Terra Property Trust, Inc. TPTS
We are a real estate investment trust that originates, invests in and manages a diverse portfolio of real estate and real estate-related assets. We focus primarily on commercial real estate credit investments, including first mortgage loans, subordinated loans (including B-notes, mezzanine and preferred equity) and credit facilities throughout the United States, which we collectively refer to as our targeted assets. Our loans finance the acquisition, development or recapitalization of high-quality commercial real estate in the United States. We focus on middle market loans in the approximately $10 million to $50 million range, which we believe are subject to less competition, offer higher risk-adjusted returns than larger loans with similar risk metrics and facilitate portfolio diversification. Our investment objective is to provide attractive risk-adjusted returns to our stockholders, primarily by earning high current income that allows for regular distributions, and, in certain instances, benefiting from potential capital appreciation. There can be no assurances that we will be successful in meeting our investment objective. We also make strategic real estate equity and non-real estate-related investments that align with our investment objectives and criteria.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.4M | $49.7M | $67.9M | $56.6M | $46.7M | $50.3M | $51.4M | — |
| Total operating expenses | $36.8M | $45.8M | $92.4M | $45.8M | $38.9M | $26.7M | $22.6M | — |
| Operating income | -$1.3M | $3.9M | -$24.5M | $10.8M | $7.8M | $23.7M | $28.8M | — |
| Interest expense | — | — | — | — | — | $3.0M | $3.1M | — |
| Pre-tax income | -$27.4M | -$37.2M | — | — | — | — | — | — |
| Income tax | $432.6K | $0 | — | — | — | — | — | — |
| Net income | -$27.8M | -$37.2M | -$56.9M | -$7.0M | -$12.4M | $5.3M | $9.0M | — |
| EPS, basic | -1.14 | -1.53 | -2.34 | -0.34 | -0.63 | — | — | — |
| EPS, diluted | -1.14 | -1.53 | -2.34 | -0.34 | -0.63 | 0.28 | 0.60 | — |
| Shares, diluted (wtd. avg.) | 24.3M | 24.3M | 24.3M | 20.7M | 19.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $33.2M | $8.6M | $19.5M | $36.5M | $51.1M | $32.9M | $50.5M | $28.5M |
| Other intangibles | $1.9M | $5.6M | $9.9M | $2.6M | $7.5M | $9.8M | $12.8M | — |
| Total assets | $351.5M | $542.8M | $670.7M | $813.3M | $693.5M | $588.5M | $527.3M | — |
| Accounts payable | $3.0M | $2.2M | $2.4M | $1.5M | $1.3M | $4.0M | $1.7M | — |
| Long-term debt | $178.9M | $326.1M | $408.9M | $438.8M | $294.0M | $151.6M | — | — |
| Total liabilities | $205.1M | $357.1M | $429.1M | $491.5M | $419.7M | $285.2M | $279.8M | — |
| Retained earnings | -$298.3M | -$258.8M | -$203.0M | -$122.9M | -$99.9M | -$70.4M | -$54.5M | — |
| Total equity | $146.5M | $185.7M | $241.7M | $321.9M | $273.8M | $303.3M | $247.5M | $265.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9M | -$3.3M | $8.6M | $403.8K | $4.1M | $7.9M | $17.5M | — |
| Depreciation and amortisation | $3.8M | $7.4M | $7.0M | $6.5M | $4.0M | $4.6M | $3.8M | — |
| Capital expenditure | — | $0 | $132.5K | $0 | — | — | — | — |
| Investing cash flow | $180.6M | $101.6M | -$10.0M | -$49.1M | -$87.7M | -$78.2M | -$4.4M | — |
| Financing cash flow | -$163.6M | -$99.0M | -$15.5M | $34.1M | $101.8M | $52.7M | $8.9M | — |
| Dividends paid | $11.6M | $18.6M | $18.6M | $16.1M | $17.1M | $21.2M | $30.4M | — |
| Buybacks | — | — | — | — | $0 | $3.6M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001674356-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $51.4M | $50.3M | $46.7M | $56.6M | $67.9M | $49.7M | $35.4M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | $9.0M | $5.3M | -$12.4M | -$7.0M | -$56.9M | -$37.2M | -$27.8M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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