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**Exhibit 4.5**

**DESCRIPTION OF SECURITIES**

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form10-K to which this Description of Securities is an exhibit. 

**(a) Common Stock, $0.001 par value pershare**

As of September 30, 2020, we had 31,566,850 shares of common stock outstanding. All shares of our common stock haveequal rights as to earnings, assets, dividends and voting privileges and, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Shares of our common stock have no preemptive, conversion or redemption rights and arefreely transferable, except where their transfer is restricted by federal and state securities laws. 

Distributions may be paid to theholders of our common stock if, as and when authorized by our Board of Directors and declared by us out of funds legally available therefor. In the event of our liquidation, dissolution or winding up, each share of our common stock is entitled toshare ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any is outstanding at the time. Each share ofour common stock is entitled to one vote and does not have cumulative voting rights, which means that holders of a majority of such shares, if they so choose, could elect all of the directors, and holders of less than a majority of such shareswould, in that case, be unable to elect any director. Our common stock is listed on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “GLAD.” 

**(b) Debt Securities**

 
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*6.125% Notes due 2023 (the “2023 Notes”)*

 
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*5.375% Notes due 2024 (the “2024 Notes”)*

The 2023 Notes (together with the 2024 Notes, the “Notes”) were issued under a base indenture (the “Base Indenture”), datedas of November 6, 2018, and a first supplemental indenture thereto, dated as of November 6, 2018, entered into between us and U.S. Bank National Association (“U.S. Bank”), as trustee. The 2023 Notes will mature onNovember 1, 2023. The principal payable at maturity will be 100% of the aggregate principal amount. The interest rate of the 2023 Notes is 6.125% per year. Interest is payable quarterly on February 1, May 1, August 1 andNovember 1 of each year, and the regular record dates for interest payments are January 15, April 15, July 15 and October 15, as the case may be, next preceding the applicable interest payment date. The 2023 Notes are listedon Nasdaq under the symbol “GLADD.” 

The 2024 Notes were issued under the Base Indenture and a second supplemental indenturethereto, dated as of October 10, 2019, entered into between us and U.S. Bank, as trustee. The 2024 Notes will mature on November 1, 2024. The principal payable at maturity will be 100% of the aggregate principal amount. The interest rateof the 2024 Notes is 5.375% per year. Interest is payable quarterly on February 1, May 1, August 1 and November 1 of each year , and the regular record dates for interest payments are January 15, April 15, July 15and October 15, as the case may be, next preceding the applicable interest payment date. The 2024 Notes are listed on Nasdaq under the symbol “GLADL.” 

The Notes were issued in denominations of $25 and integral multiples of $25 in excess thereof. The Notes are not be subject to any sinkingfund and holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. 

The following is asummary description of the material terms of the Notes, the Base Indenture and the supplemental indentures thereto. The following summary is qualified in its entirety by reference to the Base Indenture, the first supplemental indenture and thesecond supplemental indenture (collectively, the “indenture”), each of which is attached as an exhibit to this Annual Report. 
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Covenants 

In addition to standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securitiescan be surrendered for payment and related matters, the following covenants apply to the Notes: 

 
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We agree that for the period of time during which 2023 Notes are outstanding, we will not violateSection 18(a)(1)(A) as modified by such provisions of Section 61(a) of the 1940 Act as may be applicable to us from time to time or any successor provisions thereto, whether or not we continue to be subject to such provisions of the 1940Act. We agree that for the period of time during which 2024 Notes are outstanding, we will not violate Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to besubject to such provisions of the 1940 Act. Currently, these provisions generally prohibit us from incurring additional debt or issuing additional debt or preferred securities, unless our asset coverage, as defined in the 1940 Act, equals at least150% after such incurrence or issuance. 

 
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We agree that for the period of time during which 2023 Notes are outstanding, we will not declare any dividend(except a dividend payable in stock of the Company), or declare any other distribution, upon a class of our capital stock, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend ordistribution, or at the time of any such purchase, we have an asset coverage (as defined in the 1940 Act) of at least the threshold specified under Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the 1940 Act as maybe applicable to us from time to time or any successor provisions thereto of the 1940 Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and givingeffect, in each case, to any no-action relief granted by the SEC to another BDC (or to us if we determine to seek such similar no-action or other relief) permitting theBDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the 1940 Act as may be applicable to us from time to time, as suchobligation may be amended or superseded, in order to maintain such BDC’s status as a RIC under Subchapter M of the Code. We agree that for the period of time during which 2024 Notes are outstanding, we will not declare any dividend (except adividend payable in stock of the Company), or declare any other distribution, upon a class of our capital stock, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, orat the time of any such purchase, we have an asset coverage (as defined in the 1940 Act) of at least the threshold specified under Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions thereto ofthe 1940 Act, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving effect, in each case, to any no-action relief granted by the SEC to another BDC andupon which we may reasonably rely (or to us if we determine to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibitioncontained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, in order to maintain such BDC’s status as a RIC under Subchapter M of the Code. 

 
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If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the SecuritiesExchange Act of 1934, as amended, to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financialstatements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in allmaterial respects, in accordance with applicable GAAP. 

