Share count
24Mpeak FY2025
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TPTA, Terra Property Trust, Inc.
We are a real estate investment trust that originates, invests in and manages a diverse portfolio of real estate and real estate-related assets.
As of December 31, 2025, our portfolio included underlying properties located in nine markets, across seven states and includes property types such as multifamily housing, student housing, commercial offices, retail, mixed-use and infill properties.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$35M
−28.7% YoY · −7% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $3M −74.2% vs yr-ago qtr
Operating margin −311.5% yr-ago 32.8%
Net income ($15M) yr-ago ($1M)
Net margin −468.3% yr-ago −10.3%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. Debt is 45% of assets, moderate for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $51M | $50M | $47M | $57M | $68M | $50M | $35M | $26M | RevenueRevenue |
| $9M | $5M | ($12M) | ($7M) | ($57M) | ($37M) | ($28M) | ($42M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||
| $13M | $10M | ($8M) | ($369K) | ($46M) | ($30M) | ($24M) | ($34M) | Funds from operationsFFO |
| Balance sheet | ||||||||
| $67M | $67M | $64M | $54M | $129M | $129M | $51M | $51M | Real estate (gross)RE gross |
| $527M | $588M | $694M | $813M | $671M | $543M | $352M | $284M | Total assetsAssets |
| — | 26% | 42% | 54% | 61% | 60% | 51% | 45% | Debt / assetsDebt/assets |
| $0 | $152M | $294M | $439M | $409M | $326M | $179M | $128M | Total debtDebt |
| ($30M) | $133M | $258M | $410M | $398M | $318M | $146M | $123M | Net debt / (cash)Net debt |
| 9.3× | 7.9× | — | — | — | — | — | -5.2× | Interest coverageInt. cov. |
| $248M | $303M | $274M | $322M | $242M | $186M | $146M | $130M | Shareholders’ equityEquity |
| Per share | ||||||||
| 15.0M | 18.8M | 19.5M | 20.7M | 24.3M | 24.3M | 24.3M | 24.3M | Shares out (diluted)Shares |
| $0.86 | $0.52 | $-0.43 | $-0.02 | $-1.88 | $-1.22 | $-0.99 | $-1.40 | FFO / shareFFO/sh |
| $2.03 | $1.13 | $0.88 | $0.78 | $0.76 | $0.76 | $0.48 | $0.33 | Dividends / shareDiv/sh |
| $16.54 | $16.12 | $14.05 | $15.54 | $9.93 | $7.63 | $6.02 | $5.36 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | −13.3%/yr | −11.5%/yr |
| Dividends / share | −21.4%/yr | −15.8%/yr |
| Book value / share | −15.5%/yr | −17.9%/yr |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$35Mlow FY2025
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Funds from operations (FFO) ($20M)about $-0.81 per shareNet income ($28M) + depreciation $4M − gains on sale ($4M)
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Debt / assets 51%ElevatedTotal debt $179M ÷ assets $352MIndustry peers: median 45%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Thin(operating income + depreciation) ÷ interest $3MIndustry peers: median 3.0×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“The use of artificial intelligence by us, our Manager, our borrowers or third-party service providers could expose us to operational, legal, regulatory and competitive risks.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, REITs — Specialty & Diversified
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| UHTUniversal Health Realty Income Trust | $99M | 56% | 8.5% | 85% | 58% |
| OLPOne Liberty Properties Inc. | $97M | 45% | 4.8% | 89% | 54% |
| PSTLPostal Realty Trust Inc. | $96M | 37% | 4.1% | 100% | 44% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FVRFrontView REIT Inc. | $67M | 26% | 2.0% | 95% | 37% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TCITranscontinental Realty Investors Inc. | $49M | 40% | 2.2% | — | 25% |
| TPTATerra Property Trust, Inc. | $35M | -18% | -1.2% | — | 52% |
| Group median | — | 38% | 2.2% | — | 49% |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Terra Property Trust, Inc. (TPTA), the owner's record," https://ownerscorecard.com/c/TPTA, data as of 2026-07-09.
Manual order: ← TPR its page in the Manual TR →
Industry order: ← TCI the REITs — Specialty & Diversified chapter TRTX →