Costamare Inc. (CMRE): Business Model Canvas [Apr-2026 Updated]

You're digging into Costamare Inc. (CMRE) post-spin-off structure, trying to see past the ticker symbol to the actual engine driving its value. Honestly, what you'll find is a highly focused, pure-play chartering operation, locking in a massive $2.5 billion revenue backlog and boasting 100% fleet utilization fixed for 2025 across its 68 vessels, all while holding $524.5 million in liquidity as of Q2 2025. This Business Model Canvas breaks down exactly how this lean machine generates that predictable cash flow, from its key partnerships to its rock-solid customer base, so you can map the near-term opportunities and risks in this tight market. Dive in below to see the blueprint for this chartering powerhouse.

Costamare Inc. (CMRE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Costamare Inc. relies on to keep its containership fleet moving and growing. These aren't just vendors; these are the financial engines and technical gatekeepers that underpin the entire operation.

Major global financial institutions for debt refinancing

Costamare Inc. maintains strong ties with major financial players, primarily European institutions, to manage its capital structure and fund fleet expansion. The company has strategically managed its debt profile to push out repayment obligations.

The partnership focus in late 2025 involved significant refinancing activity:

• Bilateral commitments from two European financial institutions were secured for the refinancing of six large vessels (four 14,424 TEU and two 12,690 TEU).
• The total drawn amount from this refinancing, concluded by Q3 2025, was $361.6 million, with a tenor of five years.
• Costamare Inc. has structured its obligations such that there are no significant debt maturities until 2027.
• Further financing support includes a bilateral commitment for the pre and post-delivery financing of the four initial 3,100 TEU newbuilds.

Chinese shipyard partners for newbuild containership construction

The partnership with Chinese shipyards is central to Costamare Inc.'s fleet renewal strategy, securing capacity for long-term contracted revenue streams. This involves placing orders for modern, efficient vessels directly into long-term charter employment.

The current newbuild program involves six vessels in total, all on long-term charter commitments:

The investment for these newbuilds is funded by a mix of internal cash and debt financing. Based on market data for similar orders, the cost per ship for these 3,000 to 3,500 TEU vessels in China was estimated between $45 million to $55 million.

Neptune Maritime Leasing Limited as a strategic investment partner

Costamare Inc. holds a controlling interest in Neptune Maritime Leasing Limited (NML), a platform that provides flexible financing solutions to shipowners. This is a key strategic investment that diversifies revenue streams beyond pure vessel ownership and chartering.

The scale of this partnership as of the end of Q3 2025 is substantial:

• Costamare Inc.'s current investment in NML reached $182.2 million.
• This investment represents 91.1% of Costamare Inc.'s total committed investment into the platform.
• The NML platform, supported by Costamare Inc.'s capital, has a total of 50 shipping assets funded or on commitment status basis.
• Total investments and commitments for the NML platform exceeded $650.0 million.

Classification societies for vessel technical compliance

Compliance with international standards is managed through mandatory inspections and surveys conducted by recognized classification societies. This partnership ensures the vessels maintain their seaworthiness and eligibility for high-tier time charters.

The operational schedule tied to these compliance requirements dictates dry-docking:

• Dry-dock surveys are scheduled every 30 months for vessels 15 years of age or over.
• For other vessels, the survey cycle is every 60 months.
• Costamare Inc. planned to dry-dock 26 vessels in 2025 and 27 vessels in 2026 to maintain this compliance.

Insurance providers for comprehensive fleet coverage

Comprehensive insurance coverage from established providers is a non-negotiable element for mitigating catastrophic risk across the owned fleet. While specific provider names aren't detailed in the latest reports, the structure of risk management is clear.

The financial impact of insurance and risk is embedded within operating expenses, covering:

• Hull and Machinery insurance for the entire fleet.
• Protection and Indemnity (P&I) coverage for third-party liabilities.

The company's risk management framework is tied directly to the survey schedule required by classification societies, ensuring continuous coverage eligibility.

Costamare Inc. (CMRE) - Canvas Business Model: Key Activities

You're looking at the core engine of Costamare Inc. after the May 6, 2025, spin-off of its dry bulk business. The focus is now squarely on the containership fleet and the growing leasing platform. These activities drive the visible contracted revenue stream you see in the latest reports.

