peachtree Retreat LLC | GA | Multifamily | Non-controlled
Schedule of Investments
Interest Rate	[21]	5.90%
Loans Receivable, Description of Variable Rate Basis	[21]	LIBOR
Exit Fee	[21]	0.50%
Acquisition Date	[21]	Mar. 15, 2019
Maturity Date	[21]	Apr. 1, 2022
Principal Amount	[21]	$ 23,308,334
Cost	[21]	23,401,586
Fair Value	[1],[21]	23,417,352
UNITED STATES | Terra Property Trust | First Mortgage [Member] | MSC Fields Peachtree Retreat LLC | GA | Multifamily | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[21]	$ 23,089,509
% of Members Capital	[5],[21]	9.20%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | MSC Fields Peachtree Retreat LLC | GA | Multifamily | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate	[21]	3.85%
LIBOR Floor	[21]	2.00%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Millennium Waterfront Associates, L.P. | PA | Land | Non-controlled
Schedule of Investments
Interest Rate	[23]			12.00%
Exit Fee	[23]			1.00%
Acquisition Date	[23]			Jul. 2, 2015
Maturity Date	[23]			Dec. 28, 2018
Principal Amount	[23]			$ 14,325,000
Cost	[23]			14,325,000
Fair Value	[2],[23]			$ 14,325,000
% of Members Capital	[3],[23]			5.40%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | OHM Atlanta Owner, LLC | GA | Land | Non-controlled
Schedule of Investments
Interest Rate	[6],[8],[19],[24]			12.00%
Loans Receivable, Description of Variable Rate Basis	[6],[8],[19],[24]			LIBOR
Exit Fee	[6],[8],[19],[24]			1.00%
Acquisition Date	[6],[8],[19],[24]			Jun. 20, 2017
Maturity Date	[6],[8],[19],[24]			Jan. 24, 2019
Principal Amount	[6],[8],[19],[24]			$ 27,500,000
Cost	[6],[8],[19],[24]			27,775,000
Fair Value	[2],[6],[8],[19],[24]			$ 27,772,240
% of Members Capital	[3],[6],[8],[19],[24]			10.60%
Repayment of Loan				$ 18,500,000
UNITED STATES | Terra Property Trust | First Mortgage [Member] | OHM Atlanta Owner, LLC | GA | Land | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate	[6],[8],[19],[24]			9.00%
LIBOR Floor	[6],[8],[19],[24]			3.00%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | TSG-Parcel 1, LLC | CA | Land | Non-controlled
Schedule of Investments
Interest Rate		12.00%	[11],[12],[16]	12.50%	[6],[7],[8]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[11],[12],[16]	LIBOR	[6],[7],[8]
Exit Fee		1.00%	[11],[12],[16]	1.00%	[6],[7],[8]
Acquisition Date		Jul. 10, 2015	[11],[12],[16]	Jul. 10, 2015	[6],[7],[8]
Maturity Date		Dec. 31, 2019	[11],[12],[16]	Dec. 31, 2019	[6],[7],[8]
Principal Amount		$ 18,000,000	[11],[12],[16]	$ 18,000,000	[6],[7],[8]
Cost		18,180,000	[11],[12],[16]	18,180,000	[6],[7],[8]
Fair Value		18,178,191	[1],[11],[12],[16]	$ 18,178,116	[2],[6],[7],[8]
% of Members Capital	[3],[6],[7],[8]			6.90%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | TSG-Parcel 1, LLC | CA | Land | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4],[11],[12],[16]	$ 17,923,696
% of Members Capital	[5],[11],[12],[16]	7.10%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | TSG-Parcel 1, LLC | CA | Land | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		10.00%	[11],[12],[16]	10.00%	[6],[7],[8]
LIBOR Floor		2.00%	[11],[12],[16]	2.00%	[6],[7],[8]
UNITED STATES | Terra Property Trust | First Mortgage [Member] | REEC 286 Lenox LLC | NY | Office Building | Non-controlled
Schedule of Investments
Interest Rate		5.00%
Loans Receivable, Description of Variable Rate Basis		LIBOR
Exit Fee		0.00%
Acquisition Date		Aug. 2, 2019
Maturity Date		Nov. 22, 2019
Principal Amount		$ 4,740,000
Cost		4,740,000
Fair Value	[1]	4,740,000
UNITED STATES | Terra Property Trust | First Mortgage [Member] | REEC 286 Lenox LLC | NY | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 4,673,640
% of Members Capital	[5]	1.90%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | REEC 286 Lenox LLC | NY | Office Building | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		2.95%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Windy Hill Pv Five Cm LlC | CA | Office Building | Non-controlled
Schedule of Investments
Interest Rate		4.30%
Loans Receivable, Description of Variable Rate Basis		LIBOR
Exit Fee		0.50%
Acquisition Date		Sep. 20, 2019
Maturity Date		Sep. 20, 2022
Principal Amount		$ 9,572,776
Cost		9,095,560
Fair Value	[1]	9,615,758
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Windy Hill Pv Five Cm LlC | CA | Office Building | Non-controlled | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 9,481,137
% of Members Capital	[5]	3.80%
UNITED STATES | Terra Property Trust | First Mortgage [Member] | Windy Hill Pv Five Cm LlC | CA | Office Building | LIBOR | Non-controlled
Schedule of Investments
Loans Receivable, Basis Spread on Variable Rate		2.25%
LIBOR Floor		2.10%
UNITED STATES | Terra Property Trust | Real Estate | Non-controlled
Schedule of Investments
Real estate		$ 66,973,824
Mortgage loan payable		44,745,024
Net Real Estate Investment		$ 22,228,800
UNITED STATES | Terra Property Trust | Real Estate | Non-controlled | Pro Rata
Schedule of Investments
% of Members Capital	[5],[25]	8.70%
Net Real Estate Investment	[4]	$ 21,917,597
UNITED STATES | Terra Property Trust | Real Estate | CA | Office Building | Non-controlled
Schedule of Investments
Acquisition Date		Jul. 30, 2018	[26]	Jul. 30, 2018
% of Members Capital	[27]			4.20%
Real estate		$ 53,578,394	[26]	$ 55,984,868	[28]
Mortgage loan payable		44,745,024	[26]	45,000,000
Net Real Estate Investment	[26]	8,833,370
Financing Receivable, before Allowance for Credit Loss		$ 54,000,000		54,000,000
UNITED STATES | Terra Property Trust | Real Estate | CA | Office Building | Non-controlled | Pro Rata
Schedule of Investments
% of Members Capital	[5],[25],[26]	3.50%
Net Real Estate Investment	[4],[26]	$ 8,709,703
UNITED STATES | Terra Property Trust | Real Estate | PA | Land | Non-controlled
Schedule of Investments
Acquisition Date	[29]	Jan. 9, 2019
Real estate	[29]	$ 13,395,430
Mortgage loan payable	[29]	0
Net Real Estate Investment	[29]	13,395,430
Impairment charge		$ 1,550,000
UNITED STATES | Terra Property Trust | Real Estate | PA | Land | Non-controlled | Pro Rata
Schedule of Investments
% of Members Capital	[5],[25],[29]	5.20%
Net Real Estate Investment	[4],[29]	$ 13,207,894
UNITED STATES | Terra Property Trust | Participation Interests | Mezzanine Loan | LD Milipitas Mezz, LLC | CA | Hotel | Non-controlled
Schedule of Investments
Total Commitment		$ 4,300,000		$ 4,300,000
Ownership Interest		25.00%		25.00%
UNITED STATES | Obligations Under Participation Agreements | Terra Property Trust
