Material Event - Form 8-K

Item 8.01. Other Events

On May 7, 2024, but effective for tax and accounting purposes at January 1, 2024, Income Opportunity Realty Investors, Inc. ("IOR" or the "Company" or the "Registrant") and Pillar Income Asset Management, Inc. ("Pillar") entered into an Amended and Restated Advisory Agreement (the "Amended Agreement") which clarified and revised several separate fees into a single "Net Asset Value Fee" plus certain specified allocated reimbursements. Pillar has been the contractual Advisor to the Company since April 30, 2011, and has operated under the original Advisory Agreement dated April 30, 2011 for 13 years. The Amended Agreement, a copy of which is attached as Exhibit 10.1 does not change any duties or responsibilities of either Pillar or the Company.

Section 9 - Financial Statements and Exhibits