Based on my review of Boise's SEC filings, Madison Dearborn's 80 percent cut of the recent share sales comes to about $420 million, nearly twice its initial equity investment of $245 million. Its interest in Boise Cascade Holdings' remaining 7.8 million Boise Cascade Co. shares comes to roughly $162 million at the current trading price of about $26. Boise Cascade Holdings also collected cash distributions from Boise Co. over the years. Madison Dearborn won't disclose the total, but SEC filings show distributions of $225 million to Boise Cascade Holdings in 2012. Madison's 80 percent share would be about $180 million. Altogether, the numbers suggest a decent, but not great, return for Madison Dearborn. When Boise's shares were soaring last March, a person close to the firm pegged its all-in annualized return at about 37 percent. The subsequent share price decline must have knocked that number down.