Financial Analysis

22. COMMITMENTS AND CONTINGENCIES Restricted Cash: The Trust is obligated under a loan agreement relating to the Tucson Oracle property to deposit 4 % of the individual hotels room revenue into an escrow account to be used for capital expenditures. The escrow funds applicable to the Tucson Oracle property for which a mortgage lender escrow exists is reported on the Trusts Consolidated Balance Sheet as Restricted Cash. Since a $ 0 cash balance existed in Restricted Cash for the Fiscal Years 2026 and 2025, Restricted Cash line was omitted on the Trusts Consolidated Balance Sheet. Membership Agreements: The Tucson and Albuquerque Hotels have entered into membership agreements with Best Western International, Inc. (Best Western) for both hotel properties. In exchange for use of the Best Western name, trademark and reservation system, both Hotels pay fees to Best Western based on reservations received through the use of the Best Western reservation system and the number of available suites at the Hotels. The agreements with Best Western have no specific expiration terms and may be cancelled annually by either party. Best Western requires that the hotels meet certain requirements for room quality. The two Best Western Hotels receive significant reservations through the Best Western reservation system, and through Online Travel Agent (OTA) reservations systems, Expedia and Booking.com. Under these arrangements, fees paid for membership fees and reservations were approximately $ 227, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

15. MINIMUM DEBT PAYMENTS Scheduled minimum payments of debt, net of debt discounts, as of January 31, 2026 are approximately as follows in the respective Fiscal Years indicated: SCHEDULE OF MINIMUM PAYMENTS OF DEBT FISCAL YEAR MORTGAGES OTHER NOTES PAYABLE NOTES PAYABLE TO BANKS NOTES PAYABLE - RELATED PARTY TOTAL 2027 260,999 470,000 - - 730,999 2028 263,125 - - 2,645,088 2,908,213 2029 274,685 - - - 274,685 2030 1,169,103 - - - 1,169,103 2031 241,195 - - - - Thereafter 6,602,921 - - - 6,602,921 $ 8,812,028 $ 470,000 $ - $ 2,645,088 $ 11,685,921

DebtDisclosureTextBlock

20. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the estimated fair values of the Trusts debt instruments, based on rates currently available to the Trust for bank loans with similar terms and average maturities, and the associated carrying value recognized in the consolidated balance sheets at January 31, 2026 and 2025: SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS 2026 2025 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Notes Payable $ 8,812,028 $ 8,903,689 $ 9,044,446 $ 2,526,695 Other Notes Payable $ 470,000 $ 470,000 $ 470,000 $ 470,000 Notes Payable - Related Party $ 2,645,088 $ 2,645,088 $ 1,151,225 $ 1,151,225 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

18. FEDERAL INCOME TAXES The Trust and subsidiaries have income tax net operating loss carryforward of approximately $ 7.9 M at January 31, 2026. In 2005, the Trust had an ownership change within the meaning of the Internal Revenue Code Section 382. However, the Trust determined that such ownership change would not have a material impact on the future use of the net operating losses. The Trust amended the Federal and State Tax Returns for tax years 2017 and 2018, resulting in a recalculation of the net operating loss carry-forward. The impact of the amended returns are reflected in the below data. Total and net deferred income tax assets at January 31, SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2026 2025 Net operating loss carryforwards $ 4,010,517 $ 3,053,465 Bad debt allowance - - Accrued expenses (2,622 ) (2,622 ) Syndications 2,923,000 2,923,000 Prepaid insurance 28,423 95,532 Alternative minimum tax credit 51,000 51,000 Total deferred tax asset 7,010,318 6,120,375 Deferred income tax liability associated with book/tax (1,771,158 ) (1,785,672 ) Net deferred income tax asset 5,239,160 4,334,703 Valuation Allowance (5,239,160 ) (4,334,703 ) Net deferred income tax - - Income taxes for the year ended January 31, SCHEDULE OF INCOME TAX PROVISION 2026 2025 Current income tax provision (benefit) (140 ) 355 Deferred income tax provision (benefit) (197,890 ) (392,348 ) Change in valuation allowance 197,890 392,348 Net income tax expense (benefit) (140 ) 355 The differences b …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

16. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico. The Trusts corporate office lease is month to month. All leases are non-cancelable. Operating Leases The Trust holds a month to month office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020. Base monthly rent is $ 4,318 . The Trust also pays electricity and applicable sales tax. The Trusts Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease expires in 2058. The Albuquerque Hotel ground lease has been extended three times since the Albuquerque Hotel was first acquired, in the year 2000, and may be extended further in the future. The Trusts Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2026 consist of the following: SCHEDULE OF LEASE COSTS For the Year Ended January 31, 2026 Operating Lease Costs: Operating lease cost * 149,461 * Short term lease costs were immaterial. Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION For the Year Ended January 31, 2026 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (4,614 ) Lease obligations: Operating leases, net $ 2,202,995 Long-term obligations $ 2,174,841 Weighted average remaining lease terms and discount ra …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

