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Actual sales, if any, of our common stock under this prospectus supplement and the accompanying prospectus may be less than as set forth in the table below. The adjusted information is illustrative only. Investments at fair value. Cash and cash equivalents. Accounts payable and accrued liabilities. Long-term SBA debentures.

Convertible Notes. Total debt. Capital in excess of par value. Unrealized depreciation on investments. Accumulated realized gains losses on investments. Undistributed net investment income. Total capitalization. JMP Securities LLC is acting as our sales agent in connection with the offer and sale of shares of our common stock pursuant to this prospectus supplement and the accompanying prospectus. Upon written instructions from us, JMP Securities LLC will use its commercially reasonable efforts consistent with its sales and trading practices to sell, as our sales agent, our common stock under the terms and subject to the conditions set forth in the Equity Distribution Agreement.

We may instruct JMP Securities LLC not to sell common stock if the sales cannot be effected at or above the price designated by us in any instruction. JMP Securities LLC will provide written confirmation of a sale to us no later than the opening of the trading day on the NYSE following each trading day in which shares of our common stock are sold under the Equity Distribution Agreement.

Each confirmation will include the number of shares of common stock sold on the preceding day, the net proceeds to us and the compensation payable by us to JMP Securities LLC in connection with the sales. JMP Securities LLC will receive a commission from us to be negotiated from time to time but in no event in excess of 2. Settlement for sales of shares of common stock will occur on the second trading day following the date on which such sales are made, or on some other date that is agreed upon by us and JMP Securities LLC in connection with a particular transaction, in return for payment of the net proceeds to us.

There is no arrangement for funds to be received in an escrow, trust or similar arrangement. JMP Securities LLC and its affiliates have provided, or may in the future provide, various investment banking, commercial banking, financial advisory, brokerage and other services to us and our affiliates for which services they have received, and may in the future receive, customary fees and expense reimbursement.

JMP Securities LLC and its affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. The registration statement contains additional information about us and our securities being offered by this prospectus supplement and the accompanying prospectus. We file annual, quarterly and current periodic reports, proxy statements and other information with the SEC under the Exchange Act.

You may inspect and copy these reports, proxy statements and other information, as well as the registration statement of which this prospectus supplement and accompanying prospectus form a part and the related exhibits and schedules, at the Public Reference Room of the SEC at F Street, N. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo sec.

Preferred Stock. Subscription Rights. Debt Securities. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus. We primarily finance privately-held companies backed by leading venture capital and private equity firms and publicly-traded companies that lack access to public capital or are sensitive to equity ownership dilution.

Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-related industries requiring sophisticated and customized financing solutions. We invest primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. Our structured debt with warrants investments typically are secured by some or all of the assets of the portfolio company.

We invest primarily in private companies but also have investments in public companies. We are an internally-managed, non-diversified closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of , as amended. An investment in our securities may be speculative and involves risks including a heightened risk of total loss of investment. Please read this prospectus before investing and keep it for future reference.

It contains important information about us that a prospective investor ought to know before investing in our securities. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.

This prospectus may not be used to consummate sales of any securities unless accompanied by a prospectus supplement. The date of this prospectus is June 5, Table of Contents Index to Financial Statements You should rely only on the information contained in this prospectus. We have not authorized any dealer, salesperson or other person to provide you with different information or to make representations as to matters not stated in this prospectus.

This prospectus is not an offer to sell, or a solicitation of an offer to buy, any securities by any person in any jurisdiction where it is unlawful for that person to make such an offer or solicitation or to any person in any jurisdiction to whom it is unlawful to make such an offer or solicitation. The information in this prospectus is accurate only as of its date, and under no circumstances should the delivery of this prospectus or the sale of any securities imply that the information in this prospectus is accurate as of any later date or that the affairs of Hercules Capital, Inc.

This prospectus will be updated to reflect material changes. Hercules Capital, Inc. All other trademarks or trade names referred to in this prospectus are the property of their respective owners. The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer.

Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. A prospectus supplement may also add to, update or change information contained in this prospectus.

This summary highlights some of the information in this prospectus and may not contain all of the information that is important to you. For a more complete understanding of this offering, we encourage you to read this entire prospectus and the documents that are referenced in this prospectus, together with any accompanying supplements.

We are an internally-managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of , as amended, or the Act. We also make investments in qualifying small businesses through our two wholly-owned small business investment companies, or SBICs. As of March 31, , our investment professionals, including Manuel A. Table of Contents Index to Financial Statements The following chart shows the ownership structure and relationship of certain entities with us.

The unique cash flow characteristics of many technology-related companies typically include significant research and development expenditures and high projected revenue growth thus often making such companies. Table of Contents Index to Financial Statements difficult to evaluate from a credit perspective.

In addition, members of our management team also have operational, research and development and finance experience with technology-related companies. We have established contacts with leading venture capital and private equity fund sponsors, public and private companies, research institutions and other industry participants, which we believe will enable us to identify and attract well-positioned prospective portfolio companies. Table of Contents Index to Financial Statements We focus our investing activities generally in industries in which our investment professionals have investment experience.

We believe that our focus on financing technology-related companies will enable us to leverage our expertise in structuring prospective investments, to assess the value of both tangible and intangible assets, to evaluate the business prospects and operating characteristics of technology-related companies and to identify and originate potentially attractive investments with these types of companies.

We believe that we can mitigate the risk of loss on our debt investments through the combination of loan principal amortization, cash interest payments, relatively short maturities typically between months , security interests in the assets of our portfolio companies, and on select investment covenants requiring prospective portfolio companies to have certain amounts of available cash at the time of our investment and the continued support from a venture capital or private equity firm at the time we make our investment.

Although we do not currently engage in hedging transactions, we may engage in hedging transactions in the future utilizing instruments such as forward contracts, currency options and interest rate swaps, caps, collars, and floors. Historically our structured debt investments to technology-related companies typically include warrants or other equity interests, giving us the potential to realize equity-like returns on a portion of our investment.

In addition, in some cases, we receive the right to make additional equity investments in our portfolio companies, including the right to convert some portion of our debt into equity, in connection with future equity financing rounds. We believe these equity interests will create the potential for meaningful long-term capital gains in connection with the future liquidity events of these technology-related companies.

Unlike many of our competitors that only invest in companies that fit a specific set of investment parameters, we have the flexibility to structure our investments to suit the particular needs of our portfolio companies. We use our relationships in the financial sponsor community to originate investment opportunities.

In addition, we believe that many venture capital and private equity fund sponsors encourage their portfolio companies to use debt financing for a portion of their capital needs as a means of potentially enhancing equity returns, minimizing equity dilution and increasing valuations prior to a subsequent equity financing round or a liquidity event. We believe that the perpetual nature of our corporate structure enables us to be a long-term partner for our portfolio companies in contrast to traditional investment.

Table of Contents Index to Financial Statements funds, which typically have a limited life. We are not subject to requirements to return invested capital to investors nor do we have a finite investment horizon. Capital providers that are subject to such limitations are often required to seek a liquidity event more quickly than they otherwise might, which can result in a lower overall return on an investment.

This proprietary SQL system allows us to maintain, cultivate and grow our industry relationships while providing us with comprehensive details on companies in the technology-related industries and their financial sponsors. As a RIC, we generally will not be subject to corporate-level federal income taxes on any ordinary income or capital gains that we distribute as dividends for U. There is no assurance that we will meet these tests and be able to maintain our RIC status.

If we do not qualify as a RIC, we would be subject to tax as a C corporation. Assuming we continue to be treated as a RIC under the Code, distributions from our taxable earnings including net realized securities gains paid to our U.

We intend to use the net proceeds from selling our securities to fund investments in debt and equity securities in accordance with our investment objectives, to make acquisitions, to retire certain debt obligations and for other general corporate purposes. The supplement to this prospectus relating to an offering will more fully identify the use of proceeds from such offering. We borrow funds to make additional investments, and we have granted, and may in the future grant, a security interest in our assets to a lender in connection with any such borrowings, including any borrowings by any of our subsidiaries.

However, leverage involves significant risks. The amount of leverage that we employ will depend on our assessment of market and other factors at the time of any proposed borrowing. As a RIC, we are required to distribute dividends for U. We are not subject to corporate level income taxation on income we timely distribute as dividends for U. Principal Risk Factors. Investing in our common stock may be speculative and involves certain risks relating to our structure and our investment objective that you should consider before deciding whether to invest.

