Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) Effective April 14, 2023, Bradley J. Muth age 63, President and Chief Executive Officer since December 16, 2021 of American Realty Investors, Inc. (the "Company" or the "Issuer") ceased to be and resigned as President and Chief Executive Officer as well as all positions with any subsidiary entities. Mr. Muth noted that his resignation is not the result of any disagreement with the Company, its management, the Board of Directors or any committee of the Board with respect to procedures, policies or operations of the Issuer.

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