# EDGAR Filing Document

**Accession Number:** 0000733590
**File Stem:** 0001273348-25-000016
**Filing Date:** 2025-12
**Character Count:** 11831
**Document Hash:** 435c0b93de36791f9dec08829a3032a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001273348-25-000016.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001273348-25-000016

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
- **CENTRAL INDEX KEY:** 0000949961
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 752615944
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45693
- **FILM NUMBER:** 251578710

**BUSINESS ADDRESS:**
- **STREET 1:** 1603 LBJ FREEWAY
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75234
- **BUSINESS PHONE:** 4685224200

**MAIL ADDRESS:**
- **STREET 1:** 1603 LBJ FREEWAY
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75234
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSCONTINENTAL REALTY INVESTORS INC
- **CENTRAL INDEX KEY:** 0000733590
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 946565852
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1603 LBJ FREEWAY
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75234
- **BUSINESS PHONE:** 4695224200

**MAIL ADDRESS:**
- **STREET 1:** 1603 LBJ FREEWAY
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75234

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHNSTOWN CONSOLIDATED REALTY TRUST /CA/
- **DATE OF NAME CHANGE:** 19890815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHNSTOWN CONSOLIDATED REALTY TRUST
- **DATE OF NAME CHANGE:** 19861005

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 31)**

**INCOME OPPORTUNITY REALTY INVESTORS INC /TX/**

*(Name of Issuer)*

**common stock, par value $0.01 per share**

*(Title of Class of Securities)*

**452926108**

*(CUSIP Number)*

**Steven C. Metzger Metzger**<br>4709 W Lovers Lane<br>Suite 200<br>Dallas TX 75209<br>2147405030

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/08/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **452926108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TRANSCONTINENTAL REALTY INVESTORS INC** | Name of reporting person<br>**TRANSCONTINENTAL REALTY INVESTORS INC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEVADA** | Citizenship or place of organization<br>**NEVADA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3437909.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3437909.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3437909.00** | Aggregate amount beneficially owned by each reporting person<br>**3437909.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**84.5%** | Percent of class represented by amount in Row (11)<br>**84.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **452926108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**REALTY ADVISORS INC** | Name of reporting person<br>**REALTY ADVISORS INC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEVADA** | Citizenship or place of organization<br>**NEVADA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**269299.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**269299.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**269299.00** | Aggregate amount beneficially owned by each reporting person<br>**269299.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.6%** | Percent of class represented by amount in Row (11)<br>**6.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
common stock, par value $0.01 per share

**(b) Name of Issuer:**
INCOME OPPORTUNITY REALTY INVESTORS INC /TX/

**(c) Address of Issuer's Principal Executive Offices:**
1603 LBJ FREEWAY, SUITE 800, DALLAS, TX, 75234

This Amendment No. 31 to Statement on Schedule 13D (this "Amendment 31") relates to shares of Common Stock, par value $0.01 per share (the "Shares") of Income Opportunity Realty Investors, Inc., a Nevada corporation (the "Issuer" or "IOR") and further amends the Original Statement on Schedule 13D, as amended by Amendments No. 1 through 30 (the "Amended Statement"), filed on behalf of Transcontinental Realty Investors, Inc., a Nevada corporation ("TCI"), Realty Investors, Inc., a Nevada corporation ("RAI") and others who are no longer "Reporting Persons."  The principal executive offices of IOR are located at 1603 LBJ Freeway, Suite 800, Dallas, TX 75234.  The CUSIP number of the Shares is 452926-10-8.

This Amendment 31 is being filed to reflect the acquisition of Shares by TCI in the open market following the acquisition by TCI of 21,678 Shares from TCI's limited tender offer to acquire Shares which concluded January 29, 2025.

**Item 4. Purpose of Transaction**

The Reporting Persons have no present plans or proposals for any of (b) through (j) above, but either of the Reporting Persons may, if the appropriate opportunity exists at attractive prices, acquire additional Shares of the Issuer or dispose of any portion or all of the Shares owned.

**Item 5. Interest in Securities of the Issuer**

**(a)**
According to the latest information available as of October 30, 2025, the total number of issued and outstanding Shares of the Issuer is believed to be 4,066,178.  As of the date of this Amendment 31, each of the Reporting Persons directly own and hold the following Shares:

TCI owns 3,437,909 Shares which is 84.5489% of the outstanding.
RAI owns 269,299 Shares which is 6.6229% of the outstanding.

Pursuant to Rule 13d-3 under the Exchange Act, each of the directors of RAI and TCI may be deemed to beneficially own the Shares held directly by each of the Reporting Persons, but each such person expressly disclaims any personal beneficial ownership in the Shares held by TCI or RAI

**(b)**
Each of RAI and TCI has the sole power to vote or dispose of all the Shares owned by each set forth in Item 5(a) above.

**(c)**
During the sixty calendar days ended December 8, 2025, the Reporting Persons and their respective executive officers and directors did not engage in any transaction involving the Shares or any other equity interest derivative thereof, except that TCI made the following purchases of Shares in open market transactions:

10/02/25 TCI purchased 11 Shares at $17.75 per Share
10/07/25 TCI purchased 150 Shares at $17.75 per Share
10/22/25 TCI purchased 2 Shares at $17.80 per Share
10/28/25 TCI purchased 173 Shares at $17.80 per Share
10/29/25 TCI purchased 3 Shares at $17.80 per Share
10/31/25 TCI purchased 41 Shares at $17.80 per Share
11/06/25 TCI purchased 2 Shares at $17.80 per Share
12/01/25 TCI purchased 1,263 Shares at $17.80 per Share
12/02/25 TCI purchased 3 Shares at $17.80 per Share
12/03/25 TCI purchased 110 Shares at $17.85 per Share
12/04/25 TCI purchased 56 Shares at $17.85 per Share
12/08/25 TCI purchased 2 Shares at $17.85 per Share

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Amended Statement is hereby further amended to read as follows:

Of the Shares directly owned by RAI, 120,057 Shares are subject to an accommodation pledge for an obligation of another entity in connection with a loan from ABC Land& Development, Inc. ("ABCLD").

Of the Shares directly owned by the Reporting Persons, at least 2,812,648 Shares owned by TCI, and 83,404 Shares owned by RAI, are all held in bank and brokerage accounts, along with other securities owned by each such entity and, as such, those securities may be deemed to be "collateral" for any borrowings made from time to time pursuant to customary margin or other account arrangements with such banks and/or brokers.  Such arrangements are standard involving margin securities of up to a specified percentage of market value of the securities in such accounts, bear interest at varying rates, and contain only standard default and similar provisions, the operation of which should not give any other person immediate voting, investment or disposition power over such securities.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TRANSCONTINENTAL REALTY INVESTORS INC

**Signature:** Transcontinental Realty Investors, Inc.

**Name/Title:** Erik L. Johnson, President and Chief Executive Officer

**Date:** 12/16/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** REALTY ADVISORS INC

**Signature:** Realty Advisors, Inc.

**Name/Title:** Erik L. Johnson, President

**Date:** 12/16/2025