Warren Buffett’s company reported an almost $23 billion jump in its first-quarter earnings because of a major swing in the paper value of its investments.

Berkshire Hathaway said Saturday that it made $21.6 billion, or $13,209 per Class A share.

That’s up from last year’s loss of $1.14 billion, or $692 per share.

Berkshire said the numbers don’t include any contributions from its ownership of more than one-quarter of Kraft Heinz, which has struggled recently and has not yet filed its forms with the SEC.

Buffett says Berkshire’s operating earnings offer a better view of quarterly performance because they exclude the returns from investments and derivatives, which can vary.

By that measure, Berkshire reported operating earnings of $5.56 billion, or $3,387.56 per Class A share. That’s up from $5.29 billion, or $3,214.67 per A share.

Analysts expected operating earnings of $3,461.43 per Class A share.