Schedule of Investments
Principal Amount		$ 97,688,326	[10],[11],[12],[16],[18]	$ 113,458,723	[6],[7],[8],[9],[19]
Cost		98,315,641	[10],[11],[12],[16],[18]	114,298,591	[6],[7],[8],[9],[19]
Fair Value		98,321,184	[1],[10],[11],[12],[16],[18]	$ 114,189,654	[2],[6],[7],[8],[9],[19]
% of Members Capital	[3],[6],[7],[8],[9],[19]			43.40%
UNITED STATES | Obligations Under Participation Agreements | Terra Property Trust | Pro Rata
Schedule of Investments
Fair Value	[4],[10],[11],[12],[16],[18]	$ 96,944,687
% of Members Capital	[5],[10],[11],[12],[16],[18]	38.50%
UNITED STATES | Investment Net | Terra Property Trust
Schedule of Investments
Principal Amount		$ 242,207,401		$ 271,582,978
Cost		242,568,532		273,945,383
Fair Value		243,621,191	[1]	$ 273,680,476	[2]
% of Members Capital	[3]			104.00%
UNITED STATES | Investment Net | Terra Property Trust | Pro Rata
Schedule of Investments
Fair Value	[4]	$ 240,210,493
% of Members Capital	[5]	95.30%
[1]	Because there is no readily available market for these loans, these loans were valued using significant unobservable inputs under Level 3 of the fair value hierarchy and were approved in good faith by Terra REIT Advisors, LLC (“Terra REIT Advisors”), Terra Property Trust’s manager, pursuant to Terra Property Trust’s valuation policy.
[2]	Because there is no readily available market for these loans, these loans were valued using significant unobservable inputs under Level 3 of the fair value hierarchy and were approved in good faith by Terra REIT Advisors, Terra Property Trust’s manager, pursuant to Terra Property Trust’s valuation policy.
[3]	Percentages are based on the fair value of the Company’s investment in Terra Property Trust of $263.1 million as of December 31, 2018.
[4]	Amount represents the Company’s portion, or 98.6%, of the fair value or net investment value.
[5]	Percentage is based on the Company’s pro rata share of the fair value or net investment value over the Company’s total members’ capital of $252.0 million at September 30, 2019.
[6]	Terra Property Trust sold a portion of its interest in this loan through a participation agreement to Terra Income Fund 6, Inc., an affiliated fund advised by Terra Income Advisors, an affiliate of our sponsor and Terra Property Trust’s manager.
[7]	Terra Property Trust sold a portion of its interests in these loans via participation agreements to Terra Secured Income Fund 5 International, an affiliated fund advised by Terra REIT Advisors.
[8]	The loan participations from Terra Property Trust do not qualify for sale accounting and therefore, the gross amount of these loans remain in the consolidated statements of financial condition.
[9]	Terra Property Trust sold a portion of its interests in these loans via participation agreements to Terra Income Fund International, an affiliated fund advised by Terra REIT Advisors.
[10]	Terra Property Trust sold a portion of its interests in these loans via participation agreements to Terra Income Fund International, an affiliated fund advised by Terra REIT Advisors.
[11]	Terra Property Trust sold a portion of its interests in these loans via participation agreements to Terra Secured Income Fund 5 International, an affiliated fund advised by Terra REIT Advisors.
[12]	The loan participations from Terra Property Trust do not qualify for sale accounting and therefore, the gross amount of these loans remain in the consolidated statements of financial condition.
[13]	In January 2019, the borrower extended the maturity of the loan to December 16, 2019.
[14]	On June 27, 2018, Terra Property Trust entered into a participation agreement with Terra Income Fund 6, Inc. to purchase a 25% interest, or $4.3 million, in a mezzanine loan. As of September 30, 2019, the unfunded commitment was $2.3 million.
[15]	On June 27, 2018, Terra Property Trust entered into a participation agreement with Terra Income Fund 6, Inc. to purchase a 25% interest, or $4.3 million, in a mezzanine loan. As of December 31, 2018, none of the commitment has been funded.
[16]	Terra Property Trust sold a portion of its interest in this loan through a participation agreement to Terra Income Fund 6, Inc., an affiliated fund advised by Terra Income Advisors, LLC (“Terra Income Advisors”), an affiliate of our sponsor and Terra Property Trust’s manager.
[17]	This loan was repaid in January 2019.
[18]	Terra Property Trust sold a portion of its interest in this loan through a participation agreement to Terra Property Trust 2, Inc., an affiliated fund managed by Terra REIT Advisors.
[19]	Terra Property Trust sold a portion of its interest in this loan through a participation agreement to Terra Property Trust 2, Inc., an affiliated fund managed by Terra REIT Advisors.
[20]	Property Trust entered into a forbearance agreement with the borrower whereby the borrower has until April 15, 2019 to repay the loan in full.
[21]	These loans were used as collateral for $51.3 million of borrowings under a repurchase agreement.
[22]	This loan was used as collateral for a $34.2 million borrowing under a repurchase agreement.
[23]	In January 2019, Terra Property Trust acquired the collateral for this loan via deed in lieu of foreclosure.
[24]	In January 2019, the borrower made a partial repayment of $18.5 million on this loan. In connection with the repayment, the maturity of the loan was extended to March 5, 2019. On March 5, 2019, the loan was repaid in full.
[25]	Percentage is based on Terra Property Trust’s net exposure on the property (real estate owned less encumbrance).
[26]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage. Real estate owned, net amount includes building and building improvements, tenant improvements and lease intangible assets and liabilities, net of accumulated depreciation and amortization.
[27]	Percentage is based on Terra Property Trust’s net exposure on the property (real estate owned less encumbrance).
[28]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage. Amount includes building and building improvements, tenant improvements and lease intangible assets and liabilities, net of accumulated depreciation and amortization.
[29]	Terra Property Trust acquired the collateral for this loan via deed in lieu of foreclosure. On June 30, 2019, Terra Property Trust recorded an impairment charge of $1.6 million on the land in order to reduce the carrying value of the land to its estimated fair value, which is the estimated selling price less the cost of sale.

