AMREP revenue down 66% as net income slides

AXR’s quarterly profit and revenue dropped sharply on weaker land and home sales, even as liquidity remains strong and the company builds a larger homebuilding pipeline.

Rhea-AI Filing Summary

AMREP Corporation (AXR) reported a sharp slowdown for the quarter ended July 31, 2026. Total revenues fell to $6.1 million from $17.9 million a year earlier, driven by a collapse in land sale revenues to $0.2 million from $7.5 million and lower home sale revenues of $4.9 million versus $9.6 million.

Net income declined to $276,000 (diluted EPS $0.05) from $4.7 million (EPS $0.87), as operating results swung from $6.1 million of operating income to a small operating loss. Operating cash flow moved from an inflow of $9.5 million to an outflow of $3.6 million, reflecting increased investment in real estate inventory and investment assets.

Despite weaker earnings, AMREP maintains a strong balance sheet with $49.1 million in cash, cash equivalents and restricted cash, minimal notes payable of $17,000, and shareholders’ equity of $141.1 million. The company is shifting emphasis toward homebuilding, with 83 homes in production and 23 under contract representing $12.5 million of expected future home sale revenues, while warning of significantly reduced developed residential land sale revenues during fiscal 2027.

Positive

• Strong liquidity and low leverage: Cash, cash equivalents and restricted cash totaled $49.1 million against total notes payable of only $17,000, supporting operations despite weaker earnings.
• Growing homebuilding pipeline: As of July 31, 2026, AMREP had 83 homes in production, including 23 under contract representing $12.5 million of expected home sale revenues.
• Asset base expanding: Real estate inventory increased to $68.9 million and investment assets, net rose to $18.1 million, indicating continued development activity and growth in leased real estate.
• No impairments or covenant issues disclosed: The company recorded no impairment charges on real estate inventory or investment assets and was in compliance with financial covenants on its notes payable.

Negative

• Revenue down 66%: Total revenues declined from $17.9 million to $6.1 million, with land sale revenues dropping 98% and home sale revenues down 49% year over year.
• Earnings deteriorated sharply: Net income fell from $4.7 million to $276,000, and operating results moved from $6.1 million of income to a loss of $163,000.
• Negative operating cash flow: Net cash from operating activities swung from an inflow of $9.5 million to an outflow of $3.6 million, largely due to increases in real estate inventory and investment assets.
• Land sale outlook weaker: Management states it expects significantly reduced revenues from the sale of developed residential land during fiscal 2027 due to market headwinds, project reductions and delays.
• Rising overhead: General and administrative expenses increased 30% to $2.4 million, including higher costs across land development, homebuilding and corporate functions.
• Business mix and customer concentration risks: The company ceased providing landscaping services in August 2026, and one customer contributed more than 10% of revenues in both comparable quarters.

Key Figures

Total revenues: $6.1 million Net income: $276,000 Diluted earnings per share: $0.05 +5 more

8 metrics

Total revenues $6.1 million Three months ended July 31, 2026; down from $17.9 million in 2025

Net income $276,000 Three months ended July 31, 2026; compared to $4.7 million in 2025

Diluted earnings per share $0.05 Three months ended July 31, 2026; versus $0.87 in prior-year quarter

Cash, cash equivalents and restricted cash $49.1 million Balance at July 31, 2026

Notes payable $17,000 Outstanding principal at July 31, 2026

Net cash from operating activities -$3.6 million Three months ended July 31, 2026; versus $9.5 million inflow in 2025

Real estate inventory $68.9 million Balance at July 31, 2026; up 4% from April 30, 2026

Homes in production / under contract 83 homes in production, 23 under contract As of July 31, 2026, contracts represent $12.5 million expected revenues

Key Terms

public improvement district reimbursements, private infrastructure reimbursement covenants, restricted cash, warranty reserves, +1 more

5 terms

public improvement district reimbursements financial

"Public improvement district reimbursements exceeded land sale cost of revenues"

private infrastructure reimbursement covenants financial

"The Company has instituted private infrastructure reimbursement covenants"

restricted cash financial

"Cash, cash equivalents and restricted cash, end of period"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

warranty reserves financial

"Changes in warranty reserves are as follows"

off-balance sheet arrangements financial

"The Company did not have any off-balance sheet arrangements"

Off-balance sheet arrangements are financial commitments, assets, or liabilities that a company keeps outside its main financial statements so they do not show up as part of its reported assets or debts. Think of them like a household using a long-term rental or guaranty that doesn’t appear on the credit card bill: they can hide future costs or risks, so investors watch them to understand the company’s true obligations and potential impact on cash flow and creditworthiness.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did AMREP (AXR) perform financially in the quarter ended July 31, 2026?

AMREP reported $6.1 million in revenues and $276,000 in net income, or $0.05 diluted EPS. This compares to $17.9 million in revenues and $4.7 million in net income, or $0.87 diluted EPS, in the prior-year quarter.

What drove the revenue decline for AMREP (AXR) this quarter?

Revenues fell mainly because land sale revenues dropped from $7.5 million to $173,000 and home sale revenues decreased from $9.6 million to $4.9 million. Total revenues declined 66% year over year to $6.1 million.

What is AMREP’s (AXR) liquidity and debt position as of July 31, 2026?

AMREP held $49.1 million in cash, cash equivalents and restricted cash and reported notes payable of only $17,000. Shareholders’ equity was $141.1 million and total assets were $145.7 million, indicating a very low leverage profile.

How is AMREP’s (AXR) homebuilding pipeline developing?

As of July 31, 2026, AMREP had 83 homes in production, including 23 under contract. These contracted homes represented $12.5 million of expected home sale revenues, excluding sales incentives, subject to cancellations and change orders.

What outlook did AMREP (AXR) give for land sale revenues?

AMREP stated that, due to market headwinds, reduced and delayed land development projects, and entitlement and infrastructure delays, it expects significantly reduced revenues from the sale of developed residential land during fiscal 2027.

Did AMREP (AXR) change any of its business lines during the quarter?

Yes. AMREP disclosed that in August 2026 it ceased providing landscaping services, which had generated $711,000 of landscaping revenues in the quarter ended July 31, 2026 and $541,000 in the prior-year quarter.

