Private equity firms Blackstone Group and Apollo Global Management became the latest financial players whose earnings were hit by volatile markets in the fourth quarter, but their portfolios held up better than the broader market.

Both firms reported losses for the quarter; Blackstone’s was its first since the third quarter of 2015. The value of both firms’ private equity portfolios took a hit, with Blackstone’s falling by 2.9% during the quarter and Apollo’s declining by 11%. For comparison, the S&P 500 slid more than 14% in the fourth quarter as investors fretted that the nearly decadelong bull run was coming to an end.