Good morning, welcome to the Figure Technology Solutions Inc 2026 Annual Meeting of Stockholders. I will now turn the line over to Michael Tannenbaum. Mr. Tannenbaum.
Thank you. Good morning. I'm Michael Tannenbaum, the company's Chief Executive Officer. On behalf of Figure, the other members of our board, our management, and all our team members, I'm excited to welcome you to our 2026 Annual Meeting of Stockholders. As you know, this meeting will be completely virtual and is being conducted live via teleconference. Before I call the meeting to order, I'd like to note that at the end of the call, the management team and I will be available to respond to questions that are within the parameters described in the meeting rules of conduct, which does not include questions that are irrelevant to the business of the annual meeting, and only stockholders who have logged into the meeting using your unique live meeting link are able to submit a question through the question area of the web portal.
I want to welcome my fellow board members and company officers who are listening in on the call today. Thank you for joining. In addition, participating today are Macrina Kgil, our Chief Financial Officer, and Christie Comerford, our Legal Counsel. The company's independent auditors, KPMG LLP, will also be available to respond to appropriate questions during the meeting. I'd also like to note that today's remarks may include forward-looking statements. Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors sections of our Form 10-K, 10-Q, and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. The meeting will now officially come to order.
We will proceed with the formal business of the meeting as described in the notice for this meeting and our proxy statement. The Board of Directors has appointed a representative of Broadridge to act as Inspector of Election at today's meeting. Michael Barbera has signed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. The polls opened today, June 4th, 2026, at 9:00 A.M. Eastern Time for voting on all matters before the meeting. If you have not already voted and wish to vote, the polls will remain open until we finish presenting the proposals and close the polls. You do not need to vote during the meeting if you have already voted and do not wish to change your vote. On the virtual meeting webpage, you will find the rules of conduct for today's meeting.
Please review these rules carefully. Note that only stockholders who are logged into the meeting using the unique live meeting link will be able to vote and submit questions at today's meeting. We will file the proof of mailing of notice of the meeting with the records of this meeting. All stockholders of record at the close of business on April 9th, 2026, or holders of a valid proxy are entitled to vote at this meeting. Figure is a company focused on the future of the capital markets. Our mission is to bring these capital markets onto blockchain. We started in the mortgage space using an innovative home equity product that uses blockchain and other automation to lower the cost of mortgage origination and prove that a blockchain-based capital market emphasizing transactional efficiency and liquidity is both viable and superior to the status quo.
We built a partner ecosystem of over 380 partners that use our technology to originate assets. This partner ecosystem now does about $1.4 billion per month of consumer loan marketplace volume and has made impressive strides in the capital markets for blockchain-based loans. We have AAA ratings from both S&P and Moody's, and we were the first to securitize blockchain loans and the first to get them rated. Figure Connect launched two years ago in June 2024 and is the marketplace where these loans are sold. This marketplace is balance sheet-light, and our partners use their licenses and capital to originate the loans with us and Figure providing the rails. Figure Connect is 60% of volume as of our most recent quarter. We have expanded our ecosystem to take advantage of another important blockchain advantage, lien perfection.
With an asset on blockchain, you have full visibility into its ownership and rights. We use this to prevent double pledging and double sale of loans and to build marketplaces that offer higher leverage with less risk for these assets. Democratized Prime is one such example, where borrowers and lenders are matched in a decentralized or DeFi capital market. Figure takes an ecosystem fee for providing the matching. This is complementary to Figure Connect, providing the short-term financing that goes hand-in-hand with the long-term or permanent financing provided by Connect. Yields, YLDS, our SEC-approved tokenized face amount certificate, acts as the oil of our capital market. Loans are settled and serviced in this security, which is a hybrid between a stablecoin and a tokenized money market fund, offering the bearer yield.
We are expanding our offerings to now include tokenized equity, which will take advantage of the lien perfection aspect of blockchain to unlock issuer and investor benefits. The future is bright, and there are massive markets we are disrupting with our innovative technology and disciplined execution. We're grateful for your support. I have been informed that a quorum is present, and this meeting is therefore duly constituted for the transaction of business. There are two proposals to be considered by our stockholders today. The Board of Directors recommends that the stockholders vote for both proposals. Item one, election of our directors.
The first item of business is the election of myself, Adam Boyden, Michael Cagney, David Chao, Lesley Goldwasser, Sachin Jaitly, Daniel Morehead, and June Ou, each to serve as directors of the company for a term of office expiring at the annual meeting of stockholders to be held in 2027. Item two, ratification of appointment of independent registered public accounting firm. The second item of business is the ratification of the audit committee's appointment of KPMG as the independent registered public accounting firm of the company for the year ended December 31st, 2026. If you wish to vote and haven't done so already, please vote now by clicking the voting button on the web portal and following the instructions. You do not need to vote electronically if you have already sent in your signed proxy or if you have voted by telephone or internet.
We will pause for approximately 30 seconds before closing the voting polls. The time is now 9:07 A.M. Eastern Time, and the polls are now closed for voting. Based on the preliminary voting report, Michael Tannenbaum, Adam Boyden, Mike Cagney, David Chao, Lesley Goldwasser, Sachin Jaitly, Daniel Morehead, and June Ou have been elected as directors, and the appointment of KPMG as our independent registered public accounting firm for 2026 has been ratified. The final tally of the votes will be published within four business days in a current report on Form 8-K to be filed with the Securities and Exchange Commission. Thank you, everyone. Our meeting is now formally adjourned. The management team and I are now available to answer any questions.
As I explained earlier, we will only be answering questions that are within the parameters described in the meeting rules of conduct, and only stockholders who have logged into the meeting using their unique live meeting link are able to submit a question through the question area of the web portal. Christie, are there any questions that have been submitted?
No, there are no questions. Please proceed with your closing remarks.
With that, ladies and gentlemen, this concludes our annual meeting. I want to thank you all for attending and for your support of Figure.
This now concludes the meeting. Thank you for joining, and have a pleasant day.