Were there any notable related-party transactions at AMREP (AXR)?

In June 2026, AMREP terminated two private infrastructure reimbursement agreements with TV Investments, LLC and paid TVI $201,000 and $114,000, respectively. TVI is 50% owned by an entity wholly-owned by director Timothy S. McNaney.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 July 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	​ ​ ​	59-0936128
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.
850 West Chester Pike, Suite 205, Havertown, PA		19083
Address of Principal Executive Offices		Zip Code

​

(610) 487-0905

Registrant’s Telephone Number, Including Area Code

​

​

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

​

Securities registered pursuant to Section 12(b) of the Act:

​

​	​	​	​	​
Title of each class	​ ​ ​	Trading Symbol(s)	​ ​ ​	Name of each exchange on which registered
Common Stock $0.10 par value	​	AXR	​	New York Stock Exchange

​

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
Emerging growth company ☐

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

Number of Shares of Common Stock, par value $.10 per share, outstanding at September 9, 2026 – 5,324,849.

​

​

​

​

Table of Contents

AMREP CORPORATION AND SUBSIDIARIES

INDEX

PART I. FINANCIAL INFORMATION		​	PAGE NO.
​	​	​	​
Item 1.	Financial Statements	​	​
​	​	​	​
​	Condensed Consolidated Balance Sheets July 31, 2026 (Unaudited) and April 30, 2026	​	2
​	​	​	​
​	Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended July 31, 2026 and 2025	​	3
​		​	​
​	Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) Three Months Ended July 31, 2026 and 2025	​	4
​		​	​
​	Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended July 31, 2026 and 2025	​	5
​	​	​	​
​	Notes to Condensed Consolidated Financial Statements (Unaudited)	​	6
​	​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	13
​	​	​
Item 4.	Controls and Procedures	​	19
​	​	​	​
PART II. OTHER INFORMATION		​	​
​	​	​	​
Item 5.	Other Information	​	20
​	​	​	​
Item 6.	Exhibits	​	20
​	​	​	​
SIGNATURE		​	21
​	​	​	​
EXHIBIT INDEX		​	22

​

​

​

​

Table of Contents

PART I. FINANCIAL INFORMATION

​

Item 1.  Financial Statements

AMREP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

​

​	​	​	​	​	​	​
​	​	July 31,		​	April 30,
​	​	2026		​	2026
​	​ ​ ​	(Unaudited)		​ ​ ​	​
ASSETS		​	​		​	​
Cash and cash equivalents	​	$	48,684	​	$	52,327
Restricted cash	​	​	366	​	​	362
Real estate inventory	​	​	68,888	​	​	66,556
Investment assets, net	​	​	18,107	​	​	16,174
Other assets	​	​	3,848	​	​	3,691
Deferred income taxes, net	​	​	5,763	​	​	5,772
TOTAL ASSETS	​	$	145,656	​	$	144,882
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​		​	​		​
​	​	​	​	​	​	​
LIABILITIES:	​		​	​		​
Accounts payable and accrued expenses	​	$	4,424	​	$	4,017
Notes payable	​		17	​		18
Income taxes payable, net	​		104	​		104
TOTAL LIABILITIES	​		4,545	​		4,139
​	​	​	​	​	​	​
Commitments and Contingencies (Note 11)	​	​	​	​	​	​
​	​	​	​	​	​	​
SHAREHOLDERS’ EQUITY:	​		​	​		​
Common stock, $.10 par value; shares authorized – 20,000,000; shares issued – 5,324,849 at July 31, 2026 and 5,305,199 at April 30, 2026	​		532	​	​	531
Capital contributed in excess of par value	​		33,991	​		33,900
Retained earnings	​		106,588	​		106,312
TOTAL SHAREHOLDERS’ EQUITY	​		141,111	​		140,743
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	​	$	145,656	​	$	144,882

​

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these unaudited condensed consolidated financial statements.

​

2

Table of Contents

AMREP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended July 31, 2026 and 2025

(Amounts in thousands, except per share amounts)

​

​	​	​	​	​	​	​
​	​	Three Months Ended July 31,
​	​ ​ ​	2026		​ ​ ​	2025
REVENUES:		​	​		​	​
Land sale revenues	​	$	173	​	$	7,494
Home sale revenues	​	​	4,881	​	​	9,570
Other revenues	​		997	​		787
Total revenues	​		6,051	​		17,851
​	​	​	​	​	​	​
COSTS AND EXPENSES:	​		​	​		​
Land sale cost of revenues, net	​		(400)	​		2,352
Home sale cost of revenues	​	​	3,775	​	​	7,180
Other cost of revenues	​		431	​		326
General and administrative expenses	​		2,408	​	​	1,847
Total costs and expenses	​		6,214	​		11,705
Operating (loss) income	​	​	(163)	​	​	6,146
​	​	​	​	​	​	​
Interest income, net	​		448	​		456
Income before income taxes	​	​	285	​	​	6,602
​	​	​	​	​	​	​
Provision for income taxes	​	​	9	​	​	1,910
Net income	​	$	276	​	$	4,692
​	​	​	​	​	​	​
Earnings per share – basic	​	$	0.05	​	$	0.88
Earnings per share – diluted	​	$	0.05	​	$	0.87
Weighted average number of common shares outstanding – basic	​		5,337	​		5,326
Weighted average number of common shares outstanding – diluted	​		5,393	​		5,375

​

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these unaudited condensed consolidated financial statements.

