ARL on NYSE

AMERICAN REALTY INVESTORS INC

American real estate operators and lessors company, incorporated in Nevada1

In its 2026 annual report the company says: “We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. In addition, as of December 31, 2025, TCI owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. a Nevada corporation, which is publicly listed and traded on the NYSE American under the symbol IOR.”3 It is headquartered in Dallas, Texas.1 Its shares trade on NYSE under the symbol ARL.1

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Last updated Oct 21, 2026.

Overview

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  • TickerARL on NYSE1
  • IndustryReal Estate Operators (No Developers) & Lessors1
  • HeadquartersDallas, Texas1
  • Incorporated inNV2
  • Business address1603 Lbj Freeway, Suite 800, Dallas, Tx 752342
  • Filer categoryNon-accelerated filer, Smaller reporting company2

American Realty Investors, Inc. (the “Company”), a Nevada Corporation, is a fully integrated externally managed real estate company. We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. As used herein, the terms “ARL”, “the Company”, “We”, “Our”, or “Us” refer to the Company.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-12.9%Operating margin4
31.4%Net margin4
5.7%Revenue growth, 20254
2.5%Return on equity4
0.35×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Residential brought in 70% of the revenue AMERICAN REALTY INVESTORS INC broke down this way in fiscal 2025.

  1. Residential$34.1M470%up 0% from 2024
  2. Commercial Segments$14.9M430%up 15% from 2024
Business segments by year
Business segments202320242025
Residential$35.0M$34.1M$34.1M
Commercial Segments$14.9M$13.0M$14.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs63¢$31.6M
  • Income tax5¢$2.7M
  • Profit31¢$15.7M

Out of $50.0M in revenue.4

Financial statements

Revenue56784$50.0M in 2025−15% since 2019
0$20.0M$40.0M$60.0M2019: $59.0M$59.0M20192020: $59.0M$59.0M2020+0%2021: $42.0M$42.0M2021−29%2022: $37.5M$37.5M2022−11%2023: $50.5M$50.5M2023+35%2024: $47.3M$47.3M2024−6%2025: $50.0M$50.0M2025+6%
Operating income56784-$6.4M in 2025+1548% since 2019
-$30.0M-$20.0M-$10.0M02019: -$390.0K-$390.0K20192020: -$112.0K-$112.0K2020−71%2021: -$20.6M-$20.6M2021+18309%2022: -$9.3M-$9.3M2022−55%2023: -$11.2M-$11.2M2023+21%2024: -$6.6M-$6.6M2024−41%2025: -$6.4M-$6.4M2025−3%
Net income5784$15.7M in 2025
-$100.0M0$100.0M$200.0M$300.0M$400.0M2019: -$16.0M-$16.0M20192020: $9.0M$9.0M20202021: $3.3M$3.3M2021−63%2022: $373.3M$373.3M2022+11055%2023: $4.0M$4.0M2023−99%2024: -$14.7M-$14.7M20242025: $15.7M$15.7M2025

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.4

Period ending2025-12-312024-12-312023-12-31
Rental revenues (including $579, $652 and $882 for 2025, 2024 and 2023, respectively, from related parties)$46.4M$44.8M$47.0M
Other income$3.6M$2.6M$3.5M
Total revenue$50.0M$47.3M$50.5M
Property operating expenses (including $353, $346 and $366 for 2025, 2024 and 2023, respectively, from related parties)$27.9M$27.1M$27.9M
Depreciation and amortization$12.6M$12.3M$13.6M
General and administrative (including $4,262, $3,871 and $4,006 for 2025, 2024 and 2023, respectively, from related parties)$6.5M$6.4M$10.0M
Advisory fee to related party$9.5M$8.2M$10.2M
Total operating expenses$56.4M$54.0M$61.7M
Net operating loss-$6.4M-$6.6M-$11.2M
Interest income (including $7,478, $8,985 and $13,259 for 2025, 2024 and 2023, respectively, from related parties)$14.6M$20.0M$26.8M
Interest expense-$6.8M-$7.8M-$9.5M
Gain on foreign currency transactions$0$0$993.0K
Loss on early extinguishment of debt-$284.0K$0-$1.7M
Equity in income from unconsolidated joint ventures$119.0K$1.4M$3.2M
Gain (loss) on real estate transactions$20.0M-$24.0M-$1.9M
Income tax provision-$2.7M$3.6M-$1.5M
Net income (loss)$18.5M-$13.4M$5.3M
Net income attributable to noncontrolling interest-$2.8M-$1.3M-$1.3M
Net income (loss) applicable to the Company$15.7M-$14.7M$4.0M
Basic (in dollars per share)$0.97-$0.91$0.25
Diluted (in dollars per share)$0.97-$0.91$0.25
Basic (in shares)16.2M shares16.2M shares16.2M shares
Diluted (in shares)16.2M shares16.2M shares16.2M shares

