AMREP(AXR) - 2026 Q1 - Quarterly Report

FORM 10-Q General Information AMREP Corporation's Quarterly Report on Form 10-Q for the period ended July 31, 2025, is classified as a Non-accelerated filer and Smaller reporting company Filing Details This document is AMREP Corporation's Quarterly Report on Form 10-Q for the period ended July 31, 2025, with 5,305,949 shares of common stock outstanding - AMREP Corporation filed its Quarterly Report on Form 10-Q for the period ended July 31, 2025[1] - The company is classified as a Non-accelerated filer and a Smaller reporting company[2] Common Stock Outstanding | Metric | Value | | :----- | :---- | | Common Stock Outstanding (as of Sep 5, 2025) | 5,305,949 shares | PART I. FINANCIAL INFORMATION This section presents AMREP Corporation's unaudited condensed consolidated financial statements and management's discussion and analysis for the period Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, shareholders' equity, and cash flows, with detailed notes Condensed Consolidated Balance Sheets Total assets increased by 5.1% and total liabilities by 55.5% from April 30, 2025, to July 31, 2025, while shareholders' equity grew by 3.7% Condensed Consolidated Balance Sheet Highlights (Amounts in thousands) | Metric | July 31, 2025 (Unaudited) | April 30, 2025 | | :-------------------------------- | :------------------------ | :------------- | | Cash and cash equivalents | $48,938 | $39,466 | | Real estate inventory | $64,782 | $66,750 | | Investment assets, net | $15,910 | $14,880 | | TOTAL ASSETS | $140,660 | $133,776 | | Accounts payable and accrued expenses | $5,906 | $3,789 | | TOTAL LIABILITIES | $5,931 | $3,815 | | TOTAL SHAREHOLDERS' EQUITY | $134,729 | $129,961 | - Total assets increased by $6,884 thousand (5.1%) from April 30, 2025, to July 31, 2025[7] - Total liabilities increased by $2,116 thousand (55.5%) from April 30, 2025, to July 31, 2025[7] Condensed Consolidated Statements of Operations Total revenues decreased by 6.5% year-over-year, but net income increased by 15.5% due to reduced land sale costs and improved operating income Condensed Consolidated Statements of Operations Highlights (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Land sale revenues | $7,494 | $9,349 | | Home sale revenues | $9,570 | $8,992 | | Total revenues | $17,851 | $19,091 | | Land sale cost of revenues, net | $2,352 | $4,909 | | Home sale cost of revenues | $7,180 | $7,245 | | Total costs and expenses | $11,705 | $14,099 | | Operating income | $6,146 | $4,992 | | Net income | $4,692 | $4,064 | | Earnings per share – basic | $0.88 | $0.77 | | Earnings per share – diluted | $0.87 | $0.76 | - Total revenues decreased by $1,240 thousand (-6.5%) year-over-year[10] - Net income increased by $628 thousand (15.5%) year-over-year[10] Condensed Consolidated Statements of Comprehensive Income Total comprehensive income for the three months ended July 31, 2025, was $4,692 thousand, consistent with net income due to no other comprehensive income items Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :--------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Other comprehensive income | — | — | | Total comprehensive income | $4,692 | $4,064 | Condensed Consolidated Statements of Shareholders' Equity Shareholders' equity increased from $129,961 thousand to $134,729 thousand, primarily due to net income and stock-based compensation expenses Condensed Consolidated Statements of Shareholders' Equity Highlights (Amounts in thousands) | Metric | May 1, 2025 | July 31, 2025 | | :-------------------------------- | :---------- | :------------ | | Common Stock (Amount) | $528 | $531 | | Capital Contributed in Excess of Par Value | $33,409 | $33,482 | | Retained Earnings | $96,024 | $100,716 | | Total Shareholders' Equity | $129,961 | $134,729 | Changes during the three months ended July 31, 2025: | Item | Amount | | :------------------------------------------------ | :----- | | Net income | $4,692 | | Issuance of restricted common stock | $3 | | Stock compensation expense | $60 | | Compensation related to issuance of option to purchase common stock | $13 | Condensed Consolidated Statements of Cash Flows Net cash provided by operating activities decreased by 10.9% to $9,525 thousand, with an overall increase in cash, cash equivalents, and restricted cash of $9,503 thousand Condensed Consolidated Statements of Cash Flows Highlights (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $9,525 | $10,691 | | Net cash used in investing activities | $(20) | $(34) | | Net cash used in financing activities | $(2) | $(1) | | Increase in cash, cash equivalents and restricted cash | $9,503 | $10,656 | | Cash, cash equivalents and restricted cash, end of period | $49,424 | $40,897 | - Net cash provided by operating activities decreased by $1,166 thousand (-10.9%) year-over-year[19] Notes to Condensed Consolidated Financial Statements These notes provide essential details and breakdowns for the condensed consolidated financial statements, covering