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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 NwJq2uCOj5K3lmKnBnBkgQ==

<SEC-DOCUMENT>0000916476-02-000002.txt : 20020903
<SEC-HEADER>0000916476-02-000002.hdr.sgml : 20020903
<ACCEPTANCE-DATETIME>20020903163148
ACCESSION NUMBER:		0000916476-02-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020903
FILED AS OF DATE:		20020903
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			BASIC CAPITAL MANAGEMENT INC
	CENTRAL INDEX KEY:			0000916476
	STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
<RELATIONSHIP>OWNER
	IRS NUMBER:				752332719
	STATE OF INCORPORATION:			NV
	FISCAL YEAR END:			0630

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		10670 NORTH CENTRAL EXPRESSWAY SUITE600
	CITY:			DALLAS
	STATE:			TX
	ZIP:			75231
	BUSINESS PHONE:		2146924700
</REPORTING-OWNER>

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		02755482

	BUSINESS ADDRESS:	
		STREET 1:		10670 NORTH CENTRAL EXPRESSWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231
		BUSINESS PHONE:		2147404700

	MAIL ADDRESS:	
		STREET 1:		10670 NORTH CENTRAL EXPRESSWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75231
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcmari_03september2002.txt
<TEXT>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940


[_]  Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. SEE Instruction 1(b).

________________________________________________________________________________
1.   Name and Address of Reporting Person*

Basic Capital Management, Inc.
- --------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

1800 Valley View Lane, Suite 300
- --------------------------------------------------------------------------------
                                    (Street)

Dallas                                TX                  75234
- --------------------------------------------------------------------------------
   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

American Realty Investors, Inc. ("ARL")
________________________________________________________________________________
3.   I.R.S Identification Number of Reporting Person, if an entity (Voluntary)


________________________________________________________________________________
4.   Statement for Month/Year


September 2002
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Year)


________________________________________________________________________________
6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [_]  Director                             [X]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)

________________________________________________________________________________
7.   Individual or Joint/Group Reporting (Check applicable line)

     [X]  Form filed by One Reporting Person
     [_]  Form filed by More than One Reporting Person
________________________________________________________________________________


================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at end   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>            <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>

Common Stock                          08/28/2002      P              100          A    $8.88                      D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                          08/29/2002      P              200          A    $8.91                      D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                                      6,656,344       D
- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>


*  If the form is filed by more than one reporting person, see instruction
   4(b)(v).

                                                                          (Over)


<PAGE>


FORM 4 (continued)

TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
         (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

================================================================================
<TABLE>
<CAPTION>
                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
- - ----------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>      <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>      <C>       <C>      <C>


- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>
Explanation of Responses:


         /s/ Robert A. Waldman                          September 3, 2002
- -------------------------------------------          -----------------------
      Robert A. Waldman, Secretary                            Date
      **Signature of Reporting Person

** Intentional misstatements or omissions of facts constitute Federal
   Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).


                                                                          Page 2


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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