Once enrolled in the program, Alpaca facilitates the lending of your eligible fully paid securities to borrowers, typically for short selling and trade settlements. These borrowers pay an interest rate based on current market conditions directly to Alpaca, and in turn, you will receive monthly interest payments based on the value of the loaned securities.

Please read Important Risk Disclosures With Respect To Participating In Fully Paid Securities Lending Transactions carefully before deciding whether to participate in lending Fully Paid Securities or agreeing to enter into a Master Securities Lending Agreement with Alpaca Securities LLC.

These disclosures describe important characteristics of, and risks associated with engaging in, securities-lending transactions. 

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. There is no guarantee that any investment strategy will achieve its objectives. Please note that diversification does not assure a profit, or protect against loss. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.