Agree Realty Corp (ADC) director buys 15,000 shares after transferring 11,549

Rhea-AI Filing Summary

Agree Realty Corp director files insider trading report showing both a share transfer and a purchase. On 12/22/2025, the reporting director transferred 11,549 common shares of Agree Realty Corp, coded as a disposition at a price of $0. On 12/24/2025, the same director purchased 15,000 common shares at a weighted average price of $72.18, with individual trades ranging from $72.03 to $72.32.

Following these transactions, the director beneficially owned 562,605.801 common shares directly, which includes 5,454.303 shares acquired through a dividend reinvestment plan since the last filing. The filing notes that more detailed trade-by-trade pricing information is available upon request from the issuer, any security holder, or the SEC staff.

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

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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)
12/22/2025

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	12/22/2025		G		11,549	D	$0	547,605.801(1)	D
Common Shares	12/24/2025		P		15,000	A	$72.18(2)	562,605.801	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. Includes 5,454.303 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

2. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $72.03 to $72.32. 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.

	/s/ Stephen Breslin, Attorney-in-Fact	12/29/2025
	** 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 insider transactions did Agree Realty Corp (ADC) report in this Form 4?

The Form 4 shows that a director of Agree Realty Corp transferred 11,549 common shares on 12/22/2025 and then purchased 15,000 common shares on 12/24/2025 at a weighted average price of $72.18.

How many Agree Realty Corp (ADC) shares does the director own after these transactions?

After the reported transactions, the director beneficially owned 562,605.801 common shares of Agree Realty Corp, held in direct form.

What price did the Agree Realty Corp (ADC) director pay for the purchased shares?

The director purchased 15,000 common shares at a weighted average price of $72.18, with individual trades executed at prices ranging from $72.03 to $72.32.

What does the $0 price on the 11,549-share transaction for Agree Realty Corp (ADC) indicate?

The filing reports the 11,549-share transaction on 12/22/2025 with a price of $0 and transaction code G, indicating a transfer or similar disposition without reported sale proceeds.

Are dividend reinvestment plan shares included in the Agree Realty Corp (ADC) director’s holdings?

Yes. The footnote states that the reported holdings include 5,454.303 shares acquired under a dividend reinvestment plan since the last filing by the reporting person.

Is more detailed price information for the Agree Realty Corp (ADC) insider purchase available?

Yes. The director undertakes to provide the issuer, any security holder, or SEC staff full details on the number of shares purchased at each separate price within the $72.03–$72.32 range upon request.