Transcontinental Realty Investors Inc is a US-listed company in the diversified real estate activities industry. Its financial year ends in December.
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~$47
Funds-from-operations model
Base case. Range ~$39–$57. Funds from operations growing 2.5% a year, discounted at 8%.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Transcontinental Realty Investors Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $50m, up 5.3% on a year earlier, faster than the 4.7% growth a quarter earlier. Our funds-from-operations model value is $46.72 a share, against a share price of $49.32.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Transcontinental Realty Investors Inc's trailing-twelve-month revenue grew 5.3% year on year, with a free-cash-flow margin of 4.2%. Where it stands out: change in growth rate of +0.6pp ranks 1 of 5 diversified real estate activities companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 5.3% (+0.6pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Transcontinental Realty Investors Inc's latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Transcontinental Realty Investors Inc as an equity reit, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$47 ~$39–$57 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.9 ~$21–$44 | Left out: out of range vs price (0.02x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$47 ~$39–$57 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Transcontinental Realty Investors Inc with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Transcontinental Realty Investors's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.6% of total assets over 10 years.
Operating margin has been a median -12.7%; its worst year was -46.5%.
Free cash flow was positive in 2 of 9 years, at a median -38.8% of revenue.
The diluted share count rose 0.5% over five years.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (30 before it).
No analyst estimates are published for Transcontinental Realty Investors Inc: too few analysts cover it.
Last 12 months +13.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $48m | $50m | +5.3% |
| Net margin | 13.9% | 16.1% | +15.9% |
| P/E multiple | 58.7x | 54.5x | −7.0% |
| Share count | 9m | 9m | 0.0% |
Biggest factor: net margin.
Last 3 years +65.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $45m | $50m | +11.3% |
| Net margin | 980.1% | 16.1% | −98.4% |
| P/E multiple | 0.6x | 54.5x | +8966.1% |
| Share count | 9m | 9m | 0.0% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| TCI | +62% | +13% | −22% | −14% | +97% | −13% |
| Industry peers (median) | +23% | −8% | −36% | −16% | +4% | +9% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| TCI | 50% | 58% | 33% | 42% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| TCI | −20% | −20% | −42% | −34% | −15% | −44% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 69% from May 11, 2018 to March 23, 2020. Getting back needed a 223% gain, reached on December 15, 2025, 2093 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −9.8% | +0.5% | −12.7% | −7.5% |
| May 7, 2026 | −1.8% | +0.5% | −1.7% | +0.4% |
| March 12, 2026 | +9.4% | −2.1% | −3.5% | +14.2% |
| November 6, 2025 | −2.8% | −1.0% | −5.7% | −8.6% |
| August 7, 2025 | −0.7% | +0.7% | +9.0% | +11.2% |
| May 8, 2025 | +6.7% | +0.6% | +11.4% | +20.6% |
| March 20, 2025 | −0.4% | −0.3% | +0.4% | −0.4% |
| November 7, 2024 | −2.9% | +1.2% | −3.0% | +2.8% |
| August 8, 2024 | +1.6% | +2.8% | +2.9% | −1.0% |
| May 9, 2024 | −3.2% | +0.7% | −2.9% | −0.6% |
| March 21, 2024 | +0.4% | +0.1% | −1.4% | −17.6% |
| November 9, 2023 | +0.2% | +0.8% | +0.9% | +0.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $49.2M |
| FY23 Q4 | $49.9M |
| FY24 Q1 | $50.1M |
| FY24 Q2 | $49.7M |
| FY24 Q3 | $48.7M |
| FY24 Q4 | $47.1M |
| FY25 Q1 | $47.2M |
| FY25 Q2 | $47.6M |
