UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 27, 2024, the Board of Directors (the “Board”) of Terra Property Trust, Inc. (the “Company”) appointed Sarah Schwarzschild to serve as the Company’s Chief Operating Officer, effective immediately.
Ms. Schwarzschild serves as the Chief Operating Officer of Mavik Capital Management, LP (“Mavik”), an entity controlled by the Company’s Chief Executive Officer. Prior to joining Mavik, Ms. Schwarzschild served as Managing Director and Co-Head of BGO Strategic Capital Partners, a $3 billion global integrated multi-manager platform. Ms. Schwarzschild also managed BGO Strategic Capital Partners’ secondaries funds and separately managed accounts and co-managed the business’ platform. Prior to its merger with BentallGreenOak in April 2021, Ms. Schwarzschild held the same responsibilities at Metropolitan Real Estate Equity Management (“Metropolitan”), a firm wholly owned by The Carlyle Group. Prior to joining Metropolitan in 2014, Ms. Schwarzschild led Partners Group’s real estate Secondary team in the U.S., where she was responsible for acquisitions as well as the portfolio management of Partners Group’s dedicated real estate Secondary capital totaling over $2 billion. Prior to joining Partners Group, Ms. Schwarzschild was an Assistant Vice President in the acquisitions team in the Global Opportunity Funds group at RREEF. She began her career at Rothschild as an investment banking analyst in the Mergers & Acquisitions and Private Placement groups. Ms. Schwarzschild received a B.A. (summa cum laude) from the University of Pennsylvania and an M.B.A. with honors from the Tuck School of Business at Dartmouth. Ms. Schwarzschild sits on the MBA Council for the Tuck School of Business and is Secretary of the board of The Mianus River Gorge Preserve and sits on the Advisory Board for INCEPTIV.
There are no family relationships between Ms. Schwarzschild and any director or executive officer of the Company, there are no arrangements or understandings between Ms. Schwarzschild and any other persons or entities pursuant to which Ms. Schwarzschild was appointed as an executive officer of the Company, and there are no transactions involving Ms. Schwarzschild, on the one hand, and the Company, on the other hand, that would require disclosure under Item 404(a) of Regulation S-K.
In connection with her appointment, Ms. Schwarzschild has entered into the Company’s standard indemnification agreement, filed as Exhibit 10.17 to the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 13, 2023.
Because the management agreement between the Company and its external manager, Terra REIT Advisors, LLC (the “Manager”), provides that the Manager is responsible for managing the Company’s affairs, each of the Company’s executive officers is an employee of the Manager’s parent company and none receive cash compensation from the Company for serving as its executive officers. Accordingly, Ms. Schwarzschild will not receive cash compensation from the Company for serving as its Chief Operating Officer.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TERRA PROPERTY TRUST, INC. | ||
| Date: February 29, 2024 | By: | /s/ Gregory Pinkus |
| Name: | Gregory Pinkus | |
| Title: | Chief Financial Officer | |