Compare AMERICAN REALTY INVESTORS INC with another company

Corporate structure

AMERICAN REALTY INVESTORS INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AMERICAN REALTY INVESTORS INC

  • Bradford A. Phillips Filed SCHEDULE 13D/A on AMERICAN REALTY INVESTORS INC, latest Apr 18, 2025
  • Ryan T. Phillips Filed SC 13D/A on AMERICAN REALTY INVESTORS INC, latest Aug 18, 2023 (2 filings since Aug 1, 2022)
  • Arcadian Energy, Inc. Filed SC 13D/A on AMERICAN REALTY INVESTORS INC, latest May 2, 2022

Built from major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What AMERICAN REALTY INVESTORS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$113.4M4 Dec 31, 2025$104.1M4 Dec 31, 2024+8.9%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$602.4M4 Dec 31, 2025$557.4M4 Dec 31, 2024+8.1%
Real estate investments, at cost$206.8M4 Dec 31, 2025$478.0M12 Dec 31, 2019−56.7%
Real estate accumulated depreciation$87.8M4 Dec 31, 2025$78.8M4 Dec 31, 2024+11.4%
Units in real estate properties9064 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$14.2M4 Dec 31, 2025$19.9M4 Dec 31, 2024−28.8%
Marketable securities, current$75.0M4 Dec 31, 2025$79.8M4 Dec 31, 2024−6.1%

Properties, in its own words

Residential Properties in Operation

Count · Property · Location · Year Constructed · Units · Occupancy

The rest of Item 2

1 · Blue Lake Villas · Waxahachie, TX · 2002 · 186 · 89.8

2 · Blue Lake Villas Phase II · Waxahachie, TX · 2004 · 70 · 95.7

3 · Chelsea · Beaumont, TX · 1999 · 144 · 97.9

4 · Forest Grove · Bryan, TX · 2020 · 84 · 91.7

5 · Landing on Bayou Cane · Houma, LA · 2005 · 240 · 92.5

6 · Legacy at Pleasant Grove · Texarkana, TX · 2006 · 208 · 94.2

7 · Northside on Travis · Sherman, TX · 2008 · 200 · 84.0

8 · Parc at Denham Springs · Denham Spring, LA · 2007 · 224 · 94.6

9 · Parc at Denham Springs Phase II · Denham Springs, LA · 2010 · 144 · 92.4

10 · Residences at Holland Lake · Weatherford, TX · 2004 · 208 · 98.6

11 · Villas of Park West Phase I · Pueblo, CO · 2005 · 148 · 96.6

12 · Villas of Park West Phase II · Pueblo, CO · 2010 · 112 · 94.6

13 · Vista Ridge · Tupelo, MS · 2009 · 160 · 94.4

2,128

Residential Properties in Lease-Up

Count · Property · Location · Year Constructed · Units · Occupancy

1 · Alera · Lake Wales, FL · 2025 · 240 · 12.9

2 · Bandera Ridge · Temple, TX · 2025 · 216 · 16.7

3 · Merano · McKinney, TX · 2025 · 216 · 11.1

Residential Properties in Construction

Count · Property · Location · Units

1 · Mountain Creek · Dallas, TX · 234

Commercial Properties

Count · Property · Location · Year Constructed · Rentable Square Feet · Occupancy

