<SEC-DOCUMENT>0001102238-24-000010.txt : 20240507
<SEC-HEADER>0001102238-24-000010.hdr.sgml : 20240507
<ACCEPTANCE-DATETIME>20240507160902
ACCESSION NUMBER:		0001102238-24-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20240507
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240507
DATE AS OF CHANGE:		20240507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		24921883

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>arl-20240507.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:c0a73aed-d03f-47a3-abc6-4d02f41fc69a,g:f2263c4b-dc17-409b-8fb9-eb5da3d64c20,d:a171fd01b7184bd3a3fed05d3b3e86d8-->
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:xlink="http://www.w3.org/1999/xlink" xml:lang="en-US"><head><meta http-equiv="Content-Type" content="text/html"/>


<title>arl-20240507</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-22">0001102238</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" id="f-23">false</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="arl-20240507.xsd"/></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001102238</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-05-07</xbrli:startDate><xbrli:endDate>2024-05-07</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="ia171fd01b7184bd3a3fed05d3b3e86d8_1"></div><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"/></tr></table></div><div style="margin-top:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549</span></div><div style="margin-top:3pt;text-align:center"><span><br/></span></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric></span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Current Report</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Pursuant to Section 13 or 15(d)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">of the Securities Exchange Act of 1934</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.660%"><tr><td style="width:1.0%"/><td style="width:76.230%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.570%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date of Report (Date of earliest event reported)</span></td><td colspan="3" style="border-left:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">May 7, 2024</ix:nonNumeric></span></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-3">American Realty Investors, Inc.</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Exact name of registrant as specified in its charter)</span></div><div style="text-align:center"><span><br/></span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:33.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.309%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.379%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.920%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-4">Nevada</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-5">001-15663</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-6">75-2847135</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(State or other jurisdiction of&#160;<br/>Incorporation or organization)&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Commission File Number)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(IRS Employer&#160;Identification Number)</span></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-7">1603 LBJ Freeway,</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine2" id="f-8">Suite 800</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-9">Dallas</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressStateOrProvince" id="f-10">TX</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-11">75234</ix:nonNumeric></span></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Address of principal executive offices)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(Zip Code)</span></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(<ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-12">469</ix:nonNumeric>) <ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-13">522-4200</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Registrant&#8217;s Telephone Number, including area code</span></div><div style="margin-top:10pt;text-align:justify"><span><br/></span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;<ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="f-14">&#9744;</ix:nonNumeric>&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;<ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="f-15">&#9744;</ix:nonNumeric>&#160; Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;<ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="f-16">&#9744;</ix:nonNumeric>&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Securities Act (17 CFR 240.14d-2(b))</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;<ix:nonNumeric contextRef="c-1" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="f-17">&#9744;</ix:nonNumeric>&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Securities Act (17 CFR 240.413e-4(c))</span></div><div style="margin-top:6pt;text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:36.528%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.350%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:36.822%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:underline">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:underline">Trading Symbol(s)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:underline">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:Security12bTitle" id="f-18">Common Stock</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:TradingSymbol" id="f-19">ARL</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:SecurityExchangeName" id="f-20">NYSE</ix:nonNumeric></span></td></tr></table></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((17 CFR 230.405 of or Rule 12b-2 of the Securities Act of 1934 (17 CFR 230.405):</span></div><div style="margin-top:6pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-21">&#9744;</ix:nonNumeric>&#160; Emerging growth company</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If an emerging growth company indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></div><div style="margin-top:10pt"><span><br/></span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"/></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="ia171fd01b7184bd3a3fed05d3b3e86d8_7"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Section 8 &#8211; Other Events</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 8.01. Other Events</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May&#160;7, 2024, but effective for tax and accounting purposes at January 1, 2024, American Realty Investors, Inc. (&#8220;ARL&#8221; or the &#8220;Company&#8221; or the &#8220;Registrant&#8221;) and Pillar Income Asset Management, Inc. (&#8220;Pillar&#8221;) entered into an Amended and Restated Advisory Agreement (the &#8220;Amended Agreement&#8221;) which clarified and revised several separate fees into a single &#8220;Net Asset Value Fee&#8221; plus certain specified allocated reimbursements. Pillar has been the contractual Advisor to the Company since April 30, 2011, and has operated under the original Advisory Agreement dated April 30, 2011 for 13 years. The Amended Agreement, a copy of which is attached as Exhibit 10.1 does not change any duties or responsibilities of either Pillar or the Company.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Section 9 &#8211; Financial Statements and Exhibits</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01. Financial Statements and Exhibits</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)       Exhibits.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="padding-left:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The following exhibit is furnished with this Report:</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="padding-left:45pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.384%"><tr><td style="width:1.0%"/><td style="width:11.843%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.218%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:84.539%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit No.</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="arl20240507ex101advisoragr.htm">10.1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amended and Restated Advisory Agreement dated May&#160;7, 2024 between American Realty Investors, Inc. and Pillar Income Asset Management, Inc.</span></div></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">_________________________</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">* Furnished herewith</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="ia171fd01b7184bd3a3fed05d3b3e86d8_10"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of Section&#160;13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</span></div><div style="margin-top:17pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:46.484%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:3.438%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:46.778%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">AMERICAN R</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EALTY</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> I</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NVESTORS</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">, I</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">.</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dated: May 7, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/&#160; ERIK L. JOHNSON</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Erik L. Johnson</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer</span></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>arl20240507ex101advisoragr.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2024 Workiva -->
