Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) Financials

TPTA

Trailing 12 months to March 31, 2026

Revenue $26.2M -44.4% YoY

Net Income -$41.6M -28.9% YoY

EPS (Diluted) -$1.14 FY2025 annual

Operating Cash Flow -$425K -123.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TPTA SEC filings page.

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) reported $26.2M in revenue over the twelve months to Mar 31, 2026, down 44.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TPTA FY2025 2026-08-29

A balance-sheet-intensive, leveraged model is contracting while operating results remain unstable and cash movement comes mainly outside operations.

The most revealing mismatch is between a deep FY2025 net loss of -$27.8M and operating cash flow of $1.9M: reported earnings are not translating one-for-one into cash, so noncash items or working-capital movements materially shape the result. FY2025’s cash-flow mix—$180.6M from investing versus -$163.6M from financing—shows that the year’s major cash movements occurred outside recurring operations.

Revenue fell from $67.9M in FY2023 to $35.4M in FY2025, a contraction that reduces the scale available to absorb fixed costs. Operating margin moved from -36.1% to -3.7%, but the improvement still left the business with an operating loss, indicating that profitability has not stabilized.

Debt-to-equity eased from 1.8x in FY2024 to 1.2x in FY2025, indicating deleveraging as the balance sheet shrank. Yet FY2025 interest expense of $13.5M sat alongside an operating loss of -$1.3M, so lower leverage has not removed the financing burden from reported earnings.

Financial Health Signals

Financial health score not available

Terra Property Trust, Inc. 6.00% Notes due 2026 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Terra Property Trust, Inc. 6.00% Notes due 2026 passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Terra Property Trust, Inc. 6.00% Notes due 2026 reported a net loss of $27.8M while generating $1.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Terra Property Trust, Inc. 6.00% Notes due 2026 reported an operating loss of $1.3M against $13.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.2M

YoY-74.2%

QoQ-54.6%

5Y CAGR-20.8%

Terra Property Trust, Inc. 6.00% Notes due 2026 generated $3.2M in revenue in Q1 2026. This represents a decrease of 74.2% from the same quarter a year earlier. Against the prior quarter it is down 54.6%.

EBITDA

-$9.2M

YoY-268.6%

QoQ-220.2%

Terra Property Trust, Inc. 6.00% Notes due 2026's EBITDA was -$9.2M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 268.6% from the same quarter a year earlier. Against the prior quarter it is down 220.2%.

Net Income

-$15.0M

YoY-1071.1%

QoQ-41.6%

Terra Property Trust, Inc. 6.00% Notes due 2026 reported -$15.0M in net income in Q1 2026. This represents a decrease of 1071.1% from the same quarter a year earlier. Against the prior quarter it is down 41.6%.

EPS (Diluted)

-$0.62

YoY-1140.0%

Terra Property Trust, Inc. 6.00% Notes due 2026 earned -$0.62 per diluted share (EPS) in Q1 2026. This represents a decrease of 1140.0% from the same quarter a year earlier.

Cash & Balance Sheet

Cash & Debt

$5.0M

YoY-58.4%

QoQ-85.0%

5Y CAGR-23.1%

Terra Property Trust, Inc. 6.00% Notes due 2026 held $5.0M in cash against $127.7M in long-term debt as of Q1 2026.

Dividends Per Share

$0.04

YoY-78.9%

Terra Property Trust, Inc. 6.00% Notes due 2026 paid $0.04 per share in dividends in Q1 2026. This represents a decrease of 78.9% from the same quarter a year earlier.

Shares Outstanding

24M

YoY0.0%

Terra Property Trust, Inc. 6.00% Notes due 2026 had 24M shares outstanding in Q1 2026. That is unchanged from the same quarter a year earlier.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Return on Equity

-11.5%

YoY-10.8pp

QoQ-4.3pp

5Y change-12.0pp

Terra Property Trust, Inc. 6.00% Notes due 2026's ROE was -11.5% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 10.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.3 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

None of these metrics is reported for Q1 2026.

