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☑ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 FORM 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-15663 Nevada ( State or other jurisdiction of Incorporation or organization ) American Realty Investors , Inc. ( Exact name of registrant as specified in its charter ) 1603 LBJ Freeway , Suite 800 Dallas TX ( Address of principal executive offices ) Title of each class Common Stock ( 469 ) 522-4200 75-2847135 ( IRS Employer Identification Number ) 75234 ( Zip Code ) Registrant's Telephone Number , including area code Securities registered pursuant to Section 12 ( b ) of the Act : Trading Symbol ( s ) ARL Name of each exchange on which registered NYSE Securities registered pursuant to Section 12 ( g ) of the Act : NONE No ☑ No ☑ Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes □ Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes ☑ No □ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes ☑ No □ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company in Rule 12b - 2 of the Exchange Act . Large accelerated filer Emerging growth Company ☐ Accelerated filer ☐ Non - accelerated filer ☑ Smaller reporting company ☑ 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 . □ Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act . ) Yes □ No ☑ The aggregate market value of voting and non - voting common equity held by non - affiliates of the registrant was approximately $ 13.1 million as of the last business day of the registrant's most recently completed second fiscal quarter based upon the price at which the common stock was last sold on that day . As of March 24 , 2021 , there were 16,152,043 shares of common stock outstanding . Documents Incorporated By Reference : Consolidated Financial Statements of Income Opportunity Realty Investors , Inc .; Commission File No. 001-14784 Consolidated Financial Statements of Transcontinental Realty Investors , Inc .; Commission File No. 001-09240