美國房地產投資第二季轉虧 每股虧0.06美元 多戶住宅NOI下滑拖累業績

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to________
Commission File Number 001-15663

AMERICAN REALTY INVESTORS, INC.
(Exact Name of Registrant as Specified in Its Charter)

Nevada75-2847135
(State or Other Jurisdiction of
Incorporation or Organization)(I.R.S. Employer
Identification No.)

1603 Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234
(Address of principal executive offices) (Zip Code)
(469) 522-4200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockARLNYSE

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. x 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). x 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  ☐
Accelerated filer  ☐
Non-accelerated filer  ☒
Smaller reporting company   ☒

Emerging growth 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 x No.
As of August 6, 2026, there were 16,152,043 shares of common stock outstanding.

Table of Contents

AMERICAN REALTY INVESTORS, INC.
FORM 10-Q
TABLE OF CONTENTS

PAGE
PART I. FINANCIAL INFORMATION

Item 1.
Financial Statements

Consolidated Balance Sheets at June 30, 2026 and December 31, 2025
3

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025
4

Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025
5

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
6

Notes to Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3.
Quantitative and Qualitative Disclosures About Market Risks
24

Item 4.
Controls and Procedures
24

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings
24

Item 1A.
Risk Factors
24

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
24

Item 3.
Defaults Upon Senior Securities
24

Item 4.
Mine Safety Disclosures
24

Item 5.
Other Information
24

Item 6.
Exhibits
25

Signatures
27

2

Table of Contents

AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS 
(dollars in thousands, except share and par value amounts)
(Unaudited)

June 30, 2026December 31, 2025
Assets
Real estate$603,217 $602,431 
Cash and cash equivalents10,849 14,180 
Restricted cash11,237 15,233 
Short-term investments73,438 74,964 
Notes receivable (including $64,835 and $67,349 at June 30, 2026 and December 31, 2025, respectively, from related parties)
139,974 142,439 
Investment in unconsolidated joint ventures1,270 1,270 
Receivable from related party104,305 103,558 
Other assets (including $1,214 and $1,475 at June 30, 2026 and December 31, 2025, respectively, from related parties)
145,847 143,250 
Total assets$1,090,137 $1,097,325 
Liabilities and Equity
Liabilities:
Mortgages and other notes payable$218,028 $214,367 
Accounts payable and other liabilities (including $31 and $30 at June 30, 2026 and December 31, 2025, respectively, from related parties)
44,367 49,629 
Accrued interest4,297 3,811 
Deferred revenue9,791 9,791 
Total liabilities276,483 277,598 
Equity
Shareholders' Equity:
Preferred stock, Series A, $2.00 par value, 15,000,000 shares authorized, 900,614 shares issued and outstanding
1,801 1,801 
Common stock, $0.01 par value, 100,000,000 shares authorized; 16,152,043 shares issued and outstanding
162 162 
Additional paid-in capital63,842 61,039 
Retained earnings552,841 554,402 
Total shareholders' equity618,646 617,404 
Noncontrolling interests195,008 202,323 
Total equity813,654 819,727 
Total liabilities and equity$1,090,137 $1,097,325 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents

AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Rental revenues (including $152 and $144 for the three months ended June 30, 2026 and 2025, respectively, and $345 and $289 for the six months ended June 30, 2026 and 2025, respectively, from related parties)
$12,236 $11,510 $23,892 $22,937 
Other income630 650 1,315 1,231 
   Total revenue12,866 12,160 25,207 24,168 
Expenses:
Property operating expenses (including $92 and $88 for the three months ended June 30, 2026 and 2025, respectively, and $190 and $174 for the six months ended June 30, 2026 and 2025, respectively, from related parties)
8,176 6,535 15,509 12,512 
Depreciation and amortization3,697 3,062 7,327 5,945 
General and administrative (including $1,044 and $1,057 for the three months ended June 30, 2026 and 2025, respectively, and $2,047 and $2,059 for the six months ended June 30, 2026 and 2025, respectively, from related parties)
1,498 1,534 2,984 3,026 
Advisory fee to related party2,044 2,042 4,127 4,511 
   Total operating expenses15,415 13,173 29,947 25,994 
   Net operating loss(2,549)(1,013)(4,740)(1,826)
Interest income (including $1,393 and $1,892 for the three months ended June 30, 2026 and 2025, respectively, and $3,163 and $3,791 for the six months ended June 30, 2026 and 2025, respectively, from related parties)
2,810 3,353 6,634 7,363 
Interest expense(2,803)(1,777)(5,771)(3,597)

