Forge Global Holdings, Inc.

first quarter fiscal 2025 financial results conference call. On today's Forge Global call will be Kelly Rodriguez, CEO, James Nevin, DFO, Lindsay Riddle, Executive Vice President of Corporate Marketing and Communications, and Dominique Paschal, SVP of Finance and Investor Relations. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. And now I would like to turn the call over to Lindsay Riddle. Ms. Riddle, you may begin.

Thank you, Carly. And thank you all for joining us today for FORJA's first quarter 2025 earnings call. Earlier this morning, we issued a press release announcing FORGE's first quarter 2025 financial results. A discussion of our results today complements the press release, which is available on our investor relations page. This conference call is being webcast, and we'll show slides during this presentation. The replay of the webcast, as well as the slides, will be available via the IR page of our website shortly after the conclusion of this call. We will also post to that page our prepared remarks and investor supplemental document, which consolidates some relevant metrics. During this conference call, we may make forward-looking statements based on current expectations, forecasts, and projections as of today's date. Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause these actual outcomes to materially differ from those included in these statements. We discussed these factors in our SEC filings, including our quarterly report on Form 10Q, which will be found on the IR page of our website after it's filed. As a reminder, we are not required to update our forward-looking statements. In our presentation today, unless otherwise noted, we will be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the GAAP reconciliations, you should refer to the financial data contained within our press release, which is also posted to the IR page. Today's discussion will focus on the first quarter 2025 results. As always, we encourage you to evaluate both annual and quarterly results for a full picture of FORJA's performance, which can be affected by unexpected events that are outside of our control. With that, I'll turn it over to Kelly, our CEO.

Thank you, Lindsay and Dom, and thank you for joining us today. We're pleased to report our full Q1 financial results following a preliminary release of earnings on April 10th. Forge has been building momentum. Long-term strategic investments we've made in our technology, in the breadth of clients we serve, and in the diversity of investment opportunities we offer are gaining traction. We'll review some of the announcements we've made over the last month shortly. First, so as not to bury the lead, financial highlights for Q1 included achieving our best revenue quarter as a public company, driven largely by an improvement in our marketplace revenue. Revenue for the quarter totaled $25.1 million, while marketplace revenue contributed $15.8 million on trading volume of nearly $700 million. The increase in revenue and volume was fueled by improved post-election market dynamics that drove a diversity of new and re-engaged interest in our platform, as well as several large institutional block trades that closed in the quarter. We're encouraged by the continued momentum of the private market, even amid macroeconomic volatility affecting the public market and exit environment. With the volatility and an unclear IPO outlook, the importance of the private market in providing liquidity for the expanding pool of longtime private companies and in providing access to a broad set of investors is only growing. In his annual letter to shareholders, BlackRock CEO Larry Fink said more Americans need access to private assets and that he envisions a future where private assets, including shares of private companies, make up 20% of every portfolio. We're building in the ecosystem that enables that future. And we've announced several new initiatives in the last few weeks that we believe reinforce our leadership position in that future. In the last month, we launched a long in the works Yahoo Finance partnership to deliver private market pricing information to tens of millions of monthly Yahoo visitors. Yahoo Finance now displays Forge price performance charts on more than 100 companies and features the Forge Private Market Index as the benchmark for private market performance. We additionally announced an agreement with Intercontinental Exchange, or ICE, through which Forge Price, our novel proprietary pricing data set for private companies, will be distributed with ICE's suite of data offerings to its institutional client base. Both the ICE agreement and the Yahoo Finance partnership are validation of the integrity of our data and its relevancy to opening access to the full spectrum of participants in this market, from retail investors to large complex institutions. And we expect both to deliver more clients into the platform whether as purchases of our data or as participants in private market transactions, large and small. As our RIA grows beyond 100 billion, beyond 1 billion in AUM, we're actively expanding our wealth management capabilities, both organically and through M&A, while laying the groundwork to deliver new financial innovations, including multi-asset funds, and passive investing opportunities to this market. With that in mind, we also announced our intent to acquire Equidity Capital Management, a specialized asset management firm focused on private investing, which would accelerate our expansion into asset management. Equidity manages the Megacorn Fund, the first institutionally managed index fund that seeks to provide exposure to private late-stage companies by seeking to replicate the performance of the Forge Equity Private Market Index. The Megacorn Fund has recently filed an application with the SEC to register as an interval fund that would allow access to a diversified fund of private stocks by a broader investor set. We're already working with Equity as a partner and believe the ability of their business to contribute recurring revenue to complement what we're already building is compelling. We believe the role we are playing is critical to the private market's evolution and to expanding broad participation globally. And given our momentum, we're optimistic about the path ahead. Now I'll turn it over to James to dive deeper into our financial performance for the court.