Agree Realty Corporation
MX ˙ BMV ˙ US0084921008
SecurityMX:ADC / Agree Realty Corporation
InstitutionTwo Sigma Investments, Lp
ManagerJohn Overdeck, David Siegel
Latest Disclosed Ownership4,041,693 shares
Latest Disclosed Value $ 304,662,818
Two Sigma Investments, Lp reports 139.09% increase in ownership of ADC / Agree Realty Corporation

On May 15, 2026 - Two Sigma Investments, Lp filed a 13F-HR form disclosing ownership of 4,041,693 shares of Agree Realty Corporation (MX:ADC) valued at $304,662,818 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 1,690,448 shares of Agree Realty Corporation. This represents a change in shares of 139.09% 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)
2026-05-15 2026-03-31 13F AGREE RLTY COM 008492100 4,041,693 2,351,245 139.09 304,663 150.21 0.2458
2026-02-17 2025-12-31 13F AGREE RLTY COM 008492100 1,690,448 -34,965 -2.03 121,763 -0.66 0.1717
2025-11-14 2025-09-30 13F AGREE RLTY COM 008492100 1,725,413 -82,160 -4.55 122,573 -7.18 0.1825
2025-08-14 2025-06-30 13F AGREE RLTY COM 008492100 1,807,573 310,150 20.71 132,061 14.25 0.2338
2025-05-15 2025-03-31 13F AGREE RLTY COM 008492100 1,497,423 569,390 61.35 115,586 76.79 0.2471
2025-02-14 2024-12-31 13F AGREE RLTY COM 008492100 928,033 133,392 16.79 65,380 9.22 0.1426
2024-11-14 2024-09-30 13F AGREE RLTY COM 008492100 794,641 270,784 51.69 59,860 84.49 0.1312
2024-08-14 2024-06-30 13F AGREE RLTY COM 008492100 523,857 -137,837 -20.83 32,448 -14.15 0.0739
2024-05-15 2024-03-31 13F AGREE RLTY COM 008492100 661,694 535,374 423.82 37,796 375.35 0.0887
2024-02-14 2023-12-31 13F AGREE RLTY COM 008492100 126,320 -170,606 -57.46 7,952 -51.52 0.0183
2023-11-14 2023-09-30 13F AGREE RLTY COM 008492100 296,926 -263,576 -47.02 16,402 -55.25 0.0441
2023-08-14 2023-06-30 13F AGREE RLTY COM 008492100 560,502 -35,930 -6.02 36,651 -10.43 0.0919
2023-05-15 2023-03-31 13F AGREE RLTY COM 008492100 596,432 92,993 18.47 40,921 14.60 0.1170
2023-02-14 2022-12-31 13F AGREE RLTY COM 008492100 503,439 -192,792 -27.69 35,709 -24.11 0.1121
2022-11-14 2022-09-30 13F AGREE RLTY COM 008492100 696,231 362,085 108.36 47,051 95.22 0.1599
2022-08-15 2022-06-30 13F AGREE RLTY COM 008492100 334,146 261,434 359.55 24,102 399.52 0.0795
2022-05-16 2022-03-31 13F AGREE RLTY COM 008492100 72,712 -132,017 -64.48 4,825 -66.97 0.0142
2022-02-14 2021-12-31 13F AGREE RLTY COM 008492100 204,729 -112,453 -35.45 14,609 -30.46 0.0312
2021-11-15 2021-09-30 13F AGREE RLTY COM 008492100 317,182 8,196 2.65 21,007 -3.55 0.0469
2021-08-16 2021-06-30 13F AGREE RLTY COM 008492100 308,986 145,955 89.53 21,780 98.47 0.0494
2021-05-17 2021-03-31 13F AGREE REALTY COM 008492100 163,031 131,197 412.13 10,974 417.64 0.0286
2021-02-16 2020-12-31 13F AGREE REALTY COM 008492100 31,834 -85,231 -72.81 2,120 -71.54 0.0061
2020-11-16 2020-09-30 13F AGREE REALTY COM 008492100 117,065 62,835 115.87 7,450 109.09 0.0264
2020-08-14 2020-06-30 13F AGREE REALTY COM 008492100 54,230 40,568 296.94 3,563 321.16 0.0176
