<SEC-DOCUMENT>0001839882-25-002270.txt : 20250115
<SEC-HEADER>0001839882-25-002270.hdr.sgml : 20250115
<ACCEPTANCE-DATETIME>20250115131947
ACCESSION NUMBER:		0001839882-25-002270
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250115
DATE AS OF CHANGE:		20250115

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
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45693
		FILM NUMBER:		25532380

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

	FILING VALUES:
		FORM TYPE:		SC 14D9/A

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>ior-sc14d9a_011525.htm
<DESCRIPTION>AMENDED SOLICITATION/RECOMMENDATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-indent: 6.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-indent: 6.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE
COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington, D.C.
20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SCHEDULE 14D-9</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Rule 14d-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLICITATION/RECOMMENDATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER SECTION 14(d) (4) OF THE SECURTIES EXCHANGES
ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>(Amendment No. 1)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Subject Company)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><B>INCOME OPPORTUNITY REALTY INVESTORS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">(Name of Person(s) Filing Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Common Stock, Par Value $0.01 per
share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>452926-10-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Erik L. Johnson, President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1603 LBJ Freeway, Suite 800</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Dallas, Texas 75234</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (469) 522-4200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Persons
Authorized</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">to Receive Notices and Communications on Behalf
of Filing Persons)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B><I>With a copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Steven C. Metzger, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Metzger Law PLLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4709 W Lovers Lane, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas 75209</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(214) 740-5030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; line-height: 107%">Check the box if the filing relates solely to preliminary
communications made before the commencement of the tender offer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">This Amendment No. 1 to Schedule 14D-9
(this &ldquo;<B>Amendment</B>&rdquo;) amends portions of an original Statement on Schedule 14D-9 filed December 16, 2024, by Income Opportunity
Realty Investors, Inc., a Nevada corporation (&ldquo;<B>IOR</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) with respect to Transcontinental
Realty Investors, Inc.&rsquo;s, (&ldquo;<B>TCI</B>&rdquo; or the &ldquo;<B>Offeror</B>&rdquo;) offered to purchase up to 100,000 shares
of the outstanding shares of common stock, par value $0.01 per share (each a &ldquo;<B>Share</B>&rdquo; and collectively the &ldquo;<B>Shares</B>&rdquo;)
of <B>IOR</B> at a purchase price of $18 per <B>Share</B>, net to the seller in cash, without interest (the &ldquo;<B>Offer Price</B>&rdquo;)
unless any taxes required to be withheld, upon the terms and conditions set forth in the <B>Offer to Purchase</B> dated December 16, 2024
(the &ldquo;<B>Offer to Purchase</B>&rdquo;) and the related Letter of Transmittal (the &ldquo;<B>Letter of Transmittal</B>&rdquo;) which
together with the <B>Offer to Purchase</B>, as such may be amended or supplemented from time to time, constitute the &ldquo;<B>Offer</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Amendment is being filed on
behalf of <B>IOR</B> to reflect, correct and disclose additional information. Except as otherwise set forth in the Amendment, the information
set forth in the Schedule 14D-9, remains unchanged and is incorporated herein by reference to the extent relevant to the items in this
Amendment. Capitalized terms used but not defined herein have the meanings ascribed to them in the Schedule 14D-9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>ITEM 1. SUBJECT COMPANY INFORMATION.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information set forth in Item
1 of the Schedule 14D-9 is amended to delete the date &ldquo;August 8, 2024&rdquo; and insert in its place &ldquo;November 8, 2024&rdquo;
(which was the Record Date for determination of stockholders entitled to notice of and to vote at the Annual Meeting of Stockholders held
on December 11, 2024). As of November 8, 2024 and the date of this Amendment, there were and are 4,066,178 issued and outstanding <B>Shares</B>
of common stock, par value $0.01 per <B>Share</B> of <B>IOR</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>ITEM 3. PAST CONTRACTS TRANSACTOINS, NEGOTIATIONS
AND AGREEMENTS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">Item 3 of the Schedule 14D-9 is
hereby amended to add and provide the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">For additional information
discussing conflicts of interest or agreements between <B>IOR</B> and <B>TCI</B>, or their respective officers, directors or affiliates,
please see the following, each of which is incorporated herein by reference to the applicable filing with the SEC indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See pages 17 &ndash; 23 of <B>IOR&rsquo;s</B>
