|                           |                             |                         |                                   |                                        | Jurisdiction of |
|--------------------------------|----------------------------------|------------------------------|----------------------------------------|---------------------------------------------|-----------------|
|                           |                             |                         |                                   |  Name                                  | Organization    |
|                           |                             |                         |                                   |                                        |            |
| AMREP Corporation (Registrant) | Oklahoma                         |
|                           |                             |                         |                                   |                                        |            |
|                           | American Republic Investment Co. | Delaware                     |
|                           |                             |                         |                                   |                                        |            |
|                           |                             | AMREP Southwest Inc.         | New Mexico                             |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Outer Rim Investments, Inc.            | New Mexico                                  |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         |                                   | Two Commerce LLC                            | Florida         |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | AMREPCO Inc.                           | Colorado                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             | Kable Media Services, Inc.   | Delaware                               |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Kable Distribution Services, Inc.      | Delaware                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         |                                   | Kable News International, Inc.              | Delaware        |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Kable News Company, Inc.               | Illinois                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         |                                   | Kable Distribution Services of Canada, Ltd. | Ontario, Canada |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Kable Product Services, Inc.           | Delaware                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Kable Specialty Packaging Services LLC | Delaware                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Kable Staffing Resources LLC           | Delaware                                    |
|                           |                             |                         |                                   |                                        |            |
|                           |                             | Palm Coast Data Holdco, Inc. | Delaware                               |
|                           |                             |                         |                                   |                                        |            |
|                           |                             |                         | Palm Coast Data LLC                    | Delaware                                    |
|                           |                             |                         |                                   |                                        |            |
|                           | El Dorado Utilities, Inc.        | New Mexico                   |