Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
(d) On January 28, 2020, the Board of Directors of American Realty Investors,
Inc., a Nevada corporation (the "Registrant" or the "Company" or "ARL"),
expanded the number of members of the Board from four to five and appointed
William J. Hogan (age 62) to the vacancy created by the increase in a number of
members of the Board from four to five, effective February 1, 2020. Mr. Hogan is
a Registered Representative, Investment Advisor Representative, employed (since
January 2013) by Cetera Advisor Networks LLC, a general securities and
investment advisory firm, with an office in San Antonio, Texas. From November
2009 through December 2012, Mr. Hogan was a Registered Representative, employed
by Financial Network Investment Corp. in San Antonio, Texas. He holds Series 7
(General Securities Representative), Series 63 (Uniform Securities Agent State
Law) and Series 65 (Investment Advisor) licenses issued by Financial Industry
Regulatory Authority ("FINRA"). Mr. Hogan has not yet been added to any specific
committees of the Board. Mr. Hogan's election was not the result of any
arrangement or understanding between Mr. Hogan and any other person.
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