Terra Secured Income Fund 5 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
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, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
ICFR Auditor Attestation Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		6,636.6
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
Documents Incorporated by Reference	None

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit information abstract [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, NY

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Equity investment in Terra JV, LLC at fair value (cost of $219,704,515 and $230,915,151, respectively)	$ 217,324,720	$ 235,357,977
Cash and cash equivalents	836,052	225,214
Other assets	33,830	33,830
Total assets	218,194,602	235,617,021
Liabilities
Accounts payable and accrued expenses	118,025	199,602
Total liabilities	118,025	199,602
Commitments and Contingencies
Members' capital:
Members' Capital	218,076,577	235,417,419
Total liabilities and members' capital	$ 218,194,602	$ 235,617,021
Net asset value per unit	$ 32,860	$ 35,467
Managing member
Members' capital:
Members' Capital	$ 0	$ 0
Non-managing member
Members' capital:
Members' Capital	$ 218,076,577	$ 235,417,419

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Amortized cost	$ 219,704,515	$ 230,915,151

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Dividend income	$ 1,883,284	$ 4,283,576
Other operating income	53	232
Total investment income	1,883,337	4,283,808
Operating expenses
Professional fees	442,093	552,648
Other	3,310	10,964
Total operating expenses	445,403	563,612
Net investment income	1,437,934	3,720,196
Net change in unrealized (depreciation) appreciation on investment	(6,822,621)	1,104,433
Net (decrease) increase in members’ capital resulting from operations	$ (5,384,687)	$ 4,824,629
Per unit data:
Net investment income per unit	$ 217	$ 560
Net (decrease) increase in members’ capital resulting from operations per unit	$ (811)	$ 727
Weighted average units outstanding	6,635.9	6,637.8

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	$ 235,417,419	$ 247,066,913
Capital distributions	(11,916,928)	(16,474,123)
Capital redemptions	(39,227)	0
Increase Decrease In Members' Capital Resulting From Operations
Net investment income	1,437,934	3,720,196
Net change in unrealized (depreciation) appreciation on investment	(6,822,621)	1,104,433
Net (decrease) increase in members’ capital resulting from operations	(5,384,687)	4,824,629
Balance, end of period	218,076,577	235,417,419
Managing member
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	0	0
Capital distributions	0	0
Capital redemptions	0
Increase Decrease In Members' Capital Resulting From Operations
Net investment income	0	0
Net change in unrealized (depreciation) appreciation on investment	0	0
Net (decrease) increase in members’ capital resulting from operations	0	0
Balance, end of period	0	0
Non-managing Members
Changes in Members' Capital [Roll Forward]
Balance, beginning of period	235,417,419	247,066,913
Capital distributions	(11,916,928)	(16,474,123)
Capital redemptions	(39,227)
Increase Decrease In Members' Capital Resulting From Operations
Net investment income	1,437,934	3,720,196
Net change in unrealized (depreciation) appreciation on investment	(6,822,621)	1,104,433
Net (decrease) increase in members’ capital resulting from operations	5,384,687	4,824,629
Balance, end of period	$ (218,076,577)	$ 235,417,419

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Net (decrease) increase in members’ capital resulting from operations	$ (5,384,687)	$ 4,824,629
Adjustments to reconcile net (decrease) increase in members’ capital resulting from operations to net cash provided by operating activities:
Return of capital on investment	11,210,636	13,009,701
Net change in unrealized depreciation (appreciation) on investment	6,822,621	(1,104,433)
Changes in operating assets and liabilities:
Decrease in other assets	0	(18,766)
Decrease in accounts payable and accrued expenses	(81,577)	(71,731)
Decrease in due to related party	0	(38,000)
Net cash provided by operating activities	12,566,993	16,601,400
Cash flows from financing activities:
Distributions paid	(11,916,928)	(16,474,123)
Payment for capital redemptions	(39,227)	0
Net cash used in financing activities	(11,956,155)	(16,474,123)
Net increase in cash and cash equivalents	610,838	127,277
Cash and cash equivalents at beginning of year	225,214	97,937
Cash and cash equivalents at end of year	836,052	225,214
Supplemental Non-Cash Disclosure:
Transfer of ownership interest in Terra Property Trust, Inc. to Terra JV, LLC (Note 3)	$ 0	$ 244,006,890