Owning and managing a fleet of 68 containerships remains the primary activity. As of the Q3 2025 report, the average owned fleet size for the quarter was 68.2 container vessels. By early November 2025, the fleet in the water stood at 69 containerships, representing a total capacity of approximately 520,000 TEU. This fleet management includes the recent acquisition of the 6,541 TEU containership Maersk Puelo, which is now on time charter with Maersk.

The scale of the owned fleet and its current deployment can be summarized here:

Securing long-term time charters with leading liner companies converts that physical asset base into predictable revenue. Costamare Inc. achieved 100% fleet employment for the year 2025. Looking ahead, 80% of the fleet is contracted for 2026. These agreements underpin a total contracted revenue backlog of approximately $2.6 billion, with a TEU-weighted remaining duration of 3.2 years. Furthermore, the company recently fixed 8 vessels on forward starts ranging from 12 to 38 months, which increased contracted revenues by over $310 million since the prior quarter.

Strategic fleet renewal and expansion via newbuild orders shows Costamare Inc. returning to the shipyard market after a significant period. The company expanded its orderbook to a total of six 3,100 TEU newbuildings from a Chinese shipyard. This is a measured return, as the last confirmed order was in 2018. The latest two sister ships are scheduled for delivery in Q1 2028, and upon delivery, each is set to commence an 8-year charter with a first-class liner company.

The activity of providing technical support, maintenance, and insurance consulting is embedded in the day-to-day operation of managing a large, modern containership fleet. This operational excellence supports the high employment levels reported, such as the less than 1% of the fleet being commercially idle.

Managing the investment in Neptune Maritime Leasing is a key diversification activity. Costamare Inc. maintains a controlling 91.1% interest in Neptune Maritime Leasing Limited (NML). As of September 30, 2025, the company's current investment in NML stood at $182.2 million. The leasing platform itself is growing, with total investments and commitments exceeding $650.0 million, covering or committing to 50 shipping assets.

You should track the cash deployment here; the investment in NML is a direct use of liquidity, which stood at $569.6 million as of September 30, 2025. Finance: draft the cash flow impact of the Q4 newbuild option exercise by next Tuesday.

Costamare Inc. (CMRE) - Canvas Business Model: Key Resources

You're looking at the core assets Costamare Inc. (CMRE) relies on to operate its pure-play containership business as of late 2025. These aren't just paper values; these are the physical and financial levers driving their strategy post-dry-bulk spin-off.

The physical assets form the bedrock. Costamare Inc. maintains a substantial, modern fleet focused entirely on container transport. This fleet is highly utilized, which is key for maximizing returns in this sector.

Financial strength provides the operational flexibility. You see this clearly in their liquidity position following the Q2 2025 results, which allows them to fund growth and weather market shifts. Also, the long-term contracted revenue provides a high degree of revenue visibility.

Here's the quick math on the financial backbone:

• Substantial liquidity as of Q2 2025 stood at $524.5 million.
• Total contracted revenue backlog is approximately $2.5 billion, with a weighted average duration of 3.2 years as of Q2 2025.
• Fleet employment for 2025 is 100% fixed, and 75% fixed for 2026.
• The leasing platform, Neptune Maritime Leasing Limited, has grown to 47 shipping assets with investments exceeding $650 million.

The human and market capital resources are just as critical. Costamare Inc. has been in this game a long time, which translates into deep operational knowledge. Also, being listed on the NYSE gives them direct access to equity funding when needed.

• Industry History: The company has 51 years of history in the international shipping industry.
• Capital Markets Access: Common stock trades on the NYSE under ticker CMRE.
• Capital Markets Access: Preferred stock listings include NYSE: CMRE PRB, NYSE: CMRE PRC, and NYSE: CMRE PRD.

To be fair, the management team secured an additional boost to contracted revenue exceeding $310 million in July 2025 from new fixtures and the chartering of four newbuilds, further solidifying this resource base for the near term. Finance: draft 13-week cash view by Friday.

Costamare Inc. (CMRE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why charterers choose Costamare Inc. (CMRE) for their container shipping needs as of late 2025. It's all about locking in capacity and financial certainty in a volatile market.

Stable, long-term charter income visibility for customers

Costamare Inc. focuses on deploying its fleet under multi-year time charters with top-tier liner companies. This structure gives customers predictable access to tonnage, insulating them from immediate spot market spikes. The strength of this visibility is quantified by the total contracted revenues and the remaining duration.

