Terra Secured Income Fund 5 10-K 19 Mar 21 2020 FY Annual report Financial data

Document Entity Information Doc

Document Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 18, 2021	Jun. 30, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Terra Secured Income Fund 5, LLC
Entity Central Index Key	0001581874
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55780
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0967526
Entity Address, Address Line One	550 Fifth Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	753-5100
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
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
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		6,637.7
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Public Float			$ 0
Title of 12(g) Security	Units of Limited Liability Company Interests

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Cash and cash equivalents	$ 225,214	$ 97,937
Other assets	33,830	15,064
Total assets	235,617,021	247,376,246
Liabilities
Accounts payable and accrued expenses	199,602	271,333
Due to related party	0	38,000
Total liabilities	199,602	309,333
Commitments and Contingencies
Members' capital:
Members' Capital	235,417,419	247,066,913
Total liabilities and members' capital	$ 235,617,021	$ 247,376,246
Net asset value per unit at period end	$ 35,467	$ 37,222
Managing
Members' capital:
Members' Capital	$ 0	$ 0
Non-managing
Members' capital:
Members' Capital	235,417,419	247,066,913
Terra JV
Assets [Abstract]
Fair Value	235,357,977	0
Terra Property Trust
Assets [Abstract]
Fair Value	$ 0	$ 247,263,245

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Terra JV
Investment Owned, at Cost	$ 230,915,151	$ 0
Terra Property Trust
Investment Owned, at Cost	$ 0	$ 243,924,852

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investment Income, Dividend	$ 4,283,576	$ 9,012,884
Other operating income	232	493
Total investment income	4,283,808	9,013,377
Operating expenses
Professional fees	552,648	565,459
Other	10,964	10,478
Total operating expenses	563,612	575,937
Net investment income	3,720,196	8,437,440
Net change in unrealized appreciation on investment	1,104,433	5,446,057
Net increase in members’ capital resulting from operations	$ 4,824,629	$ 13,883,497
Per unit data:
Net investment income per unit	$ 560	$ 1,271
Net increase in members’ capital resulting from operations per unit	$ 727	$ 2,092
Weighted average units outstanding	6,638	6,638

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Changes in Members' Capital [Roll Forward]
Balance, beginning of period		$ 247,066,913		$ 263,080,442	$ 247,066,913	$ 263,080,442
Capital distributions					(16,474,123)	(29,871,870)
Capital redemptions					0	(25,156)
Increase In members' capital resulting from operations
Net investment income	$ (858,481)	1,089,034	$ 1,983,001	3,747,080	3,720,196	8,437,440
Net change in unrealized appreciation on investment	2,328,322	(2,286,298)	592,591	1,589,251	1,104,433	5,446,057
Net increase in members’ capital resulting from operations	1,469,841	(1,197,264)	2,575,592	5,336,331	4,824,629	13,883,497
Balance, end of period	235,417,419		247,066,913		235,417,419	247,066,913
Managing
Changes in Members' Capital [Roll Forward]
Balance, beginning of period		0		0	0	0
Capital distributions					0	0
Capital redemptions
Increase In members' capital resulting from operations
Net investment income					0	0
Net change in unrealized appreciation on investment					0	0
Net increase in members’ capital resulting from operations					0	0
Balance, end of period	0		0		0	0
Non-managing
Changes in Members' Capital [Roll Forward]
Balance, beginning of period		$ 247,066,913		$ 263,080,442	247,066,913	263,080,442
Capital distributions					(16,474,123)	(29,871,870)
Capital redemptions						(25,156)
Increase In members' capital resulting from operations
Net investment income					3,720,196	8,437,440
Net change in unrealized appreciation on investment					1,104,433	5,446,057
Net increase in members’ capital resulting from operations					4,824,629	13,883,497
Balance, end of period	$ 235,417,419		$ 247,066,913		$ 235,417,419	$ 247,066,913

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Net increase in members’ capital resulting from operations	$ 4,824,629	$ 13,883,497
Adjustments to reconcile net increase in members’ capital resulting from operations to net cash provided by operating activities:
Return of capital on investment	13,009,701	21,275,398
Net change in unrealized appreciation on investment	(1,104,433)	(5,446,057)
Changes in operating assets and liabilities:
Increase in other assets	(18,766)	(781)
(Decrease) increase in accounts payable and accrued expenses	(71,731)	113,122
(Decrease) increase in due to related party	(38,000)	38,000
Net cash provided by operating activities	16,601,400	29,863,179
Cash flows from financing activities:
Distributions paid	(16,474,123)	(29,871,870)
Payments for capital redemptions	0	(25,156)
Net cash used in financing activities	(16,474,123)	(29,897,026)
Net increase (decrease) in cash and cash equivalents	127,277	(33,847)
Cash and cash equivalents at beginning of period	97,937	131,784
Cash and cash equivalents at end of period	225,214	97,937
Supplemental Non-Cash Disclosure:
Transfer of ownership interest in Terra Property Trust, Inc. to Terra JV, LLC (Note 3)	$ 244,006,890	$ 0