TPTA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TPTA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Revenue	$26.2M	$35.4M-28.7%	$49.7M-26.8%	$67.9M+20.0%	$56.6M+21.3%	$46.7M-7.2%	$50.3M-2.1%	$51.4M
Operating Income	-$15.4M	-$1.3M-133.4%	$3.9M+116.1%	-$24.5M-326.1%	$10.8M+39.4%	$7.8M-67.1%	$23.7M-17.8%	$28.8M
EBITDA	N/A	$2.5M-77.6%	$11.3M+164.5%	-$17.5M-200.9%	$17.4M+47.6%	$11.8M-58.4%	$28.3M-13.2%	$32.6M
Interest Expense	$10.8M	$13.5M-46.1%	$25.1M-10.9%	$28.1M+90.0%	$14.8M+838.4%	$1.6M-47.0%	$3.0M-3.8%	$3.1M
Income Tax	N/A	$400K	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$41.6M	-$27.8M+25.1%	-$37.2M+34.7%	-$56.9M-718.3%	-$7.0M+43.7%	-$12.4M-335.1%	$5.3M-41.9%	$9.0M
EPS (Basic)	N/A	-$1.14+25.5%	-$1.53+34.6%	-$2.34-588.2%	-$0.34+46.0%	-$0.63	N/A	N/A
EPS (Diluted)	—	-$1.14+25.5%	-$1.53+34.6%	-$2.34-588.2%	-$0.34+46.0%	-$0.63	N/A	N/A
Diluted Shares (Avg)	N/A	24M0.0%	24M0.0%	24M+17.5%	21M+6.3%	19M	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$3.2M-74.2%	$7.1M-37.4%	$7.3M-40.2%	$8.6M-22.9%	$12.5M-17.0%	$11.3M-24.8%	$12.2M-28.7%	$11.2M-40.5%
Operating Income	-$10.0M-345.1%	-$3.5M+57.8%	$491K-92.6%	-$2.4M-447.9%	$4.1M-14.9%	-$8.2M-19.8%	$6.6M+132.0%	$702K+110.0%
EBITDA	-$9.2M-268.6%	-$2.9M+55.5%	$1.2M-86.0%	-$1.2M-149.7%	$5.4M-21.5%	-$6.4M-32.7%	$8.4M+146.2%	$2.4M+146.4%
Interest Expense	$1.8M-60.3%	$1.7M-63.0%	$3.7M-42.5%	$3.5M-46.9%	$4.5M-37.6%	$4.7M-35.4%	$6.5M-10.5%	$6.6M-12.1%
Income Tax	$7K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$15.0M-1071.1%	-$10.6M+32.0%	-$6.7M+13.6%	-$9.2M-21.7%	-$1.3M+79.2%	-$15.6M+24.5%	-$7.8M+55.3%	-$7.5M+60.8%
EPS (Basic)	-$0.62-1140.0%	N/A	-$0.28+12.5%	-$0.38-22.6%	-$0.05+80.0%	N/A	-$0.32+55.6%	-$0.31+60.8%
EPS (Diluted)	-$0.62-1140.0%	N/A	-$0.28+12.5%	-$0.38-22.6%	-$0.05+80.0%	N/A	-$0.32+55.6%	-$0.31+60.8%
Diluted Shares (Avg)	24M0.0%	N/A	24M0.0%	24M0.0%	24M0.0%	N/A	24M0.0%	24M0.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

