Terra Property Trust, Inc. is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
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~$3.9
Dividend discount (growing dividend)
Base case. Range ~$3.3–$4.7. Today's dividend growing 2.5% a year, discounted at the cost of equity.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Terra Property Trust, Inc. valuation: adjust assumptions and compare models →
Revenue for the twelve months to June 2026 was $22m, down 50.3% on a year earlier, a steeper fall than the 44.4% decline a quarter earlier. That puts it 10 of 10 for growth among the mortgage reits companies we cover. Our dividend discount value is $3.64 a share.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Terra Property Trust, Inc.'s trailing-twelve-month revenue fell 50.3% year on year, with a free-cash-flow margin of -17.9%. Where it lags: revenue growth of -50.3% ranks 14 of 14 mortgage reits companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -50.3% (-5.8pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Terra Property Trust, Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for TPTS from the sources we follow. See filings →
We value Terra Property Trust, Inc. as a mortgage reit, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.8 ~$1.4–$2.7 | Left out: out of range vs price (0.14x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$3.9 ~$3.3–$4.7 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$3.9 ~$3.3–$4.7 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Terra Property Trust, Inc. with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Terra Property Trust's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -3.2% of total assets over 7 years.
Operating margin has been a median 7.4%; its worst year was -75.7%.
The diluted share count rose 24.9% over five years.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
No analyst estimates are published for Terra Property Trust, Inc.: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $69M |
| FY23 Q4 | $67.9M |
| FY24 Q1 | $65.9M |
| FY24 Q2 | $58.3M |
| FY24 Q3 | $53.4M |
| FY24 Q4 | $49.7M |
| FY25 Q1 | $47.1M |
| FY25 Q2 | $44.6M |
| FY25 Q3 | $39.7M |
| FY25 Q4 | $35.4M |
| FY26 Q1 | $26.2M |
| FY26 Q2 | $22.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 30.4% |
| FY23 Q4 | 20.0% |
| FY24 Q1 | 7.2% |
| FY24 Q2 | -11.1% |
| FY24 Q3 | -22.6% |
| FY24 Q4 | -26.8% |
| FY25 Q1 | -28.5% |
| FY25 Q2 | -23.6% |
| FY25 Q3 | -25.7% |
| FY25 Q4 | -28.7% |
| FY26 Q1 | -44.4% |
| FY26 Q2 | -50.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -18.3% |
| FY23 Q4 | -36.1% |
| FY24 Q1 | -45.1% |
| FY24 Q2 | -37.7% |
| FY24 Q3 | 9.9% |
| FY24 Q4 | 7.9% |
| FY25 Q1 | 6.8% |
| FY25 Q2 | 0.2% |
| FY25 Q3 | -15.2% |
| FY25 Q4 | -3.7% |
| FY26 Q1 | -58.8% |
| FY26 Q2 | -75.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 5.4% |
| FY23 Q4 | 2.4% |
| FY24 Q1 | -19.2% |
| FY24 Q2 | -32.8% |
| FY24 Q3 | -19.7% |
| FY24 Q4 | -21.4% |
| FY25 Q1 | -10.2% |
| FY25 Q2 | 0.0% |
| FY25 Q3 | -12.4% |
| FY25 Q4 | -5.4% |
| FY26 Q1 | -14.4% |
| FY26 Q2 | -17.9% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 51 | 50 | 47 | 57 | 68 | 50 | 35 | 22 |
| EBITDA | 33 | 28 | 12 | 17 | −18 | 11 | 3 | −14 |
| Operating income | 29 | 24 | 8 | 11 | −24 | 4 | −1 | −17 |
| Net income | 9 | 5 | −12 | −7 | −57 | −37 | −28 | −36 |
| Diluted EPS | $0.60 | $0.28 | −$0.63 | −$0.34 | −$2.34 | −$1.53 | −$1.14 | −$1.49 |
| Growth (year on year) | ||||||||
| Revenue | — | −2.1% | −7.2% | +21.3% | +20.0% | −26.8% | −28.7% | −50.3% |
| EBITDA | — | −13.2% | −58.4% | +47.6% | −200.9% | — | −77.6% | −328.0% |