Notice of Annual Meeting of Stockholders to be held on December 11, 2024 and related Proxy Statement, each dated November 8, 2024 as filed
with the SEC on November 11, 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See page 26 &ndash; 28 [under subcaption
&ldquo;The Advisor&rdquo;] and pages 29 &ndash; 31 under item 13 Certain Relationships and Related Transactions and Director Independence
of <B>IOR&rsquo;s</B> Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 21, 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">The specified pages in such documents detail the
Advisor Agreement with Pillar Income Asset Management, Inc., (&ldquo;<B>Pillar</B>&rdquo;) which is a Nevada corporation owned by Realty
Advisors, Inc., a Nevada corporation (&ldquo;<B>RAI</B>&rdquo;) which currently owns approximately 6.62 % of the <B>Shares</B>. Such pages
referred to above also detail the fact that <B>IOR</B> is the holder of certain notes and certain other receivables issued by related
parties, including <B>TCI</B> from which <B>IOR</B> received interest income. Otherwise, to the knowledge of <B>IOR</B>, there are no
other material agreements, arrangements or understandings of any actual or potential conflicts of interest between <B>IOR</B> on the one
hand and <B>IOR&rsquo;s </B>executive officers, directors or affiliates or <B>TCI</B> which have not been previously discussed or described
in <B>IOR&rsquo;s</B> filings with the SEC and available on the <B>Company</B> website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify"><B><I>ITEM 6. INTEREST AND SECURITIES OF THE SUBJECT
COMPANY.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">The following information is
hereby added to Item 6 of Schedule 14D-9:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">On March 19, 2024, <B>IOR</B>
repurchased two blocks of <B>IOR Common Stock </B>totaling 32,508 <B>Shares</B> at $18 per share from two individuals and on August 2,
2024 <B>IOR</B> repurchased 11,928 <B>Shares</B> and two block purchase transactions at $18 per share from two individuals, which as such
shares became treasury stock, reduced the number of outstanding <B>Shares </B>of <B>IOR</B> Common Stock to 4,066,178 <B>Shares</B>. Neither
the <B>Company </B>nor to the knowledge of <B>Company</B>, after making reasonable inquiry, has any of its directors or executive officers
or affiliates engaged in any transaction involving <B>IOR Shares</B> within the last sixty (60) calendar days preceding December 16, 2024
or thereafter through the date of this <B>Amendment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B><I>ITEM 7. PURPOSES OF
TRANSACTION AND PLANS OR PROPOSALS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -40.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">The following information is hereby added to Item7
of Schedule 14D-9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">There have been no negotiations
or discussions about the <B>Offer</B> between <B>TCI</B> and <B>IOR</B> and no transaction, board resolution, agreement in principal or
signed contract has been entered to relating to the <B>Offer</B>. <B>TCI</B> has advised that it is willing to make the <B>Offer</B> at
$18 per share net available to <B>IOR</B> stockholders as <B>TCI</B> believes an investment in the <B>Shares</B> is a good investment
and wishes to increase its ownership slightly by up to an additional 2.46 percent (up to 100,000 <B>Shares</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>ITEM 8. ADDITIONAL INFORMATION.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">No officer, director or affiliated person
of <B>IOR</B> has any so-called &ldquo;Golden Parachute Compensation&rdquo; or any agreement or understanding, written or unwritten, between
any executive officer of <B>IOR</B> and <B>TCI</B> or <B>IOR</B> concerning any type of compensation, whether present, deferred or contingent,
that is based on or otherwise relates to an acquisition, merger, consolidation, sale or other disposition of all or substantially all
assets of <B>IOR</B> nor does any such person have any stock awards for which vesting would be accelerated; in the money option awards
for which vesting would be accelerated; in the money option awards for which vesting would be accelerated; or payments in cancellation
of stock option awards as no executive officer of <B>IOR</B> or any other person known to <B>IOR</B> has any such stock awards of either
<B>IOR </B>or <B>TCI</B>. As described and disclosed in the <B>Offer to Purchase</B> and otherwise in <B>IOR&rsquo;s</B> latest Notice
of Annual Meeting and related Proxy Statement each dated November 8, 2024, <B>IOR</B> has no employees and its Executive Officers are
employees of <B>Pillar</B>, the contractual advisor to <B>IOR</B> and <B>TCI</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">After due inquiry to and to the best
of the undersigned&rsquo;s knowledge and belief, the undersigned certify that the information set forth in this Amendment is true, complete
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATED:&nbsp;&nbsp;January 14, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income Opportunity Realty Investors, Inc.</FONT></TD>
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    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Erik L. Johnson</FONT></TD>
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    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erik L. Johnson, President and Chief</FONT></TD>
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    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Officer</FONT></TD>
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