AMERICAN REALTY INVESTORS INC

General American Realty Investors, Inc. is a fully integrated, externally managed real estate company that operates high-quality multifamily and commercial properties across the Southern United States. The company also invests in mortgage notes receivable and land held for appreciation or development. As of December 31, 2025, General American Realty Investors, Inc. owned approximately 78.4% of the common stock of Transcontinental Realty Investors, Inc. (TCI), and substantially all of its operations are conducted through TCI. TCI's common stock is traded on the New York Stock Exchange under the symbol "TCI." The financial results of TCI are included in General American Realty Investors, Inc.'s consolidated financial statements. Additionally, as of December 31, 2025, TCI owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. (IOR), a publicly listed Nevada corporation traded on the NYSE American under the symbol IOR. Realty Advisors, Inc. (RAI), a Nevada corporation, owns approximately 90.8% of General American Realty Investors, Inc.'s common stock. The company's business is managed by Pillar Income Asset Management, Inc.