AMREP Corp (AXR) director reports 1,595 deferred stock unit award

Rhea-AI Filing Summary

AMREP Corp. director Albert Russo reported a grant of deferred stock units. On 12/31/2025, he acquired 1,595 deferred stock units with a conversion price of $0, each representing one share of AMREP Corp. common stock, $.10 par value. Following this grant, he beneficially owned 24,408.56 derivative securities in total.

The deferred stock units vest immediately upon grant. The underlying common shares will be distributed within 30 days after the first day of the month following Russo’s termination of service as a director, providing equity-based compensation that is settled when his board service ends.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RUSSO ALBERT

(Last) (First) (Middle)

C/O AMREP CORPORATION

850 WEST CHESTER PIKE, SUITE 205

(Street)

HAVERTOWN PA 19083

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMREP CORP. [ AXR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	$0(1)	12/31/2025		A		1,595		(1)	(1)	Common stock, $.10 par value	1,595	$0	24,408.56	D

Explanation of Responses:

1. These deferred stock units vest immediately upon grant. Each deferred stock unit represents the right to receive one share of the Issuer's common stock, which will be distributed within 30 days after the first day of the month to follow the grantee's termination of service as a director of the Issuer.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Christopher V. Vitale, as attorney-in-fact for Albert Russo	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did AMREP Corp. (AXR) disclose in this Form 4?

The filing reports that director Albert Russo received a grant of 1,595 deferred stock units tied to AMREP Corp. common stock on 12/31/2025.

How many AMREP Corp. (AXR) deferred stock units were granted to the director?

Albert Russo was granted 1,595 deferred stock units, each representing the right to receive one share of AMREP Corp. common stock.

When do Albert Russo’s AMREP Corp. (AXR) deferred stock units vest and pay out?

The deferred stock units vest immediately upon grant. The corresponding common shares will be distributed within 30 days after the first day of the month following Russo’s termination of service as a director.

What is the exercise or conversion price of the AMREP Corp. (AXR) deferred stock units?

The deferred stock units have a conversion price of $0, meaning Russo does not pay additional consideration to receive the underlying AMREP Corp. common shares.

How many derivative securities does the AMREP Corp. (AXR) director own after this transaction?

After the 1,595-unit grant, Albert Russo beneficially owned 24,408.56 derivative securities linked to AMREP Corp. equity.

What is Albert Russo’s relationship to AMREP Corp. (AXR)?

Albert Russo is identified in the filing as a director of AMREP Corp., and the Form 4 is filed by one reporting person.