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NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. As a result, on a cumulative basis, since our initial investment in April 2020 and taking the realized gain and dividends into consideration, we realized an annual internal rate of return of 69% and 7.7
Obviously, this was stronger than our guidance of a dollar in accretion and reflects very favorably on the performance of the MSRs we acquired as well as limited exposure to contingent liabilities after extensive diligence. Now, let's turn to Slide 12. So, we're seeing the benefit of that now. We'll eventually see the benefit later.
Meanwhile, the external deposit data we track shows that the average consumer savings balances declined approximately 2% from the first quarter but remain approximately 7% above 2020's average level. I think there's obviously still spending excess savings are coming down a bit, but they're still trending above 2020 levels.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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