Here are 1-2 brief analogies for Income Opportunity Realty Investors (IOR):

• A mutual fund for real estate.
• Berkshire Hathaway for real estate investments.

The major services provided by Income Opportunity Realty Investors (IOR) are:

• Commercial Property Leasing: Generating rental income by leasing space in its owned multi-tenant shopping centers and industrial properties to various commercial tenants.
• Real Estate Investment & Management: Strategic acquisition, ownership, and management of a diversified portfolio of commercial real estate assets to generate long-term value and income for shareholders.

Income Opportunity Realty Investors (IOR) is a real estate investment trust (REIT) that invests primarily in commercial real estate properties, including industrial, office, and retail properties. Its revenue is derived primarily from rental income generated by these properties.

The company sells primarily to other companies. These customers are the tenants that lease space in IOR's commercial properties.

Based on the company's latest public filings, including its Annual Report on Form 10-K, Income Opportunity Realty Investors does not disclose any individual tenant that represents 10% or more of its gross rental income. This indicates that its tenant base is diversified across multiple commercial properties, and therefore, there are no individually identifiable "major customers" in the traditional sense that would be publicly disclosed.

As such, specific names of customer companies cannot be provided.

Erik L. Johnson, President and Chief Executive Officer

Mr. Johnson was named President and Chief Executive Officer of Income Opportunity Realty Investors, Inc., effective May 28, 2024. He previously served as the company's Principal Executive Officer since April 2023. A Certified Public Accountant (CPA), Mr. Johnson has an extensive background in finance, having held significant roles at American Realty Investors, Inc., Transcontinental Realty Investors, Inc., and Pillar Income Asset Management, Inc. His prior experience also includes a Vice President position at Macerich and beginning his career as an auditor at PricewaterhouseCoopers. Income Opportunity Realty Investors, Inc. is externally managed by Pillar Income Asset Management, Inc., where Mr. Johnson previously held significant roles.

Alla Dzyuba, Senior Vice President and Chief Accounting Officer

Ms. Dzyuba serves as Senior Vice President and Chief Accounting Officer at Income Opportunity Realty Investors, Inc. In this capacity, she is responsible for the company's accounting operations, financial reporting, and internal controls. Ms. Dzyuba brings a wealth of experience in accounting and financial management to her role, ensuring the accuracy and integrity of the company's financial statements and compliance with accounting standards and regulatory requirements.

Louis Joseph Corna, Executive Vice President, General Counsel, Tax Counsel and Secretary

Mr. Corna holds the positions of Executive Vice President, General Counsel, Tax Counsel, and Secretary for Income Opportunity Realty Investors, Inc. His responsibilities include overseeing the legal affairs of the company, providing expert advice on tax matters, and ensuring compliance with all applicable laws and regulations. He possesses an extensive legal background and specialized knowledge in tax law.

Michael K. Lane, Vice President of Human Resources

Mr. Lane serves as the Vice President of Human Resources for Income Opportunity Realty Investors, Inc.

1. Extreme Reliance on Related-Party Notes Receivable: The company's entire revenue stream is almost exclusively derived from interest income generated by notes receivable from related parties. This singular focus means that any default, renegotiation, or financial instability of these related parties could instantly eliminate the company's revenue. This highly concentrated revenue model presents an outsized risk to public shareholders.
2. Lack of Diversification: Income Opportunity Realty Investors exhibits a significant lack of diversification, both in terms of geographic location and property type. Its assets are predominantly concentrated in a portfolio of notes receivable rather than a varied portfolio of income-producing real estate assets, which is typical for a Real Estate Investment Trust (REIT). This structural lack of diversification means the company is highly vulnerable to adverse events affecting its specific note portfolio or the financial health of its related-party borrowers.
3. Limited Liquidity and Unusual Financial Structure: The company is characterized by a significant lack of liquidity and operates with a financial structure that is not typical for a REIT. This unusual and highly concentrated model contributes to an elevated risk profile for its public shareholders.

The fundamental shift in demand for traditional commercial real estate properties, particularly office and brick-and-mortar retail spaces, driven by:

1. The widespread adoption of remote and hybrid work models, which has reduced the need for physical office space, leading to increased vacancy rates, declining rental income, and potential devaluation of office properties.

2. The accelerated growth of e-commerce, which continues to reduce foot traffic and demand for traditional retail locations, resulting in store closures and diminished valuations for retail properties.

These trends represent structural changes in how real estate is utilized and valued, posing a direct threat to the income-generating potential and asset values for real estate investors like IOR that hold or finance these property types.

Here are 3-5 expected drivers of future revenue growth for Income Opportunity Realty Investors (IOR) over the next 2-3 years:

1. Diversification of Investment Portfolio Beyond Related Party Receivables: Income Opportunity Realty Investors (IOR) has historically relied heavily on interest income from mortgage notes receivable from related parties, with recent earnings showing a decrease in this income. Future revenue growth is expected to be driven by diversifying its investment portfolio to reduce this concentrated reliance. This could involve expanding investments into real property with unaffiliated tenants and borrowers.
2. Strategic Acquisition of Undervalued Income-Producing Real Estate Assets: IOR's business model emphasizes identifying and acquiring undervalued income-producing real estate assets in established or emerging growth markets. Successful execution of this strategy, through disciplined underwriting and diversification across regions and tenant categories, is expected to drive future revenue growth from new rental income and property appreciation.
3. Growth in Commercial Property Investments: The company invests in and manages commercial properties, including office buildings and retail spaces. Expanding this segment of its portfolio is a key strategy to diversify income streams and capitalize on varying market dynamics, contributing to overall revenue growth.
4. Maximizing Income from Existing and Newly Acquired Real Estate through Enhanced Property Management: IOR is committed to prudent property management to ensure tenant satisfaction and operational efficiency. By effectively managing its real estate assets, both existing and newly acquired, the company aims to optimize rental income, maintain high occupancy rates, and potentially implement strategic rent adjustments, thereby driving revenue growth.

Share Repurchases

• Income Opportunity Realty Investors (IOR) has an authorized repurchase program for 1,650,000 shares.
• As of November 6, 2025, 1,136,997 shares have been repurchased.
• As of November 6, 2025, 513,003 shares remain authorized for future repurchase.

Share Issuance

• As of November 6, 2025, there were 4,066,178 common shares outstanding.
• Transcontinental Realty Investors, a 10% owner and director, purchased 579 shares of common stock between August 28 and September 15, 2025, for a total of $10,317.

Outbound Investments

• Income Opportunity Realty Investors (IOR) invests in mortgage notes receivables and real property.
• These investments include notes receivable from Unified Housing Foundation, Inc. and other real estate mortgage notes.
• The company also engages in direct equity ownership and partnerships in real estate.

Capital Expenditures

• The company's primary business involves investing in mortgage notes receivables and real property, with its financial statements showing assets largely concentrated in receivables and notes.
• Detailed capital expenditures for property improvements or developments are not a primary focus reported in the available financial summaries for Income Opportunity Realty Investors (IOR).