• Total contracted revenues for the containership fleet: approximately $2.6 billion as of Q3 2025.
• The TEU-weighted duration for these contracts stands at 3.2 years as of the third quarter of 2025.
• Forward fixing of 8 vessels since the previous quarter added over $310 million to contracted revenues.
• Newbuild vessels are secured with long-term commitments, such as an upcoming 8-year charter for each of the two new 3,100 TEU sister ships expected in Q1 2028.

Modern, diverse fleet capacity across all major TEU segments

The fleet is structured to serve a wide range of trade lanes by offering capacity across the spectrum, from smaller feeder vessels up to the larger segments. This diversity helps Costamare Inc. meet varied customer requirements.

The overall fleet profile shows a commitment to modern assets.

• Total fleet in the water: 69 containerships as of November 3, 2025.
• Total capacity of the in-water fleet: approximately 520,000 TEU.
• Average fleet age is 9.2 years.
• Number of vessels with eco-design capabilities: 42 ships.
• Additional capacity under construction: six newbuild containerships totaling 18,600 TEU capacity.

Financial strength and reliability as a counterparty

Charterers value a financially sound partner that can weather industry cycles and meet its obligations. Costamare Inc.'s post-spin-off focus on containerships and its leasing platform supports this reliability.

• Liquidity position as of Q3 2025: $569.6 million.
• Debt / Equity Ratio (Current): 0.75.
• Debt / EBITDA Ratio (Current): 2.58.
• The company has no significant debt maturities scheduled until 2027.
• Costamare Inc. retains a controlling 91.1% interest in Neptune Maritime Leasing, which has total investments exceeding $650 million.

Predictable operating costs via time-charter structure

Because Costamare Inc. primarily uses the time-charter structure, the operating costs, such as crewing, maintenance, and insurance, are largely covered by the charter hire, offering a degree of predictability for the company's own expense base, which translates to more stable contract pricing for customers. This structure is what underpins the high revenue fixation.

High fleet utilization, at 100% fixed for 2025

The market demand for Costamare Inc.'s assets is demonstrated by its near-total employment. This high utilization is a direct value proposition, signaling that capacity is scarce and reliably contracted.

• Containership fleet employment fixed for 2025: 100% as of Q3 2025.
• Containership fleet employment fixed for 2026: 80% as of Q3 2025.
• The commercially idle containership fleet remains below 1%.

The company doesn't need to chase immediate deals; it can wait for the right opportunities.

Costamare Inc. (CMRE) - Canvas Business Model: Customer Relationships

You're looking at how Costamare Inc. keeps its top-tier customers locked in, which is the core of their containership business model now, especially after spinning off the dry bulk operations in May 2025.

Dedicated account management for key liner company executives

Costamare Inc. focuses its relationship efforts on what they term a 'first class liner company' for its long-term charter commitments. This suggests a high-touch approach tailored to the strategic needs of major global shipping lines. The company's strategy emphasizes securing contracts with customers who provide stability, as evidenced by the high charter coverage.

Long-term, contractual relationships via multi-year time charters

The relationship structure is heavily reliant on fixed-rate, long-term contracts, which provide Costamare Inc. with highly visible contracted revenues. As of the third quarter of 2025, the containership fleet employment stood at 100% fixed for 2025 and 80% fixed for 2026. This high coverage underpins the stability of the customer relationship strategy. The total contracted revenues for the containership fleet reached approximately $2.6 billion as of September 30, 2025. The remaining time charter duration, weighted by TEU capacity, was 3.2 years across the contracted fleet.

The company actively manages its forward book to extend this duration. For instance, since the previous quarter, Costamare Inc. fixed 8 vessels on forward starts for periods ranging from 12 to 38 months, resulting in increased contracted revenues of above $310 million.

Here's a snapshot of the forward charter coverage as of late 2025:

Direct negotiation for newbuild vessel specifications and charter terms

A key element of securing long-term relationships involves integrating new capacity directly into customer networks. Costamare Inc. has six newbuild containerships under construction, with a total capacity of 18,600 TEU. Four of these are 3,100 TEU vessels expected between Q2 2027 and Q4 2027, and two more are expected in Q1 2028. Each of these newbuilds is negotiated to commence an 8-year charter upon delivery with a leading liner company, locking in revenue streams years in advance.

