DAHL JAMES H 4

What Happened

• James H. Dahl, a reported 10% owner of AMREP Corp. (AXR), made open-market purchases (transaction code P) totaling 8,000 shares. On 2026-04-29 he acquired 5,000 shares at a reported weighted-average price of $27.74 (≈ $138,707). On 2026-05-01 he acquired 3,000 shares at a reported weighted-average price of $27.85 (≈ $83,550). Total consideration for the two buys is about $222,257. These were purchases (buying shares), which many investors view as a more informative / potentially bullish signal than routine sales, though no motivation is stated.

Key Details

• Transaction dates and prices:
  • 2026-04-29: 5,000 shares at weighted avg $27.74 (prices ranged $27.505–$27.90) [footnote F1].
  • 2026-05-01: 3,000 shares at weighted avg $27.85 (prices ranged ≈ $27.36–$27.90) [footnote F3].
• Reported holder details:
  • Some shares are held directly by James H. Dahl (F2).
  • IRA holdings noted in the filing: 204,151 shares in a ROTH Conversion Account and 25,000 shares in an IRA Account (total 229,151) (F4).
  • Additional shares are held by Dahl Family Foundation, Inc.; the filing states neither Dahl nor family members have a pecuniary interest in those foundation-held shares (F5).
  • Rainey E. Lancaster is identified as a group member with Dahl under Section 13(d) (F6).
• Filing timeliness: Report filed 2026-05-01 for a 2026-04-29 transaction — appears timely under standard Form 4 reporting requirements.
• Transaction type: Open-market purchases (code P); weighted-average prices reported where purchases occurred in multiple executions.

Context

• As a 10% owner (not listed as an employee/executive), Dahl’s purchases are important to note but are different from routine insider (e.g., CEO/CFO) trading; 10% owner filings can reflect investment decisions by a large-holder rather than corporate executives’ views.
• Footnotes indicate multiple executions and different accounts/foundations holding shares; these details clarify ownership structure but do not explain the buyer’s motives.