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v3.26.1

NOTES PAYABLE | 12 Months Ended
--- | ---
Apr. 30, 2026
NOTES PAYABLE |
NOTES PAYABLE | (6) NOTES PAYABLE ​ The following tables present information on the Company’s notes payable in effect as of April 30, 2026 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Principal Amount Available | ​ | Outstanding
​ | ​ | ​ | ​ | for New Borrowings | ​ | Principal Amount
​ | ​ | ​ | ​ | April 30, | ​ | April 30,
Loan Identifier | ​ ​ ​ | Lender | ​ ​ ​ | 2026 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Revolving Line of Credit |  | BOKF | ​ | $ | 4,438 | ​ | $ | — | ​ | $ | —
Equipment Financing | ​ | DC | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | 26
Total | ​ | ​ | ​ | $ | 4,438 | ​ | $ | 18 | ​ | $ | 26
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, 2026
​ | ​ | Interest | ​ | Mortgaged Property | ​ | Scheduled
Loan Identifier | ​ ​ | Rate | ​ ​ | Book Value | ​ ​ | Maturity
Revolving Line of Credit |  | 6.80 | % | $ | 1,721 |  | August 2028
Equipment Financing | ​ | 2.35 | % | ​ | 18 | ​ | June 2028
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Principal Repayments | ​ ​ ​ | Capitalized Interest and Fees
​ | ​ | Year ended April 30, | ​ | Year ended April 30,
Loan Identifier | ​ | 2026 | ​ ​ ​ | 2025 | ​ | 2026 | ​ ​ ​ | 2025
Revolving Line of Credit | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Equipment Financing | ​ |  | 8 | ​ |  | 9 | ​ |  | — | ​ |  | —
Total | ​ | $ | 8 | ​ | $ | 9 | ​ | $ | — | ​ | $ | —
​ As of April 30, 2026, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Additional information regarding each of the above notes payable is provided below.
| · | Revolving Line of Credit. AMREP Southwest Inc. (“ASW”), a subsidiary of AMREP Corporation, and BOKF, NA dba Bank of Albuquerque (“BOKF”) are parties to a loan agreement (as amended). The Loan Agreement is evidenced by a promissory note and is secured by a mortgage, security agreement and fixture filing with respect to property in the Paseo Gateway subdivision located in Rio Rancho. BOKF has agreed to lend up to $6,500,000 to ASW on a revolving line of credit basis for general corporate purposes, including up to $250,000 dedicated for use in connection with a company credit card. The outstanding principal amount of the loan may be prepaid at any time without penalty. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the one-month secured overnight financing rate as administered by the CME Group Benchmark Administration Limited plus a spread of 3.15%, adjusted monthly.
ASW made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans, including ASW and its subsidiaries having at least $3.0 million of unencumbered and unrestricted cash, cash equivalents and marketable securities in order to be entitled to advances under the loan. The loan documentation contains customary events of default for similar financing transactions, including: ASW’s failure to make principal, interest or other payments when due; the failure of ASW to observe or perform its covenants under the loan documentation; the representations and warranties of ASW being false; the insolvency or bankruptcy of ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan.
| ● | Equipment Financing. Rioscapes LLC (“Rioscapes”), a subsidiary of AMREP Corporation, and Deere & Company (“DC”) are parties to a loan contract - security agreement. The loan is secured by a security interest in certain construction equipment. DC lent $50,000 to Rioscapes on a non-revolving line of credit basis to fund the acquisition of the construction equipment. ASW guaranteed Rioscapes’s obligations under the loan. The principal is payable monthly based on a 72-month amortization and the outstanding principal amount of the loan may be prepaid at any time without penalty. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to 2.35%.
Rioscapes made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: Rioscapes’s failure to make principal, interest or other payments when due; the failure of Rioscapes to observe or perform its covenants under the loan documentation; the representations and warranties of Rioscapes being false; the insolvency or bankruptcy of Rioscapes or ASW; the merger by Rioscapes or ASW into another entity; and the sale by Rioscapes or ASW of substantially all of their assets. Upon the occurrence and during the continuance of an event of default, DC may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. Rioscapes incurred customary costs and expenses and paid certain fees to DC in connection with the loan.
| ● | Loan Reserves. As of April 30, 2026 and April 30, 2025, the Company had (a) loan reserves outstanding under its Revolving Line of Credit in the aggregate principal amount of $1,812,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the loan reserves and credit card reserve are not reflected as outstanding principal in notes payable.
The following table summarizes the notes payable scheduled principal repayments subsequent to April 30, 2026 (in thousands):
​ | ​ | ​ | ​
Fiscal Year | ​ ​ ​ | Scheduled Payments
2027 | ​ | $ | 8
2028 | ​ |  | 9
2029 | ​ | ​ | 1
Total | ​ | $ | 18
​

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