8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
August 4, 2005

TECHNOLOGY INVESTMENT CAPITAL CORP.
(Exact name of registrant as specified in its charter)

Maryland				000-50398				20-0118736
(State or other jurisdiction of incorporation)				(Commission File Number)				(I.R.S. Employer Identification No.)

8 Sound Shore Drive, Suite 255
Greenwich, CT 06830
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (203) 983-5275

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02	Results of Operations and Financial Condition

On August 4, 2005, the Company issued a press release announcing its financial results for the three months ended June 30, 2005. The text of the press release is included as an exhibit to this Form 8-K.

Item 9.01	Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits.

	Exhibit No.				Description
	99.1				Press release dated August 4, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 4, 2005				TECHNOLOGY INVESTMENT CAPITAL CORP.
				By:				/s/ Saul B. Rosenthal
								Saul B. Rosenthal
								President

EX-99.1

Exhibit 99.1

TICC Declares Third Quarter 2005 Dividend of $0.25 per Share and Reports Financial Results for the Quarter Ended June 30, 2005

GREENWICH, CT – 08/04/2005 – Technology Investment Capital Corp. (NASDAQ: TICC) announced today that its Board of Directors has declared a dividend of $0.25 per share for the third quarter of 2005.

The dividend is payable as follows:

•	Payable Date: September 30, 2005

•	Record Date: September 10, 2005

•	Ex Date: September 8, 2005

In addition, TICC announced today its financial results for the quarter ended June 30, 2005.

HIGHLIGHTS

•	We recorded net investment income of $3,290,552, or $0.25 per share for the second quarter.

•	Investment activity for the second quarter amounted to $37.5 million, and consisted of 3 investments in new portfolio companies and 2 drawdowns on commitments to existing portfolio companies.

•	$6 million investment in senior unsecured notes and a $2 million investment in common stock issued by Falcon Communications, Inc.

•	$5 million investment in senior secured notes issued by Climax Group Inc., and warrants issued by its parent, Climax Group Limited, which also serves as a guarantor of the senior secured notes.

•	$13.5 million investment in senior secured notes with warrants issued by Willow CSN Incorporated.

•	$6 million investment in additional senior secured notes with warrants issued by The Endurance International Group.

•	$5 million investment in additional senior secured notes with warrants issued by Exact Advertising, LLC.

•	At June 30, 2005, the weighted average yield of our debt investments (excluding cash equivalents) was approximately 10.6%.

•	On May 18, 2005 we entered into an uncommitted $35 million senior secured revolving credit facility with HVB Group (Bayerische Hypo-Und Vereinsbank, A.G.), as administrative agent and a lender. The facility will supplement our equity capital and provide funding for additional portfolio investments, as well as general corporate purposes. As of June 30, 2005 we had not borrowed under this facility.

We will host a conference call to discuss our second quarter results today, August 4th at 10:00 AM EDT. Please call 877-407-8031 to participate. A replay of the conference call will be available for approximately 30 days. The replay number is 877-660-6853, the account number is 286 and the access code is 161742.

The following financial statements are unaudited and without footnotes. Readers who would like additional information should obtain our Form 10-K for the period ended December 31, 2004, our Form 10-Q for the quarter ended March 31, 2005, and subsequent reports on Form 10-Q as they are filed, each of which are available on the SEC's website at www.sec.gov.

TECHNOLOGY INVESTMENT CAPITAL CORP.
BALANCE SHEET

ASSETS
				June 30, 2005				December 31, 2004
				(Unaudited)				(Audited)
ASSETS
Investments, at fair value (cost: $146,930,982 @ 6/30/05; $82,124,730 @ 12/31/04)				$	146,930,982			$	82,124,730
Cash and cash equivalents					50,200,654				57,317,398
Cash and cash equivalents pledged to creditors					19,991,000				0
Interest receivable – debt investments					1,047,195				489,431
Interest receivable – cash and cash equivalents					7,614				7,538
Prepaid expenses					73,845				102,696
Other assets					298,109				460,666
TOTAL ASSETS				$	218,549,399			$	140,502,459
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accrued expenses				$	1,382,052			$	940,922
Accrued offering expenses					0				300,000
Repurchase agreement					19,592,453				0
Securities purchased not settled					13,500,000				0
Total Liabilities					34,474,505				1,240,922
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, 100,000,000 shares authorized, and 13,392,304 and 10,157,848 issued and outstanding, respectively					133,923				101,578
Capital in excess of par value					182,618,330				139,410,302
Accumulated net investment income (loss)					1,322,641				(250,343	)
Total Stockholders' Equity					184,074,894				139,261,537
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY				$	218,549,399			$	140,502,459
Net Asset Value per Share				$	13.74			$	13.71

