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Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following table presents a summary of such fees and reimbursements in accordance with the terms of the related agreements:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Amounts Included in the Statements of Operations
Base management fees$672,685 $566,213 $1,964,830 $1,606,881 
(Reversal of incentive fees) incentive fees on
   capital gains (1)
(68,486)(90,614)(102,160)167,393 
Operating expense reimbursement to Adviser (2)
329,885 255,947 946,934 896,524 
_______________
(1)For the three and nine months ended September 30, 2022, Terra BDC reversed previously accrued incentive fees on capital gains of $68,486 and $102,160, respectively. Terra BDC also reversed previously accrued incentive fees on capital gains of $90,614 for the three months ended September 30, 2021. Incentive fees on capital gains were based on 20% of net realized and unrealized capital gains. No incentive fees on capital gains are actually payable by Terra BDC with respect to unrealized gains unless and until those gains are realized.
(2)Amounts were primarily compensation for time spent supporting the Company’s day-to-day operations.
The following table presents a summary of Due to Adviser, net as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
Due to Adviser:  
Base management fee and expense reimbursement payable$682,541 $551,330 
Incentive fees on capital gains (1)
— 291,710 
 $682,541 $843,040 
_______________
(1)As of September 30, 2022, Terra BDC recognized cumulative net realized and unrealized capital losses; therefore no incentive fees on capital gains were accrued. Incentive fees on capital gains are based on 20% of accumulated net realized and unrealized capital gains of $1.5 million as of December 31, 2021. No incentive fees on capital gains were actually payable by Terra BDC with respect to unrealized gains unless and until those gains are realized.
September 30, 2022December 31, 2021
Participating InterestsPrincipal BalanceFair
Value		Participating InterestsPrincipal BalanceFair
Value
370 Lex Part Deux, LLC (1)
35.0 %21,204,069 17,675,000 35.0 %21,004,423 20,250,306 
Havemeyer TSM LLC (2)
23.0 %3,282,208 3,315,293 23.0 %6,808,000 6,874,428 
RS JZ Driggs, LLC (1)
50.0 %2,389,951 2,389,951 50.0 %7,806,257 7,877,552 
William A. Shopoff & Cindy I.
   Shopoff (1)
53.0 %13,237,500 13,358,705 53.0 %13,237,500 13,347,088 
Total$40,113,728 $36,738,949 $48,856,180 $48,349,374 
_______________
(1)The loan is held in the name of Terra REIT, an affiliated entity managed by a subsidiary of Terra Capital Partners.
(2)The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC.
The following table summarizes the investments that were subject to PAs with investment partnerships affiliated with Terra Income Advisors as of September 30, 2022 and December 31, 2021:
September 30, 2022
   Transfers treated as
obligations under participation agreements
 PrincipalFair Value% TransferredPrincipalFair Value
Hillsborough Owners LLC (1)
$20,294,278 $20,383,274 30.0 %$6,088,283 $6,114,979 
December 31, 2021
   Transfers treated as
obligations under participation agreements
 PrincipalFair Value% TransferredPrincipalFair Value
Hillsborough Owners LLC (1)
$16,210,029 $16,279,593 30.0 %$4,863,009 $4,883,877 
_______________
(1)Participant is Terra REIT.