<SEC-DOCUMENT>0001214659-23-011483.txt : 20230818
<SEC-HEADER>0001214659-23-011483.hdr.sgml : 20230818
<ACCEPTANCE-DATETIME>20230818110339
ACCESSION NUMBER:		0001214659-23-011483
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230818
DATE AS OF CHANGE:		20230818
GROUP MEMBERS:		BRADFORD A. PHILLIPS
GROUP MEMBERS:		CLIFTON PHILLIPS

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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59491
		FILM NUMBER:		231184322

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS RYAN T
		CENTRAL INDEX KEY:			0001930027

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		10543 INWOOD ROAD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75229
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>z816230sc13da1.htm
<DESCRIPTION>AMENDMENT NO. 1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Times New Roman; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"> (Amendment No. 1) </P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; text-indent: 5in">&nbsp;</P>

<P STYLE="font: bold 24pt Times New Roman; margin: 0pt 0; text-align: center">AMERICAN REALTY INVESTORS, INC.</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Common Stock, $0.01 par value</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Title
of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">029174-10-9</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Steven C. Metzger</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"> 4709 Lovers Lane, Suite 200 </P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Dallas, Texas 75219</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(214) 740-5030</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(214) 224-7555 (Facsimile)</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"> July 31, 2023 </P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Date of Event which Requires Filing of this Statement)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman">If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule
because of Rules 13d-1(b)(3) or (4), check the following box </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman">.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">NOTE: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The remainder of this cover page shall be filled out for a reporting
persons's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"> The information required on the remainder of this cover
page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the &quot;<U>Act</U>&quot;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes). </P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border: black 1pt solid; text-transform: uppercase; font-weight: bold; text-align: center">CUSIP No. 029174-10-9</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid">
    <P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase">NAME OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-weight: normal">I.R.S. IDENTIFICATION
    NO. OF ABOVE PERSON (ENTITIES ONLY)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">Bradford A. Phillips</TD></TR>
  <TR>
    <TD STYLE="width: 5%; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="width: 82%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-transform: uppercase; font-weight: bold">&nbsp;<BR>
<FONT STYLE="font-family: Times New Roman">SEC USE ONLY</FONT><BR>
&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOURCE OF FUNDS (SEE INSTRUCTIONS)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">PF and OO</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR&nbsp;&nbsp;2(e)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>USA</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; width: 23%; border-bottom: Black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>NUMBER OF</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>BENEFICIALLY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>EACH</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>PERSON</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>WITH</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 5%"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 72%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><B>-0-</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="width: 5%; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="width: 87%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see(see INSTRUCTIONS)</FONT></TD>
    <TD STYLE="width: 8%; border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(SEE INSTRUCTIONS)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>-0-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>TYPE OF REPORTING PERSON</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>IN</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border: black 1pt solid; text-transform: uppercase; font-weight: bold; text-align: center">CUSIP No. 029174-10-9</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid">
    <P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase">NAME OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-weight: normal">I.R.S. IDENTIFICATION
    NO. OF ABOVE PERSON (ENTITIES ONLY)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">Ryan Phillips</TD></TR>
  <TR>
    <TD STYLE="width: 5%; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="width: 82%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-transform: uppercase; font-weight: bold">&nbsp;<BR>
<FONT STYLE="font-family: Times New Roman">SEC USE ONLY</FONT><BR>
&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOURCE OF FUNDS (SEE INSTRUCTIONS)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">PF and OO</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR&nbsp;&nbsp;2(e)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>USA</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 23%">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>NUMBER OF</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>BENEFICIALLY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>EACH</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>PERSON</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>WITH</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 5%"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 72%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,016</B> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,016</B> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><B>-0-</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,016 + 13,147*</B> </TD></TR>
  <TR>
    <TD STYLE="width: 5%; border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="width: 87%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see(see INSTRUCTIONS)</FONT></TD>
    <TD STYLE="width: 8%; border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(SEE INSTRUCTIONS)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>0.0682%
    + 0.08139%*</B></FONT> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>TYPE OF REPORTING PERSON</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>IN</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"> *PSII Management LLC, a Texas limited liability company owns 13,147 ARL shares;
Ryan Phillips is the sole governing person and the Trustee of Trusts which own such entity. </P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border: black 1pt solid; text-transform: uppercase; font-weight: bold; text-align: center">CUSIP No. 029174-10-9</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid">
