DAHL JAMES H 4

What Happened
James H. Dahl, a reported 10% owner of AMREP Corp. (AXR), made multiple open‑market purchases on February 10–11, 2026, acquiring a total of 9,124 shares for aggregate proceeds of approximately $202,714. The buys consisted of: 3,636 shares at an average $21.12 ($76,801); 2,488 shares at $22.29 ($55,462); 2,303 shares at $23.34 ($53,759); and 697 shares at $23.95 ($16,692). These transactions are purchases (transaction code P), which investors often view as a more bullish signal than sales.

Key Details

• Transaction dates: Feb 10–11, 2026 (reported on Form 4 filed Feb 12, 2026). Filing appears timely (within the standard two‑business‑day window).
• Trade breakdown (reported weighted averages; see price ranges below):
  • 3,636 sh @ $21.12 (weighted avg; underlying trades $20.68–$21.65)
  • 2,488 sh @ $22.29 (weighted avg; underlying trades $21.685–$22.59)
  • 2,303 sh @ $23.34 (weighted avg; underlying trades $22.83–$23.76)
  • 697 sh @ $23.95 (weighted avg; underlying trades $23.84–$24.00)
• Shares held after the reported transactions: Form notes 229,151 shares held by Dahl in two IRA accounts (204,151 shares in a ROTH Conversion Account; 25,000 shares in an IRA Account).
• Relevant footnotes: some holdings are held by the Dahl Family Foundation (Dahl/family report no pecuniary interest in those foundation shares) and another party, Rainey E. Lancaster, is reported as part of a Section 13(d) group with Dahl.
• Transaction code: P = Purchase.

Context
As a 10% owner, Dahl is a principal shareholder; such purchases can reflect personal or household portfolio allocation decisions and are not the same as insider executive trades tied to company operations. These purchases were open‑market acquisitions disclosed on a Form 4 and do not, by themselves, indicate company performance or future results.