James Dahl adds 4,358 AMREP (AXR) shares in open-market buys

Rhea-AI Filing Summary

AMREP CORP. insider activity: Group member and 10% owner James H. Dahl reported two open-market purchases of AMREP common shares on February 12, 2026. He bought 3,960 shares at a weighted average price of $23.6448 and 398 shares at a weighted average price of $24.3248, bringing his directly held position to 448,056 common shares.

Dahl is also reported as having indirect beneficial ownership of 229,151 common shares through IRA accounts and 94,120 common shares held by Dahl Family Foundation, Inc., where he and his family have no pecuniary interest. Co-reporting 10% owner Rainey E. Lancaster is shown with 173,750 common shares held directly as part of the same group.

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

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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)
02/12/2026

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	02/12/2026		P		3,960	A	$23.6448(1)	447,658	D(2)
Common Shares	02/12/2026		P		398	A	$24.3248(3)	448,056	D(2)
Common Shares								229,151	I	IRA Accounts(4)
Common Shares								94,120	I	Trust(5)
Common Shares								173,750	D(6)

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 $23.175 to $24.00 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 $24.2999 to $24.35 per share.

4. 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.

5. 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.

6. 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	02/13/2026
	/s/ Ivan A. Colao, Attorney-in-Fact for Rainey E. Lancaster	02/13/2026
	** 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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FAQ

What insider transaction did James H. Dahl report for AMREP CORP. (AXR)?

James H. Dahl reported buying AMREP CORP. common shares in the open market. On February 12, 2026, he purchased 3,960 shares at $23.6448 and 398 shares at $24.3248, both on a weighted-average basis, increasing his directly held position in the company.

How many AMREP CORP. (AXR) shares does James H. Dahl hold after this Form 4?

After the reported transactions, James H. Dahl directly holds 448,056 AMREP CORP. common shares. The filing also shows 229,151 shares held indirectly through IRA accounts and 94,120 shares held by Dahl Family Foundation, Inc., with no pecuniary interest for Dahl or his family.

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

James H. Dahl’s purchases were reported at weighted-average prices. He acquired 3,960 AMREP CORP. common shares at $23.6448 and 398 shares at $24.3248 per share, with each block consisting of multiple trades within disclosed price ranges on February 12, 2026.

What indirect AMREP CORP. (AXR) holdings are associated with James H. Dahl?

Indirectly, 229,151 AMREP CORP. shares are held in two IRA accounts, including a ROTH conversion account and an IRA account. Additionally, 94,120 shares are held by Dahl Family Foundation, Inc., where neither Dahl nor his family has any pecuniary interest in those shares.

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

Rainey E. Lancaster is a 10% owner of AMREP CORP. and a member of a group with James H. Dahl for Section 13(d) purposes. The filing shows Lancaster directly holding 173,750 AMREP CORP. common shares, reported alongside Dahl’s holdings and purchases.

Were the AMREP CORP. (AXR) insider trades open-market purchases?

Yes. The reported insider trades are coded as open-market purchases. James H. Dahl bought AMREP CORP. common shares under transaction code “P,” which indicates purchases in open market or private transactions, at specified weighted-average prices on February 12, 2026.