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Transcontinental Realty swings to $141K Q3 2026 loss

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Form Type
8-K

Rhea-AI Filing Summary

Transcontinental Realty Investors, Inc. (TCI) reported a net loss attributable to the company of $141,000 for the three months ended September 30, 2026, compared with net income of $724,000 a year earlier; earnings per share were -$0.02 versus $0.08. Revenue increased to $13.906 million from $12.835 million, while net operating loss widened to $2.359 million from $1.396 million.

Stabilized-property occupancy was 82% at September 30, 2026, including 95% at multifamily properties and 57% at commercial properties. On October 2, 2026, TCI agreed to purchase four multifamily properties in Texas and Alabama in exchange for settlement of four notes receivable and a $12.0 million cash payment; it is working with lenders to assume the existing mortgage notes payable. TCI sold 21 Windmill Farms lots for $1.0 million, recording a $0.8 million gain, and exercised an option to extend the maturity of its Alera at Hunters Glen loan to November 5, 2027.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

  • Moderate pointRevenue increased $1.1 million year over year in Q3 2026.

Negative

  • Moderate pointCompany-attributable earnings shifted from $724,000 income to a $141,000 loss.
  • Moderate pointNet operating loss widened to $2.359 million from $1.396 million.

Filing Explained

The results also put the quarter in year-to-date context: TCI reported a net loss attributable to the company of $1,100 thousand for the nine months ended September 30, 2026, compared with net income of $5,511 thousand in the same 2025 period.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue $13.906 million Three months ended September 30, 2026; $12.835 million in 2025
Net income attributable to the Company $141,000 net loss Three months ended September 30, 2026; $724,000 net income in 2025
Earnings per share -$0.02 per share Basic and diluted, three months ended September 30, 2026; $0.08 in 2025
Net operating loss $2.359 million Three months ended September 30, 2026; $1.396 million in 2025
Stabilized-property occupancy 82% As of September 30, 2026
Multifamily-property occupancy 95% As of September 30, 2026
Commercial-property occupancy 57% As of September 30, 2026
Cash payment under property purchase agreement $12.0 million Agreement to purchase four multifamily properties, along with settlement of four notes receivable
lease-up technical
"the lease-up of our Development Properties"
Lease-up is the initial period after a building is finished or renovated when the owner rents out units or space and moves occupancy from empty to the intended level; think of it like stocking and selling items on the shelves of a new store. Investors watch the speed and rent levels achieved during lease-up because they determine how quickly rental income and cash flow start, influence financing and return estimates, and signal demand or risk for the property.
notes receivable financial
"settlement of our four notes receivable"
A note receivable is a written promise from a customer or borrower to pay a company a specified amount, often with interest, by a set date; think of it as a formal IOU recorded as an asset on the balance sheet. Investors care because notes receivable affect a company’s cash flow timing and credit risk—large or long-dated notes can signal stronger future cash but also greater risk of default, which influences valuation and liquidity.
net operating loss financial
"Net operating loss increased approximately $1.0 million"
A net operating loss is when a company’s deductible expenses exceed its taxable income for a period, producing an official tax loss that can be used to reduce future taxable income and lower future cash taxes. For investors it matters because these tax credits are like a savings account of losses the company can “spend” later to boost after‑tax cash flow, which can raise the value of the business—though rules can limit how and when those losses are used.
noncontrolling interest financial
"Net income attributable to noncontrolling interest"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
stabilized properties technical
"Total occupancy for stabilized properties was 82%"
Total revenue $13.906 million Increased $1.1 million from $12.835 million in 2025
Net income attributable to the Company $141,000 net loss Compared with $724,000 net income in 2025
Earnings per share -$0.02 per share Compared with $0.08 per share in 2025
Net operating loss $2.359 million Compared with $1.396 million in 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were TCI's Q3 2026 revenues?
TCI reported total revenue of $13.906 million for the three months ended September 30, 2026, compared with $12.835 million in 2025. The company said the increase primarily reflected a $1.5 million rise from multifamily properties, partly offset by a $0.4 million decline from commercial properties.

Why did TCI report a Q3 2026 net loss?
TCI reported a $141,000 net loss attributable to the company, compared with $724,000 net income a year earlier. It attributed the decline primarily to a $1.0 million increase in net operating loss and a $1.4 million decrease in interest income, net, partly offset by a $1.4 million decrease in tax provision.