<title>Document</title></head><body><div id="i6f032ac6c1d2489bbe91697b0c15733a_35"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:112%">10.1</font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center;text-indent:36pt"><font><br></font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">AMENDED AND RESTATED ADVISORY AGREEMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> BETWEEN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> AMERICAN REALTY INVESTORS, INC.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> AND</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%"> PILLAR INCOME ASSET MANAGEMENT, INC.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">THIS AMENDED AND RESTATED ADVISORY AGREEMENT (the &#34;Agreement&#34;) is dated on May&#160;7, 2024, but is effective as of January 1, 2024, for tax and accounting purposes (the &#8220;Effective Date&#8221;) between American Realty Investors, Inc., a Nevada corporation (the &#8220;Company&#8221;), and Pillar Income Asset Management, Inc. (the &#8220;Advisor&#8221;), a Nevada corporation.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Company owns a complex, diversified portfolio of real estate, mortgages and other assets, including certain non-performing or troubled assets.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Company is an active real estate investment company with funds available for investment primarily in the acquisition of income-producing real estate and to a lesser extent in short and medium term mortgages.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Advisor and its employees have extensive experience in the administration of real estate assets and the origination, structuring and evaluation of real estate and mortgage investments.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Advisor has served the Company since April 30, 2011 pursuant to an Advisory Agreement dated April 30, 2011 between the Company and the Advisor (the &#8220;Original Agreement&#8221;), which the Company and the Advisor now wish to amend and fully restate to clarify and simplify certain matters relating to the fees and reimbursements to be delivered to the Advisor for its services. </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The parties agree that the Original Agreement is hereby amended and fully restated as follows&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Duties of the Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  Subject to the supervision of the Board of Directors, the Advisor will be responsible for the day-to-day operations of the Company and shall provide such services and activities relating to the assets, operations and business plan of the Company as may be appropriate, including&#58;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">preparing and submitting an annual budget and business plan for approval by the Board of the Company (the &#8220;Business Plan&#8221;)&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">using its best lawful efforts to present to the Company a continuing and suitable investment program consistent with the investment policies and objectives of the Company as set forth in the Business Plan&#59; </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">source, investigate and evaluate acquisitions and dispositions consistent with the Company&#8217;s investment guidelines (subject to Section 17) and make recommendations to the Board of Directors&#59;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">d.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">engage and supervise, on the Company&#8217;s behalf and at the Company&#8217;s expense, third parties to provide development management, property management, project management, design and construction services, investment banking services, financial services, property disposition brokerage services, independent accounting and auditing services and tax reviews and advice, transfer agent and registrar services, feasibility studies, appraisals, engineering studies, environmental property inspections and due diligence services, underwriting review services, consulting services and all other services reasonably necessary for Advisor to perform its duties hereunder&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">e.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">negotiate, on the Company&#8217;s behalf, any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">f.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.01pt">coordinate and manage joint ventures with the Company, including monitoring and enforcing compliance with applicable joint venture or partnership governing documents&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">g.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">negotiate, on behalf of the Company, terms of property management agreements, and other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof including, without limitation, the negotiation and approval of annual operating and capital budgets thereunder&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">h.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">negotiate, on behalf of the Company, terms of loan documents for the Company&#8217;s financings&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">enforce, monitor and manage compliance of loan documents to which the Company is a party, in each case, on behalf of the Company&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">j.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">administer bookkeeping and accounting functions as are required for the management and operation of the Company, contract for audits and prepare or cause to be prepared such periodic reports and filings as may be required by any governmental authority in connection with the ordinary conduct of the Company&#8217;s business, and otherwise advise and assist the Company with its compliance with applicable legal and regulatory requirements, including without limitation, periodic reports, returns or statements required by the Securities Exchange Commission (&#8220;SEC&#8221;), the Internal Revenue Service and any other regulatory entity to which the Company is obligated to file such reports&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">k.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">retain counsel, consultants and other third-party professionals on behalf of the Company, coordinate, supervise and manage all consultants, third party professionals and counsel, and investigate, evaluate, negotiate and oversee the processing of claims by or against the Company&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">l.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">advise and assist with the Company&#8217;s risk management and oversight function&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">m.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:5.67pt">provide office space, office equipment and personnel necessary for the performance of services&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">n.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">perform or supervise the performance of such administrative functions reasonably necessary for the establishment of bank accounts, related controls, collection of revenues and the payment of Company debts and obligations&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">o.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">communicate with the Company&#8217;s investors and analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company&#8217;s securities are traded and to maintain effective relations with such investors&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">p.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">advise and assist the Company with respect to the Company&#8217;s public relations, preparation of marketing materials, website and investor relation services&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">q.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">prepare and file all US Federal, state and foreign income tax filings on the Company&#8217;s behalf and represent the Company in any tax audit or tax matter&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">r.