In addition, we expect that our portfolio will continue to consist primarily of securities issued by privately-held technology-related companies, which generally require additional capital to become profitable. These investments may involve a high degree of business and financial risk, and they are generally illiquid.

Our portfolio companies typically will require additional outside capital beyond our investment in order to succeed or to fully repay the amounts owed to us. A large number of entities compete for the same kind of investment opportunities as we seek. We borrow funds to make our investments in portfolio companies. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings magnify the potential for gain and loss on amounts invested and, therefore increase the risks associated with investing in our common stock.

Also, we are subject to certain risks associated with valuing our portfolio, changing interest rates, accessing additional capital, fluctuating quarterly results, and operating in a regulated environment. Certain Anti-Takeover Provisions. Our charter and bylaws, as well as certain statutes and regulations, contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for our company. This could delay or prevent a transaction that could give our stockholders the opportunity to realize a premium over the price for their securities.

As of May 29, , we have:. Pending Commitments as of May 29, b. Closed and Pending Commitments as of May 29, As of May 29, , approximately 8. Bank, National Association, as trustee, to the indenture, dated April 17, , between us and U. Table of Contents Index to Financial Statements The Notes will mature on April 30, , unless previously repurchased in accordance with their terms. We may redeem some or all of the Notes at any time, or from time to time, at the redemption price set forth under the terms of the indenture after April 30, As of May 29, , the Company held warrants or equity positions in three companies that have filed registration statements on Form S-1 with the SEC in contemplation of potential initial public offerings.

In addition, subsequent to March 31, , the following companies announced or completed liquidity events:. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus. Annual Expenses as a percentage of net assets attributable to common stock : 5.

The selected balance sheet data as of the end of fiscal year , , , , and and the financial statement of operations data for fiscal years , , , , and has been derived from our audited financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, but not all of which are presented in this Form N The selected financial and other data for the three-months ended March 31, and other quarterly financial information is derived from our unaudited financial statements, but in the opinion of management, reflects all adjustments consisting only of normal recurring adjustments that are necessary to present fairly the results of such interim periods.

Investment income:. Total investment income. Operating expenses:. Loan fees. General and administrative:. Legal expenses. Other expenses. Total general and administrative. Employee Compensation:. Compensation and benefits. Stock-based compensation. Total employee compensation. Total operating expenses. Other income loss. Net investment income. Net realized gain loss on investments. Net change in unrealized appreciation depreciation on investments.

Total net realized and unrealized gain loss. Net increase decrease in net assets resulting from operations. Change in net assets per common share basic. Distributions declared per common share:. Balance sheet data:. Investments, at value. Total assets.

Total liabilities. Total net assets. Other Data:. Total return 3. Total debt investments, at value. Total warrant investments, at value. Total equity investments, at value. Unfunded Commitments 2. Net asset value per share 1. Results for any quarter are not necessarily indicative of results for the full year or for any future quarter. Change in net assets resulting from operations per common share basic. Net increase in net assets resulting from operations.

Investing in our securities may be speculative and involves a high degree of risk. You should consider carefully the risks described below and all other information contained in this prospectus, including our financial statements and the related notes and the schedules and exhibits to this prospectus.

The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our securities could decline, and you may lose all or part of your investment.

Risks Related to our Business Structure. As an internally managed business development company, we are subject to certain restrictions that may adversely affect our business. As an internally managed business development company, the size and categories of our assets under management is limited, and we are unable to offer as wide a variety of financial products to prospective portfolio companies and sponsors potentially limiting the size and diversification of our asset base.

We therefore may not achieve efficiencies of scale and greater management resources available to externally managed business development companies. Additionally, as an internally managed business development company, our ability to offer more competitive and flexible compensation structures, such as offering both a profit sharing plan and an equity incentive plan, is subject to the limitations imposed by the Act, which limits our ability to attract and retain talented investment management professionals.

As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. As an internally managed business development company, we are dependent upon key management personnel for their time availability and for our future success, particularly Manuel A.

Henriquez, and if we are not able to hire and retain qualified personnel, or if we lose any member of our senior management team, our ability to implement our business strategy could be significantly harmed. As an internally managed business development company, our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our senior management.

We depend upon the members of our senior management, particularly Mr. Henriquez, as well as other key personnel for the identification, final selection, structuring, closing and monitoring of our investments. These employees have critical industry experience and relationships on which we rely to implement our business plan.

If we lose the services of Mr. Henriquez or any senior management members, we may not be able to operate the business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. Furthermore, we do not have an employment agreement with Mr. Henriquez or our senior management that restricts them from creating new investment vehicles subject to compliance with applicable law.

We believe our future success will depend, in part, on our ability to identify, attract and retain sufficient numbers of highly skilled employees. If we do not succeed in identifying, attracting and retaining such personnel, we may not be able to operate our business as we expect.

In connection with our recruiting, branding and marketing efforts, we may, among other things, make charitable contributions in amounts we believe to be immaterial. We believe that many of these contributions help us raise our profile in the communities and benefit us in attracting and retaining talent and investment opportunities. As an internally managed business development company, our compensation structure is determined and set by our Board of Directors. This structure currently includes salary and bonus and incentive compensation, which is issued through grants and subsequent vesting of restricted stock.

We are not generally permitted by the Act to employ an incentive compensation structure that directly ties performance of our investment portfolio and results of operations to compensation owing to our granting of restricted stock as incentive compensation.

Table of Contents Index to Financial Statements Members of our senior management may receive offers of more flexible and attractive compensation arrangements from other companies, particularly from investment advisers to externally managed business development companies that are not subject to the same limitations on incentive-based compensation that we, as an internally managed business development company are subject to.

We do not currently have agreements with certain members of our senior management that prohibit them from leaving and competing with our business and certain States limit our ability to have such agreements. A departure by one or more members of our senior management could have a negative impact on our business, financial condition and results of operations.

Our business model depends to a significant extent upon strong referral relationships with venture capital and private equity fund sponsors, and our inability to develop or maintain these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that members of our management team will maintain their relationships with venture capital and private equity firms, and we will rely to a significant extent upon these relationships to provide us with our deal flow.

If we fail to maintain our existing relationships, our relationships become strained as a result of enforcing our rights with respect to non-performing portfolio companies in protecting our investments or we fail to develop new relationships with other firms or sources of investment opportunities, then we will not be able to grow our investment portfolio.

In addition, persons with whom members of our management team have relationships are not obligated to provide us with investment opportunities and, therefore, there is no assurance that such relationships will lead to the origination of debt or other investments. We may be the target of litigation. We may be the target of securities litigation in the future, particularly if the trading price of our common stock and our debt securities fluctuates significantly.

We could also generally be subject to litigation, including derivative actions by our stockholders. We operate in a highly competitive market for investment opportunities, and we may not be able to compete effectively. A number of entities compete with us to make the types of investments that we plan to make in prospective portfolio companies. We compete with a large number of venture capital and private equity firms, as well as with other investment funds, business development companies, investment banks and other sources of financing, including traditional financial services companies such as commercial banks and finance companies.

Many of our competitors are substantially larger and have considerably greater financial, technical, marketing and other resources than we do. This may enable some competitors to make loans with interest rates that are comparable to or lower than the rates that we typically offer.

In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments, establish more relationships and build their market shares. An increasing number of competitors may also have the effect of compressing our margins, which could harm our ability to retain employees, increase our operating costs, and decrease the amount and frequency of future distributions.

Furthermore, many potential competitors are not subject to the regulatory restrictions that the Act imposes on us as a business. If we are not able to compete effectively, our business, financial condition, and results of operations will be adversely affected. As a result of this competition, there can be no assurance that we will be able to identify and take advantage of attractive investment opportunities, or that we will be able to fully invest our available capital.

If we are unable to manage our future growth effectively, we may be unable to achieve our investment objective, which could adversely affect our financial condition and results of operations and cause the value of your investment to decline. Our ability to achieve our investment objective will depend on our ability to sustain growth. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms.

Organizational growth and scale-up of our investments could strain our existing managerial, investment, financial and other resources. Management of our growth could divert financial resources from other projects. Failure to manage our future growth effectively could lead to a decrease in our future distributions and have a material adverse effect on our business, financial condition and results of operations. Because we intend to distribute substantially all of our income to our stockholders in order to qualify as a RIC, we will continue to need additional capital to finance our growth.

If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired. In order to satisfy the tax requirements applicable to a RIC and to minimize or avoid being subject to income and excise taxes, we intend to make distributions to our stockholders treated as dividends for U. This requirement limits the amount that we may borrow. This limitation may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so.