Equity in loss from unconsolidated joint ventures412 19 412 (140)
Gain on sale or write down of assets, net814 947 1,199 4,838 
Income tax benefit71 1,335 505 189 
Net (loss) income(1,245)2,864 (1,761)6,827 
Net loss (income) attributable to noncontrolling interests235 (37)200 (1,035)
Net (loss) income attributable to common shares$(1,010)$2,827 $(1,561)$5,792 

Earnings per share - basic and diluted$(0.06)$0.18 $(0.10)$0.36 
Weighted average common shares used in computing earnings per share16,152,043 16,152,043 16,152,043 16,152,043 

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(dollars in thousands)
(Unaudited)

Preferred StockCommon StockPaid-in
CapitalRetained
EarningsTotal Shareholders' EquityNoncontrolling
InterestTotal Equity

Three Months Ended June 30, 2026
Balance, April 1, 2026$1,801 $162 $63,711 $553,851 $619,525 $195,797 $815,322 
Net loss— — — (1,010)(1,010)(235)(1,245)

Purchase of IOR shares— — — — — (423)(423)
Adjustment to noncontrolling interest— — 131 — 131 (131)— 
Balance, June 30, 2026$1,801 $162 $63,842 $552,841 $618,646 $195,008 $813,654 
Three Months Ended June 30, 2025
Balance, April 1, 2025$1,801 $162 $61,279 $541,664 $604,906 $200,648 $805,554 
Net income— — — 2,827 2,827 37 2,864 
Repurchase of treasury shares by IOR— — — — — (346)(346)
Adjustment to noncontrolling interest— — 38 — 38 (38)— 
Balance, June 30, 2025$1,801 $162 $61,317 $544,491 $607,771 $200,301 $808,072 
Six Months Ended June 30, 2026
Balance, January 1, 2026$1,801 $162 $61,039 $554,402 $617,404 $202,323 $819,727 
Net (loss) income— — — (1,561)(1,561)(200)(1,761)
Purchase of TCI shares— — — — — (3,887)(3,887)
Purchase of IOR shares— — — — — (425)(425)
Adjustment to noncontrolling interest— — 2,803 — 2,803 (2,803)— 
Balance, June 30, 2026$1,801 $162 $63,842 $552,841 $618,646 $195,008 $813,654 
Six Months Ended June 30, 2025
Balance, January 1, 2025$1,801 $162 $61,161 $538,699 $601,823 $200,447 $802,270 
Net income— — — 5,792 5,792 1,035 6,827 
Purchase of IOR shares— — — — — (1,025)(1,025)
Adjustment to noncontrolling interest— — 156 — 156 (156)— 

Balance, June 30, 2025$1,801 $162 $61,317 $544,491 $607,771 $200,301 $808,072 

The accompanying notes are an integral part of these consolidated financial statements.
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AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)

Six Months Ended June 30,
20262025
Cash Flow From Operating Activities:
Net (loss) income$(1,761)$6,827 
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Gain on real estate transactions(1,199)(4,838)

Depreciation and amortization7,371 5,979 
Provision (recovery) of bad debts184 (47)
Equity in income from unconsolidated joint ventures(412)140 

