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Agree Realty Corp. was the issuer for which BlackRock Portfolio Management LLC reported beneficial ownership of 6,730,051 common shares, equal to 5.4% of the class, as of September 30, 2026. BlackRock reported sole voting power over 4,611,833 shares and sole dispositive power over 6,730,051 shares. The reported figures cover securities attributed to certain BlackRock business units and exclude securities attributed to other business units.
Key Figures
Beneficial ownership:6,730,051 sharesPercent of class:5.4%Sole voting power:4,611,833 shares+1 more
4 metrics
Beneficial ownership6,730,051 sharesAgree Realty Corp. common stock as of September 30, 2026
Percent of class5.4%As of September 30, 2026
Sole voting power4,611,833 sharesAgree Realty Corp. common stock
Sole dispositive power6,730,051 sharesAgree Realty Corp. common stock
Key Terms
beneficially owned, Sole power to vote, Sole power to dispose
3 terms
beneficially ownedfinancial
"Amount beneficially owned: 6,730,051"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole power to votefinancial
"Sole power to vote or to direct the vote"
Sole power to disposefinancial
"Sole power to dispose or to direct the disposition"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many ADC shares did BlackRock Portfolio Management report?
BlackRock Portfolio Management LLC reported beneficial ownership of 6,730,051 Agree Realty Corp. common shares, or 5.4% of the class, as of September 30, 2026. It reported sole voting power over 4,611,833 shares and sole dispositive power over 6,730,051 shares.
What does ADC's Schedule 13G say about other persons' dividend rights?
Various persons had the right to receive or direct dividends from, or proceeds from sales of, Agree Realty Corp. common stock. The report states that no one person's interest in the common stock was more than 5% of the total outstanding common shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AGREE REALTY CORP
(Name of Issuer)
Common Stock
(Title of Class of Securities)
008492100
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
008492100
1
Names of Reporting Persons
BlackRock Portfolio Management LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,611,833.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,730,051.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,730,051.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AGREE REALTY CORP
(b)
Address of issuer's principal executive offices:
32301 WOODWARD AVENUE, ROYAL OAK, MICHIGAN, 48073.
Item 2.
(a)
Name of person filing:
BlackRock Portfolio Management LLC
In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)
Address or principal business office or, if none, residence:
BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)
Citizenship:
See Item 4 of Cover Page
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
008492100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
6,730,051
(b)
Percent of class:
5.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
4,611,833
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
6,730,051
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of AGREE REALTY REIT. No one person's interest in the common stock of AGREE REALTY REIT is more than five percent of the total outstanding common shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Exhibit 99
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