Consolidated Schedules of Inves

Consolidated Schedules of Investments Statement - USD ($)		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019
Schedule of Investments
Debt Securities		$ 3,300,000
Preferred Stock
Schedule of Investments
Amortized Cost	[1]	1,176,006
Fair Value	[1]	1,287,500
Preferred Stock | Pro Rata
Schedule of Investments
Fair Value	[1],[2]	$ 984,938
% of Members Capital	[1],[3]	0.42%
Initial Investment | Series A Preferred Stock | Nextpoint Real Estate Finance, Inc
Schedule of Investments
Interest Rate	[1]	8.50%
Acquisition Date	[1]	Jul. 30, 2020
Maturity Date	[1]	Jul. 24, 2025
Preferred Stock, Shares Issued	[1]	50,000
Amortized Cost	[1]	$ 1,176,006
Fair Value	[1]	1,287,500
Initial Investment | Series A Preferred Stock | Pro Rata | Nextpoint Real Estate Finance, Inc
Schedule of Investments
Fair Value	[1],[2]	$ 984,938
% of Members Capital	[1],[3]	0.42%
Terra JV
Schedule of Investments
Amortized Cost		$ 230,915,151
Fair Value		$ 235,357,977		$ 0
% of Members Capital		100.00%
Terra JV | Initial Acquisition
Schedule of Investments
Acquisition Date		Mar. 2, 2020
Terra Property Trust
Schedule of Investments
Common Stock, Shares, Outstanding				14,912,990
Amortized Cost				$ 243,924,852
Fair Value		$ 0		$ 247,263,245
% of Members Capital		100.00%		100.10%
Terra Property Trust | UNITED STATES
Schedule of Investments
Principal Amount		$ 424,174,758		$ 377,388,317
Amortized Cost		426,019,273		378,612,768
Fair Value		419,407,194	[4]	379,160,415	[5]
Terra Property Trust | UNITED STATES | Pro Rata
Schedule of Investments
Fair Value		$ 320,846,504	[2]	$ 373,852,169	[6]
% of Members Capital		136.30%	[3]	151.30%	[7]
Terra Property Trust | UNITED STATES | Mezzanine Loan
Schedule of Investments
Principal Amount		$ 28,541,279		$ 42,113,654
Amortized Cost		28,923,140		42,671,330
Fair Value		28,294,628	[4]	42,673,996	[5]
Terra Property Trust | UNITED STATES | Mezzanine Loan | Pro Rata
Schedule of Investments
Fair Value		$ 21,645,390	[2]	$ 42,076,559	[6]
% of Members Capital		9.20%	[3]	16.90%	[7]
Terra Property Trust | UNITED STATES | Preferred Equity Investment
Schedule of Investments
Principal Amount		$ 141,590,632		$ 157,144,040
Amortized Cost		142,002,144		157,737,763
Fair Value		137,517,326	[4]	157,497,299	[5]
Terra Property Trust | UNITED STATES | Preferred Equity Investment | Pro Rata
Schedule of Investments
Fair Value		$ 105,200,756	[2]	$ 155,292,337	[6]
% of Members Capital		44.70%	[3]	63.00%	[7]
Terra Property Trust | UNITED STATES | First Mortgage
Schedule of Investments
Principal Amount		$ 254,042,847		$ 178,130,623
Amortized Cost		255,093,989		178,203,675
Fair Value		253,595,240	[4]	178,989,120	[5]
Terra Property Trust | UNITED STATES | First Mortgage | Pro Rata
Schedule of Investments
Fair Value		$ 194,000,358	[2]	$ 176,483,273	[6]
% of Members Capital		82.40%	[3]	71.30%	[7]
Terra Property Trust | UNITED STATES | Real Estate
Schedule of Investments
Fair Value		$ 70,717,229		$ 66,171,666
Net Real Estate Investment		26,697,004		21,557,186
Mortgage loan payable		44,020,225		44,614,480
Terra Property Trust | UNITED STATES | Real Estate | Pro Rata
Schedule of Investments
Net Real Estate Investment		$ 20,423,208	[2]	$ 21,255,385	[6]
% of Members Capital	[8]	8.70%	[3]	8.60%	[7]
Terra Property Trust | UNITED STATES | Obligations Under Participation Agreements
Schedule of Investments
Principal Amount		$ (89,548,151)	[9],[10],[11],[12]	$ (102,564,795)	[13],[14],[15],[16],[17]
Amortized Cost		(89,769,560)	[9],[10],[11],[12]	(103,186,327)	[13],[14],[15],[16],[17]
Fair Value		(87,730,239)	[4],[9],[10],[11],[12]	(103,188,783)	[5],[13],[14],[15],[16],[17]
Terra Property Trust | UNITED STATES | Obligations Under Participation Agreements | Pro Rata
Schedule of Investments
Fair Value		$ (67,113,633)	[2],[9],[10],[11],[12]	$ (101,744,140)	[6],[13],[14],[15],[16],[17]
% of Members Capital		(28.50%)	[3],[9],[10],[11],[12]	(41.20%)	[7],[13],[14],[15],[16],[17]
Terra Property Trust | UNITED STATES | Investment Net
Schedule of Investments
Principal Amount		$ 334,626,607		$ 274,823,522
Amortized Cost		332,510,955		275,426,441
Fair Value		331,676,955	[4]	275,971,632	[5]
Allowance for Loan and Lease Losses, Real Estate		(3,738,758)
Terra Property Trust | UNITED STATES | Investment Net | Pro Rata
Schedule of Investments
Fair Value		$ 253,732,871	[2]	$ 272,108,029	[6]
% of Members Capital		107.80%	[3]	110.10%	[7]
Terra Property Trust | UNITED STATES | CA | Real Estate | Office Building
Schedule of Investments
Acquisition Date		Jul. 30, 2018	[18]	Jul. 30, 2018	[19]
Fair Value		$ 57,321,799	[18]	$ 52,776,236	[19]
Net Real Estate Investment		13,301,574	[18]	8,161,756	[19]
Mortgage loan payable		44,020,225	[18]	44,614,480	[19]
Terra Property Trust | UNITED STATES | CA | Real Estate | Office Building | Pro Rata
Schedule of Investments
Net Real Estate Investment		$ 10,175,704	[2],[18]	$ 8,047,491	[6],[19]
% of Members Capital	[8]	4.30%	[3],[18]	3.30%	[7],[19]
Terra Property Trust | UNITED STATES | PA | Real Estate | Land
Schedule of Investments
Acquisition Date	[20]	Jan. 9, 2019		Jan. 9, 2019
Fair Value	[20]	$ 13,395,430		$ 13,395,430
Net Real Estate Investment	[20]	13,395,430		13,395,430
Mortgage loan payable	[20]	0		0
Terra Property Trust | UNITED STATES | PA | Real Estate | Land | Pro Rata
Schedule of Investments
Net Real Estate Investment	[20]	$ 10,247,504	[2]	$ 13,207,894	[6]
% of Members Capital	[8],[20]	4.40%	[3]	5.30%	[7]
Terra Property Trust | 150 Blackstone River Road, LLC | UNITED STATES | MA | Mezzanine Loan | Industrial
Schedule of Investments
Location of property		country:US		country:US
Mortgage Loans On Real Estate Coupon Rate		8.50%		8.50%
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
Amortized Cost		7,000,000		7,000,000
Fair Value		7,007,397	[4]	7,081,127	[5]
Terra Property Trust | 150 Blackstone River Road, LLC | UNITED STATES | MA | Mezzanine Loan | Industrial | Pro Rata
Schedule of Investments
Fair Value		$ 5,360,659	[2]	$ 6,981,991	[6]
% of Members Capital		2.30%	[3]	2.80%	[7]
Terra Property Trust | 2539 Morse, LLC | UNITED STATES | CA | Mezzanine Loan | Student Housing
Schedule of Investments
Location of property	[15],[16],[17]			country:US
Mortgage Loans On Real Estate Coupon Rate	[15],[16],[17]			11.00%
Interest Rate	[15],[16],[17]			11.00%
Exit Fee	[15],[16],[17]			1.00%
Acquisition Date	[15],[16],[17]			Oct. 20, 2017
Maturity Date	[15],[16],[17]			Nov. 1, 2020
Principal Amount	[15],[16],[17]			$ 7,000,000
Amortized Cost	[15],[16],[17]			7,067,422
Fair Value	[5],[15],[16],[17]			7,069,355
Terra Property Trust | 2539 Morse, LLC | UNITED STATES | CA | Mezzanine Loan | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[6],[15],[16],[17]			$ 6,970,384
% of Members Capital	[7],[15],[16],[17]			2.80%
Terra Property Trust | Austin H. I. Owner LLC | UNITED STATES | TX | Mezzanine Loan | Hotel
Schedule of Investments
Location of property		country:US	[21]	country:US	[16],[17]
Mortgage Loans On Real Estate Coupon Rate		12.50%	[21]	12.50%	[16],[17]
Interest Rate		12.50%	[21]	12.50%	[16],[17]
Exit Fee		1.00%	[21]	1.00%	[16],[17]
Acquisition Date		Sep. 30, 2015	[21]	Sep. 30, 2015	[16],[17]
Maturity Date		Oct. 6, 2020	[21]	Oct. 6, 2020	[16],[17]
Principal Amount		$ 3,848,712	[21]	$ 3,500,000	[16],[17]
Amortized Cost		3,887,200	[21]	3,531,776	[16],[17]
Fair Value		3,533,118	[4],[21]	3,534,499	[5],[16],[17]
Terra Property Trust | Austin H. I. Owner LLC | UNITED STATES | TX | Mezzanine Loan | Hotel | Pro Rata
Schedule of Investments
Fair Value		$ 2,702,835	[2],[21]	$ 3,485,016	[6],[16],[17]
% of Members Capital		1.10%	[3],[21]	1.40%	[7],[16],[17]
Terra Property Trust | High Pointe Mezzanine Investments,, LLC | UNITED STATES | SC | Mezzanine Loan | Student Housing
Schedule of Investments
Location of property		country:US	[22]	country:US	[15],[17]
Mortgage Loans On Real Estate Coupon Rate		15.00%	[22]	13.00%	[15],[17]
Interest Rate		15.00%	[22]	13.00%	[15],[17]
Exit Fee		1.00%	[22]	1.00%	[15],[17]
Acquisition Date		Dec. 27, 2013	[22]	Dec. 27, 2013	[15],[17]
Maturity Date		Jan. 6, 2024	[22]	Jan. 6, 2024	[15],[17]
Principal Amount		$ 3,000,000	[22]	$ 3,000,000	[15],[17]
Amortized Cost		3,204,375	[22]	3,263,285	[15],[17]
Fair Value		2,988,110	[4],[22]	3,115,139	[5],[15],[17]
Terra Property Trust | High Pointe Mezzanine Investments,, LLC | UNITED STATES | SC | Mezzanine Loan | Student Housing | Pro Rata
Schedule of Investments
Fair Value		$ 2,285,904	[2],[22]	$ 3,071,527	[6],[15],[17]
% of Members Capital		1.00%	[3],[22]	1.20%	[7],[15],[17]
Terra Property Trust | LD Milipitas Mezz, LLC | UNITED STATES | CA | Mezzanine Loan | Hotel
Schedule of Investments
Location of property		country:US	[23]	country:US	[24]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[23]	LIBOR	[24]
Interest Rate		13.00%	[23]	13.00%	[24]
Exit Fee		1.00%	[23]	1.00%	[24]
Acquisition Date		Jun. 27, 2018	[23]	Jun. 27, 2018	[24]
Maturity Date		Jun. 27, 2021	[23]	Jun. 27, 2021	[24]
Principal Amount		$ 4,250,000	[23]	$ 3,120,887	[24]
Amortized Cost		4,294,053	[23]	3,150,546	[24]
Fair Value		4,293,969	[4],[23]	3,204,261	[5],[24]
Terra Property Trust | LD Milipitas Mezz, LLC | UNITED STATES | CA | Mezzanine Loan | Hotel | Pro Rata
Schedule of Investments
Fair Value		$ 3,284,886	[2],[23]	$ 3,159,401	[6],[24]
% of Members Capital		1.40%	[3],[23]	1.30%	[7],[24]
Terra Property Trust | LD Milipitas Mezz, LLC | UNITED STATES | CA | Mezzanine Loan | Hotel | LIBOR
Schedule of Investments
Loan spread on variable rate		10.25%	[23]	10.25%	[24]
LIBOR Floor		2.75%	[23]	2.75%	[24]
Terra Property Trust | SparQ Mezz Borrower, LLC | UNITED STATES | CA | Mezzanine Loan | Multifamily
Schedule of Investments
Location of property	[15],[16],[17]			country:US
Mortgage Loans On Real Estate Coupon Rate	[15],[16],[17]			12.00%
Interest Rate	[15],[16],[17]			12.00%
Exit Fee	[15],[16],[17]			1.00%
Acquisition Date	[15],[16],[17]			Sep. 29, 2017
Maturity Date	[15],[16],[17]			Oct. 1, 2020
Principal Amount	[15],[16],[17]			$ 8,700,000
Amortized Cost	[15],[16],[17]			8,783,139
Fair Value	[5],[15],[16],[17]			8,786,127
Terra Property Trust | SparQ Mezz Borrower, LLC | UNITED STATES | CA | Mezzanine Loan | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[6],[15],[16],[17]			$ 8,663,121
% of Members Capital	[7],[15],[16],[17]			3.50%
Terra Property Trust | Stonewall Station Mezz LLC | UNITED STATES | NC | Mezzanine Loan | Hotel
Schedule of Investments
Location of property		country:US	[10],[12],[22]	country:US	[14],[17]
Interest Rate		14.00%	[10],[12],[22]	14.00%	[14],[17]
Exit Fee		1.00%	[10],[12],[22]	1.00%	[14],[17]
Acquisition Date		May 31, 2018	[10],[12],[22]	May 31, 2018	[14],[17]
Maturity Date		May 20, 2021	[10],[12],[22]	May 20, 2021	[14],[17]
Principal Amount		$ 10,442,567	[10],[12],[22]	$ 9,792,767	[14],[17]
Amortized Cost		10,537,512	[10],[12],[22]	9,875,162	[14],[17]
Fair Value		10,472,034	[4],[10],[12],[22]	9,883,488	[5],[14],[17]
Terra Property Trust | Stonewall Station Mezz LLC | UNITED STATES | NC | Mezzanine Loan | Hotel | Pro Rata
Schedule of Investments
Fair Value		$ 8,011,106	[2],[10],[12],[22]	$ 9,745,119	[6],[14],[17]
% of Members Capital		3.40%	[3],[10],[12],[22]	3.90%	[7],[14],[17]
Terra Property Trust | Stonewall Station Mezz LLC | UNITED STATES | NC | Mezzanine Loan | Hotel | Current
