Transcontinental Realty Investors (TCI) is a real estate company focused on owning and managing multifamily apartment properties in secondary markets across the Southern U.S., with a smaller, opportunistic commercial office portfolio. As of year-end 2025, TCI's multifamily portfolio includes 13 properties in operation (2,128 units), three in lease-up (672 units), and one under development (234 units), plus four commercial office buildings totaling roughly 1M rentable square feet. TCI has no employees and is externally managed by Pillar Income Asset Management, which handles investment sourcing, financing, and construction oversight; third-party managers handle day-to-day property operations. TCI's revenue comes primarily from rental income, with occupancy rates and rent levels as the main drivers. TCI grows its multifamily portfolio primarily through development rather than acquisition, often advancing capital to developers via convertible loans that can convert into full ownership. TCI funds growth through operating cash flow, property-sale proceeds, and first-lien mortgage loans, most of which are HUD-insured, offering lower rates and longer terms but with restrictions on cash distributions. TCI also holds roughly 1,792 acres of land, which it sells opportunistically, and invests in mortgage notes receivable. TCI is approximately 78% owned by American Realty Investors (ARL), and TCI itself owns roughly 85% of Income Opportunity Realty Investors (IOR) — all three entities share the same external manager, Pillar, creating notable related-party dynamics around governance and capital allocation.