​

​

3

Table of Contents

​

AMREP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

Three Months Ended July 31, 2026 and 2025

(Amounts in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital

​

​

​

​

​

​

​

​

​

​

​

​

​

Contributed

​

​

​

​

​

​

​

​

Common Stock

​

in Excess of

​

Retained

​

​

​

​

​ ​ ​

Shares

​ ​ ​

Amount

​ ​ ​

Par Value

​ ​ ​

Earnings

​ ​ ​

Total

Balance, May 1, 2026

​

5,306

​

$

531

​

$

33,900

​

$

106,312

​

$

140,743

Issuance of restricted common stock

​

19

​

​

1

​

​

—

​

​

—

​

​

1

Stock compensation expense

​

—

​

​

—

​

​

79

​

​

—

​

​

79

Compensation related to issuance of option to purchase common stock

​

—

​

​

—

​

​

12

​

​

—

​

​

12

Net income

​

—

​

​

—

​

​

—

​

​

276

​

​

276

Balance, July 31, 2026

5,325

​

$

532

​

$

33,991

​

$

106,588

​

$

141,111

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, May 1, 2025

5,287

​

$

528

​

$

33,409

​

$

96,024

​

$

129,961

Issuance of restricted common stock

​

19

​

​

3

​

​

—

​

​

—

​

​

3

Stock compensation expense

​

—

​

​

—

​

​

60

​

​

—

​

​

60

Compensation related to issuance of option to purchase common stock

​

—

​

​

—

​

​

13

​

​

—

​

​

13

Net income

​

—

​

​

—

​

​

—

​

​

4,692

​

​

4,692

Balance, July 31, 2025

5,306

​

$

531

​

$

33,482

​

$

100,716

​

$

134,729

​

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these unaudited condensed consolidated financial statements.

​

4

Table of Contents

AMREP CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended July 31, 2026 and 2025

(Amounts in thousands)

​

​	​	​	​	​	​	​
​	​	Three Months Ended July 31,
​	​ ​ ​	2026		​ ​ ​	2025
CASH FLOWS FROM OPERATING ACTIVITIES:		​	​		​	​
Net income	​	$	276	​	$	4,692
Adjustments to reconcile net income to net cash provided by operating activities:	​		​	​		​
Depreciation	​		78	​		78
Non-cash credits and charges:	​		​	​		​
Stock-based compensation	​		121	​		100
Deferred income tax provision	​		9	​		1,677
Changes in assets and liabilities:	​		​	​		​
Real estate inventory	​		(2,291)	​		1,968
Investment assets, net	​		(1,974)	​		(1,030)
Other assets	​		(238)	​		(297)
Accounts payable and accrued expenses	​		385	​		2,104
Income taxes payable, net	​		—	​		233
Net cash provided by (used in) operating activities	​		(3,634)	​		9,525
​	​	​	​	​	​	​
CASH FLOWS FROM INVESTING ACTIVITIES:	​		​	​		​
Capital expenditures for property and equipment	​		(4)	​		(20)
Net cash used in investing activities	​		(4)	​		(20)
​	​	​	​	​	​	​
CASH FLOWS FROM FINANCING ACTIVITIES:	​		​	​		​
Debt payments	​		(1)	​		(2)
Net cash used in financing activities	​		(1)	​		(2)
​	​	​	​	​	​	​
(Decrease) increase in cash, cash equivalents and restricted cash	​		(3,639)	​		9,503
Cash, cash equivalents and restricted cash, beginning of period	​		52,689	​		39,921
Cash, cash equivalents and restricted cash, end of period	​	$	49,050	​	$	49,424
​	​	​	​	​	​	​
SUPPLEMENTAL CASH FLOW INFORMATION:	​		​	​		​
Income taxes paid, net	​	$	—	​	$	502

​

The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these unaudited condensed consolidated financial statements.

​

5

Table of Contents

AMREP CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended July 31, 2026 and 2025

(1)SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES

The accompanying unaudited condensed consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. Unless the context otherwise indicates, all references to the Company in this quarterly report on Form 10-Q include the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair statement of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless the context otherwise indicates, all references to 2027 and 2026 are to the fiscal years ending April 30, 2027 and 2026.

The unaudited condensed consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2026, which was filed with the SEC on July 24, 2026 (the “2026 Form 10-K”). The significant accounting policies used in preparing these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the 2026 Form 10-K.

Other than as provided in Note 1 to the consolidated financial statements contained in the 2026 Form 10-K, there are no new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its unaudited condensed consolidated financial statements.

​

(2)REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

​

​	​	​	​	​	​	​
​	​	July 31,		​	April 30,
​	​ ​ ​	2026		​ ​ ​	2026
Land inventory	​	$	57,165	​	$	54,843
Homebuilding model and completed inventory	​	​	6,283	​	​	8,675
Homebuilding construction in process	​	​	5,440	​	​	3,038
Total	​	$	68,888	​	$	66,556

​

Refer to Note 2 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding real estate inventory. No interest was capitalized in real estate inventory for the three months ended July 31, 2026 or July 31, 2025. Real estate taxes capitalized in real estate inventory were $23,000 and $11,000 for the three months ended July 31, 2026 and July 31, 2025.

(3)INVESTMENT ASSETS, NET

Investment assets, net consist of (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	July 31,		​ ​ ​	April 30,
​	​	2026		​	2026
Land held for long-term investment	​	$	8,481	​	$	8,482
Owned real estate leased or intended to be leased	​		10,004	​		8,029
Less accumulated depreciation	​	​	(378)	​	​	(337)
Owned real estate leased or intended to be leased, net	​	​	9,626	​	​	7,692
Total	​	$	18,107	​	$	16,174

​

6

Table of Contents

Refer to Note 3 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding investment assets, net. As of July 31, 2026, the Company leased 30 homes to residential tenants. As of April 30, 2026, the Company leased 28 homes to residential tenants. Depreciation associated with owned real estate leased or intended to be leased was $41,000 and $39,000 for the three months ended July 31, 2026 and July 31, 2025.

​

(4)OTHER ASSETS

Other assets consist of (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	July 31,		​ ​ ​	April 30,
​	​	2026		​	2026
Prepaid expenses	​	$	1,222	​	$	1,166
Miscellaneous assets	​	​	514	​	​	381
Property	​	​	2,165	​	​	2,160
Equipment	​	​	569	​	​	569
Less accumulated depreciation of property and equipment	​	​	(622)	​	​	(585)
Property and equipment, net	​	​	2,112	​	​	2,144
Total	​	$	3,848	​	$	3,691

​

Prepaid expenses as of July 31, 2026 and April 30, 2026 primarily consist of land development cash collateralized performance guaranties and insurance. Amortized lease cost for right-of-use assets associated with the leases of office facilities was $6,000 and $7,000 for the three months ended July 31, 2026 and July 31, 2025. Depreciation expense associated with property and equipment was $37,000 and $39,000 for the three months ended July 31, 2026 and July 31, 2025.