Consolidated Schedules of Inves

Consolidated Schedules of Investments Statement - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020
Schedule of Investments
Amortized cost		$ 219,704,515		$ 230,915,151
Fair Value		217,324,720		235,357,977
Marketable Securities
Schedule of Investments
Amortized cost		1,176,006	[1]	1,176,006	[2]
Fair Value		1,310,000	[1]	1,287,500	[2]
Marketable Securities | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 1,002,150	[1]	$ 984,938	[2]
% of Members Capital		0.50%	[1],[4]	0.42%	[2],[5]
Marketable Securities | Nextpoint Real Estate Finance, Inc | Series A Preferred Stock
Schedule of Investments
Dividend Yield		8.50%	[1]	8.50%	[2]
Acquisition Date		Jul. 30, 2020	[1]	Jul. 30, 2020	[2]
Maturity Date		Jul. 24, 2025	[1]	Jul. 24, 2025	[2]
Amortized cost		$ 1,176,006	[1]	$ 1,176,006	[2]
Fair Value		$ 1,310,000	[1]	$ 1,287,500	[2]
Preferred Stock, Shares Issued		50,000	[1]	50,000	[2]
Marketable Securities | Nextpoint Real Estate Finance, Inc | Series A Preferred Stock | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 1,002,150	[1]	$ 984,938	[2]
% of Members Capital		0.50%	[1],[4]	0.42%	[2],[5]
Equity Investments
Schedule of Investments
Amortized cost		$ 69,713,793
Fair Value		68,898,535
Equity Investments | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 52,707,379
% of Members Capital	[4]	24.20%
Equity Investments | Mavik Real Estate Special Opportunities Fund, LP
Schedule of Investments
Equity Method Investment, Ownership Percentage	[6]	50.00%
Amortized cost	[6]	$ 40,458,282
Fair Value	[6]	39,643,024
Equity Investments | Mavik Real Estate Special Opportunities Fund, LP | Pro Rata
Schedule of Investments
Fair Value	[3],[6]	$ 30,326,913
% of Members Capital	[4],[6]	13.90%
Equity Investments | LEL Arlington JV LLC
Schedule of Investments
Equity Method Investment, Ownership Percentage	[7]	80.00%
Amortized cost	[7]	$ 23,949,044
Fair Value	[7]	23,949,044
Equity Investments | LEL Arlington JV LLC | Pro Rata
Schedule of Investments
Fair Value	[3],[7]	$ 18,321,019
% of Members Capital	[4],[7]	8.40%
Equity Investments | LEL NW 49th LV LLC
Schedule of Investments
Equity Method Investment, Ownership Percentage	[7]	80.00%
Amortized cost	[7]	$ 5,306,467
Fair Value	[7]	5,306,467
Equity Investments | LEL NW 49th LV LLC | Pro Rata
Schedule of Investments
Fair Value	[3],[7]	$ 4,059,447
% of Members Capital	[4],[7]	1.90%
Terra JV
Schedule of Investments
Acquisition Date		Mar. 2, 2020		Mar. 2, 2020
Amortized cost		$ 219,704,515		$ 230,915,151
Fair Value		$ 217,324,720		$ 235,357,977
% of Members Capital		99.70%		100.00%
Terra Property Trust | US
Schedule of Investments
Principal Amount		$ 480,151,151		$ 424,174,758
Amortized cost		483,331,795		426,019,273
Fair Value		467,201,619	[8]	419,407,194	[9]
Terra Property Trust | US | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 357,409,238		$ 320,846,504
% of Members Capital		163.80%	[4]	136.30%	[5]
Terra Property Trust | US | Obligations Under Participation Agreements
Schedule of Investments
Principal Amount	[12]	$ 76,569,398	[10],[11]	$ 89,548,151	[13],[14],[15]
Amortized cost	[12]	76,818,156	[10],[11]	89,769,560	[13],[14],[15]
Fair Value	[12]	75,900,089	[8],[10],[11]	87,730,239	[9],[13],[14],[15]
Terra Property Trust | US | Obligations Under Participation Agreements | Pro Rata
Schedule of Investments
Fair Value	[3],[12]	$ 58,063,568	[10],[11]	$ 67,113,633	[13],[14],[15]
% of Members Capital	[12]	26.60%	[4],[10],[11]	28.50%	[5],[13],[14],[15]
Terra Property Trust | US | Investment Net
Schedule of Investments
Principal Amount		$ 403,581,753		$ 334,626,607
Amortized cost		392,855,158		332,510,955
Fair Value		391,301,530	[8]	331,676,955	[9]
Allowance for Loan and Lease Losses, Real Estate		(13,658,481)		(3,738,758)
Terra Property Trust | US | Investment Net | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 299,345,670		$ 253,732,871
% of Members Capital		137.20%	[4]	107.80%	[5]
Terra Property Trust | Revolving Credit Facility | US
Schedule of Investments
Principal Amount		$ 25,000,000
Amortized cost		25,206,964
Fair Value	[8]	25,206,965
Encumbrance		38,600,000
Terra Property Trust | Revolving Credit Facility | US | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 19,283,328
% of Members Capital	[4]	8.80%
Terra Property Trust | Revolving Credit Facility | William A. Shopoff and Cindy L. Shopoff | US | PA | Industrial
Schedule of Investments
Collateral Location	[11],[12]	US
Coupon Rate	[11],[12]	15.00%
Current Interest Rate	[11],[12]	15.00%
Exit Fee	[11],[12]	1.00%
Acquisition Date	[11],[12]	Oct. 4, 2021
Maturity Date	[11],[12]	Apr. 4, 2023
Principal Amount	[11],[12]	$ 25,000,000
Amortized cost	[11],[12]	25,206,964
Fair Value	[8],[11],[12]	25,206,965
Terra Property Trust | Revolving Credit Facility | William A. Shopoff and Cindy L. Shopoff | US | PA | Industrial | Pro Rata
Schedule of Investments
Fair Value	[3],[11],[12]	$ 19,283,328
% of Members Capital	[4],[11],[12]	8.80%
Terra Property Trust | Mezzanine Loan | US
Schedule of Investments
Principal Amount		$ 17,444,357		$ 28,541,279
Amortized cost		17,622,804		28,923,140
Fair Value		17,518,902	[8]	28,294,628	[9]
Terra Property Trust | Mezzanine Loan | US | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 13,401,959		$ 21,645,390
% of Members Capital		6.10%	[4]	9.20%	[5]
Terra Property Trust | Mezzanine Loan | 150 Blackstone River Road, LLC | US | MA | Industrial
Schedule of Investments
Collateral Location		US		US
Coupon Rate		8.50%		8.50%
Current 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		6,982,101	[8]	7,007,397	[9]
Terra Property Trust | Mezzanine Loan | 150 Blackstone River Road, LLC | US | MA | Industrial | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 5,341,307		$ 5,360,659
% of Members Capital		2.40%	[4]	2.30%	[5]
Terra Property Trust | Mezzanine Loan | Austin H. I. Owner LLC | US | TX | Hotel
Schedule of Investments
Collateral Location	[16]			US
Coupon Rate	[16]			12.50%
Current Interest Rate	[16]			12.50%
Exit Fee	[16]			1.00%
Acquisition Date	[16]			Sep. 30, 2015
Maturity Date	[16]			Oct. 6, 2020
Principal Amount	[16]			$ 3,848,712
Amortized cost	[16]			3,887,200
Fair Value	[9],[16]			3,533,118
Terra Property Trust | Mezzanine Loan | Austin H. I. Owner LLC | US | TX | Hotel | Pro Rata
Schedule of Investments
Fair Value	[3],[16]			$ 2,702,835
% of Members Capital	[5],[16]			1.10%
Terra Property Trust | Mezzanine Loan | High Pointe Mezzanine Investments,, LLC | US | SC | Student Housing
Schedule of Investments
Collateral Location		US		US	[17]
Coupon Rate		13.00%		15.00%	[17]
Current Interest Rate		13.00%		15.00%	[17]
Exit Fee		1.00%		1.00%	[17]
Acquisition Date		Dec. 27, 2013		Dec. 27, 2013	[17]
Maturity Date		Jan. 6, 2024		Jan. 6, 2024	[17]
Principal Amount		$ 3,000,000		$ 3,000,000	[17]
Amortized cost		3,145,614		3,204,375	[17]
Fair Value		3,059,611	[8]	2,988,110	[9],[17]
Terra Property Trust | Mezzanine Loan | High Pointe Mezzanine Investments,, LLC | US | SC | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 2,340,602		$ 2,285,904	[17]
% of Members Capital		1.10%	[4]	1.00%	[5],[17]
Terra Property Trust | Mezzanine Loan | UNJ Sole Member, LLC | US | CA | Mixed use
Schedule of Investments
Collateral Location	[18]	US
Coupon Rate	[18]	15.00%
Current Interest Rate	[18]	15.00%
Exit Fee	[18]	1.00%
Acquisition Date	[18]	Nov. 24, 2021
Maturity Date	[18]	Jun. 1, 2017
Principal Amount	[18]	$ 7,444,357
Amortized cost	[18]	7,477,190
Fair Value	[8],[18]	7,477,190
Terra Property Trust | Mezzanine Loan | UNJ Sole Member, LLC | US | CA | Mixed use | Pro Rata
Schedule of Investments
Fair Value	[3],[18]	$ 5,720,050
% of Members Capital	[4],[18]	2.60%
Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | US | CA | Hotel
Schedule of Investments
Collateral Location	[19]			US
Current Interest Rate	[19]			13.00%
Exit Fee	[19]			1.00%
Acquisition Date	[19]			Jun. 27, 2018
Maturity Date	[19]			Jun. 27, 2021
Principal Amount	[19]			$ 4,250,000
Amortized cost	[19]			4,294,053
Fair Value	[9],[19]			$ 4,293,969
Description of variable rate basis	[19]			LIBOR
Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | US | CA | Hotel | Pro Rata
Schedule of Investments
Fair Value	[3],[19]			$ 3,284,886
% of Members Capital	[5],[19]			1.40%
Terra Property Trust | Mezzanine Loan | LD Milipitas Mezz, LLC | US | CA | Hotel | LIBOR
Schedule of Investments
Basis spread on variable rate	[19]			10.25%
LIBOR Floor	[19]			2.75%
Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | US | NC | Land
Schedule of Investments
Collateral Location	[12],[15],[17]			US
Current Interest Rate	[12],[15],[17]			14.00%
Exit Fee	[12],[15],[17]			1.00%
Acquisition Date	[12],[15],[17]			May 31, 2018
Maturity Date	[12],[15],[17]			May 20, 2021
Principal Amount	[12],[15],[17]			$ 10,442,567
Amortized cost	[12],[15],[17]			10,537,512
Fair Value	[9],[12],[15],[17]			10,472,034
Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | US | NC | Land | Pro Rata
Schedule of Investments
Fair Value	[3],[12],[15],[17]			$ 8,011,106
% of Members Capital	[5],[12],[15],[17]			3.40%
Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | US | NC | Land | Current
Schedule of Investments
Current Interest Rate	[12],[15],[17]			12.00%
Terra Property Trust | Mezzanine Loan | Stonewall Station Mezz LLC | US | NC | Land | PIK
