[Form 4] AGREE REALTY CORP Insider Trading Activity

Rhea-AI Filing Summary

Agree Realty Corp. director John Rakolta Jr. reported acquiring 25,154 common shares on 10/07/2025 at a weighted-average price of $70.41 per share (trades ranged from $70.30 to $70.50). After the purchase, the reporting person beneficially owns 553,700.498 shares, which includes 7,313.980 shares added via the dividend reinvestment plan since his last filing. The report was filed as an individual Form 4 and includes a Power of Attorney exhibit.

Positive

• Director purchase of 25,154 shares indicates personal capital committed at market prices
• Dividend reinvestment added 7,313.980 shares, showing continued participation in company dividends
• Beneficial ownership now 553,700.498 shares, reflecting a substantive director stake

Negative

• Transaction appears routine and small relative to total market float, so it may not significantly shift control or market perceptions
• No additional context provided on intention (e.g., strategic accumulation vs routine buy); investor signal is limited

Insights

Corporate Governance Analyst

Director purchase shows continued insider accumulation at mid-$70s, modestly increasing stake.

The director acquired 25,154 shares on 10/07/2025 at a weighted-average price of $70.41, raising beneficial ownership to 553,700.498 shares. Director purchases can signal confidence in the company when made with personal funds, and inclusion of 7,313.980 DRIP shares shows ongoing reinvestment of dividends.

Key dependencies include continued dividend policy and share-price performance; monitor subsequent Form 4 filings and quarterly disclosures over the next 3-6 months for any trend in insider activity or changes to ownership levels.

Equity Markets Specialist

Transaction size is small relative to institutional volumes but meaningful for director-level holdings.

The purchase of 25,154 shares at ~$70.41 is a single non-derivative acquisition labeled with transaction code "P" (open-market purchase). The weighted-average price and range ($70.30-$70.50) are disclosed and traceable to multiple executions.

Watch for clustering of additional insider buys or sales and any impact on float or short-term price moves within 30-90 days; absent larger purchases, market impact is likely limited.

10/09/2025 - 04:05 PM

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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

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	10/07/2025		P		25,154	A	$70.41(1)	553,700.498(2)	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:

1. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $70.30 to $70.50. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

2. Includes 7,313.980 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Remarks:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	10/09/2025
	** 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 director John Rakolta Jr. (ADC) purchase on 10/07/2025?

The director purchased 25,154 common shares on 10/07/2025 at a weighted-average price of $70.41 per share.

How many shares does John Rakolta Jr. beneficially own after the reported transaction?

He beneficially owns 553,700.498 shares following the reported purchase, which includes 7,313.980 shares from the dividend reinvestment plan.

What price range were the purchases executed at?

The purchases were executed in multiple transactions at prices ranging from $70.30 to $70.50, resulting in a weighted-average price of $70.41.

Was this Form 4 filed individually or jointly?

The Form 4 was filed by one reporting person (individual filing).

Does the filing include any exhibits or signatures?

Yes, the filing references Exhibit 24, Power of Attorney, and is signed by an attorney-in-fact on 10/09/2025.