(5)ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	July 31,		​ ​ ​	April 30,
​	​	2026		​	2026
Land development and homebuilding operations	​	​	​	​	​	​
Accrued expenses	​	$	1,727	​	$	2,203
Trade payables	​		865	​		176
Customer deposits	​	​	691	​	​	642
Employee benefits	​	​	184	​	​	155
​	​	​	3,467	​	​	3,176
Corporate operations	​	​	957	​	​	841
Total	​	$	4,424	​	$	4,017

​

(6)NOTES PAYABLE

The following tables present information on the Company’s notes payable in effect as of July 31, 2026 (dollars in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​ ​ ​	Principal Amount		​ ​ ​	​
​	​	​	​	Available for		​	Outstanding Principal
​	​	​	​	New Borrowings		​	Amount
​	​ ​ ​	​	​	July 31,		​	July 31,		​	April 30,
Loan Identifier	​	Lender	​	2026		​	2026		​ ​ ​	2026
Revolving Line of Credit	​	BOKF		$	6,142		$	—		$	—
Equipment Financing	​	DC	​	​	—	​	​	17	​	​	18
Total	​	​	​	$	6,142	​	$	17	​	$	18

​

​	​	​	​	​	​	​	​
​	​	July 31, 2026
​	​	Interest	​	Mortgaged Property		​	Scheduled
Loan Identifier	​ ​ ​	Rate	​ ​ ​	Book Value		​ ​ ​	Maturity
Revolving Line of Credit		6.83	%	$	1,721	​	August 2028
Equipment Financing		2.35	%		17	​	June 2028

​

7

Table of Contents

​

​	​	​	​	​	​	​
​	​	Principal Repayments
​	​	Three Months Ended
​	​	July 31,
Loan Identifier	​ ​ ​	2026		​ ​ ​	2025
Revolving Line of Credit	​	$	—	​	$	—
Equipment Financing	​		1	​		2
Total	​	$	1	​	$	2

​

There were no capitalized interest and fees for the three months ended July 31, 2026 and July 31, 2025 for the Company’s notes payable in effect as of July 31, 2026. As of July 31, 2026, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Note 6 to the consolidated financial statements contained in the 2026 Form 10-K for detail about the above notes payable.

As of July 31, 2026, the Company had (a) loan reserves outstanding under its Revolving Line of Credit in the aggregate principal amount of $107,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the loan reserves and credit card reserve are not reflected as outstanding principal in notes payable.

The following table summarizes the notes payable scheduled principal repayments subsequent to July 31, 2026 (in thousands):

​	​	​	​
Fiscal Year	​ ​ ​	Scheduled Payments
2027	​	$	5
2028	​		11
2029	​		1
Total	​	$	17

​

​

(7)REVENUES

Land sale revenues. Land sale revenues are sales of developed residential land, developed commercial land and undeveloped land.

Home sale revenues. Home sale revenues are sales of homes constructed and sold by the Company.

Other revenues. Other revenues consist of (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Landscaping revenues	​	$	711	​	$	541
Miscellaneous other revenues	​		286	​		246
Total	​	$	997	​	$	787

​

Refer to Note 7 to the consolidated financial statements contained in the 2026 Form 10-K for detail about the categories of other revenues.

Miscellaneous other revenues for the three months ended July 31, 2026 primarily consist of management fees for homeowners’ associations, residential rental revenues and billboard advertising revenues. Miscellaneous other revenues for the three months ended July 31, 2025 primarily consist of management fees for homeowners’ associations and residential rental revenues.

8

Table of Contents

Major customers. A substantial majority of land sale revenues was received from three customers during the three months ended July 31, 2025. Other than receivables for immaterial amounts (if any), there were no outstanding receivables from these customers as of July 31, 2025. There was one customer that contributed in excess of 10% of the Company’s revenues for the three months ended July 31, 2026. The revenues from this customer for the three months ended July 31, 2026 were $724,000, with this revenue being reported in the Company’s homebuilding business segment. There was one customer that contributed in excess of 10% of the Company’s revenues for the three months ended July 31, 2025. The revenues from this customer for the three months ended July 31, 2025 were $2,524,000, with this revenue being reported in the Company’s land development business segment.

(8)COST OF REVENUES

Land sale cost of revenues, net consists of (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended
​	​	July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Land sale cost of revenues	​	$	26	​	$	3,125
Less:	​		​	​	​	​
Public improvement district reimbursements	​		(374)	​	​	(305)
Private infrastructure covenant reimbursements	​		(52)	​	​	(101)
Payments for impact fee credits	​		—	​	​	(367)
Land sale cost of revenues, net	​	$	(400)	​	$	2,352

​

Refer to Note 8 to the consolidated financial statements contained in the 2026 Form 10-K for detail about land sale cost of revenues, net.

Home sale cost of revenues for each of the three months ended July 31, 2026 and July 31, 2025 consist of the costs for residential homes that were sold.

Other cost of revenues for each of the three months ended July 31, 2026 and July 31, 2025 consist of the cost of goods sold for landscaping services.

(9)GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses consist of (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Land development	​	$	1,410	​	$	988
Homebuilding	​		512	​	​	447
Corporate	​	​	486	​	​	412
Total	​	$	2,408	​	$	1,847

​

​

9

Table of Contents

(10)BENEFIT PLANS

Refer to Note 11 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the three months ended July 31, 2026 presented below represents the maximum number of shares that could become vested after that date:

​

​	​	​
​	​ ​ ​	Number of
Restricted share awards	​	Shares
Non-vested as of April 30, 2026		33,977
Granted during the three months ended July 31, 2026		19,650
Vested during the three months ended July 31, 2026		(16,713)
Forfeited during the three months ended July 31, 2026		—
Non-vested as of July 31, 2026		36,914

​

The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $79,000 and $64,000 for the three months ended July 31, 2026 and July 31, 2025. As of July 31, 2026, there was $677,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years.

Refer to Note 11 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the option to purchase 50,000 shares of common stock of the Company under the Equity Plan. As of July 31, 2026, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $12,000 and $13,000 for the three months ended July 31, 2026 and July 31, 2025. As of July 31, 2026 and July 31, 2025, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share.

Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $30,000 for the three months ended July 31, 2026 and $23,000 for the three months ended July 31, 2025. As of July 31, 2026, there was $70,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2026. As of July 31, 2025, there was $53,000 of accrued compensation expense related to the deferred common share units issued in December 2025.

(11)COMMITMENTS AND CONTINGENCIES

Refer to Note 13 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the Company’s warranty reserves, security for performance obligations and litigation.

Warranty Reserves. Changes in warranty reserves are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended
​	​	July 31,
​	​	2026		​ ​ ​	2025
Balance at beginning of period	​ ​ ​	$	386	​ ​ ​	$	259
Warranty issued during period	​		25	​		49
Change in pre-existing reserves	​	​	—	​	​	—
Warranty expenditures during period	​		(1)	​		(5)
Balance at end of period	​	$	410	​	$	303

​

Security for Performance Obligations. As of July 31, 2026, the Company had (a) loan reserves outstanding under its Revolving Line of Credit in the aggregate principal amount of $107,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (b) cash collateral of $336,000 on deposit with municipalities.

Litigation. The Company has not accrued any amounts related to litigation matters as of July 31, 2026 or July 31, 2025.

​

10

Table of Contents

(12)EARNINGS PER SHARE

Refer to Note 14 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the calculation of earnings per share – basic and earnings per share – diluted.

The components of earnings per share – basic are as follows (amounts in thousands, except per share amounts):

​

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended
​	​	July 31,
​	​	2026		​ ​ ​	2025
Numerator:	​	​	​		​	​
Net income	​	$	276	​	$	4,692
Denominator:	​		​	​		​
Weighted average number of common shares outstanding – basic	​		5,337	​		5,326
Earnings per share – basic	​	$	0.05	​	$	0.88

​

The components of earnings per share – diluted are as follows (amounts in thousands, except per share amounts):

​

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended
​	​	July 31,
​	​	2026		​ ​ ​	2025
Numerator:	​			​
Net income	​	$	276		$	4,692
Denominator:	​	​	​	​	​	​
Weighted average number of common shares outstanding – basic	​	​	5,337	​	​	5,326
Dilutive effect of unvested shares of restricted common stock	​	​	34	​	​	31
Dilutive effect of shares issuable upon the exercise of stock options that are in-the-money	​	​	22	​	​	18
Weighted average number of common shares outstanding – diluted	​	​	5,393	​	​	5,375
​	​	​	​	​	​	​
Earnings per share – diluted	​	$	0.05		$	0.87

​

(13)TRANSACTIONS WITH RELATED PERSON

The Company has instituted private infrastructure reimbursement covenants on various land development projects. Similar to a public improvement district, the covenants are expected to reimburse the Company for certain costs of developing a property by imposing an assessment on the real property owners subject to the covenants. The Company agreed to share a portion of the collected assessments from private infrastructure reimbursement covenants for two land development projects with TV Investments, LLC (“TVI”) in October 2021 and April 2024. TVI is 50% owned by an entity wholly-owned by Timothy S. McNaney, who became a member of the Company’s Board of Directors in January 2026. In June 2026, (i) the Company and TVI terminated the October 2021 agreement and the April 2024 agreement and (ii) the Company paid TVI $201,000 with respect to the termination of the October 2021 agreement (of which $100,500 represents Mr. McNaney’s interest in the transaction) and $114,000 with respect to the termination of the April 2024 agreement (of which $57,000 represents Mr. McNaney’s interest in the transaction).

(14)INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT REPORTABLE SEGMENTS

The Company manages its operations through two reportable segments: land development and homebuilding. The land development segment develops residential lots and sites for commercial and industrial use, including land and site planning, obtaining governmental and environmental approvals (“entitlements”), installing utilities and storm drains, ensuring the availability of water service, building or improving roads necessary for land development and constructing community amenities. The homebuilding segment focuses on building and selling single-family detached and attached homes.

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Table of Contents

The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The two segments have been identified based on the way in which financial information is regularly reviewed by the CODM to assess financial performance and allocate resources. The CODM uses each segment’s profit (loss) in assessing segment performance and deciding how to allocate resources. The CODM does not use each segment’s assets, depreciation and amortization, or capital expenditures in assessing segment performance or deciding how to allocate resources. The Company incurs general and administrative expenses associated with certain corporate functions, which are not specific to a particular segment.

With respect to the tables below, (1) revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying consolidated statements of operations and (2) general and administrative expenses primarily relate to payroll, employee benefits and professional expenses.

The following table sets forth summarized data relative to the industry segments in which the Company operated for the three months ended July 31, 2026 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​		​ ​ ​	​	​	​ ​ ​	​	​
For the Three Months Ended	​	Land		​	​		​	​
July 31, 2026	​ ​ ​	Development		​ ​ ​	Homebuilding		​ ​ ​	Consolidated
Revenues	​	$	1,810	​	$	4,241	​	$	6,051
Cost of Revenues	​	​	567	​	​	3,239	​	​	3,806
General and administrative expenses	​	​	1,410	​	​	512	​	​	1,922
Segment profit (loss)	​	​	(167)	​	​	490	​	​	323
Interest income, net	​	​	​	​	​	​	​	​	448
Unallocated amounts:	​	​	​	​	​	​	​	​	​
Other corporate general and administrative expenses	​	​	​	​	​	​	​	​	(486)
Income before income taxes	​	​	​	​	​	​	​	$	285

​

The following table sets forth summarized data relative to the industry segments in which the Company operated for the three months ended July 31, 2025 (in thousands):

​	​	​	​	​	​	​	​	​	​
For the Three Months Ended	​	Land		​	​	​	​	​	​
July 31, 2025	​ ​ ​	Development		​ ​ ​	Homebuilding		​ ​ ​	Consolidated
Revenues	​	$	9,701	​	$	8,150	​	$	17,851
Cost of Revenues	​	​	3,906	​	​	5,952	​	​	9,858
General and administrative expenses	​	​	988	​	​	447	​	​	1,435
Segment profit (loss)	​	​	4,807	​	​	1,751	​	​	6,558
Interest income, net	​	​	​	​	​	​	​	​	456
Unallocated amounts:	​	​	​	​	​	​	​	​	​
Other corporate general and administrative expenses	​	​	​	​	​	​	​	​	(412)
Income before income taxes	​	​	​	​	​	​	​	$	6,602