We cannot assure you that debt and equity financing will be available to us on favorable terms, or at all, and debt financings may be restricted by the terms of any of our outstanding borrowings. If we are unable to incur additional debt, we may be required to raise additional equity at a time when it may be disadvantageous to do so.

In addition, shares of closed-end investment companies have recently traded at discounts to their NAV. This characteristic of closed-end investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV. If our common stock trades below its NAV, we generally will not be able to issue additional shares of our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors.

If additional funds are not available to us, we could be forced to curtail or cease new lending and investment activities, and our NAV could decline. In addition, our results of operations and financial condition could be adversely affected. Because most of our investments typically are not in publicly-traded securities, there is uncertainty regarding the value of our investments, which could adversely affect the determination of our NAV.

At March 31, , portfolio investments, whose fair value is determined in good faith by the Board of Directors, were approximately We expect our investments to continue to consist. Table of Contents Index to Financial Statements primarily of securities issued by privately-held companies, the fair value of which is not readily determinable. In addition, we are not permitted to maintain a general reserve for anticipated loan losses. Instead, we are required by the Act to specifically value each investment and record an unrealized gain or loss for any asset that we believe has increased or decreased in value.

There is no single standard for determining fair value in good faith. We value these securities at fair value as determined in good faith by our Board of Directors, based on the recommendations of our Audit Committee. In making a good faith determination of the value of these securities, we generally start with the cost basis of each security, which includes the amortized original issue discount, or OID, and payment-in-kind, or PIK, interest, if any.

The Audit Committee uses its best judgment in arriving at the fair value of these securities. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while applying a valuation process for the types of investments we make, which includes but is not limited to deriving a hypothetical exit price. However, the Board of Directors retains ultimate authority as to the appropriate valuation of each investment. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a ready market for these securities existed.

Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

Because we have substantial indebtedness, there could be increased risk in investing in our company. Lenders have fixed dollar claims on our assets that are superior to the claims of stockholders, and we have granted, and may in the future grant, lenders a security interest in our assets in connection with borrowings.

In the case of a liquidation event, those lenders would receive proceeds before our stockholders. In addition, borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. Leverage is generally considered a speculative investment technique.

If the value of our assets increases, then leverage would cause the NAV attributable to our common stock to increase more than it otherwise would have had we not leveraged. Conversely, if the value of our assets decreases, leverage would cause the NAV attributable to our common stock to decline more than it otherwise would have had we not used leverage. Similarly, any increase in our revenue in excess of interest expense on our borrowed funds would cause our net income to increase more than it would without the leverage.

Any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on common stock. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures.

We and, indirectly, our stockholders will bear the cost associated with our leverage activity. If we are not able to service our substantial indebtedness, our business could be harmed materially. Our Credit Facilities, our Notes, our Notes, our Notes, our Asset-Backed Notes, and our Convertible Notes as each term is defined herein contain financial and operating covenants that could restrict our business activities, including our ability to declare dividend distributions if we default under certain provisions.

There can be no assurance that we will be successful in obtaining any additional debt capital on terms acceptable to us or at all. If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies.

As a result of this new law, we may be able to incur additional indebtedness subject to relevant approval and disclosure requirements and, therefore, your risk of an investment in us may increase. Rating agencies may also decide to review our credit ratings and those of other business development companies in light of this new law as well as any corresponding changes to asset coverage ratios and consider downgrading such ratings, including a downgrade from an investment grade rating to a non-investment grade rating.

Such a downgrade in our credit ratings may adversely affect our securities. As of March 31, , our asset coverage ratio under our regulatory requirements as a business development company was Based on assumed leverage equal to The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses.

The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. Corresponding return to stockholder 1. Table of Contents Index to Financial Statements It is likely that the terms of any current or future long-term or revolving credit or warehouse facility we may enter into in the future could constrain our ability to grow our business.

Under our borrowings and our Credit Facilities, current lenders have, and any future lender or lenders may have, fixed dollar claims on our assets that are senior to the claims of our stockholders and, thus, will have a preference over our stockholders with respect to our assets pledged as collateral under the Credit Facilities. Our Credit Facilities and borrowings also subject us to various financial and operating covenants, including, but not limited to, maintaining certain financial ratios and minimum tangible net worth amounts.

Future credit facilities and borrowings will likely subject us to similar or additional covenants. In addition, we may grant a security interest in our assets in connection with any such credit facilities and borrowings. Our Credit Facilities generally contain customary default provisions such as a minimum net worth amount, a profitability test, and a restriction on changing our business and loan quality standards. In addition, our Credit Facilities require or are expected to require the repayment of all outstanding debt on the maturity which may disrupt our business and potentially the business of our portfolio companies that are financed through the facilities.

An event of default under these facilities would likely result, among other things, in termination of the availability of further funds under the facilities and accelerated maturity dates for all amounts outstanding under the facilities, which would likely disrupt our business and, potentially, the business of the portfolio companies whose loans we finance through the facilities. This could reduce our revenues and, by delaying any cash payment allowed to us under our facilities until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and our ability to make distributions sufficient to maintain our ability to be subject to tax as a RIC.

The terms of future available financing may place limits on our financial and operation flexibility. If we are unable to obtain sufficient capital in the future, we may be forced to reduce or discontinue our operations, not be able to make new investments, or otherwise respond to changing business conditions or competitive pressures. In addition to regulatory requirements that restrict our ability to raise capital, our Notes, Notes, Notes, Convertible Notes, and Credit Facilities contain various covenants which, if not complied with, could require accelerated repayment under the facility or require us to repurchase the Notes, Notes, Notes, or Convertible Notes thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.

The credit agreements governing our Notes, Notes, Notes, Convertible Notes, and Credit Facilities require us to comply with certain financial and operational covenants. These covenants require us to, among other things, maintain certain financial ratios, including asset coverage, debt to equity and interest coverage.

Our ability to continue to comply with these covenants in the future depends on many factors, some of which are beyond our control. There are no assurances that we will be able to comply with these covenants. Failure to comply with these covenants would result in a default which, if we were unable to obtain a waiver from the lenders under our Credit Facilities and could accelerate repayment under the facilities or the Notes, Notes, Notes or Convertible Notes and thereby have a material adverse impact on our liquidity, financial condition, results of operations and ability to pay a sufficient amount of distributions and maintain our ability to be subject to tax as a RIC.

We may not have enough available cash or be able to obtain financing at the time we are required to make repurchases. Acquisitions or investments that we may pursue could be unsuccessful, consume significant resources and require the incurrence of additional indebtedness. We regularly consider acquisitions and investments that complement our existing business. These possible acquisitions and investments involve or may involve significant cash expenditures, debt incurrence, operating losses and expenses that could have a material effect on our financial condition and operating results.

Table of Contents Index to Financial Statements In particular, if we incur additional debt, our liquidity and financial stability could be impaired as a result of using a significant portion of available cash or borrowing capacity to finance an acquisition. Moreover, we may face an increase in interest expense or financial leverage if additional debt is incurred to finance an acquisition, which may, among other things, adversely affect our various financial ratios and our compliance with the conditions of our existing indebtedness.

In addition, such additional indebtedness may be secured by liens on our assets. Acquisitions involve numerous other risks, including:. To the extent we pursue an acquisition that causes us to incur unexpected costs or that fails to generate expected returns, our financial position, results of operations and cash flows may be adversely affected, and our ability to service indebtedness, including our outstanding notes, may be negatively impacted. In addition, we may fail in our pursuit of an acquisition and, instead, one of our competitors may successfully obtain the target and deprive us of an important opportunity and allow them to grow larger giving them the ability to have a lower cost of capital and competitive advantage in the market including by being able to offer better pricing and larger loans and, as a larger company, potentially giving them more valuable equity currency to do other transactions.

We may be unable to obtain debt capital on favorable terms or at all, in which case we would not be able to use leverage to increase the return on our investments. An inability to obtain debt capital may also limit our ability to refinance existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to us or at all.

Table of Contents Index to Financial Statements The Wells Facility and the Union Bank Facility mature in August and May , respectively, and any inability to renew, extend or replace our Credit Facilities could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders. As of March 31, , we had two available secured credit facilities, the Wells Facility and the Union Bank Facility, which mature in August and May , respectively.

There can be no assurance that we will be able to renew, extend or replace our Credit Facilities upon maturity on terms that are favorable to us, if at all. Our ability to renew, extend or replace the Credit Facility will be constrained by then-current economic conditions affecting the credit markets. In the event that we are not able to renew, extend or replace either Credit Facility at the time of its maturity, this could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC.

