UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 12, 2026 AMREP CORPORATION (Exact name of registrant as specified in its charter) Oklahoma 1-4702 59-0936128 (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 850 West Chester Pike, Suite 205, Havertown, PA 19083 (Address of principa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Specified in its Charter) Oklahoma 59-093612 ...

Core Viewpoint - AMREP Corporation reported significant growth in net income and revenues for the third quarter and first nine months of fiscal 2026 compared to the same periods in the previous year, indicating strong financial performance and operational efficiency [1]. Financial Performance - For the third quarter of fiscal 2026, AMREP's revenues reached $14,573,000, a substantial increase from $7,520,000 in the same quarter of 2025, representing an increase of approximately 94.5% [5]. - The net income for the third quarter of 2026 was $3,147,000, compared to $717,000 in the third quarter of 2025, marking a growth of about 339.5% [5]. - For the first nine months of fiscal 2026, revenues totaled $41,823,000, up from $38,516,000 in the same period of 2025, reflecting an increase of approximately 6.0% [5]. - The net income for the first nine months of 2026 was $9,039,000, compared to $8,823,000 for the same period in 2025, which is an increase of about 2.4% [5]. - Earnings per share (diluted) for the third quarter of 2026 were $0.58, up from $0.13 in the same quarter of 2025, showing a significant increase of approximately 346.2% [5]. - For the first nine months of 2026, diluted earnings per share were $1.68, compared to $1.64 in the same period of 2025, indicating a modest increase of about 2.4% [5]. Company Overview - AMREP Corporation is a major holder of land and a leading developer of real estate, as well as an award-winning homebuilder located in New Mexico [3].

Core Insights - The article discusses two microcap companies, AMREP Corporation and Gencor Industries, both of which are considered undervalued and have strong financial positions despite their lumpy revenue profiles [1][8]. Group 1: AMREP Corporation (AXR) - AMREP Corporation operates primarily in land development and homebuilding, owning approximately 17,000 acres in Sandoval County, NM, and engages in the sale or lease of land to homebuilders and developers [2]. - The company's financial performance is characterized by "transactional timing," leading to uneven revenue due to periodic land sales [2]. - AMREP has a tangible book value of about $25 per share, indicating a 16% discount at the current price of $21, with a real estate inventory valued at $68.5 million, primarily consisting of land [3]. - The company is debt-free with $44.6 million in cash and benefits from high housing affordability ratings and positive demographic trends in Sandoval County [3]. - Despite a reduction in land sales, AMREP remains profitable with positive cash flow and has shown sensitivity to interest rates, responding favorably to a decrease from 5% to 4% [4]. Group 2: Gencor Industries, Inc. (GENC) - Gencor Industries is a manufacturer of heavy machinery for highway construction, producing asphalt plants and environmental control systems [5]. - The company reported a slight operating loss of $0.2 million in the September quarter but maintained positive net income due to other income sources, indicating profitability and positive free cash flow [6]. - Gencor trades near its tangible book value of $14.40 per share and has no long-term debt, with cash and marketable securities totaling $136.3 million [9]. - The company is positioned to benefit from future funding from the Infrastructure Investment and Jobs Act, with nearly 60% of authorized funds yet to be disbursed as of September 30, 2025 [9].

Market Overview - Markets are experiencing volatility as 2025 approaches, with signs of weakness in the artificial intelligence sector, particularly highlighted by Oracle's data center issues [1] - Economic sentiment is declining, and the job market is showing instability, contributing to investor anxiety [1] Technical Analysis Insights - In uncertain market conditions, investors often rely on technical analysis to predict short-term price movements, focusing on price patterns rather than fundamental metrics [2] - Technical indicators are crucial for identifying stocks with bearish trends, which may indicate further price declines [3] Stocks to Sell Cabot Corp. (NYSE:CBT) - Cabot Corp. has a market cap of $3.5 billion and annual sales of $3.7 billion, operating in the chemicals and materials sector [4] - The stock is facing technical resistance, trading below both the 50-day and 200-day simple moving averages (SMAs), with a weakening Relative Strength Index (RSI) [6] - A short position is recommended due to the stock's recent performance and technical indicators [6] CoreWeave Inc. (NASDAQ:CRWV) - CoreWeave, a cloud infrastructure provider, has a market cap of $26 billion but has seen its stock price drop over 40% in the last three months due to concerns over AI capital spending [7] - The stock is exhibiting a "Death Cross" pattern, indicating a potential continuation of its downtrend [9] Equity Bancshares Inc. (NYSE:EQBK) - Equity Bancshares has a market cap under $1 billion and has recently projected a decline in net interest margin for 2026, despite a 15% stock price increase over the last month [11] - The stock is currently overbought, with an RSI of 77, suggesting it may be a good time to take profits [13] AMREP Corp. (NYSE:AXR) - AMREP Corp. has a market cap of $100 million and reported a nearly 20% year-over-year revenue decline in its latest earnings [14] - The stock has dropped 30% over the last three months, with bearish technical indicators suggesting further downside [16] Truist Financial Corp. (NYSE:TFC) - Truist Financial, with a market cap of $64 billion, has strong fundamentals but is facing analyst downgrades and technical red flags [17] - The stock has gained 12% in the last month but is now considered overbought with an RSI of 76, indicating a potential reversal in momentum [19]

