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BENEFIT PLANS | 6 Months Ended
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Oct. 31, 2025
BENEFIT PLANS |
BENEFIT PLANS | (10) BENEFIT PLANS 401(k). Refer to Note 11 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding the Company’s 401(k) plan. For its 401(k) employer contribution, the Company accrued $36,000 and $67,000 for the three and six months ended October 31, 2025 and $41,000 and $63,000 for the three and six months ended October 31, 2024. Equity compensation plan. Refer to Note 11 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the six months ended October 31, 2025 presented below represents the maximum number of shares that could become vested after that date: ​
​ | ​ | ​
​ |  | Number of
Restricted share awards | ​ | Shares
Non-vested as of April 30, 2025 |  | 31,942
Granted during the six months ended October 31, 2025 |  | 18,500
Vested during the six months ended October 31, 2025 |  | (15,715)
Forfeited during the six months ended October 31, 2025 |  | (750)
Non-vested as of October 31, 2025 |  | 33,977
​ The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $85,000 and $149,000 for the three and six months ended October 31, 2025 and $86,000 and $139,000 for the three and six months ended October 31, 2024. As of October 31, 2025, there was $454,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years. Refer to Note 11 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding the option to purchase 50,000 shares of common stock of the Company under the Equity Plan. As of October 31, 2025, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $12,000 and $25,000 for the three and six months ended October 31, 2025 and $12,000 and $25,000 for the three and six months ended October 31, 2024. As of October 31, 2025 and October 31, 2024, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $22,000 and $45,000 for the three and six months ended October 31, 2025 and $22,000 and $45,000 for the three and six months ended October 31, 2024. As of October 31, 2025, there was $75,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2025. As of October 31, 2024, there was $75,000 of accrued compensation expense related to the deferred common share units issued in December 2024. Pension Plan. In connection with the termination of the Company’s defined benefit pension plan, $1,230,000 of income tax effects that remained in accumulated other comprehensive income were reclassified to a benefit for income taxes during the three months ended October 31, 2024. Refer to Note 11 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding accumulated other comprehensive income.

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