DAHL JAMES H 4

What Happened
James H. Dahl, a reported 10% owner of AMREP Corp. (AXR), acquired a total of 2,519 shares in two open-market purchases. On 2026-04-17 he bought 1,000 shares at $27.66 (reported value $27,659), and on 2026-04-20 he bought 1,519 shares at $27.25 (reported value $41,393). These transactions are purchases (more informative to some investors than routine sales).

Key Details

• Transaction dates and amounts:
  • 2026-04-17: Purchase of 1,000 shares @ $27.66 — $27,659 reported.
  • 2026-04-20: Purchase of 1,519 shares @ $27.25 — $41,393 reported.
• Total reported purchase value: $69,052 for 2,519 shares.
• Footnotes of note:
  • F1: Reported price is a weighted average; purchases were executed across multiple trades at prices ranging $27.27–$27.85 per share.
  • F2: Some shares are held directly by James H. Dahl.
  • F3: The filing lists shares held in two IRA accounts: 204,151 shares in a ROTH Conversion Account and 25,000 shares in an IRA Account (totaling 229,151 across those accounts).
  • F4: Some shares are held by Dahl Family Foundation, Inc.; the filing states neither James H. Dahl nor family members have a pecuniary interest in those foundation-held shares.
  • F5: Rainey E. Lancaster is reported as a member of a Section 13(d) group with James H. Dahl.
• Filing/timeliness: Report filed on 2026-04-20 disclosing the April transactions; the filing does not indicate a late filing flag.

Context

• As a 10% owner (not an executive trade), these purchases increase Dahl’s stake but should be read as ownership-level activity rather than routine employee trading. Purchases by insiders are often of interest to retail investors as they can signal confidence, but they do not by themselves explain motivation.