1 · 770 South Post Oak · Houston, TX · 1970 · 95,528 · 61.7

2 · Browning Place · Dallas, TX · 1984 · 626,529 · 55.4

3 · Senlac · Dallas, TX · 1971 · 2,812 · 100.0

4 · Stanford Center · Dallas, TX · 2007 · 276,680 · 64.9

1,001,549

The following table summarizes our commercial lease expirations as of December 31, 2025:

Year of LeaseExpiration · Number of Leases Expiring · Square Foot ("SF") of Leases Expiring · % of Total Leased SF by Expiring Leases · Ending Rent/SF of Expiring Leases · % of Total Rent Represented by Expiring Leases

2026 · 4 · 20,856 · 4 · 27.07 · 3.6

2027 · 7 · 17,224 · 3 · 25.59 · 2.8

2028 · 12 · 52,272 · 9 · 24.53 · 8.1

2029 · 8 · 102,764 · 17 · 16.79 · 10.9

2030 · 8 · 106,707 · 18 · 29.01 · 19.5

Thereafter · 24 · 288,362 · 49 · 30.30 · 55.1

63 · 588,185 · 100 · 100.0

Land Investments

Project · Location · Acres

Held for development

Athens · Athens, AL · 33

EQK Portage · Kent, OH · 49

McKinney 36 · Collin County, TX · 18

Ocean Estates · Gulfport, MS · 12

Willowick · Pensacola, FL · 40

Mercer Crossing Commercial · Farmers Branch, TX · 19

Windmill Farms · Kaufman County, TX · 1,482

Other · Various · 38

1,691

Held subject to sales contract

Windmill Farms · Kaufman County, TX · 101

1,792

Item 2 of the 10-K filed Mar 12, 2026.3

Leadership

Who has led AMERICAN REALTY INVESTORS INC, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Daniel J. Moos2007
2010201520202025
Board members and other officers (5)

Timeline

  1. Aug 6, 20268-K Results of operations21
  2. May 7, 20268-K Results of operations22
  3. Mar 12, 20268-K Results of operations23
  4. Dec 29, 20258-K Shareholder vote24
  5. Dec 12, 20258-K Shareholder vote25
  6. Nov 6, 20258-K Results of operations26
  7. Aug 7, 20258-K Results of operations27
  8. May 8, 20258-K Results of operations28
  9. Mar 20, 20258-K Results of operations29
  10. Dec 16, 20248-K Shareholder vote30
  11. Nov 7, 20248-K Results of operations31
  12. Nov 1, 20248-K Other events32

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202633

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results21
  2. May 7, 2026Reported quarterly or annual results22
  3. Mar 12, 2026Reported quarterly or annual results23
  4. Nov 6, 2025Reported quarterly or annual results26
  5. Aug 7, 2025Reported quarterly or annual results27
  6. May 8, 2025Reported quarterly or annual results28
  7. Mar 20, 2025Reported quarterly or annual results29
  8. Nov 7, 2024Reported quarterly or annual results31

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

81 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 33 major events, 17 insider forms, 4 large holders, 6 other. The latest 20:

  1. Oct 14, 2026DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  2. Aug 19, 202610-K/A 10-K EDGAR
  3. Aug 6, 20268-K EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. May 7, 20268-K EDGAR
  6. May 7, 202610-Q EDGAR
  7. Mar 12, 20268-K EDGAR
  8. Mar 12, 202610-K EDGAR
  9. Dec 29, 20258-K/A EDGAR
  10. Dec 12, 20258-K EDGAR
  11. Nov 7, 2025DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  12. Nov 6, 202510-Q EDGAR
  13. Nov 6, 20258-K EDGAR
  14. Aug 7, 20258-K EDGAR
  15. Aug 7, 202510-Q EDGAR
  16. May 8, 20258-K EDGAR
  17. May 8, 202510-Q EDGAR
  18. Apr 18, 2025SCHEDULE 13D/A EDGAR
  19. Mar 20, 20258-K EDGAR
  20. Mar 20, 202510-K EDGAR

