Operator

Greetings, and welcome to the BGC Group First Quarter 2026 Earnings Call.[Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Jason Chryssicas, Head of Investor Relations. Thank you. You may begin.

Jason Chryssicas
Head of Investor Relations

Hello, everyone. This morning, we issued BGC's first quarter 2026 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the first quarter of 2026 with the prior year period unless otherwise specified. All references on today's call to historic record and strongest results are to BGC stand-alone financial results, excluding Newmark prior to the spin-off in November 2018.

We will be referring to our results on a non-GAAP basis, which include the terms adjusted earnings and adjusted EBITDA. Please refer to today's investor materials on our website for additional details on our financial results and for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results and how, when and why management uses them as well as relevant industry and economic statistics. The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political and/or other factors.

Information on this call contains forward-looking statements, including, without limitation, statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause our actual results to