Changes in assets and liabilities:
Other assets(3,373)(5,440)
Related party receivable(747)(4,512)
Accrued interest486 112 
Accounts payable and other liabilities(2,070)(8,545)
Net cash used in operating activities(1,521)(10,324)
Cash Flow From Investing Activities:
Collection of notes receivable2,877 1,664 

Purchase of short-term investments(29,005)(17,308)
Redemption and/or maturity of short-term investments30,531 39,060 

Development and renovation of real estate(11,548)(53,376)
Deferred leasing costs(30)(339)
Proceeds from sale of assets2,064 4,868 

Net cash used in investing activities(5,111)(25,431)
Cash Flow From Financing Activities:
Proceeds from mortgages and other notes payable5,047 43,027 
Payments on mortgages and other notes payable(1,393)(12,508)

Purchase of TCI and/or IOR shares(4,312)(1,025)
Deferred financing costs(37)— 

Net cash (used in) provided by financing activities(695)29,494 
Net decrease in cash, cash equivalents and restricted cash(7,327)(6,261)
Cash, cash equivalents and restricted cash, beginning of period29,413 40,475 
Cash, cash equivalents and restricted cash, end of period$22,086 $34,214 
Supplemental cash flow information
Cash paid for interest$4,877 $3,122 
Cash paid for taxes$230 $166 
Non-cash investing and financing activities:
Accrued development costs$4,012 $13,738 

The accompanying notes are an integral part of these consolidated financial statements.
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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

1.    Organization
As used herein, the terms “the Company”, “we”, “our” or “us” refer to American Realty Investors, Inc., a Nevada corporation, which was formed in 1999. Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol (“ARL”) and over 90% of our stock is owned by related party entities.
Our primary business is the acquisition, development and ownership of income-producing multifamily and commercial properties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time to time and when we believe it appropriate to do so, we will sell land and income-producing properties. We generate revenues by leasing apartment units to residents, and leasing office, industrial and retail space. We also generate income from the sale of land.
As of June 30, 2026, we own approximately 79.2% of Transcontinental Realty Investors, Inc. ("TCI") and substantially all of our operations are conducted through TCI, whose common stock is listed on the NYSE under the symbol “TCI”. Accordingly, we include TCI’s financial results in our consolidated financial statements. 
At June 30, 2026, our portfolio of properties consisted of:
•Thirteen multifamily properties in operation, comprising 2,128 units; 
•Three multifamily properties in lease-up, comprising 672 units;
•One multifamily property under development, comprising 234 units; 
•Commercial properties, consisting of four office buildings with an aggregate of approximately 1,001,549 rentable square feet; and
•Approximately 1,786 acres of developed and undeveloped land.
Our day-to-day operations are managed by Pillar Income Asset Management, Inc. (“Pillar”). Pillar's duties include, but are not limited to, locating, evaluating and recommending real estate-related investment opportunities, asset management, property development, construction management and arranging debt and equity financing. We have no employees; all of our services are performed by Pillar employees. Three of our commercial properties are managed by Regis Realty Prime, LLC (“Regis”). Our multifamily properties and one of our commercial properties are managed by outside management companies. Pillar and Regis are considered to be related parties (See Note 12 – Related Party Transactions).

2.    Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included.
Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operations. 
The consolidated balance sheet at December 31, 2025 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decisions and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. Our adoption of the standard on January 1, 2026 did not have a material impact on our consolidated financial statements. 
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendment in the update clarifies interim reporting disclosure requirements in ASC 270 and introduces a new disclosure principle for reporting material events occurring after the most recent annual period. The update is effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2025-11 on our consolidated financial statements.

