Step 1

Preheat oven to 325F. Generously grease and flour a 10″ bundt pan. Sprinkle chopped walnuts evenly over the bottom of the pan.

Step 2

Mix together the rest of the cake ingredients in a large bowl using an electric mixer until well combined. The batter might be lumpy, but that’s ok. Pour the batter into the pan evenly over the nuts.

Step 3

Bake for 50-60 minutes, or until a toothpick inserted into the center comes out clean. Let stand for 10 minutes in the pan.

Step 4

Meanwhile, make the glaze: In a small saucepan, combine butter, water, and sugar. Bring to a boil over medium heat and continue to boil for 5 minutes, stirring constantly. Remove from heat. Carefully and slowly whisk in the rum (it will bubble).

Step 5

Invert the cake onto a serving plate. Brush the hot glaze all over the warm cake. Repeat until all the glaze is used up, or reserve half of the glaze for serving. Let stand for 15 minutes to absorb.