accounting policies, asset/liability categories, revenues, expenses, and segment performance (1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The company operates primarily in land development and homebuilding, with no foreign sales, and financial statements are prepared consistent with GAAP and SEC rules - AMREP Corporation is primarily engaged in land development and homebuilding segments[21] - The company has no foreign sales[21] (2) REAL ESTATE INVENTORY Real estate inventory decreased by $1,968 thousand, mainly due to a reduction in homebuilding model and completed inventory, partially offset by increased land inventory Real Estate Inventory (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :-------------------------------- | :------------ | :------------- | | Land inventory | $51,127 | $50,030 | | Homebuilding model and completed inventory | $10,120 | $13,090 | | Homebuilding construction in process | $3,535 | $3,630 | | Total | $64,782 | $66,750 | - Total real estate inventory decreased by $1,968 thousand (-3.0%) from April 30, 2025, to July 31, 2025[25] (3) INVESTMENT ASSETS Investment assets, net, increased by $1,030 thousand, primarily due to a 23% rise in owned real estate leased or intended to be leased Investment Assets, Net (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :--------------------------------- | :------------ | :------------- | | Land held for long-term investment | $8,507 | $8,843 | | Owned real estate leased or intended to be leased, net | $7,403 | $6,037 | | Total | $15,910 | $14,880 | - The number of homes leased to residential tenants increased from 21 at April 30, 2025, to 27 at July 31, 2025[27] (4) OTHER ASSETS Other assets increased by $229 thousand, mainly due to a rise in prepaid expenses, including land development cash collateralized performance guaranties and insurance Other Assets (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :----------------------------------- | :------------ | :------------- | | Prepaid expenses | $704 | $470 | | Property and equipment, net | $2,168 | $2,186 | | Total | $3,168 | $2,939 | - Prepaid expenses increased by $234 thousand, primarily due to land development cash collateralized performance guaranties and insurance[28] (5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses increased significantly by $2,117 thousand (55.9%), driven by increases in trade payables and accrued expenses Accounts Payable and Accrued Expenses (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :-------------------------------- | :------------ | :------------- | | Land development and homebuilding operations | $5,265 | $3,221 | | Corporate operations | $641 | $568 | | Total | $5,906 | $3,789 | - Trade payables increased from $1,305 thousand to $3,006 thousand[29] (6) NOTES PAYABLE Notes payable remained low at $25 thousand, with $3,688 thousand available for new borrowings under the Revolving Line of Credit Notes Payable Summary (Amounts in thousands) | Loan Identifier | Outstanding Principal Amount (July 31, 2025) | Outstanding Principal Amount (April 30, 2025) | | :------------------ | :--------------------------------------- | :---------------------------------------- | | Revolving Line of Credit | $— | $— | | Equipment Financing | $25 | $26 | | Total | $25 | $26 | - The company had $3,688 thousand available for new borrowings under its Revolving Line of Credit as of July 31, 2025[30] - Loan reserves of $1,812 thousand were outstanding under the Revolving Line of Credit for municipal performance guaranties[31] (7) REVENUES Total revenues decreased by 6.5% year-over-year, primarily due to a 20% decline in land sale revenues, partially offset by a 6.4% increase in home sale revenues Revenues by Category (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | Land sale revenues | $7,494 | $9,349 | | Home sale revenues | $9,570 | $8,992 | | Other revenues | $787 | $750 | | Total revenues | $17,851 | $19,091 | Other Revenues Breakdown (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | | Landscaping revenues | $541 | $621 | | Miscellaneous other revenues | $246 | $129 | | Total | $787 | $750 | - One customer contributed over 10% of total revenues for the three months ended July 31, 2025, generating $2,524 thousand in land development revenue[37] (8) COST OF REVENUES Total cost of revenues decreased by 17.7% year-over-year, primarily due to a 52.1% reduction in land sale cost of revenues, leading to improved gross margins Cost of Revenues (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | | Land sale cost of revenues, net | $2,352 | $4,909 | | Home sale cost of revenues | $7,180 | $7,245 | | Other cost of revenues | $326 | $314 | | Total costs and expenses | $11,705 | $14,099 | - Land sale gross margins increased to 69% for the three months ended July 31, 2025, from 48% in the prior year[68] - Home sale gross margins increased to 25% for the three months ended July 31, 2025, from 19% in the prior year[70] (9) GENERAL AND ADMINISTRATIVE EXPENSES Total general and