T. Rowe Price Group, Inc.

Good morning. My name is Howard, and I will be your conference facilitator today. Welcome to T. Rowe Price's second 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 Linsley Carruth T. Rowe Price is Director of Investor Relations.

Hello, and thank you for joining us today for our second quarter earnings call. The press release and a supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. We'll start the call with our Chair and CEO Rob Sharps, CFO Jen Dardis, and President, Co-Head of Global Investments and CIO, Eric Veiel, discussing the company's results. Then we'll open it up to your questions. 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 June 30, 2026. Now I'll turn it over to Rob.

Thank you, Linsley. I'm joined today by Jen Dardis, Chief Financial Officer, and Eric Veiel, Co-Head of Global Investments, Chief Investment Officer, and newly named President of T. Rowe Price. Before Jen and Eric provide an overview of our financials and investment performance, I'd like to share a few thoughts on the quarter and the progress we are seeing across the business. Markets rebounded in the second quarter after a difficult start to the year. We ended the quarter with $1.9 trillion in assets under management and $6.5 billion in Q2 net outflows. Fundamental active equity remains under pressure, and we expect that to continue in the second half of the year. Positive flows in May and June, including a large sub-advisory win, reflect client demand in areas where we are investing and gaining traction. For example, we are seeing growing demand for strategies that integrate our fundamental and quantitative platforms and directly leverage our equity research platform. Our integrated equity and fixed income strategies combine fundamental research, quantitative insights, and aim to generate differentiated consistent returns. Earlier this year, we extended this franchise with two lower tracking error active core equity ETFs. We have also expanded our longstanding equity research franchise, applying our analyst-driven fundamental investment approach across a broader set of markets and asset classes. In addition to our flagship U.S. strategy, The platform now includes international, global, emerging markets, U.S. mid-cap, and SMID strategies. We believe these integrated and risk-controlled active approaches offered through a variety of investment vehicles appeal to clients seeking the benefits of active management with lower tracking error. Together, these approaches account for about $200 billion of our assets under management and have added $16 billion of net inflows year-to-date. We are also seeing momentum in active ETFs and SMAs where we're expanding to meet the evolving needs of clients, primarily in the wealth channel. In June, we launched the T. Rowe Price Capital Appreciation Market Opportunities ETF, further extending one of our well-established investment suites. In mid-July, We launched the T. Rowe Price Active Crypto ETF, which is an actively managed multi-token exchange-traded product and our first non-investment company ETF. With these launches, our ETF business has grown to 34 funds and $30 billion in assets under management. In addition, we celebrated the three-year anniversary of our first four fully transparent ETFs. Our SMA platform now includes 43 products and $20 billion in assets under management. We're also advancing our strategic alliance with Goldman Sachs. On the 1st of July, we launched the T. Rowe Price Goldman Sachs Private Markets Fund, our first interval fund in collaboration with Goldman Sachs. We completed the first filing for the second fund, a public-private equity interval fund, that we expect to launch later this year. And we are hearing positive client feedback on the Target Date Sister series and are operationally ready to launch as a CIT when client demand materializes. Finally, we continue to see strong interest in our T. Rowe Price Managed Late Stage Venture Fund and expect to exceed our target fund size later this year, providing a foundation to build on this platform with a second fund anticipated in 2027. We are making meaningful progress in how we use artificial intelligence across the firm. We are moving beyond isolated use cases and tools and embedding AI directly into end-to-end business workflows with more than 130 AI solutions deployed across the firm and over 70% associated option. We are scaling advanced agent-driven capabilities from AI-powered investment research and portfolio insights to sales and client workflows. enhancing decision-making speed and consistency while keeping investment judgment and fiduciary responsibility firmly with our associates. Importantly, this progress is supported by a robust governance framework, strong controls, and ongoing associate upskilling so we can scale AI responsibly. Before I turn to Jen, I want to highlight several recent leadership appointments. As I mentioned, Eric Veiel has been named president. In his expanded role, Eric will help drive enterprise execution of our most critical initiatives and strengthen connection across investments, global distribution, and technology data and operations. He will retain his leadership responsibilities in global investments. And Sébastien Page, head of global multi-asset, is now co-head of global investments. With his deep multi-asset experience, Séb is well positioned to advance our work on solutions and outcomes. As we approach our 90th anniversary next year, these changes will sharpen execution across our highest priority initiatives and position the firm for continued growth in the years ahead. Finally, I want to thank our associates for their focus, teamwork, and commitment to our clients. Their work is building momentum and strengthening the firm for the long term. With that, I will ask Jen to cover our financials.