TPTA Balance Sheet

TPTA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Total Assets	$351.5M-35.2%	$542.8M-19.1%	$670.7M-17.5%	$813.3M+17.3%	$693.5M+17.9%	$588.5M+11.6%	$527.3M
Cash & Equivalents	$33.2M+286.7%	$8.6M-19.6%	$10.7M-62.6%	$28.6M-20.2%	$35.8M+92.3%	$18.6M-37.2%	$29.6M
Short-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$205.1M-42.6%	$357.1M-16.8%	$429.1M-12.7%	$491.5M+17.1%	$419.7M+47.2%	$285.2M+1.9%	$279.8M
Long-Term Debt	$178.9M-45.2%	$326.1M-20.2%	$408.9M-6.8%	$438.8M+49.2%	$294.0M+93.9%	$151.6M	N/A
Total Equity	$146.5M-21.1%	$185.7M-23.1%	$241.7M-24.9%	$321.9M+17.5%	$273.8M-9.7%	$303.3M+22.5%	$247.5M
Retained Earnings	-$298.3M-15.2%	-$258.8M-27.5%	-$203.0M-65.2%	-$122.9M-23.0%	-$99.9M-41.9%	-$70.4M-29.3%	-$54.5M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$284.0M-42.7%	$351.5M-35.2%	$398.1M-27.2%	$459.3M-27.6%	$495.2M-22.6%	$542.8M-19.1%	$546.8M-27.7%	$634.4M-22.6%
Cash & Equivalents	$5.0M-58.4%	$33.2M+286.7%	$17.4M-18.1%	$5.9M-68.7%	$11.9M-33.3%	$8.6M-19.6%	$21.2M+10.1%	$18.9M-63.4%
Total Liabilities	$153.6M-51.3%	$205.1M-42.6%	$238.4M-30.0%	$290.8M-30.1%	$315.3M-23.0%	$357.1M-16.8%	$340.6M-30.4%	$415.8M-21.6%
Long-Term Debt	$127.7M-55.5%	$178.9M-45.2%	$211.9M-32.3%	$260.2M-32.2%	$286.7M-24.1%	$326.1M-20.2%	$312.9M-28.8%	$383.8M-17.8%
Total Equity	$130.4M-27.5%	$146.5M-21.1%	$159.7M-22.5%	$168.5M-22.9%	$179.9M-21.9%	$185.7M-23.1%	$206.2M-22.8%	$218.6M-24.4%
Retained Earnings	-$314.3M-18.7%	-$298.3M-15.2%	-$285.3M-19.6%	-$276.2M-22.2%	-$264.7M-23.8%	-$258.8M-27.5%	-$238.5M-34.2%	-$226.1M-45.3%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.

TPTA Cash Flow Statement

TPTA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$425K	$1.9M+158.7%	-$3.3M-137.8%	$8.6M+2032.4%	$404K-90.2%	$4.1M-48.2%	$7.9M-54.7%	$17.5M
Depreciation & Amortization	N/A	$3.8M-47.8%	$7.4M+5.6%	$7.0M+6.7%	$6.5M+63.7%	$4.0M-14.0%	$4.6M+22.5%	$3.8M
Investing Cash Flow	$158.8M	$180.6M+77.7%	$101.6M+1112.2%	-$10.0M+79.6%	-$49.1M+44.0%	-$87.7M-12.1%	-$78.2M-1662.8%	-$4.4M
Financing Cash Flow	-$169.8M	-$163.6M-65.3%	-$99.0M-538.4%	-$15.5M-145.5%	$34.1M-66.5%	$101.8M+93.3%	$52.7M+488.7%	$8.9M
Dividends Paid	$7.9M	$11.6M-37.5%	$18.6M-0.1%	$18.6M+15.8%	$16.1M-6.2%	$17.1M-19.3%	$21.2M-30.2%	$30.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$3.6M	$0

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	-$1.5M-271.5%	$4.2M+79.6%	-$4.3M-344.4%	$1.2M+136.8%	$862K+120.6%	$2.3M-12.8%	$1.7M+128.8%	-$3.1M-193.4%
Depreciation & Amortization	$855K-36.5%	$590K-66.2%	$680K-61.0%	$1.2M-29.9%	$1.3M-36.4%	$1.7M-11.7%	$1.7M-31.5%	$1.7M-0.5%
Investing Cash Flow	$24.5M-47.1%	$47.1M+389.5%	$47.0M-40.2%	$40.3M+568.1%	$46.2M+38.4%	-$16.3M-52.9%	$78.5M+956.5%	$6.0M-86.6%
Financing Cash Flow	-$52.1M-13.5%	-$35.4M-14133.7%	-$53.4M+31.0%	-$28.9M-3088.0%	-$45.9M-106.7%	-$249K+87.7%	-$77.5M-158.9%	$966K+103.5%
Dividends Paid	$967K-79.2%	$2.3M-49.9%	$2.3M-49.9%	$2.3M-49.9%	$4.6M0.0%	$4.6M0.0%	$4.6M-0.1%	$4.6M-0.1%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