Schedule of Investments
Current Interest Rate	[12],[15],[17]			2.00%
Terra Property Trust | Preferred Equity Investment | US
Schedule of Investments
Principal Amount		$ 92,252,340		$ 141,590,632
Amortized cost		92,400,572		142,002,144
Fair Value		77,315,271	[8]	137,517,326	[9]
Terra Property Trust | Preferred Equity Investment | US | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 59,146,183		$ 105,200,756
% of Members Capital		27.10%	[4]	44.70%	[5]
Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | US | NY | Office Building
Schedule of Investments
Collateral Location	[12]	US	[11]	US	[15]
Current Interest Rate	[12]	10.70%	[11]	10.70%	[15]
Exit Fee	[12]	0.00%	[11]	0.00%	[15]
Acquisition Date	[12]	Dec. 17, 2018	[11]	Dec. 17, 2018	[15]
Maturity Date	[12]	Jan. 9, 2023	[11]	Jan. 9, 2022	[15]
Principal Amount	[12]	$ 60,012,639	[11]	$ 53,874,507	[15]
Amortized cost	[12]	60,012,639	[11]	53,912,363	[15]
Fair Value	[12]	$ 57,858,019	[8],[11]	$ 51,935,025	[9],[15]
Description of variable rate basis	[12]	LIBOR	[11]	LIBOR	[15]
Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | US | NY | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3],[12]	$ 44,261,385	[11]	$ 39,730,294	[15]
% of Members Capital	[12]	20.30%	[4],[11]	16.90%	[5],[15]
Terra Property Trust | Preferred Equity Investment | 370 Lex Part Deux, LLC | US | NY | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate	[12]	8.25%	[11]	8.25%	[15]
LIBOR Floor	[12]	2.44%	[11]	2.44%	[15]
Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | US | CA | Student Housing
Schedule of Investments
Collateral Location	[12],[15]			US
Current Interest Rate	[12],[15]			12.00%
Exit Fee	[12],[15]			0.00%
Acquisition Date	[12],[15]			Apr. 11, 2018
Maturity Date	[12],[15]			Apr. 1, 2021
Principal Amount	[12],[15]			$ 28,303,628
Amortized cost	[12],[15]			28,307,408
Fair Value	[9],[12],[15]			$ 28,276,767
Description of variable rate basis	[12],[15]			LIBOR
Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | US | CA | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[3],[12],[15]			$ 21,631,727
% of Members Capital	[5],[12],[15]			9.20%
Terra Property Trust | Preferred Equity Investment | City Gardens 333 LLC | US | CA | Student Housing | LIBOR
Schedule of Investments
Basis spread on variable rate	[12],[15]			9.95%
LIBOR Floor	[12],[15]			2.00%
Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | US | CA | Condominium
Schedule of Investments
Collateral Location	[12],[15]			US
Current Interest Rate	[12],[15]			12.00%
Exit Fee	[12],[15]			1.00%
Acquisition Date	[12],[15]			May 24, 2018
Maturity Date	[12],[15]			Jun. 1, 2021
Principal Amount	[12],[15]			$ 10,600,000
Amortized cost	[12],[15]			10,701,924
Fair Value	[9],[12],[15]			$ 10,707,274
Description of variable rate basis	[12],[15]			LIBOR
Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | US | CA | Condominium | Pro Rata
Schedule of Investments
Fair Value	[3],[12],[15]			$ 8,191,065
% of Members Capital	[5],[12],[15]			3.50%
Terra Property Trust | Preferred Equity Investment | Orange Grove Property Investors LLC | US | CA | Condominium | LIBOR
Schedule of Investments
Basis spread on variable rate	[12],[15]			8.00%
LIBOR Floor	[12],[15]			4.00%
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Land
Schedule of Investments
Collateral Location				US
Current Interest Rate				12.60%
Exit Fee				0.00%
Acquisition Date				Mar. 9, 2018
Maturity Date				Mar. 9, 2023
Principal Amount				$ 16,767,984
Amortized cost				16,767,984
Fair Value	[9]			$ 14,314,585
Description of variable rate basis				LIBOR
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Land | Pro Rata
Schedule of Investments
Fair Value	[3]			$ 10,950,658
% of Members Capital	[5]			4.70%
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Land | LIBOR
Schedule of Investments
Basis spread on variable rate				12.50%
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Mixed use
Schedule of Investments
Collateral Location	[20]	US
Current Interest Rate	[20]	12.60%
Exit Fee	[20]	0.00%
Acquisition Date	[20]	Mar. 9, 2018
Maturity Date	[20]	Mar. 9, 2023
Principal Amount	[20]	$ 16,633,292
Amortized cost	[20]	16,633,292
Fair Value	[8],[20]	$ 3,708,310
Description of variable rate basis	[20]	LIBOR
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Mixed use | Pro Rata
Schedule of Investments
Fair Value	[3],[20]	$ 2,836,857
% of Members Capital	[4],[20]	1.30%
Terra Property Trust | Preferred Equity Investment | REEC Harlem Holdings Company LLC | US | NY | Mixed use | LIBOR
Schedule of Investments
Basis spread on variable rate	[20]	12.50%
Terra Property Trust | Preferred Equity Investment | RS JZ Driggs, LLC | US | NY | Multifamily
Schedule of Investments
Collateral Location	[12]	US	[11],[21]	US	[15],[22]
Coupon Rate	[12]	12.30%	[11],[21]	12.30%	[15],[22]
Current Interest Rate	[12]	12.30%	[11],[21]	12.30%	[15],[22]
Exit Fee	[12]	1.00%	[11],[21]	1.00%	[15],[22]
Acquisition Date	[12]	May 1, 2018	[11],[21]	May 1, 2018	[15],[22]
Maturity Date	[12]	Jan. 1, 2021	[11],[21]	Jan. 1, 2021	[15],[22]
Principal Amount	[12]	$ 15,606,409	[11],[21]	$ 8,544,513	[15],[22]
Amortized cost	[12]	15,754,641	[11],[21]	8,629,929	[15],[22]
Fair Value	[12]	15,748,942	[8],[11],[21]	8,612,869	[9],[15],[22]
Terra Property Trust | Preferred Equity Investment | RS JZ Driggs, LLC | US | NY | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[3],[12]	$ 12,047,941	[11],[21]	$ 6,588,845	[15],[22]
% of Members Capital	[12]	5.50%	[4],[11],[21]	2.80%	[5],[15],[22]
Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | US | WA | Multifamily
Schedule of Investments
Collateral Location	[12],[14]			US
Coupon Rate	[12],[14]			12.00%
Current Interest Rate	[12],[14]			12.00%
Exit Fee	[12],[14]			1.00%
Acquisition Date	[12],[14]			Sep. 22, 2017
Maturity Date	[12],[14]			Sep. 22, 2022
Principal Amount	[12],[14]			$ 23,500,000
Amortized cost	[12],[14]			23,682,536
Fair Value	[9],[12],[14]			23,670,806
Terra Property Trust | Preferred Equity Investment | The Bristol at Southport, LLC | US | WA | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[3],[12],[14]			$ 18,108,167
% of Members Capital	[5],[12],[14]			7.60%
Terra Property Trust | First Mortgage | US
Schedule of Investments
Principal Amount		$ 345,454,454		$ 254,042,847
Amortized cost		348,101,455		255,093,989
Fair Value		347,160,481	[8]	253,595,240	[9]
Encumbrance				107,600,000
Terra Property Trust | First Mortgage | US | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 265,577,768		$ 194,000,358
% of Members Capital		121.80%	[4]	82.40%	[5]
Terra Property Trust | First Mortgage | 14th & Alice Street Owner LLC | US | CA | Multifamily
Schedule of Investments
Collateral Location		US	[23]	US	[12],[14]
Current Interest Rate		4.30%	[23]	9.00%	[12],[14]
Exit Fee		2.00%	[23]	0.50%	[12],[14]
Acquisition Date		Oct. 15, 2021	[23]	Mar. 5, 2019	[12],[14]
Maturity Date		Apr. 15, 2023	[23]	Mar. 5, 2022	[12],[14]
Principal Amount		$ 39,384,000	[23]	$ 32,625,912	[12],[14]
Amortized cost		40,089,153	[23]	32,877,544	[12],[14]
Fair Value		$ 40,130,448	[8],[23]	$ 32,551,137	[9],[12],[14]
Description of variable rate basis		LIBOR	[23]	LIBOR	[12],[14]
Terra Property Trust | First Mortgage | 14th & Alice Street Owner LLC | US | CA | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 30,699,793	[23]	$ 24,901,620	[12],[14]
% of Members Capital		14.10%	[4],[23]	10.60%	[5],[12],[14]
Terra Property Trust | First Mortgage | 14th & Alice Street Owner LLC | US | CA | Multifamily | LIBOR
Schedule of Investments
Basis spread on variable rate		4.00%	[23]	5.75%	[12],[14]
LIBOR Floor		0.25%	[23]	3.25%	[12],[14]
Terra Property Trust | First Mortgage | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | US | GA | Office Building
Schedule of Investments
Collateral Location		US	[24]	US	[25]
Current Interest Rate		4.60%	[24]	4.60%	[25]
Exit Fee		0.50%	[24]	0.50%	[25]
Acquisition Date		Feb. 22, 2019	[24]	Feb. 22, 2019	[25]
Maturity Date		Aug. 10, 2023	[24]	Feb. 10, 2022	[25]
Principal Amount		$ 53,289,288	[24]	$ 50,808,453	[25]
Amortized cost		53,536,884	[24]	51,068,554	[25]
Fair Value		$ 52,031,363	[8],[24]	$ 50,982,247	[9],[25]
Description of variable rate basis		LIBOR	[24]	LIBOR	[25]
Terra Property Trust | First Mortgage | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | US | GA | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 39,803,993	[24]	$ 39,001,419	[25]
% of Members Capital		18.30%	[4],[24]	16.60%	[5],[25]
Terra Property Trust | First Mortgage | 1389 Peachtree St LP; 1401 Peachtree St LP; 1409 Peachtree St LP | US | GA | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate		4.50%	[24]	4.50%	[25]
Terra Property Trust | First Mortgage | 330 Tryon DE LLC | US | NC | Office Building
Schedule of Investments
Collateral Location		US	[24]	US	[25]
Current Interest Rate		4.40%	[24]	6.40%	[25]
Exit Fee		0.50%	[24]	0.50%	[25]
Acquisition Date		Feb. 7, 2019	[24]	Feb. 7, 2019	[25]
Maturity Date		Mar. 1, 2024	[24]	Mar. 1, 2022	[25]
Principal Amount		$ 22,800,000	[24]	$ 22,800,000	[25]
Amortized cost		22,902,354	[24]	22,901,294	[25]
Fair Value		$ 22,594,654	[8],[24]	$ 22,869,879	[9],[25]
Description of variable rate basis		LIBOR	[24]	LIBOR	[25]
Terra Property Trust | First Mortgage | 330 Tryon DE LLC | US | NC | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 17,284,910	[24]	$ 17,495,457	[25]
