GCM Grosvenor Inc.

Good day and welcome to the GCM Grosvenor first quarter 2026 results webcast. Later, we will conduct a question and answer session. If you are interested in asking a question, please ensure you dial in using the numbers you have been provided for this call and press star one on your keypad to join the queue. If anyone should require operator assistance, please press star then zero on your telephone. As a reminder, this call will be recorded. I would now like to hand the call over to Stacey Selinger, Head of Investor Relations. You may begin.

Thank you. Good morning and welcome to GCM Grosvenor's first quarter 2026 earnings call. Today I am joined by GCM Grosvenor's Chairman and Chief Executive Officer Michael Sachs, President John Levin, and Chief Financial Officer Pam Bentley. Before we discuss our results, a reminder that all statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements. This includes statements regarding our current expectations for the business, our financial performance, and projections. These statements are neither promises nor guarantees. They involve known and unknown risks, uncertainties, and other important factors that may cause our actual results to differ materially from those indicated by the forward-looking statements on this call. Please refer to the factors in the risk factor section of our 10-K our other filings with the Securities and Exchange Commission, and our earnings release, all of which can be found on the public shareholder section of our website. We'll also refer to non-GAAP measures as we view as important in assessing the performance of our business. Reconciliation of non-GAAP measures to the nearest GAAP metric can be found in our earnings presentation and earnings supplement, both of which are on our website. Thank you again for joining us, and with that, I'll turn the call over to Michael to discuss our results.

Thank you, Stacey, and good morning, everyone. GCM Grosvenor had a good first quarter of 2026, delivering solid investment performance across our strategies, growing our fundraising pipeline, and making solid progress on several of our key strategic initiatives, particularly with respect to the individual investor channel. In a period marred by war and energy price shocks, our business has demonstrated consistency, resilience, and growth. During the first quarter, our AUM and fee-paying AUM grew by 12% and 11% year-over-year. First quarter 2026 fee-related revenue and fee-related earnings were essentially flat year-over-year, but importantly, When adjusting for the impact of catch-up management fees, which were significant in the first quarter of 2025, fee-related revenue and fee-related earnings grew by 8% and 20% year-over-year. Our unrealized carried interest now exceeds a billion dollars, a record high for the firm, and a 16% increase over the prior year level. The firm's share of that unrealized carry interest is more than $500 million as a quarter end, which is a 23% increase year over year. Despite the heightened volatility that has persisted since our last earnings call, our forward-looking view for the business remains quite positive. During the quarter, we raised $1.5 billion for a total of $9.3 billion over the last year. Fundraising was broadly diversified across the platform. Infrastructure, which has been our fastest growing strategy over recent years, led with $2.6 billion of fundraising over the last 12 months, followed by $2 billion raised for absolute return strategies. While we're not changing our base position on flat ARS flows, we did enjoy net inflows in the first quarter and today enjoy a larger pipeline than we have seen in many years. John will address the ARS opportunity more fully in his remarks. Outside of ARS, our capital formation pipeline also remains strong. Our clients are either growing or maintaining their alternatives allocations, with many moving into new strategies where we are ideally situated to serve as their partner. While separate account fundraising can be a bit lumpy quarter to quarter, we expect second quarter fundraising to be larger than the first quarter fundraising, and we expect the back half of the year to be larger than the front half of the year. We have made a number of new business development hires to strengthen our platform and support our growth initiatives, including key hires to expand our presence in the Middle East, Europe with a particular focus on the Nordic region, and Southeast Asia. We also added a senior leader to our direct infrastructure investment team in light of the continued growth. A bright spot in the quarter was the continued progress of our efforts in the wealth channel where sales momentum continues to build. It is worth noting that due to the positioning of our products and solutions, we are not exposed to the range of issues including redemption pressures, marks, and fee-related performance fees that are impacting the private credit and secondaries asset classes in that channel. The current picture for us remains one of accelerating growth in the individual investor channel. During the first quarter, we raised approximately $500 million from that channel, which is a higher number than we have historically seen in many full years. Drilling down in the first quarter, we secured an anchor investment to build a private equity co-invest portfolio that is intended to become our private equity registered fund. That fund is currently in registration and consistent with our infrastructure interval fund, we are aiming to go to market with significant capital and a partially seeded portfolio, both of which are valuable accelerants to success. Our infrastructure interval fund is ramping nicely, supported by healthy flows and strong underlying performance. Our Grove Lane distribution joint venture is having early success, and we will continue to invest in that business. As we have said previously, while there's a long-term build, we are very constructive on the role the individual investor will play in our future growth. As you know, credit has been an area of focus for the firm and an area of concern for the market. We raised nearly $500 million for credit in the first quarter, representing approximately a third of our total fundraising. As a reminder, our private credit offerings are diversified with no particular concentration in any private credit subtype and diversified implementation styles. Performance across our credit portfolios remains consistent and we see attractive opportunities to deploy capital, including in credit secondaries, where we've raised nearly a billion dollars over the past year and see significant opportunity for growth. We do not see systemic issues in our credit vertical and remain confident in our ability to deliver for our credit clients. Following Q1, we remain confident that the goals we laid out at our investor day for both FRE and ANI growth are achievable. In closing, I want to take a minute to touch on AI. It's an important focus for the firm, and we believe something to touch on regularly with you. As we noted last quarter, we believe we are a net beneficiary from AI disruption, both with regard to our direct exposure to disruptors and with regard to the positive impact on the assets owned in our portfolios. While we do not have a view on how AI will impact people, we believe it is positive for equity. Across our business, we are increasingly utilizing AI within our operations to drive efficiency, enhance operating leverage, and support the firm's growth. To be clear, we have always been and will continue to be a people-centric organization. Our team is our greatest asset. Our culture is our greatest asset. At the same time, we already see how AI can enable our team and our culture be more efficient, more productive, and deliver even greater value to our clients, which will in turn deliver value to shareholders. And with that, John, I'll turn it over to you.