Terra Property Trust, Inc.

What Do They Do?

Originates and manages commercial real estate loans for property borrowers across the United States, and makes real estate equity and other investments.

How Do They Make Money?

The company earns interest from borrowers on loans and preferred equity under each investment’s terms; tenants pay rent in monthly installments under fixed-term leases.

FY2025 revenue

Who Are Their Customers?

Commercial property borrowers deal directly with the company for originated loans; tenants rent space in its owned properties under fixed-term leases.

Do Revenues Turn Into Profits?

No. It lost $27.8M in FY2025.

Operating income, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($3.9M, 8%)

Net income, FY2025

−79% of revenue

▼ −25% (Loss) vs FY2024 (−$37.2M, −75%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −47%; vs $8.6M in Q2 FY2025
Net income: ▼ −57% (Loss); vs −$9.2M in Q2 FY2025

Shrinking. Revenue fell 24% in 4 years, from $46.7M in FY2021 to $35.4M in FY2025, about 7% a year.

Comments