Business

Business	9 Months Ended
	Sep. 30, 2019
Limited Liability Companies LLCs [Abstract]
Business	Note 1. Business Terra Secured Income Fund 5, LLC (and, together with its consolidated subsidiaries, the “Company”), is a real estate credit focused company that originates, structures, funds and manages high yielding commercial real estate investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans and preferred equity investments throughout the United States. The Company’s loans finance the acquisition, construction, development or redevelopment of quality commercial real estate in the United States. The Company focuses on the origination of middle market loans in the approximately $10 million to $50 million range, to finance properties in primary and secondary markets. The Company believes loans of this size are subject to less competition, offer higher risk adjusted returns than larger loans with similar risk metrics and facilitate portfolio diversification. The Company was formed as a Delaware limited liability company on April 24, 2013 and commenced operations on August 8, 2013. The Company makes substantially all of its investments and conducts substantially all of its real estate lending business through Terra Property Trust, which has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. The Company’s objectives are to (i) preserve its members’ capital contributions, (ii) realize income from its investments and (iii) make monthly distributions to its members from cash generated from investments. There can be no assurances that the Company will be successful in meeting its objectives. In December 2015, the members approved the merger of Terra Secured Income Fund, LLC (“Terra Fund 1”), Terra Secured Income Fund 2, LLC (“Terra Fund 2”), Terra Secured Income Fund 3, LLC (“Terra Fund 3”) and Terra Secured Income Fund 4, LLC (“Terra Fund 4”) with and into subsidiaries of the Company (individually, each a “Terra Fund” and collectively, the “Terra Funds”) through a series of separate mergers effective January 1, 2016 (collectively, the “Merger”). Following the Merger, the Company contributed the consolidated portfolio of net assets of the five Terra Funds to Terra Property Trust, a newly-formed and wholly-owned subsidiary of the Company that elected to be taxed as a REIT, in exchange for the shares of common stock of Terra Property Trust. Upon completion of the Merger, the Company became the parent company of Terra Funds 1 through 4 and the direct and indirect sole common stockholder of, and began conducting substantially all of its real estate lending business through, Terra Property Trust. As of September 30, 2019 , the Company owned 14,912,990 shares, or 98.6%, of Terra Property Trust’s outstanding common stock. The Company does not consolidate Terra Property Trust as Terra Property Trust is not an investment company. The Company’s investment activities were externally managed by Terra Income Advisors, a private investment firm affiliated with the Company until February 8, 2018 when Terra Capital Partners, LLC (“Terra Capital Partners”), the Company’s sponsor, caused a new subsidiary of Terra Capital Partners, Terra Fund Advisors, LLC (“Terra Fund Advisors”), to be admitted as the replacement manager of the Company. When used herein the term “Manager” refers to Terra Income Advisors for periods prior to February 8, 2018 and refers to Terra Fund Advisors beginning on such date. The Company does not currently have any employees and does not expect to have any employees. Services necessary for the Company’s business are provided by individuals who are employees of the Manager or its affiliates or by individuals who were contracted by the Company or by the Manager or its affiliates to work on behalf of the Company pursuant to the terms of the operating agreement, as amended. The Company will continue in existence until December 31, 2023; however, the Company expects to be terminated or to consummate an alternative liquidity transaction on or prior to the five-year anniversary of the completion of the Company’s original offering, which was January 31, 2015, unless extended for up to a maximum of two one-year extensions at the discretion of the Manager, in order to facilitate an orderly liquidation or to consummate such alternative liquidity transaction.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include all of the Company’s accounts and those of its consolidated subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying interim financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. The Company is an investment company, as defined under U.S. GAAP, and applies accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies . Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of gains (losses), income and expenses during the reporting period. Actual results could significantly differ from those estimates. The most significant estimates inherent in the preparation of the Company’s consolidated financial statements is the valuation of its investment ( Note 3 ). Equity Investment in Terra Property Trust Equity investment in Terra Property Trust represents the Company’s equity interest in Terra Property Trust, which was initially recorded at cost. Subsequent to the asset contribution, the equity investment is reported, at each reporting date, at fair value on the consolidated statements of financial condition. Change in fair value is reported in net change in unrealized appreciation or depreciation on investment on the consolidated statements of operations. Revenue Recognition Dividend Income: Dividend income associated with the Company’s ownership of Terra Property Trust is recognized on the record date as declared by Terra Property Trust. Any excess of dividends over Terra Property Trust’s cumulative net income are recorded as return of capital. Other Operating Income: All other income is recognized when earned. Cash and Cash Equivalents The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. Income Taxes No provision for U.S. federal and state income taxes has been made in the accompanying consolidated financial statements, as individual members are responsible for their proportionate share of the Company’s taxable income. The Company, however, may be liable for New York City Unincorporated Business Tax (the “NYC UBT”) and similar taxes of various other municipalities. New York City imposes the NYC UBT at a statutory rate of 4% on net income generated from ordinary business activities carried on in New York City. For the three and nine months ended September 30, 2019 and 2018 , none of the Company’s income was subject to the NYC UBT. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the consolidated financial statements and tax basis assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Such deferred tax assets and liabilities were not material. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25, Income Taxes , nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. For the three and nine months ended September 30, 2019 and 2018 , the Company did not incur any interest or penalties. Although the Company files federal and state tax returns, its primary tax jurisdiction is federal. The Company’s 2015-2019 federal tax years remain subject to examination by the Internal Revenue Service. Recent Accounting Pronouncement In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the model under ASC 840, Leases (“ASC 840”), with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces the sale-leaseback guidance under ASC 840 with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 was effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2016-02 on January 1, 2019. The adoption of ASU 2016-02 did not have any impact on the Company’s consolidated financial statements and disclosures as the Company does not have any lease arrangements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of information required by U.S. GAAP. The amendments in ASU 2018-13 added, removed and modified certain fair value measurement disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements and disclosures. In August 2018, the Securities and Exchange Commission (the “SEC”) adopted a final rule that eliminates or amends disclosure requirements that have become duplicative, overlapping, or outdated in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment (the “Final Rule”). The Final Rule is intended to simplify and update the disclosure of information to investors and reduce compliance burdens for companies, without significantly altering the total mix of information available to investors. Among other items, the Final Rule requires registrants to include in their interim financial statements a reconciliation of changes in net assets or stockholders’ equity in the notes or as a separate statement. The Final Rule was effective for all filings made on or after November 5, 2018; however, the SEC would not object if a filer’s first presentation of the changes in net assets or stockholders' equity was included in its Form 10-Q for the quarter that begins after the effective date of the Final Rule. The Company adopted the Final Rule in the first quarter of fiscal year 2019. The adoption of the Final Rule did not have a material impact on the Company’s consolidated financial statements and disclosures.

