Operator

Hello, and welcome, everyone, joining today's Pagaya First Quarter 2026 Earnings Call. [Operator Instructions] Please note, this call is being recorded, and we are standing by.

It is now my pleasure to turn the meeting over to Craig Smyth, Investor Relations. Please go ahead.

Craig Smyth

Thank you, and welcome to Pagaya's First Quarter 2026 Earnings Conference Call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; Evangelos Perros, Chief Financial Officer; and Jon Dobres, Chief Strategy Officer. You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations and financial performance, including our financial outlook for the second quarter and full year 2026. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially from our expectations include, but are not limited to, those risks described in today's press release and our filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements as a result of new information or future