If target carry is not yet realized, then what distinguishes it from accumulated unrealized carry, and why is it not double-counting to add one to the other?

Here is my understanding.

Target Carried Interest refers to performance that is not yet in the bag. It's not a done deal yet. It's carried interest we would earn IF we achieve targeted returns over the life of the fund. Assuming Brookfield consistently achieves performance targets, it's a consistent stream of earnings and it's appropriate to slap a 8-10 multiple. Fee related earnings are of course much more reliable and get a 20+ multiple.

Unrealized Carried Interest refers to performance that is already in the bag, but not yet realized. Maybe because the fund is still active and not wound up yet? Because claw back period is still ongoing? Not sure. In any case, it's money Brookfield would get if the fund were theoretically wound up at the end of the reporting period (not end of life of the fund). That's why in the plan value calculation they use a 1 multiple because it's just money already earned.

So is it double-counting? I don't think so. At a given moment in time, unrealized carried interest is money you have already earned, whereas target carried interest is money you expect to earn based on future good performance. One way to think about it is that the 8-10 times target carried interest is the price you are paying for the carried interest income stream and the unrealized carried interest is the dividend/payout you are getting every quarter/year.

I am happy to be corrected if above isn't right.