Investment and Fair Value

Investment and Fair Value	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments And Fair Value Measurements [Text Block]	Note 3. Investment and Fair Value Equity Investment in Terra Property Trust The Company invests substantially all of its equity capital in the purchase of common shares of Terra Property Trust. The following table presents a summary of the Company’s investment at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Investment Cost Fair Value % of Members’ Capital Cost Fair Value % of Members’ Capital 14,912,990 common shares of Terra Property Trust, Inc. $ 249,366,017 $ 252,111,819 100.1 % $ 265,200,249 $ 263,092,585 100.0 % For the three months ended September 30, 2019 and 2018 , the Company received approximately $7.6 million and $8.1 million of distributions from Terra Property Trust, respectively, of which $4.6 million and $2.6 million were returns of capital, respectively. For the nine months ended September 30, 2019 and 2018 , the Company received approximately $22.8 million and $24.9 million of distributions from Terra Property Trust, respectively, of which $15.8 million and $7.1 million were returns of capital, respectively. The following tables present the summarized financial information of Terra Property Trust: September 30, 2019 December 31, 2018 Carrying value of loans held for investment $ 340,884,173 $ 388,243,974 Real estate owned, net 78,547,358 68,004,577 Other assets 81,243,328 35,306,172 Total assets 500,674,859 491,554,723 Mortgage loan payable, repurchase agreement payable and obligations under participation agreements (192,679,205 ) (190,687,574 ) Accounts payable, accrued expenses and other liabilities (43,355,713 ) (23,555,081 ) Lease intangible liabilities (11,573,534 ) (12,019,709 ) Total liabilities (247,608,452 ) (226,262,364 ) Stockholder’s equity $ 253,066,407 $ 265,292,359 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues $ 13,092,968 $ 12,788,205 $ 39,163,596 $ 35,751,197 Expenses (9,945,334 ) (7,300,400 ) (32,246,572 ) (17,921,479 ) Net income $ 3,147,634 $ 5,487,805 $ 6,917,024 $ 17,829,718 Fair Value Measurements The Company adopted the provisions of ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 established a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Investments measured and reported at fair value are classified and disclosed into one of the following categories based on the inputs as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. Level 3 — Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of investments. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Assets and Liabilities Reported at Fair Value The following table summarizes the Company’s equity investment in Terra Property Trust at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 : September 30, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 252,111,819 $ 252,111,819 December 31, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 263,092,585 $ 263,092,585 Changes in Level 3 investment for the nine months ended September 30, 2019 and 2018 were as follows: Equity Investment in Terra Property Trust Nine Months Ended September 30, 2019 2018 Beginning balance $ 263,092,585 $ 275,428,953 Return of capital (15,834,232 ) (7,066,860 ) Net change in unrealized appreciation (depreciation) on investment 4,853,466 (355,600 ) Ending balance $ 252,111,819 $ 268,006,493 Net change in unrealized appreciation (depreciation) on investment for the period relating to those Level 3 assets that were still held by the Company $ 4,853,466 $ (355,600 ) Transfers between levels, if any, are recognized at the beginning of the period in which transfers occur. For the nine months ended September 30, 2019 and 2018 , there were no transfers. The Company estimated that its other financial assets and liabilities had fair values that approximated their carrying values at September 30, 2019 and December 31, 2018 due to their short-term nature. Valuation Process for Fair Value Measurement Market quotations are not readily available for the Company’s investment in Terra Property Trust, which is included in Level 3 of the fair value hierarchy. The fair value of the Company’s sole investment takes into consideration the fair value of Terra Property Trust’s assets and liabilities which are valued utilizing a yield approach, i.e. a discounted cash flow methodology. In following this methodology, loans are evaluated individually, and management takes into account, in determining the risk-adjusted discount rate for each of Terra Property Trust’s loans, relevant factors, including available current market data on applicable yields of comparable debt/preferred equity instruments; market credit spreads and yield curves; the investment’s yield; covenants of the investment, including prepayment provisions; the portfolio company’s ability to make payments, its net operating income, debt-service coverage ratio; construction progress reports and construction budget analysis; the nature, quality, and realizable value of any collateral (and loan-to-value ratio); and the forces that influence the local markets in which the asset (the collateral) is purchased and sold, such as capitalization rates, occupancy rates, rental rates, replacement costs and the anticipated duration of each real estate-related loan. The Manager designates a valuation committee to oversee the entire valuation process of Terra Property Trust’s Level 3 investments. The valuation committee is comprised of members of the Manager’s senior management, deal and portfolio management teams, who meet on a quarterly basis, or more frequently as needed, to review Terra Property Trust investments being valued as well as the inputs used in the proprietary valuation model. Valuations determined by the valuation committee are supported by pertinent data and, in addition to a proprietary valuation model, are based on market data, third-party valuation data and discount rates or other methods the valuation committee deems to be appropriate. The following tables summarize the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 investments as of September 30, 2019 and December 31, 2018 . The tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values. Fair Value Primary Valuation Technique Unobservable Inputs September 30, 2019 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 252,111,819 Discounted cash flow (1) Discount rate (1) 4.27 % 14.95 % 13.15 % Fair Value Primary Valuation Technique Unobservable Inputs December 31, 2018 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 263,092,585 Discounted cash flow (1) Discount rate (1) 5.02 % 16.00 % 14.19 % _______________ (1) Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities. Risks and Uncertainties The Company’s investment in Terra Property Trust is highly illiquid and there is no assurance that the Company will achieve its investment objectives, including targeted returns. Terra Property Trust’s loans are highly illiquid. Due to the illiquidity of the loans, valuation of the loans may be difficult, as there generally will be no established markets for these loans. As the Company’s investment is carried at fair value with fair value changes recognized in the consolidated statements of operations, any changes in fair value would directly affect the Company’s members’ capital.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 4. Related Party Transactions Axar Transaction On February 8, 2018, Terra Capital Partners caused (i) a new subsidiary of Terra Capital Partners, Terra REIT Advisors to become the external manager of Terra Property Trust, (ii) a new subsidiary of Terra Capital Partners, Terra Fund Advisors, to be admitted as the replacement manager of the Company and the equity interests in Terra Fund Advisors to be distributed to the equity owners of Terra Capital Partners on a pro rata basis and (iii) the equity interests in another subsidiary of Terra Capital Partners, Terra Income Advisors, which also serves as the external adviser to Terra Income Fund 6, Inc. (“Terra Fund 6”), to be distributed to the equity owners of Terra Capital Partners on a pro rata basis. After the completion of the above steps, a pooled investment vehicle advised by Axar Capital Management L.P. (“Axar”) entered into an investment agreement with Terra Capital Partners and its affiliates (which is referred to collectively as the “Axar Transaction”), pursuant to which Axar acquired from the respective owners thereof: (i) a 49% economic interest in Terra Fund Advisors; (ii) a 65.7% economic and voting interest in Terra Capital Partners (and thereby Terra REIT Advisors); and (iii) an initial 49% economic interest in Terra Income Advisors. On November 30, 2018, Axar acquired the remaining 34.3% economic interest in Terra Capital Partners. On April 30, 2019, Axar acquired the remaining 51% economic interest in Terra Income Advisors. Operating Agreement The Company had an operating agreement, as amended, with Terra Income Advisors whereby Terra Income Advisors was responsible for the Company’s day-to-day operations. As part of the Axar Transaction, on February 8, 2018, Terra Income Advisors assigned all of its rights, title and interest in the Company pursuant to the Amended and Restated Limited Liability Company Agreement of the Company, dated January 1, 2016, to Terra Fund Advisors. The operating agreement, as amended, is scheduled to terminate on December 31, 2023 unless the Company is dissolved earlier. Starting January 1, 2016, the Company conducts all of its real estate lending business through Terra Property Trust. As such, Terra Property Trust is responsible for management compensation paid and operating expenses reimbursed to its manager pursuant to a management agreement with the manager. Management Agreement As part of the Axar Transaction, Terra Income Advisors, Terra Property Trust’s manager prior to February 8, 2018, assigned all of its rights, title and interest in and to its then current external management agreement with Terra Property Trust to Terra REIT Advisors and immediately thereafter, Terra REIT Advisors and Terra Property Trust amended and restated such management agreement. Such amended and restated management agreement has the same economic terms and is in all material respects otherwise on the same terms as the management agreement between Terra Income Advisors and Terra Property Trust in effect immediately prior to the Axar Transaction, except for the identity of the manager. Dividend Income As discussed in Note 3 , for the three months ended September 30, 2019 and 2018 , the Company received approximately $7.6 million and $8.1 million of distributions from Terra Property Trust, respectively, of which $4.6 million and $2.6 million were returns of capital, respectively. For the nine months ended September 30, 2019 and 2018 , the Company received approximately $22.8 million and $24.9 million of distributions from Terra Property Trust, respectively, of which $15.8 million and $7.1 million was a return of capital, respectively. Terra International 3 On September 30, 2019, Terra Property Trust entered into a Contribution and Repurchase Agreement with Terra International Fund 3, L.P. (“Terra International 3”) and Terra International Fund 3 REIT, LLC (“Terra International Fund 3 REIT”), a wholly-owned subsidiary of Terra International 3. Pursuant to this agreement, Terra International 3, through Terra International Fund 3 REIT, contributed cash in the amount of $ 3.6 million to Terra Property Trust in exchange for 212,691 shares of common stock, at a price of $ 17.02 per share. In addition, Terra International 3 agreed to contribute to Terra Property Trust future cash proceeds, if any, raised from time to time by it, and Terra Property Trust agreed to issue shares of common stock to International Fund 3 in exchange for any such future cash proceeds, in each case pursuant to and in accordance with the terms and conditions specified in the agreement. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. Terra REIT Advisors also serves as adviser to the Terra International 3 and Terra International Fund 3 REIT. In addition, the general partner of Terra International 3 is Terra International Fund 3 GP, LLC, which is an affiliate of Terra Fund Advisors, our manager.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 5. Commitments and Contingencies The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Manager has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material adverse effect upon its financial condition or results of operations.

