The first quarter numbers are in for GLG Partners and, for the most part, they’re good.

The firm reported net revenues of $131.4 million, 80% above the year-earlier period. The firm also reported an adjusted net income of $33.8 million, up 142.2% from the first quarter last year, and net assets under management of $24.6 billion as of the end of March 31, up 53.2 %.

However, GLG reported a net loss of $226.3 million primarily from the recognition of compensation related expenses associated with GLG's reverse merger, by which it went public, in November. The firm said there will be similar but diminishing GAAP compensation expenses quarterly, ending in the fourth quarter of 2012, related to the acquisition.

“Our financial performance to date reflects our ability to grow top line revenues while actively managing expenses” said Emmanuel Roman, co-CEO and managing director of GLG.  “As our business evolves and grows, we will continue to invest in our risk and controls infrastructure while managing the bottom-line.”