Operating Expenses

6 Months Ended

Jun. 30, 2026

NOTE 12 — OPERATING EXPENSES

The following tables present a breakdown of our expense categories as presented within our condensed consolidated statements of operations and comprehensive income (loss).

	For the Three Months Ended June 30,				For the Six Months, Ended June 30,
	2026		2025		2026		2025
Brokerage and Transaction:
Clearing and operation cost	$	28,937,406	$	22,489,442	$	53,987,682	$	37,267,389
Market and data fees		6,616,153		5,271,994		12,854,700		10,340,088
Handling charge expense		8,795,103		7,039,280		15,899,420		10,438,695
Total	$	44,348,662	$	34,800,716	$	82,741,802	$	58,046,172

Technology and Development:
Employee compensation benefits	$	15,410,999		13,602,455	$	32,716,970	$	24,819,003
Cloud service fees		4,422,669		3,513,522		8,616,156		6,921,435
System costs		2,323,708		2,024,472		4,685,072		4,324,903
Total	$	22,157,376	$	19,140,449	$	46,018,198	$	36,065,341

Marketing and Branding
Advertising and promotions	$	32,559,709		22,237,232	$	74,272,549	$	40,441,568
Free stock promotions		701,410		4,828,103		6,586,770		8,588,422
Employee compensation and benefits		1,785,090		3,235,499		3,598,056		4,261,882
Total	$	35,046,209	$	30,300,834	$	84,457,375	$	53,291,872

General and Administrative
Employee compensation and benefits	$	34,525,675		38,057,910	$	67,319,465		61,044,723
Compliance fees		2,726,888		1,824,891		4,974,674		3,319,827
Office related		7,804,029		5,805,943		15,092,247		11,133,823
Professional services		4,133,446		3,324,013		10,758,024		5,776,021
Depreciation and amortization		948,072		1,371,063		1,880,160		2,153,929
Other		1,685,819		592,904		2,440,802		1,169,121
Total	$	51,823,929	$	50,976,724	$	102,465,372	$	84,597,444