Optional Redemption 

The 2023 Notes and the 2024 Notes may be redeemed in whole or in part at any time or from time to time at our option on or afterNovember 1, 2020 and November 1, 2021, respectively, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amountof the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. 

Conversion and Exchange 

The Notes are not convertible into or exchangeable for other securities. 

Events of Default 

Theterm “Event of Default” in respect of the Notes means any of the following: 

 
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We do not pay the principal of any Note when due and payable at maturity; 

 
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We do not pay interest on any Note when due and payable, and such default is not cured within 30 days of its duedate; 

 
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We remain in breach of any other covenant in respect of the Notes for 60 days after we receive a written noticeof default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25% of the principal amount of the outstanding Notes); 

 
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We file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur and remainundischarged or unstayed for a period of 60 days; or 

 
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On the last business day of each of twenty-four consecutive calendar months, the Notes have an asset coverage (assuch term is defined in the 1940 Act) of less than 100%. 

An Event of Default for the Notes may, but does notnecessarily, constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of the Notes of any default, except in the payment of principal orinterest, if it in good faith considers the withholding of notice to be in the best interests of the holders. 

Remedies if an Event ofDefault Occurs 

If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principalamount of the Notes may declare the entire principal amount of all the Notes to be due and immediately payable, but this does not entitle any holder of Notes to any redemption payout or redemption premium. Except in cases of default, where thetrustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an“indemnity”). 

Defeasance and Covenant Defeasance 

The Notes are subject to defeasance by us. “Defeasance” means that, by depositing with a trustee an amount of cash and/or governmentsecurities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions required under the indenture relating to the Notes, we will be deemed to have been discharged from our obligations underthe Notes. 

The Notes are subject to covenant defeasance by us. In the event of a “covenant defeasance,” upon depositing suchfunds and satisfying conditions similar to those for defeasance we would be released from certain covenants under the indenture relating to the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefitfrom certain covenants under the indenture, and while the Notes could not be accelerated for any reason, the holders of the Notes nonetheless could look to the Company for repayment of the Notes if there were a shortfall in the funds deposited withthe trustee or the trustee is prevented from making a payment. 

Indenture Provisions—Ranking 

The Notes are our direct unsecured obligations and rank: 

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pari passu with our existing and future unsecured, unsubordinated indebtedness; 

 
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senior to our preferred stock, including any series of preferred stock that we may issue in the future;

 
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senior to any of our future indebtedness that expressly provides it is subordinated to the Notes;

 
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effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that isinitially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and 

 
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structurally subordinated to all existing and future indebtedness and other obligations of any of oursubsidiaries and any other future subsidiaries of the Company, including, without limitation, borrowings under the Credit Facility. 

**(c) Provisions of our Certificate of Incorporation or Bylaws that may have the effect of delaying, deferring or preventing a change of control**

**Classified Board of Directors**

Inaccordance with our bylaws, our Board of Directors is divided into three classes of directors serving staggered three-year terms, with the term of directors in each class expiring at the annual meeting of stockholders held in the third yearfollowing the year of their election. One class has two directors, one class has three directors and one class has four directors. A classified board may render more difficult a change in control of us or removal of our incumbent management. Webelieve, however, that the longer time required to elect a majority of a classified board of directors will help to ensure continuity and stability of our management and policies. 

Our classified board could have the effect of making the replacement of incumbent directors more time consuming and difficult. Because ourdirectors may only be removed for cause, at least two annual meetings of stockholders, instead of one, will generally be required to effect a change in a majority of our Board of Directors. Thus, our classified board could increase the likelihoodthat incumbent directors will retain their positions. The staggered terms of directors may delay, defer or prevent a tender offer or an attempt to change control of us or another transaction that might involve a premium price for our common stockthat might be in the best interest of our stockholders. 

**Number of Directors; Removal; Vacancies**

Our charter provides that the number of directors will be determined pursuant to our bylaws and our bylaws provide that a majority of ourentire Board of Directors may at any time increase or decrease the number of directors. In addition, our bylaws provide that the number of directors shall not be increased by 50% or more in any 12-month periodwithout the approval of two-thirds of the members of our Board of Directors then in office. Our bylaws provide that any vacancies may be filled only by the vote of a majority of the remaining directors, evenif less than a quorum, and the directors so appointed shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until their successors are elected and qualified. 

Our directors may only be removed for cause and only by the affirmative vote of at least a majority of all the votes entitled to be cast byour stockholders generally in the election of directors. This provision, when coupled with the power of our Board of Directors to fill vacancies on our Board of Directors, precludes stockholders from removing incumbent directors except for cause andupon a substantial affirmative vote and could preclude stockholders from filling the vacancies created by such removal with their own nominees. 

**Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals**

Our bylaws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or to bring otherbusiness before an annual or special meeting of our stockholders, which we refer to as the stockholder notice procedure. 

