Terra Property Trust, Inc.
TPTS NYSE Real Estate Investment Trusts Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$35.4M
28.7%
vs prior year
Operating margin
Operating income as a share of revenue.
−3.7%
11.6 pts
Net income
Profit after all expenses, interest and tax.
−$27.8M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.4%
1.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.49 EPS (TTM)
What Terra Property Trust, Inc. does
No business description yet.
- Legal name
- Terra Property Trust, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 19, 2026
- Accession · CIK
- 0001674356-26-000009
0001674356
Revenue and margins
Terra Property Trust, Inc. had $35.4M of revenue in fiscal 2025, down 28.7% on the year before.
FY19
Revenue $51.4M
FY20
Revenue $50.3M
FY21
Revenue $46.7M
FY22
Revenue $56.6M
FY23
Revenue $67.9M
FY24
Revenue $49.7M
FY25
Revenue $35.4M
Q3 '23
Revenue $17.1M
Q4 '23
Revenue $15.0M
Q1 '24
Revenue $15.0M
Q2 '24
Revenue $11.2M
Q3 '24
Revenue $12.2M
Q4 '24
Revenue $11.3M
Q1 '25
Revenue $12.5M
Q2 '25
Revenue $8.6M
Q3 '25
Revenue $7.3M
Q4 '25
Revenue $7.1M
Q1 '26
Revenue $3.2M
Q2 '26
Revenue $4.6M
FY19
Gross —
Operating 56.0%
Net 17.6%
FCF —
FY20
Gross —
Operating 47.0%
Net 10.4%
FCF —
FY21
Gross —
Operating 16.6%
Net −26.5%
FCF —
FY22
Gross —
Operating 19.1%
Net −12.3%
FCF —
FY23
Gross —
Operating −36.1%
Net −83.8%
FCF —
FY24
Gross —
Operating 7.9%
Net −74.8%
FCF —
FY25
Gross —
Operating −3.7%
Net −78.5%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −120.7%
Net −102.2%
FCF —
Q4 '23
Gross —
Operating −45.4%
Net −137.9%
FCF —
Q1 '24
Gross —
Operating 32.0%
Net −41.2%
FCF —
Q2 '24
Gross —
Operating 6.3%
Net −67.5%
FCF —
Q3 '24
Gross —
Operating 54.1%
Net −63.9%
FCF —
Q4 '24
Gross —
Operating −72.3%
Net −138.3%
FCF —
Q1 '25
Gross —
Operating 32.8%
Net −10.3%
FCF —
Q2 '25
Gross —
Operating −28.4%
Net −106.5%
FCF —
Q3 '25
Gross —
Operating 6.7%
Net −92.4%
FCF —
Q4 '25
Gross —
Operating −48.8%
Net −150.2%
FCF —
Q1 '26
Gross —
Operating −311.5%
Net −468.2%
FCF —
Q2 '26
Gross —
Operating −82.9%
Net −86.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $9.0M
FY20
Net income $5.3M
FY21
Net income −$12.4M
FY22
Net income −$7.0M
FY23
Net income −$56.9M
FY24
Net income −$37.2M
FY25
Net income −$27.8M
Q3 '23
Net income −$17.5M
Q4 '23
Net income −$20.7M
Q1 '24
Net income −$6.2M
Q2 '24
Net income −$7.5M
Q3 '24
Net income −$7.8M
Q4 '24
Net income −$15.6M
Q1 '25
Net income −$1.3M
Q2 '25
Net income −$9.2M
Q3 '25
Net income −$6.7M
Q4 '25
Net income −$10.6M
Q1 '26
Net income −$15.0M
Q2 '26
Net income −$3.9M
FY19
Diluted EPS $0.60
FY20
Diluted EPS $0.28
FY21
Diluted EPS −$0.63
FY22
Diluted EPS −$0.34
FY23
Diluted EPS −$2.34
FY24
Diluted EPS −$1.53
FY25
Diluted EPS −$1.14
Q3 '23
Diluted EPS −$0.72
Q4 '23
Diluted EPS −$0.85
Q1 '24
Diluted EPS −$0.25
Q2 '24
Diluted EPS −$0.31
Q3 '24
Diluted EPS −$0.32
Q4 '24
Diluted EPS −$0.65
Q1 '25
Diluted EPS −$0.05
Q2 '25
Diluted EPS −$0.38
Q3 '25
Diluted EPS −$0.28
Q4 '25
Diluted EPS −$0.43
Q1 '26
Diluted EPS −$0.62
Q2 '26
Diluted EPS −$0.16
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 3.7%
Return on assets 1.7%
FY20
Return on capital 4.3%
Return on equity 1.9%
Return on assets 0.9%
FY21
Return on capital 1.2%
Return on equity −4.3%
