Terra Income Fund 6 LLC has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $118,133,729 from $124,339,151 as of December 31, 2023. This decrease is attributed to a reduction in the loan portfolio and equity investments.
Interest income for the quarter was $1,851,745, down from $2,321,378 in the same quarter of the previous year, primarily due to a decrease in the weighted average principal balance of gross loans.
Operating expenses for the quarter were $1,135,712, compared to $2,720,461 in the previous year. The decrease is primarily due to lower asset management and servicing fees.
The company reported a net loss of $1,861,453 for the quarter, compared to a net loss of $2,407,622 in the previous year.
Cash used in operating activities was $673,157 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $1,920,880 in the same period the previous year.
Cash provided by investing activities was $4,120,112, primarily due to proceeds from loan repayments.
Cash used in financing activities was $106,918, primarily due to repayment of the term loan.
The filing also details the adoption of the CECL methodology for estimating future credit losses, resulting in a provision for credit losses of $1,575,113 for the nine months ended September 30, 2024.
Terra Income Fund 6 LLC continues to manage its portfolio of real estate-related investments, with a focus on providing stable income streams and optimizing investment terms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Terra Income Fund 6 LLC 7.00% Notes due 2026 quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.