Virtu Financial, Inc. Class A

Hello, everybody, and welcome to the Virtu Financial fourth quarter 2025 earnings call. My name is Elliot, and I'll be coordinating your call today. If you would like to register a question during today's event, please press star 1 on your telephone keypad. I'd now like to hand over to Matt Sandberg at Virtu Financial. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us. Our fourth quarter 2025 results were released this morning and are available on our website. With us today on this morning's call, we have Aaron Simons, our Chief Executive Officer, Cindy Lee, our Chief Financial Officer, and Joe Maluso, our Co-President and Co-Chief Operating Officer. We will begin with brief prepared remarks and then take your questions. First, a few reminders. Today's call may include forward-looking statements which represent Virtu's current beliefs regarding future events and are therefore subject to risks, assumptions, and uncertainties which may be outside the company's control. Please note that our actual results and financial conditions may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual report, Form 10-K, and other public filings. During today's call, in addition to GAAP measures, we may refer to certain non-GAAP measures including adjusted net trading income, adjusted net income, adjusted EBITDA and adjusted EBITDA margin. These non-GAAP measures should be considered as supplemental to and not as superior to financial measures as reported in accordance with GAAP. We direct listeners to consult. the investor portion of our website where you'll find additional supplemental information referred to on this call as well as a reconciliation of non-GAAP measures to the equivalent GAAP term in the earnings materials with an explanation of why we deem this information to be meaningful as well as how management uses these measures. With that, I will turn the call over to Aaron.

Thanks, Matt. Good morning, everyone. As a reminder, the prepared remarks for earnings polls moving forward We'll focus predominantly on our financial results, allowing us to get to Q&A more quickly. Last call, we spoke about our plan to grow our trading by investing in our infrastructure, acquiring talent, and expanding our capital base. We also emphasized that this growth would be a broad effort across the firm, not limited to a handful of initiatives. The fourth quarter was a preview of the impact of this renewed focus on growth. Our results for the fourth quarter were impacted positively by a favorable operating environment And while our capital accumulation efforts are just underway, the incremental capital we added and our ability to dynamically deploy it had a meaningful impact on our results. I'll hand it over to our Chief Financial Officer, Cindy Lee, who will review the financial results. As always, you can find additional perspective on the quarter in our detailed supplement. After her statement, we will move on to Q&A.