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Terra Property Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.0M in Q3 2026 · −$945K over twelve months

Operating cash flow−$4.0M
Free cash flow−$4.0M

Analysis

In Q3 2026, Terra Property Trust generated −$4.0M of operating cash flow. That is $258K more than in Q3 2025 (−$4.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$945K; the largest uses were net borrowing (+) / repaid (−) ($70.1M), other financing ($47.6M), dividends ($3.3M); besides operations, cash came from other investing ($71.7M), asset & business sales ($30.4M); the cash balance fell by $19.8M.

Operating cash flow was −$4.0M against net income of −$10.0M. The largest differences: impairments +$3.3M, prepaid and other assets +$1.1M, depreciation & amortization +$436K.

Free cash flow

Terra Property Trust: free cash flow by quarterTerra Property Trust: free cash flow by quarter$2.3MQ4 2024$862KQ1 2025$1.2MQ2 2025−$4.3MQ3 2025$4.2MQ4 2025−$1.5MQ1 2026$373KQ2 2026−$4.0MQ3 2026
Operating cash flow less capital spending.
Terra Property Trust: operating cash flow against capital spendingTerra Property Trust: operating cash flow against capital spendingOperating cash flowCapital spending$2.3M$0Q4 2024$862K$0Q1 2025$1.2M$0Q2 2025−$4.3M$0Q3 2025$4.2M$0Q4 2025−$1.5M$0Q1 2026$373K$0Q2 2026−$4.0M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$4.0M, Capital spending $0.

Capital allocation, year by year

Terra Property Trust: where the cash came from (up) and went (down), by fiscal yearTerra Property Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $4.1MFY2021: Net borrowing $109MFY2021: Dividends −$17.1M$113MFY2021FY2022: Operating cash flow $404KFY2022: Net borrowing $48.8MFY2022: Asset sales $8.6MFY2022: Acquisitions −$13KFY2022: Dividends −$16.1M$57.8MFY2022FY2023: Operating cash flow $8.6MFY2023: Net borrowing −$205MFY2023: Capital spending −$133KFY2023: Dividends −$18.6M$8.6MFY2023FY2024: Operating cash flow −$3.3MFY2024: Dividends −$18.6MFY2024FY2025: Operating cash flow $1.9MFY2025: Net borrowing −$4.2MFY2025: Asset sales $69.1MFY2025: Capital spending −$118KFY2025: Dividends −$11.6M$71.0MFY2025
Over these 5 years operating cash flow totalled $11.8M; the largest uses were net borrowing ($209M) and dividends ($82.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4M
Debt$113M
Net debt$111M
Due within a year$132M
Cash runway17 months

Terra Property Trust is burning cash: its operations consume cash, a free cash flow of −$945K a year at the current rate against $1.4M of cash and investments: a runway of about 17 months; $132M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Terra Property Trust: debt maturities by year (FY2025)Terra Property Trust: debt maturities by year (FY2025)$132MYear 1$28.0MYear 2$20.7MYear 3
Principal due in each year as disclosed in the annual report, against $1.4M of cash and investments now.

Where the cash came from and went

Terra Property Trust: sources (+) and uses (−) of cash, Q3 2026Terra Property Trust: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$8.7MOperating cash flow−$4.0MOther investing−$3.1MOther financing−$1.6M
Terra Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Terra Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$71.7MNet borrowing (+) / repaid (−)−$70.1MOther financing−$47.6MAsset & business sales$30.4MCash drawn (+) / kept (−)$19.8MDividends−$3.3MOperating cash flow−$945K

From profit to cash

Terra Property Trust: net income to operating cash flow, Q3 2026Terra Property Trust: net income to operating cash flow, Q3 2026Net income−$10.0MDepreciation & amortization$436KImpairments$3.3MPayables−$376KDeferred revenue$133Prepaid and other assets$1.1MOther liabilities−$348KOperating cash flow−$4.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$4.0M——$8.7M−$4.0M
Q2 2026$373K$78−$29.1M−$2.1M$373K
Q1 2026−$1.5M−$967K−$50.1M$29.1M−$1.5M
Q4 2025$4.2M−$2.3M−$33.1M−$15.9M$4.2M
Q3 2025−$4.3M−$2.3M−$50.9M$10.7M−$4.3M
Q2 2025$1.2M−$2.3M—−$12.6M$1.2M
Q1 2025$862K−$4.6M—−$1.2M$862K
Q4 2024$2.3M−$4.6M−$18.4M$14.2M$2.3M

Terra Property Trust: income statement and cash flow

Terra Property Trust, Q3 2026: revenue $2.8M (-62% year over year), operating margin -139.8%. The chart follows the revenue to costs, profit and cash.

Terra Property Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.