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Terra Property Trust Inc. 6.00% Notes due 2026 (TPTA-3.73%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Terra Property Trust is a real estate investment trust focusing on commercial real estate credit investments, including first mortgage loans, subordinated loans, and credit facilities across the United States.
As of December 31, 2024, the company held a net loan portfolio of 13 loans with a total principal balance of $299.3 million, a weighted average coupon rate of 12.5%, and a weighted average remaining term of 1.0 years.
The company reported a net loss of $37.2 million for the year ended December 31, 2024, compared to a net loss of $56.9 million in the previous year.
Interest income for the year was $38.3 million, down from $56.1 million in 2023, primarily due to a decrease in the weighted average principal balance of performing loans and an increase in suspended interest income accrual on non-performing loans.
Real estate operating revenue was $10.7 million, a slight decrease from $11.1 million in the previous year due to a reduction in lease revenue following the disposal of an office building.
The company recorded a provision for credit losses of $16.6 million, primarily related to a decline in the estimated recoverable amount on a non-performing subordinated loan.
Terra Property Trust's equity interest in unconsolidated investments, including a limited partnership and joint ventures, had a total carrying value of $106.8 million as of December 31, 2024.
The company's total assets as of December 31, 2024, were $542.8 million, with total liabilities of $357.1 million.
Terra Property Trust continues to explore alternative liquidity transactions, including a potential direct listing of its Class A Common Stock on a national securities exchange.
The company has elected to be taxed as a REIT and is not subject to federal income taxes on income and gains distributed to its stockholders, provided it meets certain requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Terra Property Trust Inc. 6.00% Notes due 2026 annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.