<SEC-DOCUMENT>0001273348-25-000003.txt : 20250418
<SEC-HEADER>0001273348-25-000003.hdr.sgml : 20250418
<ACCEPTANCE-DATETIME>20250418125302
ACCESSION NUMBER:		0001273348-25-000003
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250418
DATE AS OF CHANGE:		20250418

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59491
		FILM NUMBER:		25849768

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

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Phillips Bradford A.
		CENTRAL INDEX KEY:			0001890991
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		1605 LBJ FREEWAY, SUITE 700
		CITY:			FARMERS BRANCH
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001890991</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>common stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>04/14/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001102238</issuerCIK>
        <issuerCUSIP>029174109</issuerCUSIP>
        <issuerName>AMERICAN REALTY INVESTORS INC</issuerName>
        <address>
          <com:street1>1603 LBJ FREEWAY</com:street1>
          <com:street2>SUITE 800</com:street2>
          <com:city>DALLAS</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75234</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Steven C, Metzger</personName>
          <personPhoneNum>2147405030</personPhoneNum>
          <personAddress>
            <com:street1>4709 W Lovers Lane</com:street1>
            <com:street2>Suite 200</com:street2>
            <com:city>Dallas</com:city>
            <com:stateOrCountry>TX</com:stateOrCountry>
            <com:zipCode>75209</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001890991</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Phillips Bradford A.</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>0.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Ryan Phillips</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>42984.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>42984.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>42984.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Clifton Phillips</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>64274.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>64274.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>64274.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Includes 3,680 Shares directly owned by CEP May Realty Holdings LLC, the sole manager of which is Clifton Phillips</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>PS II Management LLC</reportingPersonName>
        <fundType>WC</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>TX</citizenshipOrOrganization>
        <soleVotingPower>66319.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>66319.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>66319.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>common stock, par value $0.01 per share</securityTitle>
        <issuerName>AMERICAN REALTY INVESTORS INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>1603 LBJ FREEWAY</com:street1>
          <com:street2>SUITE 800</com:street2>
          <com:city>DALLAS</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75234</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 2 to Schedule 13D (this "Amendment") is being filed in an abundance of caution to disclose that the individuals and/or their respective entities named now hold the Shares disclosed herein and may, in the future, purchase, continue to hold and /or subsequently sell Shares depending upon market circumstances and their respective individual investment objectives, independent of Shares acquired, held or sold by any other person. </commentText>
      </item1>
      <item2>
        <filingPersonName> Bradford A. Phillips , Clifton Phillips , Ryan Phillips , and PS II Management LLC, a Texas limited liability company .    </filingPersonName>
        <principalBusinessAddress>Business addresses are: B. Phillips, 1605 LBJ Fwy, Suite 700, Dallas, TX 75234; C. Phillips, 1603 LBJ Fwy, Suite 860, Dallas, TX 75234; R. Phillips and PSII Management LLC ["PSIIMLLC"], 1603 LBJ Fwy, Suite 800, Dallas, TX 75234.</principalBusinessAddress>
        <principalJob>B. Phillips is the Chief Executive Officer and Chairman of the LBL Group of Insurance Companies; C. Phillips is the President of Roundstone  Development LLC, a Dallas Texas developer of affordable housing projects in AR, FL, MS and TX; R. Phillips is President of Signature Asset Management, Inc., a Dallas Texas owner and developer of commercial office space.</principalJob>
        <hasBeenConvicted>(d)-(e)	During the last five years, none of B. Phillips, C. Phillips or R. Phillips (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, the result of which was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</hasBeenConvicted>
        <convictionDescription>See (d) above.</convictionDescription>
        <citizenship>Each of B. Phillips, C. Phillips and R. Phillips is a citizen of the United States of America.  PSIIMLLC is a Texas limited liability company.</citizenship>
      </item2>
      <item3>
        <fundsSource>All acquisitions of any securities referred in Item 5(c) below have been for cash from the personal funds of the Reporting Persons through brokerage accounts which have margin availability, or from distribution from the GEP Trust prior to December 31, 2024</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The purpose of any acquisitions of securities of the Issuer are, and will be, for investment.  None of the Reporting Persons has any present plans or proposals which would result in such person seeking to acquire the entire equity interest in the Issuer.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>According to the latest information available from the Issuer, as of March 19, 2025, the total number of issued and outstanding Shares was 16,152,043.  After giving effect to the acquisitions described in Item 5(c), the Reporting Persons own and hold directly the following Shares as of April 14, 2025:

NAME                                     NO. SHARES OWNED DIRECTLY                     APPROX. % of CLASS
PSIIMLLC                                                66,319                                                     0.41%
C. Phillips                                               60,594                                                     0.375%
CEP May Realty Holdings LLC                  3,680                                                     0.023%
R. Phillips                                               42,984                                                     0.266%
Total                                                     173,557                                                     1.075%</percentageOfClassSecurities>
        <numberOfShares>Clifton Phillips as the sole manager of CEP May Realty Holdings LLC has the sole power to vote and dispose of the 3,680 Shares it owns.  Ryan Phillips as the sole manager of PS II Management LLC has the sole power to vote and dispose of the 66,319 Shares it owns.</numberOfShares>
        <transactionDesc>


Date               Reporting Person       Acq. or Disp.   No Shares   Price Per Share      Where Acquired




02/07/2025	C. Phillips	                Acq.	334		14.3061	Open Market
02/10/2025	C. Phillips	                Acq.	300		13.9765	Open Market
02/11/2025	C. Phillips	                Acq.	249		13.1085	Open Market
02/12/2025	C. Phillips	                Acq.	234		13.4429	Open Market
02/13/202	C. Phillips	                Acq.	  90		12.8922	Open Market
02/20/2025	C. Phillips	                Acq.	515		13.6685	Open Market
02/25/2025	C. Phillips	                Acq.	750		13.8294	Open Market
03/03/2025	C. Phillips	                Acq.	450		14.8707	Open Market
03/06/2025	C. Phillips	                Acq.	282		13.9986	Open Market
03/11/2025	C. Phillips	                Acq.	500		13.80	Open Market
03/18/2025	C. Phillips	                Acq.	500		13.50	Open Market
03/17/2025	C. Phillips	                Acq.	250		14.00	Open Market
03/24/2025	C. Phillips	                Acq.	551		12.5409	Open Market
03/25/2025	C. Philips	                        Acq.	1,100	12.1141	Open Market
03/26/2025	C. Phillips	                Acq.	1,550	10.7683	Open Market
03/27/2025	C. Phillips	                Acq.	500		11.1146	Open Market
03/28/2025	C. Phillips	                Acq.	550		11.354	Open Market
03/31/2025	C. Phillips	                Acq.	700	        11.2246	Open Market
04/01/2025	C. Phillips	                Acq.	84	        11.00	Open Market
04/03/2025	C. Phillips	                Acq.	589	        11.15	Open Market
02/07/2025	PS II Management, LLC	Acq.	333	        14.3601	Open Market
02/10/2025	PS II Management, LLC	Acq.	300	        13.9765	Open Market
02/11/2025	PS II Management, LLC	Acq.	249	        13.1085	Open Market
02/12/2025	PS II Management, LLC	Acq.	232	        13.4429	Open Market
02/20/2025	PS II Management, LLC	Acq.	514	        13.6685	Open Market
03/03/2025	PS II Management, LLC	Acq.	450	        14.8707	Open Market
03/10/2025	PS II Management, LLC	Acq.	403	        14.0314	Open Market
03/14/2025	PS II Management, LLC	Acq.	325	        14.0495	Open Market
03/10/2025	PS II Management, LLC	Acq.	403	        14.0314	Open Market
03/14/2025	PS II Management, LLC	Acq.	325	        14.0495	Open Market
03/18/2025	PS II Management, LLC	Acq.	250	        14.0000	Open Market
03/24/2025	PS II Management, LLC	Acq.	550	        12.5409	Open Market
03/25/2025	PS II Management, LLC	Acq.	1,100	12.1141	Open Market
03/26/2025	PS II Management, LLC	Acq.	1,550	10.7683	Open Market
03/27/2025	PS II Management, LLC	Acq/	500	11.1146	Open Market
03/28/2025	PS II Management, LLC	Acq.	550	11.3540	Open Market
04/03/2025	PS II Management, LLC	Acq.	700	10.9784	Open Market
04/04/2025	PS II Management, LLC	Acq.	700	10.3792	Open Market
04/14/2025	PS II Management, LLC	Acq.	500	11.7226	Open Market
02/07/2025	R. Phillips	                Acq.	334	14.3061	Open Market
02/10/2025	R. Phillips	                Acq.	300	13.9765	Open Market
02/11/2025	R. Phillips	                Acq.	249	13.1085	Open Market
02/12/2025	R. Phillips	                Acq.	234	13.4429	Open Market
02/20/2025	R. Phillips	                Acq.	515	13.6685	Open Market
02/25/2025	R. Phillips	                Acq.	750	13.8294	Open Market
03/03/2025	R. Phillips	                Acq.	449	14.8707	Open Market
03/10/2025	R. Phillips	                Acq.	403	14.0314	Open Market
03/14/2025	R. Phillips	                Acq.	325	14.0495	Open Market
03/27/2025	R. Phillips	                Acq.	400	11.1146	Open Market
03/28/2025	R. Phillips	                Acq.	400	11.354	Open Market