OTHER RECENT PRONOUNCEMENTS Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed by management to have a material impact on the Companys present or future consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

13. RELATED PARTY NOTES On December 1, 2014, the Trust entered a Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial, LLC, an entity which is wholly owned by Mr. Wirth and his family members. The Demand/Revolving Line of Credit/Promissory Note, as amended on June 19, 2017, bears interest at 7.0 % per annum for both a payable and receivable, interest is due quarterly, matures on August 24, 2026, and automatically renews annually each calendar year. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates through the period. On December 30, 2020, the Demand/Revolving Line of Credit/Promissory Note was extended and increased to $ 2,000,000 . On November 26, 2025 the Demand/Revolving Line of Credit/Promissory Note was extended and increased to the current level of $ 2,500,000 . As of January 31, 2026, and January 31, 2025, the Trust had an amount payable of approximately $ 2,645,000 and $ 1,151,000 , respectively. During the Fiscal Years ended January 31, 2026 and 2025, the Trust accrued approximately $ 0 , respectively, of interest expense.

RelatedPartyTransactionsDisclosureTextBlock

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of the audited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trusts operations are affected by numerous factors, including the economy, inflation, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trusts operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets. PROPERTY AND EQUIPMENT Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and improvements, and 3 to 10 years for furniture, fixtures and equipment. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

28. SUBSEQUENT EVENTS The Trust has evaluated subsequent events through the date of the filing of its Form 10-K with the Securities and Exchange Commission. Other than those events disclosed indicating the recovery of economic and business activity, and continuing progress by UniGen in seeking the next round of financing and developing its innovative clean energy product, the Trust is not aware of any other significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Trusts financial statements. The Trust intends to maintain its current conservative uninterrupted annual dividend policy. The Trust may reduce dividend frequency from semi-annual to annual, in the Fiscal Year ahead, to provide additional cashflow for investing purposes, including our current diversification investments. In the Fiscal Years ended January 31, 2026 and 2025, the Trust paid dividends of $0.01 per share in each of the first and third quarters. The Trust has paid dividends each Fiscal Year since its inception in 1971. The Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026. The Trusts Management received communication from the NYSE-American on August 29, 2022, indicating IHT is fully compliant with all of the Continued Listing Standards Equity Requirements set forth in Part 10 of the NYSE American Company Guide, of the NYSE-American. Subsequent to the Fiscal Ye …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

13. COMMITMENTS AND CONTINGENCIES Restricted Cash: The Trust is obligated under a loan agreement relating to the Tucson Oracle property to deposit 4 % of the individual hotels room revenue into an escrow account to be used for capital expenditures. The escrow funds applicable to the Tucson Oracle property for which a mortgage lender escrow exists is reported on the Trusts Consolidated Balance Sheet as Restricted Cash. Since a $ 0 cash balance existed in Restricted Cash as of April 30, 2026 and January 31, 2026, Restricted Cash line was omitted on the Trusts Consolidated Balance Sheet. Membership Agreements: The Tucson and Albuquerque Hotels have entered into membership agreements with Best Western International, Inc. (Best Western) for both hotel properties. In exchange for use of the Best Western name, trademark and reservation system, both Hotels pay fees to Best Western based on reservations received through the use of the Best Western reservation system and the number of available suites at the Hotels. The agreements with Best Western have no specific expiration terms and may be cancelled annually by either party. Best Western requires that the hotels meet certain requirements for room quality. The two Best Western Hotels receive significant reservations through the Best Western reservation system, and through Online Travel Agent (OTA) reservations systems, Expedia and Booking.com. Under these arrangements, fees paid for membership fees and reservations were approximately …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

9. MINIMUM DEBT PAYMENTS Scheduled minimum payments of debt, net of debt discounts, as of April 30, 2026 are approximately as follows in the respective Fiscal Years indicated: SCHEDULE OF MINIMUM PAYMENTS OF DEBT FISCAL YEAR MORTGAGES OTHER NOTES PAYABLE NOTES PAYABLE - RELATED PARTY TOTAL 2027 195,482 470,000 - 665,482 2028 263,125 - 2,532,479 2,795,604 2029 274,685 - - 274,685 2030 1,171,292 - - 1,171,292 2031 241,195 - - 241,195 Thereafter 6,589,238 - $ - 6,589,238 $ 8,735,017 $ 470,000 $ 2,532,479 $ 11,737,496

