[Form 4] AMREP Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 – AMREP Corp. (AXR)

On 07/17/2025, CFO & VP Adrienne M. Uleau was granted 2,100 shares of AMREP common stock at a price of $0 under the 2016 Equity Compensation Plan, indicating time-based restricted stock rather than an open-market purchase. After the grant, her direct beneficial ownership rose to 8,324 shares.

The award vests in three equal tranches of 700 shares on 17 Jul 2026, 17 Jul 2027 and 17 Jul 2028, contingent on Ms. Uleau’s continued employment. No derivative securities or sales were reported.

The filing slightly increases insider ownership and aligns management incentives, but the share amount is immaterial relative to AMREP’s total shares outstanding, suggesting minimal dilution and limited market impact.

Positive

• Enhanced insider alignment: CFO’s ownership rises to 8,324 shares via time-based restricted stock.
• No cash expense to company: grant priced at $0, preserving cash while incentivizing retention.

Negative

• Immaterial size: 2,100 shares is a small fraction of shares outstanding, offering limited signaling value.
• Potential dilution: although minimal, full vesting will marginally increase share count over three years.

Insights

Securities Analyst

TL;DR: Small restricted-stock grant; marginal ownership rise; largely neutral for valuation.

The 2,100-share grant increases the CFO’s stake to 8,324 shares, enhancing incentive alignment without cash outlay. Because the award represents a negligible percentage of AMREP’s float, dilution risk is de minimis and trading liquidity should be unaffected. From a market perspective, the event is routine compensation disclosure and unlikely to move the stock.

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).

1. Name and Address of Reporting Person^*

Uleau Adrienne

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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
Common Stock(1)	07/17/2025		A		2,100	A	$0	8,324	D

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

Explanation of Responses:

1. Grant of restricted stock under the AMREP Corporation 2016 Equity Compensation Plan. The restricted stock will vest as follows: 700 shares on July 17, 2026, 700 shares on July 17, 2027 and 700 shares on July 17, 2028, subject to the continued employment of Ms. Uleau by AMREP Corporation on each vesting date.

	/s/ Adrienne M. Uleau	07/21/2025
	** 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

How many AXR shares were granted to the CFO in this Form 4?

2,100 restricted shares were granted on 07/17/2025.

What is the vesting schedule for the 2,100 AXR shares?

700 shares vest on each of Jul 17 2026, 2027 and 2028, conditional on continued employment.

What is CFO Adrienne Uleau’s total AXR ownership after the grant?

Her direct beneficial stake increases to 8,324 shares.

Was any cash paid for the granted AXR shares?

No. The restricted stock was issued at $0 per share.

Did the filing report any derivative securities or sales?

No derivative positions or disposals were disclosed in the Form 4.