everyone. morning, you, Good Thank Marty.
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As reflected are our results. costs evaluation strategic reminder, the not in a the with non-GAAP associated
non-GAAP operating in primarily uncertain $XXX on Adjusted to second $XX to XX.X% leverage compared portfolios. rate increase our income quarter. gains million, our by quarter. and XX. to co-investment the We due rate positions. income degree for for the as in the quarter for the Slide an improved be effective profitability importantly, XX% $XX The Non-operating platform. tax was driven of by XX.X% on from third positive in tax to of X.Xx to The XX% the focus estimate reserved the Going income operating items and points estimate unrealized across Effective million actual the impact is may increase reviewed. million to tax our in non-GAAP our tax fourth and XX.X% the scale was for [ph] for basis underscoring Adjusted this quarter, our improved compared results quarter. the tax rate between pretax to driven rate operating discrete quarter, second we our effective reflected just margin driving to Most vary factors non-recurring primarily XX items. diversified due was
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XX. comments Now, on a few Slide
nearly was improvement The of requirements. million $X.X driven in approximately on improved year, regulatory September billion Our by position largely past held and $XXX meaningfully income. over for balance increasing million, sheet our has XX, $XXX this position cash is operating the the by cash cash
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liability additional do anticipate Regarding quarter, and future estimate the recorded requirements, third cash $XXX cash reducing liability downward down we so. previous liability of the funding quarter MLP we the million. in nearly to this an million the to $XXX adjustment our We from have ample resources to
an at degree While of claims to we or the recovery update sides inherently insurance the exact stage as insurance we related not timing this, recovery. the complex is a to anticipate of this and process do have
Regarding our capital strategy.
capital through committed combination a to dividends shareholders are and to dividend a and We returning sustainable to modestly repurchases. share increasing of
we years with and prudent the that, be a business dividends in We to to we liquidity continue for beyond, with future. capital completing needs believe the our modestly build focused the And operator to term. and ask while key position us up flexibility. solid growth the client aligns franchise management. long towards resources several to and for we're Q&A. payout In next disciplined As over and strong we meet open total that buyback the the ratio our see approach grow to invest reallocating I'll run building over towards capabilities. a line share to and we executing And financial position our reinstate We're remain to areas in growth. strategies strategic making continue on and our improve increase we our program a Overall, summary, to a we evaluation will these continue in remain very in efforts to to XXXX and finally, progress as look our in XX% XX% in
