"So, which is it? Lender or Investor? Personally, I have difficulty thinking about YA as an "investor". Seems to me they lend money, and then pretty much guarantee they get paid back by arbitraging the borrower's shares. And they also get a lot of equity kickers (in the form of warrants) to make more money if the shares of the borrower take off." That's what PIPEs do and they are essentially VCs to public companies. YJ.
Not sure why that is confusing or should be noted as a discrepancy - Loaning money with the sole purpose of making money off of the loan is investing to make money to loan to another co. or back to the same co. LOL!