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Terra Property Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, showing a decrease in interest income to $9,404,033 from $12,712,587 in the same quarter the previous year. This decrease is attributed to a reduction in the weighted average principal balance of performing loans.
Real estate operating revenue for the quarter was $2,736,881, down from $4,121,040 in the previous year, primarily due to the disposal of an office building.
The company reported a net loss of $7,803,936 for the quarter, compared to a net loss of $21,527,220 in the previous year. This improvement is largely due to a reversal of provision for credit losses.
Interest expense on secured financing decreased to $6,487,146 from $7,244,798, reflecting a decrease in the weighted average principal amount outstanding.
Cash flows used in operating activities were $5,571,455 for the nine months ended September 30, 2024, compared to cash flows provided by operating activities of $5,957,953 in the previous year.
Cash flows provided by investing activities were $117,919,119, primarily due to proceeds from the repayment of loans.
Cash flows used in financing activities were $98,709,172, largely due to principal repayments on secured financing.
The company continues to explore alternative liquidity transactions, including a potential direct listing of its Class A Common Stock on a national securities exchange.
Terra Property Trust's investment portfolio includes a net loan portfolio of 14 loans with a principal balance of $297,353,935, and eight industrial buildings with a net carrying value of $126,382,079.
The filing also highlights the company's compliance with financial covenants related to its unsecured notes payable and secured financing agreements.
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 quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.