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.01pt">counsel the Company in connection with policy decisions to be made by the Board of Directors&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">s.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:10.34pt">furnish reports and statistical and economic research to the Company regarding the Company&#8217;s activities, investments, financing and capital market activities and services performed for the Company by the Advisor&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">t.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">asset manage and monitor the operating performance of the Company&#8217;s real estate investments, including the management and implementation of capital improvement programs, pursue property tax appeals (as appropriate), and provide periodic reports with respect to the Company&#8217;s investments to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">u.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">maintain cash in bank accounts and&#47;or investment accounts and make payment of fees, costs and expenses, or the payment of distributions to stockholders of the Company&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">v.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">advise the Company as to its capital structure and capital raising&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">w.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:6.34pt">take all actions reasonably necessary to enable the Company to comply with and abide by all applicable laws and regulations in all material respects subject to the Company providing appropriate, necessary and timely funding of capital&#59;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">x.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">any additional duties that are determined reasonably necessary or appropriate by the Company&#8217;s audit committee&#59; and</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">y.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">take such other actions and render such other services as may reasonably be requested by the Company consistent with the purpose of this Agreement and the aforementioned services.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">No Partnership or Joint Venture</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Company and the Advisor are not partners or joint venturers with each other, and nothing herein shall be construed so as to make them such partners or joint venturers or impose any liability as such on either of them.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Records</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  At all times, the Advisor shall keep proper books of accounts and records of the Company's affairs which shall be accessible for inspection by the Company at any time during ordinary business hours.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Additional Obligations of the Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor shall refrain from any action that would (a) violate any law, rule, regulation, or statement of policy of any governmental body or agency having jurisdiction over the Company or over its securities, (b) cause the Company to be required to register as an investment company under the Investment Company Act of 1940, or (c) otherwise not be permitted by the Articles of Incorporation of the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Bank Accounts</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor may establish and maintain one or more bank accounts in its own name, and may collect and deposit into any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Directors may approve, provided that no funds in any such account shall be commingled with funds of the Advisor&#59; and the Advisor shall from time to time render appropriate accounting of such collections and payments to the Directors and to the auditors of the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Bonds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor shall maintain a fidelity bond with a responsible surety company in such amount as may be required by the Directors from time to time, covering all directors, officers, employees, and agents of the Advisor handling funds of the Company and any investment documents or records pertaining to investments of the Company. Such bond shall inure to the benefit of the Company in respect to losses of any such property from acts of such directors, officers, employees, and agents through theft, embezzlement, fraud, negligence, error, or omission or otherwise, the premium for said bond to be at the expense of the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Information Furnished Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Directors shall have the right to change the Business Plan at any time, effective upon receipt by the Advisor of notice of such a change. The Company shall furnish the Advisor with a certified copy of all financial statements, a signed copy of each report prepared by independent certified public accountants, and such other information with regard to the Company's affairs as the Advisor may from time-to-time reasonably request.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Consultation and Advice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  In addition to the services described above, the Advisor shall consult with the Directors, and shall, at the request of the Directors or the officers of the Company, furnish advice and recommendations with respect to any aspect of the business and affairs of the Company, including any factors that in the Advisor's best judgment should influence the policies of the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt;text-decoration:underline">Annual Business Plan and Budget</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  No later than January 15</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:112%;position:relative;top:-4.2pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> of each year, the Advisor shall submit to the Directors a written Business Plan for the current Fiscal year of the Company. Such Business Plan shall include a twelve-month forecast of operations and </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">cash flow with explicit assumptions and a general plan for asset sales or acquisitions, lending, foreclosure and borrowing activity, other investments or ventures and proposed securities offerings or repurchases or any proposed restructuring of the Company. To the extent possible, the Business Plan shall set forth the Advisor's recommendations and the basis therefore with respect to all material investments of the Company. Upon approval by the Board of Directors, the Advisor shall be authorized to conduct the business of the Company in accordance with the explicit provisions of the Business Plan, specifically including the borrowing, leasing, maintenance, capital improvements, renovations and sale of investments set forth in the Business Plan. Any transaction or investment not explicitly provided for in the approved Business Plan shall require the prior approval of the Board of Directors unless made pursuant to authority expressly delegated to the Advisor. Within sixty (60) days of the end of each calendar quarter, the Advisor shall provide the Board of Directors with a report comparing the Company's actual performance for the quarter against the Business Plan.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  As used herein, the following terms shall have the meanings set forth below&#58;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">&#8220;Adjusted Net Income&#8221; shall mean Net Income as defined herein, before income tax and interest on any receivables from the Advisor and less net income with  derived from any subsidiary subject to an advisory agreement with the Advisor.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">&#34;Affiliate&#34; shall mean, as to any Person, any other Person who owns beneficially, directly, or indirectly, 1% or more of the outstanding capital stock, shares or equity interests of such Person or of any other Person which controls, is controlled by, or is under common control with such Person or is an officer, director, or employee of  such Person or of any other Person which controls, is controlled by, or is under common control with, such Person.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">&#34;Business Plan&#34; shall mean the Company's investment policies and objectives and the capital and operating budget based thereon, approved by the Board as thereafter modified or amended.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">d.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">&#34;Fiscal Year&#34; shall mean any period for which an income tax return is submitted to the Internal Revenue Service, and which is treated by the Internal Revenue Service as a reporting period.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">e.