3.    Earnings Per Share
Earnings Per Share (“EPS”) is computed by dividing net income available to common shares by the weighted-average number of common shares outstanding during the period. Shares issued during the period are weighted for the portion of the period that they were outstanding.
The following table details our basic and diluted earnings per common share calculation:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net (loss) income$(1,245)$2,864 $(1,761)$6,827 
Net loss (income) attributable to noncontrolling interests235 (37)200 (1,035)
Net (loss) income attributable to common shares$(1,010)$2,827 $(1,561)$5,792 

Weighted-average common shares outstanding — basic and diluted16,152,043 16,152,043 16,152,043 16,152,043 

EPS - attributable to common shares — basic and diluted$(0.06)$0.18 $(0.10)$0.36 

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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

4.    Operating Segments
Segment information is prepared on the same basis that our chief operating decision maker ("CODM") reviews information to assess performance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties ("Multifamily Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include rental of property and other tenant services, including parking and storage space rental. The key operating metric that the CODM utilizes to evaluate the segments is net operating income ("NOI"), which we defined as property revenue less direct property operating expenses. NOI excludes depreciation, interest income and expenses, general and administrative expenses, advisory fees and income taxes.
The following table presents our reportable segments for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Multifamily Segment
Revenues$8,950 $8,493 $17,383 $17,257 
Segment expenses
Property tax and insurance(3,554)(2,522)(6,668)(5,057)
Repairs and maintenance(1,140)(986)(2,060)(1,626)
Other property expenses(1,423)(1,023)(2,783)(1,888)
NOI from multifamily segment2,833 3,962 5,872 8,686 
Commercial Segment
Revenues3,916 3,667 7,824 6,911 
Segment expenses
Property tax and insurance(489)(608)(890)(1,232)
Repairs and maintenance(376)(368)(690)(642)
Other property expenses(1,194)(1,028)(2,418)(2,067)
NOI from commercial segment1,857 1,663 3,826 2,970 
Total NOI from reportable segments$4,690 $5,625 $9,698 $11,656 

The table below reflects the reconciliation of NOI from reportable segments to net (loss) income for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
NOI from reportable segments$4,690 $5,625 $9,698 $11,656 
Other non-segment items of income (expense)
Depreciation and amortization(3,697)(3,062)(7,327)(5,945)
General and administrative(1,498)(1,534)(2,984)(3,026)
Advisory fee to related party(2,044)(2,042)(4,127)(4,511)

Interest income2,810 3,353 6,634 7,363 
Interest expense(2,803)(1,777)(5,771)(3,597)

Income (loss) from unconsolidated joint ventures412 19 412 (140)
Gain on sale or write down of assets, net814 947 1,199 4,838 
Income tax benefit71 1,335 505 189 
Net (loss) income$(1,245)$2,864 $(1,761)$6,827 

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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

5.    Lease Revenue
We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily property leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally include minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases.
The following table summarizes the components of our rental revenue for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed component$11,796 $11,231 $23,078 $22,393 
Variable component440 279 814 544 
$12,236 $11,510 $23,892 $22,937 

The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less:

2026$14,001 
202713,614 
202811,972 
20299,350 
20307,646 
Thereafter13,590 
$70,173 

6.    Real Estate Activity
Below is a summary of our real estate as of June 30, 2026 and December 31, 2025:

June 30, 2026December 31, 2025
Land$117,513 $113,357 
Building and improvements496,516 500,292 
Tenant improvements20,399 20,388 
Construction in progress63,501 56,163 
   Total cost697,929 690,200 
Less accumulated depreciation(94,712)(87,769)
Total real estate$603,217 $602,431 

We incurred depreciation expense of $3,501 and $2,880 for the three months ended June 30, 2026 and 2025, respectively, $6,943 and $5,601 for the six months ended June 30, 2026 and 2025, respectively.

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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

Construction Activities
As of June 30, 2026, construction in progress includes $46,480 of land lot development costs related to Windmill Farms and $17,021 of costs related to the construction of Mountain Creek, a 234 unit multifamily property in Dallas, Texas, which we expect to complete in 2027. We have entered into a development agreement with Pillar (See Note 12 – Related Party Transactions) to develop the property, which is being funded in part by a construction loan (See Note 11 – Mortgages and Other Notes Payable). 
Sale of assets
Gain on sale or write down of assets, net for the three and six months ended June 30, 2026 and 2025 consists of the following:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Land (1)$814 $947 $1,412 $4,092 
Multifamily Properties (2)— — (213)— 

Other— — — 746 
Total$814 $947 $1,199 $4,838 

(1)Includes the gain on dispositions of land from our investment in Windmill Farms and other land holdings.
(2)This represents additional costs associated with Villas at Bon Secour, a 200 unit multifamily property in Gulf Shores, Alabama, which we sold on October 10, 2025.

