AMREP CORP. Insider Trading Activity

Rhea-AI Filing Summary

AMREP CORP. 10% owner James H. Dahl bought additional shares of AXR in the open market. On March 31, he purchased 2,060 common shares at a weighted average price of $27.923 per share, with trade prices ranging from $27.60 to $28.131.

After this purchase, Dahl directly holds 476,458 common shares. IRA accounts associated with him hold a further 229,151 shares, and Dahl Family Foundation, Inc. holds 94,120 shares, in which he and his family have no pecuniary interest. Group member Rainey E. Lancaster holds 173,750 shares.

Insider Trade Summary

Net Buyer: 2,060 shares

Net Buy 4 txns

Insider DAHL JAMES H, Lancaster Rainey E.

Role 10% Owner | 10% Owner

Bought 2,060 shs ($58K)

Type	Security	Shares	Price	Value
Purchase	Common Shares	2,060	$27.923	$58K
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 650,208 shares (Direct); Common Shares — 229,151 shares (Indirect, IRA Accounts); Common Shares — 94,120 shares (Indirect, Trust)

Footnotes (5)

1. F1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $27.60 to $28.131 per share.
2. F2. The shares are held by James H. Dahl.
3. F3. 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. F4. 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. F5. 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.

Key Figures

Shares purchased: 2,060 shares Weighted average price: $27.923 per share Trade price range: $27.60–$28.131 per share +4 more

7 metrics

Shares purchased 2,060 shares Open-market buy on March 31, 2026

Weighted average price $27.923 per share Price for 2,060 AXR shares bought

Trade price range $27.60–$28.131 per share Range for the reported purchase transactions

Direct holdings after purchase 476,458 shares AXR common shares held directly by James H. Dahl

IRA account holdings 229,151 shares 204,151 ROTH Conversion; 25,000 IRA Account

Foundation holdings 94,120 shares Held by Dahl Family Foundation, Inc.; no pecuniary interest for Dahl

Lancaster holdings 173,750 shares AXR shares held by Rainey E. Lancaster

Key Terms

weighted average price, IRA accounts, pecuniary interest, Section 13(d) of the Exchange Act

4 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

IRA accounts financial

"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."

An IRA account is a tax-advantaged personal savings account designed to help people invest for retirement; think of it as a special piggy bank that gives you tax breaks to encourage long-term saving. Different IRA types change when you pay taxes and when you can take money out, so they matter to investors because the choice affects your after-tax returns, portfolio decisions, and the timing of withdrawals during retirement.

pecuniary interest financial

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

Section 13(d) of the Exchange Act regulatory

"who is a member of a group with James H. Dahl for purposes of Section 13(d) of the Exchange Act."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 05:19 PM EDT Learn about SEC filing dates

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
Estimated average burden
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)
03/31/2026

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	03/31/2026		P		2,060	A	$27.923(1)	476,458	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 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 $27.60 to $28.131 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	04/02/2026
	/s/ Ivan A. Colao, Attorney-in-Fact for Rainey E. Lancaster	04/02/2026
	** 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)