American Realty Investors (ARL) is an externally managed real estate company focused on owning and operating multifamily apartment communities and commercial office properties in the Southern U.S. ARL's core business is collecting rent from apartment tenants across 2,128 operational units in 13 properties, with another 672 units in lease-up across three properties. ARL also owns four commercial office buildings totaling about 1M rentable sq ft, which is a secondary part of the portfolio. ARL has no employees — Pillar Income Asset Management handles all investment, financing, and advisory functions, while third-party property managers operate the multifamily properties and Regis Realty Prime manages three of the commercial properties. ARL sits atop a layered ownership structure: ARL owns roughly 78% of Transcontinental Realty Investors (TCI), through which substantially all operations are conducted, and Realty Advisors controls roughly 91% of ARL's common stock. Beyond collecting rent, ARL creates value through developing new apartment communities — often by providing convertible loans to third-party developers that convert into 100% ownership at cost — and through selective land and property sales. ARL also invests in mortgage notes receivable, generating interest income. Multifamily debt is largely HUD-insured, providing lower rates and longer terms, though HUD restricts cash distributions from the underlying properties. ARL's multifamily portfolio is concentrated in secondary Southern U.S. markets across Texas, Florida, and Alabama.