The charter terms for these new vessels alone contributed to an increase in contracted revenues exceeding $310 million.

High-touch service for technical and operational support

Maintaining a fully employed fleet, with the commercially idle fleet remaining below 1%, suggests that the technical and operational support provided to charterers meets high standards. The company's operational focus is singular on the containership segment following the May 2025 spin-off, allowing for concentrated expertise in managing these specific assets for their chartering partners. Furthermore, Costamare Inc. maintains a significant presence in the lease financing business through its controlling interest in Neptune Maritime Leasing Limited (NML), where its current investment was $182.2 million, representing 91.1% of the total committed investment as of June 30, 2025, which can support broader customer financing needs.

Focus on retaining a geographically diverse, financially strong customer base

The reliance on 'first class liner company' charters implies a focus on customers with strong balance sheets capable of sustaining multi-year agreements. The company's liquidity position, which stood at $569.6 million as of September 30, 2025, supports its ability to manage capital expenditures, such as the financing for the newbuilds, without placing undue strain on customer relationships through unexpected demands or operational disruptions. The nature of the containership business itself requires a geographically diverse customer base to service global trade routes.

• Fleet size: 69 containerships in the water as of November 3, 2025.
• Newbuilds under construction: 6 vessels.
• Total committed investment in NML: Exceeding $650 million (Q3 2025 update).
• No significant debt maturities until 2027.

Finance: review the Q4 2025 chartering pipeline against the 2027 newbuild delivery schedule by end of year.

Costamare Inc. (CMRE) - Canvas Business Model: Channels

You're looking at how Costamare Inc. gets its value proposition-long-term, fixed-rate chartering of high-quality containerships-into the hands of its customers. The channels here are less about retail sales and more about high-level, direct commercial relationships, supported by financial and operational infrastructure.

The core of Costamare Inc.'s channel strategy centers on securing long-term employment for its assets directly with the world's largest shipping operators. As of November 2025, the company operates a fleet of 69 containerships in the water, representing a total capacity of approximately 520,000 TEU. This scale is a channel in itself, providing significant purchasing power and operational leverage.

The forward-looking employment figures demonstrate the success of these channels:

• 100% of the containership fleet is fixed for the entirety of 2025.
• 80% of the containership fleet is already contracted for 2026.
• Total contracted revenues from the containership fleet stand at approximately $2.6 billion.
• The weighted remaining charter duration across the fleet is about 3.2 years.

Direct negotiation with major global container liner companies is the primary channel for securing this revenue visibility. This is evidenced by the company's ability to lock in long-term commitments for its growth pipeline. For instance, the six newbuild containerships on order, with delivery starting in Q1 2028, already have secure 8-year charters in place with leading liner companies. This direct, high-trust channel bypasses shorter-term market volatility.

Ship brokers and chartering desks are used for market intelligence and deal flow, especially for securing both the owned fleet and chartered-in tonnage for the former dry bulk platform, which was spun off in May 2025. While the focus is now purely on containers, the operational expertise remains. For example, in Q2 2025, Costamare Inc. chartered two 6,500 TEU containership vessels on a forward basis for a three-year period, commencing in Q1 and Q2 of 2026, respectively. This forward-chartering activity is a key use of the broker channel.

The engagement with shipyards for new construction contracts is a critical upstream channel that feeds the chartering pipeline. As of Q3 2025, Costamare Inc. has six newbuild containerships on order, each with a capacity of approximately 3,100 TEU. These transactions are direct engagements that secure future capacity for long-term charter agreements.

The financial channels are crucial for maintaining the balance sheet capacity to support fleet expansion and shareholder returns. The company reported a Q3 2025 liquidity position of $569.6 million. This financial strength supports transactions and communications with debt and equity holders.

Investor relations for communication with equity and debt holders is managed through dedicated contacts, such as Gregory Zikos (Chief Financial Officer) and Konstantinos Tsakalidis (Business Development, Investor Relations). The company maintains a regular cadence of communication, releasing quarterly results, such as the Q3 2025 results on November 4, 2025, and holding conference calls, like the one for Q2 2025 on July 31, 2025.