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">&#34;Gross Asset Value&#34; shall mean the total assets of the Company in accordance with U.S. GAAP after deduction of allowance for amortization, depreciation or depletion and valuation reserves.  Gross Asset value shall also exclude any intercompany receivables from the Advisor and shall exclude all assets of subsidiaries subject to separate advisory agreements with the Advisor.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">f.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.01pt">&#34;Mortgage Loans&#34; shall mean notes, debentures, bonds, and other evidence of indebtedness or obligations, whether negotiable or non-negotiable, and which are secured or collateralized by mortgages, including first, wraparound, construction and development, and junior mortgages.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">g.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">&#34;Net Income&#34; for any period shall mean the Net Income of the Company for such period computed in accordance with generally accepted accounting principles after deduction of the Gross Asset Fee, but before deduction of the Net Income Fee, as set forth in Sections 11(a) and 11(b), respectively, herein, and inclusive of gain or loss of the sale of assets.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">h.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">&#34;Person&#34; shall mean and include individuals, corporations, limited partnerships, general partnerships, joint stock companies or associations, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts, or other entities and governments and agencies and political subdivisions thereof.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">&#34;Real Property&#34; shall mean and include land, rights in land, leasehold interests (including, but not limited to, interests of a lessor or lessee therein), and any buildings, structures, improvements, fixtures, and equipment located on or used in connection with land, leasehold interests, and rights in land or interests therein.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">All calculations made pursuant to this Agreement shall be based on statements (which may be unaudited, except as provided herein) prepared on an accrual basis consistent with generally accepted accounting principles, regardless of whether the Company may also prepare statements on a different basis. All other terms shall have the same meaning as set forth in the Company's Articles of Incorporation and Bylaws.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Advisory Compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt;text-decoration:underline">Gross Asset Fee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  On or before the last day of each month during the term hereof, the Company shall pay to the Advisor, as compensation for the basic management and advisory services rendered to the Company hereunder, a fee at a rate of 0.0625% per month of the average of the Gross Asset Value of the Company at the beginning and at the end of the next preceding calendar month. Without negating the provisions of Sections 19, 22 and 23 hereof, the annual rate of the Gross Asset Fee shall be 0.75% per annum.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt;text-decoration:underline">Net Income Fee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  As an incentive for successful investment and management of the Company's assets, the Advisor will be entitled to receive a fee equal to 7.5% per annum of the Company's Adjusted Net Income for each Fiscal Year or portion thereof for which the Advisor provides services. To the extent the Company has Adjusted Net Income in a quarter, the Net Income fee is to be paid quarterly on or after the third business day following the filing of the report on Form 10-Q with the SEC, except for the payment for the fourth quarter, ended December 31, which is to be paid on or after the third business day following the filing of the report on Form 10-K with the SEC. The 7.5% Net Income Fee is to be cumulative within any Fiscal Year, such that if the Company has a loss in any quarter during the Fiscal Year, each subsequent quarter's payment during such Fiscal Year shall be adjusted to maintain the 7.5% per annum rate, with final settlement being made with the fourth quarter payment and in accordance with audited results for the Fiscal Year. The 7.5% Net Income Fee is not cumulative from year to year.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Statements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor shall furnish to the Company not later than the tenth day of each calendar month, a statement showing the computation of the fees, if any, payable in respect to the next preceding calendar month (or, in the case of incentive compensation, for the preceding Fiscal Year, as appropriate) under the Agreement. The final settlement of incentive compensation for each Fiscal year shall be subject to adjustment in accordance with, and upon completion of, the annual audit of the Company's financial statements&#59; any payment by the Company or repayment by the Advisor that shall be indicated to be necessary in accordance therewith shall be made promptly after the completion of such audit and shall be reflected in the audited statements to be published by the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Compensation for Additional Services</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  If to the extent that the Company shall request the Advisor or any director, officer, partner, or employee of the Advisor to render services for the Company other than those required to be rendered by the Advisor hereunder, such additional services, if performed, will be compensated separately on terms to be agreed upon between such party and the Company from time to time. In particular, but without limitation, if the Company shall request that the Advisor perform property management, leasing, loan disbursement or similar functions, the Company and the Advisor shall enter into a separate agreement specifying the obligations of the parties and providing for reasonable additional compensation to the Advisor for performing such services.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Expenses of the Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  Without regard to the amount of compensation or reimbursement received hereunder by the Advisor, the Advisor shall bear the following expenses&#58;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">employment expenses of the personnel employed by the Advisor (including Directors, officers, and employees of the Company who are directors, officers, or employees of the Advisor or of any company that controls, is controlled by, or is under common control with the Advisor), including, but not limited to, fees, salaries, wages, payroll taxes, travel expenses, and the cost of employee benefit plans and temporary help expenses except for those personnel expenses described in Section 16(a)&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">rent, telephone, utilities, office furniture and furnishings, and other office expenses of the Advisor and the Company, except as any of such expenses relates to an office maintained by the Company separate from the office of the Advisor&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">miscellaneous administrative expenses relating to performance by the Advisor of its duties and responsibilities hereunder.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Expenses of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Company shall pay all its expenses not assumed by the Advisor and, without limiting the generality of the foregoing, it is specifically agreed that the following expenses of the Company shall be paid by the Company and shall not be paid by the Advisor&#58;</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">the Company shall reimburse the Advisor, on a monthly basis, the Company&#8217;s pro-rata portion (as reasonably agreed to between the Advisor and a majority of the Company&#8217;s Independent Directors) of all expenses related to (i) employment of the Advisor&#8217;s personnel who are actively engaged in the services to the Company (&#8220;Service Employees&#8221;) and (ii) the reasonable travel and other out-of-pocket costs of the Service Employees. Such expenses shall include, but are not limited to, salary, wages, payroll taxes and the cost of employee benefit plans.</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">the cost of money borrowed by the Company&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">income taxes, taxes and assessments on real property, and all other taxes applicable to the Company&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">d.