Members' Capital

Members' Capital	9 Months Ended
	Sep. 30, 2019
Limited Liability Company (LLC) Members' Equity [Abstract]
Members' Capital	Note 6. Members’ Capital As of September 30, 2019 and December 31, 2018 , the Company had 6,638.0 units and 6,638.4 units outstanding, respectively, and the net asset value per unit was $37,959 and $39,630 , respectively. Capital Contributions As of January 31, 2015, the offering period ended, and the Company stopped accepting capital contributions. In connection with the Merger, the Company offered existing members of the Terra Funds the opportunity to invest in the Company through purchase of additional units (the “Rights Offering”). The Rights Offering was completed on May 17, 2016. Capital Distributions At the discretion of the Manager, the Company may make distributions from net cash flow from operations, net disposition proceeds, or other cash available for distribution. Distributions are made to holders of Continuing Income Units (regular units of limited liability company interest in the Company) in proportion to their unit holdings until they receive a return of their initial Deemed Capital Contribution, as defined in the operating agreement, plus a preferred return ranging from 8.5% to 9.0% depending on the historical preferred return applicable to their Terra Fund units, after which time distributions are made 15% to the Manager which the Company refers to as the carried interest distribution, and 85% to the holders of Continuing Income Units. The preferred return applicable to the Continuing Income Units sold in the offering concurrent with the Merger is 8.5% . In addition, holders of Termination Units (membership interest in the Company that were issued to members of Terra Funds 1 through 4 who chose to enter the liquidation phase of their investments) received monthly distributions at a fixed rate of 6.0% per annum of the Unreturned Invested Capital (capital contributions less cumulative stated distributions of principal and less any amounts paid in redemption). For the three months ended September 30, 2019 and 2018 , the Company made total distributions to non-manager members of $7.5 million and $7.5 million , respectively. For the nine months ended September 30, 2019 and 2018 , the Company made total distributions to non-manager members of $22.4 million and $22.5 million , respectively. For the three and nine months ended September 30, 2019 and 2018 , the Company did not make any carried interest distributions to the Manager. Capital Redemptions In the Merger, members of Terra Funds 1 through 4 who wished to enter the liquidation phase of their investments chose to receive Termination Units as merger consideration. These Termination Units were redeemed on the original expected liquidation dates of the funds. As of September 30, 2019 and December 31, 2018 , there were no Termination Units outstanding. For the nine months ended September 30, 2019 , the Company redeemed 0.4 Continuing Income Units for $0.01 million . For the nine months ended September 30, 2018 , the Company redeemed 3.6 Continuing Income Units for $0.1 million and 50.4 Termination Units for $2.1 million . At the discretion of the Manager, a reserve of 5% of cash from operations may be established in order to repurchase units from non-managing members. The Manager is under no obligation to redeem non-managing members’ units. As of September 30, 2019 and December 31, 2018 , no such reserve was established. Allocation of Income (Loss) Profits and losses are allocated to the members in proportion to the units held in a given calendar year. Member Units Each membership interest through the original offering was offered for a price of $ 50,000 per unit. The membership interests in Terra Funds 1 through 4 were exchanged for units of the Company at a price of $ 43,410 per unit, which was the exchange value per unit of the Company on December 31, 2015, and the units in the Rights Offering were offered at a price of $ 47,000 per unit. The following table provides a roll forward of the units outstanding of the Company for the nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Managing Member Non-Managing Members Total Managing Non-Managing Members Total Units outstanding, beginning of period — 6,638.4 6,638.4 — 6,697.4 6,697.4 Early redemption of Continuing Income Units — (0.4 ) (0.4 ) — (3.6 ) (3.6 ) Termination Units redeemed — — — — (50.4 ) (50.4 ) Units outstanding, end of period — 6,638.0 6,638.0 — 6,643.4 6,643.4

