Agree Realty officer buys 1,000 shares at $67.55

The chief growth officer reported 60,388 directly held Common Shares after the purchase.

Rhea-AI Filing Summary

AGREE REALTY CORP (ADC) Chief Growth Officer Craig Erlich purchased 1,000 Common Shares on September 21, 2026, at $67.55 per share. His directly held Common Shares totaled 60,388 after the purchase. The filing also reports 100 Common Shares held indirectly by his wife and 4,898 Depositary Shares Series A held directly. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 1,000 shares

Net Buy 3 txns

Insider Erlich Craig

Role CHIEF GROWTH OFFICER

Bought 1,000 shs ($68K)

Type	Security	Shares	Price	Value
Purchase	Common Shares	1,000	$67.55	$68K
holding	Common Shares	--	--	--
holding	Depositary Shares Series A	--	--	--

Holdings After Transaction: Common Shares — 60,388 shares (Direct); Common Shares — 100 shares (Indirect, By wife); Depositary Shares Series A — 4,898 shares (Direct)

Key Figures

Common Shares purchased: 1,000 shares Purchase price per share: $67.55 per share Direct Common Shares after purchase: 60,388 shares +2 more

5 metrics

Common Shares purchased 1,000 shares September 21, 2026

Purchase price per share $67.55 per share Purchase of Common Shares on September 21, 2026

Direct Common Shares after purchase 60,388 shares Reported after the September 21, 2026 purchase

Common Shares held by wife 100 shares Indirect holdings reported September 21, 2026

Direct Depositary Shares Series A 4,898 shares Reported September 21, 2026

Key Terms

Common Shares, Depositary Shares Series A, Rule 10b5-1 plan

3 terms

Common Shares financial

"purchased 1,000 Common Shares"

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

Depositary Shares Series A financial

"4,898 Depositary Shares Series A held directly"

Rule 10b5-1 plan regulatory

"No Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ADC shares did Chief Growth Officer Craig Erlich purchase?

Craig Erlich purchased 1,000 Common Shares on September 21, 2026, at $67.55 per share.

What were Craig Erlich's ADC Common Share holdings after the purchase?

He reported 60,388 directly held Common Shares after the purchase.

Did Craig Erlich report indirect ADC shareholdings?

The filing reports 100 Common Shares held by his wife.

How many ADC Depositary Shares Series A did Craig Erlich report?

He reported 4,898 Depositary Shares Series A held directly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/23/2026 - 07:00 AM Accepted by SEC EDGAR 09/23/2026 - 07:00 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Erlich Craig

(Last) (First) (Middle)

32301 WOODWARD AVENUE

(Street)

ROYAL OAK MICHIGAN 48073

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AGREE REALTY CORP [ ADC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF GROWTH OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/21/2026		P		1,000	A	$67.55	60,388	D
Common Shares								100	I	By wife
Depositary Shares Series A								4,898	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	09/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)