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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Quarterly Period Ended March 31, 2026\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Transition Period from to\n\nCommission File Number: 001-40496\n\nTerra Property Trust, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland81-0963486\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n205 West 28th Street, 12th Floor\n\nNew York, New York 10001\n\n(Address of principal executive offices)\n\n(212) 753-5100\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to section 12(b) of the Securities Exchange Act of 1934:\n\nTitle of each classTrading Symbol(s)Name of exchange on\nwhich registered\n\n6.00% Notes due 2026TPTANew York Stock Exchange\n\nSecurities registered pursuant to section 12(g) of the Securities Exchange Act of 1934:\n\nClass B Common Stock, $0.01 par value per share\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ¨Accelerated filer ¨\n\nNon-accelerated filer þSmaller reporting company ☑\n\nEmerging growth company ☑\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☑\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑\n\nAs of May 14, 2026, the registrant had 24,340,114 shares of Class B Common Stock, $0.01 par value, outstanding. No market value has been computed based upon the fact that no active trading market had been established as of the date of this document.\n\nTABLE OF CONTENTS\n\nPage\n\nPART I\n[FINANCIAL INFORMATION](#i3706ce2a1db54e55985fa66960192fda_16)"}