American Realty restructures advisory fees into Net Asset Value Fee plus reimbursements

AMERICAN REALTY INVESTORS INC

New fee structure: Gross Asset Fee of 0.0625% per month (0.75% annual) of average Gross Asset Value.
Net Income Fee of 7.5% per annum of Adjusted Net Income, paid quarterly after SEC filings.
Agreement effective Jan 1, 2024, restates original 2011 agreement; no change in duties or responsibilities.
Pillar continues as advisor; fees consolidated into single Net Asset Value Fee plus specified allocated reimbursements.
Reimbursement includes pro-rata share of Advisor's personnel expenses and travel costs.

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