Schedule of Investments
Interest Rate		12.00%	[10],[12],[22]	12.00%	[14],[17]
Terra Property Trust | Stonewall Station Mezz LLC | UNITED STATES | NC | Mezzanine Loan | Hotel | PIK
Schedule of Investments
Interest Rate		2.00%	[10],[12],[22]	2.00%	[14],[17]
Terra Property Trust | 370 Lex Part Deux, LLC | UNITED STATES | NY | Preferred Equity Investment | Office Building
Schedule of Investments
Location of property		country:US	[10],[12]	country:US	[13],[14],[17]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[10],[12]	LIBOR	[13],[14],[17]
Interest Rate		10.70%	[10],[12]	10.70%	[13],[14],[17]
Exit Fee		0.00%	[10],[12]	0.00%	[13],[14],[17]
Acquisition Date		Dec. 17, 2018	[10],[12]	Dec. 17, 2018	[13],[14],[17]
Maturity Date		Jan. 9, 2022	[10],[12]	Jan. 9, 2022	[13],[14],[17]
Principal Amount		$ 53,874,507	[10],[12]	$ 48,349,948	[13],[14],[17]
Amortized Cost		53,912,363	[10],[12]	48,425,659	[13],[14],[17]
Fair Value		51,935,025	[4],[10],[12]	48,236,458	[5],[13],[14],[17]
Terra Property Trust | 370 Lex Part Deux, LLC | UNITED STATES | NY | Preferred Equity Investment | Office Building | Pro Rata
Schedule of Investments
Fair Value		$ 39,730,294	[2],[10],[12]	$ 47,561,148	[6],[13],[14],[17]
% of Members Capital		16.90%	[3],[10],[12]	19.30%	[7],[13],[14],[17]
Terra Property Trust | 370 Lex Part Deux, LLC | UNITED STATES | NY | Preferred Equity Investment | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		8.25%	[10],[12]	8.25%	[13],[14],[17]
LIBOR Floor		2.44%	[10],[12]	2.44%	[13],[14],[17]
Terra Property Trust | City Gardens 333 LLC | UNITED STATES | CA | Preferred Equity Investment | Student Housing
Schedule of Investments
Location of property		country:US	[10],[12]	country:US	[13],[14],[15],[16],[17]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[10],[12]	LIBOR	[13],[14],[15],[16],[17]
Interest Rate		12.00%	[10],[12]	12.00%	[13],[14],[15],[16],[17]
Exit Fee		0.00%	[10],[12]	0.00%	[13],[14],[15],[16],[17]
Acquisition Date		Apr. 11, 2018	[10],[12]	Apr. 11, 2018	[13],[14],[15],[16],[17]
Maturity Date		Apr. 1, 2021	[10],[12]	Apr. 1, 2021	[13],[14],[15],[16],[17]
Principal Amount		$ 28,303,628	[10],[12]	$ 28,049,717	[13],[14],[15],[16],[17]
Amortized Cost		28,307,408	[10],[12]	28,056,179	[13],[14],[15],[16],[17]
Fair Value		28,276,767	[4],[10],[12]	28,057,779	[5],[13],[14],[15],[16],[17]
Terra Property Trust | City Gardens 333 LLC | UNITED STATES | CA | Preferred Equity Investment | Student Housing | Pro Rata
Schedule of Investments
Fair Value		$ 21,631,727	[2],[10],[12]	$ 27,664,970	[6],[13],[14],[15],[16],[17]
% of Members Capital		9.20%	[3],[10],[12]	11.20%	[7],[13],[14],[15],[16],[17]
Terra Property Trust | City Gardens 333 LLC | UNITED STATES | CA | Preferred Equity Investment | Student Housing | LIBOR
Schedule of Investments
Loan spread on variable rate		9.95%	[10],[12]	9.95%	[13],[14],[15],[16],[17]
LIBOR Floor		2.00%	[10],[12]	2.00%	[13],[14],[15],[16],[17]
Terra Property Trust | NB Private Capital LLC | UNITED STATES | Other States | Preferred Equity Investment | Student Housing
Schedule of Investments
Location of property	[13],[14],[15],[16],[17]			country:US
Loans Receivable, Description of Variable Rate Basis	[13],[14],[15],[16],[17]			LIBOR
Interest Rate	[13],[14],[15],[16],[17]			14.00%
Exit Fee	[13],[14],[15],[16],[17]			1.00%
Acquisition Date	[13],[14],[15],[16],[17]			Jul. 27, 2018
Maturity Date	[13],[14],[15],[16],[17]			Apr. 16, 2021
Principal Amount	[13],[14],[15],[16],[17]			$ 20,000,000
Amortized Cost	[13],[14],[15],[16],[17]			20,166,610
Fair Value	[5],[13],[14],[15],[16],[17]			20,180,782
Terra Property Trust | NB Private Capital LLC | UNITED STATES | Other States | Preferred Equity Investment | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[6],[13],[14],[15],[16],[17]			$ 19,898,251
% of Members Capital	[7],[13],[14],[15],[16],[17]			8.10%
Terra Property Trust | NB Private Capital LLC | UNITED STATES | Other States | Preferred Equity Investment | Student Housing | LIBOR
Schedule of Investments
Loan spread on variable rate	[13],[14],[15],[16],[17]			10.50%
LIBOR Floor	[13],[14],[15],[16],[17]			3.50%
Terra Property Trust | Orange Grove Property Investors LLC | UNITED STATES | CA | Preferred Equity Investment | Condominium
Schedule of Investments
Location of property		country:US	[10],[12]	country:US	[14],[17]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[10],[12]	LIBOR	[14],[17]
Interest Rate		12.00%	[10],[12]	12.00%	[14],[17]
Exit Fee		1.00%	[10],[12]	1.00%	[14],[17]
Acquisition Date		May 24, 2018	[10],[12]	May 24, 2018	[14],[17]
Maturity Date		Jun. 1, 2021	[10],[12]	Jun. 1, 2021	[14],[17]
Principal Amount		$ 10,600,000	[10],[12]	$ 10,600,000	[14],[17]
Amortized Cost		10,701,924	[10],[12]	10,696,587	[14],[17]
Fair Value		10,707,274	[4],[10],[12]	10,695,415	[5],[14],[17]
Terra Property Trust | Orange Grove Property Investors LLC | UNITED STATES | CA | Preferred Equity Investment | Condominium | Pro Rata
Schedule of Investments
Fair Value		$ 8,191,065	[2],[10],[12]	$ 10,545,679	[6],[14],[17]
% of Members Capital		3.50%	[3],[10],[12]	4.30%	[7],[14],[17]
Terra Property Trust | Orange Grove Property Investors LLC | UNITED STATES | CA | Preferred Equity Investment | Condominium | LIBOR
Schedule of Investments
Loan spread on variable rate		8.00%	[10],[12]	8.00%	[14],[17]
LIBOR Floor		4.00%	[10],[12]	4.00%	[14],[17]
Terra Property Trust | REEC Harlem Holdings Company LLC | UNITED STATES | NY | Preferred Equity Investment | Land
Schedule of Investments
Location of property		country:US		country:US
Loans Receivable, Description of Variable Rate Basis		LIBOR		LIBOR
Interest Rate		12.60%		14.30%
Exit Fee		0.00%		0.00%
Acquisition Date		Mar. 9, 2018		Mar. 9, 2018
Maturity Date		Mar. 9, 2023		Mar. 9, 2023
Principal Amount		$ 16,767,984		$ 18,444,375
Amortized Cost		16,767,984		18,444,375
Fair Value		14,314,585	[4]	18,280,168	[5]
Terra Property Trust | REEC Harlem Holdings Company LLC | UNITED STATES | NY | Preferred Equity Investment | Land | Pro Rata
Schedule of Investments
Fair Value		$ 10,950,658	[2]	$ 18,024,246	[6]
% of Members Capital		4.70%	[3]	7.30%	[7]
Terra Property Trust | REEC Harlem Holdings Company LLC | UNITED STATES | NY | Preferred Equity Investment | Land | LIBOR
Schedule of Investments
Loan spread on variable rate		12.50%		12.50%
Terra Property Trust | RS JZ Driggs, LLC | UNITED STATES | NY | Preferred Equity Investment | Multifamily
Schedule of Investments
Location of property		country:US	[10],[12],[25]	country:US	[14],[17]
Mortgage Loans On Real Estate Coupon Rate		12.30%	[10],[12],[25]	12.30%	[14],[17]
Interest Rate		12.30%	[10],[12],[25]	12.30%	[14],[17]
Exit Fee		1.00%	[10],[12],[25]	1.00%	[14],[17]
Acquisition Date		May 1, 2018	[10],[12],[25]	May 1, 2018	[14],[17]
Maturity Date		Jan. 1, 2021	[10],[12],[25]	May 1, 2020	[14],[17]
Principal Amount		$ 8,544,513	[10],[12],[25]	$ 8,200,000	[14],[17]
Amortized Cost		8,629,929	[10],[12],[25]	8,286,629	[14],[17]
Fair Value		8,612,869	[4],[10],[12],[25]	8,277,336	[5],[14],[17]
Terra Property Trust | RS JZ Driggs, LLC | UNITED STATES | NY | Preferred Equity Investment | Multifamily | Pro Rata
Schedule of Investments
Fair Value		$ 6,588,845	[2],[10],[12],[25]	$ 8,161,453	[6],[14],[17]
% of Members Capital		2.80%	[3],[10],[12],[25]	3.30%	[7],[14],[17]
Terra Property Trust | The Bristol at Southport, LLC | UNITED STATES | WA | Preferred Equity Investment | Multifamily
Schedule of Investments
Location of property		country:US	[11],[12]	country:US	[13],[15],[16],[17]
Mortgage Loans On Real Estate Coupon Rate		12.00%	[11],[12]	12.00%	[13],[15],[16],[17]
Interest Rate		12.00%	[11],[12]	12.00%	[13],[15],[16],[17]
Exit Fee		1.00%	[11],[12]	1.00%	[13],[15],[16],[17]
Acquisition Date		Sep. 22, 2017	[11],[12]	Sep. 22, 2017	[13],[15],[16],[17]
Maturity Date		Sep. 22, 2022	[11],[12]	Sep. 22, 2022	[13],[15],[16],[17]
Principal Amount		$ 23,500,000	[11],[12]	$ 23,500,000	[13],[15],[16],[17]
Amortized Cost		23,682,536	[11],[12]	23,661,724	[13],[15],[16],[17]
Fair Value		23,670,806	[4],[11],[12]	23,769,361	[5],[13],[15],[16],[17]
Terra Property Trust | The Bristol at Southport, LLC | UNITED STATES | WA | Preferred Equity Investment | Multifamily | Pro Rata
Schedule of Investments
Fair Value		$ 18,108,167	[2],[11],[12]	$ 23,436,590	[6],[13],[15],[16],[17]
% of Members Capital		7.60%	[3],[11],[12]	9.50%	[7],[13],[15],[16],[17]
Terra Property Trust | 14th & Alice Street Owner LLC | UNITED STATES | CA | First Mortgage | Multifamily
Schedule of Investments
Location of property	[11]	country:US	[12]	country:US
Loans Receivable, Description of Variable Rate Basis	[11]	LIBOR	[12]	LIBOR
Interest Rate	[11]	9.00%	[12]	9.00%
Exit Fee	[11]	0.50%	[12]	0.50%
Acquisition Date	[11]	Mar. 5, 2019	[12]	Mar. 5, 2019
Maturity Date	[11]	Mar. 5, 2022	[12]	Mar. 5, 2022
Principal Amount	[11]	$ 32,625,912	[12]	$ 12,932,034
Amortized Cost	[11]	32,877,544	[12]	12,957,731
Fair Value	[11]	32,551,137	[4],[12]	12,983,863	[5]
Terra Property Trust | 14th & Alice Street Owner LLC | UNITED STATES | CA | First Mortgage | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[11]	$ 24,901,620	[2],[12]	$ 12,802,089	[6]
% of Members Capital	[11]	10.60%	[3],[12]	5.20%	[7]
Terra Property Trust | 14th & Alice Street Owner LLC | UNITED STATES | CA | First Mortgage | Multifamily | LIBOR
Schedule of Investments
Loan spread on variable rate	[11]	5.75%	[12]	5.75%
LIBOR Floor	[11]	3.25%	[12]	3.25%
Terra Property Trust | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | UNITED STATES | GA | First Mortgage | Office Building
Schedule of Investments
Location of property		country:US	[26]	country:US	[27]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[26]	LIBOR	[27]
Interest Rate		4.60%	[26]	6.30%	[27]
Exit Fee		0.50%	[26]	0.50%	[27]
Acquisition Date		Feb. 22, 2019	[26]	Feb. 22, 2019	[27]
Maturity Date		Feb. 10, 2022	[26]	Feb. 10, 2022	[27]
Principal Amount		$ 50,808,453	[26]	$ 38,464,429	[27]
Amortized Cost		51,068,554	[26]	38,510,650	[27]
Fair Value		50,982,247	[4],[26]	38,655,000	[5],[27]
Terra Property Trust | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | UNITED STATES | GA | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value		$ 39,001,419	[2],[26]	$ 38,113,830	[6],[27]
% of Members Capital		16.60%	[3],[26]	15.40%	[7],[27]
Terra Property Trust | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | UNITED STATES | GA | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		4.50%	[26]	4.50%	[27]
Terra Property Trust | 330 Tryon DE LLC | UNITED STATES | NC | First Mortgage | Office Building
Schedule of Investments
Location of property		country:US	[26]	country:US	[27]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[26]	LIBOR	[27]
Interest Rate		6.40%	[26]	6.40%	[27]
Exit Fee		0.50%	[26]	0.50%	[27]
Acquisition Date		Feb. 7, 2019	[26]	Feb. 7, 2019	[27]
Maturity Date		Mar. 1, 2022	[26]	Mar. 1, 2022	[27]
Principal Amount		$ 22,800,000	[26]	$ 22,800,000	[27]
Amortized Cost		22,901,294	[26]	22,891,149	[27]
Fair Value		22,869,879	[4],[26]	22,906,207	[5],[27]
Terra Property Trust | 330 Tryon DE LLC | UNITED STATES | NC | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value		$ 17,495,457	[2],[26]	$ 22,585,520	[6],[27]
% of Members Capital		7.40%	[3],[26]	9.00%	[7],[27]