​

​

​

​

12

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

AMREP Corporation (the “Company”), through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. Unless the context otherwise indicates, all references to the Company in this quarterly report on Form 10-Q include the Company and its subsidiaries. The following provides information that management believes is relevant to an assessment and understanding of the Company’s unaudited condensed consolidated results of operations and financial condition. The information contained in this Item 2 should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto included in this report on Form 10-Q and with the Company’s annual report on Form 10-K for the year ended April 30, 2026, which was filed with the Securities and Exchange Commission on July 24, 2026 (the “2026 Form 10-K”). Many of the amounts and percentages presented in this Item 2 have been rounded for convenience of presentation. Unless the context otherwise indicates, all references to 2027 and 2026 are to the fiscal years ending April 30, 2027 and 2026.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s discussion and analysis of financial condition and results of operations is based on the accounting policies used and disclosed in the 2026 consolidated financial statements and accompanying notes that were prepared in accordance with accounting principles generally accepted in the United States of America and included as part of the 2026 Form 10-K. The preparation of the unaudited condensed consolidated financial statements included in this report on Form 10-Q required management to make estimates and assumptions that affected the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual amounts or results could differ from those estimates and assumptions.

The Company’s critical accounting policies, assumptions and estimates are described in Item 7 of Part II of the 2026 Form 10-K. There have been no changes in these critical accounting policies.

Information concerning the Company’s implementation and the impact of recent accounting standards or updates issued by the Financial Accounting Standards Board is included in the notes to the consolidated financial statements contained in the 2026 Form 10-K and in the notes to the unaudited condensed consolidated financial statements included in this report on Form 10-Q. The Company did not adopt any accounting policies during the three months ended July 31, 2026 that had a material effect on its unaudited condensed consolidated financial statements.

​

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RESULTS OF OPERATIONS

For the three months ended July 31, 2026, the Company had net income of $276,000, or $0.05 per diluted share, compared to net income of $4,692,000, or $0.87 per diluted share, for the three months ended July 31, 2025.

Except as described herein, there have been no material changes to the Company’s commentary on market conditions and outlook and the Company’s response thereto as reflected in the Results of Operations section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2026 Form 10-K.

Revenues. The following presents information on revenues (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Three Months Ended July 31,

​

Increase

​

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

(decrease)

​

Land sale revenues

​

$

173

​

$

7,494

​

$

(7,321)

​ ​ ​

(98)

%

Home sale revenues

​

4,881

​

9,570

​

(4,689)

(49)

%

Other revenues

​

997

​

787

​

210

27

%

Total

​

$

6,051

​

$

17,851

​

​

(11,800)

(66)

%

​

● The change in land sale revenues for the three months ended July 31, 2026 compared to the prior period was primarily due to a decrease in revenues from the sale of developed residential land, developed commercial land and undeveloped land. The Company’s land sale revenues consist of (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended July 31, 2026

​

Three Months Ended July 31, 2025

​

​ ​ ​

Acres Sold

​ ​ ​

Revenues

​ ​ ​

Revenue Per Acre1

​ ​ ​

Acres Sold

​ ​ ​

Revenues

​ ​ ​

Revenue Per Acre1

Developed

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential

—

​

$

—

​

$

—

5.6

​

$

4,227

​

$

755

Commercial

—

​

—

​

—

3.3

​

​

1,000

​

​

303

Total Developed

—

​

​

—

​

​

—

8.9

​

​

5,227

​

​

587

Undeveloped

27.9

​

173

​

6

486.1

​

​

2,267

​

​

5

Total

27.9

​

$

173

​

​

6

495.0

​

$

7,494

​

​

15

¹ Revenue per acre may not calculate precisely due to the rounding of revenues to the nearest thousand dollars.

The change in the revenue per acre of undeveloped land for the three months ended July 31, 2026 compared to the prior period was primarily due to the location and mix of land sold. As a result of the Company reducing the number and scope of its active land development projects and delaying certain new land development projects due to market headwinds and uncertainty, a more intentional focus on growing the homebuilding business segment and an increase in entitlement, contractor and infrastructure delays in 2026, the Company expects significantly reduced revenues from the sale of developed residential land during 2027.

● The change in home sale revenues for the three months ended July 31, 2026 compared to the prior period was primarily due to a decrease in the number of homes sold. The change in average selling prices for the three months ended July 31, 2026 compared to the prior period was primarily due to the location, size and mix of homes sold. The Company’s home sale revenues consist of (dollars in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Homes sold		​	12		​	22
Average selling price	​	$	407	​	$	434

​

As of July 31, 2026, the Company had 83 homes in production, including 23 homes under contract, which homes under contract represented $12,505,000 of expected home sale revenues (less any sales incentives associated with such contracts) when closed, subject to customer cancellations and change orders. As of July 31, 2025, the Company had 62 homes in production, including 24 homes under contract, which homes under contract represented $11,508,000 of expected home sale revenues (less any sales incentives associated with such contracts) when closed, subject to customer cancellations and change orders.

14

Table of Contents

● Other revenues consist of (in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Landscaping revenues	​	$	711	​	$	541
Miscellaneous other revenues	​	​	286	​	​	246
Total	​	$	997	​	$	787

​

In August 2026, the Company ceased providing landscaping services. Miscellaneous other revenues for the three months ended July 31, 2026 primarily consist of management fees for homeowners’ associations, residential rental revenues and billboard advertising revenues. Miscellaneous other revenues for the three months ended July 31, 2025 primarily consist of management fees for homeowners’ associations and residential rental revenues.

