For the fourth quarter, our run rate cash earnings per share totaled $0.30 per common share, which equates to a 13% cash return on equity. And total net cash earnings per share totaled $0.39, which equates to a 16% cash-on-cash return on equity.
Earnings for the fourth quarter included a $5 million or $0.03 per share gain from the exit of a $13.6 million special situations investment we had made in the distressed senior debt of an Australian-headquartered scrap metal recycling business, including interest income we received in this transaction which generated a 75% IRR on this investment.
During the quarter, we deployed or committed to deploy approximately $200 million of capital to new opportunities. Of this amount, approximately $120 million was through our natural resources strategy to three distinct opportunities.
The first was an approximate $65 million investment in a joint venture we structured with Quicksilver Resources to form a midstream partnership dedicated to the acquisition of existing pipeline and construction and operation of additional natural gas midstream pipeline, as well as treatment facility in the Horn River Basin in Western Canada. This investment carries with it a 15% contractual return, including return of our (inaudible) over 10 years plus the terminal value in year 10 and beyond of all the infrastructure underlying the assets in the JV.The second transaction we made was a $15 million private equity investment in Samson Investment Company. It’s one of the largest private exploration and production companies in the United States. Read the rest of this transcript for free on seekingalpha.com