# Gladstone Commercial Corporation (GOOD)

> Source: Nexqual · https://nexqual.com/GOOD · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Gladstone Commercial Corporation (GOOD), nexqual.com/GOOD" · informational, not investment advice.

**Price:** USD 12.01 (+0.92% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 11.9 · day 11.77–12.06 · 52w 10.33–13.28 · market cap $586M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $170M, net income $24.8M (14.5% margin) (SEC filings).
- Valuation: P/E 23.7x (avg 53.4x at the last 3 fiscal year-ends), net debt $842M.
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $7K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +15.7% vs S&P 500 +13.4%; 5Y -15.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 0.05, revenue estimate $42.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $138M | $149M | $148M | $149M | $161M | $170M |
| Net income | $10.9M | $10.8M | $5.0M | $24.0M | $19.3M | $24.8M |
| EPS (diluted) | -$0.09 | -$0.04 | -$0.19 | $0.27 | $0.14 | — |
| Net margin | 7.9% | 7.3% | 3.4% | 16.1% | 12.0% | 14.5% |
| Revenue growth | +3.4% | +8.2% | -0.9% | +1.2% | +8.0% | — |
| Cash + short-term investments | $8.0M | $11.7M | $12.0M | $11.0M | $10.8M | — |
| Total debt | $708M | $749M | $739M | $693M | $843M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.7x · P/S 3.5x · EV/Sales 8.4x · P/B 3.7x · Earnings yield 4.22% · Dividend yield (paid, TTM) 11.92% · Net debt $842M · EV $1.43B
P/E at fiscal year-ends: Dec 2025 25.7x, Dec 2024 28.3x, Dec 2023 106.1x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $7K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-01 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 13.02 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 12.58 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 12.26 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 12.51 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 12.66 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-01 | Carter Ryan Stuart | Executive Vice President | 100 | $1K | 11.48 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +15.7% | -15.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +15.7% | -3.3% |
| Volatility (annualized) | 23.5% | 25.3% |
| Max drawdown | -13.1% (Feb 2026→Mar 2026) | -51.5% (Dec 2021→May 2023) |

## Peers (REIT - Diversified)
AHRT (AH Realty Trust, Inc.) USD 6.1 -0.65% · FVR (FrontView REIT, Inc.) USD 17.74 -0.11% · OLP (One Liberty Properties, Inc.) USD 22.35 -0.09% · CTO (CTO Realty Growth, Inc.) USD 19.78 -2.32% · SAFE (Safehold Inc. New) USD 11.23 -0.88% · JBGS (JBG SMITH Properties) USD 11.57 +1.58%

## More
Full page: https://nexqual.com/GOOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GOOD's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1234006/000123400626000005/good-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Gladstone Securities | "We also entered into an agreement with Gladstone Securities, effective June 18, 2013, for it to act as our non-exclusive agent to assist us with arranging mortgage financing for properties we own." |
| Partner | Gladstone Commercial Lending | "Our Operating Partnership is the sole member of Gladstone Commercial Lending, LLC ("Gladstone Commercial Lending")." |
| Partner | Nicolaus & Company | "On February 22, 2022, we entered into Amendment No. 1 to the At-the-Market Equity Offering Sales Agreement with sales agents Baird, Goldman Sachs, Stifel, Nicolaus & Company, Incorporated, ("Stifel") BTIG, LLC, and Fifth…" |
| Partner | BTIG | "On February 22, 2022, we entered into Amendment No. 1 to the At-the-Market Equity Offering Sales Agreement with sales agents Baird, Goldman Sachs, Stifel, Nicolaus & Company, Incorporated, ("Stifel") BTIG, LLC, and Fifth…" |

## Company outlook (8-K filed 2026-08-05)

- "The statements in this press release regarding the forecasted stability of Gladstone Commercial's income, its ability, plans or prospects to re-lease its unoccupied properties, and grow its portfolio are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.04 | +11.1% | $42.6M | 1 |
| Next quarter (ends 2026-12-31) | $0.05 | $0.04 | +11.1% | $43.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.25 | $0.23 | +10.3% | $170.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.15 | $0.17 | -9.1% | $176.1M | 2 |