[Form 4] AGREE REALTY CORP Insider Trading Activity

Rhea-AI Filing Summary

Craig Erlich, Chief Growth Officer of Agree Realty Corp (ADC), filed a Form 4 reporting transactions dated 10/03/2025. The filing shows an open-market purchase of 360 common shares at a price of $70.845 per share. After this transaction, Mr. Erlich beneficially owns 52,846 common shares directly. The Form 4 also reports 100 shares held indirectly by his wife and 305 shares held indirectly by his children. Separately, the filing records a disposition of 4,898 Depositary Shares Series A. The form is signed by an attorney-in-fact on behalf of the reporting person on 10/06/2025.

Positive

• Purchase of 360 common shares at $70.845 shows insider buying the company's stock
• Clear disclosure of indirect holdings (100 by spouse, 305 by children) increases transparency

Negative

• Disposition of 4,898 Depositary Shares Series A on the same filing could be viewed as reducing certain holdings
• Transaction size is small relative to total direct holding (360 vs 52,846), limiting its signal value

Insights

Corporate Insider

Insider added a small number of ADC shares at ~$70.85, while selling depositary shares.

The reported purchase of 360 common shares at $70.845 is a modest open-market acquisition relative to the total direct holding of 52,846 shares, indicating a small incremental increase in personal exposure to the company.

The simultaneous disposition of 4,898 Depositary Shares Series A is a separate action recorded on the same Form 4; the filing does not link the two transactions or provide proceeds or rationale.

Governance & Compliance

Filing follows Section 16 requirements and is executed by attorney-in-fact.

The Form 4 identifies Mr. Erlich as an officer (Chief Growth Officer) and was signed by Stephen Breslin, Attorney-in-Fact on 10/06/2025, which meets the reporting process shown in the document.

The filing discloses indirect holdings (100 and 305 shares) by immediate family members, which is standard for Section 16 reporting and useful for transparency in ownership calculations.

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 MI 48073

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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

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

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

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	10/03/2025		P		360	A	$70.845	52,846	D
Common Shares								100	I	By wife
Common Shares								305	I	By children
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:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	10/06/2025
	** 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.

FAQ

What did Agree Realty (ADC) insider Craig Erlich report on Form 4?

The Form 4 reports a purchase of 360 common shares at $70.845 on 10/03/2025, plus a disposition of 4,898 Depositary Shares Series A.

How many ADC shares does Craig Erlich beneficially own after the reported transaction?

Following the reported purchase, Mr. Erlich beneficially owns 52,846 common shares directly; additionally 100 shares are held by his wife and 305 by his children.

What was the price paid per share in the reported insider purchase for ADC?

The reported purchase price was $70.845 per common share for 360 shares.

When was the Form 4 signed and who signed it for the reporting person?

The Form 4 bears the signature of Stephen Breslin, Attorney-in-Fact and is dated 10/06/2025 on the document.

What is Craig Erlich's role at Agree Realty reported on the Form 4?

The filing lists Mr. Erlich as a company officer with the title Chief Growth Officer.