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Ares Capital Corp. (NASDAQ:ARCC)
Q1 2009 Earnings Call
May 07, 2009 11:00 AM ET
Michael Arougheti - President and Director
Richard Davis - Chief Financial Officer
Vernon Plack - BB&T Capital Markets
Jim Shanahan - Wachovia Securities
Matthew Howlett - Fox-Pitt Kelton
Andrew Wessel - J.P. Morgan
Greg Mason - Stifel Nicolaus & Co
Faye Elliott - BAS-ML
Nicholas Capuano - Imperial Capital Markets
Good morning and welcome to the Ares Capital Corporation Earnings Conference Call. At this time all participants are in a listen-only mode. As a reminder, this conference is being recorded on Thursday May 7, 2009. Comments made during the course of this conference call and webcast and the accompanying documents contains forward-looking statements and are subject to risks and uncertainties.
Many of these forward-looking statements can be identified by the use of the words such as, anticipate, believes, expects, intends, will, should, may and similar expressions. The company's actual results could differ materially from those expressed in the forward-looking statements for any reason, including those listed in its SEC filings. Ares Capital Corporation assumes no obligation to update any such forward-looking statements.
Please also note that the past performance or market information is not a guarantee of future results. During this conference call, the company may discuss core earnings per share which is a non-GAAP financial measure as defined by the SEC regulation G core earnings per share is the net per share increase or decrease in stockholders' equity resulting from operations less realized and unrealized gains and losses, any incentives, management fees attributed to such realized gains and losses and any income taxes related to such realized gains.
A reconciliation of the core earnings per share to the net per share increased, decreased and stockholders' equity resulting from operations, the most directly comparable GAAP financial measure can be found in the company's earnings press release. The company believes that the core earnings per share provides useful information to investors regarding financial performance because it is one method the company uses to measure its financial condition and results of operations.
At this time we would like to invite participants to access the accompanied slide presentation by going to the company's website at www.arescapitalcorp.com and clicking on the May 7, 2009 presentation link under homepage of the investor resources section of the website. Ares Capital Corporation earnings release and annual report are also available on the company's website.
I will now turn the call over to Mr. Michael Arougheti, Ares Capital Corporation's President.
Michael Arougheti
Great. Thank you operator. And good morning everyone and thanks for joining us as always. I'm joined today by Bennett Rosenthal our Chairman; Rick Davis our CFO; Carl Drake; and Scott Lem from our financing and accounting team and Eric Beckman, Kipp deVeer, Mitch Goldstein and Mike Smith, senior members of our investment advisors management team.
I hope you had a chance to review our two press releases this morning and our investor presentation posted on our website. As we have on past calls I'd like to start by giving you a brief overview of the market which should serve as a good backdrop from an update on our strategic priorities, our dividend strategy and our results.
Although, capital markets and macroeconomic conditions remain challenging and difficult to predict, we have recently seen some improvement in terms of investors sentiments and liquidity, which has positively impacted secondary pricing in the credit markets. Improvement in the functioning of the capital markets, some encouraging macroeconomic data, better than expected earnings and the continued actions of the federal reserve and U.S. Treasury to stimulate financial markets have helped enhance investor confidence.
Accordingly, the credit markets have rebounded from the lows seen at the end of the fourth quarter. These factors have also driven a fairly significant tightening in credit spreads since their peak in the fourth quarter, and a pick up in high-grade and high yield bond issuance.
Specifically, in the leverage loan market, we witnessed a turn around in various technical factors that has driven a rebound in secondary loan pricing thus far in 2009 following the worst year on record in 2008. On the supply side, force (ph) loan portfolio sales have slowed and new issue volume remains soft. On the demand side investor fund flows turned strongly positive and loan repayments increased to levels not seen since 2007 providing investors additional cash to reinvest.
Following a 23% decline in the leveraged loan market industries in Q4, these industries were sharply up yearly 10% in the first quarter and are up over 20% year-to-date. Quality loans continued to outperform throughout the first quarter, but the market did show renewed interest in lower rated more speculative loans in April.
Over the last 12 months -- and Q1 was no exception the market has placed a premium on loans with lower leverage, higher seniority and higher ratings in defensive industries and recent vintages. As an example S&P illustrated that loans with debt to EBITDA of less than five times had average good prices approximately 20 points higher compared to senior loans leveraged five times to eight times.
As one would expect, this price to start a likely reflects higher expected recovery values for such lower leveraged loans. We believe this validates our defensive strategy of maintaining a relatively more senior and lower average leveraged portfolio. Additionally, industry classifications remain a key factor as the top half of S&P's leveraged loan index ranked by industry price performance over the last 12 months, had average bid prices 20 points higher than the bottom half average.
As discussed in the past, our industry ratings remain very different from broadly syndicated loan market. For example, approximately 82% of our portfolio's industry sectors taken on a weighted average basis outperformed the median industry sector price performance within the index during the first quarter and 76% of our portfolio's industry sectors outperform the index median over the last 12 months.
While our loan portfolio was not directly comparable to the broadly syndicated leveraged loan industries, we did experienced significantly lower mark-to-market adjustments this quarter due to improved market conditions and portfolio company performance. However it is important to recognize that equity valuations through the first quarter remain challenging with the S&P down 11.7% and with purchase multiples declining in the private markets.
This kept pressure on evaluations in our equity portfolio. Fortunately the equity markets have rebounded since quarter end. Although the leveraged loan and capital markets have improved, industry wide leverage loan default rates continue to increase during the first quarter reaching between 5% and 8% on a 12 month lag basis, depending upon the measurement. Although it is likely that industry defaults will continue to worsen as the economy recovers in this deep recession, and the credit cycle progresses; we continue to believe that we are well positioned given our defensively positioned portfolio which again is over weighted in less cyclical industries as lower average leveraged levels in the broad market and reflects our emphasis as we age in on our investments.
And finally let me highlight the market opportunity we seek today for new investments both in the primary and secondary markets. Significant consolidation of the banking sector combined with reduced competition from hedge funds and other credit managers who historically provided debt capital to middle market companies has created a much improved competitive landscape.
Due to the lack of available credit new debt securities come with higher pricing, lower leverage and meaningfully improved structures. Importantly in markets like this one only the highest quality issuers can access capital. As you all know a record amount of capital was raised by private equity firms from 2005 to 2007, a large portion of which remains uninvested with should fuel new junior debt investment opportunities.
Additionally an unprecedented increase in the amount of debt originated in the last five years will lead to numerous refinancing opportunities with over 200 billion of high yield bonds maturing between 2009 and 2011.
Finally, we expect that a rise in covenant breaches and distressed refinancings will increase demands for rescue lending and recapitalization financings over the coming year. Given the breath of our platform, the strength of our balance sheet and the capabilities of our team, we believe that we are well positioned to take advantage of the attractive risk adjusted returns currently being offered in the middle market.
Now, let me take a few minutes to update you on our strategic priorities. First, we remained steadfastly focused on maintaining and improving the strength of our balance sheet, matching our assets and liabilities, maintaining a prudent amount of leverage and keeping a high degree of liquidity and operational flexibility. To that end, we are very pleased to announce the successful amendment and extension of our credit facility that was to mature in July with Wachovia, Wells Fargo, as well as the commitment for new revolving credit lines to make new investments and to support the growth of our portfolio.
We have converted the existing facility maturing in July, into a three year $225 million term loan, and we received a commitment subject to finalizing definitive documentation for a new 200 million three to five year revolving credit lines for new investments and portfolio needs. The extension of the existing facility's maturity is subject to completion of this new revolving credit line.
At a time when most of the finance companies have struggled with rolling over or refinancing credit lines, we were able to increase our aggregate debt commitments by $75 million from 350 million to 425 million. Importantly, we have converted what had been an annually renewable facility into a three to five year facility with only a modest increase in our funding spread. We believe this arrangement will be a major positive for us as it provides additional capital to invest, provides balance sheet flexibility and supports the ongoing funding needs of our portfolio.
Regarding leverage, we continue to prudently manage our debt to equity ratio which stood at 0.79 times at quarter end, by minimizing new investment activity in our balance sheet while maximizing repayments and seeking to exit assets with lower yields. We continue to be pleased with the level of repayments and excellence in our portfolio which has averaged over $100 million over the last four quarters.
And finally, as we discussed last quarter we have been repurchasing our lower cost long term on balance sheet CLO debt at steep discounts. As of quarter end, we had successfully repurchased a total of $34.8 million of our own CLO debt for approximately 8.2 million. These transactions reduced our outstanding funded debt by 26.6 million and improved our asset coverage cushion by 53.2 million during increase in book value.
Second we are focused on aggressively managing our portfolio investments with the focus on maximizing returns. Our strategy continues to be proactive with respect to re-pricings, repayments, future funding needs and potential restructurings within the portfolio. As such, in addition to our normal course portfolio management, we have been re-underwriting all of the credits in our portfolio, a process which involves site visits, management interviews, customer and supplier diligence and a reforecast of the company's financial and operating plans and associated covenant compliance.
These actions have informed buy-sell hold decisions, lead to proactive covenant negotiations, helped us prepare for potential balance sheet restructurings and enabled us to reduce unfunded commitments. Since we are a lead agent or have a blocking position in a significant majority of our investments, we often are in a position to drive this process.
As we've said before, not only do we often reprice credits upon a covenant default, but we also reprice credits when a portfolio company experiences a corporate finance event such as an acquisition or need for growth capital. Although, covenant defaults can occur due to deterioration in a portfolio company's fundamental performance, they can also occur due to the tightening of a particular covenant over time as is typical in our credit agreements.
