In our latest research note, our PE analysts compare and scrutinize the quarterly earnings of the big five public PE firms. (The list includes Blackstone, KKR, Apollo, The Carlyle Group and Ares.) As the crisis mounts, these managers have posted GAAP net losses because of unrealized portfolio marks. However, the management companies continue to post healthy operating income because of their push to prioritize fees income over carry. This note is meant to help investors not only understand how each public PE firm is performing, but what their commentary and financial results mean for the broader alternative asset space.