<SEC-DOCUMENT>0001193125-25-179026.txt : 20250812
<SEC-HEADER>0001193125-25-179026.hdr.sgml : 20250812
<ACCEPTANCE-DATETIME>20250812163538
ACCESSION NUMBER:		0001193125-25-179026
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250812
DATE AS OF CHANGE:		20250812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE COMMERCIAL CORP
		CENTRAL INDEX KEY:			0001234006
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				020681276
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-277877
		FILM NUMBER:		251207336

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5853

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d424039d424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<TITLE>424B5</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 424(b)(5)<BR> Registration File No. 333-277877 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Supplement dated August 12, 2025 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To Prospectus
Supplement dated March&nbsp;26, 2024 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(To Prospectus dated March&nbsp;21, 2024) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; margin-right:20%; text-indent:7%" ALIGN="center">


<IMG SRC="g424039g0811155735469.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Up to $250,000,000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This supplement (this &#147;<I>Supplement</I>&#148;) updates and supplements the prospectus supplement, dated March&nbsp;26, 2024 (the &#147;<I>Prospectus
Supplement</I>&#148;), filed with the Securities and Exchange Commission (the &#147;<I>SEC</I>&#148;) as part of our registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File No.&nbsp;333-277877), relating to the offer and
sale of shares of common stock, par value $0.001 per share, of Gladstone Commercial Corporation (&#147;<I>we</I>&#148;, &#147;<I>our</I>&#148;, &#147;<I>us</I>&#148; and the &#147;<I>Company</I>&#148;) having an aggregate offering price of up to
$250,000,000. Sales of shares, if any, under this Supplement and the Prospectus Supplement may be made through our Sales Agents, from time to time, in negotiated transactions that are deemed to be an &#147;at the market offering&#148; as defined in
Rule 415(a)(4) under the Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;). This Supplement shall be read in conjunction with the Prospectus Supplement and the accompanying prospectus. Capitalized terms used and not defined
in this Supplement shall have the meanings ascribed to such terms in the Prospectus Supplement. Except as set forth herein, the Prospectus Supplement remains unchanged. This Supplement is not complete without and may only be delivered or utilized in
connection with the Prospectus Supplement and any future amendments or supplements thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Supplement is being filed to update the information
contained in the Prospectus Supplement to reflect the entry on August 12, 2025 of Amendment No.&nbsp;2 (&#147;<I>Amendment No.</I><I></I><I>&nbsp;2</I>&#148;) to the Sales Agreement that was originally entered into on March&nbsp;3, 2023, as amended
on March&nbsp;26, 2024. Amendment No.&nbsp;2 provides for (1)&nbsp;Huntington Securities, Inc. to be added as an additional Sales Agent and (2)&nbsp;Robert W. Baird&nbsp;&amp; Co. Incorporated to be removed as a Sales Agent. Accordingly, each
reference to the term &#147;Sales Agent&#148; or &#147;Sales Agents&#148; in the Prospectus Supplement is hereby amended and shall (1)&nbsp;include Huntington Securities, Inc. and (2)&nbsp;exclude Robert W. Baird&nbsp;&amp; Co. Incorporated.
Further, all references to &#147;Robert W. Baird&nbsp;&amp; Co. Incorporated&#148; and &#147;Baird&#148; in the Prospectus Supplement shall hereafter be deemed to be deleted and replaced with &#147;Huntington Securities, Inc.&#148; and
&#147;Huntington Capital Markets,&#148; as applicable, and each reference to the term &#147;Sales Agreement&#148; in the Prospectus Supplement shall be deemed to mean the Sales Agreement, as amended by Amendment No.&nbsp;2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After giving effect to Amendment No.&nbsp;2, the Sales Agents are BofA Securities, Inc., Goldman Sachs&nbsp;&amp; Co. LLC, Huntington Securities, Inc.,
KeyBanc Capital Markets Inc. and Fifth Third Securities, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date of this Supplement, we have sold approximately 6,271,144 shares of our
common stock under the Prospectus Supplement for gross proceeds of approximately $93.5 million, leaving approximately $156.5 million available to be offered by this Supplement, the Prospectus Supplement and the accompanying prospectus. Our common
stock is traded on the Nasdaq Global Select Market (&#147;<I>Nasdaq</I>&#148;) under the symbol &#147;GOOD.&#148; On August&nbsp;11, 2025, the last reported sale price of our common stock on Nasdaq was $13.05 per share. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Investing in shares of our common stock involves substantial risks that are described in the &#147;<A HREF="http://www.sec.gov/Archives/edgar/data/1234006/000119312524077618/d808102d424b5.htm#supptx808102_5">Risk
 Factors</A>&#148; sections beginning <FONT STYLE="white-space:nowrap">on&nbsp;page&nbsp;S-9&nbsp;of&nbsp;
the</FONT> Prospectus Supplement, on page 7 of the accompanying prospectus and discussed in our <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001234006/000123400625000003/good-20241231.htm">Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2024, our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and other reports and information that we file from time to time with the SEC,
which are incorporated by reference into the Prospectus Supplement and the accompanying prospectus. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neither the SEC nor any state securities
commission has approved or disapproved of these securities or determined if this Supplement, the Prospectus Supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:14pt">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:14pt">
<TD VALIGN="top"><B>BofA&nbsp;Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Goldman&nbsp;Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Huntington Capital Markets</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:14pt">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:14pt">
<TD VALIGN="top" ALIGN="center"><B>KeyBanc&nbsp;Capital&nbsp;Markets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Fifth&nbsp;Third&nbsp;Securities</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this Supplement is August 12, 2025 </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Each disclosure appearing under the heading or <FONT STYLE="white-space:nowrap">sub-heading</FONT>
&#8220;Conflicts of Interest&#8221; in the Prospectus Supplement is hereby amended and restated as follows: </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Affiliates of certain of the Sales Agents are lenders under our unsecured revolving and term loan facilities. Our Operating Partnership may use a portion of
the net proceeds we contribute to it from this offering to repay borrowings outstanding from time to time under our unsecured revolving and term loan facilities. Accordingly, each such affiliate will receive its proportionate share of any amount of
our revolving and term loan facilities that is repaid with the net proceeds from this offering, and therefore, may receive more than 5% of the net proceeds from the sale of our common shares, not including the sales agent commission. Each of
(i)&nbsp;Bank of America, N.A., an affiliate of BofA Securities, Inc., (ii) The Huntington National Bank, an affiliate of Huntington Capital Markets, (iii)&nbsp;KeyBank National Association, an affiliate of KeyBanc Capital Markets Inc., and
(iv)&nbsp;Fifth Third Bank, an affiliate of Fifth Third Securities, Inc., is currently a lender under our certain of our revolving and term loan facilities. </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