administrative expenses increased by 13.2% to $1,847 thousand, with increases across all segments due to various operational costs General and Administrative Expenses by Segment (Amounts in thousands) | Segment | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------- | :------------------------------- | :------------------------------- | | Land development | $988 | $908 | | Homebuilding | $447 | $390 | | Corporate | $412 | $333 | | Total | $1,847 | $1,631 | - Total general and administrative expenses increased by $216 thousand (13.2%) year-over-year[40] (10) BENEFIT PLANS The company accrued $31 thousand for 401(k) contributions and recognized $64 thousand in non-cash compensation for restricted shares, with $569 thousand unrecognized - 401(k) employer contribution accrued was $31 thousand for the three months ended July 31, 2025[41] - Non-cash compensation expense for restricted shares was $64 thousand for the three months ended July 31, 2025[42] - Unrecognized compensation expense related to restricted shares was $569 thousand as of July 31, 2025, expected to be recognized over three years[42] (11) COMMITMENTS AND CONTINGENCIES Warranty reserves increased to $303 thousand, with $1,812 thousand in loan reserves for municipal performance guaranties, and no litigation accruals Warranty Reserves (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | | Balance at beginning of period | $259 | $174 | | Warranty issued during period | $49 | $45 | | Warranty expenditures during period | $(5) | $(4) | | Balance at end of period | $303 | $215 | - The company had $1,812 thousand in loan reserves outstanding for municipal performance guaranties[46] - No amounts were accrued for litigation matters as of July 31, 2025[47] (12) EARNINGS PER SHARE Basic EPS increased to $0.88 and diluted EPS to $0.87, reflecting the increase in net income for the period Earnings Per Share (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Weighted average common shares outstanding – basic | 5,326 | 5,309 | | Earnings per share – basic | $0.88 | $0.77 | | Weighted average common shares outstanding – diluted | 5,375 | 5,353 | | Earnings per share – diluted | $0.87 | $0.76 | (13) INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The Land Development segment generated $9,701 thousand in revenues and $4,807 thousand in profit, while the Homebuilding segment generated $8,150 thousand in revenues and $1,751 thousand in profit Segment Performance (Three Months Ended July 31, 2025, Amounts in thousands) | Metric | Land Development | Homebuilding | Consolidated | | :-------------------------------- | :--------------- | :----------- | :----------- | | Segment Revenues | $9,701 | $8,150 | $17,851 | | Cost of Revenues | $3,580 | $5,952 | $9,532 | | General and administrative expenses | $988 | $447 | $1,435 | | Segment profit (loss) | $4,807 | $1,751 | $6,558 | | Segment assets (as of July 31, 2025) | $115,518 | $23,172 | N/A | Segment Performance (Three Months Ended July 31, 2024, Amounts in thousands) | Metric | Land Development | Homebuilding | Consolidated | | :-------------------------------- | :--------------- | :----------- | :----------- | | Segment Revenues | $11,407 | $7,678 | $19,085 | | Cost of Revenues | $6,138 | $6,017 | $12,155 | | General and administrative expenses | $908 | $390 | $1,298 | | Segment profit (loss) | $4,047 | $1,271 | $5,318 | | Segment assets (as of July 31, 2024) | $100,886 | $14,183 | N/A | (14) SUBSEQUENT EVENTS In August 2025, AMREP Southwest Inc. modified its revolving line of credit, increasing the maximum borrowing amount to $6,500 thousand and extending the maturity date - Revolving line of credit maximum borrowing amount increased by $750 thousand to $6,500 thousand[56] - The scheduled maturity date of the loan was extended to August 15, 2028[56] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance and condition, highlighting changes in revenues, costs, liquidity, and critical accounting policies Critical Accounting Policies and Estimates Management's discussion is based on consistent accounting policies, with no changes or material effects from new accounting standards during the quarter - No changes in critical accounting policies were reported[59] - No new accounting policies adopted in the three months ended July 31, 2025, had a material effect on financial statements[60] Results of Operations Net income increased to $4,692 thousand, or $0.87 per diluted share, despite a decrease in total revenues, driven by reduced land sale costs and improved gross margins Net Income and EPS (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Diluted EPS | $0.87 | $0.76 | Revenues Total revenues decreased by 6% year-over-year to $17,851 thousand, mainly due to a 20% decline in land sale revenues, partially offset by home sale and other revenue increases Revenues by Category (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Change (Decrease) | % Change | | :---------------- | :------------------------------- | :------------------------------- | :---------------- | :------- | | Land