Terra Property Trust | 330 Tryon DE LLC | UNITED STATES | NC | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		3.85%	[26]	3.85%	[27]
LIBOR Floor		2.51%		2.51%	[27]
Terra Property Trust | 870 Santa Cruz LLC | UNITED STATES | CA | First Mortgage | Office Building
Schedule of Investments
Location of property		country:US
Loans Receivable, Description of Variable Rate Basis		LIBOR
Interest Rate		7.30%
Exit Fee		1.00%
Acquisition Date		Dec. 15, 2020
Maturity Date		Dec. 15, 2023
Principal Amount		$ 10,760,355
Amortized Cost		10,724,590
Fair Value	[4]	10,859,726
Terra Property Trust | 870 Santa Cruz LLC | UNITED STATES | CA | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value	[2]	$ 8,307,690
% of Members Capital	[3]	3.50%
Terra Property Trust | 870 Santa Cruz LLC | UNITED STATES | CA | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		6.75%
LIBOR Floor		0.50%
Terra Property Trust | AGRE DCP Palm Springs, LLC | UNITED STATES | CA | First Mortgage | Hotel
Schedule of Investments
Location of property		country:US	[26],[28]	country:US	[27]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[26],[28]	LIBOR	[27]
Interest Rate		6.60%	[26],[28]	6.60%	[27]
Exit Fee		0.50%	[26],[28]	0.50%	[27]
Acquisition Date		Dec. 12, 2019	[26],[28]	Dec. 12, 2019	[27]
Maturity Date		Jan. 1, 2023	[26],[28]	Jan. 1, 2023	[27]
Principal Amount		$ 45,294,097	[26],[28]	$ 30,184,357	[27]
Amortized Cost		45,506,051	[26],[28]	30,174,455	[27]
Fair Value		45,519,030	[4],[26],[28]	30,326,076	[5],[27]
Terra Property Trust | AGRE DCP Palm Springs, LLC | UNITED STATES | CA | First Mortgage | Hotel | Pro Rata
Schedule of Investments
Fair Value		$ 34,822,058	[2],[26],[28]	$ 29,901,511	[6],[27]
% of Members Capital		14.80%	[3],[26],[28]	12.10%	[7],[27]
Terra Property Trust | AGRE DCP Palm Springs, LLC | UNITED STATES | CA | First Mortgage | Hotel | LIBOR
Schedule of Investments
Loan spread on variable rate		4.75%	[26],[28]	4.75%	[27]
LIBOR Floor		1.80%	[26],[28]	1.80%	[27]
Terra Property Trust | MSC Fields Peachtree Retreat LLC | UNITED STATES | GA | First Mortgage | Multifamily
Schedule of Investments
Location of property		country:US	[26]	country:US	[27]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[26]	LIBOR	[27]
Interest Rate		5.90%	[26]	5.90%	[27]
Exit Fee		0.50%	[26]	0.50%	[27]
Acquisition Date		Mar. 15, 2019	[26]	Mar. 15, 2019	[27]
Maturity Date		Apr. 1, 2022	[26]	Apr. 1, 2022	[27]
Principal Amount		$ 23,308,334	[26]	$ 23,308,335	[27]
Amortized Cost		23,437,198	[26]	23,446,793	[27]
Fair Value		23,428,860	[4],[26]	23,418,996	[5],[27]
Terra Property Trust | MSC Fields Peachtree Retreat LLC | UNITED STATES | GA | First Mortgage | Multifamily | Pro Rata
Schedule of Investments
Fair Value		$ 17,923,078	[2],[26]	$ 23,091,130	[6],[27]
% of Members Capital		7.60%	[3],[26]	9.30%	[7],[27]
Terra Property Trust | MSC Fields Peachtree Retreat LLC | UNITED STATES | GA | First Mortgage | Multifamily | LIBOR
Schedule of Investments
Loan spread on variable rate		3.85%	[26]	3.85%	[27]
LIBOR Floor		2.00%	[26]	2.00%	[27]
Terra Property Trust | Patrick Henry Recovery Acquisition, LLC | UNITED STATES | CA | First Mortgage | Office Building
Schedule of Investments
Location of property		country:US	[26]	country:US
Loans Receivable, Description of Variable Rate Basis		LIBOR	[26]	LIBOR
Interest Rate		4.50%	[26]	4.70%
Exit Fee		0.30%	[26]	0.30%
Acquisition Date		Nov. 25, 2019	[26]	Nov. 25, 2019
Maturity Date		Dec. 1, 2023	[26]	Dec. 1, 2023
Principal Amount		$ 18,000,000	[26]	$ 18,000,000
Amortized Cost		18,039,456	[26]	18,037,329
Fair Value		17,994,495	[4],[26]	18,042,390	[5]
Terra Property Trust | Patrick Henry Recovery Acquisition, LLC | UNITED STATES | CA | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value		$ 13,765,789	[2],[26]	$ 17,789,797	[6]
% of Members Capital		5.80%	[3],[26]	7.20%	[7]
Terra Property Trust | Patrick Henry Recovery Acquisition, LLC | UNITED STATES | CA | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		2.95%	[26]	2.95%
LIBOR Floor		1.50%	[26]	1.50%
Terra Property Trust | TSG-Parcel 1, LLC | UNITED STATES | CA | First Mortgage | Land
Schedule of Investments
Location of property	[14],[16],[17]			country:US
Loans Receivable, Description of Variable Rate Basis	[14],[16],[17]			LIBOR
Interest Rate	[14],[16],[17]			12.00%
Exit Fee	[14],[16],[17]			1.00%
Acquisition Date	[14],[16],[17]			Jul. 10, 2015
Maturity Date	[14],[16],[17]			Mar. 31, 2020
Principal Amount	[14],[16],[17]			$ 18,000,000
Amortized Cost	[14],[16],[17]			18,180,000
Fair Value	[5],[14],[16],[17]			18,174,634
Terra Property Trust | TSG-Parcel 1, LLC | UNITED STATES | CA | First Mortgage | Land | Pro Rata
Schedule of Investments
Fair Value	[6],[14],[16],[17]			$ 17,920,189
% of Members Capital	[7],[14],[16],[17]			7.30%
Terra Property Trust | TSG-Parcel 1, LLC | UNITED STATES | CA | First Mortgage | Land | LIBOR
Schedule of Investments
Loan spread on variable rate	[14],[16],[17]			10.00%
LIBOR Floor	[14],[16],[17]			2.00%
Terra Property Trust | University Park Berkeley LLC | UNITED STATES | CA | First Mortgage | Student Housing
Schedule of Investments
Location of property	[26],[29]	country:US
Loans Receivable, Description of Variable Rate Basis	[26],[29]	LIBOR
Interest Rate	[26],[29]	5.70%
Exit Fee	[26],[29]	0.80%
Acquisition Date	[26],[29]	Feb. 27, 2020
Maturity Date	[26],[29]	Mar. 1, 2023
Principal Amount	[26],[29]	$ 23,990,786
Amortized Cost	[26],[29]	24,131,808
Fair Value	[4],[26],[29]	24,162,710
Terra Property Trust | University Park Berkeley LLC | UNITED STATES | CA | First Mortgage | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[2],[26],[29]	$ 18,484,473
% of Members Capital	[3],[26],[29]	7.90%
Terra Property Trust | University Park Berkeley LLC | UNITED STATES | CA | First Mortgage | Student Housing | LIBOR
Schedule of Investments
Loan spread on variable rate	[26],[29]	4.20%
LIBOR Floor	[26],[29]	1.50%
Terra Property Trust | REEC 286 Lenox LLC | UNITED STATES | NY | First Mortgage | Office Building
Schedule of Investments
Location of property				country:US
Loans Receivable, Description of Variable Rate Basis				LIBOR
Interest Rate				4.70%
Exit Fee				0.00%
Acquisition Date				Aug. 2, 2019
Maturity Date				Sep. 22, 2019
Principal Amount				$ 4,740,000
Amortized Cost				4,740,000
Fair Value	[5]			4,740,000
Terra Property Trust | REEC 286 Lenox LLC | UNITED STATES | NY | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value	[6]			$ 4,673,640
% of Members Capital	[7]			1.90%
Terra Property Trust | REEC 286 Lenox LLC | UNITED STATES | NY | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate				2.95%
Terra Property Trust | Windy Hill Pv Five Cm LLC | UNITED STATES | CA | First Mortgage | Office Building
Schedule of Investments
Location of property		country:US	[9]	country:US
Loans Receivable, Description of Variable Rate Basis		LIBOR	[9]	LIBOR
Interest Rate		8.10%	[9]	8.10%
Exit Fee		0.50%	[9]	0.50%
Acquisition Date		Sep. 20, 2019	[9]	Sep. 20, 2019
Maturity Date		Sep. 20, 2022	[9]	Sep. 20, 2022
Principal Amount		$ 26,454,910	[9]	$ 9,701,468
Amortized Cost		26,407,494	[9]	9,265,568
Fair Value		25,227,156	[4],[9]	9,741,954	[5]
Terra Property Trust | Windy Hill Pv Five Cm LLC | UNITED STATES | CA | First Mortgage | Office Building | Pro Rata
Schedule of Investments
Fair Value		$ 19,298,774	[2],[9]	$ 9,605,567	[6]
% of Members Capital		8.20%	[3],[9]	3.90%	[7]
Terra Property Trust | Windy Hill Pv Five Cm LLC | UNITED STATES | CA | First Mortgage | Office Building | LIBOR
Schedule of Investments
Loan spread on variable rate		6.00%	[9]	6.00%
LIBOR Floor		2.05%	[9]	2.05%
Terra Property Trust | Initial Acquisition
Schedule of Investments
Acquisition Date				Jan. 1, 2016
Terra Property Trust | Subsequent Acquisition
Schedule of Investments
Acquisition Date				Mar. 7, 2016
[1]	From time to time, Terra Property Trust might invest in short-term debt and equity securities. These securities are comprised of shares of preferred stock and bonds.
[2]	Amount represents the Company’s portion, or 76.5%, of the fair value or net investment value.
[3]	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 $235.4 million at December 31, 2020.
[4]	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.
[5]	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.
[6]	Amount represents the Company’s portion, or 98.6%, of the fair value or net investment value.
[7]	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 $247.1 million at December 31, 2019.
[8]	Percentage is based on Terra Property Trust’s net exposure on the property (real estate owned less encumbrance).
[9]	In March 2020, Terra Property Trust entered into a financing transaction where a third-party purchased an A-note position. However, the sale did not qualify for sale accounting and therefore, the gross amount of the loan remains in the consolidated balance sheets. The liability is reflected as secured borrowing in Terra Property Trust’s consolidated balance sheets.
[10]	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.
[11]	Terra Property Trust sold a portion of its interest in this loan via a participation agreement to a third-party.
[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 balance sheets.
[13]	Terra Property Trust sold a portion of its interest in this loan through a participation agreement to TPT2, an affiliated fund managed by Terra REIT Advisors.
[14]	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.
[15]	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.
[16]	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.
[17]	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.
[18]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage.
[19]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage. .
[20]	Terra Property Trust acquired the collateral for this loan via deed in lieu of foreclosure.
[21]	This loan is currently past due. Terra Property Trust is currently evaluating the options of recovering the principal amount, including foreclosing on the collateral.
[22]	Terra Property Trust entered into a forbearance agreement with the borrower to allow for more time to make the interest payment.
[23]	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, 2020, the commitment was fully funded.
[24]	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, 2019, the unfunded commitment was $1.1 million.
[25]	This loan is currently past due. Given the loan is in default, the Company issued a demand notice and is currently in control of the sale process.
[26]	These loans were used as collateral for $107.6 million of borrowings under a term loan payable.
[27]	These loans were used as collateral for $81.1 million of borrowings under a repurchase agreement.
[28]	In July 2020, Terra Property Trust Company amended the loan agreement to change the interest rate to PIK 15% for the period from July 2020 through January 2021.
[29]	In December 2020, Terra Property Trust entered into a forbearance agreement with the borrower pursuant to which interest is accrued on the loan during the 90-day forbearance period from November 2020 to January 2021. In connection with entering into the forbearance agreement, the spread on the interest rate was increased to 4.2% and the exit fee was increased to 0.75%.