We are subject to certain risks as a result of our interests in connection with the Debt Securitization and our equity interest in the Securitization Issuer. Following these transfers, the Securitization Issuer, and not the Trust Depositor or us, held all of the ownership interest in the Loans. As a result, we consolidate the financial statements of the Trust Depositor and the Securitization Issuer, as well as our other subsidiaries, in our consolidated financial statements.

Because the Trust Depositor and the Securitization Issuer is disregarded as an entity separate from its owners for U. If the U. Further, a failure of the Securitization Issuer to be treated as a disregarded entity for U. Any such exercise of remedies could have a material adverse effect on our business, financial condition, results of operations or cash flows.

An event of default in connection with the Debt Securitization could give rise to a cross-default under our other material indebtedness. The documents governing our other material indebtedness contain customary cross-default provisions that could be triggered if an event of default occurs in connection with the Debt Securitization.

An event of. Table of Contents Index to Financial Statements default with respect to our other indebtedness could lead to the acceleration of such indebtedness and the exercise of other remedies as provided in the documents governing such other indebtedness. This could have a material adverse effect on our business, financial condition, results of operations and cash flows and may result in our inability to make distributions sufficient to maintain our ability to be subject to tax as a RIC.

We may not receive cash distributions in respect of our indirect ownership interests in the Securitization Issuer. Apart from fees payable to us in connection with our role as servicer of the Loans and the reimbursement of related amounts under the documents governing the Debt Securitization, we receive cash in connection with the Debt Securitization only to the extent that the Trust Depositor receives payments in respect of its equity interests in the Securitization Issuer.

The respective holders of the equity interests in the Securitization Issuer are the residual claimants on distributions, if any, made by the Securitization Issuer after the respective Noteholders and other claimants have been paid in full on each payment date or upon maturity of the Asset-Backed Notes, subject to the priority of payments under the Debt Securitization documents governing the Debt Securitization.

In the event that we fail to receive cash indirectly from the Securitization Issuer, we could be unable to make distributions, if at all, in amounts sufficient to maintain our ability to be subject to tax as a RIC. The interests of the Noteholders may not be aligned with our interests. The Asset-Backed Notes are debt obligations ranking senior in right of payment to the rights of the holder of the equity interests in the Securitization Issuer, as residual claimants in respect of distributions, if any, made by the Securitization Issuer.

As such, there are circumstances in which the interests of the Noteholders may not be aligned with the interests of holders of the equity interests in the Securitization Issuer. For example, under the terms of the documents governing the Debt Securitization, the Noteholders have the right to receive payments of principal and interest prior to holders of the equity interests.

For as long as the Asset-Backed Notes remain outstanding, the respective Noteholders have the right to act in certain circumstances with respect to the Loans in ways that may benefit their interests but not the interests of the respective holders of the equity interests in the Securitization Issuer, including by exercising remedies under the documents governing the Debt Securitization. If an event of default occurs, the Noteholders will be entitled to determine the remedies to be exercised, subject to the terms of the documents governing the Debt Securitization.

For example, upon the occurrence of an event of default with respect to the Asset-Backed Notes, the Trustee may and will at the direction of the holders of a supermajority of the applicable Asset-Backed Notes declare the principal, together with any accrued interest, of the notes to be immediately due and payable. This would have the effect of accelerating the principal on such notes, triggering a repayment obligation on the part of the Securitization Issuer.

The Asset-Backed Notes then outstanding will be paid in full before any further payment or distribution on the equity interest is made. There can be no assurance that there will be sufficient funds through collections on the Loans or through the proceeds of the sale of the Loans in the event of a bankruptcy or insolvency to repay in full the obligations under the Asset-Backed Notes, or to make any distribution to holders of the equity interests in the Securitization Issuer.

Remedies pursued by the Noteholders could be adverse to our interests as the indirect holder of the equity interests in the Securitization Issuer. The Noteholders have no obligation to consider any. Table of Contents Index to Financial Statements possible adverse effect on such other interests. Thus, there can be no assurance that any remedies pursued by the Noteholders will be consistent with the best interests of the Trust Depositor or that we will receive, indirectly through the Trust Depositor, any payments or distributions upon an acceleration of the Asset-Backed Notes.

Any failure of the Securitization Issuer to make distributions in respect of the equity interests that we indirectly hold, whether as a result of an event of default and the acceleration of payments on the Asset-Backed Notes or otherwise, could have a material adverse effect on our business, financial condition, results of operations and cash flows and may result in our inability to make distributions sufficient to maintain our ability to be subject to tax as a RIC.

Certain events related to the performance of Loans could lead to the acceleration of principal payments on the Asset-Backed Notes. After a Rapid Amortization Event has occurred, subject to the priority of payments under the documents governing the Debt Securitization, principal collections on the Loans will be used to make accelerated payments of principal on the Asset-Backed Notes until the principal balance of the Asset-Back Notes is reduced to zero.

Such an event could delay, reduce or eliminate the ability of the Securitization Issuer to make distributions in respect of the equity interests that we indirectly hold, which could have a material adverse effect on our business, financial condition, results of operations and cash flows and may result in our inability to make distributions sufficient to maintain our ability to be subject to tax as a RIC.

We have certain repurchase obligations with respect to the Loans transferred in connection with the Debt Securitization. As part of the Debt Securitization, we entered into a sale and contribution agreement and a sale and servicing agreement under which we would be required to repurchase any Loan or participation interest therein which was sold to the Securitization Issuer in breach of certain customary representations and warranty made by us or by the Trust Depositors with respect to such Loan or the legal structure of the Debt Securitization.

To the extent that there is a breach of such representations and warranties and we fail to satisfy any such repurchase obligation, a Trustee may, on behalf of the Securitization Issuer, bring an action against us to enforce these repurchase obligations. Our ability to exit an investment where we have MNPI or control could be limited and could result in a realized loss on the investment. If we receive MNPI, or a controlling interest in a portfolio company, our ability to divest ourselves from a debt or equity investment could be restricted.

Additionally, we may choose not to take certain actions to protect a debt investment in a control investment portfolio company. As a result, we could experience a decrease in the value of our portfolio company holdings and potentially incur a realized loss on the investment.

Table of Contents Index to Financial Statements Regulations governing our operations as a business development company may affect our ability to, and the manner in which, we raise additional capital, which may expose us to risks. Our business will require a substantial amount of capital. In addition to its strong capital and expansion positions, Village Farms has been reporting solid financial results.

VFF has historically been undervalued compared to less profitable peers, but we expect shares to continue working higher … as the prospect for US reform increases throughout the year. The company is involved in both the medical and recreational sides of the market, and both grows and produces cannabis and markets a range of products through numerous brand names. Growth has been fueled by expansion of the cultivation operations in California and Pennsylvania, and by the move into the adult-use recreational market in New Jersey.

Last month, TerrAscend closed a non-brokered private placement stock sale, putting more than 18 million common shares on the market. We have been bullish on the company since initiating coverage last year and are happy to say the TRSSF team has exceeded our expectations, generating rapid increases in margins and operating leverage that have earned them a place solidly in the Top Tier of MSOs," Des Lauriers noted.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. For all the attention given to the argument that the stock market is in a bubble, it is important to point out that not everyone shares that view.

In a monthly webinar, Wood made the argument against stocks being in a bubble. Bloomberg -- Apple Inc. The secret project has gained momentum in recent months, adding multiple former Tesla Inc. The initiative, known as Project Titan inside Apple, is attracting intense interest because of its potential to upend the automotive industry and supply chains, much like the iPhone did to the smartphone market.

The following companies -- whose representatives declined to comment -- are possible candidates:FoxconnFoxconn Technology Group already has a close relationship with Apple. For well over a decade, it has been the U. It also plans to release a solid-state battery by MagnaMagna, based in Ontario, Canada, is the third-largest auto supplier in the world by sales, and has a contract-manufacturing operation with years of experience making entire car models for a variety of auto brands.

Magna produces everything from chassis and car seats to sensors and software for driver-assistance features. Magna also pitches its engineering and manufacturing services to EV startups. Last fall, it agreed to provide Fisker Inc. Hyundai or KiaHyundai Motor Co. Hyundai and Kia both have plants in the U.

While the two sell EVs derived from existing models, they will start selling vehicles based on the dedicated EV platform from March, helping to bring down costs and improve performance efficiency. They plan to introduce a combined 23 new EV models and sell 1 million units globally by The big disadvantage Hyundai and Kia have is the recent back-and-forth on whether they are developing a car for Apple, a notoriously secretive company.

