John Rakolta Jr. - 22 Dec 2025 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role: Director
Signature: /s/ Stephen Breslin, Attorney-in-Fact
Issuer symbol: ADC
Transactions as of: 22 Dec 2025
Net transactions value: +$1,082,700
Form type: 4
Filing time: 29 Dec 2025, 16:30:08 UTC
Previous filing: 09 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
RAKOLTA JOHN JR	Director	32301 WOODWARD AVENUE, ROYAL OAK	/s/ Stephen Breslin, Attorney-in-Fact	29 Dec 2025	0001528153

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADC	Common Shares	Gift	$0	-11,549	-2.1%	$0.000000	547,606	22 Dec 2025	Direct	F1
transaction	ADC	Common Shares	Purchase	$1,082,700	+15,000	+2.7%	$72.18	562,606	24 Dec 2025	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.

Content

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.

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.