Consolidated Schedules of Inv_2

Consolidated Schedules of Investments Consolidated schedule of investment (Parenthetical 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 02, 2020	Jan. 01, 2016
Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	87.60%
Terra Property Trust
Schedule of Investments
Common Stock, Par or Stated Value Per Share			$ 0.01
Common Stock, Value, Issued		$ 49,800,000
Common Stock, Shares, Issued		4,574,470.35
Cash		$ 25,500,000
Equity Method Investment, Ownership Percentage	87.40%
Percent Of Common Stock Indrect Owned	76.50%
Terra Fund Five | Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	87.60%
Terra fund Seven | Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	12.40%

Consolidated Schedules of Inv_3

Consolidated Schedules of Investments Consolidated schedule of investment (Parenthetical 2) - USD ($)		Jul. 01, 2020	Jun. 27, 2018	Dec. 31, 2020		Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt Securities				$ 3,300,000
Members' Capital				$ 235,417,419		$ 247,066,913
Terra JV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Equity Method Investment, Ownership Percentage				87.60%
Fair Value				$ 235,357,977		$ 0
% of Members Capital				100.00%
Terra JV | Terra Fund Five
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Equity Method Investment, Ownership Percentage				87.60%
Terra Property Trust
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Equity Method Investment, Ownership Percentage				87.40%
Percent Of Common Stock Indrect Owned				76.50%
Percent of Common Stock Direct Owned						98.60%
Fair Value				$ 0		$ 247,263,245
% of Members Capital				100.00%		100.10%
Terra Property Trust | UNITED STATES
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				$ 419,407,194	[1]	$ 379,160,415	[2]
Terra Property Trust | UNITED STATES | Mezzanine Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				28,294,628	[1]	42,673,996	[2]
Terra Property Trust | UNITED STATES | First Mortgage
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				253,595,240	[1]	178,989,120	[2]
Terra Property Trust | UNITED STATES | Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				70,717,229		66,171,666
Terra Property Trust | UNITED STATES | Indenture and credit Agreement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Collateralized Agreements				107,600,000
Terra Property Trust | UNITED STATES | Repurchase Agreements
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Collateralized Agreements						81,100,000
Terra Property Trust | UNITED STATES | CA | Participation Interests | Mezzanine Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Ownership Interest			25.00%
Total Commitment			$ 4,300,000
Terra Property Trust | UNITED STATES | CA | Office Building | First Mortgage
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Real Estate Acquired Through Foreclosure				54,000,000
Terra Property Trust | UNITED STATES | CA | Office Building | Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				$ 57,321,799	[3]	52,776,236	[4]
Real Estate Acquired Through Foreclosure						54,000,000
Terra Property Trust | UNITED STATES | CA | Student Housing | forbearance agreement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Loan spread on variable rate				4.20%
Increase exit fee percent				0.75%
Terra Property Trust | UNITED STATES | CA | Hotel | Mezzanine Loan | LD Milipitas Mezz, LLC
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value				$ 4,293,969	[1],[5]	3,204,261	[2],[6]
Ownership Interest			25.00%
Total Commitment			$ 4,300,000
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments						$ 1,100,000
Interest Rate				13.00%	[5]	13.00%	[6]
Terra Property Trust | UNITED STATES | CA | Hotel | First Mortgage | Loans Maturity From July 2020 to January 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Interest Rate		15.00%
Terra Property Trust | UNITED STATES | PA | Land | Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	[7]			$ 13,395,430		$ 13,395,430
[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]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage.
[4]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage. .
[5]	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, 2020, the commitment was fully funded.
[6]	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, 2019, the unfunded commitment was $1.1 million.
[7]	Terra Property Trust acquired the collateral for this loan via deed in lieu of foreclosure.

Business

Business	12 Months Ended
	Dec. 31, 2020
Limited Liability Companies LLCs [Abstract]
Business	Note 1. Business Terra Secured Income Fund 5, LLC (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. On March 2, 2020, Terra Fund 1, Terra Fund 2 and Terra Fund 3 merged with and into Terra Fund 4, with Terra Fund 4 continuing as the surviving company (the “Terra Fund Merger”), and the Company consolidated its holdings of shares of common stock of Terra Property Trust in Terra Fund 4. Subsequent to the Terra Fund Merger, the legal name of Terra Fund 4 was changed to Terra JV. On March 2, 2020, Terra Property Trust engaged in a series of transactions pursuant to which Terra Property Trust issued an aggregate of 4,574,470.35 shares of its common stock in exchange for the settlement of an aggregate of $49.8 million of participation interests in loans that Terra Property Trust owned, cash of $25.5 million and other working capital. As of December 31, 2020, Terra JV held 87.4% of the issued and outstanding shares of Terra Property Trust’s common stock with the remainder held by Terra Offshore REIT; and the Company and Terra Fund 7 owned an 87.6% and 12.4% percentage interest, respectively, in Terra JV ( Note 4 ). The Company does not consolidate Terra JV because the Company and Terra Fund 7 share joint approval rights with respect to certain major decisions that are taken by Terra JV and Terra Property Trust ( Note 4 ). The Company’s investment activities are externally managed by Terra Fund Advisors, LLC (“Terra Fund Advisors”). 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’s amended and restated operating agreement provides that the Company’s existence will continue until December 31, 2023, unless sooner terminated. However, the Company expects that prior to such date it will consummate a liquidity transaction, which may include an orderly liquidation of its assets or an alternative liquidity event such as a sale of the Company or an initial public offering and listing of Terra Property Trust’s shares of common stock on a national securities exchange. The Manager would pursue an alternative liquidity event only if it believes such a transaction would be in the best interests of the Company’s members.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The annual financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP”). The financial statements as of December 31, 2019 and for the year ended December 31, 2019 and the period from January 1, 2020 to March 1, 2020 included all of the Company’s accounts and those of its consolidated subsidiaries. All intercompany balances and transactions had been eliminated. As discussed in Note 1 , on March 2, 2020, the Company’s subsidiaries completed the Terra Fund Merger. As a result of the Terra Fund Merger, the Company no longer consolidates the subsidiaries. The financial statements as of December 31, 2020 and for the period from March 2, 2020 to December 31, 2020 includes all of the Company’s accounts only. The accompanying annual financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K 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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As of December 31, 2020, there has been a global outbreak of a novel coronavirus (“COVID-19”), which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading and operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its financial statements are reasonable and supportable based on the information available as of December 31, 2020, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. Equity Investment in Terra JV or Terra Property Trust Equity investment in Terra JV or Terra Property Trust represents the Company’s equity interest in Terra JV or Terra Property Trust as applicable, 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 statements of financial condition. Change in fair value is reported in net change in unrealized appreciation or depreciation on investment on the statements of operations. Revenue Recognition Dividend Income: Dividend income associated with the Company’s ownership of Terra JV or Terra Property Trust is recognized on the record date as declared by Terra JV or Terra Property Trust. Any excess of distributions over Terra JV or Terra Property Trust’s cumulative taxable 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 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 years ended December 31, 2020 and 2019, 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 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 statements of operations. For the years ended December 31, 2020 and 2019, 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 2017-2019 federal tax years remain subject to examination by the Internal Revenue Service. Recent Accounting Pronouncement