TECHNOLOGY INVESTMENT CAPITAL CORP.
STATEMENT OF OPERATIONS (UNAUDITED)

				Three Months Ended June 30, 2005				Three Months Ended June 30, 2004				Six Months Ended June 30, 2005				Six Months Ended June 30, 2004
INVESTMENT INCOME
Interest income – debt investments				$	3,662,922			$	926,142			$	6,857,434			$	1,103,139
Interest income – cash and cash equivalents					290,003				237,316				635,115				523,506
Other income					766,064				80,000				1,456,269				530,000
Total Investment Income					4,718,989				1,243,458				8,948,818				2,156,645
EXPENSES
Salaries and benefits					102,341				51,800				191,451				98,138
Investment advisory fees					934,839				689,767				1,734,483				1,378,949
Professional fees					221,500				117,588				629,858				201,894
Insurance					25,232				20,020				50,000				40,040
Directors' fees					32,250				38,250				64,500				70,500
Transfer agent and custodian fees					15,686				20,481				48,336				41,787
General and administrative					96,589				30,493				134,228				95,875
Total Expenses					1,428,437				968,399				2,852,856				1,927,183
NET INVESTMENT INCOME				$	3,290,552			$	275,059			$	6,095,962			$	229,462
NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS				$	3,290,552			$	275,059			$	6,095,962			$	229,462
Net increase in stockholders' equity resulting from operations per common share:
Basic and Diluted				$	0.25			$	0.03			$	0.47			$	0.02
Weighted average shares of common stock outstanding:
Basic and Diluted					13,324,188				10,044,459				12,886,140				10,022,279

TECHNOLOGY INVESTMENT CAPITAL CORP.
FINANCIAL HIGHLIGHTS (UNAUDITED)

				Three Months Ended June 30, 2005				Three Months Ended June 30, 2004				Six Months Ended June 30, 2005				Six Months Ended June 30, 2004
Per Share Data
Net asset value at beginning of period				$	13.69			$	13.69			$	13.71			$	13.80
Net investment income					0.25				0.03				0.47				0.02
Net realized and unrealized gains(1)					0.00				0.00				0.01				0.00
Distributions from net investment income					(0.20	)			(0.11	)			(0.34	)			(0.21	)
Effect of shares issued, net of offering expenses					0.00				0.00				(0.11	)			0.00
Net asset value at end of period				$	13.74			$	13.61			$	13.74			$	13.61
Per share market value at beginning of period				$	14.95			$	14.59			$	15.01			$	15.55
Per share market value at end of period					14.80				13.51				14.80				13.51
Total return(2)(3)					0.3	%			(6.6	%)			0.9	%			(11.8	%)
Shares outstanding at end of period					13,392,304				10,092,712				13,392,304				10,092,712
Ratios/Supplemental Data
Net assets at end of period				$	184,074,894			$	137,407,146			$	184,074,894			$	137,407,146
Average net assets				$	182,402,405			$	137,860,850			$	174,888,648			$	137,776,019
Ratio of expenses to average net assets – annualized					3.13	%			2.81	%			3.26	%			2.80	%
Ratio of net investment income to average net assets − annualized					7.22	%			0.80	%			6.97	%			0.33	%

(1)	Represents rounding adjustment to reconcile change in net asset value per share; there were no actual realized or unrealized gains or losses for the periods presented.

(2)	Amount not annualized.

(3)	Total return equals the increase/decrease of the ending market value per share plus dividends divided by the beginning market value per share.

About Technology Investment Capital Corp.

We are a publicly traded business development company principally engaged in providing capital to small to mid-size technology-related companies. While the structures of our financings vary, we look to invest primarily in the debt and equity of established technology-related businesses. Companies interested in learning more about financing opportunities should contact Barry Osherow at (203) 661-9572 or visit our website at www.ticc.com.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.