Cost of Revenues. The following presents information on cost of revenues (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended July 31,

​

Increase

​

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

(decrease)

​

Land sale cost of revenues, net

​

$

(400)

​

$

2,352

​

$

(2,752)

​

(117)

%

Home sale cost of revenues

​

3,775

​

7,180

​

(3,405)

​

(47)

%

Other cost of revenues

​

​

431

​

​

326

​

​

105

​

32

%

Total

​

$

3,806

​

$

9,858

​

​

(6,052)

​

(61)

%

​

● Land sale cost of revenues, net consists of (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended July 31,
​	​	2026		​ ​ ​	2025
Land sale cost of revenues	​	$	26	​	$	3,125
Less:	​		​	​	​	​
Public improvement district reimbursements	​		(374)	​	​	(305)
Private infrastructure covenant reimbursements	​		(52)	​	​	(101)
Payments for impact fee credits	​		—	​	​	(367)
Land sale cost of revenues, net	​	$	(400)	​	$	2,352

​

Land sale cost of revenues, net was negative for the three months ended July 31, 2026 due to public improvement district reimbursements and private infrastructure covenant reimbursements exceeding the amount of land sale cost of revenues. Land sale gross margins were not meaningful for the three months ended July 31, 2026 compared to 69% for the three months ended July 31, 2025.

● The change in home sale cost of revenues for the three months ended July 31, 2026 compared to the prior period was primarily due to the number, location, size and mix of homes sold and increases in the prices of building materials and skilled labor. Home sale gross margins were 23% for the three months ended July 31, 2026 compared to 25% for the three months ended July 31, 2025. The change in gross margin for the three months ended July 31, 2026 compared to the prior period was primarily due to the location, size and mix of homes sold offset in part by increases in the amount of sales incentives to homebuyers and increases in the prices of building materials and skilled labor.

● Other cost of revenues for each of the three months ended July 31, 2026 and July 31, 2025 consist of the cost of goods sold for landscaping services.

As a result of many factors, including the nature and timing of specific transactions and the type and location of land or homes being sold, revenues, average selling prices and related gross margins from land sales or home sales can vary significantly from period to period and prior results are not necessarily a good indication of what may occur in future periods.

15

Table of Contents

General and Administrative Expenses. The following presents information on general and administrative expenses (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended July 31,

​

Increase

​

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

(decrease)

​

Land development

​

$

1,410

​

$

988

​

$

422

​ ​ ​

43

%

Homebuilding

​

512

​

447

​

65

15

%

Corporate

​

486

​

412

​

74

18

%

Total

​

$

2,408

​

$

1,847

​

​

561

​

30

%

​

● The change in land development general and administrative expenses for the three months ended July 31, 2026 compared to the prior period was primarily due to the costs to terminate the agreement to share a portion of the collected assessments from private infrastructure reimbursement covenants for two land development projects and an increase in real estate taxes and depreciation.

The Company has instituted private infrastructure reimbursement covenants on various land development projects. Similar to a public improvement district, the covenants are expected to reimburse the Company for certain costs of developing a property by imposing an assessment on the real property owners subject to the covenants. The Company agreed to share a portion of the collected assessments from private infrastructure reimbursement covenants for two land development projects with TV Investments, LLC (“TVI”) in October 2021 and April 2024. TVI is 50% owned by an entity wholly-owned by Timothy S. McNaney, who became a member of the Board in January 2026. In June 2026, (i) the Company and TVI terminated the October 2021 agreement and the April 2024 agreement and (ii) the Company paid TVI $201,000 with respect to the termination of the October 2021 agreement (of which $100,500 represents Mr. McNaney’s interest in the transaction) and $114,000 with respect to the termination of the April 2024 agreement (of which $57,000 represents Mr. McNaney’s interest in the transaction). Mr. McNaney was not involved in the negotiation of the termination agreements. In accordance with its charter, the Nominating and Corporate Governance Committee of the Board reviewed and approved the termination agreements. Mr. McNaney is not a member of the Nominating and Corporate Governance Committee.

● The change in homebuilding general and administrative expenses for the three months ended July 31, 2026 compared to the prior period was primarily due to an increase in payroll and benefits and marketing expenses.

● The change in corporate general and administrative expenses for the three months ended July 31, 2026 compared to the prior period was primarily due to an increase in compensation expense, professional services and director fees.

The Company did not record any non-cash impairment charges on real estate inventory or investment assets in the three months ended July 31, 2026 or July 31, 2025. Changes in economic and other market conditions may adversely impact the fair market value of the Company’s real estate inventory or investment assets, which could lead to impairment charges in future periods.

Interest Income, net. Interest income, net was $448,000 and $456,000 for the three months ended July 31, 2026 and July 31, 2025. There were no interest or loan costs capitalized in real estate inventory in the three months ended July 31, 2026 and July 31, 2025.

Income Taxes. The Company had a provision for income taxes of $9,000 and $1,910,000 for the three months ended July 31, 2026 and July 31, 2025 related to the amount of income before income taxes during each period.

16

Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

Except as described herein, there have been no material changes to the Company’s liquidity and capital resources as reflected in the Liquidity and Capital Resources section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2026 Form 10-K.

The Company had cash, cash equivalents and restricted cash as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

July 31,

​ ​ ​

April 30,

​

​

​

​

​

​

​

2026

​

2026

​ ​ ​

Increase (decrease)

​

Cash

​

$

9,810

​

$

13,801

$

(3,991)

​ ​ ​

(29)

%

U.S. Government Securities

​

38,874

​

38,526

​

​

348

​

1

%

Restricted Cash

​

366

​

362

​

​

4

​

1

%

Total

​

$

49,050

​

$

52,689

​

​

(3,639)

​

(7)

%

​

Cash Flow. The following presents information on cash flows (in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended July 31,
​	​ ​ ​	2026		​ ​ ​	2025
Net cash provided by (used in) operating activities	​	$	(3,634)	​	$	9,525
Net cash provided by (used in) investing activities	​		(4)	​		(20)
Net cash provided by (used in) financing activities	​		(1)	​		(2)
(Decrease) increase in cash and cash equivalents	​	$	(3,639)	​	$	9,503

​

Notes payable decreased from $18,000 as of April 30, 2026 to $17,000 as of July 31, 2026 due to principal debt repayments. Refer to Note 6 to the unaudited condensed consolidated financial statements included in this report on Form 10-Q and Note 6 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding the Company’s notes payable.