TPTA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TPTA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Operating Margin	-3.7%-11.6pp	7.9%+44.0pp	-36.0%-55.2pp	19.1%+2.5pp	16.7%-30.4pp	47.0%-9.0pp	56.0%
Net Margin	-78.5%-3.7pp	-74.8%+9.0pp	-83.8%-71.5pp	-12.3%+14.2pp	-26.5%-36.9pp	10.4%-7.1pp	17.6%
Return on Equity	-19.0%+1.0pp	-20.0%+3.5pp	-23.5%-21.4pp	-2.2%+2.4pp	-4.5%-6.2pp	1.7%-1.9pp	3.6%
Return on Assets	-7.9%-1.1pp	-6.9%+1.6pp	-8.5%-7.6pp	-0.9%+0.9pp	-1.8%-2.7pp	0.9%-0.8pp	1.7%
Debt-to-Equity	1.22-0.5x	1.76+0.1x	1.69+0.3x	1.36+0.3x	1.07+0.6x	0.50-0.6x	1.13
Asset Turnover	0.100.0x	0.090.0x	0.100.0x	0.070.0x	0.070.0x	0.090.0x	0.10

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Margin	-311.5%	-48.8%+23.5pp	6.7%-47.4pp	-28.4%-34.6pp	32.8%+0.8pp	-72.3%-26.9pp	54.1%	6.3%+43.8pp
Net Margin	-468.3%	-150.2%	-92.4%-28.4pp	-106.5%	-10.3%+30.9pp	-138.3%	-63.9%	-67.5%
Return on Equity	-11.5%-10.8pp	-7.3%+1.2pp	-4.2%-0.4pp	-5.4%-2.0pp	-0.7%+2.0pp	-8.4%+0.2pp	-3.8%+2.8pp	-3.5%+3.2pp
Return on Assets	-5.3%-5.0pp	-3.0%-0.1pp	-1.7%-0.3pp	-2.0%-0.8pp	-0.3%+0.7pp	-2.9%+0.2pp	-1.4%+0.9pp	-1.2%+1.2pp
Debt-to-Equity	0.98-0.6x	1.22-0.5x	1.33-0.2x	1.54-0.2x	1.590.0x	1.76+0.1x	1.52-0.1x	1.76+0.1x
Asset Turnover	0.010.0x	0.020.0x	0.020.0x	0.020.0x	0.030.0x	0.020.0x	0.020.0x	0.020.0x

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Where Terra Property Trust, Inc. 6.00% Notes due 2026 Ranks

Frequently Asked Questions

What is Terra Property Trust, Inc. 6.00% Notes due 2026's annual revenue?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) reported $35.4M in total revenue for fiscal year 2025. This represents a -28.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Terra Property Trust, Inc. 6.00% Notes due 2026's revenue growing?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) revenue declined by 28.7% year-over-year, from $49.7M to $35.4M in fiscal year 2025.

Is Terra Property Trust, Inc. 6.00% Notes due 2026 profitable?

No, Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) reported a net income of -$27.8M in fiscal year 2025, with a net profit margin of -78.5%.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's EBITDA?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had EBITDA of $2.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Terra Property Trust, Inc. 6.00% Notes due 2026 have?

As of fiscal year 2025, Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had $33.2M in cash and equivalents against $178.9M in long-term debt.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's operating margin?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had an operating margin of -3.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's net profit margin?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had a net profit margin of -78.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Terra Property Trust, Inc. 6.00% Notes due 2026 pay dividends?

Yes, Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) paid $0.48 per share in dividends during fiscal year 2025.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's return on equity (ROE)?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) has a return on equity of -19.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's operating cash flow?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) generated $1.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Terra Property Trust, Inc. 6.00% Notes due 2026's total assets?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had $351.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's debt-to-equity ratio?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had a debt-to-equity ratio of 1.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's return on assets (ROA)?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) had a return on assets of -7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Terra Property Trust, Inc. 6.00% Notes due 2026's Piotroski F-Score?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Terra Property Trust, Inc. 6.00% Notes due 2026's earnings high quality?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) reported a net loss of $27.8M while generating $1.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Terra Property Trust, Inc. 6.00% Notes due 2026 cover its interest payments?

Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) reported an operating loss of $1.3M against $13.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.