TPG Inc.

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Please stand by. Your program is about to begin. Good morning and welcome to the TPG's first quarter 2026 earnings conference call. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If you need to remove yourself from the queue, press star 2. To get as many questions as time permits, we ask that you please limit yourself to one question. At any time, if you should need operator assistance, press star 0. please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials. I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. You may begin.

Great. Thanks, Operator, and welcome, everyone. Joining me today are John Winkle-Reed, Chief Executive Officer, and Jack Weingart, Chief Financial Officer. In addition, our executive chairman and co-founder, Jim Coulter, and our president, Todd Susitsky, are here with us for the Q&A portion of this call. I'd like to remind you this call may include forward-looking statements that do not guarantee future events or performance. Please refer to TPG's earnings release and SEC filings for factors that could cause actual results to differ materially from these statements. TPG undertakes no obligation to revise or update any forward-looking statements except as required by law. Within our discussion and earnings release, we're presenting GAAP and non-GAAP measures. We believe certain non-GAAP measures that we discuss on this call are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to the nearest GAAP figures in TPG's earnings release, which is available on our website. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase at interest in any TPG fund. Looking briefly at our results for the first quarter, we reported a gap net loss attributable to TPG Inc. of $123 million and after-tax distributable earnings of $282 million, or $0.70 per share of Class A common stock. We declared a dividend of $0.59 per share of Class A common stock, which will be paid on May 26 to holders of record as of May 11. I'll now turn the call over to John.