Core Viewpoint - AMREP Corporation (AXR) has experienced significant declines in both net income and revenue for the second quarter of fiscal 2026, primarily due to a sharp drop in land sale revenues, while home sale revenues showed improvement [2][4][8]. Financial Performance - For Q2 fiscal 2026, AMREP reported a net income of $1.2 million, or $0.22 per diluted share, a 70.3% decrease from $4 million, or $0.75 per diluted share, in the same quarter last year [2]. - Revenue for the quarter fell 21.1% year over year to $9.4 million from $11.9 million [2]. - For the first six months of fiscal 2026, net income totaled $5.9 million, or $1.09 per diluted share, down 27.3% from $8.1 million, or $1.51 per diluted share, in the prior-year period, while revenue declined 12.1% to $27.3 million from $30.9 million [3]. Segment Performance - Land sale revenues plummeted 85.9% in Q2 and 45.3% for the six-month period, attributed to fewer land transactions [4]. - Home sale revenues increased by 44.8% in Q2 and 20.7% for the six months, driven by a higher number of homes sold [4]. - Other revenues, including landscaping and rental-related income, rose 18.6% in Q2 and 11.6% for the six-month period [4]. Profitability Metrics - Land sale gross margins improved to 80% in Q2 and 70% for the six-month period, compared to 60% and 52% respectively a year earlier [5]. - Home sale gross margins also improved to 25% from 20% in both comparable periods, despite higher input costs [5]. - Operating income declined 64.4% to $1.1 million in Q2 from $3.1 million a year earlier, reflecting lower land sale activity and higher cost pressures [6]. Management Insights - Management cited ongoing challenges such as municipal entitlement delays and infrastructure issues affecting land development and homebuilding activities [7]. - The company has adjusted its operating strategy by offering sales incentives, reducing certain home prices, slowing housing starts, and leasing completed homes to address demand softness [7]. Market Influences - The decline in earnings was mainly due to a significant reduction in land sale revenues, while homebuilding activity improved but faced pressure from higher construction costs [8]. - Interest income, although a positive contributor, declined 20.3% on a quarterly basis [8]. Future Outlook - AMREP did not provide formal earnings or revenue guidance but indicated that revenues and margins may continue to fluctuate due to market uncertainty and affordability constraints [9]. - The company expects reduced land sale revenues in fiscal 2026 compared to fiscal 2025, given a scaled-back development pipeline [9]. Strategic Developments - AMREP amended its revolving line of credit, extending the maturity to August 2028 and increasing the borrowing capacity to $6.5 million [10]. - The company expanded its portfolio of leased homes, ending the quarter with 28 homes rented to residential tenants, up from 21 at the end of the prior fiscal year [10].

