American Realty Investors Inc (NYSE: ARL) is a real estate investment company that owns and operates multifamily residential and commercial properties. Revenue comes from rental income across two segments: a Multifamily segment generating $34.1 million in FY2025 and a Commercial segment generating $14.9 million in FY2025. The company also holds $142.4 million in notes receivable as of December 31, 2025, producing net interest income of $7.8 million in FY2025. ARL's portfolio includes 2,128 stabilized multifamily units across Texas, Louisiana, Colorado, and Mississippi, plus four properties in active lease-up totaling 906 units in Florida and Texas as of the 10-K filed March 12, 2026. The company is externally managed and advised by Pillar, which has served as advisor and cash manager since April 30, 2011. Erik L. Johnson serves as President and Chief Executive Officer. Shares outstanding totaled 16,152,043 as of March 10, 2026.

Revenue model

Rental income from multifamily apartments and commercial properties, supplemented by interest income on notes receivable. FY2025 multifamily revenue was $34.1 million and commercial revenue was $14.9 million, with net interest income of $7.8 million.

Products and services

Multifamily apartment communities (2,128 stabilized units across 13 properties as of the 10-K filed March 12, 2026) and commercial real estate properties. Four development-stage multifamily projects totaling 906 units in lease-up as of FY2025, with total projected cost of $206.8 million.

Customers and end markets

Residential renters in secondary and tertiary markets across Texas, Louisiana, Colorado, and Mississippi. Commercial tenants in the same geographic footprint. Notes receivable borrowers represent a secondary income source.

Value-chain role

Property owner and operator, externally managed by Pillar under an Advisory Agreement and Cash Management Agreement amended May 7, 2024. Executive officers are employed by Pillar and receive no direct remuneration from ARL.

Geographic exposure

Texas (Waxahachie, Beaumont, Bryan, Texarkana, Sherman, Weatherford, Bandera Ridge/Temple, McKinney, Dallas), Louisiana (Houma, Denham Springs), Colorado (Pueblo), Mississippi (Tupelo), and Florida (Lake Wales), based on the 10-K filed March 12, 2026.

Source: SEC 10-K, filed 2026-03-12

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