Form 4: Transcontinental Realty Increases IOR Stake

Transcontinental Realty Investors Inc., a 10% owner and director, reported multiple open market purchases of Income Opportunity Realty Investors Inc. common stock in late 2025.

Summary

• Transcontinental Realty Investors Inc. (the 'Reporting Person'), a 10% owner and director of Income Opportunity Realty Investors Inc. (IOR), engaged in several open market purchases of IOR common stock.
• On November 6, 2025, the Reporting Person acquired 2 shares at $17.8, bringing its beneficial ownership to 4,436,475 shares.
• Between December 1 and December 8, 2025, the Reporting Person made additional purchases:
• December 1, 2025: Acquired 1,263 shares at $17.8.
• December 2, 2025: Acquired 3 shares at $17.8.
• December 3, 2025: Acquired 110 shares at $17.85.
• December 4, 2025: Acquired 56 shares at $17.85.
• December 8, 2025: Acquired 2 shares at $17.85.
• Following these transactions, the Reporting Person's direct beneficial ownership of IOR common stock totaled 3,437,909 shares as of December 8, 2025.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to multiple insider purchases by a significant owner, which typically signals confidence. However, this is tempered by the unexplained substantial decrease in overall beneficial ownership between the first and subsequent reported transactions, which introduces an element of uncertainty or concern.

Positives

• A 10% owner and director, Transcontinental Realty Investors Inc., made multiple open market purchases of Income Opportunity Realty Investors Inc. common stock, signaling confidence in the company.
• The purchases occurred at prices ranging from $17.80 to $17.85 per share.

Negatives

• Despite reported acquisitions, the beneficial ownership of Transcontinental Realty Investors Inc. decreased significantly from 4,436,475 shares on November 6, 2025, to 3,437,738 shares on December 1, 2025, implying a substantial disposition of approximately 998,737 shares occurred between these dates that was not detailed as a 'disposed of' transaction in the filing's table.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Management Comments

• Erik L. Johnson, President and Chief Executive Officer of Transcontinental Realty Investors, Inc., signed the filing.

Industry Context

This insider transaction report reflects specific investment activity by a significant shareholder and director within the real estate investment trust (REIT) sector. While not providing broad industry trends, such insider buying can be interpreted by the market as a signal of internal confidence in the company's specific prospects within its operating environment.

Related Party Transactions

• The reported open market purchases of Income Opportunity Realty Investors Inc. common stock by Transcontinental Realty Investors Inc. constitute related party transactions, as Transcontinental Realty Investors Inc. is a 10% owner and director of Income Opportunity Realty Investors Inc.

Stakeholder Impact

• Shareholders may view the insider purchases as a positive signal of management and significant owner confidence in the company's valuation and future prospects.
• The unexplained decrease in overall beneficial ownership could raise questions among shareholders regarding the full scope of insider activity.

Key Dates

Keywords

IOR, Transcontinental Realty Investors, Income Opportunity Realty Investors, insider buying, stock purchase, beneficial ownership, SEC Form 4, real estate investment