% of Members Capital		7.90%	[4],[24]	7.40%	[5],[25]
Terra Property Trust | First Mortgage | 330 Tryon DE LLC | US | NC | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate		4.25%	[24]	3.85%	[25]
LIBOR Floor		0.10%	[24]	2.51%	[25]
Terra Property Trust | First Mortgage | 606 Fayetteville LLC and 401 E, Lakewood LLC | US | NC | Land
Schedule of Investments
Collateral Location	[26]	US
Coupon Rate	[26]	9.00%
Current Interest Rate	[26]	9.00%
Exit Fee	[26]	1.00%
Acquisition Date	[26]	Aug. 16, 2021
Maturity Date	[26]	Aug. 1, 2023
Principal Amount	[26]	$ 16,829,962
Amortized cost	[26]	16,935,803
Fair Value	[8],[26]	16,974,601
Terra Property Trust | First Mortgage | 606 Fayetteville LLC and 401 E, Lakewood LLC | US | NC | Land | Pro Rata
Schedule of Investments
Fair Value	[3],[26]	$ 12,985,570
% of Members Capital	[4],[26]	6.00%
Terra Property Trust | First Mortgage | 870 Santa Cruz, LLC | US | CA | Office Building
Schedule of Investments
Collateral Location		US	[26]	US
Current Interest Rate		7.30%	[26]	7.30%
Exit Fee		1.00%	[26]	1.00%
Acquisition Date		Dec. 15, 2020	[26]	Dec. 15, 2020
Maturity Date		Dec. 15, 2023	[26]	Dec. 15, 2023
Principal Amount		$ 17,540,875	[26]	$ 10,760,355
Amortized cost		17,669,303	[26]	10,724,590
Fair Value		$ 17,781,285	[8],[26]	$ 10,859,726	[9]
Description of variable rate basis		LIBOR	[26]	LIBOR
Terra Property Trust | First Mortgage | 870 Santa Cruz, LLC | US | CA | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 13,602,683	[26]	$ 8,307,690
% of Members Capital		6.20%	[4],[26]	3.50%	[5]
Terra Property Trust | First Mortgage | 870 Santa Cruz, LLC | US | CA | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate		6.75%	[26]	6.75%
LIBOR Floor		0.50%	[26]	0.50%
Terra Property Trust | First Mortgage | AGRE DCP Palm Springs, LLC | US | CA | Hotel
Schedule of Investments
Collateral Location		US	[24],[27]	US	[25],[28]
Current Interest Rate		6.80%	[24],[27]	6.60%	[25],[28]
Exit Fee		1.50%	[24],[27]	0.50%	[25],[28]
Acquisition Date		Dec. 12, 2019	[24],[27]	Dec. 12, 2019	[25],[28]
Maturity Date		Jan. 1, 2024	[24],[27]	Jan. 1, 2023	[25],[28]
Principal Amount		$ 43,222,381	[24],[27]	$ 45,294,097	[25],[28]
Amortized cost		43,669,992	[24],[27]	45,506,051	[25],[28]
Fair Value		$ 43,829,842	[8],[24],[27]	$ 45,519,030	[9],[25],[28]
Description of variable rate basis		LIBOR	[24],[27]	LIBOR	[25],[28]
Terra Property Trust | First Mortgage | AGRE DCP Palm Springs, LLC | US | CA | Hotel | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 33,529,829	[24],[27]	$ 34,822,058	[25],[28]
% of Members Capital		15.50%	[4],[24],[27]	14.80%	[5],[25],[28]
Terra Property Trust | First Mortgage | AGRE DCP Palm Springs, LLC | US | CA | Hotel | LIBOR
Schedule of Investments
Basis spread on variable rate		5.00%	[24],[27]	4.75%	[25],[28]
LIBOR Floor		1.80%	[24],[27]	1.80%	[25],[28]
Terra Property Trust | First Mortgage | Austin H. I. Borrower LLC | US | TX | Hotel
Schedule of Investments
Collateral Location	[26],[29]	US
Current Interest Rate	[26],[29]	7.80%
Exit Fee	[26],[29]	1.00%
Acquisition Date	[26],[29]	Sep. 21, 2021
Maturity Date	[26],[29]	Oct. 1, 2024
Principal Amount	[26],[29]	$ 13,625,000
Amortized cost	[26],[29]	13,725,690
Fair Value	[8],[26],[29]	$ 13,735,569
Description of variable rate basis	[26],[29]	LIBOR
Terra Property Trust | First Mortgage | Austin H. I. Borrower LLC | US | TX | Hotel | Pro Rata
Schedule of Investments
Fair Value	[3],[26],[29]	$ 10,507,710
% of Members Capital	[4],[26],[29]	4.80%
Terra Property Trust | First Mortgage | Austin H. I. Borrower LLC | US | TX | Hotel | LIBOR
Schedule of Investments
Basis spread on variable rate	[26],[29]	7.50%
LIBOR Floor	[26],[29]	0.25%
Terra Property Trust | First Mortgage | D-G Acquisition #6, LLC and D-G Quimisa, LLC | US | CA | Land
Schedule of Investments
Collateral Location	[26]	US
Current Interest Rate	[26]	7.30%
Exit Fee	[26]	0.50%
Acquisition Date	[26]	Jul. 21, 2021
Maturity Date	[26]	Jul. 21, 2023
Principal Amount	[26]	$ 8,607,092
Amortized cost	[26]	8,605,341
Fair Value	[8],[26]	$ 8,645,413
Description of variable rate basis	[26]	LIBOR
Terra Property Trust | First Mortgage | D-G Acquisition #6, LLC and D-G Quimisa, LLC | US | CA | Land | Pro Rata
Schedule of Investments
Fair Value	[3],[26]	$ 6,613,741
% of Members Capital	[4],[26]	3.00%
Terra Property Trust | First Mortgage | D-G Acquisition #6, LLC and D-G Quimisa, LLC | US | CA | Land | LIBOR
Schedule of Investments
Basis spread on variable rate	[26]	7.00%
LIBOR Floor	[26]	0.25%
Terra Property Trust | First Mortgage | Hillsborough Owners LLC | US | NC | Mixed use
Schedule of Investments
Collateral Location	[30]	US
Current Interest Rate	[30]	8.30%
Exit Fee	[30]	1.00%
Acquisition Date	[30]	Oct. 27, 2021
Maturity Date	[30]	Nov. 1, 2023
Principal Amount	[30]	$ 4,863,009
Amortized cost	[30]	4,866,542
Fair Value	[8],[30]	$ 4,883,878
Description of variable rate basis	[30]	LIBOR
Terra Property Trust | First Mortgage | Hillsborough Owners LLC | US | NC | Mixed use | Pro Rata
Schedule of Investments
Fair Value	[3],[30]	$ 3,736,167
% of Members Capital	[4],[30]	1.70%
Terra Property Trust | First Mortgage | Hillsborough Owners LLC | US | NC | Mixed use | LIBOR
Schedule of Investments
Basis spread on variable rate	[30]	8.00%
LIBOR Floor	[30]	0.25%
Terra Property Trust | First Mortgage | NB Factory TIC 1, LLC, etc | US | UT | Student Housing
Schedule of Investments
Collateral Location	[23]	US
Current Interest Rate	[23]	5.30%
Exit Fee	[23]	3.30%
Acquisition Date	[23]	Aug. 16, 2021
Maturity Date	[23]	Mar. 5, 2023
Principal Amount	[23]	$ 28,000,000
Amortized cost	[23]	28,420,056
Fair Value	[8],[23]	$ 28,851,547
Description of variable rate basis	[23]	LIBOR
Terra Property Trust | First Mortgage | NB Factory TIC 1, LLC, etc | US | UT | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[3],[23]	$ 22,071,433
% of Members Capital	[4],[23]	10.10%
Terra Property Trust | First Mortgage | NB Factory TIC 1, LLC, etc | US | UT | Student Housing | LIBOR
Schedule of Investments
Basis spread on variable rate	[23]	5.00%
LIBOR Floor	[23]	0.25%
Terra Property Trust | First Mortgage | MSC Fields Peachtree Retreat LLC | US | GA | Multifamily
Schedule of Investments
Collateral Location	[25]			US
Current Interest Rate	[25]			5.90%
Exit Fee	[25]			0.50%
Acquisition Date	[25]			Mar. 15, 2019
Maturity Date	[25]			Apr. 1, 2022
Principal Amount	[25]			$ 23,308,334
Amortized cost	[25]			23,437,198
Fair Value	[9],[25]			$ 23,428,860
Description of variable rate basis	[25]			LIBOR
Terra Property Trust | First Mortgage | MSC Fields Peachtree Retreat LLC | US | GA | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[3],[25]			$ 17,923,078
% of Members Capital	[5],[25]			7.60%
Terra Property Trust | First Mortgage | MSC Fields Peachtree Retreat LLC | US | GA | Multifamily | LIBOR
Schedule of Investments
Basis spread on variable rate	[25]			3.85%
LIBOR Floor	[25]			2.00%
Terra Property Trust | First Mortgage | Patrick Henry Recovery Acquisition, LLC | US | CA | Office Building
Schedule of Investments
Collateral Location		US	[24]	US	[25]
Current Interest Rate		4.50%	[24]	4.50%	[25]
Exit Fee		0.30%	[24]	0.30%	[25]
Acquisition Date		Nov. 25, 2019	[24]	Nov. 25, 2019	[25]
Maturity Date		Dec. 1, 2023	[24]	Dec. 1, 2023	[25]
Principal Amount		$ 18,000,000	[24]	$ 18,000,000	[25]
Amortized cost		18,041,124	[24]	18,039,456	[25]
Fair Value		$ 18,055,377	[8],[24]	$ 17,994,495	[9],[25]
Description of variable rate basis		LIBOR	[24]	LIBOR	[25]
Terra Property Trust | First Mortgage | Patrick Henry Recovery Acquisition, LLC | US | CA | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 13,812,363	[24]	$ 13,765,789	[25]
% of Members Capital		6.30%	[4],[24]	5.80%	[5],[25]
Terra Property Trust | First Mortgage | Patrick Henry Recovery Acquisition, LLC | US | CA | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate		2.95%	[24]	2.95%	[25]
LIBOR Floor		1.50%	[24]	1.50%	[25]
Terra Property Trust | First Mortgage | The Lux Washington, LLC | US | WA | Land
Schedule of Investments
Collateral Location	[26]	US
Current Interest Rate	[26]	7.80%
Exit Fee	[26]	1.00%
Acquisition Date	[26]	Jul. 22, 2021
Maturity Date	[26]	Jan. 22, 2024
Principal Amount	[26]	$ 3,523,401
Amortized cost	[26]	3,382,683
Fair Value	[8],[26]	$ 3,553,330
Description of variable rate basis	[26]	LIBOR
Terra Property Trust | First Mortgage | The Lux Washington, LLC | US | WA | Land | Pro Rata
Schedule of Investments
Fair Value	[3],[26]	$ 2,718,297
% of Members Capital	[4],[26]	1.20%
Terra Property Trust | First Mortgage | The Lux Washington, LLC | US | WA | Land | LIBOR
Schedule of Investments
Basis spread on variable rate	[26]	7.00%
LIBOR Floor	[26]	0.75%
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Multifamily
Schedule of Investments
Collateral Location	[24],[31]	US
Current Interest Rate	[24],[31]	5.70%
Exit Fee	[24],[31]	0.80%
Acquisition Date	[24],[31]	Feb. 27, 2020
Maturity Date	[24],[31]	Mar. 1, 2023
Principal Amount	[24],[31]	$ 25,815,378
Amortized cost	[24],[31]	25,991,962
Fair Value	[8],[24],[31]	$ 26,015,500
Description of variable rate basis	[24],[31]	LIBOR
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Multifamily | Pro Rata
Schedule of Investments
Fair Value	[3],[24],[31]	$ 19,901,858
% of Members Capital	[4],[24],[31]	9.10%
