Terra Property Trust, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 6, 2026, reporting a net loss of $29,040,181 for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $29,040,181 for the nine months ended September 30, 2026, compared to a net loss of $17,196,019 for the same period in 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $10,049,791, versus $6,738,859 in the prior-year quarter.
  • Total assets declined: Total assets fell to $237,300,755 as of September 30, 2026, from $351,540,758 as of December 31, 2025.
  • Provision for credit losses: The nine-month provision for credit losses was $11,854,155, up from $5,919,213 in the same period of 2025.
  • Impairment charge: An impairment charge on real estate assets of $3,262,743 was recorded in the third quarter, bringing the nine-month total to $3,858,727.
  • Loss per share: Basic and diluted loss per share was $0.41 for the third quarter and $1.19 for the nine months ended September 30, 2026.
  • Distributions: No distributions were declared per common share in the third quarter; $0.04 per share was declared for the nine-month period.

Terra Property Trust Financial Results for the Nine Months Ended September 30, 2026

According to the filing, Terra Property Trust, Inc. (NYSE:TPTS), a Maryland corporation, reported total revenues of $10,602,581 for the nine months ended September 30, 2026, compared to $28,362,099 for the same period in 2025. Interest income declined to $7,267,527 from $22,359,781 year-over-year. For the third quarter alone, total revenues were $2,806,564, down from $7,295,239 in the third quarter of 2025.

The company disclosed total operating expenses of $28,338,875 for the nine months ended September 30, 2026, resulting in an operating loss of $17,736,294, compared to operating income of $2,133,282 in the nine months ended September 30, 2025. The filing identified the provision for credit losses of $11,854,155, impairment charges on real estate assets of $3,858,727, and professional fees of $3,282,220 as notable expense items for the nine-month period. Interest expense on secured financing agreements totaled $8,023,901 for the nine months, while interest expense on unsecured notes payable was $3,517,087 before those notes were retired.

As of September 30, 2026, total equity stood at $116,456,985, down from $146,464,228 at December 31, 2025, reflecting the accumulated deficit of $328,284,307. Total liabilities decreased to $120,843,770 from $205,076,530 at year-end 2025, in part due to the elimination of unsecured notes payable, which stood at $117,949,074 at December 31, 2025 and zero at September 30, 2026. The registrant had 24,340,114 shares of Class B Common Stock outstanding as of November 6, 2026. The filing noted that no active trading market had been established for the Class B Common Stock as of the document date.

What Was Disclosed

Terra Property Trust filed its quarterly report covering the period ended September 30, 2026, disclosing a nine-month net loss of $29,040,181, a decline in total assets to $237,300,755, and an accumulated deficit of $328,284,307, along with an impairment charge on real estate assets and a significantly higher provision for credit losses compared to the prior year.