Brookfield CEO Bruce Flatt was quoted in a National Post article dated March 15, 2025, in which he described carried interest payments in the following way:
Put simply, carried interest is our share of the profits realized on an entire fund, subject to that fund exceeding a minimum target return for clients. If we meet fund expectations, we get 20% of the profits.
You would agree that's an accurate characterization of how carried interest works in respect to the fund.