It's also important to understand that as we work through balance sheet restructurings of our lower rated credits, we may need to convert existing unrealized losses into realized losses. Particularly in situations where we actively restructure portfolio company's balance sheet to reposition it for future growth. If appropriately reserved, this should not impact our GAAP earnings going forward, but it could impact our taxable income in future quarters. As we worked through the portfolio, we will strive to be in the position to leverage our lead (ph) investor status and broad restructuring capabilities to turn around some of our current non-accruing loans into performing investments and hopefully to realize gains.
Finally we are pursuing selected strategic initiatives including expanding our asset management business and entertaining potential acquisition opportunities. We continue to pursue opportunities to expand our managed fund business either through raising new funds, assuming management contracts or completing acquisitions to bolster our existing assets under management and our Ivy Hill asset management affiliate.
We believe there is an attractive opportunity for ARCC to be an industry consolidator given our scale, access to capital and asset management capabilities and infrastructure. And finally as always we're exploring ways to monetize equity gains and or divest lower yielding assets when the reinvestment of capital can be strongly accretive.
Now, I'd like to discuss our dividend strategy. Over the last year, we have worked very hard to strike the right balance between driving higher earnings and protecting our balance sheet during the period of historic asset price volatility and extremely tight credit markets.
Over the last year, our available investment capital has been reduced by mark-to-market volatility outside of our control. This has obviously been frustrating given the attractive investment opportunities available in today's market. We have consistently communicated an ability to enhance our core earnings by investing available capital on higher return assets, rotating our portfolio, repricing our existing assets, harvesting gains, repurchasing our CLO debt and divesting lower yielding assets. And this strategy has served as well. As we've been able to maintain stable core earnings and a strong balance sheet, while battling strong market headwinds.
Although these opportunities still exist today. Market conditions continue to be very difficult to predict. Up until now, we had held out hope for some mark-to-market relief for hold to maturity investors such as ourselves, but we now believe that we will have to wait and be patient as the market returns to normalcy in order to gain access to this capital for investment.
This could come through a combination of improving asset values or power (ph) realizations upon refinancing or maturity. So, while we're encouraged by the current market improvement, it is difficult to say how far we are through the cycle and it is important for us to place equal value if not a premium on balance sheet strength over earnings growth in the near term.
Therefore, we made the discussion to modestly reduce our second quarter dividend to $0.35, $0.07 lower than our $0.42 dividend in Q1 of '09. We believe this reduction allows for a more sustainable level of quarterly dividends that can be generated from our core earnings and considers fully both the opportunities and the challenges that we face in today's market.
We believe this reduction is in the best interest of our shareholders, since we will be able to retain more capital for existing and new investments and to use it for other corporate purposes. Although, we are not changing our policy of not giving dividend guidance, we can tell you that we continue to have the means to grow our core EPS while still protecting the balance sheet. We believe our balance sheet remains very strong particularly given the flexibility, our new long term financing commitments may provide subject to our asset coverage requirements. This new facility may enable us to improve our structuring fees for example, and spread income as the market opportunity improves.
Now, let me briefly highlight our first quarter results, before Rick takes you through the details. Well, no doubt market conditions remain challenging. We continue to make progress on many of our key strategic initiative, including reporting solid earnings on relatively stable portfolio performance, executing accretive debt repurchases, increasing our weighted average investment spread and securing new capital commitments.
We reported $0.31 in core earnings per share and $0.36 in GAAP earnings per share as our net realized gains of $0.25 driven by our accretive debt repurchases more than offset our relatively modest net unrealized depreciation for the quarter. And while we experienced a moderate increase in non-accruals, our overall portfolio of metrics remained stable as our weighted average rating remain unchanged to 2.9 and our overall write down activity including credit related write downs was down significantly from prior quarters.
Our balance sheet remains strong with a net debt to equity ratio of 0.79 times and the cushion on our asset coverage test remained healthy at 233.5 million, net of cash; all of which is available to us from a funding capacity stand point again subject to advance rates and other restrictions. Later in the call I'll discuss recent portfolio activity and credit quality and then conclude our prepared remarks before opening up to Q&A following Rick's comments in our Q1 financial results in greater detail. Rick.
Richard Davis
Great thanks Mike. Please turn to the summary slide in our presentation which is slide three. Our basic and diluted core EPS and net investment income were all $0.31 for the first quarter, a $0.02 decrease versus last quarter and a $0.04 decline from the same period last year. This decline was due to lower structuring fee income which contributed just a penny this quarter compared to $0.03 last quarter and $0.04 in the period a year ago.
Adding a net realized gains of $0.25 our core EPS plus net realized gains were $0.56 for the first quarter, well ahead of the $0.35 that we've reported on this metric both last quarter and a quarter a year ago. As Mike stated our strong net realized gains of $0.25 for the quarter driven by the CLO debt repurchases, more than offset net unrealized losses of $0.20 per share. Net result was $0.36 on a GAAP basis. This was also a significant improvement compared to the fourth quarter's loss of a $1.14 per share and our first quarter earnings of $0.12 a year ago.
Consequently with the payment of our $0.42 dividend in the first quarter, our net asset value was down slightly to 11.20 versus 11.27 at the end of the year. You can see our net commitments declined in the quarter with 37.8 million in gross new commitments offset by a reduction of a 103.9 million in existing commitments. From a funding stand point, our gross and net spendings were 84.8 million and 5.5 million respectively. We continued to experience a relatively healthy level of exits in repayments, totaling just under 80 million of which 36.5 million were asset sales to our Ivy Hill funds with the remaining 42.7 million due to portfolio, amortization, prepayments, revolver pay downs or syndication activity.
We closed the first quarter with a $2 billion investment portfolio add value covering 92 portfolio companies that have a weighted average EBITDA of 47 million. Excluding cash and cash equivalents, our quarter end portfolio was comprised of approximately 53% in senior secured securities with 32% in the first lien and 21% in second lien assets, 32% in senior subordinated debt securities and 15% in equity another securities.
During the quarter we were able to increase our weighted average investment spread by 51 basis points to 9.2% over the quarter and by 213 basis points compared with same period a year ago. Our overall portfolio yield declined 55 basis points to 11.2% due to lower LIBOR levels during the quarter. This compares to a corresponding decline of a 106 basis points for a weighted average funding cost of just under 2%.
On slide four of the presentation, we've provided the detail regarding our fixed rate assets which account for 56.8 million of our portfolio and our floating rate assets which make up 31% of the portfolio. Including LIBOR floors (ph) on 21% of our floating rate portfolio, our fixed rate portfolio was currently over 62%.
Before we turn to our gains and losses, let me update you on our valuation process and the recent FAS 157-4 announcement. During the quarter, we continued our policy of using third party independent valuation providers to review approximately 50% of the portfolio based on value. Over the last two quarters, third party independent reviews had been conducted on approximately 1.7 billion add value with 86% of the portfolio either reviewed or new over this period.
Although, the implementation of FAS 157-4 clarify the objectives of fair value measurement among other nuances, it had little impact on the valuation process for our portfolio, which is reviewed by our investment advisor or different independent valuation providers and our auditors.
However, we are hopeful that there maybe some positive indirect benefit from FAS 157-4 on the financial markets and therefore the BDC sector overtime. As shown on slide six, we incurred net realized investment losses of 1.8 million, offset by 26.5 million in net realized gains on the extinguishment of our debt, for total net realized gains of 24.7 million.
We incurred gross unrealized depreciation of 39.3 million offset by 18 million of unrealized appreciation and a reversal of 1.4 million in prior period depreciation resulting in net unrealized depreciation of 19.9 million. In the aggregate we reported net total realized and unrealized gains of 4.8 million. We think our unrealized depreciation in three general categories; mark-to-market write downs, some combinations of mark-to-market write downs and some element of company underperformance and third, primarily credit related write downs.
The mark-to-market gains in our debt securities essentially offset our credit related write downs this quarter. The majority of our mark-to-market write downs for the quarter was in our equity portfolio. Excluding the equity write downs, our mark-to-market adjustments on a net basis would've been modestly positive. Although its difficult to predict, the rebound in the equity market since quarter end could potentially alleviate this mark-to-market pressure.
As Mike stated, our credit related write downs during the first quarter were significantly lower than the credit related write downs of the prior two quarters. In fact since just under two-thirds of our credit write downs related to our non-accruing loans, the rest of our portfolio experienced modest credit related write down activity. Said differently, outside of our specifically identified non-performing assets, we did not see significant new credit issues materialize during the quarter.
Slide eight shows the summary of our debt facilities. As of March 31, we had approximately 903 million in total debt outstanding with about 251.6 million of capacity available for additional borrowing under our existing credit facilities subject to leverage and borrowing based restrictions. We also had 48 million in cash on hand.
Reducing debt by this 48 million in cash, our net debt to equity ratio at quarter end was just under 0.79 times and our asset coverage ratio was 227%. Expressed as a dollar amount, our asset coverage cushion was 233.5 million consistent with our year end level. What's not shown in this slide is our investment capacity and our managed funds, Ivy Hill middle market credit funds one and two. At quarter end these funds had approximately 33 million and a 131 million of investment capacity respectively.
If you competing our transactions with Wachovia Wells Fargo described earlier in call our next scheduled maturity dates for any of our financing facilities is December 2010, when our J.P. Morgan facility is scheduled to mature. At quarter end we were in compliance with all of our covenants. We believe our most restrictive financial covenant is our two to one asset coverage test which as I just mentioned reflected a cushion of 233.5 million at March 31st.
As a reminder, we elected not to fair value our liabilities under the FAS 159 election during the short window of time we had the option. Given the long term lower cost liabilities we enjoy, our reported net asset value would be significantly higher had we made this election.
