1.3 APEX Clearing 2025 4 2026-01-29T22:00:12Z 2025 10 100.00 42.09 12.13 38.39 7.39 Virtu Americas, LLC 37.21 67.64 19.24 12.10 23.88 30654.45 18.5701 3449.78 19.9575 1187.95 29.3925 2166.96 17.2269 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. CITADEL SECURITIES LLC 37.12 2.76 51.86 71.71 28.98 5084.95 20.0000 3227.92 16.5572 10094.95 27.3184 1627.80 24.2732 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 5.96 6.04 4.49 4.31 16.54 15390.19 20.0000 2605.92 20.0000 3678.62 30.0000 1750.75 20.0000 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 5.86 5.97 4.53 3.89 17.61 13841.57 20.0051 2652.19 20.0000 2310.93 29.8591 2112.21 26.4445 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. GTS SECURITIES LLC 4.41 5.23 4.37 3.72 3.38 14894.92 20.0000 2955.15 20.0000 2912.62 30.0000 817.54 20.0000 Apex Clearing Corporation (“APEX”) received payment from GTS Securities, LLC (“GTS”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 100.00 26.90 20.41 43.73 8.97 CITADEL SECURITIES LLC 55.74 4.79 72.00 84.38 31.91 178091.48 16.0115 310107.49 10.4369 362840.37 16.5079 92707.56 13.0922 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Virtu Americas, LLC 19.47 51.10 8.72 4.26 23.19 540376.69 18.0798 293199.79 17.1954 21176.97 27.0214 66621.94 10.7955 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 6.38 9.51 5.00 3.32 15.10 341577.38 17.1238 305567.67 16.9183 125990.46 26.8188 135605.62 14.2586 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 6.36 9.05 5.35 3.19 16.06 324036.86 17.3011 283179.36 17.0877 40535.52 25.1029 66515.79 12.4966 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“JANE”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. GTS SECURITIES LLC 4.75 8.79 4.88 2.69 2.35 346604.20 17.4282 302434.56 17.0730 55063.43 26.2527 48254.70 16.2521 Apex Clearing Corporation (“APEX”) received payment from GTS Securities, LLC (“GTS”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 100.00 2.78 11.68 27.38 58.16 Instinet, LLC 21.14 11.54 13.30 9.09 28.85 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures CITADEL SECURITIES LLC 18.79 17.17 15.21 19.92 19.05 16697.97 26.2563 311244.46 29.4084 146952.10 33.9950 163196.33 51.9667 During October 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract For classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Wolverine Execution Services, LLC 17.12 8.10 12.07 12.37 20.80 7927.89 28.8686 195947.18 34.2367 94076.26 35.7099 202269.02 50.7251 During October 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During October 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Dash/IMC Financial Markets 16.09 19.14 16.30 18.47 14.79 18484.56 25.3721 307988.36 28.7389 121073.05 31.7888 114263.94 41.7641 During October 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During October 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 11.42 15.86 13.39 10.05 11.46 14017.06 24.1195 194121.22 29.3864 83452.60 33.4526 111027.86 49.4704 During October 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During October 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Global Execution Brokers LP 9.99 20.54 22.33 23.33 0.72 23899.70 29.4818 405700.93 32.6415 174908.41 36.6506 4543.62 34.6049 During October 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During October 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Matrix Executions, LLC 5.45 7.65 7.40 6.77 4.32 5086.52 25.3856 107307.64 30.0059 78162.65 35.0161 51225.05 49.2142 During October 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract For classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During October 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 2025 11 100.00 49.28 11.78 32.16 6.78 Virtu Americas, LLC 44.24 70.44 19.33 16.96 26.41 19722.16 18.0667 3514.67 19.9507 1766.60 29.6307 1948.60 14.9965 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. CITADEL SECURITIES LLC 28.64 2.96 44.37 62.25 28.51 3801.66 20.0000 1016.02 19.9998 3195.82 29.9881 1629.86 23.9889 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 6.49 6.66 4.26 4.56 18.26 8464.19 20.0008 2362.81 20.0000 1119.65 29.5985 1605.40 26.0564 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 6.32 6.40 3.57 4.94 17.03 9997.97 20.0000 2712.79 20.0000 2727.40 30.0000 1372.65 20.0000 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Instinet, LLC 5.60 1.18 23.42 5.89 5.44 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures 100.00 37.65 17.86 34.86 9.63 CITADEL SECURITIES LLC 40.94 4.59 61.02 73.30 28.70 108697.56 16.5781 145998.95 17.2400 72475.79 27.3249 52067.34 15.1360 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Virtu Americas, LLC 28.59 53.97 12.88 9.53 27.51 391913.45 17.4049 258394.24 16.7199 22537.49 26.6423 42349.32 11.4112 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 8.15 9.78 6.65 4.96 16.06 237711.98 16.4535 338845.98 17.7131 66112.25 26.9508 52466.19 13.8830 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 