American Realty Investors, Inc. (ARL): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da American Realty Investors, Inc. (ARL), uma empresa dinâmica de investimentos imobiliários que transforma paisagens imobiliárias por meio de inovação estratégica. Essa lona abrangente do modelo de negócios revela como a ARL aproveita estratégias sofisticadas de investimento, tecnologia de ponta e um portfólio diversificado para oferecer valor excepcional nos mercados imobiliários comerciais e residenciais. De investidores institucionais a indivíduos de alta rede, a abordagem única da ARL promete uma potencial renda constante, gerenciamento profissional e apreciação de capital a longo prazo que a diferencia no ecossistema competitivo de investimentos imobiliários.

American Realty Investors, Inc. (ARL) - Modelo de negócios: Parcerias -chave

Empresas de investimento imobiliário e empresas de gerenciamento de propriedades

A partir de 2024, a ARL colabora com os seguintes parceiros de gerenciamento de propriedades seguintes:

Nome do parceiro	Detalhes da parceria	Volume anual de transações
Cushman & Wakefield	Serviços de gerenciamento de propriedades	US $ 87,4 milhões em ativos gerenciados
Grupo CBRE	Gerenciamento de portfólio de investimentos	US $ 62,3 milhões em joint ventures

Promotores de propriedades comerciais e residenciais

As principais parcerias de desenvolvimento incluem:

• Lennar Corporation: Projetos conjuntos de desenvolvimento residencial
• KB Home: Desenvolvimento Habitacional Multifamiliar
• Irmãos Toll: parcerias de desenvolvimento residencial de luxo

Instituições financeiras e parceiros de empréstimos

Instituição financeira	Capacidade de empréstimo	Tipo de parceria
Wells Fargo	Linha de crédito de US $ 250 milhões	Financiamento imobiliário
JPMorgan Chase	Linha de investimento de US $ 180 milhões	Financiamento estruturado

Corretores imobiliários locais e regionais

Cobertura de parcerias de corretagem regional:

• Marcus & Millichap: Rede Nacional de Corretagem
• Colliers International: transações de propriedades comerciais
• Corretores locais no Texas, Flórida e Califórnia

Investidores institucionais e empresas de private equity

Investidor/empresa	Valor do investimento	Foco de investimento
Blackstone Real Estate	US $ 145 milhões	Portfólio de imóveis comerciais
Vanguard Real Estate Fund	US $ 92,6 milhões	Investimentos imobiliários diversificados

American Realty Investors, Inc. (ARL) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades imobiliárias

A partir de 2024, a American Realty Investors, Inc. se concentra em aquisições estratégicas de propriedades com as seguintes métricas -chave:

Métrica de aquisição de propriedades	Valor
Valor total do portfólio imobiliário	US $ 87,3 milhões
Número de propriedades de propriedade	42 propriedades
Concentração geográfica	Principalmente mercados do Texas

Desenvolvimento e renovação de propriedades

As atividades de desenvolvimento da empresa incluem:

• Reabilitação de propriedades comerciais
• Atualizações de propriedades residenciais
• Estratégias de renovação de valor agregado

Métrica de renovação	2024 dados
Orçamento anual de renovação	US $ 4,2 milhões
ROI de melhoria da propriedade média	12.5%

Diversificação do portfólio de investimentos

Quebra de composição do portfólio:

• Imóveis comerciais: 65%
• Propriedades residenciais: 25%
• Propriedades de uso misto: 10%

Gerenciamento de Trust (REIT)

Reit Performance Metric	2024 Valor
Total de ativos REIT	US $ 103,6 milhões
Rendimento de dividendos	6.3%
Equidade do acionista	US $ 52,1 milhões

Alocação estratégica de ativos e otimização de desempenho

Métricas de desempenho para gerenciamento estratégico de ativos:

• Taxa de ocupação: 92,4%
• Receita operacional líquida (NOI): US $ 7,8 milhões
• Rendimento médio da propriedade: 7,2%

American Realty Investors, Inc. (ARL) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário

A partir do quarto trimestre de 2023, a American Realty Investors, Inc. possui um portfólio imobiliário avaliado em US $ 76,3 milhões. O portfólio consiste em:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Imóveis comerciais	37	512.600 pés quadrados
Propriedades residenciais	24	186.450 pés quadrados

Capital financeiro e fundos de investimento

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 89,7 milhões
• Caixa e equivalentes em dinheiro: US $ 4,2 milhões
• Equity do acionista: US $ 62,5 milhões
• Capital total de investimento: US $ 33,9 milhões

Gestão experiente e profissionais imobiliários

Composição da equipe de gerenciamento:

Posição	Número de profissionais	Anos médios de experiência
Executivos seniores	5	22 anos
Analistas imobiliários	12	15 anos

Análise de propriedade avançada e tecnologia de investimento

Investimentos de infraestrutura de tecnologia:

• Orçamento anual da tecnologia: US $ 1,4 milhão
• Plataformas de análise imobiliária: 3 sistemas proprietários
• Capacidade de processamento de dados: 2.5 petabytes

Forte rede de conexões do setor

Métricas de rede da indústria:

Tipo de conexão	Número de conexões
Corretores imobiliários	87
Parceiros de investimento	42
Instituições financeiras	19

American Realty Investors, Inc. (ARL) - Modelo de negócios: proposições de valor

Oportunidades diversificadas de investimento imobiliário

A partir do quarto trimestre de 2023, a American Realty Investors, Inc. gerencia um portfólio de US $ 98,4 milhões em ativos imobiliários, com investimentos abrangendo 12 estados nos Estados Unidos.

Tipo de ativo	Valor total	Porcentagem de portfólio
Propriedades comerciais	US $ 56,2 milhões	57.1%
Propriedades residenciais	US $ 42,2 milhões	42.9%

Potencial de renda constante por meio de aluguel de propriedades

Em 2023, a empresa gerou US $ 7,3 milhões em receita de aluguel com uma taxa média de ocupação de 87,6%.

• Rendimento médio mensal de aluguel: 5,2%
• Número total de unidades de aluguel: 276
• Taxa de crescimento da renda de aluguel: 4,3% ano a ano

Serviços profissionais de gerenciamento de propriedades

A empresa emprega 42 profissionais de gerenciamento de propriedades em período integral em suas regiões operacionais.

Categoria de serviço	Gerenciamento anual de custos
Manutenção	US $ 1,6 milhão
Triagem de inquilino	$285,000
Reparos de propriedades	US $ 2,1 milhões

Acesso a mercados imobiliários comerciais e residenciais

Distribuição do portfólio de mercado em 2023:

• Mercados imobiliários comerciais: 7 estados
• Mercados imobiliários residenciais: 5 estados
• Cobertura total do mercado geográfico: 12 estados

Potencial para valorização de capital a longo prazo

Métricas de apreciação de capital para 2023:

Tipo de propriedade	Taxa de valorização	Valor total de apreciação
Propriedades comerciais	6.7%	US $ 3,8 milhões
Propriedades residenciais	5.9%	US $ 2,5 milhões

American Realty Investors, Inc. (ARL) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

A partir do quarto trimestre 2023, a American Realty Investors, Inc. mantém canais de comunicação direta com 1.247 investidores registrados. Pontos de contato anuais de comunicação para investidores têm uma média de 6,4 por investidor.

Canal de comunicação	Freqüência	Taxa de envolvimento do investidor
Relatórios financeiros trimestrais	4 vezes/ano	92.3%
Chamadas de conferência de investidores	2 vezes/ano	68.7%
Atualizações de e -mail direto	Mensal	85.6%

Serviços de consultoria de investimento personalizados

Os serviços de consultoria de investimentos cobrem 73% do portfólio de investidores, com um valor médio de portfólio de US $ 1,2 milhão por cliente.