The 81 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 22 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 8, 2023Phillips Bradford A.DirectorBuy95$19.72$1.9KForm 4
Jun 6, 2023Phillips Bradford A.DirectorBuy500$18.51$9.3KForm 4
Jun 5, 2023Phillips Bradford A.DirectorBuy25$20.00$500Form 4
May 26, 2023Phillips Bradford A.DirectorBuy300$17.89$5.4KForm 4
May 24, 2023Phillips Bradford A.DirectorBuy300$17.49$5.2KForm 4
May 19, 2023Phillips Bradford A.DirectorBuy100$16.73$1.7KForm 4
May 17, 2023Phillips Bradford A.DirectorBuy500$16.77$8.4KForm 4
May 15, 2023Phillips Bradford A.DirectorBuy250$17.50$4.4KForm 4
May 12, 2023Phillips Bradford A.DirectorBuy97$17.50$1.7KForm 4
May 10, 2023Phillips Bradford A.DirectorBuy150$17.82$2.7KForm 4
May 10, 2023Phillips Bradford A.DirectorBuy150$17.82$2.7KForm 4
May 2, 2023Phillips Bradford A.DirectorBuy565$17.98$10.2KForm 4
May 1, 2023Phillips Bradford A.DirectorBuy500$18.35$9.2KForm 4
Apr 24, 2023Phillips Bradford A.DirectorBuy1,000$18.01$18.0KForm 4
Apr 19, 2023Phillips Bradford A.DirectorBuy2,000$20.00$40.0KForm 4
Oct 18, 2022Phillips Bradford A.DirectorBuy1,000$15.90$15.9KForm 4
Oct 14, 2022Phillips Bradford A.DirectorBuy940$15.94$15.0KForm 4
Oct 3, 2022Phillips Bradford A.DirectorBuy466$15.90$7.4KForm 4
Sep 30, 2022Phillips Bradford A.DirectorBuy335$15.90$5.3KForm 4
Sep 26, 2022Phillips Bradford A.DirectorBuy1$14.80$15Form 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Bradford A. PhillipsSCHEDULE 13D/A, 1 filing Apr 18, 202534
  • Ryan T. PhillipsSC 13D/A, 2 filings Aug 1, 2022 to Aug 18, 202335
  • Arcadian Energy, Inc.SC 13D/A, 1 filing May 2, 202236

Stakes it holds

AMERICAN REALTY INVESTORS INC has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 41. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.177,786$4.0M0.0%+84,967
Wealth Alliance Advisory Group, LLC174,266$3.9M0.6%No change
Caldwell Sutter Capital, Inc.69,222$1.5M0.6%−1,497
Geode Capital Management, LLC33,229$740.1K0.0%+6,137
State Street Corp18,384$409.4K0.0%+500
Vanguard Capital Management LLC16,505$367.6K0.0%+3,200
Renaissance Technologies LLC14,699$327.3K0.0%−100
Northern Trust Corp12,898$287.2K0.0%−6,673
Vanguard Portfolio Management LLC8,841$196.9K0.0%+1,367
Vanguard Fiduciary Trust Co8,474$188.7K0.0%−4,889
New York State Common Retirement Fund2,786$62.0K0.0%No change
Morgan Stanley2,568$57.2K0.0%+897
Russell Investments Group, Ltd.1,480$33.0K0.0%+1,103
Wells Fargo & Company/mn1,148$25.6K0.0%+647
Tower Research Capital LLC (TRC)1,084$24.1K0.0%+214
Rhumbline Advisers1,016$22.6K0.0%−173
Royal Bank Of Canada904$20.0K0.0%+325
Fmr LLC866$19.3K0.0%+156
Jpmorgan Chase & Co611$14.3K0.0%+18
Citigroup Inc624$13.9K0.0%+563
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.610$13.6K0.0%No change
UBS Group AG604$13.5K0.0%−124
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC364$8.1K0.0%No change
Bnp Paribas Financial Markets363$8.1K0.0%−13
Harbour Investments, Inc.351$7.8K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How AMERICAN REALTY INVESTORS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAMERICAN REALTY INVESTORS INC1
  • CIK0001102238
  • Employer ID (EIN)75-28471353
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6510 Real Estate Operators (No Developers) & Lessors1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address1603 Lbj Freeway, Suite 800, Dallas, TX 752341
  • Phone46952242001
  • Shares outstanding16,152,043 as of Aug 6, 202610
  • Public float$20.5M as of Jun 30, 20253
  • AuditorFARMER, FUQUA & HUFF, PC, Richardson, Texas PCAOB ID 782; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceDec 30, 19991
  • Filings591 in all: 8-K (157), 4 (117), 10-Q (78), SC 13D/A (41), DEF 14A (25), 10-K (24), 3 (22), SC TO-T/A (18)1
    All 34 form types

