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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $95.2M, roughly 1.7× Black Stone Minerals, L.P.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -8.7%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
BSM vs IRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $165.3M |
| Net Profit | $72.2M | — |
| Gross Margin | — | — |
| Operating Margin | 78.6% | — |
| Net Margin | 75.9% | — |
| Revenue YoY | -8.7% | 2.5% |
| Net Profit YoY | 55.8% | — |
| EPS (diluted) | — | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $165.3M | ||
| Q4 25 | $95.2M | $167.1M | ||
| Q3 25 | $105.2M | $167.1M | ||
| Q2 25 | $106.7M | $162.2M | ||
| Q1 25 | $115.3M | $161.2M | ||
| Q4 24 | $104.3M | $161.0M | ||
| Q3 24 | $103.2M | $160.1M | ||
| Q2 24 | $115.2M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $72.2M | $33.3M | ||
| Q3 25 | $91.7M | $6.9M | ||
| Q2 25 | $120.0M | $8.0M | ||
| Q1 25 | $15.9M | $8.4M | ||
| Q4 24 | $46.3M | $-1.0M | ||
| Q3 24 | $92.7M | $12.4M | ||
| Q2 24 | $68.3M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 14.9% | — | ||
| Q4 24 | 45.6% | — | ||
| Q3 24 | 90.2% | — | ||
| Q2 24 | 59.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 75.9% | 19.9% | ||
| Q3 25 | 87.2% | 4.1% | ||
| Q2 25 | 112.5% | 5.0% | ||
| Q1 25 | 13.8% | 5.2% | ||
| Q4 24 | 44.4% | -0.6% | ||
| Q3 24 | 89.9% | 7.7% | ||
| Q2 24 | 59.3% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | — | $0.14 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $3.4B |
| Total Assets | $1.3B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $1.5M | $23.6M | ||
| Q3 25 | $2.9M | $23.3M | ||
| Q2 25 | $2.5M | $19.5M | ||
| Q1 25 | $2.4M | $29.1M | ||
| Q4 24 | $2.5M | $21.2M | ||
| Q3 24 | $21.0M | $17.6M | ||
| Q2 24 | $26.7M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $1.3B | $6.0B | ||
| Q3 25 | $1.3B | $6.1B | ||
| Q2 25 | $1.3B | $6.0B | ||
| Q1 25 | $1.2B | $6.0B | ||
| Q4 24 | $1.2B | $6.1B | ||
| Q3 24 | $1.2B | $5.9B | ||
| Q2 24 | $1.2B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $65.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $65.1M | $282.1M | ||
| Q3 25 | $99.8M | $79.3M | ||
| Q2 25 | $80.5M | $82.2M | ||
| Q1 25 | $64.8M | $60.4M | ||
| Q4 24 | $91.0M | $259.8M | ||
| Q3 24 | $93.2M | $69.2M | ||
| Q2 24 | $100.4M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.90× | 8.48× | ||
| Q3 25 | 1.09× | 11.51× | ||
| Q2 25 | 0.67× | 10.22× | ||
| Q1 25 | 4.07× | 7.23× | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | 5.60× | ||
| Q2 24 | 1.47× | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