</transactionDesc>
        <listOfShareholders>No other person (other than the Reporting Persons) is known to have the right to receive or the power to direct receipt or dividends from, or proceeds of sale of the Shares held by the Reporting Persons.</listOfShareholders>
        <date5PercentOwnership>Not applicable, but effective prior to December 31, 2024, the GEP Trust distributed to its beneficiaries all 27,602 Shares held by it, which included C. Phillips and R. Phillips.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>   All Shares owned directly by C. Philips, R. Phillips and PSIIMLLC are held in bank and brokerage accounts along with other securities owned by such person or entity as such, those Shares may be deemed to be "collateral" for any borrowings made from time to time pursuant to customary margin or other account arrangements with such banks or brokers.  Such arrangements are standard involving margin securities of up to a specified percentage of market value of the Shares, as well as other securities in such accounts, bear interest at varying rates and contain only standard default and similar provisions, the operation of which should not give any other person immediate voting power or investment power over such Shares.

      Except that the two individuals and PSIIMLLC might at times appear to be (but are not) acting on behalf of and/or for each other and with respect to securities investments, including any investments in the Shares, there are no contracts, arrangements, puts or calls, guaranties of profits, division of profits or loss, or the giving or withholding of proxies to which any of PSIIMLLC, C. Phillips or R. Phillips is a party.

   Except as set forth in the preceding paragraphs, the Reporting Persons do not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities or the Issuer including, but not limited to, transfer of voting of any of the securities, finders= fees, joint ventures, loan or option arrangements, puts or calls, guaranties of profits, divisions of profits, divisions of profits or loss, or the giving or withholding of proxies.
</contractDescription>
      </item6>
      <item7>
        <filedExhibits>NONE</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Phillips Bradford A.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Phillips Bradford A.</signature>
          <title>  Phillips Bradford A</title>
          <date>04/16/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Ryan Phillips</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ryan Phillips</signature>
          <title>Ryan Phillips</title>
          <date>04/16/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Clifton Phillips</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Clifton Phillips</signature>
          <title>Clifton Phillips</title>
          <date>04/16/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>PS II Management LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>Ryan Phillips</signature>
          <title>Manager and President</title>
          <date>04/16/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