Investment and Fair Value

Investment and Fair Value	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Investments And Fair Value Measurements [Text Block]	Note 3. Investment and Fair Value Equity Investment in Terra JV or Terra Property Trust The Company invested substantially all of its equity capital in the purchase of shares of common stock of Terra Property Trust. On March 2, 2020, Terra Property Trust engaged in a series of transactions pursuant to which Terra Property Trust issued an aggregate of 4,574,470.35 shares of its common stock in exchange for the settlement of an aggregate of $49.8 million of participation interests in loans that Terra Property Trust owned, cash of $25.5 million and other working capital. As of December 31, 2020, Terra JV held 87.4% of the issued and outstanding shares of Terra Property Trust’s common stock with the remainder held by Terra Offshore REIT; and the Company and Terra Fund 7 owned an 87.6% and 12.4% percentage interest, respectively, in Terra JV, and Terra JV became the Company’s only investment ( Note 4 ). The following tables present a summary of the Company’s investment at December 31, 2020 and 2019: December 31, 2020 Investment Cost Fair Value % of Members’ Capital 87.6% interest in Terra JV, LLC $ 230,915,151 $ 235,357,977 100.0 % December 31, 2019 Investment Cost Fair Value % of Members’ Capital 14,912,990 common shares of Terra Property Trust, Inc. $ 243,924,852 $ 247,263,245 100.1 % For the years ended December 31, 2020 and 2019, the Company received approximately $17.3 million and $30.3 million of distributions from Terra JV and/or Terra Property Trust as applicable, respectively, of which $13.0 million and $21.3 million were returns of capital, respectively. As of December 31, 2020 and 2019, the Company indirectly beneficially owned 76.5% ( Note 4 ) and directly owned 98.6% of the outstanding shares of common stock of Terra Property Trust, respectively. The following tables present the summarized financial information of Terra Property Trust: December 31, 2020 2019 Carrying value of loans held for investment $ 422,280,515 $ 378,612,768 Equity investment in a limited partnership 36,259,959 — Real estate owned, net 73,178,939 77,596,475 Cash, cash equivalent and restricted cash 32,920,323 50,549,700 Other assets 23,837,445 20,584,135 Total assets 588,477,181 527,343,078 Term loan payable and obligations under participation agreements, repurchase (239,132,654) (227,548,397) Accounts payable, accrued expenses and other liabilities (35,769,686) (40,826,139) Lease intangible liabilities (10,249,776) (11,424,809) Total liabilities (285,152,116) (279,799,345) Stockholder’s equity $ 303,325,065 $ 247,543,733 Years Ended December 31, 2020 2019 Revenues $ 50,320,888 $ 51,399,525 Expenses (46,056,001) (42,356,750) Net loss on extinguishment of obligations under participation agreements (319,453) — Realized gains on marketable securities 1,160,162 — Unrealized gains on marketable securities 111,494 — Equity income from investment in a limited partnership 38,640 — Net income $ 5,255,730 $ 9,042,775 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 at fair value on a recurring basis as of December 31, 2020 and 2019: December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra JV $ — $ — $ 235,357,977 $ 235,357,977 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 247,263,245 $ 247,263,245 Changes in Level 3 investment for the years ended December 31, 2020 and 2019 were as follows: Equity Investment in Terra JV Equity Investment in Terra Property Trust Period from March 2, 2020 to December 31, 2020 Period from January 1, 2020 to March 1, 2020 Year Ended December 31, 2019 Beginning balance $ — $ 247,263,245 $ 263,092,586 Transfer of ownership interest in Terra Property Trust to 244,006,890 (244,006,890) — Return of capital (9,226,094) (3,783,607) (21,275,398) Net change in unrealized appreciation on investment 577,181 527,252 5,446,057 Ending balance $ 235,357,977 $ — $ 247,263,245 Net change in unrealized appreciation on investment for the period $ 577,181 $ 527,252 $ 5,446,057 Transfers between levels, if any, are recognized at the beginning of the period in which transfers occur. For the years ended December 31, 2020 and 2019, there were no transfers. The Company estimated that its other financial assets and liabilities had fair values that approximated their carrying values at December 31, 2020 and 2019 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 or Terra JV, 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. Valuation of Terra Property Trust’s investment in a 4.9 acre development parcel is based on the estimated selling price. The fair value of Terra Property Trust’s investment in an office building is determined using the direct capitalization method. 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 December 31, 2020 and 2019. 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 December 31, 2020 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra JV $ 235,357,977 Discounted cash flow (1)(2) Discount rate (1)(2) 5.25 % 20.05 % 14.17 % Fair Value Primary Valuation Technique Unobservable Inputs December 31, 2019 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 247,263,245 Discounted cash flow (1) Discount rate (1) 4.11 % 14.95 % 12.36 % _______________ (1) Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities. (2) The fair value of Terra Property Trust’s investment in an office building is determined using the direct capitalization method with a cap rate of 5.77% Risks and Uncertainties The Company’s investment in Terra Property Trust or Terra JV 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. The COVID-19 pandemic has resulted in extreme volatility in a variety of global markets, including the real estate-related debt markets. U.S. financial markets, in particular, are experiencing limited liquidity and forced selling by certain market participants with insufficient liquidity available to meet current obligations, which puts further downward pressure on asset prices.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 4. Related Party Transactions Operating Agreement The Company has an operating agreement, as amended, with 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. Dividend Income As discussed in Note 3 , for the years ended December 31, 2020 and 2019, the Company received approximately $17.3 million and $30.3 million of distributions from Terra JV and/or Terra Property Trust as applicable, respectively, of which $13.0 million and $21.3 million were returns of capital, respectively. TPT2 Merger On February 28, 2020, Terra Property Trust entered into certain Agreement and Plan of Merger (the “Merger Agreement”), by and among Terra Property Trust, Terra Property Trust 2, Inc. (“TPT2”) and Terra Fund 7, the sole stockholder of TPT2, pursuant to which TPT2 merged with and into Terra Property Trust, with Terra Property Trust continuing as the surviving corporation (the “TPT2 Merger”), effective March 1, 2020. In connection with the TPT2 Merger, each share of common stock, par value $0.01 per share, of TPT2 issued and outstanding immediately prior to the effective time of the TPT2 Merger was converted into the right to receive from Terra Property Trust a number of shares of common stock, par value $0.01 per share, of Terra Property Trust equal to an exchange ratio, which was 1.2031. The exchange ratio was based on the relative fair value of Terra Property Trust and TPT2 as of December 31, 2019 as adjusted to reflect changes in net working capital of each of Terra Property Trust and TPT2 during the period from January 1, 2020 through March 1, 2020, the effective time for the TPT2 Merger. For purposes of determining the respective fair values of Terra Property Trust and TPT2, the value of the loans (or participation interests therein) held by each of Terra Property Trust and TPT2 was the value of such loans (or participation interests) as set forth in the audited financial statements of Terra Property Trust as of and for the year ended December 31, 2019. As a result, Terra Fund 7 received 2,116,785.76 shares of common stock of Terra Property Trust as consideration in the TPT2 Merger and subsequently contributed these shares to Terra JV. The shares of Terra Property Trust common stock issued in connection with the TPT2 Merger were issued in a private placement in reliance on Section 4(a)(2) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations promulgated thereunder Issuance of Common Stock to Terra Offshore REIT In addition, on March 2, 2020, Terra Property Trust entered into two separate contribution agreements, one by and among Terra Property Trust, Terra Offshore REIT and Terra Income Fund International, and another by and among Terra Property Trust, Terra Offshore REIT and Terra Secured Income Fund 5 International, pursuant to which Terra Property Trust issued 2,457,684.59 shares of common stock of Terra Property Trust to Terra Offshore REIT in exchange for the settlement of $32.1 million of participation interests in loans also held by Terra Property Trust, $8.6 million in cash and other working capital (“Issuance of Common Stock to Terra Offshore REIT”). The shares of common stock were issued in a private placement in reliance on Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder. On April 29, 2020, Terra Property Trust repurchased, at a purchase price $17.02 per share, 212,691 shares of common stock that Terra Property Trust had previously sold to Terra Offshore REIT on September 30, 2019. Terra JV, LLC Prior to the completion of the TPT2 Merger and the Issuance of Common Stock to Terra Offshore REIT transactions described above, the Company owned approximately 98.6% of the issued and outstanding shares of Terra Property Trust’s common stock indirectly through its wholly owned subsidiary, Terra JV, of which the Company was the sole managing member, and the remaining issued and outstanding shares of Terra Property Trust’s common stock were owned by Terra Offshore REIT. As described above, Terra Property Trust acquired TPT2 in the TPT2 Merger and, in connection with such transaction, Terra Fund 7 contributed the shares of Terra Property Trust’s common stock received as consideration in the TPT2 Merger to Terra JV and became a co-managing member of Terra JV pursuant to the amended and restated operating agreement of Terra JV, dated March 2, 2020 (the “JV Agreement”). The JV Agreement and related stockholders agreement between Terra JV and Terra Property Trust, dated March 2, 2020, provide for the joint approval of the Company and Terra Fund 7 with respect to certain major decisions that are taken by Terra JV and Terra Property Trust. On March 2, 2020, Terra Property Trust, the Company, Terra JV and Terra REIT Advisors also entered into the Amended and Restated Voting Agreement (the “Voting Agreement”), pursuant to which the Company assigned its rights and obligations under the Voting Agreement to Terra JV. Consistent with the original voting agreement dated February 8, 2018, for the period that Terra REIT Advisors remains the external manager of Terra Property Trust, Terra REIT Advisors will have the right to nominate two individuals to serve as directors of Terra Property Trust, until Terra JV no longer holds at least 10% of the outstanding shares of Terra Property Trust’s common stock, Terra JV will have the right to nominate one individual to serve as a director of Terra Property Trust.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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	12 Months Ended
	Dec. 31, 2020
Limited Liability Company (LLC) Members' Equity [Abstract]
Members' Capital	Note 6. Members’ Capital As of both December 31, 2020 and 2019, the Company had 6,637.7 units outstanding. The net asset value per unit was $35,467 and $37,222 as of December 31, 2020 and 2019, 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%. For the years ended December 31, 2020 and 2019, the Company made total distributions to non-manager members of $16.5 million and $29.9 million, respectively. For the years ended December 31, 2020 and 2019, the Company did not make any carried interest distributions to the Manager. Capital Redemptions 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 December 31, 2020 and 2019, no such reserve was established. For the year ended December 31, 2019, the Company redeemed 0.7 units for $0.03 million. There was no redemption for the year ended December 31, 2020. Allocation of Income (Loss)

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Quarterly Financial Information [Text Block]	Note 7. Selected Quarterly Financial Data (unaudited) Three Months Ended December 31, 2020 September 30, June 30, March 31, Total investment (loss) income $ (748,962) $ 3,086,469 $ 681,719 $ 1,264,582 Total operating expenses 109,519 116,150 162,395 175,548 Net investment (loss) income (858,481) 2,970,319 519,324 1,089,034 Net change in unrealized appreciation (depreciation) 2,328,322 (1,751,564) 2,813,973 (2,286,298) Net increase (decrease) in net assets resulting from $ 1,469,841 $ 1,218,755 $ 3,333,297 $ (1,197,264) Net asset value per unit at period end $ 35,467 $ 35,694 $ 35,962 $ 35,916 Three Months Ended December 31, 2019 September 30, June 30, March 31, Total investment income $ 2,095,879 $ 2,994,231 $ 90 $ 3,923,177 Total operating expenses 112,878 182,767 104,195 176,097 Net investment income (loss) 1,983,001 2,811,464 (104,105) 3,747,080 Net change in unrealized appreciation on investment 592,591 1,655,207 1,609,008 1,589,251 Net increase in net assets resulting from operations $ 2,575,592 $ 4,466,671 $ 1,504,903 $ 5,336,331 Net asset value per unit at period end $ 37,222 $ 37,959 $ 38,411 $ 39,309

