Insider group at AMREP (NYSE: AXR) reports 3,200-share open-market buy

Rhea-AI Filing Summary

AMREP CORP. insider James H. Dahl reported buying 3,200 common shares in an open-market transaction. The purchase occurred on March 3, 2026 at a weighted average price of $25.6939 per share, with individual trade prices ranging from $25.50 to $26.42 per share.

After this transaction, Dahl directly holds 470,398 common shares. The filing also shows 229,151 shares held in two IRA accounts and 94,120 shares held by Dahl Family Foundation, Inc., where Dahl and his family have no pecuniary interest. It further reports 173,750 shares held by Rainey E. Lancaster, who is identified as part of a group with Dahl for Section 13(d) purposes.

Insider Trade Summary

Net Buyer: 3,200 shares ($82,220)

Net Buy 4 txns

Insider DAHL JAMES H, Lancaster Rainey E.

Role 10% Owner | 10% Owner

Bought 3,200 shs ($82K)

Type	Security	Shares	Price	Value
Purchase	Common Shares	3,200	$25.6939	$82K
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 470,398 shares (Direct); Common Shares — 229,151 shares (Indirect, IRA Accounts)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.50 to $26.42 per share. The shares are held by James H. Dahl. The shares are held in two IRA accounts as follows: 204,151 shares held by the ROTH Conversion Account and 25,000 shares held by the IRA Account. The shares are held by Dahl Family Foundation, Inc. Neither James H. Dahl nor any member of his family have any pecuniary interest in shares held by Dahl Family Foundation, Inc. The shares are held by Rainey E. Lancaster who is a member of a group with James H. Dahl for purposes of Section 13(d) of the Exchange Act.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DAHL JAMES H

(Last) (First) (Middle)

4314 PABLO OAKS COURT

(Street)

JACKSONVILLE FL 32224

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMREP CORP. [ AXR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	03/03/2026		P		3,200	A	$25.6939(1)	470,398	D(2)
Common Shares								229,151	I	IRA Accounts(3)
Common Shares								94,120	I	Trust(4)
Common Shares								173,750	D(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

DAHL JAMES H

(Last) (First) (Middle)

4314 PABLO OAKS COURT

(Street)

JACKSONVILLE FL 32224

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lancaster Rainey E.

(Last) (First) (Middle)

C/O JAMES H. DAHL

4314 PABLO OAKS COURT

(Street)

JACKSONVILLE FL 32224

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.50 to $26.42 per share.

2. The shares are held by James H. Dahl.

3. The shares are held in two IRA accounts as follows: 204,151 shares held by the ROTH Conversion Account and 25,000 shares held by the IRA Account.

4. The shares are held by Dahl Family Foundation, Inc. Neither James H. Dahl nor any member of his family have any pecuniary interest in shares held by Dahl Family Foundation, Inc.

5. The shares are held by Rainey E. Lancaster who is a member of a group with James H. Dahl for purposes of Section 13(d) of the Exchange Act.

	/s/ Ivan A. Colao, Attorney-in-Fact for James H. Dahl	03/04/2026
	/s/ Ivan A. Colao, Attorney-in-Fact for Rainey E. Lancaster	03/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider purchase was reported for AMREP (AXR) on this Form 4?

The filing reports an insider purchase of 3,200 AMREP common shares. James H. Dahl bought the shares in an open-market transaction at a weighted average price of $25.6939 per share on March 3, 2026, according to the Form 4.

What price did James H. Dahl pay for AMREP (AXR) shares?

Dahl paid a weighted average price of $25.6939 per AMREP share. The shares were bought in multiple trades, with individual prices ranging from $25.50 to $26.42 per share, reflecting typical execution across a trading range.

How many AMREP (AXR) shares does James H. Dahl hold after the reported trade?

After the reported transaction, Dahl directly holds 470,398 AMREP common shares. The Form 4 also lists additional shares connected to IRA accounts and a foundation, plus holdings of Rainey E. Lancaster, a group member under Section 13(d).

What indirect AMREP (AXR) holdings related to James H. Dahl are disclosed?

The filing lists 229,151 shares in two IRA accounts and 94,120 shares held by Dahl Family Foundation, Inc. A footnote states that neither Dahl nor his family have any pecuniary interest in the foundation-held shares.

Who is Rainey E. Lancaster in relation to AMREP (AXR) and this Form 4?

Rainey E. Lancaster is identified as part of a group with James H. Dahl under Section 13(d). The Form 4 reports 173,750 AMREP common shares held by Rainey E. Lancaster, reflecting group-related ownership disclosure.

What does the weighted average price mean in this AMREP (AXR) insider trade?

The weighted average price of $25.6939 reflects multiple trade executions. Dahl’s 3,200-share purchase occurred through several transactions between $25.50 and $26.42 per share, combined into one averaged figure for reporting on the Form 4.