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2019
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 7. Financial Highlights The financial highlights represent the per unit operating performance, return and ratios for the non-managing members’ class, taken as a whole, for the nine months ended September 30, 2019 and 2018 . These financial highlights consist of the operating performance, the internal rate of return (“IRR”) since inception of the Company, and the expense and net investment income ratios which are annualized except for the non-recurring expenses. The IRR, net of all fees and carried interest (if any), is computed based on actual dates of the cash inflows (capital contributions), outflows (capital distributions), and the ending capital at the end of the respective period (residual value) of the non-managing members’ capital account. The following summarizes the Company’s financial highlights for the nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 2018 Per unit operating performance: Net asset value per unit, beginning of period $ 39,630 $ 41,143 Increase in members’ capital from operations (1) : Net investment income 972 2,622 Net change in unrealized appreciation (depreciation) on investment 732 (53 ) Total increase in members’ capital from operations 1,704 2,569 Distributions to member (2) : Capital distributions (3,375 ) (3,372 ) Net decrease in members’ capital resulting from distributions (3,375 ) (3,372 ) Capital share transactions: — — Net asset value per unit, end of period $ 37,959 $ 40,340 Ratios to average net assets: Expenses 0.24 % 0.17 % Net investment income 3.31 % 8.61 % IRR, beginning of period 6.56 % 6.26 % IRR, end of period 6.49 % 6.70 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units and 6,670 units for the nine months ended September 30, 2019 and 2018 , respectively. (2) The per unit data for distributions reflects the actual amount of distributions paid per unit during the periods.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 8. Subsequent Events Management has evaluated subsequent events through the date the consolidated financial statements were available to be issued. Management has determined that there are no material events that would require adjustment to, or disclosure in, the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include all of the Company’s accounts and those of its consolidated subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying interim financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. The Company is an investment company, as defined under U.S. GAAP, and applies accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of gains (losses), income and expenses during the reporting period. Actual results could significantly differ from those estimates. The most significant estimates inherent in the preparation of the Company’s consolidated financial statements is the valuation of its investment ( Note 3 ).
Equity Investment	Equity Investment in Terra Property Trust Equity investment in Terra Property Trust represents the Company’s equity interest in Terra Property Trust, which was initially recorded at cost. Subsequent to the asset contribution, the equity investment is reported, at each reporting date, at fair value on the consolidated statements of financial condition. Change in fair value is reported in net change in unrealized appreciation or depreciation on investment on the consolidated statements of operations.
Revenue Recognition	Revenue Recognition Dividend Income: Dividend income associated with the Company’s ownership of Terra Property Trust is recognized on the record date as declared by Terra Property Trust. Any excess of dividends over Terra Property Trust’s cumulative net income are recorded as return of capital. Other Operating Income: All other income is recognized when earned.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation.
Income Taxes	Income Taxes No provision for U.S. federal and state income taxes has been made in the accompanying consolidated financial statements, as individual members are responsible for their proportionate share of the Company’s taxable income. The Company, however, may be liable for New York City Unincorporated Business Tax (the “NYC UBT”) and similar taxes of various other municipalities. New York City imposes the NYC UBT at a statutory rate of 4% on net income generated from ordinary business activities carried on in New York City. For the three and nine months ended September 30, 2019 and 2018 , none of the Company’s income was subject to the NYC UBT. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the consolidated financial statements and tax basis assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. Such deferred tax assets and liabilities were not material. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25, Income Taxes , nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. For the three and nine months ended September 30, 2019 and 2018 , the Company did not incur any interest or penalties. Although the Company files federal and state tax returns, its primary tax jurisdiction is federal. The Company’s 2015-2019 federal tax years remain subject to examination by the Internal Revenue Service.
Fair Value Measurement	The Company adopted the provisions of ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 established a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Investments measured and reported at fair value are classified and disclosed into one of the following categories based on the inputs as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. Level 3 — Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of investments. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.
New Accounting Pronouncements	Recent Accounting Pronouncement In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the model under ASC 840, Leases (“ASC 840”), with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces the sale-leaseback guidance under ASC 840 with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 was effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2016-02 on January 1, 2019. The adoption of ASU 2016-02 did not have any impact on the Company’s consolidated financial statements and disclosures as the Company does not have any lease arrangements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of information required by U.S. GAAP. The amendments in ASU 2018-13 added, removed and modified certain fair value measurement disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements and disclosures. In August 2018, the Securities and Exchange Commission (the “SEC”) adopted a final rule that eliminates or amends disclosure requirements that have become duplicative, overlapping, or outdated in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment (the “Final Rule”). The Final Rule is intended to simplify and update the disclosure of information to investors and reduce compliance burdens for companies, without significantly altering the total mix of information available to investors. Among other items, the Final Rule requires registrants to include in their interim financial statements a reconciliation of changes in net assets or stockholders’ equity in the notes or as a separate statement. The Final Rule was effective for all filings made on or after November 5, 2018; however, the SEC would not object if a filer’s first presentation of the changes in net assets or stockholders' equity was included in its Form 10-Q for the quarter that begins after the effective date of the Final Rule. The Company adopted the Final Rule in the first quarter of fiscal year 2019. The adoption of the Final Rule did not have a material impact on the Company’s consolidated financial statements and disclosures.

Investment and Fair Value (Tabl

Investment and Fair Value (Tables) - Terra Property Trust	9 Months Ended
	Sep. 30, 2019
Investments
Summary Investment Holdings	The following table presents a summary of the Company’s investment at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Investment Cost Fair Value % of Members’ Capital Cost Fair Value % of Members’ Capital 14,912,990 common shares of Terra Property Trust, Inc. $ 249,366,017 $ 252,111,819 100.1 % $ 265,200,249 $ 263,092,585 100.0 %
Summary of financial information	The following tables present the summarized financial information of Terra Property Trust: September 30, 2019 December 31, 2018 Carrying value of loans held for investment $ 340,884,173 $ 388,243,974 Real estate owned, net 78,547,358 68,004,577 Other assets 81,243,328 35,306,172 Total assets 500,674,859 491,554,723 Mortgage loan payable, repurchase agreement payable and obligations under participation agreements (192,679,205 ) (190,687,574 ) Accounts payable, accrued expenses and other liabilities (43,355,713 ) (23,555,081 ) Lease intangible liabilities (11,573,534 ) (12,019,709 ) Total liabilities (247,608,452 ) (226,262,364 ) Stockholder’s equity $ 253,066,407 $ 265,292,359 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues $ 13,092,968 $ 12,788,205 $ 39,163,596 $ 35,751,197 Expenses (9,945,334 ) (7,300,400 ) (32,246,572 ) (17,921,479 ) Net income $ 3,147,634 $ 5,487,805 $ 6,917,024 $ 17,829,718
Summary of Company's equity investment at fair value on a recurring basis	The following table summarizes the Company’s equity investment in Terra Property Trust at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 : September 30, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 252,111,819 $ 252,111,819 December 31, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 263,092,585 $ 263,092,585
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in Level 3 investment for the nine months ended September 30, 2019 and 2018 were as follows: Equity Investment in Terra Property Trust Nine Months Ended September 30, 2019 2018 Beginning balance $ 263,092,585 $ 275,428,953 Return of capital (15,834,232 ) (7,066,860 ) Net change in unrealized appreciation (depreciation) on investment 4,853,466 (355,600 ) Ending balance $ 252,111,819 $ 268,006,493 Net change in unrealized appreciation (depreciation) on investment for the period relating to those Level 3 assets that were still held by the Company $ 4,853,466 $ (355,600 )
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques	The following tables summarize the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 investments as of September 30, 2019 and December 31, 2018 . The tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values. Fair Value Primary Valuation Technique Unobservable Inputs September 30, 2019 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 252,111,819 Discounted cash flow (1) Discount rate (1) 4.27 % 14.95 % 13.15 % Fair Value Primary Valuation Technique Unobservable Inputs December 31, 2018 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 263,092,585 Discounted cash flow (1) Discount rate (1) 5.02 % 16.00 % 14.19 % _______________ (1) Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities.

