Income Opportunity Realty Investors Inc (IOR) is a real estate investment company that generates income primarily through interest-bearing notes receivable and related-party lending arrangements. Revenue comes from interest income on notes receivable and cash management advances to affiliated entities, with the largest disclosed item being a $114.6 million receivable from related parties generating $4.9 million in interest income during FY2025, alongside $11.1 million in notes receivable from related parties generating $0.6 million in interest income. The company has no employees and is externally managed by Pillar Income Asset Management (Pillar), which serves as both Advisor and Cash Manager under an Advisory Agreement in place since April 30, 2011. As of December 31, 2025, TCI holds 83.7% of IOR's common shares following completion of a tender offer. The board determined not to pay dividends on common stock in 2025, 2024, or 2023. As of March 10, 2026, there were 4,066,178 shares of common stock outstanding.

Revenue model

Interest income on related-party notes receivable and cash management advances. IOR recognized $4.9 million in interest income from a $114.6 million related-party receivable and $0.6 million from $11.1 million in related-party notes receivable during FY2025. Advances under the Cash Management Agreement bear interest at SOFR, set quarterly.

Products and services

Interest-bearing notes receivable to related parties. Cash management advances to affiliated entities under a Cash Management Agreement with Pillar. No proprietary real estate operating assets are described in the filing excerpts.

Customers and end markets

Related-party entities, primarily affiliates managed by or connected to Pillar Income Asset Management. The filing does not disclose unaffiliated third-party customers. TCI is the majority shareholder at 83.7% ownership as of January 29, 2025.

Value-chain role

Externally managed holding company that deploys capital through related-party lending. Pillar serves as Advisor and Cash Manager. IOR has no employees and pays no direct compensation to executive officers, who are employed and compensated by Pillar.

Geographic exposure

United States. No international operations are described in the filing excerpts.

Source: SEC 10-K, filed 2026-03-12

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