TERRA PROPERTY TRUST REAFFIRMS INTENTION TO MERGE WITH WESTERN ASSET MORTGAGE CAPITAL CORPORATION

Underscores Compelling Strategic Benefits for WMC Stockholders

Clarifies Items Contained in Press Release by AG Mortgage Investment Trust, Inc.

NEW YORK, July 13, 2023 /PRNewswire/ -- Terra Property Trust, Inc. ("TPT"), an externally managed real estate investment trust ("REIT") that originates, invests in, and manages loans and assets secured by commercial real estate ("CRE"), today reaffirmed its commitment to the previously announced combination with Western Asset Mortgage Capital Corporation (NYSE: WMC), an externally managed REIT that invests in, finances, and manages a portfolio of real estate-related securities, whole loans, and other financial assets, to form a REIT that is expected to have approximately $1.2 billion in assets and $436 million of adjusted book value upon completion of the merger (prior to deducting transaction expenses) (the transactions contemplated by the Agreement are referred to herein as the "TPT Merger").