It looks like you might be using IFRS (book) value for the listed subs as opposed to their market values

Yes, I was looking at IFRS, not blended. Thanks for the clarification and everything else in your post. This board is lucky to have you and all of us are lucky to have Manlobbi! Couldn't have asked for a better Christmas gift!

Carry (8x): $21.3b
I'm using 8x rather than Brookfield's 10x for realized carry

Can you please clarify why you are calling above realized carry. I am assuming you are referring to 'annualized target carried interest, net' which was 2,657 at 3q end. Times 8 is 21.3 billion. SI Asset Management, page 6.

But this is not realized yet. The performance is not yet in the bag. It's carried interest Brookfield would earn if targeted returns were achieved over the life of the various funds.

You can count accumulated unrealized carry, as Brookfield does.

Yes, I also noticed that they do this in their plan value calculations with a multiple of 1. Accumulated unrealized carried interest, net was 5,483 at 3q end. So it adds about 5.5 billion to the market cap.