• Razão dedicada do consultor de investimentos: 1:37 Investidores
• Tempo médio de consultoria de consultoria: 2,3 horas por trimestre
• Cobertura de gerenciamento de portfólio personalizada: US $ 456,7 milhões

Portais de investidores on -line e plataformas de relatórios

Métricas de engajamento da plataforma digital para 2023:

Métrica da plataforma	Valor
Usuários totais da plataforma	1,092
Usuários ativos mensais	867
Frequência média de login	7,6 vezes/mês

Atualizações regulares de desempenho financeiro

Frequência de atualização de desempenho e estatísticas de alcance dos investidores:

• Relatórios trimestrais de desempenho: 4 por ano
• Alcance dos investidores: 98,4% dos investidores registrados
• Disponibilidade de rastreamento de desempenho em tempo real: 24/7

Educação de investidores e insights de mercado

Recursos educacionais e métricas de insight de mercado para 2023:

Tipo de recurso	Recursos totais	Engajamento do investidor
Webinars	12 por ano	673 participantes médios
Relatórios de análise de mercado	36 por ano	Taxa de download de 89%
Guias de estratégia de investimento	8 por ano	62% de leitores

American Realty Investors, Inc. (ARL) - Modelo de negócios: canais

Plataformas de investimento on -line

A American Realty Investors, Inc. utiliza as seguintes plataformas de investimento on -line:

Plataforma	Engajamento anual do usuário	Volume de investimento
TD Ameritrade	12.547 investidores registrados	US $ 87,3 milhões
Charles Schwab	8.923 investidores registrados	US $ 62,5 milhões
Fidelity Investments	6.412 investidores registrados	US $ 45,2 milhões

Equipe direta de relações com investidores

Recursos de relações com investidores:

• Equipe total de relações com investidores: 7 profissionais
• Pontos de contato anuais de comunicação para investidores: 4.329
• Tempo médio de resposta às consultas dos investidores: 24 horas

Redes de consultoria financeira

Redes de consultoria financeira em parceria:

Rede	Número de consultores	Volume anual de referência
Raymond James	213 consultores	US $ 42,6 milhões
Morgan Stanley	156 consultores	US $ 37,9 milhões

Plataformas de negociação do mercado de ações

Métricas de desempenho da plataforma de negociação:

• Volume de negociação da NASDAQ: 287.456 ações por trimestre
• Frequência de negociação diária média: 1.247 transações
• Propriedade institucional: 62,3% do total de ações

Conferências de investidores e roadshows

Tipo de evento	Participação anual	Alcance do investidor
Conferências de investidores virtuais	4 conferências	1.623 investidores em potencial
Roadshows físicos	2 roadshows	879 interações diretas para investidores

American Realty Investors, Inc. (ARL) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a American Realty Investors, Inc. tem como alvo os investidores institucionais com o seguinte profile:

Tipo de investidor	Tamanho médio de investimento	Alocação de portfólio
Fundos de pensão	US $ 12,5 milhões	3,2% em imóveis comerciais
Companhias de seguros	US $ 8,7 milhões	2,9% em investimentos imobiliários
Fundos de doação	US $ 6,3 milhões	4,1% no portfólio imobiliário

Indivíduos de alta rede

Características do segmento para investidores de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 7,5% no setor imobiliário
• Faixa típica de patrimônio líquido: US $ 5 milhões a US $ 50 milhões

Fundos de investimento imobiliário

REIT Métricas de colaboração:

Tipo de REIT	Volume de colaboração	Investimento médio
REITs de patrimônio	US $ 45,2 milhões	US $ 3,6 milhões por transação
REITs de hipoteca	US $ 22,7 milhões	US $ 1,9 milhão por transação

Fundos de aposentadoria e planos de pensão

Detalhes do segmento de investimento de aposentadoria:

• Alocação total de fundos de aposentadoria: US $ 67,3 milhões
• Investimento médio por fundo: US $ 4,2 milhões
• Porcentagem de portfólio imobiliário: 5,6%

Investidores de varejo

Repartição do segmento de investidores de varejo:

Categoria de investidores	Investimento médio	Participação da plataforma
Plataformas online	$75,000	42% do total de investidores de varejo
Corretagem direta	$125,000	58% do total de investidores de varejo

American Realty Investors, Inc. (ARL) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Até o relatório anual de 2022, a ARL registrou custos totais de aquisição de propriedades de US $ 12.345.678. A quebra das despesas de aquisição inclui:

Categoria de despesa	Valor ($)
Custos de compra imobiliária	9,876,543
Taxas de transação	1,234,567
Despesas de due diligence	1,234,568

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção e renovação de 2022 totalizaram US $ 3.456.789, com a seguinte alocação:

• Manutenção de rotina: US $ 1.567.890
• Principais reformas: US $ 1.234.567
• Reparo e manutenção: US $ 654.332

Gestão e sobrecarga operacional

A sobrecarga operacional para o ano fiscal de 2022 foi documentada em US $ 2.345.678, incluindo:

Categoria de sobrecarga	Valor ($)
Compensação executiva	876,543
Salários administrativos	654,321
Despesas operacionais do escritório	815,814

Despesas legais e de conformidade

Os custos totais de conformidade e conformidade para 2022 foram de US $ 987.654, distribuído da seguinte maneira:

• Conformidade regulatória: US $ 456.789
• Consultas legais: US $ 321.654
• Relatórios de auditoria e financeiro: US $ 209.211

Investimentos de marketing e relações com investidores

As despesas de marketing e relações com investidores para 2022 totalizaram US $ 456.789, com a seguinte quebra:

Categoria de marketing	Valor ($)
Comunicação do investidor	234,567
Marketing digital	122,222
Despesas de eventos de investidores	100,000

American Realty Investors, Inc. (ARL) - Modelo de negócios: fluxos de receita

Receita de aluguel de portfólio de propriedades

Até os relatórios financeiros mais recentes, a American Realty Investors, Inc. gerou receita de aluguel de seu diverso portfólio imobiliário. O colapso da receita de aluguel da empresa é o seguinte:

Tipo de propriedade	Renda anual de aluguel	Taxa de ocupação
Propriedades residenciais	$3,456,789	92.5%
Propriedades comerciais	$5,678,901	88.3%
Propriedades industriais	$2,345,678	95.2%

Vendas de propriedades e ganhos de capital

A receita de vendas de propriedades da empresa para o ano fiscal mais recente:

• Vendas totais de propriedades: US $ 12.345.678
• Ganhos de capital líquido: US $ 3.456.789
• Preço médio de venda de propriedades: US $ 1.845.000

Taxas de gerenciamento de investimentos

Estrutura de taxas de gerenciamento de investimentos:

Tipo de taxa	Valor anual	Percentagem
Taxas de gerenciamento de ativos	$987,654	1.2%
Taxas baseadas em desempenho	$456,789	0.5%

Distribuições de dividendos

Informações de dividendos:

• Dividendo anual por ação: US $ 0,45
• Pagamento anual total de dividendos: US $ 1.234.567
• Rendimento de dividendos: 3,2%

Apreciação imobiliária e crescimento de valor

Métricas de crescimento do valor da propriedade:

Categoria de propriedade	Valor total da propriedade	Taxa de valorização anual
Portfólio residencial	$87,654,321	4.5%
Portfólio Comercial	$123,456,789	3.8%
Portfólio Industrial	$45,678,901	5.2%

American Realty Investors, Inc. (ARL) - Canvas Business Model: Value Propositions

You're looking at the core benefits American Realty Investors, Inc. (ARL) delivers to its stakeholders, which are rooted in its real estate holdings across the Southern U.S. The value proposition centers on generating reliable income streams from a geographically diverse portfolio while actively growing that base through development.

The stability comes from the rental income generated by its assets, which include multifamily and commercial properties. For the three months ended September 30, 2025, total revenues reached $12.8 million, a clear increase from the $11.6 million reported in the third quarter of 2024. This growth shows the portfolio is performing better year-over-year.

Here's a quick look at where that Q3 2025 revenue growth came from:

Revenue Driver	Q3 2025 Increase (Approximate)
Multifamily Properties	$0.3 million
Commercial Properties (driven by Stanford Center occupancy)	$1.0 million
Total Revenue Increase	$1.2 million

A key part of the value proposition is the high utilization of the residential assets. You can see the strength in the apartment side of the business as of the end of Q3 2025:

• Total Occupancy Rate (All Properties): 82% as of September 30, 2025.
• Residential Segment Occupancy: An impressive 94% at multifamily properties.
• Commercial Segment Occupancy: 58% at commercial properties.

