Director at Agree Realty (NYSE: ADC) buys 20,000 common shares

Rhea-AI Filing Summary

Agree Realty Corp director John Rakolta Jr. reported buying 20,000 common shares in an open-market purchase at $74.57 per share. After this transaction, he directly owns 595,797.76 common shares and indirectly holds 146 shares through his wife. A footnote notes that 2,003.48 of his directly owned shares were acquired under a dividend reinvestment plan since his last ownership report.

Insights

Insider trading analyst

Director makes sizable open-market share purchase in Agree Realty.

Director John Rakolta Jr. executed an open-market purchase of 20,000 common shares of Agree Realty Corp at $74.57 per share. Open-market purchases generally reflect a deliberate decision to increase direct equity exposure using personal capital.

Following the purchase, his direct holdings total 595,797.76 shares, with an additional 146 shares held indirectly through his wife. The filing also indicates 2,003.48 shares were accumulated via a dividend reinvestment plan since his prior report, showing ongoing participation in reinvested dividends. No derivative positions are listed in this filing.

Insider Trade Summary

Net Buyer: 20,000 shares ($1,491,400)

Net Buy 2 txns

Insider RAKOLTA JOHN JR

Role null

Bought 20,000 shs ($1.49M)

Type	Security	Shares	Price	Value
Purchase	Common Shares	20,000	$74.57	$1.49M
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 595,797.76 shares (Direct, null); Common Shares — 146 shares (Indirect, By wife)

Footnotes (1)

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Key Figures

Open-market purchase: 20,000 shares Purchase price: $74.57 per share Direct holdings after trade: 595,797.76 shares +2 more

5 metrics

Open-market purchase 20,000 shares Common Shares bought at $74.57 on May 15, 2026

Purchase price $74.57 per share Price for 20,000 common shares

Direct holdings after trade 595,797.76 shares Common Shares directly owned following purchase

Indirect holdings 146 shares Common Shares held indirectly by wife

DRIP-acquired shares 2,003.48 shares Acquired via dividend reinvestment plan since last report

Key Terms

open-market purchase, dividend reinvestment plan, beneficial ownership, indirect ownership

4 terms

open-market purchase financial

"transaction_action is described as an open-market purchase of common shares"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

dividend reinvestment plan financial

"shares acquired under a dividend reinvestment plan since the last Statement"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

beneficial ownership financial

"since the last Statement of Changes in Beneficial Ownership filed"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

indirect ownership financial

"146.0000 shares reported as indirect ownership, nature described as By wife"

Form 4 Insider Transactions: What Each Field Means →

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^*

RAKOLTA JOHN JR

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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	05/15/2026		P		20,000	A	$74.57	595,797.76(1)	D
Common Shares								146	I	By wife

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:

1. Includes 2,003.480 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	05/19/2026
	** 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)

FAQ

What insider transaction did ADC director John Rakolta Jr. report?

He reported an open-market purchase of 20,000 Agree Realty (ADC) common shares. The shares were bought at $74.57 per share, increasing his direct ownership stake as disclosed in this Form 4 filing.

At what price did the ADC director buy the 20,000 shares?

The director purchased 20,000 Agree Realty common shares at a price of $74.57 per share. This transaction reflects a significant personal cash outlay at that share price level.

How many Agree Realty (ADC) shares does the director own after the transaction?

After the transaction, he directly owns 595,797.76 common shares of Agree Realty Corp. The Form 4 also shows 146 shares held indirectly through his wife, indicating both direct and indirect holdings.

Does the Form 4 show any indirect ownership for the ADC director?

Yes. The Form 4 reports 146 common shares held indirectly, noted as owned "By wife." This is in addition to his substantial direct holdings in Agree Realty Corp common shares.

What does the dividend reinvestment plan footnote mean in the ADC Form 4?

The footnote states that 2,003.48 shares were acquired under a dividend reinvestment plan since his last ownership report. This indicates some dividends were automatically reinvested into additional Agree Realty common shares.

Were any derivative securities reported in this Agree Realty Form 4?

No derivative securities are listed in the Form 4’s derivative summary. The reported activity involves only non-derivative common shares, including the 20,000-share open-market purchase and existing direct and indirect holdings.