From the transcript

And the expenditures bar includes both cash expenditures and depreciation. And so if you look here in SMIC Fund revenue versus expenses, you'll see the revenue is higher than cash expenditures, but that depreciation amount is exorbitant. And then in the same, we see that in the Harbor Fund as well. We see that big gap there with the depreciation costs. Which are non-cash, so it's not necessarily that we need to have cash on hand, but the two funds are not generating enough revenue to cover those depreciations.

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