Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Vernon Plack - BB&T Capital Markets
Vernon Plack - BB&T Capital Markets
I wanted to get a sense, it was mentioned that employee expense for the first quarter was $11 million, I’m trying to get some idea in terms of a run rate for this year.
Penni Roll
If you look at where we are, the $11 million as we said reflects the reduction in headcount. And also just assumes a certain estimate for bonuses for the year and I think at this point given where we are early in the year its hard to determine what that bonus level will be. But I think you can use the first quarter number as kind of an estimate and we’ll give you an update as we go throughout the year on where we are on total compensation expense.
Vernon Plack - BB&T Capital Markets
And switching to non-accruals, you mentioned and I just didn’t catch the number, the impact of interest and dividend income, new non-accruals for the first quarter.
Penni Roll
The impact on this quarter’s income was a reduction in interest income by about $2.9 million.
Vernon Plack - BB&T Capital Markets
As it relates to non-accrual loans as a percentage of cost basis, do you have that number with Ciena and excluding Ciena.
Penni Roll
We don’t have it right here, all of our disclosures are for non-accruals at value in the portfolio. That’s something that I don’t have with respect to just on a cost basis.
Operator
Your next question comes from the line of Troy Ward - Stifel Nicolaus
Troy Ward - Stifel Nicolaus
Could you talk just a second about the asset sales in the quarter, could you reiterate what the number of assets sold was on a cost basis.
Rob Long
We had 12 portfolio companies in total and what, 21 securities if you include Advantage in that number. So Advantage was a big piece and then the rest of it was pretty diverse.
Troy Ward - Stifel Nicolaus
And what was the total value on a cost basis, fair value, you said one of the numbers.
Rob Long
We said it was about 90% of fair value as of December 31 and then on a cost basis—
Penni Roll
On the asset sales themselves I think the percentage of proceeds against the cost was about [$0.85]. So 85% on a cost basis, 90% on a fair value basis compared to the December 31 values.
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