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Keeping with this theme, the Oracle of Omaha has repeatedly advised investors to consider passively managed index funds with low managementfees and that track a broad range of fundamentally sound businesses. Bogle set up Vanguard so that the company is owned by its funds, which, in turn, are owned by shareholders.
All of Millrose's operating costs will be paid by Kennedy Lewis through its managementfee and Millrose will have no employees of its own. Lennar will distribute 80% of the stock of Millrose to Lennar shareholders. Millrose will receive consistent cash flows pursuant to option contracts. million shares totaling $2.1
for the full year, strong levels of NII per share and DNII per share to fund our record level of annual shareholder dividends, and a new record for NAV per share for the 10th consecutive quarter. per share, representing an additional 41% paid to our shareholders in excess of our regular monthly dividends.
We're pleased with our performance in the third quarter, which resulted in an annualized return on equity of 18.8%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the ninth consecutive quarter. per share.
But interval funds come with unique risks and characteristics and have a feestructure that may be higher than that charged by other types of funds. Interval fund fees vary, and, like other funds, include managementfees and service fees, as well as potential additional front-end sales charges.
The continued positive momentum across our platform during 2023 allowed us to deliver significantly increased value to our shareholders, with a 25% increase in the total dividends paid to our shareholders in 2023. Despite this significant increase, our DNII still exceeded the total dividends paid to our shareholders by over 17%.
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.
This, together with our increased focus on capital allocation discipline, will further enhance shareholder value. Finally, with this high-quality revenue growth model, we have the resources to keep investing in our businesses while, at the same time, returning more capital to our shareholders. Starting with our financial performance.
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