Agree Realty Corporation
MX ˙ BMV ˙ US0084921008
SecurityMX:ADC / Agree Realty Corporation
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership2,258,287 shares
Latest Disclosed Value $ 162,664,413
Two Sigma Advisers, Lp reports 4.27% increase in ownership of ADC / Agree Realty Corporation

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 2,258,287 shares of Agree Realty Corporation (MX:ADC) valued at $162,664,413 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 2,165,887 shares of Agree Realty Corporation. This represents a change in shares of 4.27% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F AGREE RLTY COM 008492100 2,258,287 92,400 4.27 162,664 5.72 0.3163
2025-11-14 2025-09-30 13F AGREE RLTY COM 008492100 2,165,887 27,700 1.30 153,865 -1.50 0.3079
2025-08-14 2025-06-30 13F AGREE RLTY COM 008492100 2,138,187 60,500 2.91 156,216 -2.59 0.3201
2025-05-15 2025-03-31 13F AGREE RLTY COM 008492100 2,077,687 920,100 79.48 160,377 96.65 0.3611
2025-02-14 2024-12-31 13F AGREE RLTY COM 008492100 1,157,587 443,200 62.04 81,552 51.54 0.1887
2024-11-14 2024-09-30 13F AGREE RLTY COM 008492100 714,387 343,400 92.56 53,815 134.20 0.1261
2024-08-14 2024-06-30 13F AGREE RLTY COM 008492100 370,987 -112,300 -23.24 22,979 -16.76 0.0512
2024-05-15 2024-03-31 13F AGREE RLTY COM 008492100 483,287 306,900 173.99 27,605 148.63 0.0639
2024-02-14 2023-12-31 13F AGREE RLTY COM 008492100 176,387 -116,400 -39.76 11,104 -31.35 0.0260
2023-11-14 2023-09-30 13F AGREE RLTY COM 008492100 292,787 -188,300 -39.14 16,174 -48.59 0.0414
2023-08-14 2023-06-30 13F AGREE RLTY COM 008492100 481,087 -144,400 -23.09 31,458 -26.70 0.0801
2023-05-15 2023-03-31 13F AGREE RLTY COM 008492100 625,487 32,200 5.43 42,915 1.98 0.1107
2023-02-14 2022-12-31 13F AGREE RLTY COM 008492100 593,287 55,200 10.26 42,082 15.72 0.1175
2022-11-14 2022-09-30 13F AGREE RLTY COM 008492100 538,087 332,000 161.10 36,364 144.63 0.1053
2022-08-15 2022-06-30 13F AGREE RLTY COM 008492100 206,087 176,900 606.09 14,865 667.42 0.0422
2022-05-16 2022-03-31 13F AGREE RLTY COM 008492100 29,187 -51,300 -63.74 1,937 -66.28 0.0051
2022-02-14 2021-12-31 13F AGREE RLTY COM 008492100 80,487 -202,500 -71.56 5,744 -69.35 0.0144
2021-11-15 2021-09-30 13F AGREE RLTY COM 008492100 282,987 59,800 26.79 18,742 19.13 0.0486
2021-08-16 2021-06-30 13F AGREE RLTY COM 008492100 223,187 -81,100 -26.65 15,732 -23.19 0.0415
2021-05-17 2021-03-31 13F AGREE REALTY COM 008492100 304,287 121,400 66.38 20,482 68.20 0.0563
2021-02-16 2020-12-31 13F AGREE REALTY COM 008492100 182,887 -31,200 -14.57 12,177 -10.62 0.0325
2020-11-16 2020-09-30 13F AGREE REALTY COM 008492100 214,087 36,300 20.42 13,624 16.62 0.0389
2020-09-15 2020-06-30 13F/A-1 AGREE REALTY COM 008492100 177,787 -2,000 -1.11 11,682 4.97 0.0343
2020-08-14 2020-06-30 13F AGREE REALTY COM 008492100 177,787 -2,000 11,682 33,757.1002
2020-05-15 2020-03-31 13F AGREE REALTY COM 008492100 179,787 26,200 17.06 11,129 3.27 0.0426
