Executive Summary

Q2 2025 EPS was $0.24 on net income of $1.0 million, flat sequentially vs Q1 2025 EPS $0.24 and down from $0.28 in Q2 2024 as lower interest income weighed on results .
Management attributed the YoY decline in net income primarily to a decrease in interest income from related parties; operating expenses were modest and stable .
No formal guidance and no earnings call transcript were found; disclosures were limited to the 8-K and press release .
With no Street consensus available, there were no defined beats/misses vs estimates; focus remains on the trajectory of interest income from related parties and expense discipline .

What Went Well and What Went Wrong

Sequential stability in EPS: Q2 2025 diluted EPS of $0.24 matched Q1 2025 ($0.24), despite slightly higher operating expenses .
Cost control YoY: Total operating expenses declined YoY to $97k from $114k; G&A also declined to $74k from $93k .
Clear driver disclosure: Management reiterated the core driver, stating “Our decrease in net income is attributable to a decrease in interest income,” ensuring transparency on the earnings bridge .

Interest income pressure: Interest income from related parties declined YoY to $1.355 million from $1.585 million, compressing net income and EPS .
Net income down YoY: Q2 2025 net income was $0.994 million vs $1.162 million in Q2 2024 as lower interest income outweighed lower opex .
Limited investor communication: No guidance and no call transcript were available for additional context or outlook, limiting visibility into near-term drivers .

Quarterly P&L (USD thousands, except per-share) – sequential trend (oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Interest income from related parties ($000)	1,514	1,347	1,355
General & administrative ($000)	74	68	74
Advisory fee to related party ($000)	32	27	23
Total operating expenses ($000)	106	95	97
Net operating loss ($000)	(106)	(95)	(97)
Income tax provision ($000)	(295)	(263)	(264)
Net income ($000)	1,113	989	994
Diluted EPS ($)	0.27	0.24	0.24
Weighted avg diluted shares	4,070,327	4,066,178	4,066,178

YoY comparison – Q2 2025 vs Q2 2024

Metric	Q2 2024	Q2 2025
Interest income from related parties ($000)	1,585	1,355
General & administrative ($000)	93	74
Advisory fee to related party ($000)	21	23
Total operating expenses ($000)	114	97
Net income ($000)	1,162	994
Diluted EPS ($)	0.28	0.24

Estimates vs Actuals – Q2 2025

Metric	Q2 2025 Actual	Q2 2025 Consensus	Surprise
EPS ($)	0.24	N/A*	N/A
Revenue ($)	—	N/A*	N/A

*Values retrieved from S&P Global

Notes:

IOR’s model produces minimal “revenue” line items; performance is driven by interest income from related parties and net income per the company’s presentation .

Metric	Period	Previous Guidance	Current Guidance	Change
—	—	—	—	No guidance provided in the Q2 2025 materials

No earnings call transcript was available; commentary reflects disclosures in press releases.

Topic	Q4 2024 (Prior)	Q1 2025 (Prior)	Q2 2025 (Current)	Trend
Interest income driver	Net income decline driven by lower interest income; partially offset by higher advisory fees	Net income down YoY due to lower interest income	Net income down YoY due to lower interest income	Continued pressure from lower interest income
Operating expense discipline	Opex $106k	Opex $95k	Opex $97k	Stable at low levels
Strategic posture	Portfolio of notes receivable; invests via equity/partnerships	Same description repeated	Same description repeated	Unchanged description/strategy

“Our decrease in net income is attributable to a decrease in interest income.” (Q2 press release)
“Our decrease in net income is attributable to a decrease in interest income.” (reiterated in Q1 press release)
Q4 2024 context: “Our decrease in net income is attributable to a decrease in interest income, offset in part by an increase in advisory fees.”
Corporate profile reminder: IOR “currently holds a portfolio of notes receivable” and invests through direct equity ownership and partnerships .

No earnings call transcript was available for Q2 2025; no Q&A disclosures were provided in filings/press materials .

Wall Street (S&P Global) consensus for Q2 2025 EPS and revenue was not available; no surprise math can be computed. Actual EPS was $0.24 .
Coverage appears limited; investors should anchor on sequential and YoY trends in interest income and net income until/if coverage emerges .
S&P Global fields used: Primary EPS Consensus Mean, Revenue Consensus Mean, and associated estimate counts – all unavailable for Q2 2025*.

*Values retrieved from S&P Global

Earnings power is currently a function of interest income from related parties; declines here continue to cap YoY EPS growth despite lean operating costs .
Sequential stability (EPS $0.24 in both Q1 and Q2 2025) suggests near-term earnings durability, but without growth until interest income improves .
Operating expenses remain low and stable, offering limited levers for further cost-driven EPS upside absent higher interest income .
The absence of guidance and a call reduces visibility; filing cadence and interest income disclosures will likely remain the primary catalysts for revisions to expectations .
For position sizing, consider thin liquidity and limited disclosures; catalysts are more likely to come from changes in the notes receivable portfolio and related-party interest dynamics than from operational initiatives .

Sources: