|                           |                             |                       |                                   |                                        | 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                                    |
|                           |                             |                       | El Dorado at Santa Fe, Inc.            | New Mexico                                  |
|                           |                             | Kable Media Services, Inc. | Delaware                               |
|                           |                             |                       | Kable News Company, Inc.               | Illinois                                    |
|                           |                             |                       |                                   | Kable Fulfillment Services, Inc.            | Delaware        |
|                           |                             |                       |                                   | Kable Distribution Services of Canada, Ltd. | Ontario, Canada |
|                           |                             |                       | Kable Distribution Services, Inc.      | Delaware                                    |
|                           |                             |                       |                                   | Kable News International, Inc.              | Delaware        |
|                           |                             |                       | Palm Coast Data Holdco, Inc.           | Delaware                                    |
|                           |                             |                       |                                   | Palm Coast Data LLC                         | Delaware        |
|                           |                             |                       | Kable Specialty Packaging Services LLC | Delaware                                    |
|                           |                             |                       | Kable Staffing Resources LLC           | Delaware                                    |
|                           | El Dorado Utilities, Inc.        | New Mexico                 |