After pursuing a strategy of volume at any cost that ate into profit, Nissan needs to attract higher-paying customers largely with the technology inside of its cars. StellantisOne factor in determining the suitability of a partner for Apple may be availability of production capacity. Stellantis is under pressure to find synergies after forming last month through the merger of PSA Group and Fiat Chrysler. For more articles like this, please visit us at bloomberg. The earlier investors get in on the recovery, the more potential upside there will be.

Photo by Peter Merholz via Wikimedia. Benzinga does not provide investment advice. All rights reserved. Congressional leaders are hurrying the new payments along. Will you get one — and when? The Apple Inc. The South Korean company - after the first successful approaches last January - was ready to make the Kia plant in West Point Georgia available to Apple, but some days ago the process came to a screeching halt, apparently due to internal disagreements within the Hyundai board.

Apple's goal would be to strike an agreement with an Asian company, probably to intercept the potential endless electric car market in the continent. See Also: Why Apple Could Emerge As Tesla's 'First True Competitor' Time Until "We are receiving several requests for cooperation in the joint development of autonomous electric vehicles from various companies, but they are at an early stage and nothing has been decided," Hyundai executives said in a note in which they dismissed the deal with Apple.

In conclusion, the Apple Car will have to wait for now: there is time until , which is the expected release date. This article originally appeared on Financialounge.

BREEDERS CUP BETTING CHALLENGE 2021 STANDINGS NHL

Distribution Declaration. Closed and Pending Commitments. The table below summarizes our year-to-date closed and pending commitments as follows:. Closed Commitments and Pending Commitments in millions. Redemption of Notes. Bank, National Association, as trustee. The Notes bear interest at a rate of 5. The Notes will be our direct unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by Hercules Capital, Inc.

No sinking fund is provided for the Notes. Portfolio Company Developments. There can be no assurance that companies that have yet to complete their initial public offerings will do so in a timely manner or at all. In May , our portfolio company RazorGator Inc.

Terms of the transaction were not disclosed. General Information. We maintain a website on the Internet at www. We make available, free of charge, on our website our proxy statement, annual report on Form K, quarterly reports on Form Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider that information to be part of this prospectus supplement or the accompanying prospectus. We file annual, quarterly and current periodic reports, proxy statements and other information with the SEC under the Securities Exchange Act of , as amended, or the Exchange Act.

In addition, the SEC maintains an Internet website, at www. Common stock offered by us. Common stock outstanding prior to this offering. Manner of offering. Use of proceeds. New York Stock Exchange symbol. There is no guarantee that there will be any sales of our common stock pursuant to this prospectus supplement and the accompanying prospectus. Actual sales, if any, of our common stock under this prospectus supplement and the accompanying prospectus may be less than as set forth in this paragraph depending on, among other things, the market price of our common stock at the time of any such sale.

As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds estimated in this prospectus supplement. We intend to use the net proceeds from this offering to fund investments in debt and equity securities in accordance with our investment objectives, to make acquisitions, to retire certain debt obligations and for other general corporate purposes. We intend to seek to invest the net proceeds received in this offering as promptly as practicable after receipt thereof consistent with our investment objective.

We anticipate that substantially all of the net proceeds from any offering of our securities will be used as described above within three to six months, depending on market conditions. We anticipate that the remainder will be used for working capital and general corporate purposes, including potential payments or distributions to shareholders.

Pending such uses and investments, we will invest a portion of the net proceeds of this offering primarily in cash, cash equivalents, U. Our ability to achieve our investment objectives may be limited to the extent that the net proceeds of this offering, pending full investment, are held in lower yielding short-term instruments. Status of the Offering. The following table sets forth the range of high and low sales prices of our common stock, the sales price as a percentage of NAV and the distributions declared by us for each fiscal quarter.

The stock quotations are interdealer quotations and do not include markups, markdowns or commissions. Price Range. First quarter. Second quarter. Third quarter. Fourth quarter. Shares of business development companies may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will decrease.

At times, our shares of common stock have traded at a premium to NAV and at times our shares of common stock have traded at a discount to the net assets attributable to those shares. It is not possible to predict whether the shares offered hereby will trade at, above, or below NAV. The Equity Distribution Agreement provides that we may offer and sell up to 12,, shares of our common stock from time to time through JMP Securities, as our sales agent for the offer and sale of such common stock.

Actual sales, if any, of our common stock under this prospectus supplement and the accompanying prospectus may be less than as set forth in the table below. The adjusted information is illustrative only. Investments at fair value. Cash and cash equivalents. Accounts payable and accrued liabilities. Long-term SBA debentures. Convertible Notes. Total debt. Capital in excess of par value. Unrealized depreciation on investments.

Accumulated realized gains losses on investments. Undistributed net investment income. Total capitalization. JMP Securities LLC is acting as our sales agent in connection with the offer and sale of shares of our common stock pursuant to this prospectus supplement and the accompanying prospectus. Upon written instructions from us, JMP Securities LLC will use its commercially reasonable efforts consistent with its sales and trading practices to sell, as our sales agent, our common stock under the terms and subject to the conditions set forth in the Equity Distribution Agreement.

We may instruct JMP Securities LLC not to sell common stock if the sales cannot be effected at or above the price designated by us in any instruction. JMP Securities LLC will provide written confirmation of a sale to us no later than the opening of the trading day on the NYSE following each trading day in which shares of our common stock are sold under the Equity Distribution Agreement.

Each confirmation will include the number of shares of common stock sold on the preceding day, the net proceeds to us and the compensation payable by us to JMP Securities LLC in connection with the sales. JMP Securities LLC will receive a commission from us to be negotiated from time to time but in no event in excess of 2.

Settlement for sales of shares of common stock will occur on the second trading day following the date on which such sales are made, or on some other date that is agreed upon by us and JMP Securities LLC in connection with a particular transaction, in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

JMP Securities LLC and its affiliates have provided, or may in the future provide, various investment banking, commercial banking, financial advisory, brokerage and other services to us and our affiliates for which services they have received, and may in the future receive, customary fees and expense reimbursement. JMP Securities LLC and its affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses.

The registration statement contains additional information about us and our securities being offered by this prospectus supplement and the accompanying prospectus. We file annual, quarterly and current periodic reports, proxy statements and other information with the SEC under the Exchange Act. You may inspect and copy these reports, proxy statements and other information, as well as the registration statement of which this prospectus supplement and accompanying prospectus form a part and the related exhibits and schedules, at the Public Reference Room of the SEC at F Street, N.

Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo sec. Preferred Stock. Subscription Rights. Debt Securities. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus.

The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus. We primarily finance privately-held companies backed by leading venture capital and private equity firms and publicly-traded companies that lack access to public capital or are sensitive to equity ownership dilution. Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-related industries requiring sophisticated and customized financing solutions.

We invest primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. Our structured debt with warrants investments typically are secured by some or all of the assets of the portfolio company. We invest primarily in private companies but also have investments in public companies. We are an internally-managed, non-diversified closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of , as amended.

An investment in our securities may be speculative and involves risks including a heightened risk of total loss of investment. Please read this prospectus before investing and keep it for future reference. It contains important information about us that a prospective investor ought to know before investing in our securities.

We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. This prospectus may not be used to consummate sales of any securities unless accompanied by a prospectus supplement. The date of this prospectus is June 5, Table of Contents Index to Financial Statements You should rely only on the information contained in this prospectus.

We have not authorized any dealer, salesperson or other person to provide you with different information or to make representations as to matters not stated in this prospectus. This prospectus is not an offer to sell, or a solicitation of an offer to buy, any securities by any person in any jurisdiction where it is unlawful for that person to make such an offer or solicitation or to any person in any jurisdiction to whom it is unlawful to make such an offer or solicitation.

The information in this prospectus is accurate only as of its date, and under no circumstances should the delivery of this prospectus or the sale of any securities imply that the information in this prospectus is accurate as of any later date or that the affairs of Hercules Capital, Inc.

This prospectus will be updated to reflect material changes. Hercules Capital, Inc. All other trademarks or trade names referred to in this prospectus are the property of their respective owners. The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer.

Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. A prospectus supplement may also add to, update or change information contained in this prospectus. This summary highlights some of the information in this prospectus and may not contain all of the information that is important to you.

For a more complete understanding of this offering, we encourage you to read this entire prospectus and the documents that are referenced in this prospectus, together with any accompanying supplements. We are an internally-managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of , as amended, or the Act.