DebtDisclosureTextBlock

17. INCOME TAXES The Trust is taxed as a C-Corporation. The Trusts practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Trust has received various IRS and state tax jurisdiction notices which the Trust in the process of responding to in which management believes the notices are without merit and expect full remediation of all tax notices. The Trust and subsidiaries have deferred tax assets of $ 7 million which includes cumulative net operating loss carryforwards of $ 4.1 million and syndications of $ 2.9 million, and deferred tax liability associated with book/tax differences of $ 1.8 million as of January 31, 2026. We have evaluated the net deferred tax asset and determined that it is more likely than not we will receive full benefit from the net operating loss carryforwards. Therefore, we have determined a valuation allowance of approximately $ 5.2 million. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

14. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico. The Trusts corporate office lease is month to month. All leases are non-cancelable. Operating Leases The Trust holds a month to month office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020. Base monthly rent is $ 4,318 . The Trust also pays electricity and applicable sales tax. The Trusts Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease expires in 2058. The Albuquerque Hotel ground lease has been extended three times since the Albuquerque Hotel was first acquired, in the year 2000, and may be extended further in the future. The following table presents the Trusts lease costs for the three months ended April 30, 2026: SCHEDULE OF LEASE COSTS For the Three Months Ended April 30, 2026 Operating Lease Costs: Operating lease cost * 38,306 * Short term lease costs were immaterial. Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION For the Three Months Ended April 30, 2026 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157 ) Lease obligations: Operating leases, net $ 2,196,084 Long-term obligations $ 2,167,584 Weighted average remaining lease terms and discount rates were as follows: SCHEDULE OF WEIGHTED AV …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

OTHER RECENT PRONOUNCEMENTS Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed by management to have a material impact on the Companys present or future consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

11. RELATED PARTY TRANSACTIONS As of April 30, 2026, and January 31, 2026, Mr. Wirth and his affiliates held 2,429,038 Class B Partnership units, which represented 19.19 % of the total outstanding Partnership units, respectively. As of April 30, 2026, and January 31, 2026, Mr. Wirth and his affiliates held 6,024,613 Shares of Beneficial Interest in the Trust, respectively, which represented 64.07 % respectively, of the total issued and outstanding Shares of Beneficial Interest. As of April 30, 2026, and January 31, 2026 the Trust owned 79.18 % of the Partnership. As of January 31, 2026, the Partnership owned a 51.69 % interest in the InnSuites hotel located in Tucson. The Trust also owned a direct 21.90 % interest in one InnSuites hotel located in Albuquerque, New Mexico. The Trust directly manages the Hotels through the Trusts majority-owned subsidiary, RRF LLLP. Under the management agreements, RRF manages the daily operations of both Trust Hotels. All Trust managed Hotel expenses, revenues and reimbursements among the Trust, and the Partnership have been eliminated in consolidation. The management fees for the Hotels are 5 % of room revenue and a monthly accounting fee of $ 3,000 per hotel. These agreements have no expiration dates but may be cancelled by either party with 30-days written notice, or potentially sooner in the event the property changes ownership. The Trust employs part time, an immediate family member of Mr. Wirth, Brian James Wirth, who provides part time …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trusts operations are affected by numerous factors, including the level of area economic activity, inflation, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trusts operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets. PROPERTY AND EQUIPMENT Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and improvements, and 3 to 10 years for furnitur …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

21. SUBSEQUENT EVENTS The Trust has evaluated subsequent events through the date of the filing of its Form 10-Q with the Securities and Exchange Commission. Other than those events disclosed indicating the recovery of economic and business activity, and continuing progress by UniGen with new management aligned with IHT, in seeking the next round of financing and developing its innovative clean energy product, the Trust is not aware of any other significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Trusts financial statements. The Trust intends to maintain its current conservative uninterrupted annual dividend policy. The Trust may reduce dividend frequency from semi-annual to annual, in the current Fiscal Year ahead, to provide additional cashflow for investing purposes, including our current diversification investments. In the Fiscal Years ended January 31, 2026 and 2025, the Trust paid dividends of $0.01 per share in each of the first and third quarters. The Trust has paid dividends each Fiscal Year since its inception in 1971. Most recently, the Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026. Subsequent to the Fiscal Quarter ended April 30, 2026, the Trust repurchased 14,045 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $ 19,145 . OTHER RECENT PRONOUCEMENTS Other rec …

SubsequentEventsTextBlock · excerpt; the full note is in the filing