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Can I get the color parameter value of a non-dynamic material instance?

I have “On Begin Overlap” event where I need to **get **(only) the color value of the material of the overlapping component.
Something along these lines:

getcolor.png

It seems, however, that the only way to do it is by first creating a dynamic material instance out of the incoming material.
I might be wrong, but this sound like an overkill. Any insight would be appreciated.