Blue Owl Capital Inc.

Good morning and welcome to Blue Owl Capital's first quarter 2025 earnings call. During the presentation, your lines will remain on listen only. I'd like to advise all parties that this conference call is being recorded. I will now turn the call over to Erin Dyer, head of investor relations for Blue Owl. Please go ahead.

Thanks, operator, and good morning to everyone.

Joining me today are Mark Lipschultz, our co-chief executive officer, and Alan Kirshenbaum, our chief financial officer. I'd like to remind our listeners that remarks made during the call may contain forward-looking statements, which are not a guarantee of future performance or results, and involve a number of risks and uncertainties that are outside the company's control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time, and Blue Owl Capital's filings with the Securities and Exchange Commission. The company is deemed no obligation to update any forward-looking statements. We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation, available on the Shareholders section of our website at blueowl.com. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blue Owl fund. This morning, we issued our financial results for the first quarter of 2025, reporting fee-related earnings, or FRE, of $0.22 per share and distributable earnings, or DE, of $0.17 per share. We declared a dividend of $0.225 per share for the first quarter, payable on May 28 to holders of record as of May 14, up 25% from the prior year. During the call today, we'll be referring to the earnings presentation, which he posted to our website this morning, so please have that on hand to follow along. With that, I'd like to turn the call over to Mark.