Apollo Global Management, Inc.
Q1 2022 Earnings Call
May 05, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to Apollo Global Management's first quarter 2022 earnings conference call. [Operator instructions] This conference call is being recorded. This call may include forward-looking statements and projections, which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements.
Apollo will also be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Apollo fund. I would now like to turn the call over to Noah Gunn, global head of investor relations.
Noah Gunn -- Global Head of Investor Relations
Thanks, operator, and welcome again to our call this morning. Earlier today, we published our new earnings release and financial supplement on the investor relations portion of our website. We will also post a financial supplement on the Athene investor relations website in the coming days, which provides historically disclosed information on Athene's balance sheet and investment portfolio. Additionally, we plan on publishing a new quarterly Investor presentation on our website in the near future.
As you can see, our first quarter results reflect our post-merger financial construction, illustrating the strong combined earnings power of Apollo and Athene. For the first quarter, we reported fee-related earnings of $310 million or $0.52 per share and spread-related earnings of $670 million or $1.12 per share. These two earnings streams combined to total $980 million in the first quarter or $1.63 per share, as the business demonstrated strength and resilience amid a period of macro volatility. We also reported normalized spread-related earnings of $488 million or $0.81 per share to provide a supplemental view of this important and valuable earnings stream.
As we move into a new era of financial reporting post-merger, we noted in a recent 8-K filing that we were going to rename our primary non-GAAP metric from distributable earnings to adjusted net income. This naming convention better aligns with our dividend policy as well as the broader financial services universe. This change had no impact on our historical financial results or construction of what has historically been DE. For the first quarter, we reported adjusted net income totaling $915 million or $1.52 per share.