GOOD // Gladstone Commercial Corporation Real Estate Investment Trust

DES <GO> NASDAQ RQD COCKPIT → CIK 0001234006 ↗

Real Estate • Real Estate

$11.42 ▼ -0.06 (-0.52%)

MKT CAP: $552.8M • VOL: 825.3K

52W L $10 52W H $13

ROARABLE / RQD

C- • 61/100

PIOTROSKI

5 / 9

GOOD // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 61/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

61 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

16 / 20

STRONG

FCF +54.8% vs NI -19.6% • ROIC-WACC +2.6% • Z 3.2

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

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03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

14 / 20

SOLID

FCF YIELD +16% • P/E 26.7x • F-SCORE 5/9

04 FRED 90D r-MATRIX

Macro Regime Fit

12 / 20

NEUTRAL

NEUTRAL • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

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ALERT

Why did GOOD's Whale & Options Flow & Forensic 10-K Risk sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever GOOD is Upgraded or Downgraded.

GOOD // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -9.44%▼ SUPPORT BREAKDOWN

2026-10-30O $11.57H $11.61L $11.37C $11.42VOL 687.3K

RES: $13.28SUP: $11.76SMA50: $12.59SMA200: $12.39

GOOD // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 50/100

BEAR 0

100 BULL

Gladstone Commercial Corporation Real Estate Investment Trust (GOOD) exhibits 45.0% gross margins and 11.2% return on invested capital within Real Estate (Real Estate), balanced against a 28.7x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into — operating margin and 11.2% ROIC, outpacing sector cost of capital.

ROIC: 11.2% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +8.0% paired with 15.95% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +8.0% // FCF YLD: 15.95%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 5/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 28.7x trailing P/E (26.7x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 28.7x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $11.42 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Real Estate require continuous execution to defend 12.0% net margins.

NET MARGIN: 12.0% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 26.7x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 28.7x

FORWARD P/E 26.7x

EV / EBITDA —

FCF YIELD 15.95%

GROSS MARGIN —

OPERATING MARGIN —

NET MARGIN 12.0%

ROIC % 11.2%

REV GROWTH YOY +8.0%

DILUTED EPS TTM $0.40

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 30.1

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // GOODPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $10.45

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for GOOD & activate live FRED threshold breach alerts.

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