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">legal, auditing, accounting, underwriting, brokerage, listing, registration and other fees, printing, and engraving and other expenses, and taxes incurred in connection with the issuance, distribution, transfer, registration, and stock exchange listing of the Company's securities&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">e.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">fees, salaries, and expenses paid to officers and employees of the Company who are not directors, officers or employees of the Advisor, or of any company that controls, is controlled by, or is under common control with the Advisor&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">f.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.01pt">expenses directly connected with the origination or purchase of Mortgage Loans and with the acquisition, disposition and ownership of real estate equity interests or other property (including the costs of foreclosure, insurance, legal, protective, brokerage, maintenance, repair, and property improvement services) and including all compensation, traveling expenses, and other direct costs associated with the Advisor's employees or other personnel engaged in (i) real estate transaction legal services, (ii) foreclosure and other mortgage finance services, (iii) sale or solicitation for sale of mortgages, (iv) engineering and appraisal services, and (v) transfer agent services&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">g.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">insurance, as required by the Company (including Directors&#8217; liability insurance)&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">h.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">the expenses or organizing, revising, amending, converting, modifying, or termination of the Company&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">expenses connected with payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Directors to holders of securities of the Company&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">j.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">all expenses connected with communications to holders of securities of the Company and the other bookkeeping and clerical work necessary in maintaining relations with holders of securities, including the cost of printing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company's securities&#59;</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">k.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">the cost of any accounting, statistical, bookkeeping or computer equipment or computer time necessary for maintaining the books and records of the Company and for preparing and filing Federal, State and Local tax returns&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">l.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.67pt">transfer agent's, registrar's, and indenture trustee's fees and charges&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">m.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:5.67pt">legal, accounting, investment banking, and auditing fees and expenses charged by independent parties performing these services&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">n.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">expenses incurred by the Advisor, arising from the sales of Company properties, including those expenses related to carrying out foreclosure proceedings&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">o.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">commercially reasonable fees paid to the Advisor for efforts to liquidate mortgages before maturity, such as the solicitation of offers and negotiation of terms of sale&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">p.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">costs and expenses connected with computer services, including, but not limited to, employee or other personnel compensation, hardware and software costs, and related development and installation costs associated therewith&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">q.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">costs and expenses associated with risk management (i.e. insurance relating to the Company&#8217;s assets)&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">r.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:11.01pt">loan refinancing compensation&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">s.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:10.34pt">expenses associated with special services requested by the Directors.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Other Activities of Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor, its officers, directors or employees or any of its Affiliates may engage in other business activities related to real estate investments or act as advisor to any other person or entity (including another real estate investment trust), including those with investment policies similar to the Company, and the Advisor and its officers, directors, or employees and any of its Affiliates shall be free from any obligation to present to the Company any particular investment opportunity that comes to the Advisor or such persons, regardless of whether such opportunity is in accordance with the Company's Business Plan. However, to minimize any possible conflict, the Advisor shall consider the respective investment objectives of&#59; and the appropriateness of a particular investment to each such entity in determining to which entity a particular investment opportunity should be presented. If appropriate to more than one entity, the Advisor shall present the investment opportunity to the entity that has had sufficient uninvested funds for the longest period of time.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Officers and Other Personnel.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> The Advisor shall make available sufficient experienced and appropriate personnel to perform the services and functions specified including, without limitation, the positions of the chief executive officer, chief financial officer, and general counsel (collectively, &#8220;Executives&#8221;) or such positions as Advisor deems reasonably necessary. The Advisor shall not be obligated to dedicate any of its officers or other personnel exclusively to the Company nor is the Advisor, its Affiliates or any of its officers or other employees obligated to dedicate any specific portion of its or their time </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">to the Company or its business, except as necessary to perform the services provided above. The Advisor shall be entitled to rely on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Advisor at the Company&#8217;s sole cost and expense. The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of any individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity (each, a &#8220;Person&#8221;) as the Advisor deems necessary or advisable in connection with the management and operations of the Company.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Term&#59; Termination of Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Agreement shall continue in force until the next Annual Meeting of Stockholders of the Company, and, thereafter, it may be renewed from year to year, subject to any required approval of the Stockholders of the Company and, if any Director is an Affiliate of the Advisor, the approval of a majority of the Directors who are not so affiliated. Notice of renewal shall be given in writing by the Directors to the Advisor not less than 60 days before the expiration of this Agreement or of any extension thereof. This Agreement may be terminated for any reason without penalty upon 60 days written notice by the Company to the Advisor or 120 days written notice by the Advisor to the Company, in the former case by the vote of a majority of the Directors who are not Affiliates of the Advisor or by the vote of holders of a majority of the outstanding shares of the Company. Notwithstanding the foregoing, however, in the event of any material change in the ownership, control or management of the Advisor, the Company may terminate this Agreement without penalty and without advance notice to the Advisor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Agreement shall not be changed, modified, terminated or discharged in whole or in part except by an instrument in writing signed by both parties hereto, or their respective successors or assigns, or otherwise as provided herein&#47;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Assignment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Assignment shall not be assigned by the Advisor without the prior consent of the Company. The Company may terminate this Agreement in the event of its assignment by the Advisor without the prior consent of the Company. Such an assignment or any other assignment of this Agreement shall bind the assignee hereunder in the same manner as the Advisor is bound hereunder. This Agreement shall not be assignable by the Company without the consent of the Advisor, except in the case of assignment by the Company to a corporation, association, trust, or other organization that is a successor to the Company. Such successor shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound hereunder.