8.06 9.53 7.24 4.53 16.55 224956.87 16.6235 234877.62 16.7570 16503.50 24.2702 27091.92 12.7306 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“JANE”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. GTS SECURITIES LLC 6.17 8.76 6.38 4.28 2.46 225852.18 16.7679 224742.54 17.0421 44381.91 26.2494 30970.33 17.6193 Apex Clearing Corporation (“APEX”) received payment from GTS Securities, LLC (“GTS”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 100.00 4.12 12.40 29.44 54.04 CITADEL SECURITIES LLC 19.06 19.28 16.21 19.94 19.21 17506.01 25.2328 250276.38 27.5425 117651.03 32.9568 116203.68 52.2665 During November 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract For classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Dash/IMC Financial Markets 18.96 23.37 21.74 23.20 15.67 20822.64 24.6192 293770.00 27.5070 127654.58 30.8874 90130.74 29.7301 During November 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During November 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Instinet, LLC 18.90 8.82 9.14 7.62 28.06 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures Wolverine Execution Services, LLC 14.60 7.67 10.27 10.53 18.35 10358.92 28.5056 140786.43 32.1305 66235.12 32.7271 136915.37 49.7155 During November 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During November 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 13.02 14.38 14.89 11.22 13.47 16451.23 24.4613 191649.94 27.3125 82525.42 30.4913 98107.88 47.5921 During November 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During November 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Global Execution Brokers LP 9.91 19.28 20.40 20.81 0.85 24236.64 28.3046 297686.74 30.5373 135879.04 35.2303 3487.21 29.3265 During November 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract for classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During November 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Matrix Executions, LLC 5.56 7.20 7.35 6.68 4.40 4652.40 23.4165 85307.50 27.6936 66355.59 324.4138 33670.16 47.7104 During November 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For non-complex marketable orders in the penny interval program, the payment rate was between $.21 to $.25 per contract For classes not in the penny interval program, the rate was $0.60 per contract. For complex orders in the penny interval program, the payment rate was between $.51-$.52 per contract. For classes not in the penny interval program, the rate was $0.80 per contract. During November 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 2025 12 100.00 50.72 11.29 30.40 7.59 Virtu Americas, LLC 45.57 68.71 19.72 21.16 27.24 13718.90 17.3611 1983.57 19.9139 1694.04 29.6438 1400.36 14.3214 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. CITADEL SECURITIES LLC 26.43 4.73 41.22 57.18 26.27 7032.92 20.0000 1602.11 19.2603 2916.64 29.0173 1383.59 23.5718 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 7.26 6.68 4.74 6.41 18.24 10679.75 20.0000 2385.72 20.0000 2777.16 30.0000 1424.69 20.0000 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 6.95 7.05 5.37 4.29 19.21 9422.23 20.0025 2056.30 20.0000 993.55 29.8814 1432.49 26.4802 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“Jane” )and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. GTS SECURITIES LLC 5.14 5.32 5.21 5.30 3.26 10814.61 20.0000 2593.27 20.0000 2198.55 30.0000 517.02 20.0000 Apex Clearing Corporation (“APEX”) received payment from GTS Securities, LLC (“GTS”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 100.00 36.95 17.64 35.48 9.93 CITADEL SECURITIES LLC 40.41 7.48 57.02 70.09 27.34 143838.42 15.5761 184592.20 16.2950 78498.11 26.7096 55375.56 16.0661 Apex Clearing Corporation (“APEX”) received payment from Citadel Securities, LLC. ("Citadel")and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Virtu Americas, LLC 29.61 51.22 13.84 14.48 31.34 234544.28 16.9603 170928.83 16.4345 22246.97 26.4175 31839.37 10.8650 Apex Clearing Corporation (“APEX”) received payment from Virtu Americas, LLC (“Virtu”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, for extended hours orders the rate was $0.0010 per share or less, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Hudson River Trading (HRT) 8.41 10.10 7.24 5.20 15.68 206728.10 15.3994 299112.79 17.0129 52727.93 26.3953 35245.57 13.4602 Apex Clearing Corporation (“APEX”) received payment from Hudson River Trading (“HRT”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 8.05 10.22 7.94 3.64 15.93 193612.68 15.6368 251224.12 16.5305 13459.73 25.9614 27225.93 13.8410 Apex Clearing Corporation (“APEX”) received payment from Jane Street Capital (“JANE”) all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. GTS SECURITIES LLC 6.26 8.98 7.51 3.92 2.29 211340.71 15.7463 252664.87 16.6313 36403.45 25.8954 27059.65 18.8538 Apex Clearing Corporation (“APEX”) received payment from GTS Securities, LLC (“GTS”) and all other brokers for directing NMS order flow that result in executions. For marketable orders the payment rate was $0.0020 per share, for non-marketable orders the rate was $0.0030 per share, and payment was not received for executions priced less than $1. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. 100.00 3.00 9.95 25.87 61.18 Instinet, LLC 22.31 12.18 7.73 6.82 31.74 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Instinet is APEX's order routing technology provider and APEX also routes orders to Instinet brokerage services. All non-directed orders that APEX routed to Instinet were further routed to U.S. securities exchanges, alternative trading centers or single dealer platforms pursuant to Instinet’s order routing arrangements. APEX paid Instinet a technology fee for its order routing provider services which included routes to brokers, and APEX also paid Instinet for exchange fees and ATS fees (as applicable) for orders that Instinet further routed to an exchange or an ATS and received an execution. In certain instances, APEX paid Instinet a brokerage fee for other non-directed orders that resulted in execution on an exchange or ATS. Brokerage fees paid by APEX to Instinet are based upon volume tiers. Instinet rebated to APEX exchange fees and payment that it received from exchanges, ATS’ and single broker platforms. In turn, APEX distributed 100% of the options exchange rebates and other options payments received from Instinet to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. In turn, APEX distributed the exchange rebates and other payments received to the applicable APEX client that sent such qualifying, non-directed orders resulting in execution. https://www.instinet.com/order-disclosures Dash/IMC Financial Markets 18.28 19.11 19.67 21.79 16.53 16819.70 27.7443 304518.74 31.1821 125452.62 39.5179 75112.00 28.9793 During December 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Dash/IMC Financial Markets ("Dash/IMC"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. During December 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. CITADEL SECURITIES LLC 16.73 16.10 14.10 19.13 16.17 14607.39 30.3247 283791.10 31.6017 115488.83 40.2980 97898.38 58.1852 During December 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Citadel Securities LLC ("Citadel"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Wolverine Execution Services, LLC 15.27 7.21 10.03 10.73 18.44 6617.54 27.7012 128163.60 34.1761 64148.46 38.0916 134236.86 54.2935 During December 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Wolverine Execution Services ("WEX"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. During December 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Jane Street Capital 14.61 19.98 21.32 16.34 12.53 18508.78 26.6839 298576.46 30.2418 144955.94 39.6568 107449.66 50.8293 During December 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Jane Street Capital ("JANE"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. During December 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Global Execution Brokers LP 7.60 17.51 19.02 18.31 0.72 15336.76 28.1584 254647.06 31.7870 99861.51 40.1376 2130.26 33.9754 During December 2025, for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Global Execution Brokers ("G1X"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. During December 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories other than the one client referenced in the preceding paragraph. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality. Matrix Executions, LLC 5.19 7.91 8.14 6.88 3.86 4598.31 22.1328 92406.84 26.5162 50617.55 31.4225 30837.34 46.8226 During December 2025,for all clearing and/or execution other than one client in particular, Apex Clearing Corporation (“APEX”) received payment for multi-listed option order flow routed to and executed by Matrix Executions, LLC ("Matrix"). For single leg orders, APEX receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.22, $.30, $.35, $.45, $.56, $.67 or $.75. For multi leg orders, APEX receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. APEX received a rate of $.48, $.58, $.65, $.75, $.85, $.95 or $1.05. During December 2025 for one client, Apex received a fixed rate of $0.25 per option contract for SPY, QQQ, IWM and $.45 per contract for Penny and Non Penny names which was applied uniformly across all options orders, irrespective of their size or complexity. All option market makers that APEX routed options orders resulting in executions paid the same rates to APEX for orders in the same categories. These payments were not contingent upon volume-based tiered payment schedules, agreements regarding minimum order flow, incentives for exceeding order flow thresholds, disincentives for failing to meet order flow thresholds, nor trade-off’s of payment or other incentives/disincentives for price improvement or other execution quality.