What properties did TCI agree to purchase, and on what terms?
On October 2, 2026, TCI agreed to purchase Bellwether Ridge (150 units), Parc at Ingleside (192 units), Parc at Opelika (168 units) and Parc at Windmill Farms (272 units). The agreement provides for settlement of four notes receivable and a $12.0 million cash payment; TCI is working with lenders to assume the properties' existing mortgage notes payable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000733590false00007335902026-11-122026-11-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
Current Report

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)November 12, 2026

Transcontinental Realty Investors, Inc.
(Exact name of registrant as specified in its charter)

Nevada001-0924094-6565852
(State or other jurisdiction of 
Incorporation or organization) 		(Commission File Number)(IRS Employer Identification Number)
1603 LBJ Freeway,Suite 800DallasTX75234
(Address of principal executive offices)(Zip Code)
(469) 522-4200
Registrant’s Telephone Number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 ☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐  Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 230.425)
 ☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Securities Act (17 CFR 240.14d-2(b))
 ☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Securities Act (17 CFR 240.413e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockTCINYSE
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((17 CFR 230.405 of or Rule 12b-2 of the Securities Act of 1934 (17 CFR 230.405):
☐  Emerging growth company
If an emerging growth company indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

On November 12, 2026, Transcontinental Realty Investors, Inc. (“TCI” or the “Company”) announced its operational results for the quarter ended September 30, 2026. A copy of the announcement is attached as Exhibit “99.1.”

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits


(d) Exhibits.

The following exhibit is furnished with this Report:

Exhibit No.Description
99.1*
Press release datedNovember 12, 2026
_________________________
* Furnished herewith






SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TRANSCONTINENTAL REALTY INVESTORS, INC.
Dated: November 12, 2026By:/s/ ERIK L. JOHNSON
Erik L. Johnson
President and Chief Executive Officer



NEWS RELEASEContact:
Transcontinental Realty Investors, Inc. Investor Relations
FOR IMMEDIATE RELEASEErik Johnson (469) 522-4200 investor.relations@transconrealty-invest.com


Transcontinental Realty Investors, Inc. reports Earnings for Q3 2026

DALLAS (November 12, 2026) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the three months ended September 30, 2026. For the three months ended September 30, 2026, we reported net loss attributable to common shares of $0.1 million or $0.02 per share, compared to net income $0.7 million or $0.08 per share for the same period in 2025.

Financial Highlights

•Total occupancy for stabilized properties was 82% at September 30, 2026, which includes 95% at our multifamily properties and 57% at our commercial properties.
•On October 2, 2026, we entered into an agreement to purchase Bellwether Ridge, a 150 unit multifamily property in DeSoto, Texas; Parc at Ingleside, a 192 unit multifamily property in Ingleside, Texas; Parc at Opelika, a 168 unit multifamily property in Opelika, Alabama; and Parc at Windmill Farms, a 272 unit multifamily property in Forney, Texas in exchange for the settlement of our four notes receivable and a cash payment of $12.0 million. We are currently working with lenders to assume the existing mortgage notes payable on the properties.
•On October 28, 2026, we exercised our option to extend the maturity of our loan on Alera at Hunters Glen to November 5, 2027.
•During the three months ended September 30, 2026, we sold 21 lots from our holdings in Windmill Farms for $1.0 million, resulting in a gain on sale of $0.8 million.

Financial Results

Revenues increased $1.1 million from $12.8 million for the three months ended September 30, 2025 to $13.9 million for the three months ended September 30, 2026. The increase in revenue is primarily due to an increase of $1.5 million from our multifamily properties offset in part by a decrease of $0.4 million from our commercial properties. The increase in revenue from our multifamily properties is due to the lease-up of our Development Properties.

Net operating loss increased approximately $1.0 million from $1.4 million for the three months ended September 30, 2025 to $2.4 million for the three months ended September 30, 2026. Our increase in net operating loss was primarily due to a $1.4 million increase in operating expenses from the lease-up properties for the three months ended September 30, 2026.

Net (loss) income attributable to the Company changed approximately $0.9 million from net income of $0.7 million for the three months ended September 30, 2025 to a net loss of $0.1 million for the three months ended September 30, 2026. The decrease in net income is primarily attributed to a $1.0 million increase in net operating loss and a $1.4 million decrease in interest income, net offset in part by a $1.4 million decrease in tax provision.



About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables. For more information, visit the Company’s website at www.transconrealty-invest.com.



TRANSCONTINENTAL REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Rental revenues$13,288 $11,919 $37,180 $34,856 
Other income618 916 1,933 2,147 
   Total revenue13,906 12,835 39,113 37,003 
Expenses:
Property operating expenses8,927 7,550 24,436 20,062 
Depreciation and amortization3,726 2,936 11,053 8,881 
General and administrative1,488 1,594 4,166 4,329 
Advisory fee to related party2,124 2,151 6,123 6,587 
   Total operating expenses16,265 14,231 45,778 39,859 
   Net operating loss(2,359)(1,396)(6,665)(2,856)
Interest income4,023 4,748 11,582 13,358 
Interest expense(2,321)(1,651)(8,027)(5,170)
Gain on sale or write down of assets, net822 755 2,021 5,593 
Income tax (provision) benefit(176)(1,572)382 (4,936)
Net (loss) income(11)884 (707)5,989 
Net income attributable to noncontrolling interest(130)(160)(393)(478)
Net (loss) income attributable to the Company$(141)$724 $(1,100)$5,511 
Earnings per share
Basic and diluted$(0.02)$0.08 $(0.13)$0.64 
Weighted average common shares used in computing earnings per share
Basic and diluted8,639,316 8,639,316 8,639,316 8,639,316 





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