UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
Amendment No. 1
Gladstone Commercial Corporation
(Name of Issuer)
Common Stock Shares
(Title of Class of Securities)
376536108
(CUSIP Number)
July 26, 2007
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 376536108
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Ferris, Baker Watts, Incorporated
2. Check the Appropriate Box if a Member Of a Group (See Instructions)
[ ] (a)
[X] (b)
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
5. Sole Voting Power: 0
Number of
Shares 6. Shared Voting Power: 0
Beneficially
Owned by 7. Sole Dispositive Power: 0
Each Reporting
Person With 8. Shared Dispositive Power: 412,995.62
9. Aggregate Amount Beneficially Owned by Each Reporting Person
412,995.62
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by Amount in Row (9) 4.82%
12. Type of Reporting Person (See Instructions) IA
Item 1. (a) Issuer: Gladstone Commercial Corporation
1. Address:
1521 West Branch Drive
McLean, VA 22102
Item 2. (a) Name of Person Filing:
Ferris, Baker Watts, Inc.
(b) Address of Principal Business Offices:
100 Light Street
Baltimore, MD 21202
(c) Citizenship:
Delaware Corporation
(d) Title of Class of Securities
Common stock
(e) CUSIP Number: 376536108
Item 3. Ferris, Baker Watts, Inc. is an investment advisor in
accordance with ss.240.13d-1(b)(1)(ii)(E).
Item 4. Ownership
Please see Items 5 - 9 and 11 for each cover sheet for each filing
separately
Item 5. Ownership of Five Percent or Less of a Class
[X]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
Not Applicable
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and held in the ordinary
course of business and were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: August 31, 2007
Ferris, Baker Watts, Inc.
By: /s/ Dana Gloor
--------------------------
Name: Dana Gloor
Title: General Counsel