| FY25 Q3 | $48.8M |
| FY25 Q4 | $49.1M |
| FY26 Q1 | $49.4M |
| FY26 Q2 | $50.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 53.9% |
| FY23 Q4 | 36.1% |
| FY24 Q1 | 23.6% |
| FY24 Q2 | 10.3% |
| FY24 Q3 | -1.0% |
| FY24 Q4 | -5.7% |
| FY25 Q1 | -5.9% |
| FY25 Q2 | -4.2% |
| FY25 Q3 | 0.1% |
| FY25 Q4 | 4.2% |
| FY26 Q1 | 4.7% |
| FY26 Q2 | 5.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -15.0% |
| FY23 Q4 | -20.0% |
| FY24 Q1 | -17.5% |
| FY24 Q2 | -12.7% |
| FY24 Q3 | -12.8% |
| FY24 Q4 | -12.3% |
| FY25 Q1 | -10.8% |
| FY25 Q2 | -10.1% |
| FY25 Q3 | -9.3% |
| FY25 Q4 | -12.9% |
| FY26 Q1 | -15.5% |
| FY26 Q2 | -18.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -65.3% |
| FY23 Q4 | -62.3% |
| FY24 Q1 | -57.3% |
| FY24 Q2 | -38.8% |
| FY24 Q3 | -44.9% |
| FY24 Q4 | 2.8% |
| FY25 Q1 | -21.2% |
| FY25 Q2 | -26.0% |
| FY25 Q3 | -36.7% |
| FY25 Q4 | -5.9% |
| FY26 Q1 | 3.2% |
| FY26 Q2 | 4.2% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 118 | 125 | 149 | 48 | 57 | 41 | 37 | 50 | 47 | 49 | 50 |
| EBITDA | 41 | 46 | 75 | 8 | 19 | −1 | 4 | 5 | 7 | 6 | 4 |
| Operating income | 18 | 20 | 44 | −8 | −0 | −16 | −9 | −10 | −6 | −6 | −9 |
| Net income | 0 | −16 | 181 | −27 | 7 | 9 | 468 | 6 | 6 | 14 | 8 |
| Diluted EPS | −$0.10 | −$1.92 | $20.71 | −$3.09 | $0.77 | $1.09 | $54.20 | $0.69 | $0.68 | $1.60 | $0.93 |
| Growth (year on year) | |||||||||||
| Revenue | — | +5.7% | +19.1% | −67.8% | +18.7% | −28.5% | −10.1% | +36.1% | −5.7% | +4.2% | +5.3% |
| EBITDA | — | +10.5% | +64.3% | −89.4% | +133.8% | −106.1% | — | +19.6% | +47.6% | −6.9% | −35.0% |
| Operating income | — | +13.9% | +120.2% | −117.3% | — | — | — | — | — | — | — |
| Net income | — | — | — | −114.8% | — | +40.9% | +>999% | −98.7% | −1.3% | +135.5% | +22.0% |
| Diluted EPS | — | — | — | −114.9% | — | +41.6% | +>999% | −98.7% | −1.4% | +135.3% | +22.0% |
| Margins | |||||||||||
| EBITDA margin | 34.9% | 36.5% | 50.3% | 16.5% | 32.5% | −2.8% | 10.4% | 9.2% | 14.4% | 12.8% | 8.8% |
| Operating margin | 14.9% | 16.1% | 29.7% | −15.9% | −0.0% | −39.6% | −25.3% | −20.0% | −12.3% | −12.9% | −18.3% |
| Net margin | 0.0% | −12.6% | 121.7% | −56.0% | 11.7% | 23.0% | >999% | 11.9% | 12.5% | 28.1% | 16.1% |
| Free-cash-flow margin | −65.4% | −49.6% | −128.6% | −74.4% | 9.9% | −26.9% | −123.8% | −62.3% | 2.8% | −5.9% | 4.2% |
| Cash flow | |||||||||||
| Cash from operations | 2 | −25 | −181 | −36 | 6 | −11 | −45 | −31 | 1 | −3 | 2 |
| Capital spending | 80 | 37 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −78 | −62 | −192 | −36 | 6 | −11 | −45 | −31 | 1 | −3 | 2 |
| Balance sheet | |||||||||||
| Cash | 18 | 43 | 36 | 51 | 37 | 51 | 113 | 37 | 20 | 14 | 11 |
| Total debt | 842 | 894 | 286 | 253 | 241 | 180 | 187 | 180 | 183 | 211 | 214 |
| Net debt (negative = net cash) | 824 | 852 | 249 | 202 | 204 | 130 | 73 | 143 | 163 | 197 | 204 |
| Diluted shares | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 12 | 12 | 12 | 13 | 12 | 12 | 13 |
| EBITDA | 1 | 1 | 2 | 2 | 1 | 0 | 2 | 1 |
| Operating income | −2 | −2 | −1 | −1 | −1 | −3 | −2 | −2 |
| Net income | 2 | 0 | 5 | 0 | 1 | 8 | 0 | −1 |
| Diluted EPS | $0.20 | $0.01 | $0.53 | $0.02 | $0.08 | $0.97 | $0.02 | −$0.13 |
| Growth (year on year) | ||||||||
| Revenue | −7.3% | −12.4% | +0.9% | +3.3% | +10.6% | +2.3% | +2.8% | +5.8% |
| EBITDA | −15.7% | −38.9% | +22.4% | +7.9% | +4.9% | −81.4% | −25.9% | −43.7% |
| Net income | −61.6% | — | +81.2% | −88.7% | −57.6% | — | −96.4% | — |
| Diluted EPS | −61.5% | — | +76.7% | −88.2% | −60.0% | — | −96.2% | — |
| Margins | ||||||||
| EBITDA margin | 11.2% | 10.0% | 18.9% | 16.9% | 10.6% | 1.8% | 13.6% | 9.0% |
| Operating margin | −14.4% | −14.3% | −5.3% | −6.8% | −10.9% | −28.9% | −15.9% | −18.2% |
| Net margin | 14.7% | 0.9% | 38.5% | 1.4% | 5.6% | 68.8% | 1.4% | −8.8% |
| Free-cash-flow margin | 118.0% | −133.6% | −61.8% | −24.0% | 63.6% | −5.9% | −23.8% | −18.9% |