    UPLOAD (17), 4/A (13), CORRESP (11), 10-Q/A (10), ARS (8), SC 13D (6), 8-K/A (5), S-4/A (5), 10-K/A (4), NT 10-K (4), NT 10-Q (4), SCHEDULE 13D/A (3), S-4 (2), SC 13E3 (2), SC 13E3/A (2), SC TO-C (2), SC TO-T (2), 10-K405 (1), 425 (1), 8-A12B (1), 8-A12B/A (1), DEFM14A (1), DEFR14A (1), DEL AM (1), PRE 14A (1), RW (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Oct 14, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common StockARLNYSE

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks AMERICAN REALTY INVESTORS INC names in Item 1A of its 10-K filed Mar 12, 2026: 19 risks under these headings, as written.3

  • Our operating performance is subject to risks associated with the real estate industry.
  • We may not be able to compete successfully with other entities that operate in our industry.
  • Real estate investments are illiquid, and we may not be able to sell properties if and when it is appropriate to do so.
  • Our business may be impacted as a result of any health emergency.
  • A shift toward remote or hybrid work could reduce demand for office space and adversely affect our office portfolio and financial performance.
  • We face risks associated with and have been the target of security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
  • Adverse events concerning our existing tenants or negative market conditions affecting our existing tenants could have an adverse impact on our ability to attract new tenants, release space, collect rent or renew leases, and thus could adversely affect cash flow from operations and inhibit growth.
  • Our reliance on third-party management companies to operate certain of our properties may harm our business.
  • Our property insurance coverage is limited, and any uninsured losses could cause us to lose part or all of our investment in our insured properties.
  • We may experience increased operating costs which could adversely affect our financial results and the value of our properties.
  • We face risks associated with property acquisitions.
  • Many of our properties are concentrated in our primary markets and we may suffer economic harm as a result of adverse conditions in those markets.
The other 7 risks
  • We are leveraged and may not be able to meet our debt service obligations.
  • A significant portion of our debt is insured with HUD.
  • An increase in interest rates would increase interest costs on variable rate debt and could adversely impact the ability to refinance existing debt.
  • Unbudgeted capital expenditures or cost overruns could adversely affect business operations and cash flow.
  • Properties may need to be sold from time to time for cash flow purposes.
  • Ownership through partnerships and joint ventures could limit property performance.
  • We could incur more debt.

Legal proceedings

We are defendants in litigation related to a property sale that was completed in 2008, which was tried to a jury in March 2023. On March 18, 2023, the jury in the case returned a “Plaintiff take nothing” verdict in our favor. The trial court granted the Plaintiffs a new trial, and we challenged that order by mandamus. On January 14, 2026, the Dallas Court of Appeals granted our petition and ordered the trial court to (1) vacate its new-trial order and (2) enter judgment in our favor on the jury’s verdict. We have tendered the proposed order and judgment and await their entry by the trial court.

The opening of Item 3, Legal Proceedings.3

Sources

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