T. Rowe Price Group, Inc.

Good morning. My name is Victor, and I'll be your conference facilitator today. Welcome to T. Rowe Price's first quarter 2026 earnings conference call. All participants will be in listen-only mode until the question and answer period. I will give you instructions on how to ask questions at that time. As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Lindsay Carruth, T. Rowe Price's Director of Investor Relations.

Hello, and thank you for joining us today for our first quarter earnings call. The press release and a supplemental materials document can be found on our IR website at investors.teroprice.com. We'll start the call with our Chair, CEO, and President, Rob Sharps, and CFO, Jen Dardis, discussing the company results, after which Glenn August, CEO of OHA, will provide an update on our alternatives business. Then we'll open it up to your questions, at which time we'll be joined by Head of Global Investments, Eric Bile. We ask that you limit it to one question per participant. I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials, as well as in our press release in 10Q. Discussions related to the funds is intended to demonstrate their contribution to the organization's results and are not recommendations. All investment performance references to peer groups on today's call are using Morningstar peer groups and for the quarter that ended March 31st, 2026. Now I'll turn it over to Rob.

Thank you, Lindsay. Before I get started, I'm pleased that Glenn August, CEO of OHA and member of our board, is with us today. He will provide an update on our alternatives business and the opportunities we see across wealth, insurance, and the broader institutional market. We will hear from Glenn after Jen's update on our financial results. After a relatively stable first two months of the quarter, markets declined in March in response to the conflict with Iran. which pushed energy prices sharply higher and introduced additional uncertainty into global economic growth expectations, though these declines have reversed in the early part of the second quarter with the market recently reaching new highs. With the recent volatility and broadening of markets, our active management approach, rooted in strong fundamental research and a consistent long-term focus, positions us to take advantage of the opportunities this climate brings. While we continue to face outflows in our equity and mutual fund businesses, our teams are making progress in stabilizing flows and are advancing innovative strategies, new vehicles, and compelling solutions to meet the needs of our clients. Around half of our funds outperformed with 39, 56, 43, and 59% of our funds beating their peer group medians on a 1, 3, 5, and 10-year basis. On an asset-weighted basis, our long-term performance remains strong, with 71%, 46%, and 78% of our funds outperforming on the three-, five-, and ten-year basis. However, the one-year time period remains challenged. Across our equity funds on an asset-weighted basis, 63% outperformed for the three-year and 73% for the ten-year time periods. Performance was softer for the five-year, with 41% of fund assets outperforming, and 21% for the one year. Our fixed income funds continued to deliver strong performance. On an asset-weighted basis, over three-quarters of the funds outperformed for the one, three, five, and ten-year time periods. In our target date franchise, long-term performance remained strong, with 94, 54, and 98% of fund AUM outperforming their peers on a three-, five-, and ten-year basis. The one-year performance remains challenged, with only 8% of AUM outperforming, but the most recent quarter had strong performance with 86% of AUM outperforming peers. Last quarter's strong performance was driven by security selection in our active equity strategies, as well as our tactical asset allocation decisions. We advanced a number of important initiatives in the first quarter that strengthen our ability to deliver outcome-oriented solutions and expand our distribution relationships. A few examples of this work include our target date franchise continues to resonate in the market with notable growth in blend and hybrid products. Our collaboration with Goldman Sachs is progressing with momentum building in model portfolios and product development advancing for the launch of an interval fund and target date sister series later this year. Our ETF and SMA businesses continue to grow. We launched two ETFs this quarter, bringing our lineup to 32 ETFs. Eight of the 32 ETFs had scaled to more than $1 billion in AUM at the end of March. Our ETFs generated over $2.8 billion in net flows in the first quarter. As of last week, Our ETF assets under management surpassed $25 billion. We are also developing plans to launch our first ETFs in Europe. Our SMA platform expanded to 42 offerings with more than $17 billion in AUM and over $900 million in net flows in the first quarter. We closed our first T. Rowe Price Managed CLO in early April. extending our floating rate capabilities into larger markets and diversifying our opportunity set. We advanced our partnership with First Abu Dhabi Bank from planning into execution, with preparations underway across marketing, training, and client support for a targeted mid-2026 launch. We are making progress in our partnership with Aspita, for which we manage both public and private assets totaling over half a billion dollars at the end of March. Our experience with Aspita is informing our approach to the substantial opportunity in insurance more broadly. We also formalized a new operating arrangement with OHA and are excited about our ongoing collaboration and the capabilities their team brings to the overall T. Rowe Price business. None of this progress would be possible without the exceptional talent and dedication of our associates, whose focus on clients and disciplined execution drives us forward. And now, Jen will share an update on our financial results.