SCHEDULE 13D/A 0001102238 XXXXXXXX LIVE 57 common stock, par value $0.01 per share 01/12/2026 false 0000733590 893617209 TRANSCONTINENTAL REALTY INVESTORS INC

1603 LBJ FREEWAY SUITE 800 DALLAS TX 75234

Erik L. Johnson 4695224400 1603 LBJ FREEWAY SUITE 800 DALLAS TX 75234 Steven C. Metzger Metzger 214-740-5030 4709 W Lovers Lane Suite 200 Dallas TX 75205 0001102238 N AMERICAN REALTY INVESTORS INC WC N NV 5408515.00 0.00 5408515.00 0.00 6791741.00 N 78.6 CO Row 11 includes 1,383,226 shares owned by Transcontinental Realty Acquisition Corp., a Nevada corporation wholly owned by American realty Investors, Inc. 0001267710 N REALTY ADVISORS INC WC N NV 695996.00 0.00 695996.00 0.00 695996.00 N 8.1 CO Y May Realty Holdings, Inc. OO N NV 0.00 0.00 0.00 0.00 7487737.00 N 86.7 CO Row 11 includes 5,408,515 Shares owned by American Realty Investors, Inc., 1,383,226 owned by Transcontinental Realty Acquisition Corp. and 695,996 shares owned by Realty Advisors, Inc., which is wholly owned by May realty Holdings, Inc. Y EQK Holdings, Inc. OO N NV 0.00 0.00 0.00 0.00 0.00 N 0.0 CO EQK Holdings, Inc., a Nevada corporation which is a wholly owned subsidiary of American Realty Investors, Inc. owned 5,300 Shares of TCI common stock which was transferred by dividend prior to 12/31/2024 to American Realty Investors, Inc. Y Transcontinental Realty Acquisition Corporation WC N NV 1383226.00 0.00 1383226.00 0.00 1383226.00 N 16.0 CO Entity is a wholly owned subsidiary of American Realty Investors, Inc. common stock, par value $0.01 per share TRANSCONTINENTAL REALTY INVESTORS INC 1603 LBJ FREEWAY SUITE 800 DALLAS TX 75234 This Amendment No. 57 to Statement on Schedule 13D (this "Amendment") relates to shares of common stock, par value $0.01 per share (the "Shares") of Transcontinental Realty Investors, Inc., a Nevada corporation ("TCI" or the "Issuer")and further amends the original statement on Schedule 13D as amended by Amendments 1 through 56 (the "Amended Statement"), filed on behalf of the "Reporting Persons" described and others who are no longer Reporting Persons, to reflect the acquisition of 70,023 Shares by one Reporting Person. This Amendment is being filed on behalf of American Realty Investors, Inc., a Nevada corporation ("ARL"), Transcontinental Realty Acquisition Corporation, a Nevada corporation (""TRAC"), EQK Holdings, Inc., a Nevada corporation ("EQK"), Realty Advisors, Inc., a Nevada corporation ("RAI") and May Realty Holdings, Inc., a Nevada corporation ("MRHI"). Each of EQK and TRAC is a wholly owned subsidiary of ARL ARL's common stock is listed and traded on the NYSE under the symbol "ARL." RAI is an indirect subsidiary of MRHI. RAI owns over 80% of the common stock of ARL. All of ARL, EQK, TRAC, RAI and MHRI are collectively referred to as the "Reporting Persons." Each of the Reporting Persons principal office address is 1603 LBJ Freeway, Suite 800, Dallas, TX 75234. Each of the Reporting Persons are principally engaged in the real estate business and in investments. N/A N/A Each of the Reporting Persons is a Nevada corporation. ARL utilized its own working capital for the acquisition of the 70,023 Shares and all other Shares described in Item 5 (c) below. The Reporting Persons have no present plans or proposals which would result in any of the actions or matters described in (b) through (j) above, but some of the Reporting Persons may, if the opportunity becomes available at attractive prices, purchase or sell Shares in the future. According to the latest information available from the Issuer, the total number of Shares issued and outstanding is believed by the Reporting Persons to be 8,639,316. After giving effect to the matter described in Item 5 (c) below, ARL owns 5,408,515 Shares (62.6%), TRAC owns 1,383,226 Shares (16.01%) and RAI owns695,996 Shares (8.06%). EQK owns no Shares, having transferred by dividend 5,300 Shares to ARL prior to 12/31/2023. MRHI directly owns no Shares. Each of ARL, TRAC and RAI have the respective sole power to vote or dispose of all Shares owned by each through their respective Board of Directors. Effective 01/12/2026, ARL acquired from ABC Land& Development, Inc., a Nevada corporation ("ABCLD") 70,023 Shares (0.81%) of TCI in a privately negotiated transaction at a price based on the simple average of the daily closing trading price of TCI common stock for the 10 trading days immediately preceding the date off the transaction which worked out to be $55.50 per Share. ABCLD had previously acquired the 70,023 Shares pursuant to a resolution/settlement of litigation in October 2025. Also, during the two years prior to 4/29/2025, ARL had acquired at varying prices a total of 75,068 Shares (0.89694%) at an average per Share price of $31.99. N/A EQK ceased to be a Reporting Person effective 12/31/2023 when it transferred to ARL 5,300 Shares and EQK ceased to then own any Shares. Of the Shares owned by RAI, 102,369 Shares are subject to an accommodation pledge to ABCLD in connection with a loan to RAI. Shares held by ARL are subject to accommodation pledges previously made for loans to others by ABCLD (846,202 Shares) and RCM HC (813,663 Shares). The remaining Shares held by ARL, TRAC and RAI may be deemed to be "collateral" of borrowings pursuant to margin or other account arrangements with bankers and brokerage firms relating to brokerage accounts. Such arrangements are standard arrangements involving margin securities of up to a specified percentage of market value of Shares and other collateral and bear interest at varying rates and contain only standard default and similar provisions, the operation of any of which should not give any other person immediate voting power or investment power over such securities. Such arrangements exist with the Shares and other securities held in such accounts, and it is impracticable at any given time to determine the amounts, if any, with respect to the Shares, and interest costs under such arrangements may vary with applicable costs and account balances. none AMERICAN REALTY INVESTORS INC American Realty Investors, Inc. 01/16/2026 REALTY ADVISORS INC Realty Advisors, Inc. 01/16/2026 May Realty Holdings, Inc. May Realty Holdings, Inc. 01/16/2026 EQK Holdings, Inc. EQK Holdings, Inc. 01/16/2026 Transcontinental Realty Acquisition Corporation Transcontinental Realty Acquisition Corporation 01/16/2026 N/A