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Default, Bankruptcy, etc.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  At the option solely of the Directors, this Agreement shall be and become terminated immediately upon written notice of termination from the Directors to the Advisor of any of the following events shall occur&#58;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">If the Advisor shall violate any provision of this Agreement, any after notice of such violation shall not sure such default within 30 days&#59; or</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">if the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">appointment of a receiver, liquidator, or trustee of the Advisor or of all or substantially all of its property by reason of the foregoing, or approving any petition filed against the Advisor for its reorganization, and such adjudication or order shall remain in force or unstayed for a period of 30 days&#59; or</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">if the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the Federal bankruptcy laws, or for relief under any law for the relief of debtors, or shall consent to the appointment of a receiver of itself or of all or substantially all its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts generally, as they become due.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Advisor agrees that if any of the events specified in subsections (b) and (c) of this Section 22 shall occur, it will give written notice thereof to the Directors within seven days after the occurrence of such event.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Action Upon Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  From and after the effective date of termination of this Agreement, pursuant to Sections 19, 21 or 22 hereof, the Advisor shall not be entitled to compensation for further services hereunder but shall be paid all compensation accruing to the date of termination. The Advisor shall forthwith upon such termination&#58;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">Pay over to the Company any monies collected and held for the account of the Company pursuant to this Agreement&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt">deliver to the Company a full accounting, including a statement showing all payments collected by it and a statement of any monies held by it, covering the period following the date of the last accounting furnished to the Directors&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9.68pt">deliver to the Company all property and documents of the Company then in the custody of the Advisor.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Miscellaneous</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The Advisor shall be deemed to be in a fiduciary relationship to the stockholders of the Company. The Advisor assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Directors in following or declining to follow any advice or recommendations of the Advisor. Neither the Advisor nor any of its shareholders, directors, officers, or employees shall be liable to the Company, the Directors, the holders of securities of the Company or to any successor or assign of the Company for any losses arising from the operation of the Company if the Advisor had determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company and the liability or loss was not the result of negligence or misconduct by the Advisor. However, in no event will the directors, officers or employees of the Advisor be personally liable for any act or failure to act unless it was the result of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of duty.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">24.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  Any notice, report, or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report, or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">other communication is accepted by the party to whom it is given, and shall be given by being delivered at the following addresses of the parties hereto&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Directors and&#47;or the Company&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            American Realty Investors, Inc.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            1603 LBJ Freeway, Suite 800</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            Dallas, Texas 75234</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            Attn&#58;  President</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Advisor&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            Pillar Income Asset Management, Inc.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            1603 LBJ Freeway, Suite 800</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            Dallas, Texas 75234</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            Attn&#58;  Executive Vice President and Principal Financial Officer</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Either party may at any time give notice in writing to the other party of a change of address for the purpose of this Section 25.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">25.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction, or effect of this Agreement.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">26.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Governing Law</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Agreement has been prepared, negotiated and executed in the State of Texas.  The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Texas appliable to agreements made and to be performed entirely in the State of Texas.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">27.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Execution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Agreement is executed and made on behalf of the Company by and officer of the Company, not individually but solely as an Officer, and the obligations under this Agreement are not binding upon, nor shall resort be had to the private property of, any of the Directors, stockholders, officers, employees, or agents of the Company personally, but bind only the Company property.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">28.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:3pt;text-decoration:underline">Facsimile&#59; Electronic Transmission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.  This Agreement may be transmitted by facsimile or electronic transmission, and it is the intent of the Parties for the facsimile of any autograph reproduced by a receiving facsimile machine or computer to be an original signature, and for the facsimile or computer-generated version and any complete photograph of this Agreement to be deemed an original counterpart.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">IN WITNESS WHEREOF, AMERICAN REALTY INVESTORS, INC. and PILLAR INCOME ASSET MANAGEMENT, INC., by their duly authorized officers, have signed this Agreement.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify;text-indent:216pt"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.867%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.953%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">PILLAR INCOME ASSET MANAGEMENT, INC.</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Dated&#58; May 7, 2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; LOUIS J. CORNA</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Louis J. Corna</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Executive Vice President and Secretary</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:justify;text-indent:216pt"><font><br></font></div><div style="text-align:justify;text-indent:216pt"><font><br></font></div><div style="text-align:justify;text-indent:216pt"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.867%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.953%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">AMERICAN REALTY INVESTORS, INC.</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Dated&#58; May 7, 2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; ERIK L. JOHNSON</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Erik L. Johnson</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(Principal Executive and Financial Officer)</font></td></tr></table></div><div style="text-align:justify;text-indent:216pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>arl-20240507.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:c0a73aed-d03f-47a3-abc6-4d02f41fc69a,g:f2263c4b-dc17-409b-8fb9-eb5da3d64c20-->
<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:arl="http://americanrealtyinvest.com/20240507" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://americanrealtyinvest.com/20240507">