2020-02-14 2019-12-31 13F AGREE REALTY COM 008492100 153,587 139,700 1,005.98 10,777 960.73 0.0250
2019-11-14 2019-09-30 13F AGREE REALTY COM 008492100 13,887 -29,600 -68.07 1,016 -63.52 0.0025
2019-08-14 2019-06-30 13F AGREE REALTY COM 008492100 43,487 43,487 2,785 0.0069
2019-05-15 2019-03-31 13F AGREE REALTY COM 008492100 0 -81,788 -100.00 0 -100.00
2019-02-14 2018-12-31 13F AGREE REALTY COM 008492100 81,788 -48,327 -37.14 4,835 -30.05 0.0132
2018-11-14 2018-09-30 13F AGREE REALTY COM 008492100 130,115 50,029 62.47 6,912 63.56 0.0169
2018-08-14 2018-06-30 13F AGREE REALTY COM 008492100 80,086 18,800 30.68 4,226 43.55 0.0114
2018-05-15 2018-03-31 13F AGREE REALTY COM 008492100 61,286 -28,962 -32.09 2,944 -36.58 0.0080
2018-02-14 2017-12-31 13F AGREE REALTY COM 008492100 90,248 -9,638 -9.65 4,642 -5.30 0.0125
2017-11-14 2017-09-30 13F AGREE REALTY COM 008492100 99,886 13,000 14.96 4,902 23.01 0.0139
2017-08-14 2017-06-30 13F AGREE REALTY COM 008492100 86,886 3,400 4.07 3,985 -0.47 0.0132
2017-05-15 2017-03-31 13F AGREE REALTY COM 008492100 83,486 6,537 8.50 4,004 12.98 0.0131
2017-02-14 2016-12-31 13F AGREE REALTY COM 008492100 76,949 -13,285 -14.72 3,544 -20.56 0.0136
2016-11-14 2016-09-30 13F AGREE REALTY COM 008492100 90,234 -20,701 -18.66 4,461 -16.65 0.0190
2016-08-15 2016-06-30 13F AGREE REALTY COM 008492100 110,935 28,200 34.08 5,352 68.14 0.0272
2016-05-16 2016-03-31 13F AGREE REALTY COM 008492100 82,735 -799 -0.96 3,183 12.12 0.0178
2016-02-16 2015-12-31 13F AGREE REALTY COM 008492100 83,534 13,724 19.66 2,839 36.69 0.0169
2015-11-16 2015-09-30 13F AGREE REALTY COM 008492100 69,810 -9,400 -11.87 2,077 -10.13 0.0131
2016-02-09 2015-06-30 13F/A-1 AGREE REALTY COM 008492100 79,210 -18,830 -19.21 2,311 -28.50 0.0178
2015-08-14 2015-06-30 13F AGREE REALTY COM 008492100 73,573 2,146
2016-02-09 2015-03-31 13F/A-1 AGREE REALTY COM 008492100 98,040 -7,000 -6.66 3,232 -1.04 0.0248
2015-05-15 2015-03-31 13F AGREE REALTY COM 008492100 85,273 2,812
2016-02-09 2014-12-31 13F/A-1 AGREE REALTY REAL ESTATE INV TRST 008492100 105,040 75,000 249.67 3,266 297.32 0.0261
2015-02-17 2014-12-31 13F AGREE REALTY REAL ESTATE INV TRST 008492100 101,340 3,151
2016-02-09 2014-09-30 13F/A-1 AGREE REALTY COM 008492100 30,040 -1,300 -4.15 822 -13.20 0.0065
2014-11-14 2014-09-30 13F AGREE REALTY COM 008492100 30,040 823
2016-02-09 2014-06-30 13F/A-1 AGREE REALTY REAL ESTATE INV TRST 008492100 31,340 17,000 118.55 947 117.70 0.0076
2014-08-14 2014-06-30 13F AGREE REALTY REAL ESTATE INV TRST 008492100 29,710 897
2014-05-15 2014-03-31 13F Agree Realty REIT 008492100 14,340 -11,300 -44.07 435 -41.53 0.0040
2014-02-14 2013-12-31 13F Agree Realty REIT 008492100 25,640 25,640 48.72 744 46.17 0.0072
2013-11-14 2013-09-30 13F AGREE REALTY COM 008492100 0 -17,240 -100.00 0 -100.00
2013-08-14 2013-06-30 13F AGREE REALTY COM 008492100 17,240 17,240 509 0.0073
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.