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| | | | |
| Name of Subsidiary | | Ownership | | State of Incorporation |
| Palmer City - Core Stockton Street, LLC | | 100% | | Delaware |
| Terra 1100 Biscayne, LLC | | 100% | | Delaware |
| Terra 37 Avenue LLC | | 100% | | Delaware |
| Terra 345 Flats Pref, LLC | | 100% | | Delaware |
| Terra 370 Lex LLC | | 100% | | Delaware |
| Terra 514W24 LLC | | 100% | | Delaware |
| Terra Arbor-Stratford, LLC | | 100% | | Delaware |
| Terra Bellingham Pref, LLC | | 100% | | Delaware |
| Terra Buckingham Pref, LLC | | 100% | | Delaware |
| Terra Campus Park Pref, LLC | | 100% | | Delaware |
| Terra City Gardens Pref, LLC | | 100% | | Delaware |
| Terra Driggs, LLC | | 100% | | Delaware |
| Terra East 96, LLC | | 100% | | Delaware |
| Terra Element Pref, LLC | | 100% | | Delaware |
| Terra Factory PREF, LLC | | 100% | | Delaware |
| Terra Harlem Member, LLC | | 100% | | Delaware |
| Terra Hotel Garden,Llc | | 100% | | Delaware |
| Terra Mortgage Capital I, LLC | | 100% | | Delaware |
| Terra Mortgage Portfolio I, LLC | | 100% | | Delaware |
| Terra Mountain Valley Pref, LLC | | 100% | | Delaware |
| Terra Ocean Ave, LLC | | 100% | | Delaware |
| Terra Ocean Ave, LLC | | 100% | | New York |
| Terra Orange Grove Pref, LLC | | 100% | | Delaware |
| Terra ParkGreen, LLC | | 100% | | New York |
| Terra Property Trust, Inc. | | 100% | | New York |
| Terra Property Trust, Inc. | | 100% | | Maryland |
| Terra Purdue Pref, LLC | | 100% | | Delaware |
| Terra Renton, LLC | | 100% | | Delaware |
| Terra San Mateo PREF LLC | | 100% | | Delaware |
| Terra SD Hospitality LLC | | 100% | | Delaware |
| Terra Secured Income Fund 2 Merger Sub, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 2, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 3 Merger Sub, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 3, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 4 Merger Sub, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 4, LLC | | 100% | | Delaware |
| Terra Secured Income Fund 5, LLC | | 100% | | Delaware |
| Terra Secured Income Fund Merger Sub, LLC | | 100% | | Delaware |
| Terra Secured Income Fund, LLC | | 100% | | Delaware |
| Terra University Flats Pref, LLC | | 100% | | Delaware |
| Terra Warner Center LLC | | 100% | | Delaware |