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Multifamily | LIBOR
Schedule of Investments
Basis spread on variable rate	[24],[31]	4.20%
LIBOR Floor	[24],[31]	1.50%
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Student Housing
Schedule of Investments
Collateral Location	[25],[32]			US
Current Interest Rate	[25],[32]			5.70%
Exit Fee	[25],[32]			0.75%
Acquisition Date	[25],[32]			Feb. 27, 2020
Maturity Date	[25],[32]			Mar. 1, 2023
Principal Amount	[25],[32]			$ 23,990,786
Amortized cost	[25],[32]			24,131,808
Fair Value	[9],[25],[32]			$ 24,162,710
Description of variable rate basis	[25],[32]			LIBOR
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Student Housing | Pro Rata
Schedule of Investments
Fair Value	[3],[25],[32]			$ 18,484,473
% of Members Capital	[5],[25],[32]			7.90%
Terra Property Trust | First Mortgage | University Park Berkeley LLC | US | CA | Student Housing | LIBOR
Schedule of Investments
Basis spread on variable rate	[25],[32]			4.20%
LIBOR Floor	[25],[32]			1.50%
Terra Property Trust | First Mortgage | Windy Hill Pv Five Cm LLC | US | CA | Office Building
Schedule of Investments
Collateral Location		US	[10]	US	[13]
Current Interest Rate		8.10%	[10]	8.10%	[13]
Exit Fee		0.50%	[10]	0.50%	[13]
Acquisition Date		Sep. 20, 2019	[10]	Sep. 20, 2019	[13]
Maturity Date		Sep. 20, 2022	[10]	Sep. 20, 2022	[13]
Principal Amount		$ 49,954,068	[10]	$ 26,454,910	[13]
Amortized cost		50,264,568	[10]	26,407,494	[13]
Fair Value		$ 50,077,674	[8],[10]	$ 25,227,156	[9],[13]
Description of variable rate basis		LIBOR	[10]	LIBOR	[13]
Terra Property Trust | First Mortgage | Windy Hill Pv Five Cm LLC | US | CA | Office Building | Pro Rata
Schedule of Investments
Fair Value	[3]	$ 38,309,421	[10]	$ 19,298,774	[13]
% of Members Capital		17.60%	[4],[10]	8.20%	[5],[13]
Terra Property Trust | First Mortgage | Windy Hill Pv Five Cm LLC | US | CA | Office Building | LIBOR
Schedule of Investments
Basis spread on variable rate		6.00%	[10]	6.00%	[13]
LIBOR Floor		2.05%	[10]	2.05%	[13]
Terra Property Trust | Operating real estate | US
Schedule of Investments
Fair Value		$ 75,043,111	[8]	$ 70,717,229
Encumbrance		31,962,692		44,020,225
Net Real Estate Investment		$ 43,080,419		$ 26,697,004
Terra Property Trust | Operating real estate | US | Pro Rata
Schedule of Investments
% of Members Capital	[33]	15.10%	[4]	8.70%	[5]
Net Real Estate Investment	[3]	$ 32,956,521		$ 20,423,208
Terra Property Trust | Operating real estate | US | CA | Office Building
Schedule of Investments
Acquisition Date	[34]	Jul. 30, 2018		Jul. 30, 2018
Fair Value	[34]	$ 65,043,111	[8]	$ 57,321,799
Encumbrance	[34]	31,962,692		44,020,225
Net Real Estate Investment	[34]	$ 33,080,419		$ 13,301,574
Terra Property Trust | Operating real estate | US | CA | Office Building | Pro Rata
Schedule of Investments
% of Members Capital	[33],[34]	11.60%	[4]	4.30%	[5]
Net Real Estate Investment	[3],[34]	$ 25,306,521		$ 10,175,704
Terra Property Trust | Operating real estate | US | PA | Land
Schedule of Investments
Acquisition Date		Jan. 9, 2019	[35]	Jan. 9, 2019	[36]
Fair Value		$ 10,000,000	[8],[35]	$ 13,395,430	[36]
Encumbrance		0	[35]	0	[36]
Net Real Estate Investment		$ 10,000,000	[35]	$ 13,395,430	[36]
Terra Property Trust | Operating real estate | US | PA | Land | Pro Rata
Schedule of Investments
% of Members Capital	[33]	3.50%	[4],[35]	4.40%	[5],[36]
Net Real Estate Investment	[3]	$ 7,650,000	[35]	$ 10,247,504	[36]
[1]	From time to time, Terra Property Trust may invest in short-term debt and equity securities. These securities are comprised of shares of common and preferred stock and bonds.
[2]	From time to time, Terra Property Trust may invest in short-term debt and equity securities. These securities are comprised of shares of preferred stock and bonds.
[3]	Amount represents the Company’s portion, or 76.5%, of the fair value or net investment value.
[4]	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 $218.1 million at December 31, 2021.
[5]	Percentage is based on the Company’s pro rata share of the fair value or net investment value over the Company’s total members’ capital of $235.4 million at December 31, 2020.
[6]	On August 3, 2020, Terra Property Trust entered into a subscription agreement with Mavik Real Estate Special Opportunities Fund, LP (“RESOF”) whereby Terra Property Trust committed to fund up to $50.0 million to purchase a limited partnership interest in RESOF. RESOF’s primary investment objective is to generate attractive risk-adjusted returns by purchasing performing and non-performing mortgages, loans, mezzanines and other credit instruments supported by underlying commercial real estate assets. As of December 31, 2021, the unfunded commitment was $15.1 million.
[7]	In the fourth quarter of 2021, Terra Property Trust purchased equity interests in two joint ventures that invest in real estate properties.
[8]	Because there is no readily available market for these investments, 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.
[9]	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.
[10]	In March 2020, Terra Property Trust entered into a financing transaction where a third-party purchased an A-note position. Because the transaction does not qualify for sale accounting, 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.
[11]	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, an affiliate of our sponsor and Terra REIT Advisors.
[12]	The loan participations from Terra Property Trust do not qualify for sale accounting and therefore, the gross amount of these loans remain in Terra Property Trust’s consolidated balance sheets.
[13]	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.
[14]	Terra Property Trust sold a portion of its interest in this loan pursuant to a participation agreement to a third-party.
[15]	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.
[16]	This loan is currently past due. Terra Property Trust is evaluating the options of recovering the principal amount, including foreclosing on the collateral.
[17]	In May 2020, Terra Property Trust entered into a forbearance agreement with the borrower to allow for more time to make the interest payment.
[18]	Terra Property Trust purchased a portion of the interest in this loan from Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party real estate investment trust managed by Terra REIT Advisors, via a participation agreement.
[19]	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.
[20]	For the year ended December 31, 2021, Terra Property Trust suspended interest income accrual of $2.3 million on this loan, because recovery of such income was doubtful. Additionally, the fair value of the loan declined as a result of a decline in the fair value of the collateral.
[21]	This loan is in maturity default. Terra Property Trust has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset. For the year ended December 31, 2021, Terra Property Trust suspended interest income accrual of $0.9 million on this loan because recovery of such income was doubtful.
[22]	This loan is in maturity default. Terra Property Trust has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset.
[23]	These loans were used as collateral for $44.6 million of borrowings under a repurchase agreement.
[24]	These loans were used as collateral for $93.8 million of borrowings under a term loan payable.
[25]	These loans were used as collateral for $107.6 million of borrowings under a term loan payable.
[26]	These loans were used as collateral for $38.6 million of borrowings under a revolving line of credit.
[27]	In March 2021, Terra Property Trust amended the loan agreement to change the spread on the interest rate to 5.0%, increased the exit fee to 1.5% and extended the maturity to January 1, 2024. Additionally, under the loan amendment, the borrower made a partial repayment of $2.6 million.
[28]	In July 2020, Terra Property Trust amended the loan agreement to change the interest rate to payment-in-kind of 15% for the period from July 2020 through January 2021.
[29]	In September 2021, Terra Property Trust refinanced a previously-defaulted mezzanine loan with a new first mortgage. This refinancing was accounted for as a troubled debt restructuring and Terra Property Trust recognized a loss of $0.3 million on the restructuring.
[30]	Terra Property Trust purchased a portion of the interest in this loan from Terra Income Fund 6, Inc. via a participation agreement.
[31]	In December 2020, Terra Property Trust entered into a forbearance agreement with the borrower pursuant to which interest accrues on the loan during the 90-day forbearance period from November 2020 to January 2021. In March 2021, the forbearance period was extended through August 2021.
[32]	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%.
[33]	Percentage is based on Terra Property Trust’s net exposure on the property (real estate owned less encumbrance).
[34]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage.
[35]	Terra Property Trust acquired the collateral for this loan pursuant to a deed in lieu of foreclosure. The land is currently vacant and the fair value reflects its estimated selling price.
[36]	Terra Property Trust acquired the collateral for this loan pursuant to deed in lieu of foreclosure.