We also make investments in qualifying small businesses through our two wholly-owned small business investment companies, or SBICs. As of March 31, , our investment professionals, including Manuel A. Table of Contents Index to Financial Statements The following chart shows the ownership structure and relationship of certain entities with us. The unique cash flow characteristics of many technology-related companies typically include significant research and development expenditures and high projected revenue growth thus often making such companies.

Table of Contents Index to Financial Statements difficult to evaluate from a credit perspective. In addition, members of our management team also have operational, research and development and finance experience with technology-related companies. We have established contacts with leading venture capital and private equity fund sponsors, public and private companies, research institutions and other industry participants, which we believe will enable us to identify and attract well-positioned prospective portfolio companies.

Table of Contents Index to Financial Statements We focus our investing activities generally in industries in which our investment professionals have investment experience. We believe that our focus on financing technology-related companies will enable us to leverage our expertise in structuring prospective investments, to assess the value of both tangible and intangible assets, to evaluate the business prospects and operating characteristics of technology-related companies and to identify and originate potentially attractive investments with these types of companies.

We believe that we can mitigate the risk of loss on our debt investments through the combination of loan principal amortization, cash interest payments, relatively short maturities typically between months , security interests in the assets of our portfolio companies, and on select investment covenants requiring prospective portfolio companies to have certain amounts of available cash at the time of our investment and the continued support from a venture capital or private equity firm at the time we make our investment.

Although we do not currently engage in hedging transactions, we may engage in hedging transactions in the future utilizing instruments such as forward contracts, currency options and interest rate swaps, caps, collars, and floors. Historically our structured debt investments to technology-related companies typically include warrants or other equity interests, giving us the potential to realize equity-like returns on a portion of our investment. In addition, in some cases, we receive the right to make additional equity investments in our portfolio companies, including the right to convert some portion of our debt into equity, in connection with future equity financing rounds.

We believe these equity interests will create the potential for meaningful long-term capital gains in connection with the future liquidity events of these technology-related companies. Unlike many of our competitors that only invest in companies that fit a specific set of investment parameters, we have the flexibility to structure our investments to suit the particular needs of our portfolio companies.

We use our relationships in the financial sponsor community to originate investment opportunities. In addition, we believe that many venture capital and private equity fund sponsors encourage their portfolio companies to use debt financing for a portion of their capital needs as a means of potentially enhancing equity returns, minimizing equity dilution and increasing valuations prior to a subsequent equity financing round or a liquidity event.

We believe that the perpetual nature of our corporate structure enables us to be a long-term partner for our portfolio companies in contrast to traditional investment. Table of Contents Index to Financial Statements funds, which typically have a limited life. We are not subject to requirements to return invested capital to investors nor do we have a finite investment horizon. Capital providers that are subject to such limitations are often required to seek a liquidity event more quickly than they otherwise might, which can result in a lower overall return on an investment.

This proprietary SQL system allows us to maintain, cultivate and grow our industry relationships while providing us with comprehensive details on companies in the technology-related industries and their financial sponsors. As a RIC, we generally will not be subject to corporate-level federal income taxes on any ordinary income or capital gains that we distribute as dividends for U.

There is no assurance that we will meet these tests and be able to maintain our RIC status. If we do not qualify as a RIC, we would be subject to tax as a C corporation. Assuming we continue to be treated as a RIC under the Code, distributions from our taxable earnings including net realized securities gains paid to our U. We intend to use the net proceeds from selling our securities to fund investments in debt and equity securities in accordance with our investment objectives, to make acquisitions, to retire certain debt obligations and for other general corporate purposes.

The supplement to this prospectus relating to an offering will more fully identify the use of proceeds from such offering. We borrow funds to make additional investments, and we have granted, and may in the future grant, a security interest in our assets to a lender in connection with any such borrowings, including any borrowings by any of our subsidiaries. However, leverage involves significant risks. The amount of leverage that we employ will depend on our assessment of market and other factors at the time of any proposed borrowing.

As a RIC, we are required to distribute dividends for U. We are not subject to corporate level income taxation on income we timely distribute as dividends for U. Principal Risk Factors. Investing in our common stock may be speculative and involves certain risks relating to our structure and our investment objective that you should consider before deciding whether to invest. In addition, we expect that our portfolio will continue to consist primarily of securities issued by privately-held technology-related companies, which generally require additional capital to become profitable.

These investments may involve a high degree of business and financial risk, and they are generally illiquid. Our portfolio companies typically will require additional outside capital beyond our investment in order to succeed or to fully repay the amounts owed to us. A large number of entities compete for the same kind of investment opportunities as we seek. We borrow funds to make our investments in portfolio companies.

As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings magnify the potential for gain and loss on amounts invested and, therefore increase the risks associated with investing in our common stock.

Also, we are subject to certain risks associated with valuing our portfolio, changing interest rates, accessing additional capital, fluctuating quarterly results, and operating in a regulated environment.

Certain Anti-Takeover Provisions. Our charter and bylaws, as well as certain statutes and regulations, contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for our company. This could delay or prevent a transaction that could give our stockholders the opportunity to realize a premium over the price for their securities. As of May 29, , we have:.

Pending Commitments as of May 29, b. Closed and Pending Commitments as of May 29, As of May 29, , approximately 8. Bank, National Association, as trustee, to the indenture, dated April 17, , between us and U. Table of Contents Index to Financial Statements The Notes will mature on April 30, , unless previously repurchased in accordance with their terms. We may redeem some or all of the Notes at any time, or from time to time, at the redemption price set forth under the terms of the indenture after April 30, As of May 29, , the Company held warrants or equity positions in three companies that have filed registration statements on Form S-1 with the SEC in contemplation of potential initial public offerings.

In addition, subsequent to March 31, , the following companies announced or completed liquidity events:. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus.

Annual Expenses as a percentage of net assets attributable to common stock : 5. The selected balance sheet data as of the end of fiscal year , , , , and and the financial statement of operations data for fiscal years , , , , and has been derived from our audited financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, but not all of which are presented in this Form N The selected financial and other data for the three-months ended March 31, and other quarterly financial information is derived from our unaudited financial statements, but in the opinion of management, reflects all adjustments consisting only of normal recurring adjustments that are necessary to present fairly the results of such interim periods.

Investment income:. Total investment income. Operating expenses:. Loan fees. General and administrative:. Legal expenses. Other expenses. Total general and administrative. Employee Compensation:. Compensation and benefits. Stock-based compensation.

Total employee compensation. Total operating expenses. Other income loss. Net investment income. Net realized gain loss on investments. Net change in unrealized appreciation depreciation on investments. Total net realized and unrealized gain loss. Net increase decrease in net assets resulting from operations.

Change in net assets per common share basic. Distributions declared per common share:. Balance sheet data:. Investments, at value. Total assets. Total liabilities. Total net assets. Other Data:. Total return 3. Total debt investments, at value. Total warrant investments, at value. Total equity investments, at value. Unfunded Commitments 2.

Net asset value per share 1. Results for any quarter are not necessarily indicative of results for the full year or for any future quarter. Change in net assets resulting from operations per common share basic. Net increase in net assets resulting from operations. Investing in our securities may be speculative and involves a high degree of risk.

You should consider carefully the risks described below and all other information contained in this prospectus, including our financial statements and the related notes and the schedules and exhibits to this prospectus. The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance.

If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our securities could decline, and you may lose all or part of your investment. Risks Related to our Business Structure. As an internally managed business development company, we are subject to certain restrictions that may adversely affect our business.

As an internally managed business development company, the size and categories of our assets under management is limited, and we are unable to offer as wide a variety of financial products to prospective portfolio companies and sponsors potentially limiting the size and diversification of our asset base. We therefore may not achieve efficiencies of scale and greater management resources available to externally managed business development companies.

Additionally, as an internally managed business development company, our ability to offer more competitive and flexible compensation structures, such as offering both a profit sharing plan and an equity incentive plan, is subject to the limitations imposed by the Act, which limits our ability to attract and retain talented investment management professionals.

As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. As an internally managed business development company, we are dependent upon key management personnel for their time availability and for our future success, particularly Manuel A.

Henriquez, and if we are not able to hire and retain qualified personnel, or if we lose any member of our senior management team, our ability to implement our business strategy could be significantly harmed. As an internally managed business development company, our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our senior management. We depend upon the members of our senior management, particularly Mr. Henriquez, as well as other key personnel for the identification, final selection, structuring, closing and monitoring of our investments.

