Terra Property Trust, Inc. (TPTS)

NYSE · Real Estate Investment Trusts

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

43 entities across 1 jurisdiction. Read directly from the company’s own 10-K EX-21 filed 2026-03-19 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of Terra Property Trust, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Terra Driggs, LLC	Delaware
Terra Harlem Member, LLC	Delaware
Terra 370 Lex LLC	Delaware
Terra Income Fund 6, LLC	Delaware
Terra Mortgage Capital I, LLC	Delaware
Terra Mortgage Portfolio I, LLC	Delaware
Terra Lakeside Development, LLC	Delaware
Terra LOC Portfolio I, LLC	Delaware
Terra Walnut Development, LLC	Delaware
Terra Palm Springs, LLC	Delaware
Terra University Park Mortgage, LLC	Delaware
Terra Mortgage Capital II, LLC	Delaware
Terra Mortgage Portfolio II, LLC	Delaware
Terra Mortgage Capital III, LLC	Delaware
Terra Mortgage Portfolio III, LLC	Delaware
Terra Industrial, LLC	Delaware
Asano Bankers Hill LLC	Delaware
Mavik Asano LLC	Delaware
Terra Astoria Pref, LLC	Delaware
Mavik Ann Street Prf II LLC	Delaware
MCM Maxx, LLC	Delaware
Terra Larkin Development LLC	Delaware
Terra DFW Industrial Portfolio, LLC	Delaware
DFW Industrial Portfolio Holdings, LLC	Delaware
Terra East Dallas Industrial LLC	Delaware
Dallas - Big Town Owner, LLC	Delaware
Dallas - Oakland Owner, LLC	Delaware
Dallas - US Hwy 80 Owner, LLC	Delaware
Dallas - 11221 Pagemill Owner, LLC	Delaware
Dallas - 11333 Pagemill Owner, LLC	Delaware
Howell Lendco LLC	Delaware
Royaltree Lendco LLC	Delaware
Blue Spruce Lendco, LLC	Delaware
Le Creuset LLC	Delaware
New Walnut Member LLC	Delaware
Hillsborough Bay LLC	Delaware
Boundary Pref LLC	Delaware
Mavik Revol One Holdings, LLC	Delaware
XS Maple LLC	Delaware
University Park Lendco, LLC	Delaware
Fund Financing, LLC	Delaware
Peachtree Lendco LLC	Delaware
MCM UP Berkeley, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -7.9%
PASSOperating cash flow positiveOCF 2M
FAILReturn on assets improving-6.8% → -7.9%
PASSCash flow exceeds earningsOCF 2M vs NI -28M
PASSLong-term debt ratio falling60.1% → 50.9% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution24M → 24M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.09× → 0.10×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$50.3M	$5.3M	—	—	—
FY2021	$46.7M	−$12.4M	—	—	19,487,460
FY2022	$56.6M	−$7.0M	—	—	20,709,400
FY2023	$67.9M	−$56.9M	—	—	24,335,545
FY2024	$49.7M	−$37.2M	—	—	24,336,834
FY2025	$35.4M	−$27.8M	—	—	24,338,825

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q2: $0.00
2026Q1: $0.04
2025Q3: $0.09
2025Q2: $0.10
2025Q1: $0.19
2024Q3: $0.19

Identity

CIK: 0001674356
SIC: 6798 · Real Estate Investment Trusts
Incorporated: MD
Headquarters: NEW YORK, NY

Other real estate investment trusts companies

Terra Property Trust, Inc. files under SIC 6798 — all 80 real estate investment trusts companies compared on assets and F-score.

Prologis, Inc.PLD Blackstone Real Estate Income Trust, Inc.BSTT WELLTOWER INC.WELL AMERICAN TOWER CORP /MA/AMT Rithm Capital Corp.RITM VICI PROPERTIES INC.VICI

Questions about Terra Property Trust, Inc.

How many subsidiaries does Terra Property Trust, Inc. file with the SEC?: 43, listed in its most recent exhibit 21. All of them are incorporated in Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Terra Property Trust, Inc. financially healthy?: Terra Property Trust, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

43 entities across 1 jurisdiction. Read directly from the company’s own 10-K EX-21 filed 2026-03-19 — see the exhibit.

Which other public companies file entities in the same places:

Delaware43

Entity

Jurisdiction

Note

Terra Driggs, LLC

Delaware

Terra Harlem Member, LLC

Delaware

Terra 370 Lex LLC

Delaware

Terra Income Fund 6, LLC

Delaware

Terra Mortgage Capital I, LLC

Delaware

Terra Mortgage Portfolio I, LLC

Delaware

Terra Lakeside Development, LLC

Delaware

Terra LOC Portfolio I, LLC

Delaware

Terra Walnut Development, LLC

Delaware

Terra Palm Springs, LLC

Delaware

Terra University Park Mortgage, LLC

Delaware

Terra Mortgage Capital II, LLC

Delaware

Terra Mortgage Portfolio II, LLC

Delaware

Terra Mortgage Capital III, LLC

Delaware

Terra Mortgage Portfolio III, LLC

Delaware

Terra Industrial, LLC

Delaware

Asano Bankers Hill LLC

Delaware

Mavik Asano LLC

Delaware

Terra Astoria Pref, LLC

Delaware

Mavik Ann Street Prf II LLC

Delaware

MCM Maxx, LLC

Delaware

Terra Larkin Development LLC

Delaware

Terra DFW Industrial Portfolio, LLC

Delaware

DFW Industrial Portfolio Holdings, LLC

Delaware

Terra East Dallas Industrial LLC

Delaware

Dallas - Big Town Owner, LLC

Delaware

Dallas - Oakland Owner, LLC

Delaware

Dallas - US Hwy 80 Owner, LLC

Delaware

Dallas - 11221 Pagemill Owner, LLC

Delaware

Dallas - 11333 Pagemill Owner, LLC

Delaware

Howell Lendco LLC

Delaware

Royaltree Lendco LLC

Delaware

Blue Spruce Lendco, LLC

Delaware

Le Creuset LLC

Delaware

New Walnut Member LLC

Delaware

Hillsborough Bay LLC

Delaware

Boundary Pref LLC

Delaware

Mavik Revol One Holdings, LLC

Delaware

XS Maple LLC

Delaware

University Park Lendco, LLC

Delaware

Fund Financing, LLC

Delaware

Peachtree Lendco LLC

Delaware

MCM UP Berkeley, LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -7.9%
PASSOperating cash flow positiveOCF 2M
FAILReturn on assets improving-6.8% → -7.9%
PASSCash flow exceeds earningsOCF 2M vs NI -28M
PASSLong-term debt ratio falling60.1% → 50.9% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution24M → 24M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.09× → 0.10×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$50.3M

$5.3M

—

FY2021

$46.7M

−$12.4M

—

19,487,460

FY2022

$56.6M

−$7.0M

—

20,709,400

FY2023

$67.9M

−$56.9M

—

24,335,545

FY2024

$49.7M

−$37.2M

—

24,336,834

FY2025

$35.4M

−$27.8M

—

24,338,825

Questions about Terra Property Trust, Inc.

How many subsidiaries does Terra Property Trust, Inc. file with the SEC?

43, listed in its most recent exhibit 21. All of them are incorporated in Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Terra Property Trust, Inc. financially healthy?

Terra Property Trust, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.