Terra Property Trust, Inc.

Listed Company

TPTACIK 0001674356NYSENon-AcceleratedSmaller ReportingEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$35.44M

Net Income

$-27.83M

Total Assets

$351.54M

Equity

$146.46M

Shares Out

24.34M

Op. Cash Flow

$1.91M

Business

Terra Property Trust, Inc. is a real estate investment trust that originates, invests in and manages a diversified portfolio of real estate and real estate‑related credit assets. It primarily offers commercial real estate credit products, including first mortgage loans, subordinated loans (B‑notes), mezzanine loans, preferred equity investments and credit facilities, and selectively makes strategic real estate equity and non‑real‑estate investments. The company operates through an externally managed origination and asset management platform, direct lending, joint ventures, securitizations and real estate‑owned activities. Its investments and lending activities are focused on middle‑market commercial properties throughout the United States and are distributed via direct originations, syndications, participation agreements and other financing arrangements.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	28	38	56	43	37
Real estate operating revenue	7	11	11	11	9
Prepayment fee income	0	435,677	0	2	190,997
Other operating income	339,295	262,863	722,881	586,499	855,799
Total revenues	35	50	68	57	47
Operating expenses reimbursed to Manager	4	7	9	8	7
Asset management fee	5	6	8	7	5
Asset servicing fee	1	1	2	2	1
Provision for credit losses	13	17	46	12	11
Real estate operating expenses	3	3	5	5	5
Depreciation and amortization	4	7	7	7	4
Professional fees	3	3	4	4	2
Impairment charge on real estate assets	3	0	12	2	3
Directors fees	303,022	356,886	347,714	192,497	145,000
Other	551,713	558,638	539,957	747,535	448,503
Operating expenses	37	46	92	46	39
Operating (loss) income	−1	4	−24	11	8
Interest expense on secured financing	−14	−25	−28	−15	−2
Interest expense on unsecured notes payable	−10	−10	−10	−7	−3
Interest expense on obligations under participation agreements	−4	−3	−1	−3	—
Income from equity interest in unconsolidated investments	3	3	−2	3	6
Gain on extinguishment of debt	548,625	0	14	3	0
Loss on sale of real estate, net	−3	0	−4	—	—
Unrealized gain on investments, net	39,290	100,149	−316,573	−122,299	—
Loss on repayment of loan	0	−6	0	—	—
Realized loss on investments, net	0	−446,009	−459,279	—	−517,989
Total other income and expense	−26	−41	−32	−18	−20
Net loss before income taxes	−27	−37	—	—	—
Provision for income tax	−400,000	0	—	—	—
Net loss	−28	−37	−57	−7	—
Unrealized gain (loss) on available-for-sale debt securities	185,475	−185,475	0	—	—
Other comprehensive loss	185,475	−185,475	0	—	—
Comprehensive loss	−28	−37	−57	—	—
Loss per share basic (in usd per share)	−1.14	−1.53	−2.34	−0.34	−0.63
Loss per share diluted (in usd per share)	−1.14	−1.53	−2.34	−0.34	−0.63
Weighted-average shares outstanding basic (in shares)	24	24	24	21	19
Weighted-average shares diluted (in shares)	24	24	24	21	19
Distributions declared per common share (in usd per share)	0.48	0.76	0.76	0.78	0.88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	33	9	11	29	36
Restricted cash	1	3	4	5	7
Cash held in escrow	4	7	5	3	8
Available-for-sale debt securities	0	963,178	5	147,960	1
Carrying Value	153	275	456	626	—
Equity interest in unconsolidated investments	94	107	37	62	70
Land, building and building improvements, net	47	124	127	47	58
Lease intangible assets, net	2	6	10	3	7
Interest receivable	8	5	7	4	2
Other assets	7	6	9	3	4
Total assets	352	543	671	813	694
Unsecured notes payable, net	118	120	118	117	82
Secured financing agreements, net	61	206	291	314	92
Obligations under participation agreements (Note 8)	18	18	0	13	42
Interest reserve and other deposits held on investments	1	3	4	5	7
Lease intangible liabilities, net (Note 5)	2	4	—	—	—
Interest payable	654,465	1	2	1	2
Accounts payable and accrued expenses	3	2	2	1	1
Unearned income	151,622	127,485	314,260	378,018	449,690
Total liabilities	205	357	429	491	420
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock	0	0	0	—	0
Additional paid-in capital	444	444	444	444	373
Accumulated deficit	−298	−259	−203	−123	−100
Accumulated other comprehensive income (loss)	0	−185,475	0	—	—
Total equity	146	186	242	322	274
Total liabilities and equity	352	543	671	813	694

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss before income taxes	−28	−37	−57	−7	—
Depreciation and amortization	4	7	7	7	4
Amortization of net purchase premiums on loans	6,913	155,727	1	557,012	61,390
Straight-line rent adjustments	−81,819	−200,926	−63,974	1	−146,317
Amortization of discount on unsecured notes payable	2	2	2	738,583	248,108
Amortization of above- and below-market rent intangibles	−1	−3	−2	−914,965	−392,161
Amortization and accretion of investment-related fees, net	532,517	−578,756	−896,615	−1	−264,697
Distributions received from equity interest in unconsolidated investments	12	6	7	180,549	—
Income from equity interest in unconsolidated investments	−3	−3	4	−1	—
Interest receivable	−3	1	−3	−323,606	46,552
Due from related parties	−884,310	−204,004	−471,012	2	−3
Other assets	−1	1	−6	−3	574,832
Due to Manager	−34,771	−1	2	0	93,226
Unearned income	24,137	−186,775	−63,758	−71,672	−215,075
Interest payable	−695,919	−225,079	517,462	−821,625	694,124
Accounts payable and accrued expenses	775,002	−216,263	1	−552,728	−3
Other liabilities	213,073	−62,894	−548,471	−4	4
Net cash provided by (used in) operating activities	2	−3	9	403,768	4
Proceeds from repayments of loans	136	215	126	197	197
Origination, purchase and funding of loans	−30	−57	−79	−290	−252
Proceeds from sale of real estate	69	0	—	—	—
Real estate capital expenditures	−118,189	0	—	—	—
Capital contributions to and purchase of equity interests in unconsolidated investments	−2	−66	−7	−26	−32
Distributions in excess of income	6	3	0	923,200	0
Repayments of promissory note receivable	1	10	0	386,395	0
Funding for promissory note receivable	0	−5	−4	—	—
Purchase of equity securities	0	−2	0	—	—
Proceeds from sale of trading equity securities	0	4	—	—	—
Net cash provided by investing activities	181	102	−10	−49	−88
Repayments on secured financing	−171	−178	−205	−240	0
Proceeds from secured financing	25	81	211	287	16
Proceeds from obligations under participation agreements	3	18	1	30	72
Repayments on obligations under participation agreements	−3	0	0	−22	−102
Repayments on unsecured notes payable	−4	0	—	—	—
Distributions paid	−12	−19	−19	−16	−17
Payment of financing costs	0	−1	−3	−1	−2
Change in interest reserve and other deposits held on investments	−2	−1	−678,218	−3	−5
Net cash used in financing activities	−164	−99	−16	34	102
Net increase (decrease) in cash, cash equivalents and restricted cash	19	−571,751	−17	−15	18
Cash paid for interest	24	34	34	23	22

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