Virtu Financial, Inc. Class A

Hello, everyone. Thank you for joining us and welcome to the Virtue Financial second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I will now hand the conference over to Matthew Sandberg, head of IR. Matthew, please go ahead.

Thank you, good morning. Our second quarter of 2026 results will release 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 Molluso, 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 Virtue'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'd like to turn the call over to Aaron.

Thank you and good morning. A year ago, we announced our plan to pivot towards growth, including investing in infrastructure, acquiring talent, and growing our capital base. I'm happy to report substantial progress in that direction. We've made investments in power and compute and have begun to establish select partnerships via investment. Our talent acquisition efforts are proceeding as planned. We are reestablishing our reputation as a firm run by technologists and traders, and as a result, attrition rates are at multi-year lows. Following our recent opportunistic term loan increase, as well as 12 months of retained earnings, our total trading capital stands at $3.4 billion, up from $2 billion a year ago. We continue to find new ways to leverage our technology to productively deploy our growing pool of capital across all markets, and we'll continue accumulating trading capital for future growth through free cash flow. We have provided additional perspective on the quarter in our detailed financial supplement, and we'll be answering your questions shortly. First, Cindy Lee, our Chief Financial Officer, will review the financial results for the quarter.