TRANSCONTINENTAL REALTY INVESTORS INC

Transcontinental Realty Investors, Inc. (the Company ), a Nevada Corporation, is a fully integrated externally managed real estate company. We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. As used herein, the terms TCI , the Company , We , Our , or Us refer to the Company. Corporate Structure As of December 31, 2025, we owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. ( IOR ), a Nevada Corporation, whose common stock is listed and traded on the New York Stock Exchange American under the symbol IOR . Accordingly, we include IOR’s financial results in our consolidated financial statements. IOR’s primary business is investing in mortgage loans and real estate. Controlling Stockholder American Realty Investors, Inc. ( ARL ), a Nevada Corporation, whose common stock is listed and traded on the New York Stock Exchange ("NYSE") under the symbol ARL , owns approximately 78.4% of our common stock. Accordingly, our financial results are included in the consolidated financial statements of ARL’s Form 10-K and tax filings. As described in Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence , our officers and directors also serve as officers and directors of ARL. ARL has business objectives similar to ours. Our officers and directors owe fiduciary duties to both ARL and us under applicable law.