Major AMREP (AXR) shareholder James H. Dahl buys 4,000 common shares

Rhea-AI Filing Summary

AMREP CORP. large shareholder James H. Dahl made open-market purchases of a total of 4,000 common shares on March 26, 2026 at prices around $25.44, $26.05 and $27.16 per share. Following these buys, he holds 474,398 common shares directly.

In addition, footnotes show 229,151 shares are held in IRA accounts associated with him, while 94,120 shares are held by Dahl Family Foundation, Inc., in which he and his family have no pecuniary interest. A further 173,750 shares are held by Rainey E. Lancaster, who is disclosed as part of a group with Dahl for Section 13(d) purposes.

Insider Trade Summary

Net Buyer: 4,000 shares ($105,211)

Net Buy 6 txns

Insider DAHL JAMES H, Lancaster Rainey E.

Role 10% Owner | 10% Owner

Bought 4,000 shs ($105K)

Type	Security	Shares	Price	Value
Purchase	Common Shares	1,800	$25.4356	$46K
Purchase	Common Shares	300	$26.05	$8K
Purchase	Common Shares	1,900	$27.164	$52K
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 472,198 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 $24.986 to $25.92 per share. The shares are held by James H. Dahl. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $26.01 to $26.07 per share. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $27.04 to $27.64 per share. 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

OMB Number:			3235-0287
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hours per response:			0.5

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 FLORIDA 32224

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026

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

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

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

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	03/26/2026		P		1,800	A	$25.4356(1)	472,198	D(2)
Common Shares	03/26/2026		P		300	A	$26.05(3)	472,498	D(2)
Common Shares	03/26/2026		P		1,900	A	$27.164(4)	474,398	D(2)
Common Shares								229,151	I	IRA Accounts(5)
Common Shares								94,120	I	Trust(6)
Common Shares								173,750	D(7)

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 FLORIDA 32224

(City) (State) (Zip)

UNITED STATES

(Country)

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)

4314 PABLO OAKS COURT

(Street)

JACKSONVILLE FLORIDA 32224

(City) (State) (Zip)

UNITED STATES

(Country)

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 $24.986 to $25.92 per share.

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

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $26.01 to $26.07 per share.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $27.04 to $27.64 per share.

5. 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.

6. 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.

7. 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	03/27/2026
	/s/ Ivan A. Colao, Attorney-in-Fact for Rainey E. Lancaster	03/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did insider James H. Dahl do in the latest AMREP (AXR) Form 4?

James H. Dahl bought 4,000 AMREP common shares in open-market transactions. The purchases occurred on March 26, 2026 at prices around $25.44, $26.05 and $27.16 per share, increasing his directly held position to 474,398 shares.

At what prices did James H. Dahl buy AMREP (AXR) shares?

Dahl’s AMREP purchases were at weighted average prices near $25–$27 per share. Individual transactions were reported at $25.4356, $26.0500 and $27.1640, with each price representing a weighted average of multiple trades within the stated intraday ranges.

How many AMREP (AXR) shares does James H. Dahl own after these transactions?

After the reported buys, Dahl owns 474,398 AMREP shares directly. The filing also notes 229,151 shares held in related IRA accounts and 94,120 shares held by Dahl Family Foundation, plus 173,750 shares owned by Rainey E. Lancaster, a group member.

Were the AMREP (AXR) insider transactions open-market purchases or another type?

The AMREP insider transactions were open-market purchases of common shares. The Form 4 classifies them under transaction code P and describes them as purchases in open market or private transactions, rather than option exercises, gifts, or tax-related dispositions.

What do the footnotes reveal about IRA and foundation holdings in AMREP (AXR)?

Footnotes show 229,151 shares held in two IRA accounts and 94,120 by Dahl Family Foundation. The foundation position is reported with no pecuniary interest to Dahl or his family, clarifying economic exposure across his direct and indirect AMREP-related holdings.

Who is Rainey E. Lancaster in relation to AMREP (AXR) and these insider holdings?

Rainey E. Lancaster is disclosed as a group member with James H. Dahl. The Form 4 states Lancaster holds 173,750 AMREP shares and is part of a group with Dahl for Section 13(d) purposes, indicating coordinated beneficial ownership reporting.