ADDED
As of March 10, 2026, there were 16,152,043 shares of common stock outstanding.
Corporate Structure As of December 31, 2025, we owned approximately 78.4% of the common stock of Transcontinental Realty Investors, Inc.
In addition, as of December 31, 2025, TCI owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc.
( RAI ), a Nevada corporation, owns approximate ly 90.8% of our common stock.
Portfolio Composition At December 31, 2025, our property portfolio consisted of: Thirteen multifamily properties in operation, comprising 2,128 units; Three multifamily properties in lease-up, comprising 672 units; One multifamily property under development, comprising 234 units; Commercial pr operties , consisting of four office buildings with an aggregate of approximately 1,001,549 rentable square feet; and Approximately 1,792 acres of developed and undeveloped land.
Recent Activity Disposition Activities On March 25, 2025 , we received $3.5 million in proceeds from a condemnation settlement that provided for the conveyance of 11.2 acres from our holdings in Windmill Farms, resulting in a gain on sale of $3.1 million.
On October 10, 2025, we sold Villas at Bon Secour , a 200 unit multifamily property in Gulf Shores, Alabama, for $28.0 million (See " Financing Activities "), resulting in a gain on sale of $12.2 million .
During the year ended December 31, 2025, we sold 72 single family lots from our holdings in Windmill Farms for $3.3 million, resulting in a gain on sale of $2.6 million.
Financing Activities On May 30, 2025, we paid off the $10.8 million loan on 770 South Post Oak with cash on hand.
On October 10, 2025, we paid off the $18.8 million loan on Villas at Bon Secour in connection with the sale of the underlying property (See "Disposition Activities").
REMOVED
As of March 19, 2025, there were 16,152,043 shares of common stock outstanding.
Corporate Structure We own approximately 78.4% of the common stock of Transcontinental Realty Investors, Inc.
In addition, TCI owns approximately 83.2% of the common stock of Income Opportunity Realty Investors, Inc.
( RAI ), a Nevada corporation, and its affiliates own approximate ly 90.8% of our common stock.
3 Portfolio Composition At December 31, 2024, our property portfolio consisted of: Commercial pr operties , consisting of four office buildings with an aggregate of approximately 1,060,236 rentable square feet; Fourteen multifamily properties in operation, comprising 2,328 units; Four multifamily properties under development, comprising 906 units; and Approximately 1,804 acres of developed and undeveloped land.
Recent Activity Acquisitions and Dispositions On December 13, 2024 , we sold 30 single family lots from our holdings in Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 million.
As a result, the interest rate on the related party receivable (" Pillar Receivable ") changed from prime plus one to the Secured Overnight Financing Rate (" SOFR").
Development Activities On October 21, 2024, we entered into a development agreement with Pillar to build a 234 unit multifamily property in Dallas , Texas (" Mountain Creek ") that is expected to be completed in 2026 for a total cost of approximately $49.8 million.
The cost of construction will be funded in part by a $27.5 million construction loan (See "Financing Activities") .
The development agreement provides for a $1.6 million fee that will be paid to Pillar over the construction period.