Every 10-Q that Terra Property Trust, Inc. 6.00% Notes due 2026 (TPTA) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TPTA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TPTA filings page.
Terra Property Trust, a commercial real estate credit-focused REIT, reported Q2 2026 revenues of $4.6 million, down from $8.6 million a year earlier, and a net loss of $3.9 million, or $(0.16) per share. For the first six months of 2026, revenues were $7.8 million and net loss widened to $19.0 million, or $(0.78) per share, compared with a $10.5 million loss in the prior-year period. Results were pressured by an $11.8 million provision for credit losses, real-estate impairments and lower interest and rental income after significant loan repayments and property sales.
Total assets fell to $249.6 million from $351.5 million at year-end as the loan portfolio shrank to $87.3 million of carrying value and the company foreclosed on a multifamily property and sold three industrial buildings. Equity decreased to $126.5 million, with accumulated deficit rising to $318.2 million. Cash and cash equivalents were $9.7 million, while management disclosed approximately $57.9 million of debt obligations coming due within 12 months of issuance.
The company stated it does not currently have sufficient liquidity to meet these maturities and that “substantial doubt” exists about its ability to continue as a going concern. Management is pursuing loan repayments, asset sales, refinancings and capital raises, and during the period exchanged $60.2 million of unsecured notes maturing in 2026 into longer-dated secured notes and cash. Distributions were sharply reduced, with no Q2 2026 dividend and only $0.04 per share declared year-to-date versus $0.29 a year earlier.
Terra Property Trust, Inc. reported a sharp downturn for the three months ended March 31, 2026. Total revenue fell to $3.2 million from $12.5 million a year earlier, and the company posted a net loss of $15.0 million, compared with a $1.3 million loss in 2025. Higher credit costs were a key driver, with provision for credit losses rising to $6.9 million. Liquidity weakened: cash and cash equivalents were $5.0 million, while the company disclosed about $69.6 million of debt coming due, including $56.4 million of 6.00% Senior Notes Due 2026. Management stated that, as of March 31, 2026, it did not have sufficient liquidity to meet these obligations and that substantial doubt exists about its ability to continue as a going concern.
Terra Property Trust, Inc. reported a Q3 2025 net loss of $6.74 million, improving from a $7.80 million loss a year ago, as total revenues fell to $7.30 million from $12.21 million on lower interest and real estate operating income. For the nine months ended September 30, 2025, the company recorded a net loss of $17.20 million versus $21.53 million in 2024, with a $5.92 million provision for credit losses.
As of September 30, 2025, total assets were $398.1 million (down from $542.8 million at December 31, 2024), liabilities were $238.4 million (down from $357.1 million), and equity was $159.7 million. Loans held for investment, net, declined to $178.2 million, reflecting $89.7 million of principal repayments year‑to‑date and asset sales of $69.1 million. The portfolio’s carrying value was $203.5 million, with a weighted‑average coupon of 13.81%.
Cash from investing activities was $133.48 million, while financing used $128.19 million as secured financing was repaid. The company had 24,339,383 Class B shares outstanding as of quarter‑end, and declared distributions of $0.09 per share in Q3 (year‑to‑date $0.38). The filing notes five non‑performing loans with total amortized cost of $152.5 million.
Terra Property Trust, Inc. is a REIT focused on U.S. commercial real estate credit investments. As of June 30, 2025 the Company reported a net loan portfolio of $225.9 million with a weighted average coupon of 13.1% and a weighted average remaining term of 1.5 years. The Company held five non-performing loans with an amortized cost of $150.4 million and recorded a specific allowance for those loans of $49.2 million. Real estate and related lease intangibles had net carrying values of $77.2 million (June 30, 2025) and $125.3 million (Dec 31, 2024); two industrial buildings are classified as held for sale with a net carrying value of $27.0 million. Book value per share of Class B Common Stock was $6.92 (June 30, 2025) vs $7.63 (Dec 31, 2024). Outstanding senior notes include $78.5 million of 6.00% notes due 2026 and $34.8 million of 7.00% notes assumed in the BDC Merger due 2026. Distributions in the periods were recorded as returns of capital. The Company is externally managed and amended its Management Agreement effective Jan 1, 2025 to clarify fee applicability to all investment types.