Why is the ADC share purchase attributed to John Rakolta Jr.’s wife?

The Form 4 identifies the 146-share purchase as held “By wife,” meaning the shares are owned indirectly through his spouse. SEC rules treat certain spousal holdings as part of the director’s beneficial ownership, so they appear in his reporting even though she is the direct owner.

Director linked to small Agree Realty (NYSE: ADC) insider share purchase

Filing Impact

(Neutral)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

AGREE REALTY CORP director John Rakolta Jr. reported an indirect open-market purchase of the company’s common shares. On April 1, 2026, his wife bought 146 common shares of Agree Realty at $75.69 per share.

Following this transaction, she holds 146 shares indirectly, while Rakolta Jr. directly owns 568,387.097 common shares, which includes 5,781.296 shares acquired through a dividend reinvestment plan since his last beneficial ownership statement.

Insider Trade Summary

Net Buyer: 146 shares ($11,051)

Net Buy 2 txns

Insider RAKOLTA JOHN JR

Role Director

Bought 146 shs ($11K)

Type	Security	Shares	Price	Value
Purchase	Common Shares	146	$75.69	$11K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 146 shares (Indirect, By wife); Common Shares — 568,387.097 shares (Direct)

Footnotes (1)

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Key Figures

Open-market purchase size: 146 shares Purchase price: $75.69 per share Direct holdings after transaction: 568,387.097 shares +2 more

5 metrics

Open-market purchase size 146 shares Common Shares bought on April 1, 2026

Purchase price $75.69 per share Price for 146 Common Shares

Direct holdings after transaction 568,387.097 shares Common Shares directly held after reported transactions

Dividend reinvestment plan shares 5,781.296 shares Shares acquired via dividend reinvestment since last statement

Net buy direction 146 shares net-buy transactionSummary netBuySellShares and netBuySellDirection

Key Terms

open-market purchase, beneficial ownership, dividend reinvestment plan, indirect ownership

4 terms

open-market purchase financial

"reported an indirect open-market purchase of the company’s common shares"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"since the last Statement of Changes in Beneficial Ownership filed"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

dividend reinvestment plan financial

"shares acquired under a dividend reinvestment plan since the last Statement"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

indirect ownership financial

"reported an indirect open-market purchase of the company’s common shares"

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 04:29 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

MICHIGAN

48073

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	04/01/2026		P		146	A	$75.69	146	I	By wife
Common Shares								568,387.097⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Includes 5,781.296 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did ADC director John Rakolta Jr. report?

ADC director John Rakolta Jr. reported an indirect open-market purchase of Agree Realty common shares. His wife bought 146 shares on April 1, 2026, and the filing reflects this as a beneficial ownership change linked to the director.

How many Agree Realty (ADC) shares were bought and at what price?

The transaction involved the purchase of 146 Agree Realty common shares at a price of $75.69 per share. This was reported as an open-market purchase and represents a relatively small addition compared with the director’s overall direct shareholdings.

How many AGREE REALTY CORP (ADC) shares does John Rakolta Jr. hold after the Form 4?

After the reported transactions, John Rakolta Jr. directly holds 568,387.097 Agree Realty common shares. This total includes additional shares accumulated through a dividend reinvestment plan since his prior beneficial ownership statement.

What does the dividend reinvestment plan footnote mean for ADC holdings?

The footnote explains that 5,781.296 of John Rakolta Jr.’s directly held shares were acquired under a dividend reinvestment plan since his last beneficial ownership filing. This indicates that some of his position has grown automatically as cash dividends were reinvested in new shares.