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2020
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 8. 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 years ended December 31, 2020 and 2019. 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. 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 years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Per unit operating performance: Net asset value per unit, beginning of period $ 37,222 $ 39,630 Increase in members’ capital from operations (1) : Net investment income 560 1,271 Net change in unrealized appreciation on investment 167 821 Total increase in members’ capital from operations 727 2,092 Distributions to members (2) : Capital distributions (2,482) (4,500) Net decrease in members’ capital resulting from distributions (2,482) (4,500) Net asset value per unit, end of period $ 35,467 $ 37,222 Ratios to average net assets: Expenses 0.24 % 0.22 % Net investment income 1.55 % 3.25 % IRR, beginning of period 6.40 % 6.56 % IRR, end of period 5.82 % 6.40 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units for both the years ended December 31, 2020 and 2019. (2) The per unit data for distributions reflects the actual amount of distributions paid per unit during the periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9. Subsequent Events Management has evaluated subsequent events through the date the financial statements were available to be issued. Management has determined that there are no material events other than the one below that would require adjustment to, or disclosure in, the Company’s financial statements. On March 12, 2021, Terra Mortgage Portfolio II, LLC, an indirect wholly-owned subsidiary of the Terra Property Trust, entered into a Business Loan and Security Agreement (the “Revolving Line of Credit”) with Western Alliance Bank (“WAB”) to provide for advances up to the lesser of $75.0 million or the amount determined by the borrowing base, which is based on the eligible assets pledged to the lender. Borrowings under the Revolving Line of Credit bear interest at an annual rate of LIBOR + 3.25% with a combined floor of 4.0% per annum. The Revolving Line of Credit matures on March 12, 2023 with an annual 12-month extension available at Terra Property Trust’s option, which are subject to certain conditions. In connection with the Revolving Line of Credit, Terra Property Trust entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which Terra Property Trust will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, Terra Property Trust will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $2.0 million quarterly operating profit; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00. The Revolving Line of Credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature. The Revolving Line of Credit contains various affirmative and negative covenants, including maintenance of a debt to total net worth ratio and limitations on the incurrence of liens and indebtedness, loans, distributions, change of management and ownership, changes in the nature of business and transactions with affiliates. The Revolving Line of Credit also includes customary events of default, including a cross-default provision applicable to debt obligations of Terra Mortgage Portfolio II, LLC or Terra Property Trust. The occurrence of an event of default may result in termination of the Revolving Line of Credit and acceleration of amounts due under the Revolving Line of Credit.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation The annual financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP”). The financial statements as of December 31, 2019 and for the year ended December 31, 2019 and the period from January 1, 2020 to March 1, 2020 included all of the Company’s accounts and those of its consolidated subsidiaries. All intercompany balances and transactions had been eliminated. As discussed in Note 1 , on March 2, 2020, the Company’s subsidiaries completed the Terra Fund Merger. As a result of the Terra Fund Merger, the Company no longer consolidates the subsidiaries. The financial statements as of December 31, 2020 and for the period from March 2, 2020 to December 31, 2020 includes all of the Company’s accounts only. The accompanying annual financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K 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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As of December 31, 2020, there has been a global outbreak of a novel coronavirus (“COVID-19”), which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading and operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its financial statements are reasonable and supportable based on the information available as of December 31, 2020, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates.
Equity Investment	Equity Investment in Terra JV or Terra Property Trust    Equity investment in Terra JV or Terra Property Trust represents the Company’s equity interest in Terra JV or Terra Property Trust as applicable, 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 statements of financial condition. Change in fair value is reported in net change in unrealized appreciation or depreciation on investment on the statements of operations.
Revenue Recognition	Revenue Recognition Dividend Income: Dividend income associated with the Company’s ownership of Terra JV or Terra Property Trust is recognized on the record date as declared by Terra JV or Terra Property Trust. Any excess of distributions over Terra JV or Terra Property Trust’s cumulative taxable 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.
Income Taxes	Income Taxes No provision for U.S. federal and state income taxes has been made in the accompanying 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 years ended December 31, 2020 and 2019, 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 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
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

Investment and Fair Value (Tabl

Investment and Fair Value (Tables) - Terra Property Trust	12 Months Ended
	Dec. 31, 2020
Investments
Summary Investment Holdings	The following tables present a summary of the Company’s investment at December 31, 2020 and 2019: December 31, 2020 Investment Cost Fair Value % of Members’ Capital 87.6% interest in Terra JV, LLC $ 230,915,151 $ 235,357,977 100.0 % December 31, 2019 Investment Cost Fair Value % of Members’ Capital 14,912,990 common shares of Terra Property Trust, Inc. $ 243,924,852 $ 247,263,245 100.1 %
Summary of financial information	The following tables present the summarized financial information of Terra Property Trust: December 31, 2020 2019 Carrying value of loans held for investment $ 422,280,515 $ 378,612,768 Equity investment in a limited partnership 36,259,959 — Real estate owned, net 73,178,939 77,596,475 Cash, cash equivalent and restricted cash 32,920,323 50,549,700 Other assets 23,837,445 20,584,135 Total assets 588,477,181 527,343,078 Term loan payable and obligations under participation agreements, repurchase (239,132,654) (227,548,397) Accounts payable, accrued expenses and other liabilities (35,769,686) (40,826,139) Lease intangible liabilities (10,249,776) (11,424,809) Total liabilities (285,152,116) (279,799,345) Stockholder’s equity $ 303,325,065 $ 247,543,733 Years Ended December 31, 2020 2019 Revenues $ 50,320,888 $ 51,399,525 Expenses (46,056,001) (42,356,750) Net loss on extinguishment of obligations under participation agreements (319,453) — Realized gains on marketable securities 1,160,162 — Unrealized gains on marketable securities 111,494 — Equity income from investment in a limited partnership 38,640 — Net income $ 5,255,730 $ 9,042,775
Summary of Company's equity investment at fair value on a recurring basis	The following table summarizes the Company’s equity investment at fair value on a recurring basis as of December 31, 2020 and 2019: December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra JV $ — $ — $ 235,357,977 $ 235,357,977 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra Property Trust $ — $ — $ 247,263,245 $ 247,263,245
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in Level 3 investment for the years ended December 31, 2020 and 2019 were as follows: Equity Investment in Terra JV Equity Investment in Terra Property Trust Period from March 2, 2020 to December 31, 2020 Period from January 1, 2020 to March 1, 2020 Year Ended December 31, 2019 Beginning balance $ — $ 247,263,245 $ 263,092,586 Transfer of ownership interest in Terra Property Trust to 244,006,890 (244,006,890) — Return of capital (9,226,094) (3,783,607) (21,275,398) Net change in unrealized appreciation on investment 577,181 527,252 5,446,057 Ending balance $ 235,357,977 $ — $ 247,263,245 Net change in unrealized appreciation on investment for the period $ 577,181 $ 527,252 $ 5,446,057
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 December 31, 2020 and 2019. 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 December 31, 2020 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra JV $ 235,357,977 Discounted cash flow (1)(2) Discount rate (1)(2) 5.25 % 20.05 % 14.17 % Fair Value Primary Valuation Technique Unobservable Inputs December 31, 2019 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra Property Trust $ 247,263,245 Discounted cash flow (1) Discount rate (1) 4.11 % 14.95 % 12.36 % _______________ (1) Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities. (2) The fair value of Terra Property Trust’s investment in an office building is determined using the direct capitalization method with a cap rate of 5.77%

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Quarterly Financial Information [Table Text Block]	Three Months Ended December 31, 2020 September 30, June 30, March 31, Total investment (loss) income $ (748,962) $ 3,086,469 $ 681,719 $ 1,264,582 Total operating expenses 109,519 116,150 162,395 175,548 Net investment (loss) income (858,481) 2,970,319 519,324 1,089,034 Net change in unrealized appreciation (depreciation) 2,328,322 (1,751,564) 2,813,973 (2,286,298) Net increase (decrease) in net assets resulting from $ 1,469,841 $ 1,218,755 $ 3,333,297 $ (1,197,264) Net asset value per unit at period end $ 35,467 $ 35,694 $ 35,962 $ 35,916 Three Months Ended December 31, 2019 September 30, June 30, March 31, Total investment income $ 2,095,879 $ 2,994,231 $ 90 $ 3,923,177 Total operating expenses 112,878 182,767 104,195 176,097 Net investment income (loss) 1,983,001 2,811,464 (104,105) 3,747,080 Net change in unrealized appreciation on investment 592,591 1,655,207 1,609,008 1,589,251 Net increase in net assets resulting from operations $ 2,575,592 $ 4,466,671 $ 1,504,903 $ 5,336,331 Net asset value per unit at period end $ 37,222 $ 37,959 $ 38,411 $ 39,309

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2020
Investment Company, Financial Highlights [Abstract]
Financial Highlights	The following summarizes the Company’s financial highlights for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Per unit operating performance: Net asset value per unit, beginning of period $ 37,222 $ 39,630 Increase in members’ capital from operations (1) : Net investment income 560 1,271 Net change in unrealized appreciation on investment 167 821 Total increase in members’ capital from operations 727 2,092 Distributions to members (2) : Capital distributions (2,482) (4,500) Net decrease in members’ capital resulting from distributions (2,482) (4,500) Net asset value per unit, end of period $ 35,467 $ 37,222 Ratios to average net assets: Expenses 0.24 % 0.22 % Net investment income 1.55 % 3.25 % IRR, beginning of period 6.40 % 6.56 % IRR, end of period 5.82 % 6.40 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,638 units for both the years ended December 31, 2020 and 2019. (2) The per unit data for distributions reflects the actual amount of distributions paid per unit during the periods.

Business (Details)

Business (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Number_of_Funds	Mar. 02, 2020USD ($)shares
Subsidiary of Limited Liability Company or Limited Partnership
Operations Commenced Date	Aug. 8, 2013
Formation State	Delaware
Formation Date	Apr. 24, 2013
LLC Exit Date	Dec. 31, 2023
Minimum
Subsidiary of Limited Liability Company or Limited Partnership
Investment Owned, Balance, Principal Amount	$ 10,000,000
Maximum
Subsidiary of Limited Liability Company or Limited Partnership
Investment Owned, Balance, Principal Amount	$ 50,000,000
Terra JV
Subsidiary of Limited Liability Company or Limited Partnership
Equity Method Investment, Ownership Percentage	87.60%
Terra JV | Terra fund Seven
Subsidiary of Limited Liability Company or Limited Partnership
Equity Method Investment, Ownership Percentage	12.40%
Terra JV | Terra Fund Five
Subsidiary of Limited Liability Company or Limited Partnership
Equity Method Investment, Ownership Percentage	87.60%
Terra Property Trust
Subsidiary of Limited Liability Company or Limited Partnership
Common Stock, Shares, Issued | shares		4,574,470.35
Common Stock, Value, Issued		$ 49,800,000
Cash		$ 25,500,000
Equity Method Investment, Ownership Percentage	87.40%
Number Of Investment Funds | Number_of_Funds	5
Percent Of Common Stock Indrect Owned	76.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
UBT at statutory rate	4.00%

Investment and Fair Value (Narr

Investment and Fair Value (Narratives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 02, 2020
Fair Value, Investment
Return of capital on investment	$ 13,009,701	$ 21,275,398
Proceeds from Equity Method Investment, Distribution	$ 17,300,000	$ 30,300,000
Terra Property Trust
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.40%
Common Stock, Shares, Issued			4,574,470.35
Common Stock, Value, Issued			$ 49,800,000
Cash			$ 25,500,000
Percent of Common Stock Direct Owned		98.60%
Percent Of Common Stock Indrect Owned	76.50%
Terra JV
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.60%
Terra JV | Terra fund Seven
Fair Value, Investment
Equity Method Investment, Ownership Percentage	12.40%
Terra JV | Terra Fund Five
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.60%

Investment and Fair Value (Summ

Investment and Fair Value (Summary of the Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Terra JV
Investments
Amortized Cost	$ 230,915,151
Fair Value	$ 235,357,977	$ 0
% of Members Capital	100.00%
Equity Method Investment, Ownership Percentage	87.60%
Terra Property Trust
Investments
Amortized Cost		243,924,852
Fair Value	$ 0	$ 247,263,245
% of Members Capital	100.00%	100.10%
Equity Method Investment, Ownership Percentage	87.40%
Common Stock, Shares, Outstanding		14,912,990