By marking our liabilities and market prices as of the end of the first quarter as disclosed in our 10-Q we estimate that the unrealized gains on the fair value of our debt would exceed a 170 million indicating that over a $75 per share a value is not reflected in our net asset value at quarter end. This value reflects the attractive, the low current market interest rates on our long term debt funding in place and the potential opportunity to repurchase this debt as a discount.
Turing to slide nine, we paid our first quarter dividend of $0.42 per share on March 31st, and as Mike discussed we declared our second quarter dividend of $0.35 per share payable on June 30th, stockholders of record as of June 15th.
I'll now turn the call back over to Mike.
Michael Arougheti
Great. Thanks Rick. Now a few words about our recent investment activity and then I'll touch on our portfolio performance before concluding. As Rick, mentioned earlier in the first quarter we closed 37.8 million in new commitments across six companies, which consisted of five to existing portfolio companies and one to a new company.
The two most significant new commitments were both to existing companies and included 25 million in senior and subordinated debt to a full profit post secondary education provider in Puerto Rico and $7.8 million in senior subordinated debt for a developer and manufacture of high visibility reflective products. Our other activities during the quarter consisted of fundings under existing commitments and opportunistic purchases of debt in existing portfolio companies in the secondary market.
I'd like to highlight the attractiveness of purchasing debt at sizable discounts in performing companies we know well. We believe, this is an excellent way to deploy capital since it provides an attractive current return and it is a way to increase our net asset value overtime as such loans mature or as the market appetite improves for such strong performing companies.
Slide 10 outlines our new investment activity. Of our new commitments 15% were in senior first lien debt with 84% in senior subordinated debt and 1% in equity securities. The vast majority of the new commitments were fixed rate with only 15% of such commitments in floating rate assets. And from a repayment standpoint 57% were in first lien, 10% in second lien with 33% in senior subordinated debt.
Now if you turn to slide 11 for updated portfolio quality statistics. As the data reflects we continue to execute on our strategy of investing in larger companies at higher net investment spreads. We have accomplished this by bringing our average portfolio last dollar total net debt leverage down now at 4.3 times versus 4.6 times a year ago. While increasing our interest coverage now at 2.6 times versus 2.2 times a year ago and 2.4 times last quarter.
As you can see the average EBITDA for transactions closed in the first quarter continues to run higher than the overall portfolio average at 56 million versus the overall portfolio average EBITDA of 47 million. The overall EBITDA average has increased significantly in the past year from 30.7 million to 47 million. Although not shown, our portfolio weighted average revenues in EBITDA continue to grow on year-to-date basis, in the mid single digits versus the comparable period a year ago and on double digit basis versus the portfolio company's own budgets. Therefore, while conditions remain challenging, we have seen some improved performance recently that is better even than what our portfolio companies had expected, particularly in our largest investment positions.
Turning to slide 12, there hasn't really been significant shift in our industry breakdown in recent quarters, but it is important to note that our investments in more defensive non-cyclical and service oriented businesses have contributed to our performance. For example, at the end of the first quarter, our three largest industry concentrations now at 44% of the total and each representing 10% on more of our portfolio were healthcare at 20%, food and beverage at 13% and education at 11%.
Our overall portfolio of sector weightings compared very favorably to the sectors within the broad leverage loan market embassies in terms of both price performance and default experience. Accordingly, we continue to believe that our portfolio is less volatile compared to the broadly syndicated loan market, given our negligible exposure to real estate, autos, gaming and lodging, transportation, media and our underweighted exposure to publishing in favor of over weights in healthcare, education and food and beverage.
Slide 13 provides another view of our portfolio quality. As a reminder, we employ an investment rating system which grades a one-through-four, with one being the lowest grade for investments that are not anticipated to be repaid in full. And with four being the highest grade for investments that involve the least amount of risk in our portfolio.
As I stated earlier, at the end of the first quarter I'm pleased to say that our weighted average grade of our portfolio investments remained at 2.9, unchanged from the last few quarters. Since, we had two downgrades and one upgrade the net effect was only one new two rated credit. Overall, we had 2.2% of our portfolio at value in our lowest rating category of one, where we do not expect a full recovery and 5.7% at value in our highest rating category of four with the company's performing well above expected rate (ph).
Continuing on with the quality discussion, we reported a modest quarterly increase in our non-accruing loans from 1.6% of portfolio value and 4.4% at cost to 2% of portfolio value and 5% at cost. Other than our portfolio companies on non-accrual, we have no other company's delinquent payment.
Looking at slide 15, since the end of the first quarter we closed 1.2 million in new investments and we exited 22.6 million, including 3 million in assets sales to Ivy Hill one and two for a net reduction of $21.4 million. At this point in time we have no significant backlog or pipeline to speak of. And this is an obvious reflection of our stated balance sheet strategy as well as a reflection of the general slow down in the new issue market.
In conclusion, we recognized that we continue to find ourselves in the middle of the credit cycle, with market leverage loan defaults and credit impairments heading higher. However, we have seen improving credit markets, encouraging macroeconomic signs and even recent better than expected portfolio performance so far in 2009.
We believe that we're well positioned to deliver attractive future returns to our shareholders for a number of reasons. We believe our strategy of building expensively positioned portfolio from an industry leverage and assets class standpoint will prove to be the correct strategy for this cycle. Our lead agent or control position in a majority of our credits provide us with the ability to control repricing's and restructurings and to optimize our assets and drive returns.
Our affiliations with Ares management provides invaluable expertise, capital relationships and industry knowledge and positions us well to be a potential consolidator in the sector and to grow our franchise. And finally our capital position which has been considerably strengthened with new longer term capital provide us with the competitive advantages and the necessary balance sheet flexibility for our future needs. At Ares our philosophy is and always has been to be a patient long term investor focused on generating consistent returns over complete credit cycle.
We feel that we've risen to meet the challenges of the existing market and are in a position to grow our franchise and to deliver strong risk adjusted returns for our shareholders over the long term. As always, we'd like to thank our shareholders for their loyalty, support and confidence in us, and we'd also like to thank our entire investment team for all of their hard work managing our portfolio in these difficult times.
That covers our prepared remarks and as always we appreciate your time and thank you for your continued support. And with that operator we'd now like to begin Q&A.
Question-and-Answer Session
Thank you. (Operator Instructions). Our first question will come from Vernon Plack from BB&T Capital Markets. Please go ahead.
Vernon Plack - BB&T Capital Markets
Thanks very much. Mike could you tell us what -- where that new facility is comprised?
Michael Arougheti
Sure Rick. Do you want to walk through the pricing on the new facility?
Richard Davis
Yeah. The new facility is -- the terms here we have now is it will be priced at L+ 400.
Vernon Plack - BB&T Capital Markets
Richard Davis
And the rollover of the existing facility is LIBOR 350.
Vernon Plack - BB&T Capital Markets
Okay great. And Mike from your comments regarding repositioning the portfolio, I assume that we should not expect a lot of portfolio growth any time, also given what your leverage ratio is. Are you -- I guess the thought is just to continue to reposition and it's all about current size correct?
Michael Arougheti
Yes or no. As I mentioned in our prepared remarks around the dividend discussion we do have a fair amount of liquidity what I would call trivet (ph) on our balance sheet based on the mark-to-market adjustments and we now have access to a pretty sizeable amount of new capital through the Wachovia transactions.
Vernon Plack - BB&T Capital Markets
Michael Arougheti
I would say differently we will continue to watch the market and when we believe that the market has stabilized and reached a level of normalcy, I think you will see us start growing the balance sheet again. Until we have confidence that the worst news is behind us and the economy is moving in the right direction, I think you are right you will see a pretty consistent level of the balance sheet.
Vernon Plack - BB&T Capital Markets
Great thanks very much.
Michael Arougheti
Thank you. Our next question will come from Jim Shanahan from Wachovia. Please go ahead.
Jim Shanahan - Wachovia Securities
Just had a couple of quick ones, thanks for taking my call. The exited investments quarter to date -- the 22.6 million, are there any gains or losses that we should expect to see associated with those exit investments?
Michael Arougheti
No there is not, it was pretty much at par.
Jim Shanahan - Wachovia Securities
Par value. So, and then with regards to the, that includes the sales of loans to the Ivy Hill funds as well?
Michael Arougheti
Jim Shanahan - Wachovia Securities
Now, and -- in one of the disclosures I was reading that there were loans sold to one of the Ivy Hill funds that actually resulted in a fairly sizeable realized loss to Ares investors, just likely to be one or 1.5 million dollars. I'm wondering what cause is that? Is that a mark-to-market from the prior of the most previous fair value mark?
Richard Davis
Yeah. So those assets were sold at ARCC's marked value. But were sold at a discount to ARCC cost. And when we sell it at a discounted value to cost, obviously we have to realize a loss.
Jim Shanahan - Wachovia Securities
Oh, I see. So they were -- but they were sold at the most at -- whatever the most recent
Richard Davis
Yes correct.
Jim Shanahan - Wachovia Securities
Their value. Okay. That's interesting. And then the dividend, question about that. We were somewhat surprised that the dividend wasn't cut last quarter in fact, but now you know we've got a run rate of operating income in the low $0.30 range. Why not just have cut it to more like $0.30 and given that you can likely shield some income here from distribution just due to the weakness in operating income and some of those -- the losses that you have taken?
Michael Arougheti
Yeah. This is I'm not quiet sure that there is every a right answer Jim and we've tried to have a very open and honest dialogue with the market about how we think about our dividend as it relates to our liquidity and our operating strategy. The reality out is if you look at the core earnings capability of the business as we talked about we have five or six levers that we can pull particularly with new capital to grow our core earnings from where they sit today in the first quarter. And just to reiterate what those are, investing some of our new capital to drive increased spread and fee income, its continues to rotate our portfolio, its reprising our existing assets and taking advantage of incremental spread and fee for repricing, its harvesting capital gains, its repurchasing our debt.