| Operating income | — | −17.8% | −67.1% | +39.4% | −326.1% | — | −133.4% | — |
| Net income | — | −42.0% | −336.1% | — | — | — | — | — |
| Diluted EPS | — | −53.3% | −325.0% | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | 63.4% | 56.2% | 25.2% | 30.7% | −25.8% | 22.7% | 7.1% | −63.2% |
| Operating margin | 56.0% | 47.0% | 16.6% | 19.1% | −36.1% | 7.9% | −3.7% | −75.7% |
| Net margin | 17.6% | 10.4% | −26.5% | −12.3% | −83.8% | −74.8% | −78.5% | −164.0% |
| Free-cash-flow margin | — | — | — | 0.7% | 12.5% | −6.6% | 5.4% | — |
| Cash flow | ||||||||
| Cash from operations | 18 | 8 | 4 | 0 | 9 | −3 | 2 | −1 |
| Capital spending | — | — | — | 0 | 0 | 0 | 0 | — |
| Free cash flow | — | — | — | 0 | 8 | −3 | 2 | — |
| Balance sheet | ||||||||
| Cash | 30 | 19 | 36 | 29 | 11 | 9 | 33 | 10 |
| Total debt | 0 | 152 | 294 | 439 | 417 | 331 | 181 | 118 |
| Net debt (negative = net cash) | −30 | 133 | 258 | 410 | 406 | 323 | 148 | 109 |
| Diluted shares | 15m | 19m | 19m | 21m | 24m | 24m | 24m | 24m |
| Returned to shareholders | ||||||||
| Dividends | 30 | 21 | 17 | 16 | 19 | 19 | 12 | 6 |
| Buybacks | 0 | 4 | 0 | — | — | — | — | — |
| Total returned | 30 | 25 | 17 | 16 | 19 | 19 | 12 | 6 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 11 | 12 | 9 | 7 | 7 | 3 | 5 |
| EBITDA | 8 | −6 | 5 | −1 | 1 | −3 | −9 | −3 |
| Operating income | 7 | −8 | 4 | −2 | 0 | −3 | −10 | −4 |
| Net income | −8 | −16 | −1 | −9 | −7 | −11 | −15 | −4 |
| Diluted EPS | −$0.32 | −$0.65 | −$0.05 | −$0.38 | −$0.28 | −$0.43 | −$0.62 | −$0.16 |
| Growth (year on year) | ||||||||
| Revenue | −28.7% | −24.8% | −17.0% | −22.9% | −40.2% | −37.4% | −74.2% | −46.8% |
| EBITDA | — | — | −21.5% | −149.7% | −86.0% | — | −268.6% | — |
| Operating income | — | — | −14.9% | −447.9% | −92.6% | — | −345.1% | — |
| Margins | ||||||||
| EBITDA margin | 68.4% | −56.8% | 43.6% | −14.1% | 16.1% | −40.4% | −284.9% | −69.1% |
| Operating margin | 54.1% | −72.3% | 32.8% | −28.4% | 6.7% | −48.8% | −311.5% | −82.9% |
| Net margin | −63.9% | −138.3% | −10.3% | −106.5% | −92.4% | −150.2% | −468.3% | −86.0% |
| Cash flow | ||||||||
| Cash from operations | 2 | 2 | 1 | 1 | −4 | 4 | −1 | 0 |
| Last 12 months unless stated | TPTS | SUNS | CHMI | SEVN | ACRE | LOAN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $22m | $24m | $31m | $32m | $55m | $8m | $142m |
| Revenue growth, last 12 months | −50.3% | 44.3% | 1.8% | 7.7% | −10.6% | −9.5% | −2.4% |
| Revenue growth, 3-year average | −30.3% | — | — | −5.1% | −20.4% | −4.8% | −5.1% |
| Revenue growth, latest quarter | −46.8% | 2.6% | −23.5% | 16.6% | 14.3% | 0.9% | 0.9% |
| Operating margin | −75.7% | — | — | — | — | 58.4% | 14.2% |
| Operating margin, 3-year average | −37.7% | — | — | — | — | 57.9% | 16.3% |
| Net margin | −164.0% | 53.3% | 2.6% | 51.1% | −8.0% | 58.6% | 11.4% |
| Cash from operations / revenue | −5.4% | −2.7% | 138.3% | 57.3% | 27.9% | 63.0% | 27.9% |
| Free-cash-flow margin | −17.9% | — | — | 54.0% | 18.0% | 63.0% | 24.1% |
| Free-cash-flow margin, 3-year average | −16.9% | — | — | 52.3% | 35.0% | 56.3% | 35.0% |
| Stock pay / revenue | — | 4.9% | 0.5% | 5.9% | 6.7% | 0.1% | 4.3% |
| Change in share count | 0.0% | 40.1% | 10.7% | 41.9% | 0.5% | −0.1% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -50.3% | -2.4% | 14 of 14 |
| Change in growth rate Growth | -5.8pp | +2.3pp | 11 of 14 |
| Net margin Profitability | -164.0% | 11.4% | 13 of 14 |
| Change in share count Balance sheet | 0.0% | 0.5% | 7 of 14 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around June 12, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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