2020-05-15 2020-03-31 13F AGREE REALTY COM 008492100 13,662 -82,944 -85.86 846 -87.52 0.0069
2020-02-14 2019-12-31 13F AGREE REALTY COM 008492100 96,606 90,256 1,421.35 6,779 1,357.85 0.0204
2019-11-14 2019-09-30 13F AGREE REALTY COM 008492100 6,350 -33,162 -83.93 465 -81.63 0.0016
2019-08-14 2019-06-30 13F AGREE REALTY COM 008492100 39,512 39,512 522.24 2,531 444.30 0.0085
2019-05-15 2019-03-31 13F AGREE REALTY COM 008492100 0 -85,060 -100.00 0 -100.00
2019-02-14 2018-12-31 13F AGREE REALTY COM 008492100 85,060 -28,326 -24.98 5,029 -16.50 0.0197
2018-11-14 2018-09-30 13F AGREE REALTY COM 008492100 113,386 11,930 11.76 6,023 12.50 0.0164
2018-08-14 2018-06-30 13F AGREE REALTY COM 008492100 101,456 31,785 45.62 5,354 59.96 0.0160
2018-05-15 2018-03-31 13F AGREE REALTY COM 008492100 69,671 -24,124 -25.72 3,347 -30.63 0.0111
2018-02-14 2017-12-31 13F AGREE REALTY COM 008492100 93,795 11,470 13.93 4,825 19.40 0.0157
2017-11-14 2017-09-30 13F AGREE REALTY COM 008492100 82,325 -12,324 -13.02 4,041 -6.93 0.0143
2017-08-14 2017-06-30 13F AGREE REALTY COM 008492100 94,649 77,495 451.76 4,342 427.58 0.0157
2017-05-15 2017-03-31 13F AGREE REALTY COM 008492100 17,154 -17,534 -50.55 823 -48.47 0.0028
2017-02-14 2016-12-31 13F AGREE REALTY COM 008492100 34,688 -72,098 -67.52 1,597 -69.75 0.0061
2016-11-14 2016-09-30 13F AGREE REALTY COM 008492100 106,786 -18,881 -15.02 5,279 -12.92 0.0191
2016-08-15 2016-06-30 13F AGREE REALTY COM 008492100 125,667 37,746 42.93 6,062 79.24 0.0260
2016-05-16 2016-03-31 13F AGREE REALTY COM 008492100 87,921 -20,271 -18.74 3,382 -8.02 0.0161
2016-02-16 2015-12-31 13F AGREE REALTY COM 008492100 108,192 62,861 138.67 3,677 171.77 0.0176
2015-11-16 2015-09-30 13F AGREE REALTY COM 008492100 45,331 -56,015 -55.27 1,353 -54.23 0.0069
2016-02-09 2015-06-30 13F/A-1 AGREE REALTY COM 008492100 101,346 -17,378 -14.64 2,956 -24.48 0.0144
2015-08-14 2015-06-30 13F AGREE REALTY COM 008492100 101,346 2,956
2016-02-09 2015-03-31 13F/A-1 AGREE REALTY COM 008492100 118,724 23,049 24.09 3,914 31.56 0.0193
2015-05-15 2015-03-31 13F AGREE REALTY COM 008492100 118,724 3,914
2016-02-09 2014-12-31 13F/A-1 AGREE REALTY COM 008492100 95,675 64,577 207.66 2,975 249.59 0.0171
2015-02-17 2014-12-31 13F AGREE REALTY COM 008492100 95,675 2,975
2016-02-09 2014-09-30 13F/A-1 AGREE REALTY COM 008492100 31,098 -245 -0.78 851 -10.14 0.0040
2014-11-14 2014-09-30 13F AGREE REALTY COM 008492100 31,098 852
2016-02-09 2014-06-30 13F/A-1 AGREE REALTY COM 008492100 31,343 6,234 24.83 947 24.12 0.0045
2014-08-14 2014-06-30 13F AGREE REALTY COM 008492100 31,343 947
2014-05-15 2014-03-31 13F AGREE REALTY COM 008492100 25,109 -57,560 -69.63 763 -68.20 0.0041
2014-02-14 2013-12-31 13F AGREE REALTY COM 008492100 82,669 82,669 229.24 2,399 214.42 0.0133
2013-11-14 2013-09-30 13F AGREE REALTY COM 008492100 0 -11,431 -100.00 0 -100.00
2013-08-14 2013-06-30 13F AGREE REALTY COM 008492100 11,431 11,431 337 0.0024
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.