American Realty Investors (ARL)) Proxy Filing summary

Executive summary

• Annual Meeting scheduled for December 11, 2024, to elect five directors and ratify the appointment of the independent auditor.

• Only stockholders of record as of November 8, 2024, are entitled to vote; 16,152,043 shares outstanding.

• Board recommends voting FOR all director nominees and auditor ratification.

• Proxy materials and annual reports are available online and by request.

Voting matters and shareholder proposals

• Proposals include election of five directors and ratification of Farmer, Fuqua & Huff, P.C. as independent auditor.

• Plurality of votes required for director election; majority for auditor ratification.

• Affiliates holding 90.82% of shares intend to vote in favor of both proposals.

• Stockholder proposals for the 2025 meeting must be received by December 31, 2024.

Board of directors and corporate governance

• Board currently consists of five members, all independent per NYSE standards.

• Committees: Audit, Compensation, Governance and Nominating; all members independent.

• Presiding Director role established; Ted R. Munselle currently serves.

• Board met five times in 2023; all directors attended at least 75% of meetings.

• Stockholders can communicate directly with the Board or Presiding Director.