Terra Property Trust, Inc.

We are a real estate investment trust that originates, invests in, and manages a diverse portfolio of real estate and real estate-related assets. We primarily focus on commercial real estate credit investments, which include first mortgage loans, subordinated loans (such as B-notes, mezzanine, and preferred equity), and credit facilities across the United States. These are collectively referred to as our targeted assets. Our loans finance the acquisition, development, or recapitalization of high-quality commercial real estate in the United States. We concentrate on middle market loans, typically ranging from approximately $10 million to $50 million. We also make strategic real estate equity and non-real estate-related investments that align with our investment objectives and criteria. Each of our investments was originated by Terra Capital Partners or its affiliates. As of December 31, 2025, our portfolio included underlying properties located in nine markets, across seven states, and encompasses property types such as multifamily housing, student housing, commercial offices, retail, mixed-use, and infill properties. The profile of these properties ranges from stabilized and value-added properties to pre-development and construction. Our loans are structured across mezzanine debt, first mortgages, preferred equity investments, and credit facilities. We were incorporated under the general corporation laws of the State of Maryland on December 31, 2015. Through December 31, 2015, our business was conducted through a series of predecessor private partnerships. At the beginning of 2016, we completed the merger of these private partnerships into a single entity as part of our plan to reorganize our business as a REIT for federal income tax purposes.