| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Stock, par value $0.10 per share |
| (b) | Name of Issuer:
AMREP Corporation |
| (c) | Address of Issuer's Principal Executive Offices:
850 West Chester Pike, Suite 205, Havertown,
PENNSYLVANIA
, 19083. |
Item 1 Comment:
This Amendment No. 7 to Schedule 13D ("Amendment No. 7") amends and supplements the information set forth in the Schedule 13D filed by (i) James H. Dahl and (ii) Rainey E. Lancaster (each, a "Reporting Person" and collectively, the "Reporting Persons") with the SEC on May 20, 2021 (the "Schedule 13D"), as amended by Amendment No. 1 to Schedule 13D filed by the Reporting Persons with the SEC on September 2, 2021 ("Amendment No. 1"), as further amended by Amendment No. 2 to Schedule 13D filed by the Reporting Persons with the SEC on December 13, 2021 ("Amendment No. 2"), as further amended by Amendment No. 3 to Schedule 13D filed by the Reporting Persons with the SEC on March 31, 2022 ("Amendment No. 3"), as further amended by Amendment No. 4 to Schedule 13D filed by the Reporting Persons with the SEC on January 9, 2024 ("Amendment No. 4"), as further amended by Amendment No. 5 to Schedule 13D filed by the Reporting Persons with the SEC on February 1, 2024 ("Amendment No. 5") and as further amended by Amendment No. 6 to Schedule 13D filed by the Reporting Persons with the SEC on May 17, 2024 ("Amendment No. 6," and, together with Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No.5 and the Schedule 13D, the "Amended Schedule 13D"), relating to the Common Stock, par value $0.10 per share ("Shares"), of AMREP Corporation (the "Issuer"), having a principal executive office at 850 West Chester Pike, Suite 205, Havertown, Pennsylvania 19083. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Amended Schedule 13D. Except as specifically provided herein, this Amendment No. 7 does not modify any of the information previously reported in the Amended Schedule 13D. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | The Reporting Persons may be deemed to beneficially own 945,077 Shares, in aggregate. The amount and source of the funds for the transactions pursuant to which the Reporting Persons may be deemed to beneficially own such Shares were approximately $12,858,100.45 in aggregate purchase price for 945,077 Shares, derived from: (i) in the case of James H. Dahl, personal funds of James H. Dahl and funds from the following trusts for which James H. Dahl serves as trustee: IRA FBO James H. Dahl Pershing LLC as Custodian ROTH Conversion Account, IRA FBO James H. Dahl Pershing LLC as Custodian and Dahl Family Foundation, Inc.; and (ii) in the case of Rainey E. Lancaster, personal funds of Rainey E. Lancaster. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | According to the most recently filed Quarterly Report on Form 10-Q of the Issuer for the quarter ended October 31, 2025, filed with the SEC on December 12, 2025, the Issuer had 5,305,199 Shares outstanding as December 10, 2025. Each Reporting Person may be deemed to have the following beneficial ownership of Shares of the Issuer: (i) James H. Dahl may be deemed to beneficially own 945,077 Shares, in aggregate (or 17.8% of the total number of Shares outstanding); and (ii) Rainey E. Lancaster may be deemed to beneficially own 173,750 Shares (or 3.3% of the total number of Shares outstanding). All holdings in this Statement on Schedule 13D are reported as of the closing of business on February 13, 2026. |
| (b) | James H. Dahl has sole power to vote and dispose of 771,327 Shares, including: (i) 448,056 Shares held directly, (ii) 204,151 Shares held by IRA FBO James H. Dahl Pershing LLC as Custodian ROTH Conversion Account, (iii) 25,000 Shares held by IRA FBO James H. Dahl Pershing LLC as Custodian, and (iv) 94,120 Shares 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 Reporting Persons have shared power to vote and dispose of 173,750 Shares held by Rainey E. Lancaster. |
| (c) | The Reporting Persons effected the following transactions in the Shares in open market transactions on the dates indicated, and such transactions are the only transactions in the Shares by the Reporting Persons during the sixty days prior to and including February 13, 2026 (date range: December 16, 2025 through February 13, 2026):
On February 10, 2026, James H. Dahl purchased 3,636 shares on the open market for a weighted average price of $21.1223 per share.
On February 10, 2026, James H. Dahl purchased 2,488 shares on the open market for a weighted average price of $22.2916 per share.
On February 11, 2026, James H. Dahl purchased 2,303 shares on the open market for a weighted average price of $23.343 per share.
On February 11, 2026, James H. Dahl purchased 697 shares on the open market for a weighted average price of $23.9478 per share.
On February 12, 2026, James H. Dahl purchased 3,960 shares on the open market for a weighted average price of $23.6448.
On February 12, 2026, James H. Dahl purchased 398 shares on the open market for a weighted average price of $24.3248. |
| (d) | No person other than the Reporting Persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement on Schedule 13D. |
| (e) | Not applicable. |
| Item 7. | Material to be Filed as Exhibits. |
| | 99.1 Joint Filing Agreement, dated May 20, 2021, incorporated herein by reference to Exhibit 99.1 of the Schedule 13D filed on May 20, 2021 |