So, when you look at the gap between the Q1 earnings and the amount of capital that's on our balance sheet available for investment, you have to have the view that we can continue to grow the core earnings and we've been pretty consistent in terms of laying out that strategy at least over the last 12 to 18 months. If you look at where we sit today and again this has been consistent prior quarters, we are trying to manage to a level of stability in what is a very volatile market and in a market that is very difficult to predict the direction of.
As we sit here today through the first quarter between core earnings per share in the first and the second quarter, plus gains realized to date in rollover income, we're trying to manage our run-rate profitability against our dividend levels and again we're going to keep taking it quarter-by-quarter and see what the market offers us to see how our core is developing.
Jim Shanahan - Wachovia Securities
Thank you. And one more I'm sure there are other questions. I was curious if you could comment Mike, what you are seeing in the marketplace here with the significant spread, tightening in leveraged loan markets and more obvious performance you had during the call in the equity markets. Do you, how do you feel about unrealized depreciation in the quarter and the potential additive impact of that to your capital?
Michael Arougheti
Yeah I think its going to be a progression over time. If we all think back to how the original FAS 157 worked its way through the credit markets in the PDC sector and in particular, it was really a 12 month process of developing consensus around what 157 meant for a ill-liquid sub-originated assets like the ones that we hold. And I would expect a similar type of progression on the way back up, but its not going to be immediate.
I think we can expect that FAS 157 will obviously help the credit markets in general particularly as it relates the assets held on bank balance sheets and mortgage and other real estate related securities and as the credit markets kill themselves and asset values move up, I think the reference securities -- although we've always argued they're not particularly relevant to our assets. Those reference securities should improve and as they do I'd expect to see a continued increase in asset values across the sector. But I do think its going to be a slow process, but a beneficial one.
Jim Shanahan - Wachovia Securities
Okay. Thanks very much.
Michael Arougheti
Thank you, our next question will come from Matthew Howlett from Fox-Pitt Kelton. Please go ahead.
Matthew Howlett - Fox-Pitt Kelton
Hi guys thanks for taking my question. You got strong credit quality in the quarter. Looks like its holding up great, I just wanted to know if you could elaborate on the five existing portfolio companies at what you contributed subordinated capital. Is that offensive or defensive we haven't got a chance to look through what companies that were about. But can you maybe elaborate me on that?
Michael Arougheti
Yeah I -- most of those situations are what I would call offensive. They were particularly within the existing portfolio, companies that were making acquisitions, that required new capital in order to do so. And as I mentioned in our prepared remarks around repricings, what's nice about those situation is we get to put more capital behind winners in our portfolio where we sit on the board and have real good visibility to company performance.
But more importantly along with the new capital typically comes a repricing opportunity with the existing capital. So you may see a situation where we have an existing senior secured loan to a company that's looking to make an acquisition and by making a mezzanine investment in that company and for some of the acquisition we can actually reprice our senior -- existing senior loan to market. So there's a double benefit there.
A: Matthew Howlett:} Okay got you. And then switching to the CLO debt repurchases, I think you're up to about 15 million this year. How much more would you like to go, how much is available and how do you weight that versus really locked in long term funding that's Libor plus 38 or something?
Michael Arougheti
Yeah again you have to find the right balance, as Rick mentioned in his comments, were we to have adopted FAS 159 based on the market price of the similar assets today, our long term debt is worth up to $175 million of a $170 million of incremental NAV. I think we are trying to strike the right balance. Clearly we view the ability to repurchase our CLO debt as a deep discount to be one of the best uses of our capital today. And we'll continue to do it, I think we are going to try to focus on some of the more junior trenches in those vehicles where we unlock the deepest discount without necessarily giving up to your point the benefit of the long term capital.
So we'll strike a balance. In terms of how much is available I think we've publicly disclosed how large that facility is. Technically there's $314 million of notes under pinning that CLO. The challenge that you have and this is pretty widely distributed and takes a fairly longtime to execute on. So it's something that we're very focused on but can't really give anybody a sense for how it will take or it will be successful buying more
A: Matthew Howlett:} Okay. Good, and then the last question just on the long term credit picture I mean the portfolio companies the EBITDA looked really strong couple of big quarter-over-quarter. If you look over the next two years if the EBITDA just stayed flat, it didn't go up on the portfolio of the companies due you feel comfortable that your underlying portfolio of companies not -- could not only maintain our interest coverage but they could de-lever.
And I guess of -- just to follow on that I mean is that, it looks like the market just particularly where the market pricing on the CLO investment is looks as AAAs on the mid-20's. Are they what's the difference between -- why is the market -- why is the notes trading at such a discount that they are expecting some cumulative loss rate and it looks like in sort of the mid-40s, related to?
Michael Arougheti
Let me answer the second question first, I can't answer specifically your first question but I'll try to give you a general sense for how we think about underwriting credit. The reason that the CLO notes both for our company and others like us trade where is a function of the two things that are really not related to an understanding a fundamental credit.
The first is its long dated paper at very low spreads to put it in perspective our existing AAAs are priced at LIBOR 25 with no LIBOR floor and 12 years left on maturity. So for any investor today given the relative value opportunities in the market clearly if you try to present value that back is what the key driver. The second large driver is the holders of these securities are levered themselves and have been cross investing and lot of CMBS and RMBS paper. And tend to be fore sellers if they deal with their own de-leveraging. And if those two combinations, both technical that really drive pricing in the CLO market generally in for these notes in particular. I don't believe that there is really any fundamental look through where people are expressing a view on the fundamental credit.
With regard to your first question you should know one of the reasons we like to be up in the balance sheet or the capital structure and to be a lead agent is because we get to control the documentation of our own transaction and put covenant packages in place that stepped down over time and force a company to de-leverage otherwise they have to come talk to us, about a potential restructuring or repricing.
Typically when you underwrite a facility in the middle market be it senior or subordinated, you underwrite it to a discount to a budget of any where between 15% and 30 to 35%. Now obviously when a lot of those facilities were put in place over the last four or five years, I think people's expectations for what that budgeted performance would be are higher than we should all expect over the next two to three years. So part and parcel with this re-underwriting process that I continue to describe on our calls is to go back out to our existing portfolio companies and reevaluate their ability to service debt in light of the current economic environment.
And I think the good news is, because we have a largest capital provider in most of these situations and control the structures, flat performance is actually a fairly healthy thing for this portfolio in the sense that it would give us an opportunity if there are tightening covenants actually get back to the table and reevaluate the risk adjusted return.
So I can't comment generally on, specifically on how the portfolio would perform but I think it's designed and underwritten to actually generate attractive returns in a flat case. And in terms of the numbers if you look on slide 11 the best place to -- you will see that is really the underlying interest coverage ratio in the portfolio that's already about 2.6 times on a portfolio weighted average basis and 2.9 times on a simple average basis, so clearly a lot of cushion within the portfolio on both an average and weighted average basis to accommodate reductions in EBITDA.
A: Matthew Howlett:} Great. Thanks a lot.
Michael Arougheti
Thank you. Our next question will come from Andrew Wessel from J.P. Morgan. Please go ahead.
Andrew Wessel - J.P. Morgan
Yeah, good afternoon, thanks for taking my question. It's just a quick one, just on the new line, the amortization period that's for your amortization period. Is that a straight line amortization so one-third maybe on an annual basis?
Michael Arougheti
No. Its not. It's really -- the way to think about it is it amortizes as loans pay off. So for example if there is a $20 million loan that's pledged to that facility, to the extent that that loan pays off, we will pay down the line. The only scheduled maturity prior to the third anniversary is if that natural amortization does not reduce the facility by $25 million in the first year and the second year, then we would reduce the facility. So its really not a scheduled amort so much as a static pool where we've turn it out against that pool of assets.
Andrew Wessel - J.P. Morgan
Got you. So as well as the loans performed as expected you are more or less term financed.
Michael Arougheti
Andrew Wessel - J.P. Morgan
Okay. Great thanks a lot I appreciate it.
Michael Arougheti
Thank you, our next question will come from Greg Mason from Stifel Nicolaus. Please go ahead.
Greg Mason - Stifel Nicolaus & Co
Hi. Good morning. Could you discuss as the credit markets have improved a little bit, what are the new types of returns that you are seeing both from an income perspective and fee perspective for new investments today?
Michael Arougheti
Sure. Why don't we talk about it in terms of the primary markets and the secondary markets because there has been a fairly large discrepancy between the return opportunities in those markets at points in time and everything that I'm about to say is obviously qualified by the fact that the new issue market is fairly inactive right now. So, a lot of the pricing is being discussed in the market is really a reflection of where a certain people are willing to transact business, but not necessarily a reflection of where deals are getting done.
I'd say in general the senior debt market is roughly a two times debt to EBITDA market, maybe 2.5 times and the pricing that one could get on those assets will range from 8 to 10% with a 2 to 3% fee. The mezzanine market is roughly a four times market and the total return opportunity there is 18 to 20% and that comes through a combination of coupons, fees and call protection and in some instances warrants.
Again fees are anywhere from 2 to 3%, spreads are typically 13 to 15% predominantly cash with real call protection and covenants, and the call protection periods we're seeing are typically anywhere from one to three years of hard call protection and then prepayment penalties after the no call period of anywhere from half of the coupon scaling down or 105 scaling down. So if you add up the fee you get on the front end, the pre-payment penalty you get on the back-end plus the spread that will get you to that 18 to 20% range.
Greg Mason - Stifel Nicolaus & Co
Okay and you talked about under expanding your assets under management assuming contracts. Can you talk about what are the opportunities out there? For assuming contracts and what do the economics look like?