  <xs:import namespace="http://www.w3.org/1999/xlink" schemaLocation="http://www.xbrl.org/2003/xlink-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd"/>
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="arl-20240507_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="arl-20240507_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple"/>
      <link:roleType id="Cover" roleURI="http://americanrealtyinvest.com/role/Cover">
        <link:definition>0000001 - Document - Cover</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>arl-20240507_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:c0a73aed-d03f-47a3-abc6-4d02f41fc69a,g:f2263c4b-dc17-409b-8fb9-eb5da3d64c20-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_SecurityExchangeName_3077a8e0-2b0c-42c3-8e88-77641e6de9e7_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_3efb8d55-59a2-4f94-b32c-90a7aab63b94_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_eaf1d559-7c4d-4509-92ca-04356d74c5f4_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_1fbe498d-21fc-4663-8d6e-c0601001899e_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_f6b9a3ff-37ed-4754-b11e-50ac34212eed_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_45929ef3-34aa-4f76-b46a-d9adfa3d8d24_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_3b1b2d8c-d5de-44be-b436-f5f8fc2f4fb2_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_b433fdee-9d7e-4d40-94bb-f0feddd34172_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_28ee6de3-2d14-40fe-bf73-157fa8caba67_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_b9a6ccc0-6007-458c-9c07-95f04f0a0cd9_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_8a52ff19-58c4-4d39-bad8-a78865a6fa26_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_0b8a9625-fa55-43d2-bb33-6c2fa6247e65_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_6b6dcb1f-7063-480c-9906-0461eae093d6_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_e3ba3859-8e3d-4146-9773-913106c40766_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_4aa7932d-3048-4290-81cb-796985973f47_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_92761931-dd52-4481-aa8c-4db557fed435_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_f1147ece-f83c-45a8-8c75-59763a56d85c_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_dc725daf-17ec-4879-a1b6-40915bdbf1ee_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_10ca0439-71a7-4be3-aa86-87b870d352da_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_2a7f27ea-a88b-4ca5-ac86-27b2a71e8502_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_f192061f-ef91-4bcb-b045-e7c916b04319_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine2_6b2dfd1b-30da-428a-bcfb-0e237e67e220_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2" xlink:to="lab_dei_EntityAddressAddressLine2" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_d2af4e70-f52c-427b-a89c-8f487eb21a7b_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>arl-20240507_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:c0a73aed-d03f-47a3-abc6-4d02f41fc69a,g:f2263c4b-dc17-409b-8fb9-eb5da3d64c20-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://americanrealtyinvest.com/role/Cover" xlink:type="simple" xlink:href="arl-20240507.xsd#Cover"/>
  <link:presentationLink xlink:role="http://americanrealtyinvest.com/role/Cover" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType_57ed432c-33b2-4f21-8a4e-190999f30445" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_DocumentType_57ed432c-33b2-4f21-8a4e-190999f30445" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_44c0501a-87f3-44b4-87e7-9488da57556b" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_DocumentPeriodEndDate_44c0501a-87f3-44b4-87e7-9488da57556b" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName_43431497-f05f-4c5a-ac1b-5dfff849385a" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:presentationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityRegistrantName_43431497-f05f-4c5a-ac1b-5dfff849385a" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_125af8e3-3a9c-49be-a3e5-60ceb8076769" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:presentationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityIncorporationStateCountryCode_125af8e3-3a9c-49be-a3e5-60ceb8076769" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber_51abaad2-7b42-4d37-966b-05bf15982ed1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityFileNumber_51abaad2-7b42-4d37-966b-05bf15982ed1" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber_d5e7dc96-6d9c-4989-a578-2ec1b73b121c" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:presentationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityTaxIdentificationNumber_d5e7dc96-6d9c-4989-a578-2ec1b73b121c" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1_a94b6879-50fb-4101-96fb-321091956239" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:presentationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityAddressAddressLine1_a94b6879-50fb-4101-96fb-321091956239" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2_129e86c2-1c44-45ae-91b5-579df5ead3ca" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2"/>
    <link:presentationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityAddressAddressLine2_129e86c2-1c44-45ae-91b5-579df5ead3ca" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown_1225f42b-ea48-48c1-b870-54907c92b71f" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:presentationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityAddressCityOrTown_1225f42b-ea48-48c1-b870-54907c92b71f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince_4e4b3f96-a5d6-4626-85a8-8c077dde5d20" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityAddressStateOrProvince_4e4b3f96-a5d6-4626-85a8-8c077dde5d20" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode_057826de-0660-4d22-949b-e0be35ed4dd8" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:presentationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityAddressPostalZipCode_057826de-0660-4d22-949b-e0be35ed4dd8" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode_d719be91-400d-447b-b66e-68ab4429f8ce" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:presentationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_CityAreaCode_d719be91-400d-447b-b66e-68ab4429f8ce" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber_400648e1-c508-4212-b0b5-e9004099ccb7" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:presentationArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_LocalPhoneNumber_400648e1-c508-4212-b0b5-e9004099ccb7" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications_03d5dc30-797f-4a99-9920-6dc281fdd328" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:presentationArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_WrittenCommunications_03d5dc30-797f-4a99-9920-6dc281fdd328" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial_760dc9d1-3026-4db6-b5db-d5ee35a5ba45" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:presentationArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_SolicitingMaterial_760dc9d1-3026-4db6-b5db-d5ee35a5ba45" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer_b6ae7703-1403-4045-ab25-f450b96eb21f" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:presentationArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_PreCommencementTenderOffer_b6ae7703-1403-4045-ab25-f450b96eb21f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_0e67a099-5f96-4eda-89b2-4aff0a97eb49" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:presentationArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_0e67a099-5f96-4eda-89b2-4aff0a97eb49" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle_baf0cc8e-c40e-4422-8ee0-c9f06235107b" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:presentationArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_Security12bTitle_baf0cc8e-c40e-4422-8ee0-c9f06235107b" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol_9039d11a-927e-459d-87f4-d182b0487df1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:presentationArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_TradingSymbol_9039d11a-927e-459d-87f4-d182b0487df1" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName_800450ae-6a50-401a-aa20-01f38998045f" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_SecurityExchangeName_800450ae-6a50-401a-aa20-01f38998045f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany_5080eff7-5a6d-491c-983d-f9b914983cdf" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:presentationArc order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityEmergingGrowthCompany_5080eff7-5a6d-491c-983d-f9b914983cdf" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey_9ca44deb-b6f2-4e82-85db-ab2c1e6e1aa5" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:presentationArc order="22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_EntityCentralIndexKey_9ca44deb-b6f2-4e82-85db-ab2c1e6e1aa5" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag_cca5af53-dd1e-4cc8-972f-895372383c00" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:presentationArc order="23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_53a57ab5-c1a9-4385-bd38-caed652f2b9f" xlink:to="loc_dei_AmendmentFlag_cca5af53-dd1e-4cc8-972f-895372383c00" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140036272495440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 07, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May  07,  2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">American Realty Investors, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-15663<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">75-2847135<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1603 LBJ Freeway,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75234<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">469<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">522-4200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ARL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001102238<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>8
