DAHL JAMES H 4

What Happened
James H. Dahl, a reported 10% owner of AMREP Corp. (AXR), made open-market purchases on Feb 19, 2026 totaling 1,300 common shares. He bought 416 shares at a reported weighted average price of $26.11 (≈ $10,861) and 884 shares at a reported weighted average price of $26.49 (≈ $23,414), for combined consideration of about $34,275. These were purchases (code P), which are generally treated by investors as a more informative/“bullish” signal than routine sales.

Key Details

• Transaction dates: Feb 19, 2026; Form 4 filed Feb 20, 2026 (timely filing).
• Prices reported: weighted averages $26.11 (416 sh) and $26.49 (884 sh).
  • Footnote: the $26.11 average reflects multiple trades priced $25.19–$26.18.
  • Footnote: the $26.49 average reflects multiple trades priced $26.24–$26.52.
• Total shares purchased: 1,300; total cash spent ≈ $34,275.
• Shares after transaction / reported holdings: filing notes shares are held by James H. Dahl and lists 204,151 shares in a ROTH Conversion Account and 25,000 shares in an IRA account (per footnote). The filing also references shares held by Dahl Family Foundation, Inc. (no pecuniary interest by Dahl/family) and by Rainey E. Lancaster (group member with Dahl for Section 13(d)).
• Transaction type: Open-market purchases (P). Not an option exercise, gift, or award.

Context
Dahl is identified as a 10% owner (large shareholder), not necessarily an executive — purchases by large shareholders can reflect personal allocation decisions rather than company operations insights. The filing contains clarifying footnotes about where shares are held and that some foundation-held shares are not pecuniarily owned by Dahl or his family.