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All of Millrose's operating costs will be paid by Kennedy Lewis through its managementfee and Millrose will have no employees of its own. Millrose will be positioned with adequate capital to operate its core business, and will have a balance sheet that enables additional debt or equity as needed for strategic engagement or for growth.
At nearly 1,300 locations, the company has roughly double the number of third-party managed stores compared to CubeSmart and over 1,000 more than Public Storage. This business generates very high margin managementfees and insurance income for a very low capitalinvestment.
They can use their growing earnings to increase shareholder value through capitalinvestments, acquisitions, share repurchases, dividend payments, and debt reduction. That means for every $1,000 you invest in the fund, you'd pay only $0.30 in managementfees each year. The fund has a 0.03% ETF expense ratio.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. It aims to realize the enormous investment potential of infrastructure to support AI innovation, and it's just the first proof point of the growth synergies we can create together. Our partnership with Microsoft and MGX.
We are pleased with our second quarter results, which were highlighted by an annualized return on equity of 16.1%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the eighth consecutive quarter.
billion in equity in a manner that we believe to be accretive to existing shareholders. Since August 2020, we've invested $836 million of total cash on our balance sheet. These capital market levers allow us to deploy intelligent leverage to increase our bitcoin holdings in a manner which we believe has created shareholder value.
Our capital position remains strong with our CET1 ratio of 11.3%, up from 11% last quarter, and we continue to return significant amounts of excess capital to shareholders. We also benefited from improved results in our venture capitalinvestments. We repurchased $3.5 billion of common stock in the quarter and $15.6
Thus, private capital controls more than 90% of the U.S. commercial real estate market based on research from the National Association of Real Estate Investment Trusts. Third, a powerful element of the fund management strategy is the incremental capital-light fee earnings it's anticipated to offer. Please go ahead.
We are seeing the benefit from investments we're making to increase growth and improve how we serve our customers and communities. We returned $25 billion of capital to shareholders. Revenue increased from a year ago, driven by improved results from our venture capitalinvestments.
The total amount of capitalinvested and committed across our operating portfolio equates to $275 per square foot, which we believe remains significantly below replacement cost. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4. Moving on to rent collection.
Operating with a strong capital position in anticipation of the uncertainty the stress test regime imposes on large banks and the potential for increases to our regulatory capital requirements resulting from Basel III finalization has served as well. Turning to commercial banking results on Slide 13. We will now take your questions.
And all our historical backers, shareholders, they actually kept on supporting the business. So when we started this strategy in 1718, and started allocating capital, investing in entrepreneurs who had a solution, that had to be massified. We never sold a single share on the occasion of the ’60s.
We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Shareholders section of our website at blueowl.com. For our shareholders, the proposition remains simple. For many of our products, there is zero redemption.
The total amount of capitalinvested and committed across our operating portfolio equates to $281 per square foot, which we believe remains significantly below replacement cost. million of contractually due rent interest and property managementfees that were not collected during the quarter. So, that's what we do.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9 Today's call is being recorded. Please go ahead.
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