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M0=5 Y3_;U UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$%
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M".X!^'ZIE'WON#?G\H^/T5=02P,$%     @ ((&G6)^@&_"Q @  X@P   T
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M':5_'<?VD-/IKV,BM'I;Z/EQ:%0*CMQC)8QQ8K3^-8+)#^Q^ %!+ P04
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M;64O=&AE;64Q+GAM;%!+ 0(4 Q0    ( ""!IUBETE"?1P0   01   8
M          " @0\(  !X;"]W;W)K<VAE971S+W-H965T,2YX;6Q02P$"% ,4
M    "  @@:=8GZ ;\+$"  #B#   #0              @ &,#   >&PO<W1Y
M;&5S+GAM;%!+ 0(4 Q0    ( ""!IUB7BKL<P    !,"   +
M  "  6@/  !?<F5L<R\N<F5L<U!+ 0(4 Q0    ( ""!IUBJQ"(6,P$  "("
M   /              "  5$0  !X;"]W;W)K8F]O:RYX;6Q02P$"% ,4
M"  @@:=8)!Z;HJT   #X 0  &@              @ &Q$0  >&PO7W)E;',O
M=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4    "  @@:=899!YDAD!  #/ P
M$P              @ &6$@  6T-O;G1E;G1?5'EP97-=+GAM;%!+!08
.."0 ) #X"  #@$P     !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.24.1.u1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>23</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="arl-20240507.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://americanrealtyinvest.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" isOnlyDei="true" original="arl-20240507.htm">arl-20240507.htm</File>
    <File>arl-20240507.xsd</File>
    <File>arl-20240507_lab.xml</File>
    <File>arl-20240507_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="23">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>14
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "arl-20240507.htm": {
   "nsprefix": "arl",
   "nsuri": "http://americanrealtyinvest.com/20240507",
   "dts": {
    "inline": {
     "local": [
      "arl-20240507.htm"
     ]
    },
    "schema": {
     "local": [
      "arl-20240507.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "labelLink": {
     "local": [
      "arl-20240507_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "arl-20240507_pre.xml"
     ]
    }
   },
   "keyStandard": 23,
   "keyCustom": 0,
   "axisStandard": 0,
   "axisCustom": 0,
   "memberStandard": 0,
   "memberCustom": 0,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 1,
   "entityCount": 1,
   "segmentCount": 0,
   "elementCount": 24,
   "unitCount": 0,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 23
   },
   "report": {
    "R1": {
     "role": "http://americanrealtyinvest.com/role/Cover",
     "longName": "0000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "arl-20240507.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "arl-20240507.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Amendment Flag",
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "City Area Code",
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "label": "Cover [Abstract]",
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Period End Date",
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Type",
        "label": "Document Type",
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line One",
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line Two",
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, City or Town",
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Postal Zip Code",
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, State or Province",
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Central Index Key",
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Emerging Growth Company",
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity File Number",
        "label": "Entity File Number",
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Incorporation, State or Country Code",
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Registrant Name",
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Tax Identification Number",
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Local Phone Number",
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Issuer Tender Offer",
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Tender Offer",
        "label": "Pre-commencement Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Title of 12(b) Security",
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Security Exchange Name",
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Soliciting Material",
        "label": "Soliciting Material",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Trading Symbol",
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://americanrealtyinvest.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Written Communications",
        "label": "Written Communications",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>15
<FILENAME>0001102238-24-000010-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001102238-24-000010-xbrl.zip
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MB+KC.&13PC.16-:WC>!L+BI7=A25#P3N570[MDGY.HGIUW%U;=_G1(C\GP]
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MK0YT(273,JX@C%>?0$99%L?E#7G,L+EQ>:,/VM^JR7VB8.6Y'(!!-MH6@B3
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MUF;%+8P_WK]:/Y,NOT3V_:O_ 5!+ P04    "  @@:=83)R<2=T&   ',P
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M>^7%R?4S:^G9BOW(77C\G&Z2*KPOPX_T\%TJY>FFXQ:R-$I0RBG:PA2,RK)
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M=KUW)LZ"<HR.:O0X^8BM"'8R"] +\DYA7C/=G&M=>%A5C^_J NE=M)]=A 3
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MTD_?-5G_M_N/=I\\V?SSWN[^QM\N'';WR:/'7WS4AP]WGSZ\?ZEAOZ.%X,6
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8=&U02P4&      4 !0!, 0  3E<

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>arl-20240507_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xml:lang="en-US"
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2023"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="arl-20240507.xsd" xlink:type="simple"/>
    <context id="c-1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001102238</identifier>
        </entity>
        <period>
            <startDate>2024-05-07</startDate>
            <endDate>2024-05-07</endDate>
        </period>
    </context>
    <dei:EntityCentralIndexKey contextRef="c-1" id="f-22">0001102238</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="c-1" id="f-23">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="c-1" id="f-1">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c-1" id="f-2">2024-05-07</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="c-1" id="f-3">American Realty Investors, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="c-1" id="f-4">NV</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="c-1" id="f-5">001-15663</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="c-1" id="f-6">75-2847135</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="c-1" id="f-7">1603 LBJ Freeway,</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="c-1" id="f-8">Suite 800</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="c-1" id="f-9">Dallas</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="c-1" id="f-10">TX</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="c-1" id="f-11">75234</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="c-1" id="f-12">469</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c-1" id="f-13">522-4200</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="c-1" id="f-14">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="c-1" id="f-15">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="c-1" id="f-16">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="c-1" id="f-17">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="c-1" id="f-18">Common Stock</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c-1" id="f-19">ARL</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c-1" id="f-20">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="c-1" id="f-21">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
