AMREP is a small real estate company focused almost entirely on Rio Rancho, New Mexico and surrounding Sandoval County. AMREP operates two businesses: land development and homebuilding. In land development, AMREP owns roughly 16,600 acres in Sandoval County and sells developed and undeveloped land primarily to homebuilders. The core activity is taking raw land through entitlement and infrastructure development — securing permits, installing utilities and roads, and creating finished lots — then selling those lots to homebuilders. AMREP also recovers development costs through public improvement districts and private infrastructure reimbursement covenants, and earns value by selling impact fee credits to homebuilders. The land sales business is highly concentrated, with three homebuilders accounting for 100% of developed residential land sales in fiscal 2025. In homebuilding, AMREP builds and sells single-family detached and attached homes in New Mexico, offering both built-to-order homes and spec homes. AMREP markets through internal and external sales brokers and model homes. Key earnings drivers include the pace of lot sales to homebuilders, the rate at which AMREP develops its large undeveloped land inventory, home closing volume and pricing, and construction cost inflation. AMREP's business is seasonal, with revenue generally stronger in its fiscal first and fourth quarters. AMREP also owns mineral rights under approximately 55,000 surface acres in Sandoval County, though this is not currently a meaningful revenue source.