Terra Property Trust is a non-traded, externally managed REIT that originates and manages commercial real estate credit investments in the U.S. Terra's core business is direct lending to commercial real estate borrowers, primarily through first mortgage loans, preferred equity investments, and mezzanine loans. Terra focuses on middle-market loans in the $10M–$50M range, targeting what management believes is a less competitive segment of the CRE lending market. All loans are originated directly by the external manager, Mavik Capital Management, rather than purchased in the secondary market. Beyond the core loan book, Terra holds directly owned industrial real estate, equity interests in joint ventures, and smaller non-real estate investments. Terra earns revenue primarily through interest income on its floating-rate loan portfolio, with net income driven by portfolio size, loan yields tied to SOFR, loan performance, and the spread between loan yields and borrowing costs. Terra is structured as a REIT and distributes substantially all taxable income to shareholders. The business has faced earnings pressure from non-performing loans and borrower stress in the higher-rate environment. Management has responded by deleveraging and cutting its monthly dividend. Terra has no employees and relies entirely on its external manager for origination, underwriting, and portfolio management. As a non-traded REIT, Terra is also actively evaluating liquidity paths for shareholders, including a direct exchange listing, conversion to a format with a share repurchase plan, or a strategic merger.