TPTSNYSEReal Estate Investment TrustsUS GAAP · USD

Terra Property Trust, Inc.

Terra Property Trust, Inc. is a U.S.-based real estate investment trust that originates and holds commercial real estate credit investments through its affiliated platform. Its portfolio includes mezzanine loans, first mortgages, preferred equity investments, and credit facilities backed by properties in multiple U.S. markets and property types.

Kysy yhtiöstä
Liikevaihto35,4milj. USD
−28,7 %v/v
Liikevoitto (EBIT)−1,3milj. USD
−133,4 %v/v
EBIT-marginaali−3,7%
−11,6 %-yks.v/v
Nettotulos−27,8milj. USD
+25,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−40−20020406080milj. USD2020: 50 milj. USD2020: EBIT 24 milj. USD20202021: 47 milj. USD2021: EBIT 7,8 milj. USD20212022: 57 milj. USD2022: EBIT 11 milj. USD20222023: 68 milj. USD2023: EBIT −24 milj. USD20232024: 50 milj. USD2024: EBIT 3,9 milj. USD20242025: 35 milj. USD2025: EBIT −1,3 milj. USD202535−1,3
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Commercial real estate lending55 %

Senior and subordinate loans secured by income-producing or development-stage properties.

Mezzanine and structured credit25 %

Subordinate debt and hybrid financing positioned between equity and senior debt.

Preferred equity investments10 %

Equity-like investments in real estate projects with contractual return features.

Credit facilities and participations10 %

Financing arrangements and participation interests tied to real estate loan assets.

Asiakkaat

Terra Property Trust lends to real estate sponsors, developers, and property owners that need structured capital for acquisitions, refinancings, value-add projects, or construction. The underlying collateral spans multifamily, student housing, office, medical office, retail, mixed-use, and infill properties, so the company serves borrowers across several property cycles and risk profiles.

Real estate sponsors and developers

They borrow for acquisitions, refinancings, and project capital where structured financing is needed.

Commercial property owners

They use first mortgages or mezzanine debt to recapitalize stabilized or value-added assets.

Construction and pre-development borrowers

They seek bridge or structured capital for projects before stabilization.

Special situation real estate borrowers

They need preferred equity or hybrid capital for complex capital stacks.

Strategia

Terra Property Trust focuses on originating and holding structured real estate credit investments sourced through Terra Capital Partners and its affiliates. Its strategy centers on diversified collateral, multiple loan structures, and a mix of stabilized, value-added, and development-stage properties to generate risk-adjusted returns.

Diversify the real estate credit portfolioKeskipitkä aikaväli

Diversification across markets, property types, and structures helps manage collateral and borrower concentration.

Source and structure loans through affiliated origination channelsLyhyt aikaväli

Affiliate sourcing supports deal flow and underwriting control in a specialized lending niche.

Preserve financing flexibilityKeskipitkä aikaväli

The REIT model and credit business require access to debt and equity capital to fund new investments and maturities.

Maantiede

The company’s portfolio is concentrated in the United States, with underlying properties located across multiple states and markets. Recent disclosures describe exposure across seven to eight states and nine to ten markets, indicating a diversified but still U.S.-centric lending footprint.

Riskit

The business is exposed to borrower credit performance, collateral value changes, interest-rate movements, and refinancing risk because returns depend on real estate-backed loans rather than fee income. As a REIT, it also faces distribution requirements and reliance on external financing, while affiliated management relationships create potential conflicts of interest.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Liquidity and refinancing risk1Borrower default and recovery risk2
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Liquidity and refinancing riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company depends on ordinary-course repayments, asset sales, and capital markets access to fund obligations.

    Kohdistuu: Debt maturities and new originations

  2. Borrower default and recovery riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Loan performance depends on the financial condition of real estate borrowers and the value of underlying collateral.

    KohdistuuMezzanine debtFirst mortgagesPreferred equity
  3. Interest-rate and valuation riskVaikutus: Korkea

    Changes in rates can affect both the market value of loans and the cost/availability of financing.

    Kohdistuu: All real estate credit assets

  4. Affiliate conflict riskVaikutus: Keskitaso

    The manager, sponsor, and related Terra/Mavik entities may have overlapping interests and control rights.

    Kohdistuu: Governance and capital allocation

  5. Real estate cycle and prepayment riskVaikutus: Keskitaso

    Loan prepayments and property-cycle shifts can change portfolio yield and reinvestment timing.

    Kohdistuu: Commercial real estate lending portfolio

Kirjanpito

Harkinnanvaraiset erät
Allowance for credit losses

Management must estimate expected losses on real estate loans using borrower and collateral assumptions.

Vaikutus: Can materially change asset values and earnings

Fair value measurement

Structured credit and equity-like investments may require valuation inputs that are sensitive to market conditions.

Vaikutus: Affects reported investment values and gains/losses

Interest income recognition

Loan status, prepayments, and nonaccrual decisions influence the timing of revenue recognition.

Vaikutus: Affects net interest income and period comparability

Financing and participation agreements

Secured financing and participation structures require careful classification and disclosure.

Vaikutus: Affects leverage presentation and cash flow analysis

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026