sale revenues | $7,494 | $9,349 | $(1,855) | (20)% | | Home sale revenues | $9,570 | $8,992 | $578 | 6 % | | Other revenues | $787 | $750 | $37 | 5 % | | Total | $17,851 | $19,091 | $(1,240) | (6)% | Land Sale Revenues Breakdown (Amounts in thousands) | Land Type | Acres Sold (2025) | Revenues (2025) | Revenue Per Acre (2025) | Acres Sold (2024) | Revenues (2024) | Revenue Per Acre (2024) | | :------------------ | :---------------- | :-------------- | :---------------------- | :---------------- | :-------------- | :---------------------- | | Developed Residential | 5.6 | $4,227 | $755 | 11.9 | $9,185 | $773 | | Developed Commercial | 3.3 | $1,000 | $303 | — | — | — | | Undeveloped | 486.1 | $2,267 | $5 | 18.1 | $164 | $9 | | Total | 495.0 | $7,494 | $15 | 30.0 | $9,349 | $312 | Home Sale Revenues Breakdown (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------ | :------------------------------- | :------------------------------- | | Homes sold | 22 | 21 | | Average selling price | $434 | $428 | | Homes under contract (July 31, 2025) | 24 homes ($11,508 expected revenues) | 17 homes ($7,852 expected revenues) | Cost of Revenues Total cost of revenues decreased by 21% to $9,858 thousand, primarily due to a 52% reduction in land sale cost of revenues, leading to improved gross margins Cost of Revenues (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Increase (decrease) | % Change | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------ | :------- | | Land sale cost of revenues, net | $2,352 | $4,909 | $(2,557) | (52)% | | Home sale cost of revenues | $7,180 | $7,245 | $(65) | (1)% | | Other cost of revenues | $326 | $314 | $12 | 4 % | | Total | $9,858 | $12,468 | $(2,610) | (21)% | - Land sale gross margins increased to 69% (from 48%) due to changes in reimbursements, property mix, and demand[68] - Home sale gross margins increased to 25% (from 19%) due to location, size, and mix of homes sold, partially offset by sales incentives and increased building material/labor prices[70] General and Administrative Expenses Total general and administrative expenses increased by 13% to $1,847 thousand, driven by increases across all segments due to various operational costs General and Administrative Expenses (Amounts in thousands) | Segment | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Increase | % Change | | :-------------- | :------------------------------- | :------------------------------- | :------- | :------- | | Land development | $988 | $908 | $80 | 9 % | | Homebuilding | $447 | $390 | $57 | 15 % | | Corporate | $412 | $333 | $79 | 24 % | | Total | $1,847 | $1,631 | $216 | 13 % | - No non-cash impairment charges on real estate inventory or investment assets were recorded[72] Interest Income, net Net interest income increased to $456 thousand, with no interest or loan costs capitalized in real estate inventory during either period Interest Income, net (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------ | :------------------------------- | :------------------------------- | | Interest income, net | $456 | $281 | Income Taxes The provision for income taxes increased to $1,910 thousand, reflecting the higher income before income taxes Provision for Income Taxes (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | | Provision for income taxes | $1,910 | $1,209 | Liquidity and Capital Resources Cash, cash equivalents, and restricted cash increased by 24% to $49,424 thousand, with net cash from operating activities at $9,525 thousand, and no off-balance sheet arrangements Cash, Cash Equivalents and Restricted Cash (Amounts in thousands) | Metric | July 31, 2025 | April 30, 2025 | Increase (decrease) | % Change | | :---------------------- | :------------ | :------------- | :------------------ | :------- | | Cash | $14,807 | $10,651 | $4,156 | 39 % | | U.S. Government Securities | $34,131 | $28,815 | $5,316 | 18 % | | Restricted Cash | $486 | $455 | $31 | 7 % | | Total | $49,424 | $39,921 | $9,503 | 24 % | Cash Flow Net cash provided by operating activities was $9,525 thousand, primarily from business operations and reduced real estate inventory, partially offset by increased investment and other assets Cash Flows (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $9,525 | $10,691 | | Net cash provided by (used in) investing activities | $(20) | $(34) | | Net cash provided by (used in) financing activities | $(2) | $(1) | | Increase in cash and cash equivalents | $9,503 | $10,656 | - Notes payable decreased from $26 thousand to $25 thousand due to principal debt repayments[78] Asset and Liability Levels Real estate inventory decreased by 3%, investment assets increased by 7%, and accounts payable and accrued expenses significantly increased by 56% Asset and Liability Levels (Amounts in thousands) | Metric | July 31, 2025 | April 30, 2025 | Increase (decrease) | % Change | | :-------------------------- | :------------ | :------------- | :------------------ | :------- | | Real estate