Members' Capital (Tables)

Members' Capital (Tables)	9 Months Ended
	Sep. 30, 2019
Limited Liability Company (LLC) Members' Equity [Abstract]
Member Capital Termination Units Outstanding
Schedule of Capital Units	Each membership interest through the original offering was offered for a price of $ 50,000 per unit. The membership interests in Terra Funds 1 through 4 were exchanged for units of the Company at a price of $ 43,410 per unit, which was the exchange value per unit of the Company on December 31, 2015, and the units in the Rights Offering were offered at a price of $ 47,000 per unit. The following table provides a roll forward of the units outstanding of the Company for the nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Managing Member Non-Managing Members Total Managing Non-Managing Members Total Units outstanding, beginning of period — 6,638.4 6,638.4 — 6,697.4 6,697.4 Early redemption of Continuing Income Units — (0.4 ) (0.4 ) — (3.6 ) (3.6 ) Termination Units redeemed — — — — (50.4 ) (50.4 ) Units outstanding, end of period — 6,638.0 6,638.0 — 6,643.4 6,643.4

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2019
Investment Company, Financial Highlights [Abstract]
Financial Highlights	The following summarizes the Company’s financial highlights for the nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 2019 2018 Per unit operating performance: Net asset value per unit, beginning of period $ 39,630 $ 41,143 Increase in members’ capital from operations (1) : Net investment income 972 2,622 Net change in unrealized appreciation (depreciation) on investment 732 (53 ) Total increase in members’ capital from operations 1,704 2,569 Distributions to member (2) : Capital distributions (3,375 ) (3,372 ) Net decrease in members’ capital resulting from distributions (3,375 ) (3,372 ) Capital share transactions: — — Net asset value per unit, end of period $ 37,959 $ 40,340 Ratios to average net assets: Expenses 0.24 % 0.17 % Net investment income 3.31 % 8.61 % IRR, beginning of period 6.56 % 6.26 % IRR, end of period 6.49 % 6.70 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units and 6,670 units for the nine months ended September 30, 2019 and 2018 , respectively. (2) The per unit data for distributions reflects the actual amount of distributions paid per unit during the periods.

Business (Details)

Business (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)ExtensionNumber_of_Fundsshares	Dec. 31, 2018shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Operation date	Aug. 8, 2013
LLC formation state	Delaware
LLC exit date	Dec. 31, 2023
Number of investment funds | Number_of_Funds	5
Number of extension | Extension	2
Common Stock, Shares, Outstanding | shares	14,912,990	14,912,990
Minimum
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Investment in real estate loans	$ 10
Maximum
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Investment in real estate loans	$ 50

Investment and Fair Value (Narr

Investment and Fair Value (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments [Abstract]
Proceeds from Equity Method Investment, Distribution	$ 7,600,000	$ 8,100,000	$ 22,800,000	$ 24,900,000
Return of capital on investment	$ 4,600,000	$ 2,600,000	$ 15,834,232	$ 7,066,860

Investment and Fair Value (Summ

Investment and Fair Value (Summary of the Investments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investments
Proceeds from Equity Method Investment, Distribution	$ 7,600,000	$ 8,100,000	$ 22,800,000	$ 24,900,000
Common Stock, Shares, Outstanding	14,912,990		14,912,990		14,912,990
Cost	$ 249,366,017		$ 249,366,017		$ 265,200,249
Fair Value	$ 252,111,819		$ 252,111,819		$ 263,092,585
Terra Property Trust | Controlled
Investments
Common Stock, Shares, Outstanding	14,912,990		14,912,990		14,912,990
Cost	$ 249,366,017		$ 249,366,017		$ 265,200,249
Fair Value	$ 252,111,819		$ 252,111,819		$ 263,092,585
% of Members Capital	100.10%		100.10%		100.00%
Continuing Income Units Holder | Rights Offering
Investments
Distribution Made To Limited Liability Company LLC Member Distributions Declared Percent			8.50%	8.50%

Investment and Fair Value (Su_2

Investment and Fair Value (Summary of Financial Information of Terra Property Trust) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investment
Investment Owned, at Cost	$ 249,366,017		$ 249,366,017		$ 265,200,249
Proceeds from Equity Method Investment, Distribution	7,600,000	$ 8,100,000	22,800,000	$ 24,900,000
Return of capital on investment	4,600,000	$ 2,600,000	15,834,232	$ 7,066,860
Fair Value	252,111,819		252,111,819		263,092,585
Terra Property Trust
Investment
Carrying value of investments	340,884,173		340,884,173		388,243,974
Real estate owned, net	78,547,358		78,547,358		68,004,577
Other assets	81,243,328		81,243,328		35,306,172
Total assets	500,674,859		500,674,859		491,554,723
Mortgage loan payable and obligations under participation agreements	(192,679,205)		(192,679,205)		(190,687,574)
Accounts payable, accrued expenses and other liabilities	(43,355,713)		(43,355,713)		(23,555,081)
Lease intangible liabilities	(11,573,534)		(11,573,534)		(12,019,709)
Total liabilities	(247,608,452)		(247,608,452)		(226,262,364)
Stockholder’s equity	253,066,407		253,066,407		265,292,359
Controlled | Terra Property Trust
Investment
Investment Owned, at Cost	249,366,017		249,366,017		265,200,249
Fair Value	$ 252,111,819		$ 252,111,819		$ 263,092,585
% of Members Capital	100.10%		100.10%		100.00%

Investment and Fair Value (Su_3

Investment and Fair Value (Summary of Financial Information 2) (Details) - Terra Property Trust - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments
Revenues	$ 13,092,968	$ 12,788,205	$ 39,163,596	$ 35,751,197
Expenses	(9,945,334)	(7,300,400)	(32,246,572)	(17,921,479)
Net income	$ 3,147,634	$ 5,487,805	$ 6,917,024	$ 17,829,718

Investment and Fair Value (Equi

Investment and Fair Value (Equity Investment at Fair Value on a recurring basis) (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 252,111,819	$ 263,092,585
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 252,111,819	$ 263,092,585

