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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $46.7M, roughly 2.9× Claros Mortgage Trust, Inc.). Terreno Realty Corp runs the higher net margin — 115.1% vs -468.9%, a 584.0% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -22.4%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
CMTG vs TRNO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $137.5M |
| Net Profit | $-219.2M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -468.9% | 115.1% |
| Revenue YoY | -22.4% | 32.6% |
| Net Profit YoY | -117.7% | 107.9% |
| EPS (diluted) | $-1.56 | $1.54 |
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.
| Q4 25 | $46.7M | $137.5M | ||
| Q3 25 | $46.1M | $116.2M | ||
| Q2 25 | $51.6M | $112.2M | ||
| Q1 25 | $43.4M | $110.4M | ||
| Q4 24 | $60.2M | $103.7M | ||
| Q3 24 | $64.9M | $99.6M | ||
| Q2 24 | $64.5M | $94.2M | ||
| Q1 24 | $58.8M | $85.0M |
| Q4 25 | $-219.2M | $158.2M | ||
| Q3 25 | $-9.5M | $103.4M | ||
| Q2 25 | $-181.7M | $93.3M | ||
| Q1 25 | $-78.6M | $48.1M | ||
| Q4 24 | $-100.7M | $76.1M | ||
| Q3 24 | $-56.2M | $36.6M | ||
| Q2 24 | $-11.6M | $35.7M | ||
| Q1 24 | $-52.8M | $36.1M |
| Q4 25 | -468.9% | 115.1% | ||
| Q3 25 | -20.7% | 88.9% | ||
| Q2 25 | -351.9% | 83.1% | ||
| Q1 25 | -181.3% | 43.6% | ||
| Q4 24 | -167.2% | 73.4% | ||
| Q3 24 | -86.7% | 36.8% | ||
| Q2 24 | -17.9% | 37.9% | ||
| Q1 24 | -89.7% | 42.4% |
| Q4 25 | $-1.56 | $1.54 | ||
| Q3 25 | $-0.07 | $1.00 | ||
| Q2 25 | $-1.30 | $0.90 | ||
| Q1 25 | $-0.56 | $0.47 | ||
| Q4 24 | $-0.72 | $0.78 | ||
| Q3 24 | $-0.40 | $0.37 | ||
| Q2 24 | $-0.09 | $0.37 | ||
| Q1 24 | $-0.39 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $173.2M | $25.0M |
| Total DebtLower is stronger | $3.2B | $943.3M |
| Stockholders' EquityBook value | $1.5B | $4.1B |
| Total Assets | $4.7B | $5.4B |
| Debt / EquityLower = less leverage | 2.06× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $25.0M | ||
| Q3 25 | $339.5M | $26.2M | ||
| Q2 25 | $209.2M | $128.4M | ||
| Q1 25 | $127.8M | $156.5M | ||
| Q4 24 | $99.1M | $18.1M | ||
| Q3 24 | $113.9M | $243.7M | ||
| Q2 24 | $148.2M | $182.0M | ||
| Q1 24 | $232.5M | $649.6M |
| Q4 25 | $3.2B | $943.3M | ||
| Q3 25 | $3.7B | $1.0B | ||
| Q2 25 | $4.0B | $742.4M | ||
| Q1 25 | $4.7B | $741.9M | ||
| Q4 24 | $4.9B | $823.4M | ||
| Q3 24 | $5.1B | $672.2M | ||
| Q2 24 | $5.3B | $772.0M | ||
| Q1 24 | $5.5B | $771.8M |
| Q4 25 | $1.5B | $4.1B | ||
| Q3 25 | $1.7B | $4.0B | ||
| Q2 25 | $1.8B | $3.9B | ||
| Q1 25 | $1.9B | $3.9B | ||
| Q4 24 | $2.0B | $3.7B | ||
| Q3 24 | $2.1B | $3.6B | ||
| Q2 24 | $2.2B | $3.4B | ||
| Q1 24 | $2.2B | $3.4B |
| Q4 25 | $4.7B | $5.4B | ||
| Q3 25 | $5.4B | $5.3B | ||
| Q2 25 | $5.8B | $5.0B | ||
| Q1 25 | $6.7B | $4.9B | ||
| Q4 24 | $7.0B | $4.8B | ||
| Q3 24 | $7.3B | $4.6B | ||
| Q2 24 | $7.6B | $4.5B | ||
| Q1 24 | $7.8B | $4.4B |
| Q4 25 | 2.06× | 0.23× | ||
| Q3 25 | 2.09× | 0.26× | ||
| Q2 25 | 2.29× | 0.19× | ||
| Q1 25 | 2.42× | 0.19× | ||
| Q4 24 | 2.44× | 0.22× | ||
| Q3 24 | 2.44× | 0.19× | ||
| Q2 24 | 2.46× | 0.22× | ||
| Q1 24 | 2.47× | 0.22× |
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 | $2.4M | $70.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4M | $70.3M | ||
| Q3 25 | $8.8M | $79.5M | ||
| Q2 25 | $-5.8M | $60.6M | ||
| Q1 25 | $-35.8M | $61.4M | ||
| Q4 24 | $18.3M | $51.3M | ||
| Q3 24 | $39.2M | $70.0M | ||
| Q2 24 | $5.5M | $64.3M | ||
| Q1 24 | $21.5M | $47.0M |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