Asset and Liability Levels. The following presents information on certain assets and liabilities (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

July 31,

​ ​ ​

April 30,

​

Increase

​

​

2026

​

2026

​ ​ ​

(decrease)

Real estate inventory

​

$

68,888

​

$

66,556

​

$

2,332

​ ​ ​

4

%

Investment assets, net

​

18,107

​

16,174

​

​

1,933

12

%

Other assets

​

3,848

​

3,691

​

​

157

4

%

Deferred income taxes, net

​

5,763

​

5,772

​

​

(9)

—

%

Accounts payable and accrued expenses

​

4,424

​

4,017

​

​

407

10

%

Income taxes payable, net

​

104

​

104

​

​

—

—

%

​

● Real estate inventory consists of (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

July 31,

​ ​ ​

April 30,

​

Increase

​

​

2026

​

2026

​ ​ ​

(decrease)

Land inventory

​

$

57,165

​

$

54,843

​

$

2,322

​ ​ ​

4

%

Homebuilding model and completed inventory

​

6,283

​

​

8,675

​

​

(2,392)

(28)

%

Homebuilding construction in process

​

5,440

​

​

3,038

​

​

2,402

79

%

Total

​

$

68,888

​

$

66,556

​

​

​

​

​

​

​

From April 30, 2026 to July 31, 2026, the change in land inventory was primarily due to land development activity and the acquisition of land offset in part by the sale of land, the change in homebuilding model and completed inventory was primarily due to the sale of homes offset in part by the completion of homes not yet sold and the change in homebuilding construction in process was primarily due to an increase in the number of homes that started construction. Refer to Note 2 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding real estate inventory.

17

Table of Contents

● Investment assets, net consist of (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

July 31,

​

April 30,

​

Increase

​

​ ​ ​

2026

​ ​ ​

2026

​ ​ ​

(decrease)

Land held for long-term investment

​

$

8,481

​

$

8,482

​

$

(1)

​ ​ ​

—

%

Owned real estate leased or intended to be leased

​

10,004

​

8,029

​

1,975

25

%

Less accumulated depreciation

​

​

(378)

​

​

(337)

​

​

(41)

​

(12)

%

Owned real estate leased or intended to be leased, net

​

​

9,626

​

​

7,692

​

​

1,934

​

25

%

Total

​

$

18,107

​

$

16,174

​

​

​

​

​

​

​

As of July 31, 2026, the Company leased 30 homes to residential tenants. As of April 30, 2026, the Company leased 28 homes to residential tenants. Given the impact on demand as a result of affordability challenges, the Company has opportunistically leased completed homes. Depreciation associated with owned real estate leased or intended to be leased was $41,000 and $39,000 for the three months ended July 31, 2026 and July 31, 2025. Refer to Note 3 to the consolidated financial statements contained in the 2026 Form 10-K for detail regarding investment assets, net.

● From April 30, 2026 to July 31, 2026:

o The change in other assets was primarily due to an increase in miscellaneous assets involving accounts receivable.

o The change in deferred income taxes, net was primarily due to the income tax effect of the amount of income before income taxes for the three months ended July 31, 2026.

o The change in accounts payable and accrued expenses was primarily due to increases in trade payables and customer deposits offset in part by a decrease in accrued expenses.

Off-Balance Sheet Arrangements. As of July 31, 2026 and July 31, 2025, the Company did not have any off-balance sheet arrangements (as defined in Item 303(a)(4)(ii) of Regulation S-K).

Recent Accounting Pronouncements. Refer to Note 1 to the consolidated financial statements contained in the 2026 Form 10-K and Note 1 to the unaudited condensed consolidated financial statements included in this report on Form 10-Q for a discussion of recently issued accounting pronouncements.

Statement of Forward-Looking Information

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. The Company and its representatives may from time to time make written or oral statements that are “forward-looking”, including statements contained in this report and other filings with the Securities and Exchange Commission, reports to the Company’s shareholders and news releases. All statements that express expectations, estimates, forecasts or projections are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “projects”, “forecasts”, “may”, “should”, variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and contingencies that are difficult to predict. All forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are qualified by the cautionary statements in this section. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements.

The forward-looking statements contained in this report include, but are not limited to, statements regarding (1) the Company’s ability to finance its future working capital, land development, acquisition of land, homebuilding, commercial projects, general and administrative expenses and capital expenditure needs, (2) the Company’s expected liquidity sources, including the availability of bank financing for projects and the utilization of existing bank financing, (3) estimates of the Company’s exposure to warranty claims and liabilities for litigation and legal claims, estimates of the cost to complete of common land development costs and the estimated relative

18

Table of Contents

sales values of individual parcels of land in connection with the allocation of common land development costs, (4) the adequacy of warranty reserves to cover the ultimate resolution of any potential liabilities associated with warranty claims, (5) the conditions resulting in homebuyer affordability challenges, (6) the amount of land sale revenues during 2026 and 2027, (7) the backlog of homes under contract and in production and the dollar amount of expected sale revenues when such homes are closed, (8) the categorization of owned real estate leased or intended to be leased, (9) the timing of recognizing unrecognized compensation expense related to shares of common stock issued under the AMREP Corporation 2016 Equity Compensation Plan, (10) the future issuance of deferred stock units to directors of the Company, (11) the dilution to earnings per share that unvested shares of restricted common stock or shares issuable upon the exercise of stock options may cause in the future and (12) the future business conditions that may be experienced by the Company. The Company undertakes no obligation to update or publicly release any revisions to any forward-looking statement to reflect events, circumstances or changes in expectations after the date of such forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. As a result of such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that such disclosure controls and procedures were effective as of July 31, 2026 to provide reasonable assurance that the information required to be disclosed in the reports the Company files or submits under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure. The Company believes that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

No change in the Company’s system of internal control over “financial reporting” (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

​

​

19

Table of Contents

PART II. OTHER INFORMATION

​

Item 5. Other Information

During the three months ended July 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

​

Exhibit Number	​ ​ ​	Description
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)

​

​

20

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

Date: September 11, 2026	AMREP CORPORATION
​	(Registrant)
​	​
​	By:	/s/ Adrienne M. Uleau
​	​	Name: Adrienne M. Uleau
​	​	Title: Chief Financial Officer and Vice President
​	​	(Principal Accounting Officer)

​

​

21

Table of Contents

EXHIBIT INDEX

​

Exhibit Number	​ ​ ​	Description
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)

​

​

22