7.    Short-term Investments
The following is a summary of our short term investment as of June 30, 2026 and December 31, 2025:

June 30, 2026December 31, 2025
Corporate bonds, at par value$58,034 $58,035 
Demand notes15,842 17,418 
73,876 75,453 
Less discount(438)(489)
$73,438 $74,964 

The average interest rate on the investments was 4.10% and 4.27% at June 30, 2026 and December 31, 2025, respectively.
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AMERICAN REALTY INVESTORS, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(Unaudited)

8.    Notes Receivable
The following table summarizes our notes receivable as of June 30, 2026 and December 31, 2025:

Carrying value
Property/BorrowerJune 30, 2026December 31, 2025Interest RateMaturity Date
ABC Land and Development, Inc.$4,408 $4,408 7.00 %6/30/31
ABC Paradise, LLC1,210 1,210 7.00 %6/30/31
Autumn Breeze(1)950 1,043 5.00 %7/1/28
Bellwether Ridge(1)3,798 3,798 5.00 %11/1/26
Dominion at Mercer Crossing(2)6,167 6,167 7.75 %6/7/28
Echo Station(3)9,803 9,881 3.68 %12/31/32
Forest Pines(1)6,472 6,472 5.00 %5/1/27
Gruppa Florentina(5)9,292 8,880 4.50 %12/31/37
Inwood on the Park(3)19,913 19,985 3.68 %6/30/28
Kensington Park(3)4,545 5,196 3.68 %3/31/27
Lake Shore Villas(3)4,398 4,852 3.68 %12/31/32
Prospectus Endeavors496 496 6.00 %10/23/29
McKinney Ranch3,926 3,926 6.00 %9/15/29
Ocean Estates II(3)2,640 3,591 3.68 %5/31/28
One Realco Land Holding, Inc.1,728 1,728 7.00 %6/30/31
Parc at Ingleside(1)3,759 3,759 5.00 %11/1/26
Parc at Opelika Phase II(1)(4)3,190 3,190 10.00 %1/13/23
Parc at Windmill Farms(1)(4)7,886 7,886 5.00 %11/1/22
Plaza at Chase Oaks(3)11,276 11,303 3.68 %3/31/28
Plum Tree(1)1,240 1,240 5.00 %8/17/28
Polk County Land3,000 3,000 7.00 %6/30/31
Riverview on the Park Land, LLC1,045 1,045 7.00 %6/30/31
Spartan Land5,907 5,907 6.00 %1/16/27
Spyglass of Ennis(1)4,705 4,705 5.00 %11/1/28
Steeple Crest(1)5,960 6,230 5.00 %8/1/26
Timbers at The Park(3)10,960 11,072 3.68 %12/31/32
Tuscany Villas(3)1,300 1,469 3.68 %4/30/27
$139,974 $142,439 

(1)The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property.
(2)     The note bears interest at prime plus 1%.
(3)    Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. The notes bear interest at the Secured Overnight Financing Rate ("SOFR") in effect on the last day of the preceding calendar quarter. UHF is determined to be a related party (See Note 12 - Related Party Transactions).
(4)    We are working with the borrower to extend the maturity and/or exercise our conversion option.
(5)    The note bears interest at 4.50% until December 31, 2026, then 6.00% until December 31, 2029, and then 7.00% until maturity. The note is collateralized by the equity interest in Gruppa that we sold in 2025 (See Note 9 – Investment in Unconsolidated Joint Ventures).