Every 10-Q that Transcontinental Realty Investors, Inc. (TCI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TCI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TCI filings page.
Transcontinental Realty Investors, Inc. generated Q2 2026 revenue of 12,866 and first‑half revenue of 25,207, slightly above 2025, but reported net loss attributable to the company of 1,127 for the quarter and 959 year‑to‑date, compared with income of 169 and 4,787 a year earlier.
Total NOI from the multifamily and commercial segments declined to 4,690 in Q2 and 9,698 for the first half, primarily from weaker multifamily NOI during lease‑up of Alera, Bandera Ridge and Merano and softer occupancy at Same Properties; FFO decreased to 2,570 for Q2 and 6,581 year‑to‑date.
At June 30, 2026, assets were 1,130,394 with real estate of 603,217 and mortgages and other notes payable of 214,486; cash, cash equivalents and restricted cash were 21,940, alongside 73,438 of short‑term investments and 120,879 of notes receivable. The portfolio included thirteen operating multifamily properties with 2,128 units, three lease‑up multifamily properties with 672 units, one 234‑unit development, four office buildings and 1,786 acres of land. Management expects existing liquidity, asset sales, refinancings and new borrowings to meet cash requirements, and notes ongoing related‑party advisory and financing arrangements. After quarter‑end, 134,649 new common shares were issued in exchange for 269,299 IOR shares, increasing outstanding shares to 8,773,965.
Transcontinental Realty Investors, Inc. reported Q1 2026 net income of $0.3 million, down from $4.8 million a year earlier, as prior-year gains on property sales did not repeat. Total revenue was $12.3 million, slightly above $12.0 million in Q1 2025.
Multifamily net operating income fell to $3.0 million from $4.7 million, mainly from lease-up properties and a sold asset, while commercial NOI rose to $2.0 million from $1.3 million on higher occupancy. Interest income, net declined and depreciation increased as new developments entered service.
Funds From Operations were $4.0 million, compared with $6.8 million in the prior-year quarter. The company ended March 31, 2026 with $1.13 billion in total assets, $211.9 million of mortgages and other notes payable, and $22.9 million of cash, cash equivalents and restricted cash.
Transcontinental Realty Investors (TCI) reported Q3 2025 results. Total revenue was $12,835 thousand and net income was $884 thousand, with net income attributable to the Company of $724 thousand, or EPS of $0.08. Segment NOI improved to $5,285 thousand, driven by higher commercial occupancy, while multifamily NOI eased due to development properties in lease-up.
For the nine months, revenue was $37,003 thousand and net income attributable to the Company was $5,511 thousand (EPS $0.64). The balance sheet shows total assets of $1,134,456 thousand, liabilities of $276,693 thousand, and total equity of $857,763 thousand. Real estate increased to $612,109 thousand as construction progressed, and mortgages and other notes payable rose to $223,486 thousand to fund development. Operating cash flow was $(2,175) thousand year-to-date, with $(49,203) thousand used in investing and $40,546 thousand provided by financing.
Development advanced across four projects (906 units) with $151,919 thousand incurred. Subsequent event: on October 10, 2025, TCI sold Villas at Bon Secour for $28.0 million and repaid the $18,767 thousand loan on the property. Shares outstanding were 8,639,316 as of November 6, 2025.
Transcontinental Realty Investors (NYSE: TCI) – Q2 2025 10-Q highlights
- Revenue: Q2 rose 3% YoY to $12.2 m; 1H-25 up 2% to $24.2 m.
- Earnings: Q2 net income fell to $0.3 m ($0.02/sh) from $1.7 m ($0.17/sh) as interest income contracted and the income-tax provision jumped. YTD net income increased 15% to $5.1 m ($0.55/sh) aided by $4.8 m in land-sale gains.
- FFO: Q2 FFO slipped 30% to $3.2 m; 1H FFO essentially flat at $10.0 m.
- Balance sheet: Assets grew 5% vs. year-end to $1.13 bn, driven by construction in progress (+$51 m). Mortgage and note debt climbed 17% to $212 m; net debt/total assets ≈17.5%.
- Liquidity: Cash & equivalents + restricted cash fell to $34.2 m (-$6.3 m YTD). Operating cash flow swung to an outflow of $10.3 m on higher development spend and related-party receivables.
- Development pipeline: Four multifamily projects (906 units) 70% funded ($145 m incurred of $207 m budget). Construction loans added $43 m YTD; Mountain Creek facility ($27.5 m) remains undrawn.
- Windmill Farms: $55.5 m in reimbursable district receivables; 30 lots sold plus $3.5 m condemnation settlement produced $4.1 m land-sale gains.
- Capital actions: Repaid $10.9 m 770 South Post Oak loan; repurchased 54 k IOR shares for $1.0 m, increasing TCI’s IOR stake to 84.5%.
Key takeaways: Higher development leverage and negative operating cash flow warrant scrutiny, but asset sales and construction progress underpin book-value growth. Near-term earnings remain sensitive to interest-rate driven declines in investment income and rising advisory fees.