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Nutritional Information
Calories 262
Caloriesfromfat 25 %
Fat 7.2 g
Satfat 1.6 g
Monofat 3.2 g
Polyfat 1.3 g
Protein 8.8 g
Carbohydrate 9.3 g
Fiber 1.3 g
Cholesterol 1 mg
Iron 3.2 mg
Sodium 782 mg
Calcium 150 mg
1 (12-ounce) can refrigerated buttermilk biscuits
2 tablespoons rubbed sage
1 teaspoon poultry seasoning
1/4 to 1/2 teaspoon pepper
1 teaspoon margarine
Cooking spray
1 cup chopped celery
1 cup chopped onion
4 (10 1/2-ounce) cans low-salt chicken broth
2 large egg whites, lightly beaten
Crumble Speckled Corn Bread; set aside. Bake biscuits according to package directions; let cool. Tear 8 of the biscuits into small pieces; reserve remaining 2 for another use. Combine crumbled corn bread, torn biscuits, sage, poultry seasoning, and pepper in a large bowl; set aside.
Preheat oven to 350°.
Melt margarine over medium-high heat in a medium nonstick skillet coated with cooking spray. Sauté celery and onion 8 minutes or until tender. Let cool slightly. Add vegetable mixture to dressing mixture, and gently stir in broth and egg whites. Spoon mixture into a 13 x 9-inch baking dish coated with cooking spray. Bake at 350° for 55 minutes.
November 1996


text:
Free Legal Advice Available From 'Ask A Lawyer' ProgramLooking for legal advice but don't know where to turn? Massachusetts residents can get free legal advice thanks to WBZ NewsRadio's Call for Action and the Massachusetts Bar Association.
Want Your Customer Complaint Heard? It's Easier Than EverWith technology evolving by the day, having your complaints heard is easier than ever.
Call For Action

subset: commoncrawl


text:
For the past month I have been using and abusing SOTI Pocket Controller-Pro for BlackBerry and I have yet to be disappointed. The capabilities of this application seem to be endless and it is hard to find a place to start.
One thing I will start off with is the capability of using your Keyboard and Mouse to interact with your BlackBerry while on your desktop screen. (Yes, BBM from your Desktop is pretty cool and handy). The main reason I demoed the application ( FREE Trial available) was to record videos of themes and apps that I was using on my BlackBerry to use in my posts. Many options are available just for recording such as frame rate, screen size, Skins and background options. Open up photos on your BlackBerry and record the screen as you scroll through your pictures, then simply upload your video to YouTube for a great photo album video.
What I have already talked about makes the cost of the application, for me anyway, a no brainer, (Under $40.00) but I honestly did not even put a dent into everything SOTI Pocket Controller-Pro for BlackBerry has to offer. What if you could automatically or manually synchronize your data files (e.g. pictures, video files, documents, etc.) between your PC and mobile device or use SOTI Pocket Controller-Pro for BlackBerry along with web-conferencing to deliver training sessions to remote mobile users while using the enhanced drawing tool to bring attention to a specific spot on your device screen or to illustrate a specific concept.
Want More?
- You can view detailed information and monitor all your Service Books.
- Browse the file system of your mobile device as well as the file system of your desktop computer.
- Search for files or folders on your mobile device.
- View detailed information about all running applications and processes.
- and much more.
Demo Recording of DrugLord Rules 2
For all the available features and purchasing information visit SOTI by going Here.


text:
Related quotes
"You say, "The sky is the limit." I say, "The sky is the MINIMUM." Why set limits, and settle yourself short? Always keep progressing, and never get so comfortable that you are idle."
"One shall forbid a doubt in an event, for one shall not be please when it doesn't turn out the way one wanted it to be."
"I swam in deep water, met death in the sea, made it to dangerous grounds on the belly of the beast, call it a beautiful Struggle but is worth it?"


text:
Sandusky License Agency- BMV - Map, Hours, Contact
Sandusky License Agency- BMV Contact Information
Sandusky License Agency- BMV Address
Sandusky License Agency- BMV Hours
Online Services Available - GuideSponsored Ads
Sandusky License Agency- BMV Holidays
All state and federal holidays.
Hi, it's 3:38 pm 03/27/12. I
Hi, it's 3:38 pm 03/27/12. I just came from the Sandusky Office. A lady walked in before me. So there was 2 people in line counting me. The white female blonde clerk in the center of the counter was finished with her client (had tags in her hand) and chatting laughing and seemed to be enjoying herself with her new found friend.. The black lady clerk on the right of her..(if your facing the counter from lobby).. asked if she could help the woman in front of me. I was still waiting while blondie kept chatting...This goes on unitl the the black clerk asked me, "can I help you." I said, "yes thank you very much, I guess some people would rather chat than do their job."..She politely apologized for the blonde's behavior and took care of me. By the time I was done with my transaction, blondie finally finished social encounter with her new friend.. I don't mind waiting, if the place was crowded and all clerks where busy...but that wasn't the case. Hopefully things will improve in this office, there should have been a manager on duty and never had let this incident happen..Unless management and blondie are friends. Hence the lack of discipline shown at the time.


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Lie to Me: Do You Do It?
Yea, I do it. So what of it??
|Image courtesy of http://insidepulse.com
CLICK HERE to sign up for the free weekly Multiple Mayhem Mamma newsletter!
Yea, I do it. So what of it??
|Image courtesy of http://insidepulse.com
CLICK HERE to sign up for the free weekly Multiple Mayhem Mamma newsletter!
I'm the mother of 5,000 kids. I drink coffee and wine in equal proportions.
People who say they never lie to their kids are liars. 😉
@Holly Ann
So true, Holly – so true!!
It is refreshing to read some commonsense from a real mother and not this nonsense from the so-called "experts". As mothers it is our job to help our children feel secure about themselves so that when the world DOES throw harsh realities at them they don't fall apart. We are their safe zone. I don't call them lies, I call them confidence builders so that we are able to send out into the world well functioning human beings, capable of dealing with whatever life throws at them.
Another thought-provoking post!
Rachel 🙂
@Rachel Howells Thanks so much for your kind words, Rachel.
I agree- our role as parents means that we provide a safe place for our kids to fall…as well as building them up in the name of providing them the tools to grow their self-confidence and self-esteem. To this end, I think it's important to sometimes tell these "white lies" as they do more good than bad, in my opinion. Life is harsh enough – why make it more difficult for them unnecessarily?
Thanks for your comment 🙂
Hi, I am guilty of telling 'half-truths' to my kids. Like when they ask me if there is any chocolate in the cupboard I say no (knowing damn well there's a king size Mars bar in there with my name on it). As parents, we can't tell the truth 100% of the time, it's impossible. I also tell my kids that I have eyes in the back of my head, and see everything, and that scares the hell out of them and I don't care that it's not the truth. Put it this way, no kid will ever be emotionally scarred from some white lies that their parents have told them. For example, when was the last time you heard an adult telling their therapist 'my parents lied to me about Santa Claus and the Easter Bunny- that's why I'm so screwed up now'? People really need to chill. There are more important things to worry about out there 🙂
@Make Mommy Chic
HI Sharon, I'm totally with you on this one. I don't know how a person could get through parenthood without telling a number of little white lies. If you don't then THAT'S when your kid will be scarred for life, hands down! I have no apologies about doing what's best for my childrens' self esteem and if it's a bad thing according to the "experts," oh, well!
Hi Sam!! How are you?
Well, I try not to as much as possible but there are times it's just easier to tell a white lie.
Something like if you don't brush your teeth rats will go to you while you sleep (this was used on me when I was young, haha).
But for me, if I can give something truthful, I do. Which is why I didn't make Santa a big deal 🙂 Nice post!
Hi Anne! Thanks for your comment 🙂
I agree – sometimes there's no choice but to lie to your kids…little white lies, of course. Now rats getting at you while you sleep – that's a bit scary, to say the least! I'm sure this threat instilled the importance of brushing your teeth at night when you were a child, didn't it? 😉 It's always a fine balance, though what we tell our kids should tip on the side of truthfulness. Of course there are cases where a bit of a fib is necessary, especially when the kids are small.
Oh you bet! It freaked me out A LOT when I was young but I did brush my teeth religiously. I try not to use it on my boy though because the few times I did, he REALLY freaked out 🙂 But I get ya. It really helps sometimes 🙂
I guess it worked but probably gave you a lifelong scare and fear of rodents, non?


text:
Deep Southampton end of tenancy cleaning is from now on our responsibility
If the end of your lease approaches, one thing is guaranteed - you must perform deep Southampton end of tenancy cleaning. This procedure is time-consuming and very exhausting, because it comprises all the premises of the rented property. If only the thought of comprehensive Southampton end of tenancy cleaning makes you desperate and anxious, then this information is exactly for you. From now on, leave the deep Southampton end of tenancy cleaning to our experts! They will come to your tenement and they will erase all the traces from your presence. Our trained Southampton end of tenancy cleaners will follow a preliminary checklist with tasks. Every single Southampton end of tenancy cleaning chore will be accomplished with excellence and diligence.
Don't waste your money on toxic detergents, because you may breathe toxic fumes and you may damage the home details! Rely on our Southampton end of tenancy cleaners! They are well-trained, insured and vetted and they always achieve spotless finish. The best part of the Southampton end of tenancy cleaning service is that it's guaranteed within 48 hours. So, in case the landlord is not satisfied, just call our expert Southampton end of tenancy cleaners within this period and they will repeat the procedure absolutely free of charge.
Call us on 023 8015 8700 and get yourself a free quote! Hurry up and don't wait till the the last minute! Our experienced Southampton end of tenancy cleaning company guarantees magnificent final results. You can also use the free of charge online booking form if you wish.
Be smart and get your tenancy deposit back without any efforts!
It's time to prove, that you are responsible and provident tenant by ordering our specially tailored Southampton end of tenancy cleaning service. Now it's not the time to take risks, because you may lose your rental deposit. Don't forget, that this is your money and you need it. Here is what you get if you trust our trained Southampton end of tenancy cleaners:
- Every single room of the property will be sanitised by our diligent Southampton end of tenancy cleaners. The floors will be mopped, carpets and rugs will be vacuum cleaned by our insured and vetted Southampton end of tenancy cleaners. Windows will be wiped from the inside.
- Our skillful Southampton end of tenancy cleaners will pay special attention on toilets and bathrooms. Usually landlords examine carefully these high-risk premises. Thanks to our skillful Southampton end of tenancy cleaners, there willbe no trace from limescale, mould, stains and cobwebs. Strong, but harmless detergents will be used in the Southampton end of tenancy cleaning session.
- Our professional Southampton end of tenancy cleaning service is also flexible and affordable. Just empty the tenement and invite our Southampton end of tenancy cleaners to do all the tidying up and disinfecting!
There is no place for doubts if the end of your lease agreement is really close. You deserve smooth and hassle-free removal and our experienced Southampton end of tenancy cleaning company will provide it for you.
Reach us on 023 8015 8700 and schedule your Southampton end of tenancy cleaning appointment! It's so easy when you trust us!
If you plan a special event or you need to clean afterwards, request our professional One Off Cleaning!
How to book?
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- Highcliffe SO23
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- St Cross SO23


text:
CollegeFuckParties - Dazzy Pink, Carol, Alsa, Melanie - The Dirtiest College Sex Party Part 3, 4 [SD]
Guys also wanna boast their skills at pussy eating, they make the hot college girls moan and groan and come hard. Then it's time for a crazy college orgy, and it's some sexy mess, with everyone fucking on a small bed. Sometimes it's hard to tell who fucks whom, it's just all naked bodies, arms, legs, tits and cocks. Hmm, these student sex friends are really close, I can tell that :) After this hot fucking everyone needs a brake, it's time to get together for a drink and some snacks. But soon everyone's naked again, and ready for hot student fucking
Original Name: The Dirtiest College Sex Party Part 3, 4
Starring: Dazzy Pink, Carol, Alsa, Melanie
Studio: CollegeFuckParties
Genre: Teen, Group, All Sex, Amateur, Facial, Students, Blowjob, Cumshots, Slender, Shaved, Blonde, Brunette, Natural Tits
Duration: 51 min. + 63 min.
Quality: SD
Format: AVI
Video: 768 x 576, 926 kbps
Audio: MP3, 44100Hz, 128 kb/s, Stereo
Size: 849 Mb
Download from NitroFlare.com
Download from Uploaded.net
Download from Upstore.net
Dear visitor, you called on a site as a unregistered user. We recommend you to be registered or enter on a site under the name.
5-12-2014, 21:17Viewing:220Comments: 0


text:
Hotels in Hurghada
Average price per hotel night and category at Hurghada for the following weeks
|2 hotel
|3 hotel
|4 hotel
|5 hotel
|16/1/17 - 22/1/17
|2 hotel $21
|3 hotel $19
|4 hotel $47
|5 hotel $56
|23/1/17 - 29/1/17
|2 hotel $20
|3 hotel $22
|4 hotel $60
|5 hotel $72
|30/1/17 - 5/2/17
|2 hotel $19
|3 hotel $20
|4 hotel $63
|5 hotel $82
|6/2/17 - 12/2/17
|2 hotel $20
|3 hotel $20
|4 hotel $46
|5 hotel $56
- Approximate price: Cheapest | Luxury
- Stars: 1 star | 5 stars
- First name: A-z | Z-a
- Central: More central | Less central
- Services: More services
- User evaluation: Best rated
- BestSelling: Best-selling
Paradise Golden 5 City
Safaga Road, Red Sea, Hurghada, Egypt
Paradise Golden 5 City
Hurghada, 18.4 km from the city centre. Safaga Road, Red Sea see on map
With a stay at Golden 5 Paradise Resort in Hurghada (Village Road), you'll be within the region of Makadi Water World and New Marina....
from $23
Approximate price
Titanic Palace & Aqua Park Hrg
Safaga Rd, Red Sea Al Bahr al Ahmar, Hurghada, Egypt
Titanic Palace & Aqua Park Hrg
Hurghada, 19 km from the city centre. Safaga Rd, Red Sea Al Bahr al Ahmar see on map
Titanic PALACE is located on the amazing sandy shores of the Red Sea, offering its guests a wide variety of fabulous activities...
Harmony Makadi Bay
Makadi Bay,P.O Box,642 , Hurghada, Egypt
Harmony Makadi Bay
Hurghada, 29.9 km from the city centre. Makadi Bay,P.O Box,642 see on map
The hotel and resort was built in 2006 and is an ideal place for a relaxing holiday. The meeting and conference facilities also make it a...
from $29
Approximate price
Emerald Hotel & Beach Resort
Safaga Road, Hurghada, Egypt
Emerald Hotel & Beach Resort
Safaga Road see on map
Located in Hurghada (Village Road), Golden 5 Emerald Resort is within the region of Makadi Water World and New Marina. This all-inclusive...
Mercure Hurghada
Safaga Road km 12, 0 Hurghada, Egypt
Mercure Hurghada
Hurghada, 14 km from the city centre. Safaga Road km 12 see on map
Mercure Hurghada is the perfect all inclusive holiday destination with its convenient location just 10 minutes from Hurghada airport and...
Hilton Hurghada Plaza
Gabal El Hareem Street, Hurghada, Egypt
Hilton Hurghada Plaza
Hurghada, 3.4 km from the city centre. Gabal El Hareem Street see on map
This hotel is just 15 minutes drive from Hurghada International Airport. It overlooks the Red Sea from its rooms, beach, water sports...
from $41
Approximate price
Sea Gull Beach Resort
Sheraton Road - Sakkala, Hurghada, Egypt
Sea Gull Beach Resort
Hurghada, 5.3 km from the city centre. Sheraton Road - Sakkala see on map
4 star deluxe situated in the heart of Hurghada directly on the blue water of the Red Sea with a spectacular view of the Red Sea islands...
Jungle Aqua Park Pickalbatros
Safaga Road P.O. BOX 606, 600 Hurghada, Egypt
Jungle Aqua Park Pickalbatros
Hurghada, 18.6 km from the city centre. Safaga Road P.O. BOX 606 see on map
Jungle Park Hurghada offers all the comforts of a charming Red Sea resort with a unique combination of casual elegance and...
Three Corners Royal Star Beach
Cornische Street, Hurghada Egypt 2, 84511 Hurghada, Egypt
Three Corners Royal Star Beach
Hurghada, 1.1 km from the city centre. Cornische Street, Hurghada Egypt 2 see on map
We would like to enthusiastically welcome you to the Three Corners Royal Star Beach Resort. Make yourself at home You will not have to...from $36
Approximate price
Sindbad Aqua Hotel & Spa
Village Road, Hurghada, Egypt
Sindbad Aqua Hotel & Spa
Hurghada, 7.7 km from the city centre. Village Road see on map
With a stay at Sindbad Club Aqua hotel & SPA in Hurghada (Village Road), you'll be within the vicinity of Hurghada Mosque and Hurghada...
Visit HurghadaEnjoy your stay in Hurghada. Make your visit to Hurghada an unforgettable experience by staying in the hotel you deserve. Still don´t know where to stay? At Destinia we offer you a wide variety of hotels in Hurghada, Egypt, so you can choose the one that´s right for you, depending on your expectations and your budget. There are numerous hotels in Hurghada that are ideal for a business trip, a family holiday, a weekend getaway or an outing with friends in Hurghada. No matter the reason for your trip, at Destinia, you´ll find the greatest variety of hotels and hostels, always at the best prices, guaranteed. Are you looking for a deluxe hotel in Hurghada city centre with a spa, Internet access or a pool? Perhaps a hotel that accepts pets or that has a child-care centre? We have that, too. Why not give our hotel finder a try? It´s quick, simple and the most effective way to find the best lodging in this part of Egypt. Whether you need a single-occupancy room, double-occupancy room or even a suite, with Destinia´s search engine, you´ll always find the best deals, so all you´ll have to worry about is packing your bags and enjoying your trip to Hurghada.
Points of Interest in Hurghada
In Hurghada we will have overcast clouds, soft attire is recommended as the temperatures will be warm throughout the day.
- Thursday
- Friday
- Saturday
Top Hotel Deals
Middle East - North Africa
Beach Hotels
- Salou
- Benidorm
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- Isla Cristina
- El Puerto de Santa Maria
- Las Palmas de Gran Canaria
- Corralejo


text:
NATO Defense Ministers to Discuss Russia in Brussels Meeting
Defense Ministers from NATO countries are to meet in Brussels to work on a response to Russia's actions regarding the Ukraine crisis.
The alliance is to analyze the long-term security implications of Russia's actions and could draft measures to be put forward at September's NATO leaders summit in the UK.
"Fundamental decisions" regarding Russia are to be taken at the meeting according to a senior NATO official quote by the BBC.
Preparation for the UK meeting itself will also be on the agenda.
NATO and Russia held talks this week despite tensions which have been heightening since the Maidan events and latest developments in Ukraine.
A NATO-Russia Council meeting was held Monday at an ambassadorial level, but participants made no breakthrough on any subject.
Alexander Grushko, Russia's Ambassador to NATO, even threatened that Moscow might withdraw from the Founding Act, the treaty setting a framework for cooperation under the Council.
He explained his country might be forced to do that by NATO's intentions to bolster defense at its eastern flank and added such developments "could cast Europe back to the days of the Cold War and launch an arms race."
- » US Tanks Start Arriving in Poland
- » Bulgaria's Govt Proposes Vice Admiral Eftimov for Temporary Chief of Defence
- » Bulgaria's FM Dismisses Syria Arms Trade Allegations
- » Prosecution Launches Probe over 'Bulgarian Arms in Aleppo'
- » Bulgarian Arms Found in Aleppo 'Raise Questions' - Russia
- » Russia Criticises USA-Poland Agreement on Purchase of Long-Range Missiles


text:
The Perfect Hotel – A Destination In Itself
Kensington features literally thousands of incredible hotels, lodges, palaces, luxury camps and properties within our portfolio and sometimes even the best get lost amongst the crowd. What type of Travel Company would we be if we didn't bring them to your attention? In order to prevent this from happening in the future, we'll share a selection of our favorite places to stay here on the Kensington Tour's Blog. Discover properties so enchanting you'd think they only exist in your dreams. Please respect that every traveler's taste is different and that the right hotel can be a destination in itself!Taj Lake Palace Travelers will feel as though they've been transported into an exotic fairytale as they cruise the green waters of Udaipur's Lake Pichola, set amongst the majestic backdrop of the Aravalli Mountains, towards a mystical white floating palace. In reality, the Taj Lake Palace resides on a four acre island, the sunlight reflecting off the water just plays surreal tricks with your eyes. This 250-year-old former palace is one of India's most photographed hotels. It was built of polished white marble in 1746 by Maharana Jagat Singh II, 62nd successor to the royal dynasty of Mewar and descendants of the Sun God – after watching the lake turn to gold at sunset this is a legend any traveler will believe! Look Forward To: Commencing your stay with a shower of rose petals, champagne spa, honeymoon surprises, suites with swings, floating picnics, mouth-watering cuisine & hauntingly beautiful live music.


text:
Horizon Technology Finance Corporation (NASDAQ:HRZN)
Q4 2013 Results Earnings Conference Call
March 12, 2014 09:00 AM ET
Megan Bacon - Marketing Support Manager
Rob Pomeroy - Chairman and CEO
Gerry Michaud - President
Chris Mathieu - Chief Financial Officer
Andrew Kerai - National Securities
Troy Ward - KBW
Chris York - JMP Securities
Fin O'Shea - Raymond James
Jon Bock - Wells Fargo Securities
Jim Young - West Family Investments
David Miyazaki - Confluence Investment
Good morning and welcome to Horizon Technology Finance's Fourth Quarter 2013 Conference Call. Today's call is being recorded. All lines have been placed on mute. We will conduct a question-and-answer session after the opening remarks; instructions will follow at that time.
I would now like to turn the call over Megan Bacon of Horizon Technology Finance for introductions and the reading of the Safe Harbor statement. Please go ahead.
Megan Bacon
Thank you, and welcome to the Horizon Technology Finance fourth quarter 2013 conference call. Representing the company today are Rob Pomeroy, Chairman and Chief Executive Officer; Gerry Michaud, President; and Chris Mathieu, Chief Financial Officer.
Before we begin, I would like to point out that Q4 press release is available on the company's website at www.horizontechnologyfinancecorp.com.
Now, I will read the following Safe Harbor statement. During this conference call, Horizon Technology Finance will make certain forward-looking statements including statements with regard to the future performance of the company. Words such as believes, expects, anticipates, intends, or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.
Certain factors could cause actual results to differ on material basis from those projected in these forward-looking statements. And some of these factors are detailed in the Risk Factor discussion in the company's filings with the Securities and Exchange Commission including the company's Form 10-K for the year ended December 31, 2013. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
At this time, I would like to turn the call over to Rob Pomeroy.
Rob Pomeroy
Good morning and thank you all for joining us. During the fourth quarter and full year 2013, Horizon delivered positive results by actively managing its existing portfolio and capitalizing on profitable liquidity events.
We are pleased to have achieved a strong overall yield on our loan investments which enabled our company to earn net investment income that has exceeded our dividend since implementing our current dividend policy in November 2012. We believe our dynamic venture portfolio positions Horizon well to continue to produce high current pay interest income and attractive fees, while maintaining the opportunity to realize significant warrant gains as we remain focused on providing stable dividends to shareholders.
Some highlights of our performance include net investment income was $3.4 million or $0.35 per share for the fourth quarter and $13.3 million or $1.38 per share for the full year. In the fourth quarter, we originated $19 million in new loans to 8 companies, bringing the total to 18 new companies added to our portfolio for the year. Total originations for the year were $88 million.
In the second half of 2013, we began to structure a majority of our new loans with floating rates. For the fourth quarter, 47% of new debt investments included floating rate adjustments and at year-end, 89% of our committed backlog was floating rate.
We ended 2013 with a venture loan portfolio at fair value of $221 million to 49 companies as well as warrants and equity with an aggregate fair value of $6 million in 73 portfolio companies. Of those 73 portfolio companies, 11 are public with an aggregate fair value of $2 million, providing the potential for near-term realization.
Our portfolio yield was 15.5% for the fourth quarter and 14.4% for the full year, underscoring the stability of the strong returns we achieved on our investment. This portfolio yield consists of double digit coupons, fees and end-of-term payments. Importantly, our full year portfolio yield of 14.4% compared favorably to 14.2% for the full year of 2012, and reflects the earnings stay in power of our venture loan portfolio in a year when interest rate compression had a negative impact on many BDCs.
During 2013, we also reduced our borrowing cost by completing our first investment grade term securitization for the fixed annual interest rate of 3%, and lowering the interest rate on a revolving credit facility from 4.25% to 4%.
We experience liquidity events from 4 portfolio companies in the fourth quarter and 11 portfolio companies for the full year. During the fourth quarter, one of our portfolio companies, Fiberlink Communications was acquired by IBM. In connection with this acquisition, Horizon received $400,000 success fee as well as an accelerated end-of-term payment and prepayment fees, resulting in a fully realized internal rate of return of 25.2%.
We also existed one of our medical device companies to Direct Flow Medical in the fourth quarter. Horizon received the prepayment fee and accelerated end-of-term payments resulting in an IRR on this investment of 17.8%, plus we continued to hold warrants in the company that could result in further upside. This is the case in many of our liquidity events where the loan is prepaid early, since our warrants have 7 to 10 years lives and typically survive the underlying loan providing the ability to augment total returns.
In addition, one of our warrant portfolio companies Revance Therapeutics successfully completed an IPO in January and raised approximately $110 million. At the time of their IPO, we exercised a put option within our warrant resulting in $720,000 in cash proceeds which was equal to the fair value we reported at year-end. We continue to hold additional warrants in Revance stock.
Given the significant improvement in the IPO market in the second half of 2013 and continuing into 2014, we believe the opportunity for liquidity events from our existing portfolio of 11 public company warrants has been considerably enhanced. In addition, we believe the opportunity exists for an increasing number of our private portfolio companies to complete an IPO or a positive M&A transaction in 2014 as compared to the last 2 years.
The fourth quarter of 2013 also presented some challenges for Horizon. During the quarter, we took fair value adjustments on 5 portfolio accounts, which reduced our net asset value. 4 of the 5 accounts are in the solar related cleantech sector. This sector in general has experienced challenges as a result of several issues that when combined, has led to a significant decrease in investment for solar related companies.
We stopped originating new business in solar and energy related technology companies approximately a year and a half ago. We will continue to leverage Horizon's extensive expertise in aggressively managing our venture loan portfolio to resolve these fluid accounts in a manner that maximizes recovery over the coming quarters.
To that end, we have settled one of our non-accrual accounts in this solar related cleantech sector. As recently announced by SolarBridge Technologies, it has recapitalized its business including new equity from existing investors and 2 new investors. As a result, we received a cash payment of $2.7 million which was applied to the loan balance. In addition, we received $2.3 million in preferred stock as part of the new equity realm, providing the potential for recovery and upside on our investment.
We will record a realized loss on this loan of $1.8 million in the quarter ending March 31st. We had previously fair valued this loan in $5 million as of December 31st and do not expect this loss to have an impact on NAV in the first quarter. The $2.7 million received in cash, will be reinvested over the next few quarters.
During the fourth quarter, we successfully settled our loan investment in ACT Biotech upon the sale of substantially all of the company's assets to a private VC-backed Biotech company. In connection with this transaction, we received a cash payment of $2.1 million that was applied to the loan balance of $3.9 million, as well as a right to receive up to $17 in contingent contractual success payments.
Although, we took a realized loss on this loan, which had been on non-accrual since Q4 2012, we believe this transaction has significant upside potential for recovery, including milestones that could be reached in the next 12 months to 24 months, resulting in additional fee income that could more than offset our realized loss. We are pleased with the positive disposition of this asset and now look forward to future upside potential.
As of December 31st, our loan portfolio had a weighted average credit rating of 3 where 3 is a standard credit on a 4 point scale with over 90% of the portfolio continuing to perform at or better than expected at the time of underwriting. Additionally, the historical performance of our investment portfolio since our inception in March 2008 remained strong with cumulative gains from the exercise of warrants offsetting realized losses.
Although we continue to benefit from rapid loan amortization schedules and early terminations that naturally delever our portfolio, Horizon ended the year with an overall debt to equity ratio above our target leverage of approximately 0.8 to 1.
Our success in delevering our portfolio during the fourth quarter was offset by the fair value adjustments I just mentioned, and our strategic decision to reinvest capital in attractively priced venture loan transactions and do a further repayment of our lower cost debt. As of December 31st, our asset coverage ratio was 211% or a GAAP debt to equity ratio of 94%. We expect to return to our target leverage over the next 6 months to 12 months by liquidating the assets from our non-accrual accounts over the coming quarters and redeploying the proceeds into earning assets. We also intend to build our portfolio by taking advantage of select high quality loan investments, while continuing to receive normal contractual loan payments and seeking opportunities to monetize our warrant portfolio.
In consideration of our performance in the fourth quarter and our outlook for the future, we declared monthly dividends totaling $0.345 per share payable during the second quarter of 2014, representing an annualized yield of 9.8% based on our NAV of $14.14 per share.
Since our IPO, we have now declared cumulative dividends of $5.27 per share. Our focus remains on producing net investment income that fully covers our dividends over the long-term. In that regard, our aggregate NII has exceeded cumulative dividend payment since the implementation of our current dividend policy in late 2012.
In addition as of December 31st, we had approximately $6.3 million or $0.66 per share in undistributed or spillover income for future payout consideration. Overall, 2013 was a positive year for Horizon in which we capitalized on the inherent earnings power of our dynamic venture loan portfolio. Management remains committed to generating attractive risk adjusted returns through a strong commitment to our venture lending strategy.
We believe Horizon's long improvement history as a pure play in venture lending cannot be easily replicated and explains why we are considered the lender of choice among leading VC and private equity firms. As a result, we continue to see a steady stream of high quality deal flow from top tier equity sponsors. And we'll continue to differentiate Horizon's exclusive and long standing commitment to the venture debt market for the benefit of our shareholders.
Chris will provide details of our financial performance and portfolio, but first Gerry will provide an overview of the market.
Gerry Michaud
Thank you, Rob. And good morning, everyone. In the fourth quarter of 2013 and to-date in 2014, our advisor originated approximately $62 million in new loan investments of which we funded approximately $34 million and partnered with other lenders for the remaining $28 million. These sizable deal originations are directly related to the strength of our dedicated venture lending platform and reflect positive demand for our debt products through the end of 2013 and the onset of 2014.
In the fourth quarter, we funded 8 portfolio companies totaling $19 million. Onboarding yields for this transactions remained strong, averaging 12.6%. For the full year 2013 onboarding yields also averaged 12.6%. Of note, in addition to maintaining our attractive yields, 39% of new loans funded during the second half of 2013, including floating rate -- concluded floating rate interest -- interest rates which will allow us to benefit from potential Horizon rates. Going forward, we will maintain our focus on transactions that include floating rate adjustments.
At the end of Q4, our pipeline remained relatively strong with over $100 million of new investment opportunities being evaluated and negotiated, enabling Horizon to select the highest quality investments available. Although there'd be no assurance that transactions in our pipeline will be funded, our proved and committed backlog as of today totals $8 million with 88% priced at floating interest rates.
Turning to our core markets, as we predicted last year, we are now seeing significant activity in the technology sector related to both IPOs and M&A. Of the 24 venture backed IPOs completed in the fourth quarter 10 were technology companies. In addition, 66 of the 81 M&A transactions completed in the fourth quarter were technology related companies including our own portfolio company Fiberlink Communications.
We believe our focus on quality technology related debt transactions throughout 2013 has considerably strengthened Horizon's position to benefit from additional upside during 2014 and beyond as the tech markets maintain strong momentum.
We expect to continue to capitalize on high quality growth oriented technology companies, particularly in the areas of enabling internet companies, cloud management, cyber security and specialized chip companies.
In our life science market, we continue to see quality opportunities within medical device and early stage drug development companies by maintaining the cautious approach toward late stage drug development companies due to increased competition and unfavorable pricing.
The IPO market of life science sector remained extremely robust in Q4 with 6 life science companies completing IPOs during the quarter, increasing the total for 2013 to 42 life science company IPOs. This amount has equaled to the combined number of life science IPOs from the prior 4 years. Currently Horizon's portfolio includes warrants and equity in 9 publicly traded life science companies including Revance and Ambit Biotech that completed IPOs in 2013 and 2014.
We continue to see a decline in M&A activity in the life science market as a direct result of more life science companies turning to the IPO market to create additional value for shareholders. We believe big pharma companies will become more aggressive in 2014 pursuing acquisitions of life science companies including earlier stage companies to compete more effectively with the IPO market.
We remain bearish on the cleantech market, as Rob discussed earlier. Globally, cleantech investment has dropped substantially with investments in VC-backed renewable energy companies for example, totaling approximately 632 million during 2013 as compared to 1.2 billion in 2012 and 2.8 billion in 2011, reflecting the overall uncertainty for cleantech. Based on the recent trends, we do not anticipate making any investments in the cleantech sector during 2014.
In our healthcare information and services market, we continue to seek attractive opportunities in the medical information sharing and medical payment processing markets. In that regard, we increased our investment in Q4 in one of our fastest growing medical payment technology companies. In addition, another of our portfolio companies Everyday Health announced last month that it's filed for an IPO is expected to raise up to a $115 million, which if been completed, they have a positive impact on our NAV in the future.
Turning to venture capital activity during the quarter, venture capital investment of $8.9 billion for the quarter represented the highest level of quarterly VC investment in 2013. Total VC investment of $33 billion for the full year is consistent with VC investment in 2012. With a strong IPO market for both technology and life science companies, we expect VC firms to invest with confidence during 2014 in certain market segments such as drug discovery, medical device within the life science sector as well as internet related companies, cyber management and security companies within the tech sector. In addition, we expect a significant increase in VC fund raising in 2014, as VC firms are able to clearly demonstrate to investors, higher returns from VC firms compared to other alternative asset investment strategies, based on a number of successful VC portfolio exits.
As it relates to competition, there has been a shift in the competitive landscape in the venture debt market over the past few quarters. According to Fortune finance, a multi faceted commercial finance company has shut down its venture lending platform during the fourth quarter. We were not surprised by this decision based on our own experience with large diversified financial institutions, which has consistently been at the venture debt portion of their business, eventually becomes an outlier within the context of a broad and more traditional investment strategy.
The infrastructure needed to manage our growing venture debt portfolio and specialized experience required in managing this asset class often frustrates the management teams of larger financial entities, by having devoted disproportionate amount of time and resources for a relatively small percentage of their overall portfolio.
While large financial institutions are attractive by the high yields historically generated in our business, reality is, it requires a strong and dedicated infrastructure including an expert team with deepen market access and knowledge to execute successfully in venture lending strategy over the long-term. At Horizon we've built a leadership role in [the venture] lending market that began of 10 years ago upon the founding of our adviser. Our roots however go back over 20 years based on the collective experience of our management team which happens to include expense of large and diversified financial terms so we know what works and what doesn't.
In addition we're aware of 2 private fund based venture debt lenders that have not raised new funds and are no longer active in the market than another venture debt group with a large financial organization that has pulled back in venture lending activities. The exit of these experienced venture lending entities has reduced the number of true venture lending franchises serving our marketplace. While we expect others to try to fill the void overtime Horizon is uniquely positioned to take advantage of the supply and demand imbalance during 2014. This is already evidenced by our ability to maintain attractive on boarding yields and other lending mark as our experience in interest rate compression.
With that update I will now turn the call over to Chris.
Chris Mathieu
Thanks, Gerry, and good morning, everyone. Our consolidated financial results for the three months and year ended December 31, 2013, have been presented in our earnings release distributed after the market closed yesterday and we also filed our Form 10-K with the SEC last night.
For the 3 months ended December 31st, total investment income increased 10.5% to $8.8 million compared to $7.9 million for the fourth quarter of 2012. This increase was primarily due to the increased average size of our loan portfolio.
New loans funded in the fourth quarter had an average onboarding yield of 12.6%. Total investment income for the quarter included $7.9 million from investment income related to interest income on investments as well as approximately $850,000 of fee income associated with loan prepayments from three of our portfolio companies. And success fees of $400,000 in connection with the sale of one of our portfolio companies.
For the year ended December 31st total investment income increased 26% to $33.6 million compared to $26.7 million in the prior year period. For the fourth quarter our portfolio yield was 15.5% compared to 14.7% for the fourth quarter of 2012. The portfolio yield for the year ended December 31, 2013 and 2012 was 14.4% and 14.2% respectively. But primary changes from quarter-to-quarter to portfolio yields are driven by the timing of new loan investments and timing and extend of prepayments and related prepayment fees within the portfolio.
The company's total expenses were $5.3 million for the fourth quarter as compared to $4.3 million for the fourth quarter of 2012. Interest expense increased year-over-year primarily due to the increased average borrowings following the issuance in June of fixed rate asset backed notes in an aggregate principal amount of $90 million. During the fourth quarter we reduced the outstanding balance of our asset backed notes by approximately $10.6 million the effective interest rate on all of our debt outstanding as of December 31st was 6.8% compared to 6.4% a year earlier.
I want to remind you that interest expense is the current pay coupon plus debt issue cost already paid in connection with securing commitments plus non-used fees on our credit facilities. Management fee expense for the fourth quarter increased year-over-year by approximately $200,000 to $1.4 million as a result of an increase in average gross assets.
We earned net investment income of $0.35 per share or $3.4 million for the three months ended December 31st as compared to $0.36 per share or $3.4 million for the fourth quarter of 2012. We began the fourth quarter with three loans on non-accrual, one of these loans accounts was ACC was resolved in December as Rob detailed earlier. There were also three new accounts all solar related clean-tech companies placed on non-accrual during the fourth quarter. As a result there were five investments on non-accrual as of December 31, with an approximate cost of $23.3 million and a fair value of approximately $13.9 million.
Excluding Solar Bridge which was resolved last month the total cost basis of these accounts was $16.5 million with a fair value of $8.9 million as of December 31st. The impact on NII from the new accounts on non-accrual in fourth quarter was 1 penny a share. For the current first quarter we expect the impact on NII to be approximately $0.05 per share on those same new accounts on non-accrual.
For the fourth quarter of 2013, the net unrealized depreciation on investments was $6.2 million which was primarily due to the unrealized depreciation under five debt investments on non-accrual status, offset by the reversal of previously recorded unrealized depreciation related to ACC.
Our net asset value as of December 31st was $14.14 per share, the decrease of $0.81 per share compared to September 30th, primarily due to the fair value adjustments. As expected we reduced the portfolio and ended the quarter with an investment portfolio of $221 million with new bookings in the quarter of $19 million in venture loans to eight portfolio companies.
This performance was offset by $12 million in regularly scheduled principal payments and $20 million in principal prepayments resulting in a lower portfolio balance to start the current first quarter. For the year ended December 31st, we had an aggregate new fundings of $88 million to 31 portfolio companies, offset by $41 million in regularly rescheduled principal payments and $46 million in principal prepayments.
We do not expect any loan prepayments before the end of the first quarter, subject to the level of actual loan prepayments combined with the impact of regularly scheduled principal payments we expect a net portfolio change for the first quarter to be up $5 million to $10 million.
Investment capacity remains consistent with Q3 as Horizon ended the fourth quarter with $39.5 million in availability including cash totaling approximately $26 million as well as $13 million in funds available under existing credit facility commitments. As of December 31st, we had no borrowings under our existing revolving credit facility and our term loan credit facility had a total of $10 million outstanding.
While we expect to continue to delever the balance sheet in Q1 by $3 million to $5 million with the natural deleveraging of the amortizing portfolio, we will enjoy the continued access to these available funds from our credit facilities. In November, we partnered with key equipment finance to renew and amend our revolving credit facility under favorable terms. With this new facility we have further reduced our future borrowing cost, secured more favorable asset eligibility and extended the remaining revolving period by more than two years.
We intend to use this facility as our primary source of leverage for both first and second lean loans beginning in second quarter and more fully in the second half of the year. We are pleased by the success we achieved throughout 2013 and significantly improving our overall borrowing capacity including our $90 million term securitization rated A2 by Moody's.
And currently we have 65% of our total borrowings outstanding fixed at a favorable interest rate of 3%. In addition 92% of total borrowings are at fixed rates. We have moved a substantial portion of our borrowings to fixed rate match term financing and reduced our exposure to a possible rise in interest rates consisting with our focus on mitigating risk while augmenting returns via cost effective leverage.
Now I'd like to turn the call back to Rob.
Rob Pomeroy
Thank you Chris. We are pleased by our performance in 2013 and remain excited by our future prospects. Management will continue to focus on deploying capital efficiently and profitably, while maintaining an opportunistic approach to increasing our financial flexibility in support of Horizon's long-term growth objectives.
Our strong track record in generating attractive risk adjusted returns from both high yielding loans and warrant gains has enabled Horizon to build a leading industry brand and positions our company well to drive shareholder value in 2014 and beyond.
Before we open the floor for questions, I would like to note that we plan to hold our next conference call to report first quarter results during the week of May 5, 2014.
We'll be happy to take questions you may have at this time.
Question-and-Answer Session
(Operator Instructions). Our first question comes from the line of Andrew Kerai of National Securities. Your line is open. Please go ahead.
Andrew Kerai - National Securities
Yes, hi good morning and thank you for taking my questions.
Rob Pomeroy
Good morning.
Andrew Kerai - National Securities
I'm just looking at the clean-tech sector. Again, appreciate the commentary on Solar Bridge. Do you guys plan to exit the other two investments in the near term that are on nonaccrual within that space?
Rob Pomeroy
We're working on that right now Andrew. Yes.
Andrew Kerai - National Securities
Okay, great. Thank you. And then just another question, Chris, on the $0.05 impact from the non-accruals in Q1. So, if I'm understanding that correctly, then it's reasonable to assume that your Q1 NII is going to come in a little below the dividend payout, is that correct?
Chris Mathieu
That's fair. Yes, yes. So basically the [nipple is] the difference, is what the impact off of the fourth quarter actuals were.
Andrew Kerai - National Securities
Right, right, fair enough. Thank you.
Thank you. Our next question comes from the line of Troy Ward of KBW. Your line is open. Please go ahead.
Troy Ward - KBW
Great. Thank you and good morning. Andrew actually just hit on a couple of my questions. But Rob can you just speak -- you talked about selling additional non-accruals here to kind of recapture some of that fair value and protect that. Can you speak to the operational performance of these companies, just considering their VC, what do you think the opportunity is to sale these at the current fair value?
Rob Pomeroy
Well we settled Solar Bridge you know that. One of the companies is in Chapter 11 and there is ongoing process with an auction soon so that that should be cleared up in the next quarter or two. The other company is actively trying to raise capital and so again we expect that they'll either be successful in that in the next coming quarter or two.
Troy Ward - KBW
Okay. And then the one you talked about Chapter 11 and that Cereplast which is public information of course. We saw where the company was awarded a small dip loan and there will be a hearing on March 20th. Is the March 20th hearing, is that going to determine if you have control of the assets and if there will be a sale of the assets, is that what that hearing's for?
Rob Pomeroy
In the case of Cereplast, it's in the Chapter 11 process. There will be a series of hearings that will allow the company execute its attempt to reorganize under Chapter 11. But the other company that is also in Chapter 11 is Xtreme Power.
Troy Ward - KBW
Okay. I am sorry. I didn't know which type of one. That's the one you were referring to. Okay. Do you expect higher legal expenses in the coming two quarters as you deal with these companies working through that process?
Rob Pomeroy
We did have higher level of professional fees in the fourth quarter and we would expect some of that to continue as we work our way through these.
Troy Ward - KBW
Okay. And then one last one you talked about the Solar Bridge restructuring is that preferred piece that you are going to retain, will it have a yield on it?
Rob Pomeroy
No, it's a previous preferred share, preferred equity.
Troy Ward - KBW
Okay, great. Great. Thanks guys.
Thank you. Our next question comes from line of Chris York of JMP Securities. Your line is open. Please go ahead.
Chris York - JMP Securities
Good morning guys, thanks for taking my questions. What are your thoughts on amending or changing your expense structure to potentially align your interests with shareholders?
Rob Pomeroy
Right now we are continuing with the plan that we have.
Chris York - JMP Securities
So just continue to execute on your strategy and you haven't put much thought onto that, is that the kind of way to think about it?
Rob Pomeroy
Well one of the ways you reduce your overall cost is if you maintain your -- if you grow the size of the overall assets, but with external management the contract has the management fee and incentive fee as outlined.
Chris York - JMP Securities
Okay, that's it from me, thanks.
Thank you. (Operator Instructions). Our next question comes from the line of Robert Dodd of Raymond James. Your line is open. Please go ahead.
Fin O'Shea - Raymond James
Hi guys, thank you this is actually Fin O'Shea in for Robert Dodd this morning. Just a couple of questions. Regarding the move to floating rate securities, you mentioned earlier on in the call. Does that indicate (inaudible) in the capital structure? And back to the solar, was there anything specific this quarter that can draw a lot of markdowns, say primary specific event in this space or do they all need financing at the end of their project lives something like that?
Rob Pomeroy
Yes. I will take that. So the switch to floating rate really is just the different interest income structure for the same products we have always [want], so rather than a fixed rate, we have gone to a floating rate.
Fin O'Shea - Raymond James
So you were able to put just change the terms of the loans?
Gerry Michaud
Yes, that is correct, this is Gerry. Yes, that is correct. Because I mentioned there is a -- there has been a fairly significant shift in the competitive landscape of our market and we actually found ourselves in Q4 in this quarter, specially on the tech side, specifically on the tech side, where there is -- we found less competition for the transactions that we have been on which gives us obviously the ability to be more aggressive and how we price those and we have been looking at moving to floating rate interest products since the middle of last year and this has allowed us to accelerate that and that's one of the major benefits with that from the competitive landscape as it exists today.
Fin O'Shea - Raymond James
Rob Pomeroy
With respect to your question about the solar space, I mean each company has its own facts and circumstances and capital raising issues that brought the stress to the head, but the overwriting team is that the venture equity investment in support for this sector has been difficult for about last year and half, two years.
Fin O'Shea - Raymond James
Okay. That's very helpful. Thank you.
Thank you. Our next question comes from the line of Jon Bock of Wells Fargo Securities. Your line is open. Please go ahead.
Jon Bock - Wells Fargo Securities
Good morning and thank you for taking my questions. Maybe a bit of a bigger picture item here. As we look at the venture space and Gerry and Rob and Chris, correct me if I'm wrong, the ability to drive down and draw more overtime, it's something that's important to VC spots or so normally you will see an investment with perhaps a $20 million investment in which 5 is drawn and 15 will be drawn overtime. That implies that you need a significant amount of liquidity in order to fund those types of transactions at venture sponsors and if they can do appreciate that flexibility yet here at 0.9 and at vast liquidity very limited, and I'm trying to put it in a positive way, I mean we appreciate that but it is limited, can you speak to the competitive advantage that you would offer versus someone who has adequately capitalized and likely able to meet VC's needs in a number of different ways as opposed to the liquidity constraint that you are operating under here?
Rob Pomeroy
Yes, so I'll take that. As I have mentioned last quarter and this quarter, we have not been actively pursuing kind of the larger type late stage life science companies which typically have the great features that you talked about. So most of what we have been doing really in the second half of 2013 and even in 2014 have been technology deals which require a significantly less capital, it may still be tranche but we're talking about relatively small amounts in that $2 million to $5 million range.
So, we have been able to manage really that portfolio and that backlog relatively efficiently based on the capital we have. I think to get to your question about the competitive advantage, our competitive advantage in our marketplace is our track record with the VCs. They know us very well. We have a lot of their portfolio companies in our portfolio. And so we generally are going to get a look at just about everything.
And if there is something that is too big for us, of course as you know we also have very good partners in the marketplace that we partner with. Some of them marine markets, some of them kind of rely on us, with their origination on venture [debt side] because they don't have a platform for it.
So, we very efficiently manage that process and that hasn't been a big issue for us. Although, I will say that we watch it pretty closely.
So, that's how we would mention it.
Jon Bock - Wells Fargo Securities
Yes. Fair enough. And then maybe two more global questions, I mean people have come and asked about kind of earnings and the earnings profile. Rob are you comfortable with paying out a return to capital your dividend for a while or do you think it'd be best to perhaps reduce it closer to what you believe lower earnings power this business could be?
Rob Pomeroy
Just couple of points Jon. First of all we do have $0.66 per share of spillover income. So, even in a quarter where we would have a shortfall for the time being it would not be return of capital.
So that's important consideration, we believe that we stated that our dividend policy is to establish a dividend and can be covered by NII overtime. And we believe that one look it in the rear view mirror, we have demonstrated that capability and we are confident that we can do so going forward.
Jon Bock - Wells Fargo Securities
Okay. And then last question as it relates to track record and I find a very good tie in with Mr. York's question as it relates to fee structure. So correct me if I am wrong guys, but in the first quarter 2011, we were looking at $17.23 book value, today $14.14. Can you explain, with that reduction in NAV, why one should take an NOI or incentive fee and/or outperformance fee if we see that amount of book value degradation, while your peers have not shown the same?
Chris Mathieu
I don't really have a good answer for that Jonathon.
Jon Bock - Wells Fargo Securities
That's fair. Thank you very much for taking my questions.
Thank you. Our next question comes from the line of Jim Young of West Family Investments. Your line is open. Please go ahead.
Jim Young - West Family Investments
Yes. Rob, you mentioned that you're pleased with the 2013 results. And your stock is down over 7% and down over 10% at [1.48]. And I am trying to just reconcile those 2 and I am trying to understand, think about what changes may we expect in 2014? Are there fundamental issues with your credit underwriting process or are your loans that you're extending not being priced appropriately for the risks that you're actually assuming, so any clarity you can provide would be very helpful?
Rob Pomeroy
So, our outlook Jim really is includes a couple of things that I think we tried to mention in the script is that we do expect to recover from these non-accruals and as a result, get the cash back so we can redeploy profitably. We did have suffer I think disproportionately by some of investments in the solar related space, turned out to be a much more difficult space than we anticipated when we entered it. We made a corrective action to exit that market about a year and half ago and some of these problems have hit the beach reasonably although we expect to come out the other side in decent shape. We believe that our portfolio is very, highly profitable as demonstrated by our 14.4% yield on that portfolio during last year and the year before. Consistently earning that kind of top-line yield with improved cost of debt and leverage as we think over the long haul that as we demonstrated for nearly 20 years, the venture lending space is a very, very profitable place to invest.
Thank you. Our next question comes from the line of David Miyazaki of Confluence Investment. Your line open. Please go ahead.
David Miyazaki - Confluence Investment
Thank you. A question for you, when you are talking about floating rate and the shift to that duration (inaudible) your portfolio; I hear that from a lot VCs that there is a shift to floating rate but if I think about what you are doing there to try and protect Horizon's income from rising interest rates, ultimately the risk is still out there. So now, you have shifted it to your borrower. How do they address the fact that interest rates may rise? Because in the end, you may have a floating rate coupon but if we go up in LIBOR, pick a number, a couple or 300 basis points, then they are going to be stretched in covering their own debt servicing costs. So, how do they address that interest rate risk?
Rob Pomeroy
That's a good question. Our structures do provide some top level of ceiling on the interest rates, so that we enjoy the protection of interest rate, rising interest rates within a limit. So on the high ends, it still is -- financing makes sense for them and their plan. Remember what venture landing is all about; it's a less diluted form of capital for these companies as they develop their technology products. And so, they are looking at the alternative of equity. And so as long as they can have -- can forecast the cost of this capital within a range, it makes sense for them.
David Miyazaki - Confluence Investment
Rob Pomeroy
Very value added for them as opposed to taking a similar amount in equity.
David Miyazaki - Confluence Investment
Yes, I understand that and that they will incur debt costs that are higher. But ultimately if they can protect their equity cost, and they can have higher returns, so I understand what you are saying. But I just don't always have a sense of security, when I hear that you're shifting to anyone, is shifting to a floating rate posture, because that means that you are collecting from somebody who is not wearing that. Do they every -- I would suspect that they are not of the opinion that they ought to swap that out with some sort of an interest rate swap fixed their cost?
Rob Pomeroy
That's the borrower's decision. We try to look at in our asset liability mix and the cost of our debt, which is largely fixed now try to provide ourselves some contraction. Previously, we would have considered swaps to protect ourselves, now the borrower can look at swaps. The product provides some protection for us, because it has a ceiling protection for the borrower. So, within the realm of all of corporate finance, we think this is still a good move for us and for our customer.
David Miyazaki - Confluence Investment
Yes. I just -- do you ever think that maybe it's better for you to wear that interest rate risk and swap it out on your own side and allow them to have a lower fixed rate number?
Chris Mathieu
We actually have done that for many years and the market has clearly said that we should pass that cost on to our portfolio company. The end of day will be down the road when (inaudible) rates rise. But today there is a clear message in the market that lenders should push some of that off to their (inaudible) and that's what we've done. We will see how that plays out.
David Miyazaki - Confluence Investment
Okay. Second thing, I just wanted to ask about with the number of workouts that you are having to deal with; one of the primary concepts in venture lending is that you have an interest in the intellectual property of the company that is drawing and developing. And this is part of the recovery in the event that there is a bankruptcy or default. How, as you look at your situation here with the non-accruals, how valuable is that intellectual property actually turning out to be and what -- how well did you underwrite it or is it 100% what you expected, or is it something less?
Rob Pomeroy
Yes, it really is what drives the value and the potential product recovery, the fact that we are secured by the entire enterprise value is what is giving us the opportunity to liquidate these companies and get recoveries.
Gerry Michaud
I think if you look at the most recent kind of full recovery that we've just went through on ACT, it was in fact the intellectual property to drug candidates that we are able to position to effectively do a deal with that we think is going to be -- have significant upside. And it was really all about the IP.
David Miyazaki - Confluence Investment
And do you feel like that thesis is still intact for the solar exposure that you have right now?
Rob Pomeroy
David Miyazaki - Confluence Investment
Okay. So generally speaking, we would expect as you work through these non-accruals that there should be pretty good recovery?
Rob Pomeroy
David Miyazaki - Confluence Investment
Okay. I did want to follow-up on a couple of the questions I came up with, because I think that I've talked about this issue with you guys more on a one on one basis in the past with regard to cost structure of external versus internal. But I have to say that I thought that your comment about costs coming down as you become larger, didn't make a lot of sense to me in an external structure, because as you become larger that's just not going to happen.
And I think that's something that you do -- you should consider and against the backdrop of what one of the early analysts was talking about with your fee structure versus your NAV performance. If you don't have a response to that right now, I would encourage you take the next 90 days and come up with a good one for us next quarter, because it really is something that if you're not thinking about it, then I think that that's an issue. And if you are thinking about it, then we would like to hear about it.
Rob Pomeroy
Fair enough.
David Miyazaki - Confluence Investment
Alright. Thank you.
Thank you. And with no further questions in queue, I'd like to turn the conference back over to Mr. Rob Pomeroy for any closing remarks.
Rob Pomeroy
Thank you. I'd like to thank everyone again for joining us on today's call and following the Horizon story. We look forward to sharing with you our progress in the future. This will conclude our call. Thank you.
This concludes Horizon Technology Finance Corporation's conference call. Thank you and have a great day.
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Clinton Pushes Back Against GOP on Veterans' Health Issues
Clinton proposes improvements to veterans health care, services after her remarks criticized
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By now, the shows for the spring 2013 season, which wrapped last week in Paris, seem like one big blur. There were loads of florals (like the painterly poppies in Dries van Noten's stand-out girly-gone-grunge collection, and in Simone Rocha's sweet but rebellious lace and plastic looks), surprisingly un-spring-like materials (leather leather everywhere, and even some fabulous vintage-tinged furs at Miu Miu) and spectacular tailoring (like the lux workwear looks at Altuzarra and the fem-fatale tuxedos at Lanvin). But, of course, the collections were dominated by the over-hyped battle royal between Raf Simons, who made his ready to wear debut at Dior, and Hedi Slimane, who showed his first ever womenswear collection at Saint Laurent.
Critics and consumers alike seem to be split, although, thanks to the Saint Laurent PR department's failed attempts to micromanage their brand image, as well as the alleged ill-treatment of journalists (like Cathy Horyn who was not invited, or Lisa Armstrong who could hardly see the clothes due to the fact that journalists' usual front row spots were allocated to waifish, black-clad musicians), Dior seems to be getting the best press. The Saint Laurent collection, which will undoubtedly sell, was criticized as being too derivative of vintage YSL, and underwhelming. Personally, I loved the collection. And as I said in a previous story, it won't start a revolution, but it was a wonderful contemporary take on Le Smoking (reimagined with leather pants and sequin jackets) and Mr. Saint Laurent's bohemian gowns (shown in sheer chiffon, cinched with thick leather belts and topped with wide brimmed fedoras).
As for Dior, there were a few great looks, like the black suits that opened the show, a score of grown up A-line ensembles and a couple of textured frocks with tulle overlay. However, I fail to see how this collection will push fashion forward, as many critics have claimed it will. It was merely a continuance of the minimal silhouette that Raf championed at Jil Sander, and Phoebe Philo continues to explore, successfully, at Celine (this season, her spot-on collection included some more feminine looks in rough-cut linen and fluid silk satin). Furthermore, Simons's spring outing was riddled with missteps. The looks were completely disjointed and some, like the iridescent cloud-shaped tops over shorts, were just plain confusing. Simons is fashion's current darling. There's no doubt about that. But if he wants to sell clothes, or actually give fashion some momentum, he's going to need to step it up. While Slimane's clothes will indeed induce frenzy amongst consumers, it would be nice to see some new ideas there next season, too. As well as an updated PR strategy.
Several shows shone brightly through the smog that was the Dior-Saint Laurent showdown. Parsons's inaugural MFA presentation marked a new generation of young, innovative New York designers, as well as a shift in focus from the city's notorious obsession with sales to raw creativity. It was easily one of the most exciting moments of New York Fashion Week. Marc Jacobs's offerings for his eponymous line, as well as at Louis Vuitton, featured sharp, retro garments (more feminine Edie Sedgwick futurism at Marc Jacobs, while Vuitton looked like a marvelous cross between a buttoned-up gogo dancer and Jackie O) that fused his forward-thinking vision with '60s nostalgia.
Rick Owens deserves an honorable mention for his bubbly use of volume, eerie femininity and, of course, that fantastic broom-like hair. Dolce & Gabbana put forth a stunning display of '50s ladylike excess in their fanciful Sicilian summer festival-inspired collection. Fresh stripes, theatre puppet prints, heavy embroidery and woven raffia corsets, frocks and crinolines were playful and indulgent. Over in London, Meadham Kirchhoff put a more serious spin on indulgence with their extravagant French-themed collection, "A Cautionary Tale," whose crystal embellishments, satin bows and lavish hats evoked images of Marie Antoinette.
Sarah Burton's outing at McQueen was filled with striking, expertly crafted garments, as always. Her honeycomb hats and giant flower-embellished dresses were unquestionably beautiful. But, perhaps only because we are still comparing her to the visionary for whom her house is named, it felt like there was something lacking. Burton is an exceptionally talented designer in her own right and the house of McQueen has become decidedly more feminine since she took the creative helm. But the magnificence of Lee McQueen's designs lay not simply in lovely clothes, expert construction and desirability, but in a balance of the disturbing, the uncomfortable and the beautiful. Burton's spring looks were breathtaking. I can't stress that enough. But there's nothing shockingabout a gorgeous gown topped with a harness. We've seen this from her before. This lack of an "it" factor seems to be an epidemic within this generation of designers. Marc Jacobs is an exception: like it or not, he's got a unique, extreme vision. It may vary from season to season, but it's there. Judging strictly by the clothes, Simons at Dior seems to lack the fire of his predecessor (minimal can still be passionate. And extreme.) And Slimane, while he's undoubtedly an improvement from Stefano Pilatti, exudes an air of indifference or complacency. Last time I checked, complacency never got us anywhere.
Best to look to the masters to see what the future of fashion has in store. Those graphic florals from Rei Kawakubo's 2D Comme des Garcons fall show appeared everywhere on the spring runways. Not surprisingly, the designer blew our minds again with her high-concept, predominantly black and white collection of crushed metal hats and voluminous de-and-re constructed dresses. Just a note to you contemporary wunderkinds; and up-and-comers, it's extreme collections like that that form the face of fashion. Perhaps no one knew what to make of her strange, 2D looks last fall. Maybe it took us a few weeks to decide whether or not we liked them. But you couldn't take five steps during Paris fashion week without seeing someone wearing one of those flat flower-printed coats or skirts.
Last but not least, how could we talk about spring without mentioning Karl Lagerfeld's ingenious super-sized hula-hoop quilted beach bag? It was irreverent fashion at its best. And it's nice to see that, for all his years in the industry, Lagerfeld has not, like so many of use this season, completely lost the plot.
Click through the slide show to see highlights from the spring 2013 collections.


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Watch Courtney Love Perform 'All I Ever Wanted' From New Opera
Ahead of opening night for Courtney Love's new opera, the New York Times has given us a taste of what to expect.
Ahead of opening night for Courtney Love's new opera, the New York Times has given us a taste of what to expect.
It looks like all is well between Smashing Pumpkins frontman Billy Corgan, Hole frontwoman Courtney Love and Marilyn Manson.
When it comes to rock and roll mud slinging, no three people have done it better over the years than Corgan, Love and Manson.
Courtney Love has been squeezed out of the creative process behind 'Montage of Heck,' the first authorized Kurt Cobain documentary.
Courtney Love discussed her reconciliation with Nirvana's Dave Grohl and Krist Novoselic during an appearance on ABC's 'Jimmy Kimmel Live.'
Nobody ever set out to be a grunge icon — at least nobody who actually became one.
Courtney Love has landed another acting gig, taking on a recurring role in the FOX mid-season drama 'Empire.'
Foo Fighters are making the most of their New York stay, inviting Heart's Ann and Nancy Wilson to join them on 'Letterman' and playing a post-show book bash.
Courtney Love will test out her pipes after joining the cast of the pop opera 'Kansas City Choir Boy.'
Remember that note the thoughtful Seattle Police Department released last week?
It was the hug felt 'round the world. Kurt Cobain's widow, Courtney Love, who had battled with Krist Novoselic and to a greater extent Dave Grohl over how to handle Nirvana's musical legacy over the years, openly embraced both during her speech at the band's Rock Hall and Roll Hall of Fame induction. But even before the public got to see the peaceful public declaration, there was a more private one.
There have been plenty of rumors, conspiracy theories and accusations over the years, but so far there has been no confirmed ties that Courtney Love had anything to do with Kurt Cobain's death. That hasn't stopped Love's own father, Hank Harrison, from suggesting that his daughter was involved.


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A Graded Reader of Biblical Greek
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Product Description
Product Information
|Format: Paperback
Number of Pages: 256
Vendor: Zondervan
|Publication Date: 1996
Dimensions: 8.5 X 11 (inches)
Related Products
Complete Vocabulary Guide to the Greek New TestamentWarren C. TrenchardZondervan / 1998 / Hardcover$13.99 Retail:5 Stars Out Of 5 4 Reviews
$19.99Save 30% ($6.00)
Greek Grammar Beyond the BasicsDaniel B. WallaceZondervan / 1996 / Hardcover$35.99 Retail:5 Stars Out Of 5 5 Reviews
$52.99Save 32% ($17.00)
The Basics of New Testament SyntaxDaniel B. WallaceZondervan / 2000 / Hardcover$26.99 Retail:
$39.99Save 33% ($13.00)
Biblical Greek Exegesis: A Graded Approach to Learning Intermediate and Advanced GreekGeorge Guthrie, Scott DuvallZondervan / 1998 / Trade Paperback$16.99 Retail:5 Stars Out Of 5 1 Reviews
$24.99Save 32% ($8.00)
Publisher's Description
Making the leap from the basics of biblical Greek to its real-life application can be a frustrating challenge for students of intermediate Greek. A Graded Reader of Biblical Greek was developed to make the transition easier. It takes beginning exegetes from simple to progressively more difficult biblical texts. Students can now learn New Testament Greek the way they would any other language: through a graded program. A Graded Reader of Biblical Greek applies an inductive method to learning intermediate Greek grammar. It provides a workable introduction to exegesis, word studies, and developing a large vocabulary; and it assists the student in preparing for class, allowing classroom time to be put to its most effective use. - Twenty Greek passages are presented in graded order. - Difficult and unfamiliar grammatical constructions are explained. - All words that occur fewer than 20 times in the New Testament are defined. - An "Exegetical Discussion" section helps the exegete gain a deeper understanding of the language. A Graded Reader of Biblical Greek is the result of ten years of use and refinement by the author in an actual classroom setting.
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Iowa starting senior cornerback Micah Hyde was arrested Saturday morning and charged with public intoxication and interference with official acts, according to the Cedar Rapids Gazette.
Hyde, a team captain, is one of the top defensive backs in the Big Ten. He is third on the Hawkeyes with 33 tackles this season and led the conference with 11 pass breakups last year.
Also, Hawkeyes tight end Ray Hamilton was cited early Saturday for being on the premises of a licensed liquor establishment after hours, and offensive lineman Drew Clark was arrested for public intoxication.
"I was disappointed to learn of the events involving three team members, as all three of these student-athletes have been good citizens during their time in our program," Hawkeyes coach Kirk Ferentz said in a statement released Saturday night. "We will follow protocol set by the UI student-athlete Code of Conduct, as well as taking additional measures within the program."
The Hawkeyes had a bye this weekend and play at Michigan State next Saturday.
Brian Bennett covers Big Ten football for ESPN.com


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text: The Montclair Art Museum features an esteemed collection of American and Native American art, dating from the 18th century to the present. The museum's holdings of 12,000 works – and its highly-regarded exhibitions and programs – are just a short drive away from the Courtyard West Orange. Photo courtesy of Montclair Art Museum.