SCHEDULE IV

AMERICAN REALTY INVESTORS, INC.

MORTGAGE LOANS ON REAL ESTATE

December 31, 2011


Description	Interest Rate			Final Maturity Date		Periodic Payment Terms	Prior Liens		Face Amount of Mortgage		Carrying Amount of Mortgage			Principal or Loans Subject to Delinquent Principal or Interest
							(dollars in thousands)

JUNIOR MORTGAGE LOANS										—
Dallas Fund XVII		9.00			10/09	Principle and interest due at maturity.	$	—	$	1,432	$	1,432		$	—
Secured by an assignment of partnership interests and litigation proceeds

OTHER
2410 Partnership		10.00	%		09/17	Interest only paid quarterly.		—		145		145			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

ABC Land & Development		6.00	%		10/15	Principal and Interest due at maturity.				5,779		272			—
Secured by Marina Landing (256 Unit Apartment Complex)

Christine Tunney		10.00	%		09/17	Interest only paid quarterly.		—		48		48			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Compton Partners		10.00	%		09/17	Interest only paid quarterly.		—		289		289			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

David Monier		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Earl Samson		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Edward Samson		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Hammon Operating Corporation		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Harold Wolfe		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Herrick Partners		10.00	%		09/17	Interest only paid quarterly.		—		91		91			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Mark Small		18.00	%		12/10	All principal and interest are due at maturity.		—		639		639			—
Secured by Collateral Assignment of Contract Proceeds

Mary Ann MacLean		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Michael Monier		10.00	%		09/17	Interest only paid quarterly.		—		304		304			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Michale Witte		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Miscellaneous Non-Related Party		Various			Various			—		397		1,183			—
Various Security Interest

Miscellaneous Related Party		Various			Various			—		523		523			—
Various Security Interest

Palmer Brown Madden		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Peter Van Dyk Berg		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Quintin Smith Jr.		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Realty Advisors Management, Inc.		4.00	%		12/16	Interest only paid quarterly.		—		20,387		20,387			—
Unsecured Interest

Richard Schmaltz		10.00	%		09/17	Interest only paid quarterly.		—		203		203			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Robert Baylis		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Sherman Bull		10.00	%		09/17	Interest only paid quarterly.		—		193		193			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Trust—Brett & Nicole Monier		10.00	%		09/17	Interest only paid quarterly.		—		32		32			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Trust—David Monier		10.00	%		09/17	Interest only paid quarterly.		—		32		32			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Trust—Joseph Monier		10.00	%		09/17	Interest only paid quarterly.		—		32		32			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Unified Housing Foundation, Inc. (Cliffs of El Dorado/UH of McKinney,LLC)		5.25	%		12/27	Excess cash flow		9,607		2,469		2,469			—
100% Interest in UH of Mckinney, LLC

Unified Housing Foundation, Inc. (Cliffs of El Dorado/UH of McKinney,LLC)		15.00	%		09/10	Excess cash flow		9,607		2,990		2,990			—
100% Interest in UH of Mckinney, LLC

Unified Housing Foundation, Inc. (Echo Station/UH of Temple,LLC)		5.25	%		12/27	Excess cash flow		10,169		1,668		1,481			—
100% Interest in UH of Temple, LLC

Unified Housing Foundation, Inc. (Fountains of Burleson/UH of Burleson, LLC)		5.25	%		12/27	Excess cash flow		7,293		694		507			—
100% Interest in UH of Burleson, LLC

Unified Housing Foundation, Inc. (Inwood on the Park/UH of Inwood,LLC)		5.25	%		12/27	Excess cash flow		23,361		5,059		5,059			—
100% Interest in UH of Inwood, LLC

Unified Housing Foundation, Inc. (Kensington Park/UH of Kensington,LLC)		5.25	%		12/27	Excess cash flow		19,314		3,984		3,936			—
100% Interest in UH of Kensington, LLC

Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% of cash flow)		5.25	%		12/27	Excess cash flow		16,462		8,363		8,363			—
Interest in Unified Housing Foundation Inc.

