We make reference to Distributable Earnings ("DE") in the documents incorporated by reference herein. We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our corporate activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized interest and realized disposition gains from principal investments and DE before realizations per share, which refers to DE before realizations divided by the average number of Company shares outstanding on a fully diluted, time-weighted average basis during the applicable period. We believe these measures provide insight into earnings received by the Company that are available for distribution to common shareholders or to be reinvested into the business. Realized carried interest and realized disposition gains are further described below.

Realized carried interest represents our contractual share of investment gains generated within a private fund after considering our clients' minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.