KKR (NYSE: KKR) had a massive Q1 loss on GAAP measures as a result of mark to market requirements.

Setting aside those marks, the firm said that After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $355.3 million and $0.42, respectively, for the quarter ended March 31, 2020. After-tax Distributable Earnings Per Adjusted Share are 11% higher compared to the first quarter of 2019.

“Since February, we have seen more uncertainty and volatility than at any time since the financial crisis. KKR navigated the quarter well, and our results bear testament to the strength of our business model. We are enormously proud of the dedication of our employees and believe we are well-positioned to help our clients and communities for what lies ahead,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-CEOs in their statement.

KKR First Quarter Earnings Report

KKR continued to grow its asset base in the quarter. Assets Under Management and Fee-Paying Assets Under Management were $207 billion and $159 billion, up 4% and 8%, respectively, over the last twelve months. Uncalled commitments were $58 billion, of which $19 billion will contribute to Fee Paying Assets Under Management as that capital is either invested or enters its investment period.

The private equity leader also continued to ruse its cash flows to reward shareholders. A dividend of $0.135 per share of Class A common stock has been declared for the first quarter of 2020. This is consistent with KKR’s previously announced decision to increase its annualized dividend per Class A Common stock by 8% from $0.50 to $0.54, beginning with this quarter.

From December 31, 2019, through May 6, 2020, KKR used a total of $286 million under its share repurchase plan; open market repurchases were made at an average cost of $24.14. KKR announces an increase in its total available share repurchase reauthorization to $500 million, effective immediately.

Their fund performance in the quarter was better than many expected to see. Their total private equity portfolio was down about 12%. Real Estate funds were down an aggregate 1% with their Global Infrastructure portfolio gained 18% in the quarter. Credit funds took the biggest hit as alternative credit funds declined by 16%, and leveraged credit strategies declined by 13%.