23 strong balance sheet and liquidity, all while making sure we have the available liquidity to execute quickly on opportunities. Then the third pillar: Return capital to shareholders. Royal Gold has a strong record of executing on all three pillars, but I'd like to highlight three areas that we will always prioritize. First, we will always prioritize non-dilutive capital for new opportunities. This is evident in our share count. Even after issuing nearly 19 million shares as part of the Sandstorm transaction back in October, we still have the lowest share count on the GDX, and we've been listed for nearly 45 years. Second, we will use debt strategically and conservatively as opportunities allow. The operating cash flow that we generate from diversified revenue sources within our portfolio gives us comfort that we can repay our debt quickly. And as we have said in the past, we are comfortable taking our leverage ratio to 3x net debt to EBITDA if we can reduce that leverage ratio to say 2x or less within 12 months. Finally, we are committed to paying a growing and sustainable dividend. Our dividend is progressive and is not tied to any mechanical targets. We don't trade on yield, but many of our investors like the consistent history of dividend growth as it demonstrates shareholder returns as our priority. Then as Bill mentioned, we continue to be the only precious metals company in the S&P High-Yield Dividend Aristocrats Index. Our [unclear] capital allocation is simple. We have to be flexible as market conditions and the deal environment change. We think the best way for us to add value to shareholders is by adding high-quality, long-duration assets to the portfolio. We target double-digit returns over the long term. And by using cash for debt to finance these acquisitions, we limit equity dilution, and we should grow our NAV per share. While we have historically like to use debt to finance our growth given the high-margin nature of our business, maintaining strong liquidity is very important in our business because transactions often come up quickly, and we always want to ensure we can execute timing without financing conditions or limitations. Our revolver capacity and cash provide the liquidity to reinvest in assets that provide further optionality to our shareholders. We have a 25-year history of dividend growth. A history that is core to Royal Gold, is unique in the precious metals sector and a history we expect to continue. We typically review our dividend each November with our Board. And during this review, we consider various price and operational sensitivities going out five-plus years. We will consider special dividends and share buybacks, but we have rarely been in a position with significant excess cash where we were not able to reinvest in high-quality assets or accretive transactions. We also rarely see opportunities where it makes valuation sense for us to repurchase our shares, but we will be mindful should market conditions change or present an opportunity for further return of capital. We view cash as a strategic asset that provides optionality as it allows us to quickly act on opportunities, and we would not want to prioritize capital return at the expense of