The structure of the company's financing and leasing activities also represents a distinct channel for value generation, particularly through its strategic investment in Neptune Maritime Leasing. Here's a look at the scale of that financial channel as of late 2025:

While the specific use of external financial advisors like Morgan Stanley for strategic transactions isn't publicly detailed in the latest reports, the company's actions-such as refinancing various vessels and the completion of the dry bulk spin-off in May 2025-imply engagement with sophisticated financial intermediaries to manage its capital structure and execute major corporate actions. The company declared a common stock dividend of $0.115 per share on October 2, 2025.

Costamare Inc. (CMRE) - Canvas Business Model: Customer Segments

You're looking at the core groups Costamare Inc. serves with its containership fleet and leasing platform as of late 2025. It's a focused list, which helps keep operations sharp, especially after the dry bulk spin-off.

Global Tier-1 Container Liner Companies

This is the bread and butter for Costamare Inc.'s core business-chartering out its owned containership fleet to the world's largest shipping lines. These customers provide the long-term revenue visibility that management likes to emphasize.

• The containership fleet employment stood at 100% fixed for 2025 as of the third quarter of 2025.
• Employment for 2026 was fixed at 80% as of the third quarter of 2025.
• Total contracted revenues for the containership fleet reached approximately $2.6 billion as of Q3 2025.
• The TEU-weighted duration for these contracted revenues was 3.2 years as of Q3 2025.
• The recently acquired 6,541 TEU vessel, the Maersk Puelo, commenced a time charter with Maersk.
• Four newbuild 3,100 TEU containerships, expected to deliver between Q2 2027 and Q4 2027, will each commence an 8-year time charter with a 'first class liner company' upon delivery.

Large, Financially Strong Shipping Operators Seeking Long-Term Capacity

This segment overlaps with the liner companies but also includes securing forward charters for vessels coming off hire, ensuring continuous high utilization. The focus here is locking in high-quality counterparties for extended periods.

Costamare Inc. has been actively fixing capacity well into the future to maintain its strong employment figures.

Third-Party Shipowners Utilizing the Neptune Maritime Leasing Platform

Costamare Inc. holds a controlling interest in Neptune Maritime Leasing Limited (NML), which serves as a financing partner for other shipowners. This is a distinct, growing revenue stream.

• Costamare Inc.'s current investment in NML stood at $182.2 million as of September 30, 2025.
• This $182.2 million represents 91.1% of Costamare Inc.'s total committed investment in NML.
• The platform has 50 shipping assets funded or on commitment status basis as of Q3 2025.
• Total investments and commitments for NML exceed $650.0 million as of Q3 2025.
• The investment in NML grew from $123.3 million as of March 31, 2025.

Institutional and Retail Investors Holding CMRE Common and Preferred Stock

These are the capital providers who own the equity and preferred equity of Costamare Inc. Their interest is tied to the company's profitability, dividends, and market valuation.

Here are some key figures relevant to the stock holders as of mid-to-late 2025.

The Barchart technical indicator opinion for Costamare Inc. stock was a 100% "Buy" as of December 3, 2025. The company reported a Q3 2025 net income of $92.6 million.

Costamare Inc. (CMRE) - Canvas Business Model: Cost Structure

The Cost Structure for Costamare Inc., focusing on its continuing containership operations as of late 2025, is dominated by operational costs, financing obligations, and fleet renewal investments.

Vessel Operating Expenses (Crewing, Maintenance, Insurance)

Vessel operating expenses are a direct function of fleet size and utilization, measured by ownership days. For the three-month period ended March 31, 2025 (Q1 2025), Costamare reported vessel operating expenses of ($59.7 million), compared to ($58.0 million) in the first quarter of 2024. The daily operating expense rate for the three months ended December 31, 2024, was $6,193.

Key components contributing to these costs include:

• Crewing costs.
• Routine and scheduled maintenance.
• Insurance premiums for the owned fleet.

Debt Servicing Costs, Including Interest on Bank Loans

Financing costs remain a significant element, though Costamare has actively managed its debt profile in 2025. Interest and finance costs for the full year 2024 were $133.1 million.

Recent debt management activities include:

• Prepayment of $150.2 million of dry bulk vessels bank debt in April 2025.
• Refinancing of six containerships totaling $361.6 million with a five-year repayment tenor, concluded in Q3 2025.
• Costamare has no significant debt maturities scheduled until 2027.