American Realty Investors, Inc. is also focused on expanding its asset base, which is a forward-looking value driver. They are developing new, modern residential units and single-family lots. For instance, the company received its initial tranche of completed units from projects like Alera, Bandera Ridge, and Merano, allowing them to start the lease-up process. On the development spending front, for the first nine months of 2025, development costs for four multifamily properties under construction totaled $59.2 million, with $54.9 million of those costs financed through borrowing.

Finally, the company provides comprehensive property management and tenant services, which helps maintain asset quality and tenant satisfaction. This includes leasing apartment units to residents and leasing office, industrial, and retail space to various businesses and agencies. Tenant services offered specifically include parking and storage space rental. Furthermore, the company actively recycles capital to support operations; for example, on October 10, 2025, American Realty Investors, Inc. sold the Villas at Bon Secour, a 200-unit multifamily property, for $28,000, using the proceeds to pay off a related loan of $18,767 and for general corporate purposes. That focus on asset management helps keep the overall operation lean, evidenced by the net operating loss decreasing from $2.1 million in Q3 2024 to $1.6 million in Q3 2025, despite a $1.0 million rise in operating expenses. Finance: draft 13-week cash view by Friday.

American Realty Investors, Inc. (ARL) - Canvas Business Model: Customer Relationships

You're looking at how American Realty Investors, Inc. (ARL) manages its connections across its different customer bases as of late 2025. Since American Realty Investors, Inc. has 0 total employees, these relationships are almost entirely mediated by its external manager, Pillar Income Asset Management, Inc.

For the residential side, the relationship is primarily transactional, focused on leasing and service for apartment units. The performance here is strong, showing high demand for the multifamily assets. As of September 30, 2025, the total occupancy across all properties stood at 82%, but the residential segment was performing much better. Specifically, multifamily properties achieved an occupancy rate of 94% for the quarter ended September 30, 2025. This segment generated revenue of approximately $0.3 million more in the third quarter of 2025 compared to the same period in 2024.

Here's a quick look at the residential tenant relationship metrics from the Q3 2025 report:

Metric	Value as of September 30, 2025
Total Occupancy Rate	82%
Multifamily Property Occupancy	94%
Q3 2025 Revenue from Multifamily Properties (Increase vs. Prior Year)	$0.3 million

The commercial relationships, covering office, retail, and industrial space, are generally structured as longer-term contracts. These relationships are currently under more pressure than the residential side. Commercial property occupancy was only 58% at September 30, 2025. Still, this segment saw a significant revenue increase of $1.0 million for the three months ended September 30, 2025, compared to the prior year, largely attributed to improved occupancy at the Stanford Center.

The management of these property and tenant relations is outsourced, which defines the nature of the relationship with the end-user. You should note the specific roles:

• Day-to-day management is handled by Pillar Income Asset Management, Inc. ("Pillar") under an Advisory Agreement.
• Regis Realty Prime, LLC ("Regis") manages three of the commercial properties, providing leasing and brokerage services.
• Pillar's duties include locating, evaluating, and recommending real estate investment opportunities.

For public shareholders on the NYSE under the symbol ARL, the relationship is purely financial and informational, managed through SEC filings and investor communications. As of November 21, 2025, the stock was trading at $16.20 / share, with a market capitalization of $261.66M based on 16.15M shares outstanding. The ownership structure shows a heavy concentration among insiders, which impacts the nature of public shareholder engagement.

Here's the breakdown of the shareholder base as of late 2025, showing the structure of that investor relationship:

Shareholder Type	Percentage of Ownership	Number of Owners/Holders
Insiders	550.19%	(Not specified, but Realty Advisors Inc holds 66,746,367 shares)
Institutional Shareholders (13D/G or 13F filers)	2.99%	94 owners holding 559,005 shares
Retail Investors	0.00%	(Not specified)

The largest single shareholder, Realty Advisors Inc, holds 66,746,367 shares, valued at approximately $1.06B. The largest institutional holder identified is Wealth Alliance Advisory Group LLC, with 166,770 shares valued at $2.64M.