Michael Arougheti
Sure, just to remind everybody on the call, Ares management is one of the largest bank loan managers in the country. We have a very significant capital markets and asset management infrastructure resident both here as well as in London and Los Angeles. What's happening in the market is, as I think if you think about mass (ph) question around the CLO financing, a lot of the CLO's as they are currently structured have two fee components, one being a senior management fee and the second being a subordinated management fee that is performance related.
Because of the way that these facilities tend to be structured, default rates increase and there is negative ratings migration, the subordinated fees tend to get shut off which significantly reduces the capital available to support an asset management infrastructure. Given the amount of CLOs and other levered loan funds that have been raised or had been raised prior to December 2007 there are a number of what I would call subscale asset managers with significant infrastructure that's unable to be supported by just the senior management fees, and they can't grow.
So the types of transactions that you should expect to see in this market are going to be either taking over those management contracts as a sub-advisor, buying those management contracts for cash, buying assets out of those facilities et cetera et cetera. The reason that it's so attractive for us is given that we already have the infrastructure and the capabilities in place rolling those funds onto our platform is obviously highly accretive.
Greg Mason - Stifel Nicolaus & Co
And final question to follow up on Matt's commentary about repurchasing debt, what's the effective yield of the $8.2 million of debt that you repurchased? How does that compare to say the yields you just gave us on new investments?
Michael Arougheti
Yeah, I don't have the spreadsheets in front of me and we can follow up offline to help you through the calculation, but order of magnitude its going to comparable. My recollection is it's a 15 to 20% return.
Greg Mason - Stifel Nicolaus & Co
Great, thank you guys.
Michael Arougheti
Thank you, our next question will come from Faye Elliott from the Bank of America Merrill Lynch. Please go ahead.
Faye Elliott - BAS-ML
Hi, thanks for taking my question.
Michael Arougheti
Faye Elliott - BAS-ML
Most has been answered just wanted to ask if in your release you say that the facilities have been expanded or you have been nearly 200 million revolving facility subject to leverage restrictions which I guess are pretty obvious in other conditions. Are the other conditions minimum NAV numbers that we should be aware of, did they want any liens assigned is there anything?
Michael Arougheti
Yeah. They are going to be secured facilities similar to our existing facility Wachovia where we are hedging specific assets through an SPB structure against those loan facilities.
Faye Elliott - BAS-ML
Michael Arougheti
In terms of the covenants, the covenants are going to look a lot like the covenants that exist in our current facility particularly referencing the assets coverage and minimum network test.
Faye Elliott - BAS-ML
Okay. And do you foresee any issues assigning those liens and that we've seen under different circumstances, trouble with some other BECs assigning those liens is this is the matter of working it out and..?
Michael Arougheti
No. They're -- again, they're in SPBs.
Faye Elliott - BAS-ML
Michael Arougheti
It's the same lender. So with the existing turn out facility we are really just changing the maturity in the term structure and the new facility will obviously be investing new assets but there is really no prior lien on those assets.
Faye Elliott - BAS-ML
Okay, but there will be a liens assigned once.
Michael Arougheti
Yes. To the new facility to the extent we use the new facility to acquire.
Faye Elliott - BAS-ML
Okay. Great thank you.
Michael Arougheti
Thank you. Our next question will come from Nick Capuano from Imperial Capital. Please go ahead.
Nicholas Capuano - Imperial Capital Markets
Hey guys. Congratulation on the financing in the quarter.
Michael Arougheti
Thank you very much.
Nicholas Capuano - Imperial Capital Markets
Just one quick follow up on the buybacks. Just what are the prospects for you to do more buybacks of the CLO in terms of how much do you think you can source and is this something that we should be seeing material amount moreover the next few quarters.
Michael Arougheti
Yeah. As we just said that, our hope is that we'll able to execute more than we can't guarantee it. It's a core strategic priority of ours, among many. But we do believe that that's an extraordinary use of our capital. It's a pretty lengthy process to source and execute on this. But it's something that we'll continue to spent time on.
Nicholas Capuano - Imperial Capital Markets
And the magnitudes of the exists and funding, I know you already addressed the fact that you are given for now you plan to keeping the portfolio relatively steady. But if I don't know you're exits bounced around quite a bit lower this last quarter. Do you have any or can you provide any insight now just on the magnitudes of the exits you think you are going to have coming up over the next quarter or two?
Michael Arougheti
We can't provide any visibility on that. What I will say is I have actually been pleasantly surprised by the level of repayments in the portfolio over the last three quarters given the M&A environment and the economic environment.
Nicholas Capuano - Imperial Capital Markets
Michael Arougheti
But while they're obviously less than we would like them to be. We think that they are significantly higher than similar portfolio are experiencing. We are continuing to look for ways to get liquidity in the portfolio. There is going to be natural amortization, there is going to be refinancings in some of our better performing assets and again where we can opportunistically sell assets to redeploy into this market we will do that as well but this is all step that we're looking at on a daily and weekly basis to evaluate.
Nicholas Capuano - Imperial Capital Markets
All right great job, thanks.
Operator: (Operator Instructions). Mr. Arougheti at this time, I show there are no further questions. Please continue your presentation.
Michael Arougheti
Great, thank you operator. We have no further prepared remarks but we again want to thank every body for joining our call this morning. And again a very heartfelt thanks to the investment team for all their hard work over the last quarters. And we thank every body for their continued support and look forward to speaking with you on our next quarterly call. Thank you.
Thank you this does conclude today's Ares Capital Corporation's earnings conference call. Thank you for your participation. You may now disconnect.
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Family Allergy Asthma & Sinus Care is located in Charlotte, NC, (Pineville), Enjoy our Educational Blog:
6/12/2016: I was stung and had a reaction! Do I need to see an allergist?
1/30/2016: Did Your Grandma Smoke? You bet your asthma she did.
Summer is the time for yellow jackets, wasps, hornets and honey bees to be active. Most insect stings will cause a local reaction (pain, redness and swelling at the sting site) lasting a day or so. Sometimes, the reaction is more than that and the question arises, do I need to see an allergist?
Here is a simple check list to assist you in making decisions.
When to go to the ER or call 911:
When to see an allergist:
Allergic reactions to stings can occur at any age, even after many normal reactions to stings. Any person who has experienced one or a combination of the above symptoms should be evaluated by an allergist. The single best predictor of the outcome of a future sting is still the severity of the previous sting reaction. It is estimated that potentially life threatening reaction occur in 0.4% to 0.8% of children and 3% of adults.
A person who has experienced recurrent large local reactions (swelling, redness that extends well beyond the sting site), spends considerable amounts of time outdoors where stinging insects are present and has needed recurrent courses of oral steroids (prednisone) for treatment. The risk of a systemic reaction in patients who experience large local reactions is about 5-10%.
Why see an allergist?
Allergy injections to the insect venom (called venom immunotherapy or VIT) are a very effective treatment and can decrease the risk of a future severe allergic reaction to less than 5% for many patients. If not treated with VIT, up to 60% of patients if re-stung will have a severe reaction. Venom allergy skin testing combined with blood IgE to the specific venom can determine which insect is the problem and help differentiate a toxic reaction or other non-allergic reaction from a true allergic reaction. In addition, a blood test for tryptase will be done. If the tryptase level is elevated, there is an increased risk of severe reaction to an insect sting, increased chance of reaction to VIT, failure of VIT and increased risk of severe reaction after VIT is stopped.
Venom immunotherapy should include all venoms that are positive. The recommended dose for each venom protein is 100 mcg. This is equivalent to the venom content of 2-4 insect stings. The amount of venom injected by a honeybee sting is about 50 mcg; however, the amount of venom injected by other vespids is in the range of 2–20 mcg per sting.
More than 5% of the population has insect sting allergy, yet few patients are referred for diagnostic testing and specific treatment. At Family Allergy Asthma & Sinus Care, we specialize in sorting out the reaction and offer state-of-the-art approaches for diagnosis and treatment of insect sting reactions. Why? We want our patients to BEE healthy and happy!
Smoking cigarettes is unhealthy. Second hand smoke exposure is unhealthy. Everybody knows that! When pregnant women smoke, their child is more likely to have low lung function in childhood and adulthood. But, what happens to her grandchildren when granny smoked when she was pregnant?
This question was addressed in a study from the European Lung Foundation entitled: "Grandmother's smoking when pregnant with the mother and asthma in the grandchild: the Norwegian Mother and Child Cohort Study." The article was published in 2015 in the medical journal Thorax and may be accessed at Thorax article on Grandma Smoking
Researchers used data from the Swedish Registry that included 44,853 grandmothers from 1982 to 1986 to
To evaluate whether the grandmother's smoking had an independent association with asthma development in the grandchild from maternal smoking during pregnancy, the researchers classified the children into 4 mutually exclusive exposure groups:
Results: The risk of asthma in grandchildren was increased by 15 to 21%, even if the child's own mother had not smoked in their pregnancy!
Why does this happen?
What if grandpa smoked? That data is not yet available. For women who intend on having children and eventually grandchildren, we hope you stop smoking so you leave your grandchildren a better legacy than asthma.
At Family Allergy Asthma & Sinus Care, we treat asthma and encourage smoking cessation in all family members. It's in our name!
1/17/2016: New Treatments for Asthma: Change Your Lifestyle
While the diagnosis of asthma has not changed significantly, the treatment has (and should). Asthma affects 25 million people (including 7 million children) in the U.S. The incidence of asthma has increased in the last few decades, and while the exact reason for this is unclear, evidence suggests a link between nutrition/diet, weight, air pollution and allergies. The treatment for asthma is not just taking medications!
Think of the new asthma treatments as "lifestyle" changes.
Exercise: Although exercise can sometimes be a trigger of asthma, this is no excuse to be a couch potato. Exercise has been shown to improve quality of life in persons with asthma with more symptom-free days, better oxygen consumption, and less inflammation. How much exercise is enough? At least 30 minutes three times a week, with a goal of 150 minutes per week (30 minutes minutes a day, 5 times a week). Exercise can also be helpful with weight control.
Stress control: Individuals with asthma who have anxiety and depression are at increased risk of asthma attacks. A disorder called vocal cord dysfunction triggered by anxiety can complicate asthma but not respond to asthma medications. Interventions may include counseling, breathing relaxation techniques, and sometimes anti-anxiety medications.
Allergen control: Up to 90% of children with asthma may have allergies and these allergies can trigger asthma. In adults, about 70% of patients with asthma have allergies. By treating your allergies, the asthma can improve.
Air pollution. Air pollutants that include small particles can trigger asthma. Sources include cigarette smoking, wood smoke (campfires, wildfires, poorly ventilated indoor stoves), diesel exhaust, soot and ash. Strong chemicals and fumes are also triggers.
Vaccines: viruses such as influenza, RSV, and the common cold virus called Rhinovirus can trigger asthma. The flu vaccine is recommended for all individuals over 6 months old, but especially for those with asthma according to the CDC.
Medications: They are still important!
Individuals with asthma have choices. While there is no cure for
asthma, the available treatment options and lifestyle changes can help
control asthma so individuals can lead healthy, productive lives. By
controlling asthma, it will not control you! Go Panthers!!!
Ménière's disease and allergies. Is there a connection?Mosquiteos: how to prevent them from biting!
Spilling the beans on bean allergy!
Do you sneeze when you sip that fine red wine? Wine allergy?
Mosquitoes: how to prevent them from biting!
It seems like anything can cause hives, even the sun! Solar urticaria.
Is your doctor following national guidelines for your asthma care?
Asthma Treatment: Where does Singulair fit?
USAnaphylaxis™ Map: The STATEment on Life-Threatening Allergies at School
Beware of those exotic nuts!
Is there a cure for allergies?
Can a person be allergic to coffee or caffeine?
Don't let allergies derail your summer traveling!
Raise Your Hand for Anaphylaxis Awareness™ $15,000 grants available!
Food Allergy Awareness Week. Were you aware that...
May is Allergy & Asthma Awareness Month. Were you aware that...
May is Asthma Awareness Month. Is your asthma controlled?
Got Milk! How about increase mucus?
The Benefits of Exercise in Asthma
Spring is in the air; which means March Madness for allergy sufferers!
Antihistamine or Decongestant; what should I take?
Allergic to Eggs? Eggcellent Ways to Celebrate Easter & Passover
Food allergies increase childhood bullying
Does your nose bleed when you use your nasal spray?
Being safe on Valentine's Day with Food Allergies...Share the love
Should I buy an air purifier for my asthma and indoor allergies?
Is it a cold, sinus or allergies?
A "Talking" Epinephrine injector is now available
When life gives you mold, make penicillin...Outgrowing Penicillin Allergy
Are you using your inhaler correctly? Why it matters...
Does your nose run like a faucet when you eat?
Food allergies are not just for kids!
Injectable Steroids— Are they worth the risks?
Hives. How long will they last?
Does your mouth itch when you eat fresh fruits?
Back-to-School Tips: Food Allergies in Elementary School-Aged Children
These educational information does not take the place of your physician's advice.
Like Us on Facebook to Get Blog Updates:

subset: commoncrawl


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Mercury in fish
Additional information
Median mg/kg wet weight for 1995-1999. EU-legislation limit for mercury in foodstuffs 'muscle of fish' is 0.5 mg/kg wet weight (EU, 2001b). Larger symbols may obscure other symbols.
For references, please go to www.eea.europa.eu/soer or scan the QR code.
This briefing is part of the EEA's report The European Environment - State and Outlook 2015. The EEA is an official agency of the EU, tasked with providing information on Europe's environment.
PDF generated on 27 Oct 2016, 02:06 PM


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Top 10 Best Albums Of 2012: Fiona Apple, Kendrick Lamar, Swans, Miguel
If there had to be any trend from my top 10 albums from 2012, the word of the year would be "lean." I admire the understated displays of self-editing. Fiona Apple's album didn't have a note or breath wasted; Miguel's tracklist was tidy, whereas Frank Ocean could learn to trim; Kendrick Lamar and Killer Mike ably balanced comedy and drama with carefully selected words; and mostly-instrumentals like Swans, Godspeed You! Black Emperor and the Dirty Three sequenced those excesses into something tangible and rare.
Other trends: I fell in love with very few country and Americana albums this year, though there will be plenty of those artists that dominate my songs lists. I did, however, fall in love with Emeli Sande, who is clearly the Real Deal. So is How to Dress Well, who broke my heart 10 different ways. I don't think Tallest Man on Earth or Grizzly Bear can make a bad album. Hundred Waters -- who were the first signees to Skrillex's label -- surprised the hell out of me and I hope the hype index of the IDM poster-child won't have a negative impact on their future successes. Matthew Dear, Goat, Burial and Diiv make dark-rooms music.
You can hear samples of most of these albums -- if not just most all of the artists -- on Immaculate Noise's 2012 Top Albums Spotify list.
Some people make great collections of songs, and some artists make albums. Here are 30 of my favorite albums from 2012, with their artists, because 30 is a nice round number...
- Fiona Apple, "The Idler Wheel…"
- Matthew Dear, "Beams"
- Emeli Sande, "Our Version of Events"
- Kendrick Lamar, "good kid, M.A.A.d city"
- Swans, "The Seer"
- Miguel, "Kaleidescope Dream"
- Killer Mike, "R.A.P. Music"
- Godspeed You! Black Emporer, "Allelujah! Don't Bend! Ascend!"
- Hundred Waters, "Hundred Waters"
- Dwight Yoakam, "3 Pears"
- How To Dress Well, "Total Loss"
- Dirty Three, "Toward the Low Sun"
- Thee Oh Sees, "Putrifiers II"
- Goat, "World Music"
- Diamond Rugs, "Diamond Rugs"
- Metz, "Metz"
- Death Grips, "No Love Deep Web
- Beth Jeans Houghton & The Hooves of Destiny, "Yours Truly, Cellophane Nose"
- Frank Ocean, "Channel Orange"
- Tame Impala, "Lonerism"
- Sean Price, "Mic Tyson"
- ***CHEATERS ADDITION" Polica, "Give You The Ghost" (technically late 2011, mass distro in 2012)
- Titus Andronicus, "Local Business"
- Tallest Man on Earth, "There's No Leaving Now"
- The Chariot, "One Wing"
- Jamey Johnson, "Living for a Song: Tribute to Hank Cochran"
- Diiv, "Oshin"
- Grizzly Bear, "Shields"
- Graveyard, "Lights Out"
- Japandroids, "Celebration Rock"


text:
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Trick 'n' Puzzle Glamour HD
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What's New
ui fixes


text:
On Thu, 31 Jan 2008, isplist logicore net wrote:
going to work until it is. There's something VERY odd about those addresses in netstat that reeks of a configuration error somewhere - one I've never seen before I must admit!Strange part is that everything was running fine until I replaced the drives. Of course, the volume information/group changed also and since I didn't delete it properly before changing it, I now have all this old information stuck on the systems. My guess is that I need to clean that out first but where is it?
I can see two possibilities - some config changed that didn't take effect until after the drives changed (happens to the best of us), or the drives might have had different LVM headers on them from before which is confusing LVM.
Wiping the front of the new disks may help. Gordan


text:
Given the location next to the Kenyan Parliament building, one would expect a top-of-the-line hotel. And maybe this is the best Nairobi has to offer. Certainly the lobby lounge was nice, and usually fairly full of well-dressed people. But we found the rooms (we had two different rooms on two different occasions) to be suffering from deferred maintenance--a towel rack in the shower almost pulled out of the wall, shower head that didn't seem to work right. The rooms were fairly clean, though we did find a roach belly-up near the sliding glass door one afternoon. They charge for internet (as most business hotels still do.) Service was friendly, and fairly prompt. Security is very tight--guards with mirrors looking under the buses and cars upon entry, bag check at the front door. This hotel is probably popular with diplomats and representatives of the international funding agencies.
- Official Description (provided by the hotel):
- InterContinental Nairobi has for years been an oasis of luxury for business travellers as well as those who want to experience the wonders of Africa. The Parliament buildings are a short stroll away, Kenyatta International Convention Centre is right next door and Nairobi National Park, Museum Hill and the Elephant Orphanage are within easy reach. ... more less
- Reservation Options:
- TripAdvisor is proud to partner with Booking.com, Expedia, Hotels.com, Hotwire, Odigeo, IHG, Priceline, Travelocity and Agoda so you can book your InterContinental Nairobi reservations with confidence. We help millions of travelers each month to find the perfect hotel for both vacation and business trips, always with the best discounts and special offers.
- Also Known As:
- Intercontinental Nairobi Hotel Nairobi
- Nairobi Intercontinental


text:
realmagick.com The shrine of knowledge.
Berkeley Db Architecture
A selection of articles related to berkeley db architecture.
Original articles from our library related to the Berkeley Db Architecture. See Table of Contents for further available material (downloadable resources) on Berkeley Db Architecture.
- Sensible Ideas: The Knowledge Behind the Perception
- Do objects exist independently of consciousness? If so, what is the nature of these objects? These questions shall be investigated through the conflicting philosophies of John Locke and George Berkeley. Preliminary Quotations from Locke and Berkeley: Primary...