inventory | $64,782 | $66,750 | $(1,968) | (3)% | | Investment assets, net | $15,910 | $14,880 | $1,030 | 7 % | | Other assets | $3,168 | $2,939 | $229 | 8 % | | Deferred income taxes, net | $7,292 | $8,969 | $(1,677) | (19)% | | Accounts payable and accrued expenses | $5,906 | $3,789 | $2,117 | 56 % | | Income taxes receivable, net | $84 | $317 | $(233) | (74)% | - Owned real estate leased or intended to be leased, net, increased by $1,366 thousand (23%) from April 30, 2025, to July 31, 2025[79][80] - The company leased 27 homes to residential tenants as of July 31, 2025, up from 21 homes at April 30, 2025, opportunistically leasing completed homes due to affordability challenges[81] Off-Balance Sheet Arrangements The company did not have any off-balance sheet arrangements as of July 31, 2025, or July 31, 2024 - The company did not have any off-balance sheet arrangements as of July 31, 2025, or July 31, 2024[82] Recent Accounting Pronouncements No recently issued accounting pronouncements had a material effect on the unaudited condensed consolidated financial statements - No recently issued accounting pronouncements had a material effect on the financial statements[82] Statement of Forward-Looking Information This section includes a standard safe harbor statement for forward-looking information, outlining various factors that could cause actual results to differ materially from projections - The report contains forward-looking statements regarding future performance, financing, liquidity, warranty claims, market conditions, and compensation plans[83][84] - The company does not undertake any obligation to update or revise forward-looking statements[86] Item 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of July 31, 2025, with no material changes to internal control over financial reporting Evaluation of Disclosure Controls and Procedures The company's management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of July 31, 2025 - Disclosure controls and procedures were evaluated and deemed effective as of July 31, 2025[88] Changes in Internal Control over Financial Reporting No material changes in the company's internal control over financial reporting occurred during the most recent fiscal quarter - No material changes in internal control over financial reporting occurred during the quarter[89] PART II. OTHER INFORMATION This section covers other required information, including trading arrangements and a list of exhibits filed with the Form 10-Q Item 5. Other Information No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended July 31, 2025 - No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[92] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including modification agreements, promissory notes, certifications, and XBRL documents Key Exhibits | Exhibit Number | Description | | :------------- | :---------- | | 10.1 | Seventh Modification Agreement, dated August 15, 2025, between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc. | | 10.2 | Second Amended and Restated Revolving Line of Credit Promissory Note, dated August 15, 2025, by AMREP Southwest Inc. in favor of BOKF, NA dba Bank of Albuquerque. | | 31.1, 31.2 | Certifications required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 32 | Certification required pursuant to 18 U.S.C. Section 1350 | | 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE | Inline XBRL Taxonomy Extensions | | 104 | Cover Page Interactive Data File | SIGNATURE The report was duly signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer, on September 9, 2025 Signature of Authorized Officer The report was duly signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer (Principal Accounting Officer), on September 9, 2025 - The report was signed by Adrienne M. Uleau, Chief Financial Officer, on September 9, 2025[95] EXHIBIT INDEX This section reiterates the comprehensive list of exhibits filed with the Form 10-Q, providing specific details for each document Detailed Exhibit List This section reiterates the comprehensive list of exhibits filed with the Form 10-Q, providing specific details for each document, including modification agreements, promissory notes, certifications, and various Inline XBRL files Detailed Exhibit List | Exhibit Number | Description | | :------------- | :---------- | | 10.1 | Seventh Modification Agreement, dated as of August 15, 2025, between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc. | | 10.2 | Second Amended and Restated Revolving Line of Credit Promissory Note, dated August 15, 2025, by AMREP Southwest Inc. in favor of BOKF, NA dba Bank of Albuquerque. | | 31.1 | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 31.2 | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 32 | Certification required pursuant to 18 U.S.C. Section 1350 | | 101.INS | Inline XBRL Instance Document | | 101.SCH | Inline XBRL Taxonomy Extension Schema | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | | 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |