that being said we're being pretty conservative we're not going out on the whip here anywhere right now um we don't love the overall risk uh reward characteristics of the market so the things that we're doing we're doing very very thorough underwriting on and trying to get very comfortable but the next question just curious and i may have um

were overlooked in the release. Maybe Keri can help me out. What was the contribution FLO distributions in the quarter? And then I know those can potentially, there can be some variability quarter to quarter based on when you've made recent investments that they haven't made their first distribution yet. So just kind of curious about the kind of cadence of the contributions going forward as well, if you've got any detail to share there.

Thank you, Eric. Oh, sorry. Can you hear me?

Yes. Yes.

Yes. Okay. I'm pulling the information up as we are speaking. So, I think we did have that in our investor desk for this quarter. I think you're right that they do, the cadence can change. I think we try to include as much of that information as we have available in those materials.

Okay. I'll take a look there and I'll follow up with that. Yeah, exactly, exactly. Okay, thanks.

Yeah, but Eric, we haven't made a new CLO investment in a while, so some of that cadence should become less variable. But some of it also will depend. We're getting to the point where we've held some of these for two years. And so there's some opportunities to refinance the CLOs, which should help our cash flow. So there is still some variance, but it should be less than it has been historically.

Gotcha. So it should be more consistent. And if you're able to opportunistically refinance some of the liability sides there, then you could see a little bit of maybe an improved return, which would be nice. Okay. That makes sense. Correct. And then curious, I can't remember, do you guys have any distributed taxable income or still over at this point? Yes, we do.

We do. And we monitor that regularly to make sure we are staying current on that with distributions.

Do you happen to have what the amount is either in dollar terms or on a per share basis?

We're currently working through our most recent tax year with some of our underlying investment information coming through, so we should have that update in the next quarter.

Okay. Yeah, we'll get to that to you, Eric, as soon as we have it. Excellent. Thanks.

Appreciate that. And then just with regard to the CoreWeave distribution in the quarter, I know you were receiving those more regularly prior when it was the preferred investment, but once it converted to the equity, those stopped. What drove that distribution? Did the vehicle sell shares? Or is there some other kind of something that drove that?

The sponsor there is selectively selling shares based on market prices. All of that distribution came from underlying shares being sold. We have no control over how that investment liquidates. But as it liquidates over time, we will continue to get distributions. But I think if you look at the numbers, we've kind of got over 150% of our investment back. And we still have a pretty significant chunk there. That's been a very good one for us.

Yep. Okay. That's what I suspected. Thank you for the confirmation. And just trying to think about the run rate of kind of core earnings going for the insurance investment dividend that you received was , and I think typically that's annual, so you won't be getting that for another three quarters or four quarters or so. Core distribution, hard to predict timing there for when those are sold. Back those two out, it seems like the core run rate of earnings is below the dividend level now, so just curious about your thoughts for levers, and I know you've talked a little bit about improving the portfolio, improving the structure and liabilities, but What does it take to get kind of that core run rate of earnings closer to the dividend level at this point?

So, Eric, we try, the board tries to look at what our annual earnings Earnings are going to be and make sure we're covering the dividend. Okay, because there is that variability. So we, you know, the insurance distribution comes in the second quarter every year. We get that. You're right, we will not have that next quarter. So that'll change the core piece. It's hard to really sketch out. But we look pretty hard on an annual four quarter basis. And we're trying to set the dividend so it could be covered. over that period of time. So we're doing our best to try to figure out not just what the base is, but with those other things from the CLOs, from insurance. There's some variability when we look at like prestige, our factoring business is great every year, the earnings, but quarter by quarter, it can vary significantly. So we're trying to shed a dividend based on what we think we can cover and pay on a four-quarter basis as opposed to every individual quarter. We don't think it makes sense for our shareholders to vary our dividends significantly quarter to quarter.

Understood. Yep. Thanks for the explanation there.

And last one for me, you know, you started to use the share of repurchase. Thank you so much, Keri.

Well, the obvious answer is that completely depends on the stock price, right, and how the stock trades. But we're constantly looking, and the board's involved in the balance of, you know, putting capital to work. And there's multiple ways that that could be done versus buying back the shares. So we clearly have levels of which we think it's better for our shareholders to repurchase shares and increase their NAV. and increase their percentage ownership of the company by repurchasing those shares. I think you'll see us at time to time doing that in the market. And then we're also balancing looking at working our liabilities versus making new investments too. I think you saw that we called $6.5 million of our GECCI notes. In July, those are the most costly piece of debt that we have outstanding. It's an 8.5% coupon. But when you look at the total gap cost of that debt with amortized expenses and so on, it's above a 9% cost. And so we're balancing, do you repurchase shares? Do you repurchase debt? do you make new investments? And we're constantly looking at that to figure out. Obviously, GECCI notes repurchasing 9% cost of funds is a riskless transaction. So there's a lot of positives, I think, in retiring the high cost debt when the time is right.

Thank you, both of you, Jason and Keri, for all of the answers today. I appreciate it. That's all for me.

Eric, happy to do a follow-up one-on-one anytime you want.

I appreciate that. Thanks. And again, if you have a question, you may press star then 1 to join the queue. And that will conclude our question and answer session. I'd like to turn the conference back over to Jason Reese for any closing remarks.

Thank you again for joining us today. This quarter reflects continued progress on the priorities we outlined earlier this year. We increased NAV, strengthened portfolio quality, generated net investment income that fully covered our dividend, and further improved our balance sheet while reducing cost of capital. I am pleased with both the trajectory of the portfolio and the strength of the team executing our strategy. As we look ahead, our priorities remain unchanged. Protect and grow NAV, generate sustainable NII, and allocate capital with discipline. We will continue to actively manage portfolio risk, pursue differentiated investment opportunities, and maintain the liquidity and financial flexibility to act on attractive opportunities as they arise. We believe GECC is well positioned to continue delivering durable, long-term value for shareholders. We appreciate your continued support and look forward to updating you on our progress.

Thank you very much. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.