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OP Ships Inc. (NYSE American: TOPS) entered a letter of intent to acquire residential real‑estate assets in Dubai from a company affiliated with CEO Evangelos J. Pistiolis. The portfolio is estimated at more than $200 million. TOP Ships holds an exclusive option to buy all or part of the assets at a 10 % discount to fair market value, as determined by two independent appraisals. An advance payment of $23.5 million must be made before 31 Dec 2025; this amount will be credited to the purchase price or refunded if the option is not exercised. The option expires 90 days after the payment. A special committee of independent directors approved the LOI and will conduct due diligence; any exercise of the option requires the committee’s approval. The deal is related‑party, carries a refundable advance, a short due‑diligence window, and appraisal‑driven pricing risk. Key watch points include the committee’s vote, appraisal results, and the 90‑day option period. No assurance the purchase will be completed.