These employees have critical industry experience and relationships on which we rely to implement our business plan. If we lose the services of Mr. Henriquez or any senior management members, we may not be able to operate the business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. Furthermore, we do not have an employment agreement with Mr. Henriquez or our senior management that restricts them from creating new investment vehicles subject to compliance with applicable law.

We believe our future success will depend, in part, on our ability to identify, attract and retain sufficient numbers of highly skilled employees. If we do not succeed in identifying, attracting and retaining such personnel, we may not be able to operate our business as we expect. In connection with our recruiting, branding and marketing efforts, we may, among other things, make charitable contributions in amounts we believe to be immaterial. We believe that many of these contributions help us raise our profile in the communities and benefit us in attracting and retaining talent and investment opportunities.

As an internally managed business development company, our compensation structure is determined and set by our Board of Directors. This structure currently includes salary and bonus and incentive compensation, which is issued through grants and subsequent vesting of restricted stock. We are not generally permitted by the Act to employ an incentive compensation structure that directly ties performance of our investment portfolio and results of operations to compensation owing to our granting of restricted stock as incentive compensation.

Table of Contents Index to Financial Statements Members of our senior management may receive offers of more flexible and attractive compensation arrangements from other companies, particularly from investment advisers to externally managed business development companies that are not subject to the same limitations on incentive-based compensation that we, as an internally managed business development company are subject to.

We do not currently have agreements with certain members of our senior management that prohibit them from leaving and competing with our business and certain States limit our ability to have such agreements. A departure by one or more members of our senior management could have a negative impact on our business, financial condition and results of operations. Our business model depends to a significant extent upon strong referral relationships with venture capital and private equity fund sponsors, and our inability to develop or maintain these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

We expect that members of our management team will maintain their relationships with venture capital and private equity firms, and we will rely to a significant extent upon these relationships to provide us with our deal flow. If we fail to maintain our existing relationships, our relationships become strained as a result of enforcing our rights with respect to non-performing portfolio companies in protecting our investments or we fail to develop new relationships with other firms or sources of investment opportunities, then we will not be able to grow our investment portfolio.

In addition, persons with whom members of our management team have relationships are not obligated to provide us with investment opportunities and, therefore, there is no assurance that such relationships will lead to the origination of debt or other investments.

We may be the target of litigation. We may be the target of securities litigation in the future, particularly if the trading price of our common stock and our debt securities fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our stockholders. We operate in a highly competitive market for investment opportunities, and we may not be able to compete effectively.

A number of entities compete with us to make the types of investments that we plan to make in prospective portfolio companies. We compete with a large number of venture capital and private equity firms, as well as with other investment funds, business development companies, investment banks and other sources of financing, including traditional financial services companies such as commercial banks and finance companies. Many of our competitors are substantially larger and have considerably greater financial, technical, marketing and other resources than we do.

This may enable some competitors to make loans with interest rates that are comparable to or lower than the rates that we typically offer. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments, establish more relationships and build their market shares. An increasing number of competitors may also have the effect of compressing our margins, which could harm our ability to retain employees, increase our operating costs, and decrease the amount and frequency of future distributions.

Furthermore, many potential competitors are not subject to the regulatory restrictions that the Act imposes on us as a business. If we are not able to compete effectively, our business, financial condition, and results of operations will be adversely affected. As a result of this competition, there can be no assurance that we will be able to identify and take advantage of attractive investment opportunities, or that we will be able to fully invest our available capital.

If we are unable to manage our future growth effectively, we may be unable to achieve our investment objective, which could adversely affect our financial condition and results of operations and cause the value of your investment to decline. Our ability to achieve our investment objective will depend on our ability to sustain growth. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms.

Organizational growth and scale-up of our investments could strain our existing managerial, investment, financial and other resources. Management of our growth could divert financial resources from other projects. Failure to manage our future growth effectively could lead to a decrease in our future distributions and have a material adverse effect on our business, financial condition and results of operations.

Because we intend to distribute substantially all of our income to our stockholders in order to qualify as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.

In order to satisfy the tax requirements applicable to a RIC and to minimize or avoid being subject to income and excise taxes, we intend to make distributions to our stockholders treated as dividends for U. This requirement limits the amount that we may borrow. This limitation may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so.

We cannot assure you that debt and equity financing will be available to us on favorable terms, or at all, and debt financings may be restricted by the terms of any of our outstanding borrowings. If we are unable to incur additional debt, we may be required to raise additional equity at a time when it may be disadvantageous to do so. In addition, shares of closed-end investment companies have recently traded at discounts to their NAV.

This characteristic of closed-end investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV. If our common stock trades below its NAV, we generally will not be able to issue additional shares of our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors.

If additional funds are not available to us, we could be forced to curtail or cease new lending and investment activities, and our NAV could decline. In addition, our results of operations and financial condition could be adversely affected. Because most of our investments typically are not in publicly-traded securities, there is uncertainty regarding the value of our investments, which could adversely affect the determination of our NAV.

At March 31, , portfolio investments, whose fair value is determined in good faith by the Board of Directors, were approximately We expect our investments to continue to consist. Table of Contents Index to Financial Statements primarily of securities issued by privately-held companies, the fair value of which is not readily determinable. In addition, we are not permitted to maintain a general reserve for anticipated loan losses.

Instead, we are required by the Act to specifically value each investment and record an unrealized gain or loss for any asset that we believe has increased or decreased in value. There is no single standard for determining fair value in good faith. We value these securities at fair value as determined in good faith by our Board of Directors, based on the recommendations of our Audit Committee.

In making a good faith determination of the value of these securities, we generally start with the cost basis of each security, which includes the amortized original issue discount, or OID, and payment-in-kind, or PIK, interest, if any. The Audit Committee uses its best judgment in arriving at the fair value of these securities.

As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while applying a valuation process for the types of investments we make, which includes but is not limited to deriving a hypothetical exit price. However, the Board of Directors retains ultimate authority as to the appropriate valuation of each investment.

Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a ready market for these securities existed. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

Because we have substantial indebtedness, there could be increased risk in investing in our company. Lenders have fixed dollar claims on our assets that are superior to the claims of stockholders, and we have granted, and may in the future grant, lenders a security interest in our assets in connection with borrowings.

In the case of a liquidation event, those lenders would receive proceeds before our stockholders. In addition, borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities.

Leverage is generally considered a speculative investment technique. If the value of our assets increases, then leverage would cause the NAV attributable to our common stock to increase more than it otherwise would have had we not leveraged. Conversely, if the value of our assets decreases, leverage would cause the NAV attributable to our common stock to decline more than it otherwise would have had we not used leverage. Similarly, any increase in our revenue in excess of interest expense on our borrowed funds would cause our net income to increase more than it would without the leverage.

Any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on common stock. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures.

We and, indirectly, our stockholders will bear the cost associated with our leverage activity. If we are not able to service our substantial indebtedness, our business could be harmed materially. Our Credit Facilities, our Notes, our Notes, our Notes, our Asset-Backed Notes, and our Convertible Notes as each term is defined herein contain financial and operating covenants that could restrict our business activities, including our ability to declare dividend distributions if we default under certain provisions.

There can be no assurance that we will be successful in obtaining any additional debt capital on terms acceptable to us or at all. If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies.

As a result of this new law, we may be able to incur additional indebtedness subject to relevant approval and disclosure requirements and, therefore, your risk of an investment in us may increase. Rating agencies may also decide to review our credit ratings and those of other business development companies in light of this new law as well as any corresponding changes to asset coverage ratios and consider downgrading such ratings, including a downgrade from an investment grade rating to a non-investment grade rating.

Such a downgrade in our credit ratings may adversely affect our securities. As of March 31, , our asset coverage ratio under our regulatory requirements as a business development company was Based on assumed leverage equal to The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses.

The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. Corresponding return to stockholder 1. Table of Contents Index to Financial Statements It is likely that the terms of any current or future long-term or revolving credit or warehouse facility we may enter into in the future could constrain our ability to grow our business.

Under our borrowings and our Credit Facilities, current lenders have, and any future lender or lenders may have, fixed dollar claims on our assets that are senior to the claims of our stockholders and, thus, will have a preference over our stockholders with respect to our assets pledged as collateral under the Credit Facilities. Our Credit Facilities and borrowings also subject us to various financial and operating covenants, including, but not limited to, maintaining certain financial ratios and minimum tangible net worth amounts.

