[Form 4] AMREP Corporation Insider Trading Activity

Rhea-AI Filing Summary

AMREP Corporation (AXR) Form 4: President & CEO Christopher V. Vitale acquired 8,000 shares of common stock on 17 Jul 2025 via a $0 cost restricted-stock grant under the 2016 Equity Compensation Plan. The award vests in three tranches: 2,666 shares on 17 Jul 2026, 2,667 shares on 17 Jul 2027 and 2,667 shares on 17 Jul 2028, conditional on continued employment. Following the grant, Vitale’s direct beneficial ownership rises to 117,200 shares. No derivative transactions or dispositions were reported. The filing represents routine executive equity compensation designed to retain and align the CEO with long-term shareholder interests; dilution impact is expected to be immaterial given AMREP’s small share count.

Positive

• Alignment of interests: Grant increases CEO’s equity stake to 117,200 shares, strengthening management-shareholder alignment.
• Retention mechanism: Three-year vesting schedule encourages leadership stability through 2028.

Negative

• Minor dilution: Issuance of 8,000 new shares marginally increases share count and adds future compensation expense.

Insights

Senior Equity Analyst

TL;DR – Routine CEO grant; alignment positive, financial impact negligible.

The 8,000-share restricted-stock grant equals roughly 6.8% of Vitale’s post-grant holdings and vests over three years, incentivising retention and long-term value creation. Because the award was issued at no cost, AMREP will record non-cash compensation expense over the vesting period, but the absolute share count impact is minor relative to AMREP’s c.8.4 million shares outstanding. No open-market buying or selling occurred, so market-signal value is limited. Overall, the filing is neutral for valuation yet modestly positive for governance due to increased management 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

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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).

1. Name and Address of Reporting Person^*

Vitale Christopher V

(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)
	President and CEO

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		8,000	A	$0	117,200	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: 2,666 shares on July 17, 2026, 2,667 shares on July 17, 2027 and 2,667 shares on July 17, 2028, subject to the continued employment of Mr. Vitale by AMREP Corporation on each vesting date.

	/s/ Christopher V. Vitale	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.
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FAQ

How many AXR shares did CEO Christopher Vitale acquire in the Form 4?

8,000 common shares were granted on 17 Jul 2025.

What is the vesting schedule for the restricted stock granted to AXR's CEO?

2,666 shares vest on 17 Jul 2026, 2,667 on 17 Jul 2027, and 2,667 on 17 Jul 2028.

What is Christopher Vitale’s total beneficial ownership after the transaction?

He now directly owns 117,200 AXR shares.

Was there any cash consideration for the shares acquired?

No. The restricted shares were granted at a $0 purchase price.

Did the Form 4 report any stock sales or derivative transactions?

No sales or derivative activity was disclosed—only the restricted-stock grant.

Under which plan were the restricted shares granted to AXR's CEO?

The shares were issued under the AMREP Corporation 2016 Equity Compensation Plan.