Capital Expenditures for Newbuilds and Fleet Maintenance

Capital deployment is directed towards fleet renewal and expansion in the leasing platform. Costamare has six 3,100 TEU newbuilding contracts with a Chinese shipyard, with expected deliveries starting in Q1 2028.

Investments in the leasing platform, Neptune Maritime Leasing Limited (NML), are substantial:

Fleet maintenance includes costs like dry-docking and special surveys, reflected in the amortization of these costs. For Q1 2025, the amortization of dry-docking and special survey costs was ($5.6 million).

Voyage Expenses, Including EUAs and Fuel EU Maritime Expenses

Voyage expenses cover costs incurred during the charter period, such as fuel and port fees. For the three months ended March 31, 2025, total voyage expenses were ($95.4 million), an increase from ($88.3 million) in the same period of 2024. Charter-in hire expenses for Q1 2025 were ($144.3 million).

A breakdown of voyage-related costs from the end of 2024 shows:

The specific financial impact of EU Emissions Allowances (EUAs) and Fuel EU Maritime expenses is embedded within these broader voyage expense categories.

General and Administrative Costs for Athens-based Management

General and administrative (G&A) costs reflect the overhead for Costamare Inc.'s management, primarily based in Athens. For the first quarter of 2025, G&A expenses were $5.2 million, down from $7.3 million in Q1 2024.

G&A expenses for the three months ended December 31, 2024, were $6.3 million, which included $0.67 million paid to a related service provider.

The G&A structure includes:

• Management and agency fees - related parties: ($14.6 million) for Q1 2025.
• Non-cash component of G&A expenses: ($1.7 million) for Q1 2025.

Costamare Inc. (CMRE) - Canvas Business Model: Revenue Streams

The revenue streams for Costamare Inc. are primarily anchored in its core business of chartering out its containership fleet, supplemented by its growing financial services arm through Neptune Maritime Leasing.

Charter revenue from the containership fleet forms the bedrock of Costamare Inc.'s income. As of the third quarter of 2025, total contracted revenues for the containership fleet stood at approximately $2.6 billion. The remaining time charter duration across the fleet, on a TEU-weighted basis, was 3.2 years. This reflects a strategy of securing medium-to-long-term contracts, such as the forward fixing of two containerships for a period ranging from 36 to 37 months, and the 8-year charters secured for four newbuild 3,100 TEU vessels expected in 2027 and 2028. The fleet employment stood at 100% for 2025 and 80% for 2026 as of the Q3 2025 update.

Costamare Inc. also generates income from its controlling interest in Neptune Maritime Leasing (NML), its lease financing platform. This stream is categorized as income from investments in leaseback vessels. For the three-month period ended September 30, 2025, this income reached $9.3 million, an increase from $6.2 million in the comparable period of 2024, driven by the increased volume of NML's operations. The total investment and commitments within the NML platform exceeded $650 million as of Q2 2025, with the company's direct investment recorded at $182.2 million as of September 30, 2025.

The operational profitability of the core business is reflected in the Net income from continuing operations. For the second quarter ended June 30, 2025, Costamare Inc. reported a Net Income from Continuing operations available to common stockholders of $99.6 million, or $0.83 per share. The earnings allocated to Preferred Stock for that same quarter were $181,672 thousand.

The company also manages preferred stock dividends paid from earnings, demonstrating a commitment to preferred shareholders. For the dividend period covering April 15, 2025, to July 14, 2025, dividends paid on July 15, 2025, were:

• Series B Preferred Stock: $0.476563 per share
• Series C Preferred Stock: $0.531250 per share
• Series D Preferred Stock: $0.546875 per share

These per-share amounts were also declared for the subsequent period ending October 14, 2025, payable on October 15, 2025.

Regarding potential gains from opportunistic vessel sales, the provided financial updates for 2025 detail vessel acquisitions, such as the secondhand 6,541 TEU containership Maersk Puelo accepted in Q3 2025, but do not specify any realized financial gain from opportunistic vessel sales during the period.

Here is a summary of key financial metrics related to these revenue streams as of the latest reported periods:

The company's liquidity position, which supports the ability to execute on these revenue-generating strategies, stood at $524.5 million at the end of Q2 2025 and increased to $569.6 million by the end of Q3 2025.