DAHL JAMES H 4

What Happened

• James H. Dahl, a reported 10% owner of AMREP Corp. (AXR), purchased 1,156 shares of AXR in an open-market transaction on May 13, 2026.
• The reported weighted-average price was $24.72 per share, for a total purchase value of $28,581. This purchase is a buy (a direct acquisition), which some investors view as a modest bullish signal.

Key Details

• Transaction date: 2026-05-13; Form filed: 2026-05-15 (filed two days after the transaction; no indication of a late filing).
• Transaction code: P = Purchase (open market or private purchase).
• Price details: weighted average $24.72; actual execution prices ranged from $24.65 to $24.75. (Footnote F1)
• Shares held / related holdings noted in the filing:
  • The filing indicates shares are held by James H. Dahl (F2).
  • Two IRA accounts are identified holding large positions: 204,151 shares (ROTH Conversion Account) and 25,000 shares (IRA Account) (F3).
  • Dahl Family Foundation, Inc. holds shares but the filing states neither Dahl nor family members have a pecuniary interest in those foundation shares (F4).
  • Rainey E. Lancaster is reported as a group member with Dahl for purposes of Section 13(d) (F5).
• No indication of options exercise, gift, tax withholding, or a 10b5-1 plan in this filing.

Context

• As a 10% owner (ownership-level insider), Dahl’s purchases are disclosures of beneficial ownership rather than routine executive compensation transactions. Purchases by large owners can be informative, but this single small open-market buy ($28.6k) is modest relative to his larger reported holdings.
• The filing is straightforward: an open-market purchase, not an option exercise or gift, and does not by itself reveal motivation.