Gladstone Commercial Corporation Quarterly report [Sections 13 or 15(d)]

Equity and Mezzanine Equity (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the changes in our equity for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three Months Ended March 31,
	2026		2025
Senior Common Stock
Balance, beginning of period	$	1	$	1
Issuance of senior common stock, net	—		—
Balance, end of period	$	1	$	1
Common Stock
Balance, beginning of period	$	48	$	44
Issuance of common stock, net	—		1

Balance, end of period	$	48	$	45
Series F Preferred Stock
Balance, beginning of period	$	1	$	1
Issuance of Series F preferred stock, net	—		—
Redemption of Series F preferred stock, net	—		—
Balance, end of period	$	1	$	1
Additional Paid in Capital
Balance, beginning of period	$	841,574	$	784,389
Issuance of common stock and Series F preferred stock, net	82		26,971


Redemption of Series F preferred stock, net	(398)		571

Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(2)		(16)
Balance, end of period	$	841,256	$	811,915
Accumulated Other Comprehensive Income
Balance, beginning of period	$	3,314	$	10,648
Comprehensive loss	2,727		(4,016)
Reclassification into interest expense	(13)		15
Balance, end of period	$	6,028	$	6,647
Distributions in Excess of Accumulated Earnings
Balance, beginning of period	$	(673,168)	$	(623,912)
Distributions declared to common, senior common, and preferred stockholders	(17,662)		(16,605)
Redemption of Series F preferred stock, net	4		(10)
Net income available to the Company	6,969		5,134
Balance, end of period	$	(683,857)	$	(635,393)
Total Stockholders' Equity


Balance, beginning of period	$	171,770	$	171,171
Issuance of common stock and Series F preferred stock, net	82		26,972


Redemption of Series F preferred stock, net	(394)		561

Distributions declared to common, senior common, and preferred stockholders	(17,662)		(16,605)
Comprehensive loss	2,727		(4,016)
Reclassification into interest expense	(13)		15
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(2)		(16)
Net income available to the Company	6,969		5,134
Balance, end of period	$	163,477	$	183,216
Non-Controlling Interest
Balance, beginning of period	$	122	$	130
Distributions declared to Non-controlling OP Unit holders	(12)		(12)


Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	2		16
Net income available to OP Units held by Non-controlling OP Unitholders	3		2
Balance, end of period	$	115	$	136
Total Equity	$	163,592	$	183,352

We paid the following distributions per share for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Common Stock and Non-controlling OP Units	$	0.30	$	0.30
Senior Common Stock	0.2625		0.2625
Series E Preferred Stock	0.414063		0.414063
Series F Preferred Stock	0.375		0.375
Series G Preferred Stock	0.375		0.375