Consolidated Schedules of Inv_2

Consolidated Schedules of Investments Consolidated schedule of investment (Parenthetical 1) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 02, 2020	Feb. 28, 2020
Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	87.60%	87.60%
% of Members Capital	99.70%	100.00%
Terra Property Trust
Schedule of Investments
Common Stock, Shares, Issued			4,574,470.35
Cash			$ 25,500,000
Common Stock, Value, Issued			$ 49,800,000
Equity Method Investment, Ownership Percentage	87.40%	87.40%
Percent Of Common Stock Indirect Owned	76.50%	76.50%
% of Members Capital	100.00%
Terra Fund Five | Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	87.60%	87.60%
Terra fund Seven
Schedule of Investments
Common Stock, Par or Stated Value Per Share				$ 0.01
Terra fund Seven | Terra JV
Schedule of Investments
Equity Method Investment, Ownership Percentage	12.40%	12.40%
Terra Property Trust | First Mortgage | US
Schedule of Investments
Mortgage loan payable		$ 107,600,000

Consolidated Schedules of Inv_3

Consolidated Schedules of Investments Consolidated schedule of investment - subnotes (Parenthetical) - USD ($)		1 Months Ended	3 Months Ended		7 Months Ended	12 Months Ended
		Jun. 27, 2018	Dec. 31, 2021		Jan. 31, 2021	Dec. 31, 2021		Dec. 31, 2020		Aug. 03, 2020
Investments
Members' Capital			$ 218,076,577			$ 218,076,577		$ 235,417,419
Mavik Real Estate Special Opportunities Fund, LP | Equity Investments
Investments
Total Commitment										$ 50,000,000
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments			$ 15,100,000			$ 15,100,000
Terra Property Trust
Investments
% of Members Capital			100.00%			100.00%
Percent Of Common Stock Indirect Owned			76.50%			76.50%		76.50%
Terra Property Trust | US | CA | Hotel | LD Milipitas Mezz, LLC | Mezzanine Loan
Investments
Ownership Interest		25.00%
Terra Property Trust | US | Revolving Credit Facility
Investments
Mortgage loan payable			$ 38,600,000			$ 38,600,000
Terra Property Trust | US | First Mortgage
Investments
Mortgage loan payable								$ 107,600,000
Terra Property Trust | US | Repurchase Agreements
Investments
Mortgage loan payable			44,600,000			44,600,000
Terra Property Trust | US | Term loan
Investments
Mortgage loan payable			93,800,000			93,800,000
Terra Property Trust | US | Operating real estate
Investments
Mortgage loan payable			31,962,692			31,962,692		44,020,225
Terra Property Trust | US | CA | Office Building | Operating real estate
Investments
Real Estate Acquired Through Foreclosure			54,000,000			54,000,000		54,000,000
Mortgage loan payable	[1]		$ 31,962,692			31,962,692		$ 44,020,225
Terra Property Trust | US | CA | Hotel | AGRE DCP Palm Springs, LLC | First Mortgage
Investments
Repayment of Loan						$ 2,600,000
Exit Fee						1.50%	[2],[3]	0.50%	[4],[5]
Current Interest Rate					15.00%	6.80%	[2],[3]	6.60%	[4],[5]
Terra Property Trust | US | CA | Hotel | AGRE DCP Palm Springs, LLC | First Mortgage | LIBOR
Investments
Basis spread on variable rate			5.00%	[2],[3]		5.00%	[2],[3]	4.75%	[4],[5]
Terra Property Trust | US | CA | Hotel | LD Milipitas Mezz, LLC | Mezzanine Loan
Investments
Total Commitment		$ 4,300,000
Exit Fee	[6]							1.00%
Current Interest Rate	[6]							13.00%
Terra Property Trust | US | CA | Hotel | LD Milipitas Mezz, LLC | Mezzanine Loan | LIBOR
Investments
Basis spread on variable rate	[6]							10.25%
Terra Property Trust | US | CA | Student Housing | University Park Berkeley LLC | First Mortgage
Investments
Exit Fee	[5],[7]							0.75%
Current Interest Rate	[5],[7]							5.70%
Terra Property Trust | US | CA | Student Housing | University Park Berkeley LLC | First Mortgage | LIBOR
Investments
Basis spread on variable rate	[5],[7]							4.20%
Terra Property Trust | US | CA | Multifamily | University Park Berkeley LLC | First Mortgage
Investments
Exit Fee	[3],[8]					0.80%
Current Interest Rate	[3],[8]					5.70%
Terra Property Trust | US | CA | Multifamily | University Park Berkeley LLC | First Mortgage | LIBOR
Investments
Basis spread on variable rate	[3],[8]		4.20%			4.20%
Terra Property Trust | US | PA | Land | Operating real estate
Investments
Mortgage loan payable			$ 0	[9]		$ 0	[9]	$ 0	[10]
Terra Property Trust | US | TX | Hotel | Austin H. I. Owner LLC | Mezzanine Loan
Investments
Exit Fee	[11]							1.00%
Current Interest Rate	[11]							12.50%
Terra Property Trust | US | TX | Hotel | Austin H. I. Borrower LLC | First Mortgage
Investments
Gains (Losses) on Restructuring of Debt						$ 300,000
Exit Fee	[12],[13]					1.00%
Current Interest Rate	[12],[13]					7.80%
Terra Property Trust | US | TX | Hotel | Austin H. I. Borrower LLC | First Mortgage | LIBOR
Investments
Basis spread on variable rate	[12],[13]		7.50%			7.50%
Terra Property Trust | US | NY | Land | REEC Harlem Holdings Company LLC | Preferred Equity Investment
Investments
Exit Fee								0.00%
Current Interest Rate								12.60%
Terra Property Trust | US | NY | Land | REEC Harlem Holdings Company LLC | Preferred Equity Investment | LIBOR
Investments
Basis spread on variable rate								12.50%
Terra Property Trust | US | NY | Mixed use | REEC Harlem Holdings Company LLC | Preferred Equity Investment
Investments
Interest Income accrual suspended						$ 2,300,000
Terra Property Trust | US | NY | Multifamily | RS JZ Driggs, LLC | Preferred Equity Investment
Investments
Exit Fee	[15]					1.00%	[14],[16]	1.00%	[17],[18]
Current Interest Rate	[15]					12.30%	[14],[16]	12.30%	[17],[18]
Interest Income accrual suspended			$ 900,000			$ 900,000
[1]	Terra Property Trust acquired this property through foreclosure of a $54.0 million first mortgage.
[2]	In March 2021, Terra Property Trust amended the loan agreement to change the spread on the interest rate to 5.0%, increased the exit fee to 1.5% and extended the maturity to January 1, 2024. Additionally, under the loan amendment, the borrower made a partial repayment of $2.6 million.
[3]	These loans were used as collateral for $93.8 million of borrowings under a term loan payable.
[4]	In July 2020, Terra Property Trust amended the loan agreement to change the interest rate to payment-in-kind of 15% for the period from July 2020 through January 2021.
[5]	These loans were used as collateral for $107.6 million of borrowings under a term loan payable.
[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, 2020, the commitment was fully funded.
[7]	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%.
[8]	In December 2020, Terra Property Trust entered into a forbearance agreement with the borrower pursuant to which interest accrues on the loan during the 90-day forbearance period from November 2020 to January 2021. In March 2021, the forbearance period was extended through August 2021.
[9]	Terra Property Trust acquired the collateral for this loan pursuant to a deed in lieu of foreclosure. The land is currently vacant and the fair value reflects its estimated selling price.
[10]	Terra Property Trust acquired the collateral for this loan pursuant to deed in lieu of foreclosure.
[11]	This loan is currently past due. Terra Property Trust is evaluating the options of recovering the principal amount, including foreclosing on the collateral.
[12]	In September 2021, Terra Property Trust refinanced a previously-defaulted mezzanine loan with a new first mortgage. This refinancing was accounted for as a troubled debt restructuring and Terra Property Trust recognized a loss of $0.3 million on the restructuring.
[13]	These loans were used as collateral for $38.6 million of borrowings under a revolving line of credit.
[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, LLC, an affiliate of our sponsor and Terra REIT Advisors.
[15]	The loan participations from Terra Property Trust do not qualify for sale accounting and therefore, the gross amount of these loans remain in Terra Property Trust’s consolidated balance sheets.
[16]	This loan is in maturity default. Terra Property Trust has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset. For the year ended December 31, 2021, Terra Property Trust suspended interest income accrual of $0.9 million on this loan because recovery of such income was doubtful.
[17]	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.
[18]	This loan is in maturity default. Terra Property Trust has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset.

Business

Business	12 Months Ended
	Dec. 31, 2021
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 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 investment 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 investment 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, 2021, 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” or the “Manager”). 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 could occur as early as this year and may include an orderly liquidation of its assets or an alternative liquidity event such as a strategic business combination, 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. On April 1, 2021, Mavik Capital Management, LP (“Mavik”), an entity controlled by Vikram S. Uppal, the Chief Executive Officer of the Company, completed a series of related transactions that resulted in all of the outstanding interests in Terra Capital Partners, LLC, being acquired by Mavik for a combination of cash and interests in Mavik.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 for 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, 2021 and 2020 and for the period from March 2, 2020 to December 31, 2020 and the year ended December 31, 2021 include 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 U.S. 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. Actual results may ultimately differ from those estimates. The coronavirus (“COVID-19”) pandemic has had a significant impact on local, national and global economies and has resulted in a world-wide economic slowdown. However, after two years, the real estate market has started to recover from the dislocation it experienced in the beginning of the COVID-19 pandemic. A strong pace of vaccination along with aggressive fiscal stimulus, has improved the outlook for the real estate market. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its investments and operations. The Company believes the estimates and assumptions underlying its financial statements are reasonable and supportable based on the information available as of December 31, 2021; however, the extent to which the COVID-19 pandemic may impact the Company’s investments and operations going forward will depend on future developments, which are highly uncertain and cannot be predicted with confidence. These developments include the duration of the outbreak, the impact of the global vaccination effort, any new strains of the virus that are resistant to available vaccines, the impact of government stimulus, new information that may emerge concerning the severity of the COVID-19 pandemic, and actions taken by federal, state and local agencies as well as the general public to contain the COVID-19 pandemic or treat its impact, among others. Accordingly, any estimates and assumptions as of December 31, 2021 are inherently less certain than they would be absent the current and potential impacts of the COVID-19 pandemic. Equity Investment in Terra JV Equity investment in Terra JV represents the Company’s equity interest in Terra JV, 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, 2021 and 2020, 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, 2021 and 2020, 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 2018-2020 federal tax years remain subject to examination by the Internal Revenue Service. Recent Accounting Pronouncement London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition (“ASU 2021-01”). ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In the event LIBOR is unavailable, Terra Property Trust’s investment documents provide for a substitute index, on a basis generally consistent with market practice, intended to put the Terra Property Trust in substantially the same economic position as LIBOR. As a result, the Company does not expect the reference rate reform and the adoption of ASU 2020-04 and ASU 2021-01 to have a material impact on its financial statements and disclosures

Investment and Fair Value

Investment and Fair Value	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Investments And Fair Value Measurements [Text Block]	Note 3. Investment and Fair Value Equity Investment in Terra JV 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 both December 31, 2021 and 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, 2021 and 2020: December 31, 2021 December 31, 2020 Investment Cost Fair Value % of Members’ Capital Cost Fair Value % of Members’ Capital 87.6% interest in Terra JV, LLC $ 219,704,515 $ 217,324,720 99.7 % $ 230,915,151 $ 235,357,977 100.0 % For the years ended December 31, 2021 and 2020, the Company received approximately $13.1 million and $17.3 million of distributions from Terra JV and/or Terra Property Trust as applicable, of which $11.2 million and $13.0 million were returns of capital, respectively. As of both December 31, 2021 and 2020, the Company indirectly beneficially owned 76.5% ( Note 4 ) of the outstanding shares of common stock of Terra Property Trust. The following tables present the summarized financial information of Terra Property Trust: December 31, 2021 2020 Carrying value of loans held for investment $ 469,673,314 $ 422,280,515 Equity investment in unconsolidated investments 69,713,793 36,259,959 Real estate owned, net 65,776,839 73,178,939 Cash, cash equivalent and restricted cash 51,098,647 32,920,323 Other assets 37,279,565 23,837,445 Total assets 693,542,158 588,477,181 Term loan payable, unsecured notes payable, obligations under participation (364,910,392) (239,132,654) Accounts payable, accrued expenses and other liabilities (45,078,478) (35,769,686) Lease intangible liabilities (9,709,710) (10,249,776) Total liabilities (419,698,580) (285,152,116) Stockholder’s equity $ 273,843,578 $ 303,325,065 Years Ended December 31, 2021 2020 Revenues $ 46,685,257 $ 50,320,888 Expenses (64,600,545) (46,056,001) Net loss on extinguishment of obligations under participation agreements — (319,453) Realized gains on marketable securities 129,248 1,160,162 Unrealized gains on marketable securities 22,500 111,494 Equity income from unconsolidated investments 5,925,802 38,640 Realized loss on loan repayments (517,989) — Net (loss) income $ (12,355,727) $ 5,255,730 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, 2021 and 2020: December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra JV $ — $ — $ 217,324,720 $ 217,324,720 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 Changes in Level 3 investment for the years ended December 31, 2021 and 2020 were as follows: Equity Investment in Terra JV Equity Investment in Terra Property Trust Year Ended December 31, 2021 Period from March 2, 2020 to December 31, 2020 Period from January 1, 2020 to March 1, 2020 Beginning balance $ 235,357,977 $ — $ 247,263,245 Transfer of ownership interest in Terra Property Trust to — 244,006,890 (244,006,890) Return of capital (11,210,636) (9,226,094) (3,783,607) Net change in unrealized (depreciation) appreciation on investment (6,822,621) 577,181 527,252 Ending balance $ 217,324,720 $ 235,357,977 $ — Net change in unrealized (depreciation) appreciation on investment $ (6,822,621) $ 577,181 $ — Transfers between levels, if any, are recognized at the beginning of the period in which transfers occur. For the years ended December 31, 2021 and 2020, 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, 2021 and 2020 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, which may include 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, 2021 and 2020. 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, 2021 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra JV $ 217,324,720 Discounted cash flow (1)(2) Discount rate (1)(2) 2.45 % 15.00 % 12.66 % 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 % _______________ (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 cap rate ranges from 5.25% to 6.00% as of December 31, 2021 and 5.77% as of December 31, 2020, respectively. Additionally, the fair value of Terra Property Trust’s investment in a 4.9 acre development parcel is based on the estimated selling price. Risks and Uncertainties The Company’s investment in Terra Property Trust through 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, 2021
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, 2021 and 2020, the Company received approximately $13.1 million and $17.3 million of distributions from Terra JV and/or Terra Property Trust as applicable, of which $11.2 million and $13.0 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, (i) by and among Terra Property Trust, Terra Offshore REIT and Terra Income Fund International, and (ii) 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, 2021
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, 2021
Limited Liability Company (LLC) Members' Equity [Abstract]
Members' Capital	Note 6. Members’ Capital As of December 31, 2021 and 2020, the Company had 6,636.6 and 6,637.7 units outstanding, respectively. The net asset value per unit was $32,860 and $35,467 as of December 31, 2021 and 2020, respectively. 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, 2021 and 2020, the Company made total distributions to non-managing members of $11.9 million and $16.5 million, respectively. For the years ended December 31, 2021 and 2020, 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, 2021 and 2020, no such reserve was established. For the years ended December 31, 2021, the Company redeemed 1.1 units for $39,227. For the year ended December 31, 2020, the Company did not redeem any units. Allocation of Income (Loss)