    <P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase">NAME OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-weight: normal">I.R.S. IDENTIFICATION
    NO. OF ABOVE PERSON (ENTITIES ONLY)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">Clifton Phillips</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 5%; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="width: 82%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; text-transform: uppercase; font-weight: bold">&nbsp;<BR>
<FONT STYLE="font-family: Times New Roman">SEC USE ONLY</FONT><BR>
&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOURCE OF FUNDS (SEE INSTRUCTIONS)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">PF and OO</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR&nbsp;&nbsp;2(e)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>USA</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 23%">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>NUMBER OF</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>BENEFICIALLY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>EACH</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>PERSON</B></P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>WITH</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 5%"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 72%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,131</B> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED VOTING POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><B>-0-</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SOLE DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,131</B> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">SHARED DISPOSITIVE POWER</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><B>-0-</B></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <B>11,131</B> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 5%; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="width: 87%; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see(see INSTRUCTIONS)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(SEE INSTRUCTIONS)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>0.06891%</B></FONT> </TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>TYPE OF REPORTING PERSON</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>IN</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Security and Issuer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This Amendment No. 1 Statement
on Schedule 13D (this &ldquo;<U>Amendment&rdquo;</U>) relates to shares of Common Stock, par value $0.01 per share (the &ldquo;<U>Shares</U>&rdquo;)
of American Realty Investors, Inc., a Nevada corporation (the &ldquo;<U>Issuer</U>&rdquo; or &ldquo;<U>ARL</U>&rdquo;) and amends the
Original Statement on Schedule 13D filed on August 1, 2022; the <U>&ldquo;Statement</U>&rdquo; as amended by this Amendment is called
the &ldquo;<U>Amended Statement</U>&rdquo;, and is being filed in <B>an abundance of caution</B> with the Securities and Exchange Commission
(the &ldquo;<U>Commission</U>&rdquo;) by the persons described in Item 2 below, who are indirectly related to and associated with, but
not acting in concert with, the present principal stockholder of the Issuer. The principal executive offices of the Issuer are located
at 1603 LBJ Freeway, Suite 800, Dallas, Texas 75234. The Shares are listed and traded on the New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;).
The CUSIP number of the Shares is 029174-10-9. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This Amended Statement
is being filed in <B>an abundance of caution</B> to disclose that the individuals and/or their respective entities named below now hold
the Shares disclosed herein and <U>may</U>, in the future, purchase, hold and/or subsequently sell Shares depending upon market circumstances
and their collective and individual investment objectives and desires, independent of Shares acquired, held or sold by any other stockholder,
including, but not limited to, entities owned or controlled by the May Trust, of which certain of the individuals listed below (and/or
their family members) are, in addition to their siblings, beneficiaries. Each of the individuals listed below is an adult son of the
late Gene E. Phillips, deceased, one of the settlors of the May Trust and of the Gene E. Phillips Children&rsquo;s Trust. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Identity and Background</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> (a)-(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amended
Statement is filed on behalf of (i) Bradford A. Phillips (&ldquo;<U>B. Phillips</U>&rdquo;), who is the Chief Executive Officer and Chairman
of LBL Group of Insurance Companies and whose principal executive offices are located at 1605 LBJ Freeway, Suite 700, Dallas, Texas 75234,
(ii) Clifton Phillips (&ldquo;<U>C. Phillips</U>&rdquo;), who is the President of Roundstone Development, LLC, a Dallas, Texas developer
of affordable housing projects in Arkansas, Florida, Mississippi and Texas, with its principal executive offices located at 1603 LBJ
Freeway, Suite 860, Dallas, Texas 75234, and (iii) Ryan Phillips (&ldquo;<U>R. Phillips</U>&rdquo;), President of Signature Asset Management,
Inc., a Dallas, Texas owner and developer of commercial office space, which has its principal executive offices located at 1603 LBJ Freeway,
Suite 800, Dallas, Texas 75234. B. Phillips, C. Phillips and R. Phillips are brothers. C. Phillips and his family members, R. Phillips
and his family members and family members of B. Phillips (but not B. Phillips individually) are among the beneficiaries of the May Trust
and are among the owners of shares of May Realty Holdings, Inc., which is controlled by the May Trust. R. Phillips is also the Trustee
of two Trusts which own PSII Management LLC, a Texas limited liability company of which R. Phillips is the sole governing person. PSII
Management LLC owns Shares. B. Phillips is also a Director [one of six] (since March 11, 2021) of the Issuer and of Transcontinental
Realty Investors, Inc., a Nevada corporation (&ldquo;<U>TCI</U>&rdquo;), the majority of the shares of Common Stock of which are owned
and held by ARL. B. Phillips, C. Phillips and R. Phillips may be deemed to constitute a &ldquo;person&rdquo; within the meaning of Section
13(d) of the Act, as amended, because they are brothers who may have similar investments (although not shared by the three), they may
to trade Shares but not divide the resulting funds among them; that is, they may make similar investments in Shares, but all purchases
and/or sales will be for their own respective individual account or, in the case of R. Phillips, also for PSII Management LLC. Each of
B. Phillips, C. Phillips and R. Phillips are citizens of the United States of America. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)-(e)&#9;During the last
five years, none of B. Phillips, C. Phillips or R. Phillips (i) has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, the
result of which was or is subject to a judgment, decree or final order in joining future violations of or prohibiting or mandating activities
subject to federal or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3.</B></TD><TD><B>Source and Amount of Funds or Other Consideration</B></TD></TR></TABLE>

