AMREP Corporation reported net income of $4.7 million, or $0.87 per diluted share, for the quarter ended July 31 2025, up from $4.1 million, or $0.76, a year earlier. Total revenues were $17.9 million versus $19.1 million, as lower land sales were partly offset by higher home sales.
Land sale revenues decreased to $7.5 million from $9.3 million, while home sale revenues rose to $9.6 million from $9.0 million. Land sale gross margin expanded to 69% from 48%, helped by reimbursements, mix and pricing. General and administrative expenses increased to $1.8 million.
Cash, cash equivalents and restricted cash grew to $49.4 million at July 31 2025 from $39.9 million at April 30 2025, with operating activities providing $9.5 million of cash. Real estate inventory was $64.8 million and investment assets were $15.9 million. Notes payable were $25,000, and a revolving credit facility with BOKF was amended in August 2025 to increase borrowing capacity to $6.5 million and extend maturity to August 15 2028.
AMREP Corporation disclosed two contract exhibits showing changes to its borrowing arrangements for a subsidiary. The filing attaches a Seventh Modification Agreement and a Second Amended and Restated Revolving Line of Credit Promissory Note, each dated August 15, 2025, between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc.. No financial terms, credit amounts, covenants, or repayment schedules are disclosed in the provided text. The items indicate an update to the revolving credit documentation for the subsidiary but contain no numerical performance metrics or balance-sheet figures.