Major AMREP (NYSE: AXR) holder adds 10,842 shares in market buys

Rhea-AI Filing Summary

AMREP CORP. large shareholder James H. Dahl reported open-market purchases of 10,842 common shares of AXR. The buys occurred on February 17–18, 2026 at weighted average prices in the mid‑$20 range, including transactions reported at $24.5280, $25.0390 and $25.7480 per share.

Following these purchases, one line of Dahl’s direct holdings reached 458,898 common shares. The filing also lists indirect holdings in IRA accounts and a trust, and notes shares held by Dahl Family Foundation, Inc., in which Dahl and his family have no pecuniary interest. In addition, the filing states that shares are held by Rainey E. Lancaster as part of a group with Dahl for Section 13(d) purposes.

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)
02/17/2026

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	02/17/2026		P		4,411	A	$24.528(1)	452,467	D(2)
Common Shares	02/17/2026		P		2,431	A	$25.5(3)	454,898	D(2)
Common Shares	02/18/2026		P		3,212	A	$25.039(4)	458,110	D(2)
Common Shares	02/18/2026		P		788	A	$25.748(5)	458,898	D(2)
Common Shares								229,151	I	IRA Accounts(6)
Common Shares								94,120	I	Trust(7)
Common Shares								173,750	D(8)

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 $23.98 to $24.95 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 $25.07 to $25.94 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 $24.29 to $25.23 per share.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.35 to $25.86 per share.

6. 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.

7. 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.

8. 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	02/19/2026
	/s/ Ivan A. Colao, Attorney-in-Fact for Rainey E. Lancaster	02/19/2026
	** 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).
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FAQ

What did AMREP (AXR) insider James H. Dahl report in this Form 4?

James H. Dahl reported open-market purchases of 10,842 AMREP common shares. These trades took place on February 17–18, 2026 at weighted average prices in the mid‑$20 range, increasing one line of his direct ownership to 458,898 shares.

At what prices did AXR’s large shareholder buy shares in the latest filing?

The filing shows weighted average purchase prices around the mid‑$20 range. Reported examples include $24.5280, $25.0390, and $25.7480 per AMREP common share, with footnotes noting each figure is a weighted average across multiple trades within stated intraday price ranges.

How many AMREP (AXR) shares does James H. Dahl directly hold after these trades?

After the reported purchases, one disclosed line of James H. Dahl’s direct ownership stands at 458,898 AMREP common shares. The Form 4 also shows separate direct and indirect holdings, including an additional direct position and interests held through IRA accounts and a trust structure.

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

The Form 4 lists IRA accounts holding AMREP shares, including 204,151 shares in a Roth conversion account and 25,000 shares in an IRA account. It also identifies shares held by Dahl Family Foundation, Inc., where Dahl and his family have no pecuniary interest in those foundation-held shares.

How is Rainey E. Lancaster connected to AMREP (AXR) in this Form 4?

Rainey E. Lancaster is identified as a reporting person and a ten percent owner. A footnote states that 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.

What do the weighted average price footnotes mean in the AXR insider filing?

Several trades list a single weighted average price per share. Footnotes clarify that the shares were bought in multiple transactions within specified price ranges, such as from $23.98 to $24.95 per share, aggregating those trades into one reported line item in the Form 4.