AMREP Corp (AXR) director reports grant of deferred stock units

Rhea-AI Filing Summary

AMREP Corp. director reports deferred stock unit grant

A director of AMREP Corp. (AXR), Edward B. Cloues II, reported a grant of 1,595 deferred stock units on 12/31/2025. These units vest immediately upon grant. Each deferred stock unit represents the right to receive one share of AMREP common stock.

The shares underlying the units will be distributed within 30 days after the first day of the month following the director’s termination of service on the board. Following this transaction, the reporting person beneficially holds 24,408.56 derivative securities related to AMREP stock in direct ownership.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

CLOUES EDWARD B II

(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 Edward B. Cloues, II	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) report in this filing?

The filing reports that director Edward B. Cloues II received 1,595 deferred stock units tied to AMREP Corp. common stock on 12/31/2025.

How do the deferred stock units for AMREP Corp. (AXR) vest and settle?

The deferred stock units vest immediately upon grant. Each unit gives the right to receive one share of AMREP common stock, to be distributed within 30 days after the first day of the month following the director’s termination of service.

What is the exercise or purchase price of the AMREP (AXR) deferred stock units?

The reported conversion or exercise price of the deferred stock units is $0, reflecting that no cash payment is required by the director to receive the underlying shares.

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

After the reported grant, the director beneficially owns 24,408.56 derivative securities related to AMREP Corp. stock in direct ownership.

What role does the reporting person hold at AMREP Corp. (AXR)?

The reporting person is identified as a director of AMREP Corp., with the Form 4 indicating the relationship as director.

Who signed the AMREP Corp. (AXR) insider transaction report?

The report was signed by /s/ Christopher V. Vitale acting as attorney-in-fact for Edward B. Cloues, II, under a power of attorney.