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TCI

Transcontinental Realty Investors, Inc.

TCI

Transcontinental Realty Investors, Inc. • NYSE
$45.98 ▲ 0.79% (+0.36)
Market Cap $397.24 M
52w High $48.00
52w Low $25.50
Dividend Yield 0%
P/E 70.74
Volume 695
Outstanding Shares 8.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.919M ▲ $5.765M ▼ $724K ▲ 6.074% ▲ $0.08 ▲ $7.056M ▼
Q2-2025 $11.51M ▼ $5.8M ▼ $169K ▼ 1.468% ▼ $0.02 ▼ $7.182M ▲
Q1-2025 $12.008M ▲ $6.666M ▲ $4.618M ▲ 38.458% ▲ $0.53 ▲ $2.266M ▼
Q4-2024 $11.222M ▲ $6.096M ▲ $108K ▼ 0.962% ▼ $0.013 ▼ $5.109M ▼
Q3-2024 $11.074M $5.754M $1.707M 15.414% $0.2 $7.848M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.897M ▼ $1.134B ▲ $276.693M ▲ $838.397M ▲
Q2-2025 $73.494M ▼ $1.127B ▲ $269.635M ▲ $837.673M ▲
Q1-2025 $88.638M ▼ $1.084B ▲ $226.627M ▲ $837.259M ▲
Q4-2024 $99.715M ▼ $1.071B ▲ $217.734M ▲ $832.278M ▲
Q3-2024 $131.559M $1.057B $204.074M $832.17M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $724K ▲ $8.165M ▲ $-23.772M ▼ $11.052M ▼ $-4.555M ▼ $-6.61M ▲
Q2-2025 $169K ▼ $-2.914M ▲ $-8.801M ▲ $13.894M ▼ $2.179M ▲ $-29.845M ▼
Q1-2025 $4.781M ▲ $-7.426M ▲ $-16.63M ▼ $15.6M ▲ $-8.456M ▲ $-7.426M ▲
Q4-2024 $108K ▼ $-15.747M ▼ $-14.442M ▲ $1.566M ▼ $-28.623M ▼ $-42.724M ▼
Q3-2024 $1.91M $13.699M $-24.065M $2.447M $-7.919M $13.699M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Commercial Segments
Commercial Segments
 $0 ▲$0 ▲$0 ▲$0 ▲
Multifamily Segment
Multifamily Segment
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TCI’s income statement paints a picture of a steady but low-revenue business with thin day‑to‑day profitability. Revenue has been broadly flat over the last few years, and operating results have hovered around break‑even or mild losses. Net income, however, was extremely volatile, with one standout year where earnings and EBITDA spiked far above the norm, almost certainly driven by one‑off property sales or revaluations rather than recurring rental income. Outside that exceptional year, profitability looks modest and not consistently strong, suggesting that results can depend heavily on timing of deals rather than stable operating performance.

Balance Sheet

Balance Sheet The balance sheet looks like that of a traditional real estate owner: asset‑heavy, with properties dominating and equity making up a large share of the capital structure. Over recent years, total assets have moved around as the portfolio has been reshaped, but owners’ equity has remained relatively solid and noticeably larger than debt. Debt has trended down from earlier, higher levels, which points to some de‑leveraging and a more conservative financial footing. Cash on hand is relatively small compared with total assets, which is common for real estate companies but means ongoing access to financing and rental cash flows remains important.

Cash Flow

Cash Flow TCI’s cash flow profile is more cautious than the balance sheet might suggest. Operating cash flow has often been around breakeven or slightly negative in recent years, indicating that the core portfolio does not consistently generate strong cash surpluses after expenses. Capital spending has been moderate but, when combined with thin operating cash, free cash flow has frequently been negative. This implies that the company often needs to rely on property sales, refinancings, or external funding to support investment and operations, and that cash generation from the existing portfolio alone is not yet robust.

Competitive Edge

Competitive Edge TCI competes primarily through specialization rather than scale. Its focus on multifamily and select commercial properties in secondary markets in the southern United States gives it deep local knowledge and the ability to target niche, value‑add opportunities. The company’s strategy of buying underperforming or undervalued assets and improving them has the potential to create meaningful upside when markets cooperate. It also leans heavily on partnerships and joint ventures with developers and property managers, which can extend its reach without building a large in‑house development team. On the other hand, this narrower geographic and segment focus, relatively small size, and dependence on external partners can be disadvantages against much larger, more diversified real estate platforms—especially in periods of rising rates or weak rental demand.

Innovation and R&D

Innovation and R&D TCI does not appear to compete on cutting‑edge technology or traditional research and development. Its “innovation” is mainly financial and strategic: using value‑add redevelopment, joint ventures, and mortgage notes that can convert into ownership stakes to grow the portfolio. This approach can be creative in how deals are structured, but it is not a technology‑driven model. Public information does not highlight major proprietary systems or tenant‑facing innovations, though there is room for the company to adopt more property technology tools over time to improve leasing, management, and analytics. Overall, its edge comes from deal selection and relationships more than from formal R&D or tech investment.

Summary

Overall, TCI looks like a niche, value‑add real estate investor with an asset‑rich balance sheet, moderate leverage, but uneven underlying earnings and cash flow. The business has shown it can generate very strong profits in specific years, likely when large assets are sold or revalued, yet its recurring operating performance appears more subdued. The company’s strategy—focusing on multifamily properties in southern secondary markets and using partnerships and financial structuring—offers clear opportunities but also exposes it to cycles in regional real estate and capital markets. Future outcomes will depend heavily on execution in finding and improving properties, maintaining occupancy and rents, and managing funding, rather than on any transformational technology or R&D edge.

NEWS

November 6, 2025 · 5:15 PM UTC

Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended September 30, 2025

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