Oaktree Capital Group on Thursday said its first-quarter profit fell 32 percent as the private equity firm’s revenue from incentive income declined.

The downtown Los Angeles investment company led by billionaires Bruce Karsh and Howard Marks reported net income of $51.8 million ($1.30 a share), compared with $57.6 million ($1.91) in the same period a year earlier. Revenue fell 11 percent to less than $528 million.

Assets under management rose 3 percent from the fourth quarter to $86.2 billion as Oaktree attracted new money.

Shares closed up 3 cents, or less than 1 percent, to $53.03 on the New York Stock Exchange.