Item 1.01. Entry into a Material Definitive Agreement.

On March 3, 2023, Gladstone Commercial Corporation, a Maryland corporation (the "Company"), and its operating partnership, Gladstone Commercial Limited Partnership, a majority-owned, consolidated subsidiary of the Company and a Delaware limited partnership (the "Operating Partnership"), entered into an At-the-Market Equity Offering Sales Agreement (the "Sales Agreement") with BofA Securities, Inc., Goldman Sachs & Co. LLC, Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc. and Fifth Third Securities, Inc. (each, a "Sales Agent" and collectively, the "Sales Agents"), pursuant to which the Company may sell shares of its common stock, par value $0.001 per share (the "Shares"), from time to time through the Sales Agent, acting as sales agent and/or principal.

Pursuant to the Sales Agreement, the Shares may be offered and sold through a Sales Agent in transactions that are deemed to be "at-the-market offerings" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market, or by any other method permitted by law, including in negotiated transactions. Under the Sales Agreement, a Sales Agent will be entitled to compensation of up to 2.0% of the gross proceeds of the Shares it sells from time to time under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, the applicable Sales Agent will use its commercially reasonable efforts to sell on the Company's behalf any Shares to be offered by the Company under the Sales Agreement. The Company has no obligation to sell any of the Shares under the Sales Agreement, and the Company or any Sales Agent may at any time suspend solicitations and offers under the Sales Agreement.

The Shares will be issued pursuant to the Company's Registration Statement on Form S-3ASR (File No. 333-268549). The Company will file a prospectus supplement, dated March 3, 2023, to the prospectus, dated November 23, 2022, with the Securities and Exchange Commission in connection with the offer and sale of an aggregate offering amount of $250.0 million of Shares.

The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the Sales Agreement, a copy of which is attached hereto as Exhibit 1.1 and incorporated herein by reference.

In connection with the filing of the Sales Agreement, the Company is filing as Exhibit 5.1 to this Current Report on Form 8-K the opinion of Venable LLP, its Maryland counsel.

Item 9.01. Financial Statements and Exhibits





(c) Exhibits



Exhibit
  No.                                     Description

 1.1           At-the-Market Equity Offering Sales Agreement, dated March 3, 2023,
             by and among Gladstone Commercial Corporation, Gladstone Commercial
             Limited Partnership, BofA Securities, Inc., Goldman Sachs & Co. LLC,
             Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc. and
             Fifth Third Securities, Inc.

 5.1           Opinion of Venable LLP regarding the legality of shares.

23.1           Consent of Venable LLP (included in Exhibit 5.1).

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document).

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