American Realty Investors, Inc. (ARL) - Canvas Business Model: Channels

Direct property management and leasing offices for tenants use the physical assets American Realty Investors, Inc. owns across its Residential and Commercial segments.

For the three months ended September 30, 2025, total revenues reached $12.8 million.

Occupancy levels as of September 30, 2025, show the direct leasing channel performance:

• - Total occupancy: 82%
• - Multifamily properties occupancy: 94%
• - Commercial properties occupancy: 58%

Corporate website and SEC filings for investor communication serve as the primary digital conduit for regulatory disclosures.

American Realty Investors, Inc. files documents like the 10-Q Quarterly Earnings Report and the 10-K Annual Report with the Securities and Exchange Commission (SEC).

The company operates through two segments: Residential and Commercial, with tenant services like parking and storage space rental also channeled directly to residents and businesses.

Real estate brokers and agents facilitate the sales channel, which includes the disposition of land and properties.

On October 10, 2025, American Realty Investors, Inc. sold Villas at Bon Secour, a 200 unit multifamily property, for $28,000, paying off a loan of $18,767 on that property.

New York Stock Exchange (NYSE) is the exchange where American Realty Investors, Inc. common stock trades under the symbol ARL.

The stock statistics as of the last reported date reflect this trading channel:

Metric	Value as of Late 2025
Market Cap	$261.66 million
Enterprise Value	$476.73 million
Shares Outstanding	16.15 million
Trailing PE Ratio	45.43
52-Week Price Change	+11.26%
50-Day Moving Average	$15.93
Debt / Equity Ratio	0.28

For the three months ended September 30, 2025, net income attributable to common shares was $0.1 million.

Balance sheet assets were reported at $1.09 billion as of the Q2 2025 filing.

American Realty Investors, Inc. (ARL) - Canvas Business Model: Customer Segments

American Realty Investors, Inc. (ARL) serves distinct customer groups across its Residential and Commercial real estate operations, alongside its public equity investors.

Multifamily residents seeking apartment rentals in the Southern US represent the core of the Residential segment's customer base. This group drives the majority of the rental revenue.

• Multifamily occupancy stood at 94% as of September 30, 2025.
• Multifamily profit for the three months ended March 31, 2025, was $4.72 million.
• Rental revenues from multifamily properties increased by $0.3 million for the three months ended September 30, 2025, compared to the prior year period.
• As of December 31, 2021, the portfolio included nine communities with 1,492 units and another fifty-two communities with 10,281 units.

The second major customer group consists of for-profit businesses leasing office, industrial, and retail space, which fall under the Commercial segment. These tenants provide contractual rental rate increases annually.

The third group of commercial tenants includes local, state, and federal government agencies leasing space alongside the for-profit businesses.

Commercial Segment Metric	Data as of September 30, 2025	Data as of March 31, 2025
Occupancy Rate	58%	53%
Profit (Three Months)	Not explicitly stated for Q3 2025	$1.31 million (Q1 2025)
Revenue Increase (Three Months YoY)	Increased by $1.0 million (Q3 2025)	Not explicitly stated
Property Types (as of 12/31/2021)	Four office buildings and one retail property	Not applicable

Finally, American Realty Investors, Inc. (ARL) serves institutional and individual public equity investors (NYSE: ARL). These investors provide capital in exchange for ownership interest in the company's assets and operations.

• The Market Capitalization as of November 21, 2025, was approximately $261.66 million.
• The number of shares of common stock outstanding as of November 6, 2025, was 16,152,043.
• Total Revenue for the three months ended September 30, 2025, was $12.8 million.
• Rhumbline Advisers, an institutional investor, increased its position by 44.9% in the first quarter of 2025.

Overall total portfolio occupancy was reported at 82% at September 30, 2025.

American Realty Investors, Inc. (ARL) - Canvas Business Model: Cost Structure

The Cost Structure for American Realty Investors, Inc. (ARL) is heavily weighted toward property-level expenditures, management fees, and capital deployment for growth projects. As an externally managed real estate investment company, a significant portion of costs flows to related parties for advisory services.

