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Accumulated unrealized carried interest totalled $318 million at December 31, 2013. This represents an increase of $195 million compared to last year, prior to the $566 million realized in the year. We estimate that direct expenses of approximately $118 million will arise on the realization of the income accumulated to date. The amount of unrealized carried interests and associated costs are shown in the following table: 

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## Fee Bearing Capital 

The following table summarizes our fee bearing capital: 

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1. Includes Brookfield capital of $6.0 billion in private funds and $19.7 billion in listed issuers 

Fee bearing capital includes all capital on which we receive some form of asset management revenue and includes capital committed or invested by us. For example, we include 100% of the market capitalization of listed issuers such as BIP and private funds such as our private equity funds because we are entitled to earn fees on all of this capital, including our own. We do not, however, include the capital invested or committed by one Brookfield managed entity into another because the fees otherwise payable to us on this capital are credited against the fees payable to us by the other. 

Listed issuer capital includes the market capitalization of our listed issuers: BPY, BREP, BIP, Brookfield Canada Office Properties, Acadian Timber Corp. and several smaller listed entities. Fee bearing capital also includes corporate debt and preferred shares issued by these entities to the extent these are included in determining base management fees. 

The private fund capital includes $16.6 billion of invested capital and $9.0 billion of capital that has not been invested to date but which is available to pursue acquisitions within each fund’s specific mandate. Of the total “dry powder,” $2.8 billion relates to property funds, $5.3 billion relates to infrastructure funds and $0.9 billion relates to private equity funds. The invested capital has an average term of 10 years and the uncalled capital has an average term during which it can be called of approximately four years. 

We manage fixed income and equity securities within our public securities operations, with a particular focus on real estate and infrastructure, including high yield and distress securities. 

