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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $165.3M, roughly 1.1× INDEPENDENCE REALTY TRUST, INC.). On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 2.5%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 2.2%).
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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
IRT vs PANL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $183.9M |
| Net Profit | — | $11.9M |
| Gross Margin | — | — |
| Operating Margin | — | 9.5% |
| Net Margin | — | 6.5% |
| Revenue YoY | 2.5% | 24.9% |
| Net Profit YoY | — | 40.9% |
| EPS (diluted) | $0.00 | $0.18 |
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 | $167.1M | $183.9M | ||
| Q3 25 | $167.1M | $168.7M | ||
| Q2 25 | $162.2M | $156.7M | ||
| Q1 25 | $161.2M | $122.8M | ||
| Q4 24 | $161.0M | $147.2M | ||
| Q3 24 | $160.1M | $153.1M | ||
| Q2 24 | $158.4M | $131.5M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $11.9M | ||
| Q3 25 | $6.9M | $12.2M | ||
| Q2 25 | $8.0M | $-2.7M | ||
| Q1 25 | $8.4M | $-2.0M | ||
| Q4 24 | $-1.0M | $8.4M | ||
| Q3 24 | $12.4M | $5.1M | ||
| Q2 24 | $10.4M | $3.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.8% | ||
| Q2 24 | — | 5.8% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 6.5% | ||
| Q3 25 | 4.1% | 7.2% | ||
| Q2 25 | 5.0% | -1.8% | ||
| Q1 25 | 5.2% | -1.6% | ||
| Q4 24 | -0.6% | 5.7% | ||
| Q3 24 | 7.7% | 3.3% | ||
| Q2 24 | 6.5% | 2.8% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.18 | ||
| Q3 25 | $0.03 | $0.19 | ||
| Q2 25 | $0.03 | $-0.04 | ||
| Q1 25 | $0.04 | $-0.03 | ||
| Q4 24 | $-0.01 | $0.19 | ||
| Q3 24 | $0.05 | $0.11 | ||
| Q2 24 | $0.05 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $3.4B | $429.3M |
| Total Assets | $6.1B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $103.1M | ||
| Q3 25 | $23.3M | $94.0M | ||
| Q2 25 | $19.5M | $59.3M | ||
| Q1 25 | $29.1M | $63.9M | ||
| Q4 24 | $21.2M | $86.8M | ||
| Q3 24 | $17.6M | $93.1M | ||
| Q2 24 | $21.0M | $77.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $249.6M | ||
| Q3 25 | $2.3B | $256.2M | ||
| Q2 25 | $2.2B | $244.7M | ||
| Q1 25 | $2.3B | $251.0M | ||
| Q4 24 | $2.3B | $257.2M | ||
| Q3 24 | $2.3B | $133.6M | ||
| Q2 24 | $2.3B | $90.5M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $429.3M | ||
| Q3 25 | $3.5B | $420.3M | ||
| Q2 25 | $3.4B | $414.4M | ||
| Q1 25 | $3.5B | $420.8M | ||
| Q4 24 | $3.4B | $427.8M | ||
| Q3 24 | $3.4B | $332.6M | ||
| Q2 24 | $3.4B | $331.5M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $928.1M | ||
| Q3 25 | $6.1B | $932.1M | ||
| Q2 25 | $6.0B | $916.0M | ||
| Q1 25 | $6.0B | $918.0M | ||
| Q4 24 | $6.1B | $936.5M | ||
| Q3 24 | $5.9B | $749.2M | ||
| Q2 24 | $5.9B | $692.9M |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 0.58× | ||
| Q3 25 | 0.66× | 0.61× | ||
| Q2 25 | 0.66× | 0.59× | ||
| Q1 25 | 0.65× | 0.60× | ||
| Q4 24 | 0.68× | 0.60× | ||
| Q3 24 | 0.68× | 0.40× | ||
| Q2 24 | 0.66× | 0.27× |
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 | — | $15.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $15.1M | ||
| Q3 25 | $79.3M | $28.6M | ||
| Q2 25 | $82.2M | $14.4M | ||
| Q1 25 | $60.4M | $-4.4M | ||
| Q4 24 | $259.8M | $19.3M | ||
| Q3 24 | $69.2M | $28.5M | ||
| Q2 24 | $83.0M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | 1.27× | ||
| Q3 25 | 11.51× | 2.34× | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | 5.60× | 5.57× | ||
| Q2 24 | 8.02× | 2.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
