Bradford A. Phillips - Jun 13, 2023 Form 4 Insider Report for AMERICAN REALTY INVESTORS INC (ARL)

Role: Director
Signature: Bradford A. Phillips
Stock symbol: ARL
Transactions as of: Jun 13, 2023
Transactions value $: $0
Form type: 4
Date filed: 8/16/2023, 02:55 PM
Previous filing: Jun 13, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARL	Common Stock, par value $0.01 per share	Other	$0	-10.6K	-100%	$0.00^*	0	Jun 13, 2023	PS II Management LLC, former governing person	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	Effective as of January 1, 2023, Bradford A. Phillips resigned from all positions with PSII Management LLC and was replaced as the sole governing person by another individual. As Bradford A. Phillips no longer has any voting or dispositive power over any assets owned by PSII Management LLC (including any ARL Shares of Common stock), no ownership is attributable to him; therefor it is appropriate to report this matter as J, other acquisition or disposition (describe transaction).

Content

Effective as of January 1, 2023, Bradford A. Phillips resigned from all positions with PSII Management LLC and was replaced as the sole governing person by another individual. As Bradford A. Phillips no longer has any voting or dispositive power over any assets owned by PSII Management LLC (including any ARL Shares of Common stock), no ownership is attributable to him; therefor it is appropriate to report this matter as J, other acquisition or disposition (describe transaction).