Core Insights - AMREP Corporation (NYSE:AXR) operates in the real estate and media services sectors, focusing on land development and homebuilding activities primarily in the United States [1] - The company has recently faced challenges reflected in its financial results, including a significant decline in earnings and revenue [2][3] Financial Performance - For the second quarter of fiscal 2026, AXR reported earnings per share of $0.22, missing the estimated $0.44, indicating a challenging period for the company [2][5] - The net income for the same quarter was $1.2 million, down from $4 million in the previous year, highlighting a decrease in profitability [2] - Revenue for the second quarter was approximately $9.4 million, below the expected $14.97 million, and decreased from $11.9 million reported in the previous year [3][5] - For the first half of fiscal 2026, the company's revenue totaled $27.3 million, compared to $31 million in the first half of 2025, indicating a downward trend [3] Valuation Metrics - Despite the financial challenges, AXR maintains a price-to-earnings (P/E) ratio of approximately 10.49, suggesting a stable valuation relative to earnings [4][5] - The company's price-to-sales ratio is about 2.38, indicating the market values AXR at 2.38 times its sales [4] - AXR has a low debt-to-equity ratio of 0.00017, reflecting minimal reliance on debt for financing, which supports its financial stability [4]

Market Overview - U.S. stock futures are up early Monday morning, following a mixed week with a rotation from expensive tech stocks to value stocks, despite a third consecutive interest rate cut [1] - The 10-year Treasury bond yielded 4.17%, while the two-year bond was at 3.51%, with a 73.4% likelihood of the Federal Reserve keeping interest rates unchanged in the upcoming meeting [3] Stocks in Focus - iRobot Corp. is down 81.98% pre-market after filing for bankruptcy due to tariffs impacting margins [5] - MindWalk Holdings is expected to report a loss of $0.01 per share on $4 million in revenue, with the stock up 10.73% pre-market [5] - Katapult Holdings is down 9.12% pre-market following an all-stock merger announcement, with poor momentum scores [5] Economic Data and Events - The Empire State Manufacturing Survey results are anticipated, along with speeches from Federal Reserve officials [2][12] - Upcoming economic data includes the home builder confidence index and various economic indicators throughout the week [12] Commodity and Crypto Markets - Crude oil futures are trading higher by 0.31% at approximately $57.42 per barrel, while gold is up 1.10% at around $4,346.35 per ounce [10] - Bitcoin is trading 1.90% higher at $89,848.10 per coin [10]

Market Overview - U.S. stock futures are up early Monday morning, following a mixed week with a rotation from expensive tech stocks to value stocks, despite a third consecutive interest rate cut [1] - The 10-year Treasury bond yielded 4.17%, while the two-year bond was at 3.51% [3] - The CME Group's FedWatch tool indicates a 73.4% likelihood of the Federal Reserve keeping interest rates unchanged at its next meeting on January 28, 2026 [3] Stocks in Focus - iRobot Corp. is down 81.98% pre-market after filing for bankruptcy due to tariffs impacting margins [5] - MindWalk Holdings is expected to report a loss of $0.01 per share on $4 million in revenue, with the stock up 10.73% pre-market [5] - Katapult Holdings is down 9.12% pre-market following news of an all-stock merger with Aaron's and CCF [5] - Argenx SE is down 6.72% pre-market after discontinuing its Phase 2 studies for thyroid eye disease [4] Economic Data and Events - The Empire State Manufacturing Survey results are anticipated, along with speeches from Federal Reserve officials [2][12] - Upcoming economic data includes the home builder confidence index from the National Association of Home Builders [12] Commodity and Crypto Markets - Crude oil futures are trading higher by 0.31% at approximately $57.42 per barrel [10] - Gold Spot is up 1.10%, hovering around $4,346.35 per ounce [10] - Bitcoin is trading 1.90% higher at $89,848.10 per coin [10]

Group 1 - U.S. stock futures are trading higher, indicating potential investor interest in various stocks [1] - MindWalk Holdings Corp. (NASDAQ:HYFT) is expected to report a quarterly loss of $0.01 per share on revenue of $4.00 million, with shares falling 5.4% to close at $1.77 [1] - Argenx SE (NASDAQ:ARGX) has discontinued Phase 3 UplighTED studies of Efgartigimod SC in thyroid eye disease after a futility review, leading to a 1.3% drop in shares to close at $877.94 [1] - Navan Inc. (NASDAQ:NAVN) is anticipated to post a quarterly loss of $0.25 per share on revenue of $182.04 million, with shares gaining 4.53% to $14.55 [1] - AMREP Corp. (NYSE:AXR) reported disappointing second-quarter results, with earnings of $0.22 per share and sales of $9.398 million, both missing analyst estimates, resulting in a 4.1% decline in shares to $20.16 [1] - Champions Oncology Inc. (NASDAQ:CSBR) is expected to report quarterly earnings of $0.01 per share on revenue of $14.04 million, with shares surging 6.3% to close at $6.72 [1]