Investments and Fair Value (Cha

Investments and Fair Value (Changes in Level 3) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Return of capital	$ (4,600,000)	$ (2,600,000)	$ (15,834,232)	$ (7,066,860)
Net change in unrealized depreciation or appreciation on investment	$ 1,655,207	(179,846)	$ 4,853,466	(355,600)
Common Stock, Shares, Outstanding	14,912,990		14,912,990		14,912,990
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			$ 263,092,585	275,428,953
Return of capital			(15,834,232)	(7,066,860)
Net change in unrealized depreciation or appreciation on investment			4,853,466	(355,600)
Ending balance	$ 252,111,819	$ 268,006,493	252,111,819	268,006,493
Net Change in unrealized (depreciation) appreciation on investment			$ 4,853,466	$ (355,600)

Investment and Fair Value (Valu

Investment and Fair Value (Valuation techniques and significant unobservable inputs) (Details)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 252,111,819	$ 263,092,585
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 252,111,819	$ 263,092,585
Discount Rate | Discounted Cash Flow | Level 3 | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.0427	0.0502	[1]
Discount Rate | Discounted Cash Flow | Level 3 | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.1495	0.1600	[1]
Discount Rate | Discounted Cash Flow | Level 3 | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.1315	0.1419	[1]
[1]	Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Apr. 30, 2019	Nov. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments
Proceeds from Equity Method Investment, Distribution			$ 7,600,000	$ 8,100,000	$ 22,800,000	$ 24,900,000
Proceeds from Equity Method Investment, Distribution, Return of Capital			$ 4,600,000	$ 2,600,000	$ 15,834,232	$ 7,066,860
LLC exit date					Dec. 31, 2023
Terra Fund Advisors
Investments
Sale of Stock, Percentage of Ownership after Transaction					49.00%
Terra Capital Partners
Investments
Sale of Stock, Percentage of Ownership after Transaction					65.70%
Terra International Fund 3
Investments
Sale of Stock, Consideration Received Per Transaction					$ 3,600,000
Ownership Interest					212,691
Sale of Stock, Price Per Share			$ 17.02		$ 17.02
Terra REIT Advisors
Investments
Sale of Stock, Percentage of Ownership after Transaction					65.70%
Terra Income Advisors | Initial Acquisition
Investments
Sale of Stock, Percentage of Ownership after Transaction					49.00%
Axar Capital Management L.P [Member] | Additional Acquisition
Investments
Sale of Stock, Percentage of Ownership after Transaction	51.00%	34.30%

Members' Capital Members' Capit

Members' Capital Members' Capital (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Members Capital
Common Unit, Outstanding	6,638	6,643.4	6,638	6,643.4	6,638.4	6,697.4
Net Asset Value Per Unit	$ 37,959	$ 40,340	$ 37,959	$ 40,340	$ 39,630	$ 41,143
Capital distributions	$ 7,468,094	$ 7,479,981	$ 22,404,283	$ 22,497,394
Redemption value			$ 12,653	$ 2,188,790
Minimum
Members Capital
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			8.50%	8.50%
Maximum
Members Capital
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			9.00%	9.00%
Continuing Income Units Holder
Members Capital
Member units redemption			0.4	3.6
Distribution Percent			85.00%	85.00%
Shares Issued, Price Per Share	$ 43,410		$ 43,410
Termination Units Holder
Members Capital
Member units redemption			0	50.4
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			6.00%	6.00%
Manager
Members Capital
Distribution Percent			15.00%	15.00%
Non-managing
Members Capital
Cash Reserve For Member Units Repurchase	$ 0		$ 0		$ 0
Common Unit, Outstanding	6,638	6,643.4	6,638	6,643.4	6,638.4	6,697.4
Percent Of Cash Repurchase Capital Units	5.00%		5.00%		5.00%
Non-managing | Continuing Income Units Holder
Members Capital
Member units redemption			0.4	3.6
Redemption value			$ 10,000	$ 100,000
Non-managing | Termination Units Holder
Members Capital
Member units redemption			0	50.4
Redemption value				$ 2,100,000
Managing
Members Capital
Common Unit, Outstanding	0	0	0	0	0	0
Capital distributions			$ 0	$ 0
Managing | Continuing Income Units Holder
Members Capital
Member units redemption			0	0
Managing | Termination Units Holder
Members Capital
Member units redemption			0	0
Rights Offering
Members Capital
Shares Issued, Price Per Share	$ 47,000		$ 47,000
Rights Offering | Continuing Income Units Holder
Members Capital
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			8.50%	8.50%
Initial Offering
Members Capital
Shares Issued, Price Per Share	$ 50,000		$ 50,000

Members' Capital Members' Cap_2

Members' Capital Members' Capital (Members' Units Outstanding) (Details) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Members Capital
Units outstanding, beginning of period	6,638.4	6,697.4
Units outstanding, end of period	6,638	6,643.4
Non-managing
Members Capital
Units outstanding, beginning of period	6,638.4	6,697.4
Units outstanding, end of period	6,638	6,643.4
Managing
Members Capital
Units outstanding, beginning of period	0	0
Units outstanding, end of period	0	0
Continuing Income Units Holder
Members Capital
Member units redemption	(0.4)	(3.6)
Continuing Income Units Holder | Non-managing
Members Capital
Member units redemption	(0.4)	(3.6)
Continuing Income Units Holder | Managing
Members Capital
Member units redemption	0	0
Termination Units Holder
Members Capital
Member units redemption	0	(50.4)
Termination Units Holder | Non-managing
Members Capital
Member units redemption	0	(50.4)
Termination Units Holder | Managing
Members Capital
Member units redemption	0	0

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares		3 Months Ended		9 Months Ended				12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018		Dec. 31, 2018	Dec. 31, 2017
Investment Company, Financial Highlights [Roll Forward]
Net asset value per unit				$ 39,630		$ 41,143		$ 41,143
Increase in members’ capital from operations (1):
Net investment income		$ 424	$ 806	972	[1]	2,622	[1]
Net change in unrealized appreciation (depreciation) on investment	[1]			732		(53)
Total increase in members’ capital from operations		673	779	1,704	[1]	2,569	[1]
Distributions to member (2):
Capital distributions	[2]			(3,375)		(3,372)
Net decrease in members’ capital resulting from distributions	[2]			(3,375)		(3,372)
Capital share transactions:
Net increase in members’ capital resulting from capital share transactions				0		0
Net asset value per unit		$ 37,959	$ 40,340	$ 37,959		$ 40,340		$ 39,630	$ 41,143
Ratios to average net assets:
Expenses				0.24%		0.17%
Net investment income				3.31%		8.61%
Internal Rate of Return since Inception				6.49%		6.70%		6.56%	6.26%
Non-managing Member Class
Ratios to average net assets:
Weighted Average Membership Units Outstanding				6,638		6,670
[1]	The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units and 6,670 units for the nine months ended September 30, 2019 and 2018, respectively.
[2]	The per unit data for distributions reflects the actual amount of distributions paid per unit during the periods.