On January 28, 2020, the Board of Directors of American Realty Investors, Inc. expanded the number of members of the Board from four to five and appointed William J. Hogan to the vacancy created by the increase in a number of members of the Board from four to five, effective February 1, 2020. From November 2009 through December 2012, Mr. Hogan was a Registered Representative, employed by Financial Network Investment Corp. in San Antonio, Texas.