| Cash flow | ||||||||
| Cash from operations | 14 | −16 | −7 | −3 | 8 | −1 | −3 | −2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 14 | −16 | −7 | −3 | 8 | −1 | −3 | −2 |
| Last 12 months unless stated | TCI | ARL | INTG | STHO | VTMX | Median |
|---|---|---|---|---|---|---|
| Revenue, last 12 months | $50m | $51m | $74m | $94m | $283m | $74m |
| Revenue growth, last 12 months | 5.3% | 6.8% | 14.9% | −17.7% | 12.2% | 6.8% |
| Revenue growth, 3-year average | 3.6% | 3.9% | 8.7% | −1.7% | — | 3.7% |
| Revenue growth, latest quarter | 5.8% | 5.8% | 13.3% | −54.0% | — | 5.8% |
| Operating margin | −18.3% | −18.3% | 16.0% | — | — | −18.3% |
| Operating margin, 3-year average | −13.7% | −14.8% | 10.1% | — | — | −13.7% |
| Net margin | 16.1% | 16.4% | 2.2% | 14.8% | 85.4% | 16.1% |
| Cash from operations / revenue | 4.2% | 6.4% | 4.7% | −14.8% | 73.2% | 4.7% |
| Free-cash-flow margin | 4.2% | 6.4% | 1.7% | −21.6% | 72.9% | 4.2% |
| Free-cash-flow margin, 3-year average | −20.2% | −19.4% | 4.0% | −23.7% | — | −19.8% |
| Stock pay / revenue | — | — | 0.1% | 1.4% | 4.5% | 1.4% |
| Change in share count | 0.0% | 0.0% | 7.0% | −6.1% | −2.5% | 0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.3% | 6.8% | 4 of 5 |
| Change in growth rate Growth | +0.6pp | -1.7pp | 1 of 5 |
| Net margin Profitability | 16.1% | 16.1% | 3 of 5 |
| Long-term debt as % of assets Balance sheet | 19.0% | 28.0% | 1 of 5 |
| Change in share count Balance sheet | 0.0% | 0.0% | 3 of 5 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Residential | $34.1M | 69.6% | ▲ 0.1% |
| Commercial Segments | $14.9M | 30.4% | ▲ 15.2% |
From Transcontinental Realty Investors Inc's 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $4.5M | 97K | 29.2% | ▲ 25.7% |
| TCW Group Inc | $3.1M | 66K | 20.0% | ▼ 2.6% |
| Geode Capital Management, LLC | $1.4M | 30K | 9.0% | ▼ 10.8% |
| Vanguard Capital Management LLC | $1.2M | 26K | 8.0% | ▲ 13.0% |
| State Street Corp | $984,324 | 21K | 6.4% | ▼ 4.5% |
| Russell Investments Group, Ltd. | $926,283 | 20K | 6.1% | ▲ 1.1% |
| Tidal Investments LLC | $724,205 | 16K | 4.7% | New |
| Northern Trust Corp | $449,966 | 10K | 2.9% | ▲ 6.4% |
| Renaissance Technologies LLC | $423,108 | 9K | 2.8% | ▲ 5.7% |
| Vanguard Portfolio Management LLC | $348,190 | 8K | 2.3% | ▲ 15.6% |
| Vanguard Fiduciary Trust Co | $310,203 | 7K | 2.0% | ▲ 1.3% |
| Goldman Sachs Group Inc | $247,472 | 5K | 1.6% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Transcontinental Realty Investors Inc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Transcontinental Realty Investors Inc 10% owner | June 23, 2026 | Buy | 1,300 | $17.88 | $23,245 |
| Transcontinental Realty Investors Inc 10% owner | June 22, 2026 | Buy | 1,500 | $17.75 | $26,628 |
| Transcontinental Realty Investors Inc 10% owner | June 18, 2026 | Buy | 243 | $17.80 | $4,325 |
| Transcontinental Realty Investors Inc 10% owner | June 18, 2026 | Buy | 109 | $17.97 | $1,959 |
| Transcontinental Realty Investors Inc 10% owner | June 16, 2026 | Buy | 1,653 | $17.76 | $29,351 |
| Transcontinental Realty Investors Inc 10% owner | June 15, 2026 | Buy | 1,517 | $17.81 | $27,012 |
| Transcontinental Realty Investors Inc 10% owner | June 12, 2026 | Buy | 91 | $17.50 | $1,592 |
| Transcontinental Realty Investors Inc 10% owner | June 11, 2026 | Buy | 1,000 | $17.80 | $17,800 |
| Transcontinental Realty Investors Inc 10% owner | June 9, 2026 | Buy | 1,000 | $17.74 | $17,736 |
| Transcontinental Realty Investors Inc 10% owner | June 8, 2026 | Buy | 2,000 | $17.50 | $35,000 |
| Transcontinental Realty Investors Inc 10% owner | June 5, 2026 | Buy | 2,474 | $17.83 | $44,117 |
| Transcontinental Realty Investors Inc 10% owner | June 4, 2026 | Buy | 157 | $17.77 | $2,791 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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