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2021
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 7. Financial Highlights The financial highlights represent the per unit operating performance, return and ratios for the non-managing members’ class, taken as a whole, for the years ended December 31, 2021 and 2020. These financial highlights consist of the operating performance, the internal rate of return (“IRR”) since inception of the Company, and the expense and net investment income ratios which are annualized except for the non-recurring expenses. The IRR, net of all fees and carried interest (if any), is computed based on actual dates of the cash inflows (capital contributions), outflows (capital distributions), and the ending capital at the end of the respective period (residual value) of the non-managing members’ capital account. The following summarizes the Company’s financial highlights for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Per unit operating performance: Net asset value per unit, beginning of period $ 35,467 $ 37,222 (Decrease) increase in members’ capital from operations (1) : Net investment income 217 560 Net change in unrealized (depreciation) appreciation on investment (1,028) 167 Total (decrease) increase in members’ capital from operations (811) 727 Distributions to members (2) : Capital distributions (1,796) (2,482) Net decrease in members’ capital resulting from distributions (1,796) (2,482) Net asset value per unit, end of period $ 32,860 $ 35,467 Ratios to average net assets: Expenses 0.20 % 0.24 % Net investment income 0.63 % 1.55 % IRR, beginning of year 5.82 % 6.40 % IRR, end of year 4.91 % 5.82 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,635.9 and 6,637.8 for the years ended December 31, 2021 and 2020. (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, 2021
Subsequent Events [Abstract]
Subsequent Events	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 February 18, 2022, Terra Mortgage Capital I, LLC (the “Seller”), a special-purpose indirect wholly-owned subsidiary of the Terra Property Trust, entered into an Uncommitted Master Repurchase and Securities Contract Agreement (the “Repurchase Agreement”) with Goldman Sachs Bank USA ( the “Buyer”). The Repurchase Agreement provides for advances of up to $200.0 million in the aggregate, which Terra Property Trust expects to use to finance the originations of certain secured performing commercial real estate loans and the acquisitions of certain secured non-performing commercial real estate loans. The Repurchase Agreement replaced the term loan, at which time all mortgage assets under the term loan were assigned as purchased assets under the Repurchase Agreement. Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) Term SOFR (subject to underlying loan floors on a case-by-case basis) and (ii) the applicable spread, which ranges from 1.75% to 3.00%, and have a maturity date of February 18, 2024. The actual terms of financing for each asset will be determined at the time of financing in accordance with the Repurchase Agreement. Subject to satisfaction of certain conditions, the Seller may extend the maturity date of the Repurchase Agreement for another 12-month term. The Repurchase Agreement contains margin call provisions that provide the Buyer with certain rights in the event of a decline in debt yield, loan-to-value ratio, and value of the underlying loans purchased under the Repurchase Agreement. Upon the occurrence of a margin deficit event, the Buyer may require the Seller to make a payment to reduce the purchase price to eliminate any margin deficit. In connection with the Repurchase Agreement, Terra Property Trust entered into a Guarantee Agreement in favor of the Buyer (the “Guarantee Agreement”), pursuant to which Terra Property Trust will guarantee the obligations of the Seller under the Repurchase Agreement. Subject to certain exceptions, the maximum liability under the Repurchase Agreement will not exceed 25% of the then currently outstanding repurchase obligations for performing loans and 50% of the then currently outstanding repurchase obligations for non-performing loans under the Repurchase Agreement The Repurchase Agreement and the Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee Agreement contains financial covenants, which require Terra Property Trust to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 for 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, 2021 and 2020 and for the period from March 2, 2020 to December 31, 2020 and the year ended December 31, 2021 include 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 U.S. 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. Actual results may ultimately differ from those estimates.
Equity Investment	Equity Investment in Terra JV    Equity investment in Terra JV represents the Company’s equity interest in Terra JV, 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, 2021 and 2020, 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 London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition (“ASU 2021-01”). ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In the event LIBOR is unavailable, Terra Property Trust’s investment documents provide for a substitute index, on a basis generally consistent with market practice, intended to put the Terra Property Trust in substantially the same economic position as LIBOR. As a result, the Company does not expect the reference rate reform and the adoption of ASU 2020-04 and ASU 2021-01 to have a material impact on its financial statements and disclosures

Investment and Fair Value (Tabl

Investment and Fair Value (Tables) - Terra Property Trust	12 Months Ended
	Dec. 31, 2021
Investments
Summary Investment Holdings	The following tables present a summary of the Company’s investment at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Investment Cost Fair Value % of Members’ Capital Cost Fair Value % of Members’ Capital 87.6% interest in Terra JV, LLC $ 219,704,515 $ 217,324,720 99.7 % $ 230,915,151 $ 235,357,977 100.0 %
Summary of financial information	The following tables present the summarized financial information of Terra Property Trust: December 31, 2021 2020 Carrying value of loans held for investment $ 469,673,314 $ 422,280,515 Equity investment in unconsolidated investments 69,713,793 36,259,959 Real estate owned, net 65,776,839 73,178,939 Cash, cash equivalent and restricted cash 51,098,647 32,920,323 Other assets 37,279,565 23,837,445 Total assets 693,542,158 588,477,181 Term loan payable, unsecured notes payable, obligations under participation (364,910,392) (239,132,654) Accounts payable, accrued expenses and other liabilities (45,078,478) (35,769,686) Lease intangible liabilities (9,709,710) (10,249,776) Total liabilities (419,698,580) (285,152,116) Stockholder’s equity $ 273,843,578 $ 303,325,065 Years Ended December 31, 2021 2020 Revenues $ 46,685,257 $ 50,320,888 Expenses (64,600,545) (46,056,001) Net loss on extinguishment of obligations under participation agreements — (319,453) Realized gains on marketable securities 129,248 1,160,162 Unrealized gains on marketable securities 22,500 111,494 Equity income from unconsolidated investments 5,925,802 38,640 Realized loss on loan repayments (517,989) — Net (loss) income $ (12,355,727) $ 5,255,730
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, 2021 and 2020: December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Investment: Equity investment in Terra JV $ — $ — $ 217,324,720 $ 217,324,720 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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in Level 3 investment for the years ended December 31, 2021 and 2020 were as follows: Equity Investment in Terra JV Equity Investment in Terra Property Trust Year Ended December 31, 2021 Period from March 2, 2020 to December 31, 2020 Period from January 1, 2020 to March 1, 2020 Beginning balance $ 235,357,977 $ — $ 247,263,245 Transfer of ownership interest in Terra Property Trust to — 244,006,890 (244,006,890) Return of capital (11,210,636) (9,226,094) (3,783,607) Net change in unrealized (depreciation) appreciation on investment (6,822,621) 577,181 527,252 Ending balance $ 217,324,720 $ 235,357,977 $ — Net change in unrealized (depreciation) appreciation on investment $ (6,822,621) $ 577,181 $ —
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, 2021 and 2020. 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, 2021 Asset Category Minimum Maximum Weighted Average Assets: Equity investment in Terra JV $ 217,324,720 Discounted cash flow (1)(2) Discount rate (1)(2) 2.45 % 15.00 % 12.66 % 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 % _______________ (1) Discounted cash flows and discount rates applied to Terra Property Trust’s assets and liabilities.

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2021
Investment Company, Financial Highlights [Abstract]
Financial Highlights	The following summarizes the Company’s financial highlights for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Per unit operating performance: Net asset value per unit, beginning of period $ 35,467 $ 37,222 (Decrease) increase in members’ capital from operations (1) : Net investment income 217 560 Net change in unrealized (depreciation) appreciation on investment (1,028) 167 Total (decrease) increase in members’ capital from operations (811) 727 Distributions to members (2) : Capital distributions (1,796) (2,482) Net decrease in members’ capital resulting from distributions (1,796) (2,482) Net asset value per unit, end of period $ 32,860 $ 35,467 Ratios to average net assets: Expenses 0.20 % 0.24 % Net investment income 0.63 % 1.55 % IRR, beginning of year 5.82 % 6.40 % IRR, end of year 4.91 % 5.82 % _______________ (1) The per unit data was derived by using the weighted average units outstanding during the applicable periods, which were 6,635.9 and 6,637.8 for the years ended December 31, 2021 and 2020. (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, 2021USD ($)Number_of_Funds	Dec. 31, 2020	Mar. 02, 2020USD ($)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%	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%	87.40%
Number Of Investment Funds | Number_of_Funds	5
Terra fund Seven | Terra JV
Subsidiary of Limited Liability Company or Limited Partnership
Equity Method Investment, Ownership Percentage	12.40%	12.40%
Terra Fund Five | Terra JV
Subsidiary of Limited Liability Company or Limited Partnership
Equity Method Investment, Ownership Percentage	87.60%	87.60%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
UBT at statutory rate	4.00%
Open tax year start	2018
Open tax year end	2020