The stockholder notice procedure provides that with respect to an annual meeting ofstockholders, nominations of individuals for election to our Board of Directors and the proposal of business to be considered by our stockholders at an annual meeting may be made only (1) pursuant to our notice of the meeting, (2) by or atthe direction of our Board of Directors or (3) by a stockholder who was a stockholder of record at the time of giving of notice, who is entitled to vote at the meeting and who has complied with the advance notice procedures set forth in ourbylaws, including a requirement to provide certain information about the stockholder and the nominee or business proposal, as applicable. With respect to special meetings of stockholders, only the business specified in our notice of meeting may bebrought before the meeting. Nominations of individuals for election to our Board of Directors may be made at a special meeting of stockholders at which directors are to be elected only (1) by or at the direction of our Board of Directors or(2) by a stockholder who was a stockholder of record at the time of giving of notice, who is entitled to vote at the meeting and who has complied with the advance notice provisions set forth in our bylaws, including a requirement to providecertain information about the stockholder and the nominee. 

The purpose of requiring stockholders to give us advance notice of nominationsand other business is to afford our Board of Directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of the other proposed business and, to the extent deemed necessary or desirable by the Boardof Directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board of Directors anypower to disapprove stockholder nominations for the election of directors or proposals for action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures arenot followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might beharmful or beneficial to us and our stockholders. 

**Authority to Issue Preferred Stock without Stockholder Approval**

Our charter permits our Board of Directors to issue up to 50,000,000 shares of capital stock. Our Board of Directors may classify or reclassifyany unissued common stock or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions ofredemption of any such stock. Thus, our Board of Directors could authorize the issuance of preferred stock with terms and conditions that could have a priority as to distributions and amounts payable upon liquidation over the rights of the holdersof our common stock. 

**Amendment of Charter and Bylaws**

Our charter may be amended, altered, changed or repealed, subject to the terms of any class or series of preferred stock, only if advised byour Board of Directors and approved by our stockholders by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter. 

Our charter also provides that the bylaws may be adopted, amended, altered, changed or repealed by our Board of Directors. Any action taken byour stockholders with respect to adopting, amending, altering, changing or repealing our bylaws may be taken only by the affirmative vote of the holders of at least 75% of our capital stock, voting together as a single class. 

These provisions are intended to make it more difficult for stockholders to circumvent certain other provisions contained in our charter andbylaws, such as those that provide for the classification of our Board of Directors. These provisions, however, also will make it more difficult for stockholders to amend the charter or bylaws without the approval of the Board of Directors, even ifa majority of the stockholders deems such amendment to be in the best interests of all stockholders. 

**Indemnification and Limitation of Liability ofDirectors and Officers**

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of itsdirectors and officers to the corporation and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate

dishonesty that is established by a final judgment and is material to the cause of action. Our charter contains a provision that eliminates the liability of our directors and officers to themaximum extent permitted by Maryland law. 

The Maryland General Corporation Law (the “MGCL”) requires us (unless our charterprovides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in thatcapacity. The MGCL permits us to indemnify our present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to whichthey may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that: 

 
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the act or omission of the director or officer was material to the matter giving rise to the proceeding and(1) was committed in bad faith or (2) was the result of active and deliberate dishonesty; 

 
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the director or officer actually received an improper personal benefit in money, property or services; or

 
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in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act oromission was unlawful. 

Under the MGCL, we may not indemnify a director or officer in a suit by us or on our behalf inwhich the director or officer was adjudged liable to us or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that thedirector or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However,indemnification for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. 

In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of: 

 
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a written affirmation by the director or officer of his or her good faith belief that he or she has met thestandard of conduct necessary for indemnification by us; and 

 
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a written undertaking by or on behalf of the director or officer to repay the amount paid or reimbursed by us ifit is ultimately determined that the director or officer did not meet the standard of conduct. 

Our bylaws permit us toadvance expenses so long as, in addition to the requirements above, we obtain security for the advance from the director or officer, we obtain insurance against losses arising by reason of lawful advances or we determine that there is reason tobelieve that the director or officer will be found entitled to indemnification. 

Subject to the 1940 Act, or any valid rule, regulation ororder of the SEC thereunder, our charter obligates us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to any directoror officer, whether serving our company or at our request any other entity. Our charter also permits us to indemnify and advance expenses to any employee or agent of our company to the extent authorized by our Board of Directors or the bylaws andpermitted by law. 

Our bylaws obligate us, to the maximum extent required by Maryland law or the charter, to indemnify any person who wasor is a party or is threatened to be made a party to any threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was our director, officer, employee or agent, or is or wasserving at our request as a director, officer, manager, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise if our Board of Directors determines that such personacted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of our company, and, in the case of any criminal action or proceeding, that such person had no reasonable cause to believe that such person’sconduct was unlawful. However, our bylaws permit us to advance expenses only so long as, in addition to the requirements above, we obtain security for the advance from the director or officer, we obtain insurance against losses arising by reason oflawful advances or we determine that there is reason to believe that the director or officer will be found entitled to indemnification. 

These provisions on indemnification and limitation of liability are subject to thelimitations of the 1940 Act that prohibit us from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in theconduct of such person’s office.