Q3 2026 Revenue down 62% year over year to $2.8M · 358¢ of every $1 of revenue lost · operating margin -139.8%
Terra Property Trust made $2.8M in Q3 2026 (-62% Y/Y). Operating margin -139.8%, net loss $10.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$2.8M
Year over year-62%
Operating margin-139.8%
Net earnings−$10.0M
Operating cash flow−$4.0M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.8M in Q3 2026, down 62% year over year and down 39% from the previous quarter.
Operating costs exceeded revenue by $3.9M, an operating margin of -139.8%. Total costs fell 1% while revenue fell 62%. The quarter ended with a net loss of $10.0M, wider than the previous quarter's $3.9M loss. Net interest and other expense of $6.5M was the main reason.
Operating cash flow was −$4.0M. Non-cash charges added back $436K of depreciation and amortization. Working capital and other items added $5.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$2.8M
-62%
-139.8%
−$10.0M
−$4.0M
Q2 2026
10-Q
Aug 7, 2026
$4.6M
-47%
-82.9%
−$3.9M
$373K
Q1 2026
10-Q
May 14, 2026
$3.2M
-74%
-311.5%
−$15.0M
−$1.5M
Q4 2025
10-K
Mar 19, 2026
$7.1M
-37%
-48.8%
−$10.6M
$4.2M
Q3 2025
10-Q
Nov 7, 2025
$7.3M
-40%
6.7%
−$6.7M
−$4.3M
Q2 2025
10-Q
Aug 18, 2025
$8.6M
-23%
-28.4%
−$9.2M
$1.2M
Q1 2025
10-Q
May 9, 2025
$12.5M
-17%
32.8%
−$1.3M
$862K
Charts
Latest (Q3 2026): Y/Y -62%, Q/Q -39%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$10.0M, Operating cash flow −$4.0M.+29.4% since FY2020: more shares outstanding (issuance, stock pay).Cash $33.2M, short-term investments —, long-term debt $179M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
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 focus primarily on commercial real estate credit investments, including first mortgage loans, subordinated loans (including B-notes, mezzanine and preferred equity) and credit facilities throughout the United States, which we collectively refer to as our targeted assets. Our loans finance the acquisition, development or recapitalization of high-quality commercial real estate in the United States. We focus on middle market loans in the approximately $10 million to $50 million range, which we believe are subject to less competition, offer higher risk-adjusted returns than larger loans with similar risk metrics and facilitate portfolio diversification.
In its own words, from its 10-K, filed Mar 19, 2026.
Terra Property Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -62% against the peers' median +11%. Operating margin: -139.8% against the peers' median 15.9%.