Return on assets −1.9%
FY22
Return on capital 1.2%
Return on equity −2.3%
Return on assets −0.9%
FY23
Return on capital −3.0%
Return on equity −20.2%
Return on assets −7.7%
FY24
Return on capital 0.6%
Return on equity −17.4%
Return on assets −6.1%
FY25
Return on capital −0.4%
Return on equity −16.8%
Return on assets −6.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY19
Cash from operations $17.5M
Capital spending —
FY20
Cash from operations $7.9M
Capital spending —
FY21
Cash from operations $4.1M
Capital spending —
FY22
Cash from operations $0.4M
Capital spending —
FY23
Cash from operations $8.6M
Capital spending —
FY24
Cash from operations −$3.3M
Capital spending —
FY25
Cash from operations $1.9M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations −$6.0M
Capital spending —
Q4 '23
Cash from operations $2.7M
Capital spending —
Q1 '24
Cash from operations −$4.2M
Capital spending —
Q2 '24
Cash from operations −$3.1M
Capital spending —
Q3 '24
Cash from operations $1.7M
Capital spending —
Q4 '24
Cash from operations $2.3M
Capital spending —
Q1 '25
Cash from operations $0.9M
Capital spending —
Q2 '25
Cash from operations $1.2M
Capital spending —
Q3 '25
Cash from operations −$4.3M
Capital spending —
Q4 '25
Cash from operations $4.2M
Capital spending —
Q1 '26
Cash from operations −$1.5M
Capital spending —
Q2 '26
Cash from operations $0.4M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Terra Property Trust, Inc. returned $11.6M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY19
Dividends $30.4M
Buybacks $0.0M
FY20
Dividends $21.2M
Buybacks $3.6M
FY21
Dividends $17.1M
Buybacks $0.0M
FY22
Dividends $16.1M
Buybacks —
FY23
Dividends $18.6M
Buybacks —
FY24
Dividends $18.6M
Buybacks —
FY25
Dividends $11.6M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $4.6M
Buybacks —
Q4 '23
Dividends $4.6M
Buybacks —
Q1 '24
Dividends $4.6M
Buybacks —
Q2 '24
Dividends $4.6M
Buybacks —
Q3 '24
Dividends $4.6M
Buybacks —
Q4 '24
Dividends $4.6M
Buybacks —
Q1 '25
Dividends $4.6M
Buybacks —
Q2 '25
Dividends $2.3M
Buybacks —
Q3 '25
Dividends $2.3M
Buybacks —
Q4 '25
Dividends $2.3M
Buybacks —
Q1 '26
Dividends $1.0M
Buybacks —
Q2 '26
Dividends −$0.0M
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Terra Property Trust, Inc. can carry it.
FY19
Cash $29.6M
Debt —
FY20
Cash $18.6M
Debt $152M
FY21
Cash $35.8M
Debt $294M
FY22
Cash $28.6M
Debt $439M
FY23
Cash $10.7M
Debt $409M
FY24
Cash $8.6M
Debt $326M
FY25
Cash $33.2M
Debt $179M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $35.8M | $28.6M | $10.7M | $8.6M | $33.2M |
| Debt incl. finance leases | $294M | $439M | $409M | $326M | $179M |
| Net debt / EBITDA | 22.0x | 23.6x | — | 28.1x | 57.7x |
| Debt / equity | 1.1x | 1.4x | 1.7x | 1.8x | 1.2x |
| Interest coverage | 4.9x | 0.7x | −0.9x | 0.2x | −0.1x |
| Total assets | $694M | $813M | $671M | $543M | $352M |
| Total liabilities | $420M | $491M | $429M | $357M | $205M |
| Shareholders' equity | $274M | $322M | $242M | $186M | $146M |
| Net debt (− = net cash) | $258M | $410M | $398M | $318M | $146M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 6 | 2 / 7 | 4 / 7 | 3 / 7 | 3 / 7 | 4 / 7 |
| Accruals ratio | −1.6% | −0.5% | −2.6% | −1.0% | −8.8% | −5.6% | −6.7% |
