Distributable Earnings
The cash an alternative-asset manager has actually generated and could pay out to shareholders in the period -- combining fee-related earnings with realized performance fees (carry booked when investments are actually sold) and realized investment income, abbreviated DE. It is the industry's preferred measure of true cash-generating power and the basis for the dividend, in contrast to GAAP net income, which is distorted by unrealized mark-to-market swings. Like FRE it is a firm-defined non-GAAP figure, so we surface it on a firm's own page but never rank it across firms.
Related terms
Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Assets Under Management
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