For the first quarter our run rate cash earnings per share totaled $0.26 per common share, which equates to an 11% cash return on equity and total net cash earnings per share totaled $0.36, which equates to a 15% cash return on equity. I do want to highlight that our run rate cash earnings per share reflects semi-annual coupon payments on our convertible notes payable on our first and third quarters, which when normalized in a straight-line basis results in run rate cash earnings per share of $0.29 or at 12% cash return on equity for the first quarter of 2012, compared to $0.27, a $0.02 decrease, normalized earnings per share for the fourth quarter of 2011.
As we have discussed on previous calls, one of our strategic goals for the past year has been to source low-cost, long-term capital so that we could deploy it accretively when market opportunities are attractive. During the quarter we sourced incremental capital through the issuance of $115 million of 30-year of senior notes that bear interest at 7.5%. This pricing compares favorably to our first 30-year senior note offering we did last November, which was done at a rate 8.38%. We have now raised $374 million of 30-year financing at a blended cost of 8.1%.
In addition to sourcing incremental capital through issuing holding company debt, another attractive source of investible cash, given the current credit environment, has been through divesting certain rated tranches we hold in our CLO subsidiaries. During the quarter we generated approximately $32 million of incremental capital through the sale of $42 million face amount of our holdings of Class D notes from our CLO 2007-1 transaction.