A shaky start to 2016 weighed heavy on some of the biggest in commercial real estate—including the world's largest commercial lender, the world's largest asset manager, and the world's largest sovereign wealth fund. Private equity real estate investors saw their own poor Q1 showings—here's our breakdown of some of the most influential players.

Blackstone

Economic Net Income/Share: 
$0.37

ENI Vs. Q1 '15: -77%

The world's largest landlord broke $100B in assets recently, but that wasn't enough to shrug off the Q1 blues created by a bumpy market in early 2016. The poor showing was compounded by a similar 70% cut in profits over Q4 '15.

KKR

Economic Net Income/Share:  
-$0.65

ENI Vs. Q1 '15: -195%

KKR's loss on the quarter outstripped analysts' $0.33 expectations. A 19% Q1 drop in the shares of a single investment—payment processor First Data, which KKR owns a big piece of after taking it public in October—cut profits by about $300M.

Carlyle

Economic Net Income/Share: $0.18

ENI Vs. Q1 '15: -78%

Carlyle felt the Q1 sting along with its peers, but unlike the others, it beat market forecasts, which put ENI at just $0.12/share. The performance shows the firm isn't immune to the bumpy market, but it weathered the storm better than others in the sector. Still, Carlyle's funds shrank 8% on a yearly basis to $178B, as concerned investors withdrew funds.

Apollo Global Management

Economic Net Income/Share:  
-$0.18

ENI Vs. Q1 '15: -178%

Apollo must've come face-to-face with the Italian Stallion in Q1, posting an $0.18 loss on the quarter in its earnings report released yesterday. The company just upped its takeover bid to $1.14B for the for-profit education provider Apollo Education (owner of University of Phoenix), after shareholders balked at the original $1B offer.