On October 10, 2023, Raymond D. Roberts, Sr. resigned as a director and from all Board Committees of Income Opportunity Realty Investors, Inc. Mr. Roberts, age 91, had been a Director of the Company since June 2, 2016 when he was elected to fill a vacancy on the Board of Directors. Mr. Roberts is retired and also resigned as a director of American Realty Investors, Inc., a Nevada Corporation (ARL") which has its common stock listed and traded on the New York Stock Exchange (NYSE") and resigned as a director of Transcontinental Realty Investors, Inc., a Nevada Corporation (IOR") which has its common stock listed and traded on the NYSE. After giving effect to the resignation of Mr. Roberts, the Board of Directors of the Company continues to have a majority of independent directors who also constitute the Audit Committee, the Compensation Committee and the Governance and Nominating Committee of the Board of Directors.

On October 10, 2023, the Board of Directors of IOR selected Fernando Victor Lara Celis, age 57, as a director effective October 11, 2023, to fill a vacancy on the Board of Directors created by the resignation of Raymond D. Roberts, Sr. Mr. Celis is an entrepreneur and (since March 2006) the General Manager and President of FYA Project, LLC, a Schlotzsky's Deli Franchisee (Restaurant and Fast Food) which owns and operates seven locations in the North Dallas, Texas area. He was also instrumental in 2010 in establishing the first commissary bakery for a group of Schlotzky's franchiees in the DFW area and in 2012 organized and led all DFW area Schlotasky's franchisees to establish the current local marketing efforts, the largest of all Schlotzky's Cinnabon systems in the USA. Also, since April 2009, Mr. Celis has been General Manager and President of UDF de Mexico S.de R.L. de C.V., a Dallas Texas based independent contractor which manages real estate projects Loma Bonita and la Laguna in Tampico, Mexico, which ae owned by Liberty Bankers Life Insurance Company.

Prior to March 2006 and for more than five years, Mr. Celis was employed by the Mexico State Superior Control Authority in Veracruz, Mexico as a General Auditor and/or Information Manager. Although born in Mexico, Mr. Celis is a United States citizen. On the same day, effective October 11, 2923 Mr. Celis was elected as a director of ARL and TCI.