<P STYLE="font: 10pt Courier; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Any purchases of any securities
have been, and will be purchased for cash from the personal funds of each of B. Phillips, C. Phillips and/or R. Phillips and/or PSII
Management LLC. Purchases have been and are likely to be made through brokerage accounts which have margin availability. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Purpose of Transaction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose or purposes of
any acquisition of securities of the Issuer will be for investment. None of B. Phillips, C. Phillips or R. Phillips has any present plans
or proposals which would result in such person seeking to acquire the entire equity interest in the Issuer. Except as set forth in this
Statement, none of B. Phillips, C. Phillips or R. Phillips has any present plans or proposals which would relate to or would result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquisition by any person of any additional securities of the Issuer or the disposition of securities of the Issuer, except that any or
all of B. Phillips, C. Phillips and R. Phillips may, if the appropriate opportunity exists, acquire additional securities of the Issuer
or dispose of any portion of any or all of the securities of the Issuer then held by such person; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number of term of
directors or fill any existing vacancies on the Board; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material change in the present capitalization or dividend policy of the Issuer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other material change in the Issuer&rsquo;s business or corporate structure, including, but not limited to, if the Issuer is a registered closed-end
investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by Section 13 of
the Investment Company Act of 1940; or </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
in the Issuer&rsquo;s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of
the Issuer by any person; or </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;causing
a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an
interdealer quotation system of a registered national securities association; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
actions similar to any of those enumerated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B>Interest in Securities of the Issuer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to the latest information available from the Issuer, as of May 13, 2023, the total number of issued and outstanding Shares was 16,152,043.
As of July 31, 2023, B. Phillips owns no Shares, C. Phillips owns directly 11,131 Shares (0.06891%) and R. Phillips owns directly 11,016
Shares (0.0682% and as the sole governing person of PSII Management LLC; 13,147 Shares (0.08139%). The beneficiaries of the May Trust,
R. Phillips, C. Phillips and his family members and the family of B. Phillips(but not B. Phillips individually) own 100% of May Realty
Holdings, Inc., a Nevada corporation (&ldquo;<U>MRHI</U>&rdquo;), which, in turn, owns 100% of Realty Advisors, Inc., a Nevada corporation
(&ldquo;<U>RAI&rdquo;</U>). RAI, together with its wholly owned subsidiaries, owns directly and beneficially approximately 90.82% of
the Shares; however, none of B. Phillips, C. Phillips or R. Phillips holds the present right to require distribution of any of such Shares,
nor does any of B. Phillips, C. Phillips or R. Phillips have any voting or dispositive power over any Shares owned by RAI or its subsidiaries.
Only the trustees of the May Trust have the right to direct the voting or disposition of any Share controlled by such Trust and only
the director of MRHI and/or RAI has the right to direct the voting or disposition of any Shares owned or controlled by either MRHI or
RAI. The GEP Childrens&rsquo; Trust owns 27,602 Shares (0.17%), but none of B. Phillips, R. Phillips or C. Phillips have any beneficial interest
in such Trust or those Shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Shares purchased have been, and will be for each person&rsquo;s own individual account, or as to PSII Management LLC for its own account, and
while they may be holding at the same time, any investment decisions on purchase or sale are to be individual decisions on purchase or
sale are to be holding at the same time, any investment decisions on purchase or sale are to be individual decisions; there is no agreement
to share profits or losses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Shares purchased have been acquired pursuant to a contract, instruction, or written plan for the purchase and/or sale of Shares of the
Issuer that is intended to satisfy the affirmative defense conditions of Rule 10b 5-1(c) under the Securities Act of 1934, as amended
(the &ldquo;<B><U>Exchange Act</U></B>&rdquo;). Under such Plans, during the sixty calendar days prior to July 31, 2023, C. Phillips
acquired in open market purchases 2,750 Shares in ten separate transactions at prices ranging from $18.51 to $20.75; R. Phillips acquired
in open market purchases 700 Shares in four separate transactions at prices ranging from $19 to $19.45 and PSII Management, LLC acquired
in open market purchases 2,570 Shares in nine separate transactions at prices ranging from $18 to $20.75.&nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from any sale
of any securities covered by this Amended Statement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"> (e) </TD><TD STYLE="text-align: justify"> Not Applicable. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Except that the three
individuals will be acting on behalf of each other and for each other with respect to all securities investments, including any investments
in the Shares, there are no contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect
to any securities of the Issuer, including finder&rsquo;s fees, joint ventures, loan or option arrangements, puts or calls, guaranties of profits,
division of profits or loss, or the giving or withholding of proxies to which any of B. Phillips, C. Phillips or R. Phillips is a party. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Material to be Filed as Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After reasonable inquiry and to the best of their
respective knowledge and belief, the undersigned certify that the information set forth in this Statement on Schedule 13D is true, complete,
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Dated: August 17, 2023 </P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Bradford A. Phillips</FONT><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Clifton Phillips</FONT><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">  </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bradford
                                            A. Phillips, individually</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clifton
                                            Phillips, individually</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 34%"><FONT STYLE="font-size: 10pt">/s/ Ryan Phillips</FONT></TD>
  <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ryan Phillips, individually</P></TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">7</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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