Investment and Fair Value (Su_2

Investment and Fair Value (Summary of Financial Information of Terra Property Trust) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Investment
Assets	$ 235,617,021	$ 247,376,246
Total liabilities	(199,602)	(309,333)
Terra Property Trust | Equity Method Investment - Investee
Fair Value, Investment
Carrying value of investments	422,280,515	378,612,768
Equity Method Investments	36,259,959	0
Real estate owned, net	73,178,939	77,596,475
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	32,920,323	50,549,700
Other assets	23,837,445	20,584,135
Assets	588,477,181	527,343,078
Mortgage loan payable and obligations under participation agreements	(239,132,654)	(227,548,397)
Accounts payable, accrued expenses and other liabilities	(35,769,686)	(40,826,139)
Lease intangible liabilities	(10,249,776)	(11,424,809)
Total liabilities	(285,152,116)	(279,799,345)
Stockholder’s equity	$ 303,325,065	$ 247,543,733

Investment and Fair Value (Su_3

Investment and Fair Value (Summary of Financial Information 2) (Details) - Terra Property Trust - Equity Method Investment - Investee - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments
Revenues	$ 50,320,888	$ 51,399,525
Expenses	(46,056,001)	(42,356,750)
Net loss on extinguishment of obligations under participation agreements	(319,453)	0
Realized gains on marketable securities	1,160,162	0
Unrealized gains on marketable securities	111,494	0
Equity income from investment in a limited partnership	38,640	0
Net income	$ 5,255,730	$ 9,042,775

Investment and Fair Value (Equi

Investment and Fair Value (Equity Investment at Fair Value on a recurring basis) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Terra Property Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 247,263,245
Terra Property Trust | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Terra Property Trust | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Terra Property Trust | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		247,263,245
Terra JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	235,357,977	$ 0
Terra JV | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Terra JV | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Terra JV | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 235,357,977

Investments and Fair Value (Cha

Investments and Fair Value (Changes in Level 3) (Details) - USD ($)	2 Months Ended	3 Months Ended								10 Months Ended	12 Months Ended
	Mar. 01, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer of ownership interest in Terra Property Trust to Terra JV											$ 244,006,890	$ 0
Net change in unrealized appreciation on investment		$ 2,328,322	$ (1,751,564)	$ 2,813,973	$ (2,286,298)	$ 592,591	$ 1,655,207	$ 1,609,008	$ 1,589,251		1,104,433	5,446,057
Terra JV | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance										$ 0
Transfer of ownership interest in Terra Property Trust to Terra JV										244,006,890
Return of capital										(9,226,094)
Net change in unrealized appreciation on investment										577,181
Ending balance	$ 0	$ 235,357,977								235,357,977	235,357,977
Net change in unrealized appreciation on investment for the period relating to those Level 3 assets that were still held by the Company										577,181
Terra Property Trust | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	247,263,245				$ 247,263,245				$ 263,092,586	$ 0	$ 247,263,245	263,092,586
Transfer of ownership interest in Terra Property Trust to Terra JV	(244,006,890)											0
Return of capital	(3,783,607)											(21,275,398)
Net change in unrealized appreciation on investment	527,252											5,446,057
Ending balance	0					$ 247,263,245						247,263,245
Net change in unrealized appreciation on investment for the period relating to those Level 3 assets that were still held by the Company	$ 527,252											$ 5,446,057

Investment and Fair Value (Valu

Investment and Fair Value (Valuation techniques and significant unobservable inputs) (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Terra Property Trust
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	$ 0	$ 247,263,245
Terra JV
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	235,357,977	0
Level 3 | Terra Property Trust
Fair Value Measurement Inputs and Valuation Techniques
Fair Value		$ 247,263,245
Level 3 | Terra Property Trust | Discount Rate | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Discount rate		0.0411
Level 3 | Terra Property Trust | Discount Rate | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Discount rate		0.1495
Level 3 | Terra Property Trust | Discount Rate | Discounted Cash Flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Discount rate		0.1236
Level 3 | Terra JV
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	$ 235,357,977
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Discount rate	0.0525
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Discount rate	0.2005
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Discount rate	0.1417

Investment and Fair Value (Va_2

Investment and Fair Value (Valuation techniques and significant unobservable inputs) - subnote (Details)	Dec. 31, 2020
Terra Property Trust | Office Building | Cap rate | Direct capitalization method
Fair Value Measurement Inputs and Valuation Techniques
Discount rate	0.0577

Related Party Transactions - Op

Related Party Transactions - Operating agreement and dividend income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments
LLC Exit Date	Dec. 31, 2023
Proceeds from Equity Method Investment, Distribution	$ 17,300,000	$ 30,300,000
Return of capital on investment	$ 13,009,701	$ 21,275,398

Related Party Transactions - TP

Related Party Transactions - TPT2 Merger (Details) - $ / shares	Feb. 28, 2020	Dec. 31, 2019	Jan. 01, 2016
Terra Property Trust
Investments
Common Stock, Par or Stated Value Per Share			$ 0.01
TPT2 Merger | Terra Property Trust
Investments
Common Stock, Par or Stated Value Per Share	$ 0.01
Business Acquisition, Share Price		$ 1.2031
TPT2 Merger | Terra fund Seven
Investments
Common Stock, Par or Stated Value Per Share	$ 0.01
TPT2 Merger | Terra fund Seven | Terra Property Trust
Investments
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	2,116,785.76

Related Party Transactions - Is

Related Party Transactions - Issuance of Common Stocks to Terra Offshore Funds (Details) - USD ($)	Apr. 29, 2020	Mar. 02, 2020	Dec. 31, 2020
Terra Offshore Funds
Investments
Share Price	$ 17.02
Stock Repurchased During Period, Shares	212,691
Terra Property Trust
Investments
Equity Method Investment, Ownership Percentage			87.40%
Common Stock, Value, Issued		$ 49,800,000
Terra Property Trust | Terra Offshore Funds
Investments
Common Stock, Value, Issued		$ 32,100,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		2,457,684.59
Cash Acquired in Excess of Payments to Acquire Business		$ 8,600,000

Related Party Transactions - Te

Related Party Transactions - Terra JV, LLC (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Terra JV
Investments
Equity Method Investment, Ownership Percentage	87.60%
Terra Property Trust
Investments
Percent of Common Stock Direct Owned		98.60%
Percent Of Common Stock Indrect Owned	76.50%
Equity Method Investment, Ownership Percentage	87.40%
Terra Fund Five | Terra JV
Investments
Equity Method Investment, Ownership Percentage	87.60%
Terra fund Seven | Terra JV
Investments
Equity Method Investment, Ownership Percentage	12.40%

Members' Capital - Narratives (

Members' Capital - Narratives (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Members Capital
Common Unit, Outstanding	6,637.7	6,637.7	6,637.7	6,637.7
Net asset value per unit at period end	$ 35,467	$ 37,222	$ 35,467	$ 37,222	$ 35,694	$ 35,962	$ 35,916	$ 37,959	$ 38,411	$ 39,309	$ 39,630
Member units redemption			0	0.7
Capital distributions			$ 16,474,123	$ 29,871,870
Capital redemptions			0	25,156
Non-managing
Members Capital
Capital distributions			16,474,123	29,871,870
Capital redemptions				25,156
Managing
Members Capital
Capital distributions			$ 0	0
Capital redemptions
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%
Distribution Percent			85.00%
Continuing Income Units Holder | Minimum
Members Capital
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			8.50%
Continuing Income Units Holder | Maximum
Members Capital
Percent of distribution made to members depends on the historical preferred return applicale to Terra Fund units			9.00%
Manager
Members Capital
Distribution Percent			15.00%
Non-managing
Members Capital
Percent Of Cash Repurchase Capital Units	5.00%		5.00%
Managing
Members Capital
Distribution Made to Limited Partner, Unit Distribution	0	0	0	0

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total investment income	$ (748,962)	$ 3,086,469	$ 681,719	$ 1,264,582	$ 2,095,879	$ 2,994,231	$ 90	$ 3,923,177	$ 4,283,808	$ 9,013,377
Total operating expenses	109,519	116,150	162,395	175,548	112,878	182,767	104,195	176,097	563,612	575,937
Net investment income	(858,481)	2,970,319	519,324	1,089,034	1,983,001	2,811,464	(104,105)	3,747,080	3,720,196	8,437,440
Net change in unrealized appreciation (depreciation) on investment	2,328,322	(1,751,564)	2,813,973	(2,286,298)	592,591	1,655,207	1,609,008	1,589,251	1,104,433	5,446,057
Net increase (decrease) in net assets resulting from operations	$ 1,469,841	$ 1,218,755	$ 3,333,297	$ (1,197,264)	$ 2,575,592	$ 4,466,671	$ 1,504,903	$ 5,336,331	$ 4,824,629	$ 13,883,497
Net asset value per unit at period end	$ 35,467	$ 35,694	$ 35,962	$ 35,916	$ 37,222	$ 37,959	$ 38,411	$ 39,309	$ 35,467	$ 37,222	$ 39,630

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares	12 Months Ended		65 Months Ended	77 Months Ended	89 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2020
Investment Company, Financial Highlights [Roll Forward]
Net asset value per unit	$ 37,222	$ 39,630
Increase in members’ capital from operations (1):
Net investment income	560	1,271
Net change in unrealized appreciation on investment	167	821
Total increase in members’ capital from operations	727	2,092
Distributions to members (2):
Capital distributions	(2,482)	(4,500)
Net decrease in members’ capital resulting from distributions	(2,482)	(4,500)
Capital share transactions:
Net asset value per unit	$ 35,467	$ 37,222	$ 39,630	$ 37,222	$ 35,467
Ratios to average net assets:
Expenses	0.24%	0.22%
Net investment income	1.55%	3.25%
IRR, beginning of period			6.56%	6.40%	5.82%
IRR, end of period			6.56%	6.40%	5.82%
Non-managing Member Class
Ratios to average net assets:
Weighted Average Membership Units Outstanding	6,638	6,638

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event - Revolving Credit Facility - WAB - Other controlled company - Terra Property Trust $ in Millions	Mar. 12, 2021USD ($)
Subsequent Event
Maximum Borrowing Capacity	$ 75
Description of Variable Rate Basis	LIBOR
Debt Instrument, Maturity Date	Mar. 12, 2023
First Mortgage
Subsequent Event
Line of credit	$ 8
First Mortgage | Collateral Pledged
Subsequent Event
Loans and lease receivable net	$ 11.5
Guarantee of Indebtedness of Others
Subsequent Event
Debt Instrument, Covenant Description	In connection with the Revolving Line of Credit, Terra Property Trust entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which Terra Property Trust will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, Terra Property Trust will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $2.0 million quarterly operating profit; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00.The Revolving Line of Credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature. The Revolving Line of Credit contains various affirmative and negative covenants, including maintenance of a debt to total net worth ratio and limitations on the incurrence of liens and indebtedness, loans, distributions, change of management and ownership, changes in the nature of business and transactions with affiliates.The Revolving Line of Credit also includes customary events of default, including a cross-default provision applicable to debt obligations of Terra Mortgage Portfolio II, LLC or Terra Property Trust. The occurrence of an event of default may result in termination of the Revolving Line of Credit and acceleration of amounts due under the Revolving Line of Credit.
Maximum percent of outstanding payment	25.00%
Minimum Net Worth Required	$ 250
Ratio of net worth	2.50
Quarterly operating profit required for compliance	$ 2
Floor rate
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate	4.00%
LIBOR
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate	3.25%