Investment and Fair Value (Narr

Investment and Fair Value (Narratives) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)a	Dec. 31, 2020USD ($)a	Mar. 02, 2020USD ($)shares
Fair Value, Investment
Return of capital on investment	$ 11,210,636	$ 13,009,701
Proceeds from Equity Method Investment, Distribution	$ 13,100,000	$ 17,300,000
Terra JV
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.60%	87.60%
Terra Property Trust
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.40%	87.40%
Common Stock, Shares, Issued | shares			4,574,470.35
Common Stock, Value, Issued			$ 49,800,000
Cash			$ 25,500,000
Percent Of Common Stock Indirect Owned	76.50%	76.50%
Terra Property Trust | Estimated selling price method
Fair Value, Investment
Area of Land | a	4.9	4.9
Terra fund Seven | Terra JV
Fair Value, Investment
Equity Method Investment, Ownership Percentage	12.40%	12.40%
Terra Fund Five | Terra JV
Fair Value, Investment
Equity Method Investment, Ownership Percentage	87.60%	87.60%

Investment and Fair Value (Summ

Investment and Fair Value (Summary of the Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments
Amortized Cost	$ 219,704,515	$ 230,915,151
Fair Value	217,324,720	235,357,977
Terra JV
Investments
Amortized Cost	219,704,515	230,915,151
Fair Value	$ 217,324,720	$ 235,357,977
% of Members Capital	99.70%	100.00%
Equity Method Investment, Ownership Percentage	87.60%	87.60%

Investment and Fair Value (Su_2

Investment and Fair Value (Summary of Financial Information of Terra Property Trust) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Investment
Total assets	$ 218,194,602	$ 235,617,021
Total liabilities	(118,025)	(199,602)
Terra Property Trust | Equity Method Investment - Investee
Fair Value, Investment
Carrying value of loans held for investment	469,673,314	422,280,515
Equity investment in unconsolidated investments	69,713,793	36,259,959
Real estate owned, net	65,776,839	73,178,939
Cash, cash equivalents and restricted cash	51,098,647	32,920,323
Other assets	37,279,565	23,837,445
Total assets	693,542,158	588,477,181
Term loan payable, unsecured notes payable, obligations under participation agreements, repurchase agreement payable, mortgage loan payable, revolving line of credit and secured borrowing	(364,910,392)	(239,132,654)
Accounts payable, accrued expenses and other liabilities	(45,078,478)	(35,769,686)
Lease intangible liabilities	(9,709,710)	(10,249,776)
Total liabilities	(419,698,580)	(285,152,116)
Stockholder’s equity	$ 273,843,578	$ 303,325,065

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, 2021	Dec. 31, 2020
Investments
Revenues	$ 46,685,257	$ 50,320,888
Operating Expenses	(64,600,545)	(46,056,001)
Net loss on extinguishment of obligations under participation agreements	0	(319,453)
Realized gains on marketable securities	129,248	1,160,162
Unrealized gains on marketable securities	22,500	111,494
Equity income from unconsolidated investments	5,925,802	38,640
Realized loss on loan repayments	(517,989)	0
Net (loss) income	$ (12,355,727)	$ 5,255,730

Investment and Fair Value (Equi

Investment and Fair Value (Equity Investment at Fair Value on a recurring basis) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	$ 217,324,720	$ 235,357,977
Terra JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	217,324,720	235,357,977
Level 1 | Terra JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	0	0
Level 2 | Terra JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	0	0
Level 3 | Terra JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	$ 217,324,720	$ 235,357,977

Investments and Fair Value (Cha

Investments and Fair Value (Changes in Level 3) (Details) - USD ($)	2 Months Ended	10 Months Ended	12 Months Ended
	Mar. 01, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer of ownership interest in Terra Property Trust to Terra JV			$ 0	$ 244,006,890
Net change in unrealized (depreciation) appreciation on investment			(6,822,621)	1,104,433
Terra JV | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 0	235,357,977
Transfer of ownership interest in Terra Property Trust to Terra JV		244,006,890	0
Return of capital		(9,226,094)	(11,210,636)
Net change in unrealized (depreciation) appreciation on investment		577,181	(6,822,621)
Ending balance	$ 0	235,357,977	217,324,720	235,357,977
Net change in unrealized (depreciation) appreciation on investment for the period relating to those Level 3 assets that were still held by the Company		577,181	$ (6,822,621)
Terra Property Trust | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	247,263,245	$ 0		$ 247,263,245
Transfer from Investments	(244,006,890)
Return of capital	(3,783,607)
Net change in unrealized (depreciation) appreciation on investment	527,252
Ending balance	0
Net change in unrealized (depreciation) appreciation on investment for the period relating to those Level 3 assets that were still held by the Company	$ 0

Investment and Fair Value (Valu

Investment and Fair Value (Valuation techniques and significant unobservable inputs) (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 217,324,720	$ 235,357,977
Terra JV
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	217,324,720	235,357,977
Level 3 | Terra JV
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 217,324,720	$ 235,357,977
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.0245	0.0525
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.1500	0.2005
Level 3 | Terra JV | Discount Rate | Discounted Cash Flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.1266	0.1417

Investment and Fair Value (Va_2

Investment and Fair Value (Valuation techniques and significant unobservable inputs) - subnote (Details)	Dec. 31, 2021a	Dec. 31, 2020a
Terra JV | Cap rate | Direct Capitalization Method | Office Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount rate		0.0577
Terra JV | Cap rate | Direct Capitalization Method | Office Building | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount rate	0.0525
Terra JV | Cap rate | Direct Capitalization Method | Office Building | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount rate	0.0600
Terra Property Trust | Estimated selling price method
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Area of Land	4.9	4.9

Related Party Transactions - Op

Related Party Transactions - Operating agreement and dividend income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments
LLC Exit Date	Dec. 31, 2023
Proceeds from Equity Method Investment, Distribution	$ 13,100,000	$ 17,300,000
Return of capital on investment	$ 11,210,636	$ 13,009,701

Related Party Transactions - TP

Related Party Transactions - TPT2 Merger (Details) - TPT2 Merger - $ / shares	2 Months Ended
	Mar. 01, 2020	Dec. 31, 2020	Feb. 28, 2020
Terra fund Seven
Investments
Common Stock, Par or Stated Value Per Share			$ 0.01
Terra Property Trust
Investments
Common Stock, Par or Stated Value Per Share			$ 0.01
Terra Property Trust | Terra fund Seven
Investments
Business Acquisition, Share Price		$ 1.2031
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 ($) $ / shares in Units, $ in Millions	Apr. 29, 2020	Mar. 02, 2020
Terra Property Trust
Investments
Cash Acquired in Excess of Payments to Acquire Business		$ 8.6
Stock Issued During Period, Shares, New Issues		2,457,684.59
Terra Property Trust | Terra Offshore Funds
Investments
Common Stock, Value, Issued		$ 32.1
Terra Offshore Funds
Investments
Share Price	$ 17.02
Stock Repurchased During Period, Shares	212,691

Related Party Transactions - Te

Related Party Transactions - Terra JV, LLC (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Terra JV
Investments
Equity Method Investment, Ownership Percentage	87.60%	87.60%
Terra Property Trust
Investments
Percent of Common Stock Direct Owned		98.60%
Percent Of Common Stock Indirect Owned	76.50%	76.50%
Equity Method Investment, Ownership Percentage	87.40%	87.40%
Terra Fund Five | Terra JV
Investments
Equity Method Investment, Ownership Percentage	87.60%	87.60%
Terra fund Seven | Terra JV
Investments
Equity Method Investment, Ownership Percentage	12.40%	12.40%

Members' Capital - Narratives (

Members' Capital - Narratives (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Members Capital
Net asset value per unit	$ 32,860	$ 32,860	$ 35,467	$ 37,222
Capital distributions		$ 11,916,928	$ 16,474,123
Common Unit, Outstanding	6,636.6	6,636.6	6,637.7
Managing
Members Capital
Carried interest distributions to the Manager		0	0
Distribution Percent		15.00%
Capital distributions		$ 0	$ 0
Non-managing Members
Members Capital
Percent Of Cash Repurchase Capital Units	5.00%	5.00%
Cash repurchase reserve	$ 0	$ 0	0
Capital distributions		11,916,928	$ 16,474,123
Capital redemptions	$ 39,227	$ 39,227
Member units redemption	1.1	1.1	0
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%

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares	12 Months Ended		77 Months Ended	89 Months Ended	101 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value per unit	$ 35,467	$ 37,222
(Decrease) increase in members’ capital from operations (1):
Net investment income	217	560
Net change in unrealized (depreciation) appreciation on investment	(1,028)	167
Total (decrease) increase in members’ capital from operations	(811)	727
Distributions to members (2):
Capital distributions	(1,796)	(2,482)
Net decrease in members’ capital resulting from distributions	(1,796)	(2,482)
Net asset value per unit	$ 32,860	$ 35,467	$ 37,222	$ 35,467	$ 32,860
Ratios to average net assets:
Expenses	0.20%	0.24%
Net investment income	0.63%	1.55%
Internal Rate of Return since Inception			6.40%	5.82%	4.91%
Weighted average units outstanding	6,635.9	6,637.8

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	2 Months Ended
	Feb. 18, 2022USD ($)
Uncommitted Master Repurchase Agreement
Subsequent Event
Line of Credit Facility, Maximum Borrowing Capacity	$ 200
Debt Instrument, Maturity Date	Feb. 18, 2024
Debt Instrument, Description of Variable Rate Basis	Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) Term SOFR (subject to underlying loan floors on a case-by-case basis) and (ii) the applicable spread, which ranges from 1.75% to 3.00%, and have a maturity date of February 18, 2024.
Uncommitted Master Repurchase Agreement | Minimum
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate	1.75%
Uncommitted Master Repurchase Agreement | Maximum
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate	3.00%
Guarantee Agreement
Subsequent Event
cash liquidity	$ 5
Debt Instrument Covenant Minimum Percentage Of Cash Liquidity	5.00%
Debt Instrument Covenant Requirement On Consolidated Tangible Net Worth Minimum Percent	75.00%
EBITDA To Interest Expense Ratio	1.50
Ratio of Indebtedness to Net Capital	3
Debt Instrument, Covenant Description	the Guarantee Agreement contains financial covenants, which require Terra Property Trust to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00.
Guarantee Agreement | Nonperforming Financial Instruments
Subsequent Event
Assets sold under agreements to repurchase, maximum repurchase liability, percent	25.00%
Guarantee Agreement | Performing Financial Instruments
Subsequent Event
Assets sold under agreements to repurchase, maximum repurchase liability, percent	50.00%
Guarantee Agreement | Minimum
Subsequent Event
cash liquidity	$ 15
Debt Instrument Covenant Minimum Percentage Of Total Liquidity	10.00%