Unified Housing Foundation, Inc. (Limestone Canyon/UH of Austin,LLC)		5.25	%		12/27	Excess cash flow		13,798		5,171		4,663			—
100% Interest in UH of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Canyon/UH of Austin,LLC)		5.25	%		07/15	Excess cash flow		—		1,787		3,057			—
100% Interest in UH of Austin, LLC

Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC)		5.25	%		12/27	Excess cash flow		12,833		8,250		8,250			—
100% Interest in UH of Vista Ridge, LLC

Unified Housing Foundation, Inc. (Parkside Crossing/UH of Parkside Crossing,LLC)		5.25	%		12/27	Excess cash flow		11,342		1,936		1,936			—
100% Interest in UH of Parkside Crossing, LLC

Unified Housing Foundation, Inc. (Parkside Crossing/UH of Parkside Crossing,LLC)		5.25	%		12/27	Excess cash flow		11,342		336		336			—
100% Interest in UH of Parkside Crossing, LLC

Unified Housing Foundation, Inc. (UH of Chase Oaks,LLC)		5.25	%		12/27	Excess cash flow		—		132		132			—
100% Interest in UHF Chase Oaks

Unified Housing Foundation, Inc. (UH of Samsung, Inc.)		5.25	%		12/27	Excess cash flow		—		720		720			—
100% Interest in UH of Samsung I, LLC

Unified Housing Foundation, Inc. (Sendero Ridge)		5.25	%		12/27	Excess cash flow		24,121		9,987		9,987			—
100% Interest in UH of Sendero Ridge, LLC

Unified Housing Foundation, Inc. (Timbers at the Park/UH of Terrell,LLC)		5.25	%		12/27	Excess cash flow		7,679		1,323		1,323			—
100% Interest in UH of Terrell, LLC

Unified Housing Foundation, Inc. (Tivoli)		5.25	%		12/27	Excess cash flow		10,533		7,966		7,966			—
100% Interest in UH of Tivoli, LLC

Unified Housing Foundation, Inc. (UH of Walnut Hill Crossing, LLC)		5.25	%		12/27	Excess cash flow		—		369		369			—
100% Interest in UH of Walnut Park Crossing, LLC

William Ingram		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

William Urkiel		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

Willingham Trust		10.00	%		09/17	Interest only paid quarterly.		—		96		96			—
Class A limited partnership interests in Edina Park Plaza Associates, L.P.

130 Windmill Farms, L.P.		7.00	%		10/11			—		507		507			—

UNSECURED LOANS
Leman Development, Ltd.		0.00			N/A			—		1,500		1,500			—
Tracy Suttles		18.00	%		11/13	Due at maturity.		—		1,077		1,077
Unified Housing Foundation, Inc. (North Ridge/HAF of Dallas, LLC)		5.25	%		12/27	Due at maturity.		7,142		306		306			—
Unified Housing Foundation, Inc. (Reserve at White Rock I,II, & III)		5.25	%		12/27	Interest compounded annually. All principal and interest due at maturity.		53,026		8,894		8,894			—

							$	264,091	$	110,673	$	106,292		$	—

Interest												8,631
Allowance for estimated losses												(13,383	)

											$	101,540

AMERICAN REALTY INVESTORS, INC.

MORTGAGE LOAN RECEIVABLES ON REAL ESTATE

As of December 31,


	2011			2010			2009
Balance at January 1,	$	102,962		$	94,980		$	88,877
Additions
New Mortgage Loans		22,968			29,309			32,096
Funding of Existing Loans		—			12,315			7,753
Increase of interest receivable on mortgage loans		3,822			6,315			6,350
Deductions
Collection of principal		(8,252	)		(11,121	)		(40,654	)
Conversion to property interest		—			—			3,518
Non-Cash Reductions		(1,007	)		(28,836	)		(2,960	)
Cost of mortgages sold .		(5,570	)		—			—

Balance at December 31,	$	114,923		$	102,962		$	94,980