AMERICAN REALTY INVESTORS INC

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. Corporate Structure As of December 31, 2025, we owned approximately 78.4% of the common stock of Transcontinental Realty Investors, Inc. ("TCI") and substantially all of our operations are conducted through TCI, whose common stock is traded on the New York Stock Exchange ("NYSE") under the symbol TCI . Accordingly, we include TCI’s financial results in our consolidated financial statements. In addition, as of December 31, 2025, TCI owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. ("IOR") a Nevada corporation, which is publicly listed and traded on the NYSE American under the symbol IOR. Controlling Stockholder Realty Advisors, Inc. ( RAI ), a Nevada corporation, owns approximate ly 90.8% of our common stock. As described in Part III, Item 13. Certain Relationships and Related Transactions, and Director Independen ce , our officers and directors also serve as officers and directors of TCI. TCI has business objectives similar to ours. Our officers and directors owe fiduciary duties to both TCI and us under applicable law.