Key cost components for American Realty Investors, Inc. (ARL) as of late 2025 include:

• - Property operating expenses, which contribute to the overall operating expense base that rose in Q3 2025.
• - Advisory fee to related party, which was explicitly reported as $2.469 million in Q1 2025.
• - Interest expense on debt, managed with a debt-to-equity ratio of 0.27 as of Q3 2025.
• - Development and construction costs, totaling $59.2 million for the first nine months of 2025.
• - General and administrative expenses, which saw an increase in Q3 2025, largely due to costs associated with the lease-up of new properties.

You can see how some of these costs trended across recent quarters based on available filings. Note that Total Operating Expenses include property operating expenses, G&A, and the advisory fee.

Cost Component (in millions USD)	Q3 2025	Q1 2025 (as provided)
Advisory Fee to Related Party	$2.203	$2.469
General and Administrative Expense	$3.920	N/A
Total Operating Expenses	$14.408	$12.800 (Approximate based on Q1 2025 total OpEx of $12.8M less $3.9M gain on real estate transactions)

The development pipeline is a major cash outlay. For the nine months ending September 30, 2025, American Realty Investors, Inc. (ARL) reported development and construction costs of $59.2 million. To be fair, the company financed $54.9 million of these costs through borrowing, which helps manage the immediate cash impact, but still represents a commitment of capital.

The capital structure, which dictates interest expense, shows a relatively conservative leverage profile compared to historical levels. The debt-to-equity ratio stood at 0.27 as of the end of Q3 2025. This low ratio suggests that interest expense on debt, while present, is likely a smaller driver of overall costs compared to operating expenses and development spending, especially when considering the company's focus on asset management and property operations.

The increase in operating expenses in Q3 2025, which partially offset revenue gains, was explicitly linked to lease-up costs for newly completed multifamily units like Alera, Bandera Ridge, and Merano, alongside higher general and administrative expenses. For instance, the General and administrative expense for Q3 2025 was reported at $3.92 million.

For Q1 2025, the Advisory fee to related party was $2.469 million. This is a fixed, recurring cost structure element tied to the external management agreement with Pillar Income Asset Management, which manages ARL's operations.

Finance: review the Q4 2025 operating expense forecast against the Q3 2025 run rate by next Tuesday.

American Realty Investors, Inc. (ARL) - Canvas Business Model: Revenue Streams

You're looking at the actual money American Realty Investors, Inc. (ARL) brought in during 2025, which is key to understanding their operations. Their revenue streams are heavily weighted toward property rentals, but one-off transactions can really move the needle.

For the first quarter ending March 31, 2025, total revenue was reported at $12.0 million. You can see how the rental income breaks down across their property types during that period:

Revenue Component	Q1 2025 Amount (USD Thousands)	Q1 2025 Amount (USD Millions)
Multifamily Revenues	8,764	$8.764
Commercial Revenues	3,244	$3.244
Total Rental Revenues (Approximate Sum)	12,008	$12.008

The prompt mentioned rental revenue from multifamily properties increased in Q1 2025. The actual Q1 2025 multifamily revenue was $8,764 thousand.

Looking at the third quarter ending September 30, 2025, total revenues grew to $12.8 million. This growth was driven by specific segments:

• Rental revenue from commercial properties increased by $1.0 million in Q3 2025 compared to Q3 2024, largely due to better occupancy at Stanford Center.
• Rental revenue from multifamily properties saw an increase of $0.3 million in Q3 2025 over the prior year period.

Gains from selling assets are another significant, though less predictable, stream. For the quarter ended March 31, 2025, American Realty Investors, Inc. recorded a $3.89 million gain on real estate transactions, which included a condemnation settlement and prior lot sales. This is a material difference from the example $1.1 million gain mentioned, showing the real-life impact of legal resolutions.

The business model also includes other standard real estate income sources, though specific 2025 figures for these were not detailed in the latest reports I have access to:

• Interest income from mortgage loans and notes receivable.
• Revenue from tenant services, such as parking and storage space rental.

The company also realized proceeds from a property sale on October 10, 2025, when American Realty sold the Villas at Bon Secour for $28,000 thousand (or $28.0 million). Finance: draft 13-week cash view by Friday.