Religion & Philosophy >> Philosophy
- Art during the Age of Faith
- The Age of Faith is the one thousand medieval years from 400 A.D. to 1400 A.D. It must be noted though that faith was not a uniquely medieval phenomenon as medieval pursuits were not purely geared towards faith only.
Saga of Times Past >> History & Anthropology
- Resurrection of the Higher Self
- In July of 1989, a controversial article crossed the managing editor's desk of an equally controversial magazine. This article was never actually published in the quarterly publication, then known as The Magical Blend , even though it was well documented by...
Body Mysteries >> Psychoactive Substances
- Egyptian Temples, part III: God's Home
- The cult temple in ancient Egypt was more than a place of worship. It was the home of the god, it was believed the deity took up residence in the building and used it more or less for all those various purposes as humans did. It was the place he was given...
Religions >> Egyptian
- What day are you born on?
- The day of the month on which the you were born - regardless of which month or year it is - is a key numerological indicator, providing an excellent "thumbnail sketch" of standout traits. It strongly influences your Life Path and is helpful in...
Symbology >> Numerology
- Hyperspace Reality
- Despite the fact that the 'new' physics, a godchild of the Einsteinian revolution has taught us that the Universe we perceive is a mere shadow of a vastly more unpredictable one, most of us still view the world in a distinctly materialistic way. A world where...
Modern Science >> New Physics
Berkeley Db Architecture is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, Berkeley Db Architecture books and related discussion.
Suggested News Resources
- Big data developers' hallelujah moment for distributed storage
- Conceived only three years ago, Alluxio has been adopted by many large companies and is the storage layer of AMPLab's Berkeley Data Analytics Stack (BDAS). ... Alluxio is basically a virtual distributed storage system with a memory-centric architecture.
- Spark Streaming update to address growing torrent of big data
- Amid the buzz at Spark Summit East 2016 in New York was word that the Spark data processing engine's stream processing architecture will be overhauled in the upcoming version 2.0 of the open source software. ...
- Former World-Herald Publisher Harold Andersen dies at 92
- Harold W. Andersen, a long-ago Omaha paperboy who rose from carrier to reporter to publisher of one of the nation's largest employee-owned newspapers, has died at 92. "Andy," son of a postal superintendent and a schoolteacher in northeast Omaha's ...
- Udacity Students Come to Silicon Valley
- "Based on the data we have so far, we believe that we can pretty much place anybody in the United States who is looking for a job into a job," he said. Thrun focused much of his talk on opportunities in Silicon Valley.
- Fire destroys downtown Berkeley restaurant
- 22, the Berkeley Fire Department had not concluded its investigation into the Mandarin Garden fire.
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text:
About the Book
If the ocean could write, the beaches would be its library.
Features & Details
- Category Fine Art Photography
Standard Landscape, 10×8 in, 25×20 cm
50 Pages
- Publish Date Mar 21, 2010
- Tags pacific northwest, pacific ocean, Zeb Andrews, fine art, North America, sand, oregon, beach, coast, landscape, patterns, photography, toned, b&w, film, abstract
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text:
Carr, who scored his first career Springfield Mile victory on Memorial Day Weekend in 1995 and then backed that up with victories at the Labor Day Weekend Grand National in 1998 and the non-points-paying $100,000 Hall of Fame Race a year later, joined the lead pack, which contained Jay Springsteen and Rich King, late in the 25-lap Grand National and then played it cagey to get into position for the winning move. King finished second, with Springer third, while defending AMA Grand National Champion Joe Kopp was fourth. Kopp's Corbin/H-D of Missouri teammate, Kenny Coolbeth, rounded out the top five. Here is the finishing order of the Grand National main event.
GRAND NATIONAL (25 laps; 18 riders): 1. Chris Carr (H-D); 2. Rich King (H-D); 3. Jay Springsteen (H-D0; 4. Joe Kopp (H-D); 5. Kenny Coolbeth (H-D); 6. Mike Hacker (H-D); 7. Shaun Russell (H-D); 8. Willie McCoy (H-D); 9. Kevin Varnes (H-D); 10. Terry Poovey (Hon); 11. Johnny Murphree (H-D); 12. Bryan Bigelow (H-D); 13. Jess Roeder (H-D); 14. Geo Roeder II (H-D); 15. Kevin Atherton (H-D); 16. Nicky Hayden (H-D); 17. Steve Beattie (H-D); 18. Will Davis (H-D).
Time: 14 min., 42.247 sec.


text:
With Instructables you can share what you make with the world, and tap into an ever-growing community of creative experts.
Hello everyone, This instructable will tell you how to make a voltage multiplier! So, lets get started :) Here is some info about voltage multipliers if you ...
I am not responsible If you get hurt/die from accidentally touching or coming into contact with the HV output! Proceed to the next step to start building!
Making this will be kind of hard since some breadboards are different so I drew a schematic of what we are making. 3 Stage Half-Wave Voltage Multiplier!
try to follow the pictures the best you can, I took so many pictures so that I could explain in the photo instead of words because it will ...
Now we are going to prepare the wall wart. Make sure you know which wire is HOT and the other is NEUTRAL first!!! Strip about a half inch ...
The easiest thing to do is look at the pictures... I detailed them the best I could. connect the alligator clip ends to the AC input (the Wall ...
Thank you for reading My instructable!! If you have any comments or suggestions the feel free to post! If you need help you can post it here or ...
My Voltage Multiplierby Mudbud
The Ultimate Electric Man Deviceby MrSirLRD
Variable Cheap High Voltage Power Supplyby rwilsford07
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text:
Walking trail
Hafod y Llan walk, Craflwyn
It also takes in the impressive tumbling Cwm Llan waterfall, and allows you to see the Welsh Black Cattle that are creating more diverse vegetation on the slopes of Bylchau Terfyn.
Bethania car park, Watkin Path, grid ref: SH627506
From the Bethania car park (just off the A498) join the Watkin Path. Head up through the oak woodland towards Cwm Llan.
Cwm Llan
The Watkin Path rises up to Cwm Llan, with Clogwyn Brith to the left. The path was created by Sir Edward Watkin in 1892 and is one of six routes up to Mount Snowdon. It attracts 50,000 walkers each year.
Once out of the oak woodland, stick to the gravel path until you reach a waymarker which directs you south-west along a path towards Bylchau Terfyn.
Continue along the path until you reach a wall. Climb over the stile which brings you into Bylchau Terfyn.
Welsh Black cattle on Bylchau Terfyn
Welsh Black cattle graze these slopes of Bylchau Terfyn. Cattle graze less selectively than sheep and keep the aggressive grasses such as purple moor grass and matgrass under control. This in turn helps to increase biodiversity on the land. .
Follow the way-marked route through this quiet valley. The walk takes you over another wall within 0.75 miles (1.2km). Once over this wall, head through the heather to the highest point of the walk.
Cwm Llan House
Cwm Llan House is one of many ruined buildings in this valley which we are doing our utmost to consolidate. These structures give a glimpse into the past land use and farming methods.
As you walk downhill you emerge on an old cart track. Continue along the track until you reach a stile. Once over the stile turn immediately to the right towards the river. Cross the river taking care over the stepping stones until you reach another stile.
Once over the stile follow the waymarked route which leads you down to Craflwyn Hall and the end of the walk.
Craflwyn Hall, grid ref: SH602492
You made it
Following this trail on mobile or tablet? Share your experience.


text:
Through a Challenge Grant from the Glendale Education Foundation, Mrs. Westrick brought in a guest from the Children's Museum of Pittsburgh to give a performance about recycling and music for grades K-2.
The students at Glendale Elementary are pictured with musical instruments they made from everyday objects that are normally thrown away.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Can't find that elusive part using the search and browse tools above? Click Here for a huge selection of items we can special order for you.
It's back! This early 90's stalwart has been updated with new materials, a new tread pattern, and new technology. The new version of Specialized's Ground Control 2Bliss Tire is a confident-cornering tread that excels in a variety of conditions. Specialized used finite element analysis to optimize the side knobs for grip, create a fast-rolling center section, and provide great braking control.
|Manufacturer's Part Number
|Store SKU
|26 x 1.9
|26 x 2.1
|26 x 2.3
Displaying reviews 1-5
I've been riding with the Ground Control both front and back for 4 months, they perform great on all sorts of terrain. When the conditions are dry and/or hot, the traction is great. They take on roots, rocks, sand, pavement, anything you can think off, so don't be afraid to push the psi number higher in these conditions. Ground Control also performs good on wet terrain, up and downhill are not an issue in slightly muddy terrain, but you will slip in more extreme conditions, it's "controllable", but if mud is all you do, choose some other tires, perhaps something like the Storm Control. So, extreme muddy and slippery conditions are the limit, apart from that, they are great XC tires.
These tires came with my Carve and they have been okay. I will probably go with the S Works Ground Control for the. They do well on all types of terrain. The side wall took a nasty little gash though. I run tubes in my tires at this moment. I grew up with tubes, so it will be hard to try new. They do grip the ground reallly well. I have alot of faith in these tires. I like them better than the Fast Trak tires.
Running them front and rear on single speed hardtail for a while, fast rolling for their size and tread pattern. I like them for climbing traction, maybe a little washy in front but predictable with a roundish profile. Just replaced a heavier rear tire with 2.1 GC on new all mountain 29er and noticed less rolling resistance while still having plenty traction. All with tubes. Gonna try them tubeless and see if sidewalls hold up but overall a fine tire. Less costly than many competitors too.
Quite happy with these tires. They came stock on my Carve Expert. Running with tubes at 32psi rear and 30 psi front. I commute daily over mixed trails, rocky and rooty single track, gravel roads, and paved bike paths. The tires do well in nearly all conditions on nearly all terrains. The only time that they have not inspired confidence is over wet roots perpendicular to the trail, deep very wet mud on uphills and deep loose sand. I have not had issues with punctures even though I am sure I've ridden over plenty of blackberry bushes.
I got this tire with my carve ss and I set it up tubeless with the stock rims from my carve. I like the traction of this tires but the sidewalls are weeping the sealant. Two scoops of stans lasted only 3 months and Im not happy about it. It loses air very often. I refill the sealant for the second time and it still weeping the sealant overnight. I brought it to my bike shop and they told me that the tire dont seat right but that is not the problem. It oozes the sealant on the sidewall and the bikeshop just sprayed a rubber sealer or somethin and they say it holds air now. But that didnt solve the problem because everytime Im going for a ride there are numerous amount of weep marks on the sidewall.
Displaying reviews 1-5
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Salem Regional Medical Center
Brodie Alan Boyd, born June 22, to Richard and Melissa Boyd, 4611 state Route 164, Leetonia.
Brodie weighed 8 pounds and 7 ounces. He joins a sister, Allie Boyd, 3.
Maternal grandparents are Alan and Evelyn Loze of Middlefield.
Paternal grandparents are Kenneth and Betty Boyd of Lisbon.
Great-grandparents are Max and Irene Loze of Monroe, Evelyn Shrock of Middlefield and Arthur Rudebock of Lisbon.
Out of town
Son, Reid William Linder, born June 11 at Ohio State University Wexner Medical Center, to Jared and Shannon Linder of Columbus.
Reid weighed 8 pounds and 14 ounces and was 22 and a half inches long.
Grandparents are Wayne and Denise McDevitt of Lisbon and Gayla Linder of Salem.
Maternal great-grandmother is Donna Webber of Lisbon.
Out of town
Daughter, Kendall Alexandra Lane, born June 16 at Sharon Regional Health System, to Jamie L. Flaherty and Travis A. Lane of Burghill.
Kendall weighed 7 pounds and 8 ounces and was 19 and a half inches long. She joins a brother, Noah A. Flaherty, 12.
Maternal grandparents are Dennis and Joyce Flaherty of Sharpsville, Pa.
Paternal grandparents are Dennis and Darlene Lane of Beloit.
Out of town
Son, Giovanni Alexander Birch, born March 14 at Trinity West Hospital, to Seth and Brooke Birch of East Liverpool.
Giovanni weighed 10 pounds 3 ounces and was 23 inches long. He joins siblings, Alexa and Nicholas Aldrich and Nathaniel Birch.
Grandparents are Jacob and Candace Nicholson of Wellsville and Michael and Antoinette Birch of East Liverpool.
Great-grandparents are Harold and Sally Nicholson and Robert Wells, all of East Liverpool.


text:
Airport design software supports pavement design and pay reductions for airport pavement projects. Available software include FAARFIELD, COMFAA, COMPSYS, and other programs.
Question about Design Software?
(select links in this column to access software)
|FAARFIELD 1.305 became the FAA standard for airfield pavement design upon publication of AC 150/5320-6E, which required the use of the FAARFIELD program.
|COMFAA 3.0 (Updated 8/14/2014)
|COMFAA 3.0, as introduced in version B of AC 150/5335-5, is the recommended method to determine airport runway, taxiway, and apron pavement strength with the Aircraft Classification Number - Pavement Classification Number (ACN-PCN) method. The software is capable of calculating Aircraft Classifications Numbers in accordance with the International Civil Aviation Organization (ICAO) procedure.
|August 2011
Previous versions of airport pavement design software
|PWL Spreadsheets
(select links in this column to access spreadsheets)
|Asphaltic Concrete Payment Adjustments for Densities and Air Voids, Item P-401 (XLSM)
|The pay equations in this spreadsheet are consistent with the percent within limits (PWL) pay adjustments as published in AC 150/5370-10G, Item P401; for previous versions of item P401, verify that appropriate Upper and Lower Limits are being utilized.
|Updated 9/13/2016
|Asphaltic Concrete - Payment Adjustment for Densities and Air Voids, Item P-401 (XLSM)
|The pay equations in this spreadsheet are consistent with the percent within specification limits (PWL) based pay adjusments in Item P-401 as published in versions B and higher of AC 150/5370-10 but are not valid for previous versions of Item P-401.
|Updated 9/13/2016
|Asphaltic Concrete - Payment Adjustment for Densities and Air Voids, Item P-401SP (MS Excel)
|This spreadsheet is consistent with Item P-401SP as published in Engineering Brief #59A.
|Updated 3/30/2007
|PCC Pavement - Payment Factor for Strength and Thickness, Item P-501 (MS Excel)
The pay equations in this spreadsheet are valid for versions of Item P-501 published in versions C and higher of AC 150/5370-10.
*Update fixes spreadsheet error that occurred when number of lots exceeded 102.
|Updated 10/30/2009*
(select links in this column to access software)
|3D Airspace Analysis Program (3DAAP)
|Version 5.0
|Backcalculation Software (BAKFAA)
|For backcalculating FWD data and computing airport pavement load responses by layered elastic analysis. Use with AC 150/5370-11, Use of Nondestructive Testing Devices in the Evaluation of Airport Pavements. Version 2.0.
|COMPSYS 21 Geodetic Calculations
|Windows-based software includes calculations for Forward, Inverse, Segment/Segment, Bearing/Bearing, Segment Distance, Circle Bearing, Circle/Circle, Segment Bearing, and Airport Reference Point.
|Geodetic Calculator (ZIP)
|Updated version of GEO83.
|Runway Friction Data Evaluation Program (ZIP)
|New Version 4.1A
(select links in this column to access software)
|FAA Airport Technology R&D Branch Software
|Airport Pavement Roughness Criteria


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f0n3r's Feedback
This is where feedback goes. Thought I had one of these, but that must've been for PbN.
I highly doubt this will ever happen but if you're considering posting negative feedback I ask that you please PM or call me and we'll get it sorted out.
Got The Deuce....shipped fast, packaged well, great guy to deal with!
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text:
Socket Adapter Set, 1/4, 3/8, 1/2" Fem Sq
- Item# 12D247
- Mfr. Model# 4518
- Catalog Page# N/A
Using 360° Viewing:
- Rotate: Use top-to-bottom, side-to-side by use of mouse arrow.
- Zoom In: Double click on image.
- Zoom Out/Reset: Put photo at full zoom & then double click.
- Shipping Weight 1.2 lbs.
Technical Specs
- Item Socket Adapter Set
- Drive Size 1/4", 3/8", 1/2"
- Drive Type Female Square
- Output Drive Size 1/4", 3/8", 1/2", 3/4"
- Output Drive Type Male Square
- Locking No
- Number of Pieces 8
- Finish Chrome
- Features Corrosion Resistant, Sure Grip Rail, Ball Detent Feature
- Includes Universal Chrome Adapters: 1/4, 3/8, 1/2" Drives, Chrome Adapters: 1/4" Female x 3/8" Male, 3/8" Female x 1/4" Male, 3/8" Female x 1/2" Male, 1/2" Female x 3/8" Male, 1/2" Female x 3/4" Male, Sure Grip Plastic Socket Rail
Compliance and Restrictions
Alternate Search Terms
Socket Adapters (239)
Ratchet Adapters (22)
Customer Reviews
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This instant download include two file: One is 100% editable PNG format, second, JPG format. Created RGB (web-safe)color settings. Size: 1008 px X 360 px. Resolution 72 px/inch (changeble).
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text: When you stay at La Posada Plaza Pucón in Pucon, you'll be near the airport and minutes from La Poza and Museo Mapuche Pucon. This ski hotel is within close proximity of Pucon Beach and Santa Clara Monastery. Make yourself at home in one of the 25 guestrooms. Complimentary wireless Internet access is available to keep you connected. Private bathrooms have deep soaking bathtubs and rainfall showerheads. Conveniences include phones and safes, and housekeeping is provided daily. Take in the views from a garden and make use of amenities such as complimentary wireless Internet access and tour/ticket assistance. Grab a bite to eat at the hotel's restaurant, which features a bar, or stay in and take advantage of room service (during limited hours). Quench your thirst with your favorite drink at a bar/lounge. A complimentary buffet breakfast is served daily. Featured amenities include a 24-hour front desk and a safe deposit box at the front desk. Free self parking is available onsite. The recreational activities listed below are available either on site or nearby, fees may apply.


text:
Facts vs. Fluff
Public radio listeners have a vigilant curiosity about the world. Their desire to learn is what draws them to us. But in our Sense of Place study, we often heard listeners say they didn't learn anything from the local program examples we played. They want programming rich in facts and data not "fluff" such as generalities, conjecture, opinion or pitches to our emotions.
Avoid using soft, undocumented terms like "too many", "a lot", "large numbers" and "most." Provide listeners with a "fact-based case statement" – concise, compelling data that enhances understanding of an issue and verifies that what is being said is true.
Ask what factual information or hard data will provide new insights or understanding on the topic. Here's an example of a host intro that drew almost uniform listener praise from our "Sense of Place" study listeners for its use of data to quickly frame the topic: Should North Carolina Raise the Minimum Wage?
The minimum wage in North Carolina hasn't gone up in nine years. Cost of living has gone up 20 percent since then. Gas prices have doubled. Across the country there's been a push to raise the minimum wage. The effort appears stalled at the federal level but at least 17 states and the District of Columbia have established higher minimums on their own. State Treasurer Richard Moore would like North Carolina to join them. Moore is calling for an increase of at least a dollar an hour which would bring the minimum wage in this state to $6 and 15 cents an hour. So how does North Carolina stack up to other states when it comes to wages? Who really benefits from minimum wage hikes? Joining us to talk about that is State Treasurer Richard Moore.