Future credit facilities and borrowings will likely subject us to similar or additional covenants. In addition, we may grant a security interest in our assets in connection with any such credit facilities and borrowings. Our Credit Facilities generally contain customary default provisions such as a minimum net worth amount, a profitability test, and a restriction on changing our business and loan quality standards. In addition, our Credit Facilities require or are expected to require the repayment of all outstanding debt on the maturity which may disrupt our business and potentially the business of our portfolio companies that are financed through the facilities.

An event of default under these facilities would likely result, among other things, in termination of the availability of further funds under the facilities and accelerated maturity dates for all amounts outstanding under the facilities, which would likely disrupt our business and, potentially, the business of the portfolio companies whose loans we finance through the facilities.

This could reduce our revenues and, by delaying any cash payment allowed to us under our facilities until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and our ability to make distributions sufficient to maintain our ability to be subject to tax as a RIC. The terms of future available financing may place limits on our financial and operation flexibility.

If we are unable to obtain sufficient capital in the future, we may be forced to reduce or discontinue our operations, not be able to make new investments, or otherwise respond to changing business conditions or competitive pressures. In addition to regulatory requirements that restrict our ability to raise capital, our Notes, Notes, Notes, Convertible Notes, and Credit Facilities contain various covenants which, if not complied with, could require accelerated repayment under the facility or require us to repurchase the Notes, Notes, Notes, or Convertible Notes thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.

The credit agreements governing our Notes, Notes, Notes, Convertible Notes, and Credit Facilities require us to comply with certain financial and operational covenants. These covenants require us to, among other things, maintain certain financial ratios, including asset coverage, debt to equity and interest coverage. Our ability to continue to comply with these covenants in the future depends on many factors, some of which are beyond our control.

There are no assurances that we will be able to comply with these covenants. Failure to comply with these covenants would result in a default which, if we were unable to obtain a waiver from the lenders under our Credit Facilities and could accelerate repayment under the facilities or the Notes, Notes, Notes or Convertible Notes and thereby have a material adverse impact on our liquidity, financial condition, results of operations and ability to pay a sufficient amount of distributions and maintain our ability to be subject to tax as a RIC.

We may not have enough available cash or be able to obtain financing at the time we are required to make repurchases. Acquisitions or investments that we may pursue could be unsuccessful, consume significant resources and require the incurrence of additional indebtedness. We regularly consider acquisitions and investments that complement our existing business.

These possible acquisitions and investments involve or may involve significant cash expenditures, debt incurrence, operating losses and expenses that could have a material effect on our financial condition and operating results. Table of Contents Index to Financial Statements In particular, if we incur additional debt, our liquidity and financial stability could be impaired as a result of using a significant portion of available cash or borrowing capacity to finance an acquisition.

Moreover, we may face an increase in interest expense or financial leverage if additional debt is incurred to finance an acquisition, which may, among other things, adversely affect our various financial ratios and our compliance with the conditions of our existing indebtedness.

In addition, such additional indebtedness may be secured by liens on our assets. Acquisitions involve numerous other risks, including:. To the extent we pursue an acquisition that causes us to incur unexpected costs or that fails to generate expected returns, our financial position, results of operations and cash flows may be adversely affected, and our ability to service indebtedness, including our outstanding notes, may be negatively impacted. In addition, we may fail in our pursuit of an acquisition and, instead, one of our competitors may successfully obtain the target and deprive us of an important opportunity and allow them to grow larger giving them the ability to have a lower cost of capital and competitive advantage in the market including by being able to offer better pricing and larger loans and, as a larger company, potentially giving them more valuable equity currency to do other transactions.

We may be unable to obtain debt capital on favorable terms or at all, in which case we would not be able to use leverage to increase the return on our investments. An inability to obtain debt capital may also limit our ability to refinance existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to us or at all.

Table of Contents Index to Financial Statements The Wells Facility and the Union Bank Facility mature in August and May , respectively, and any inability to renew, extend or replace our Credit Facilities could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders. As of March 31, , we had two available secured credit facilities, the Wells Facility and the Union Bank Facility, which mature in August and May , respectively.

The company started out as a farmer, producing high-quality greenhouse vegetables year-round for sale in the North American market. That background fit the company well for a transition to the cannabis industry — Village Farms has experience in greenhouse production and industrial-scale growing. Two important pieces of news precipitated the surge since the end of January.

The move increases the international reach of Village Farms, and its ability to increase Altum holdings in the future. The company was able to fund these moves because it had a successful equity sale in January, putting an additional In addition to its strong capital and expansion positions, Village Farms has been reporting solid financial results. VFF has historically been undervalued compared to less profitable peers, but we expect shares to continue working higher … as the prospect for US reform increases throughout the year.

The company is involved in both the medical and recreational sides of the market, and both grows and produces cannabis and markets a range of products through numerous brand names. Growth has been fueled by expansion of the cultivation operations in California and Pennsylvania, and by the move into the adult-use recreational market in New Jersey.

Last month, TerrAscend closed a non-brokered private placement stock sale, putting more than 18 million common shares on the market. We have been bullish on the company since initiating coverage last year and are happy to say the TRSSF team has exceeded our expectations, generating rapid increases in margins and operating leverage that have earned them a place solidly in the Top Tier of MSOs," Des Lauriers noted.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

For all the attention given to the argument that the stock market is in a bubble, it is important to point out that not everyone shares that view. In a monthly webinar, Wood made the argument against stocks being in a bubble. Bloomberg -- Apple Inc. The secret project has gained momentum in recent months, adding multiple former Tesla Inc. The initiative, known as Project Titan inside Apple, is attracting intense interest because of its potential to upend the automotive industry and supply chains, much like the iPhone did to the smartphone market.

The following companies -- whose representatives declined to comment -- are possible candidates:FoxconnFoxconn Technology Group already has a close relationship with Apple. For well over a decade, it has been the U. It also plans to release a solid-state battery by MagnaMagna, based in Ontario, Canada, is the third-largest auto supplier in the world by sales, and has a contract-manufacturing operation with years of experience making entire car models for a variety of auto brands.

Magna produces everything from chassis and car seats to sensors and software for driver-assistance features. Magna also pitches its engineering and manufacturing services to EV startups. Last fall, it agreed to provide Fisker Inc. Hyundai or KiaHyundai Motor Co. Hyundai and Kia both have plants in the U. While the two sell EVs derived from existing models, they will start selling vehicles based on the dedicated EV platform from March, helping to bring down costs and improve performance efficiency.

They plan to introduce a combined 23 new EV models and sell 1 million units globally by The big disadvantage Hyundai and Kia have is the recent back-and-forth on whether they are developing a car for Apple, a notoriously secretive company. After pursuing a strategy of volume at any cost that ate into profit, Nissan needs to attract higher-paying customers largely with the technology inside of its cars.

StellantisOne factor in determining the suitability of a partner for Apple may be availability of production capacity. Stellantis is under pressure to find synergies after forming last month through the merger of PSA Group and Fiat Chrysler. For more articles like this, please visit us at bloomberg. The earlier investors get in on the recovery, the more potential upside there will be. Photo by Peter Merholz via Wikimedia. Benzinga does not provide investment advice.

All rights reserved. Congressional leaders are hurrying the new payments along. Will you get one — and when? The Apple Inc.

Filed Pursuant to Rule Registration No.

1 500 gh/s bitcoin miner how many bitcoins can be mined	Table of Contents Index to Financial Statements Members of our senior management may receive offers us masters betting offerup more flexible and attractive compensation arrangements from other companies, particularly from investment advisers to externally managed business development companies that are not subject to the same limitations on incentive-based compensation that we, as an internally managed business tennis in play betting company are subject to. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our stockholders. Results may fluctuate and may not be indicative of future performance. Millions of kids logging onto virtual school this fall has parents scrambling to find furniture for them. There is a risk that you may not receive distributions or that our distributions may not grow over time. We therefore may not achieve efficiencies of scale and greater management resources available to externally managed business development companies.
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Top sport betting domains	We will not qualify for the tax treatment us masters betting offerup to RICs if we are unable cowboys redskins betting predictions free comply with the source of income, asset diversification and distribution requirements contained in Subchapter M of the Code, or if we fail to maintain our election to be regulated as a business development company under the Act. If we do not qualify as a RIC, we would be subject to tax as a C corporation. Risks Related to our Business Structure. We provide growth capital to technology-related companies at all stages of development, including select publicly listed companies and select special opportunity lower middle market companies that require additional capital to fund acquisitions, recapitalizations and refinancings and established-stage companies. Because we have substantial indebtedness, there could be increased risk in investing in our company. We invest primarily in private companies but also have investments in public companies. Furthermore, we may invest in the equity securities of non-U.

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