| Altman Z'' | — | — | — | — | — | — | — |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $51.4M | $50.3M | $46.7M | $56.6M | $67.9M | $49.7M | $35.4M |
| Provision for credit losses | $0.0M | $3.7M | $10.9M | — | — | — | — |
| Operating income | $28.8M | $23.7M | $7.8M | $10.8M | −$24.5M | $3.9M | −$1.3M |
| Interest expense | $3.1M | $3.0M | $1.6M | $14.8M | $28.1M | $25.1M | $13.5M |
| Pretax income | — | — | — | — | — | −$37.2M | −$27.4M |
| Income tax | — | — | — | — | — | $0.0M | $0.4M |
| Net income | $9.0M | $5.3M | −$12.4M | −$7.0M | −$56.9M | −$37.2M | −$27.8M |
| Net income to common | $9.0M | $5.2M | −$12.4M | −$7.0M | −$56.9M | −$37.2M | — |
| Diluted EPS | $0.60 | $0.28 | −$0.63 | −$0.34 | −$2.34 | −$1.53 | −$1.14 |
| Diluted shares | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | |||||||
| Cash from operations | $17.5M | $7.9M | $4.1M | $0.4M | $8.6M | −$3.3M | $1.9M |
| Depreciation and amortization | $3.8M | $4.6M | $4.0M | $6.5M | $7.0M | $7.4M | $3.8M |
| Share buybacks | $0.0M | $3.6M | $0.0M | — | — | — | — |
| Dividends paid | $30.4M | $21.2M | $17.1M | $16.1M | $18.6M | $18.6M | $11.6M |
| Dividends and buybacks | $30.4M | $24.9M | $17.1M | $16.1M | $18.6M | $18.6M | $11.6M |
| Balance sheet | |||||||
| Cash and short-term investments | $29.6M | $18.6M | $35.8M | $28.6M | $10.7M | $8.6M | $33.2M |
| Total debt | — | $152M | $294M | $439M | $409M | $326M | $179M |
| Loans, net | $379M | $422M | $470M | $626M | $456M | $275M | $153M |
| Intangible assets | $12.8M | $9.8M | $7.5M | $2.6M | $9.9M | $5.6M | $1.9M |
| Total assets | $527M | $588M | $694M | $813M | $671M | $543M | $352M |
| Total liabilities | $280M | $285M | $420M | $491M | $429M | $357M | $205M |
| Preferred stock | $0.0M | $0.0M | $0.0M | — | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $248M | $303M | $274M | $322M | $242M | $186M | $146M |
| Margins | |||||||
| Operating margin | 56.0% | 47.0% | 16.6% | 19.1% | −36.1% | 7.9% | −3.7% |
| EBITDA margin | 63.4% | 56.2% | 25.2% | 30.7% | −25.8% | 22.7% | 7.1% |
| Net margin | 17.6% | 10.4% | −26.5% | −12.3% | −83.8% | −74.8% | −78.5% |
| Returns | |||||||
| Return on capital | — | 4.3% | 1.2% | 1.2% | −3.0% | 0.6% | −0.4% |
| Return on equity | 3.7% | 1.9% | −4.3% | −2.3% | −20.2% | −17.4% | −16.8% |
| Return on assets | 1.7% | 0.9% | −1.9% | −0.9% | −7.7% | −6.1% | −6.2% |
| Return on tangible equity | 3.8% | 1.8% | −4.6% | −2.2% | −24.5% | −20.6% | −19.2% |
| Growth | |||||||
| Revenue growth | — | −2.1% | −7.2% | 21.3% | 20.0% | −26.8% | −28.7% |
| Net income growth | — | −41.9% | −335.1% | — | — | — | — |
| EPS growth | — | −53.3% | −325.0% | — | — | — | — |
| Share count change | — | 25.7% | 3.6% | 6.3% | 17.5% | 0.0% | 0.0% |
| Financial health | |||||||
| Net debt / EBITDA | — | 4.7x | 22.0x | 23.6x | — | 28.1x | 57.7x |
| Debt / equity | — | 0.5x | 1.1x | 1.4x | 1.7x | 1.8x | 1.2x |
| Interest coverage | 9.3x | 7.9x | 4.9x | 0.7x | −0.9x | 0.2x | −0.1x |
| Provision / loans | 0.0% | 0.9% | 2.3% | — | — | — | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | 2.0 | 4.0 | 3.0 | 3.0 | 4.0 |
| Accruals ratio | −1.6% | −0.5% | −2.6% | −1.0% | −8.8% | −5.6% | −6.7% |
Source: SEC EDGAR XBRL filings (CIK 0001674356). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.