1.3 Webull Financial LLC 2026 1 2026-04-29T19:29:15Z 2026 01 100.00 21.78 10.70 52.37 15.16 CITADEL SECURITIES LLC 41.59 67.69 35.69 36.86 24.59 75598.34 67.4701 101644.94 48.9514 99881.17 35.1117 69800.19 52.8785 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 25.68 10.04 32.72 29.38 30.39 41032.84 75.5502 56757.11 46.6605 59970.59 34.9717 37221.84 55.0546 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 11.52 19.30 3.63 5.81 25.63 153327.51 69.6763 12069.47 49.4785 18697.60 34.9985 74511.79 61.5904 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 11.42 2.97 15.18 12.02 18.81 25282.65 68.4384 34999.58 52.7078 31363.04 35.0000 49722.59 41.8747 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Cboe EDGX Exchange, Inc. 6.24 0.00 2.64 11.29 0.33 0.00 0.0000 -181.39 -10.6030 2529.66 26.9292 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. 100.00 14.66 19.63 54.14 11.57 CITADEL SECURITIES LLC 33.94 44.67 30.74 34.69 22.24 590296.48 9.9096 1017737.14 8.9770 1280237.34 28.1966 184583.30 21.3840 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 25.48 14.08 32.07 25.90 26.73 276447.84 8.6093 894636.75 10.6376 690678.70 34.0639 100614.33 21.0981 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 14.74 5.85 21.31 13.39 21.14 203348.85 11.5197 271887.72 14.8237 296832.92 34.5973 871998.63 14.6770 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 12.65 35.40 2.64 7.62 24.31 1179797.16 9.5130 303964.06 12.3870 450447.44 34.8631 246489.84 20.3872 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. MEMX LLC 6.20 0.00 6.95 7.80 5.27 0.00 0.0000 63788.66 9.8069 -289649.73 -5.0153 -2315.41 -9.8324 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane MEMX LLC (“MEMX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from MEMX up to $0.0037 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from MEMX up to $0.0030 per share. Cboe EDGX Exchange, Inc. 5.73 0.00 3.94 9.10 0.31 0.00 0.0000 -25462.20 -3.7993 38314.32 4.6731 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. 100.00 12.48 17.58 54.41 15.53 Dash/IMC Financial Markets 24.08 22.98 23.31 23.00 29.62 702963.12 30.0276 1466849.72 30.7833 1572540.19 46.5003 305542.56 30.9267 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Dash/IMC Financial Markets (“Dash/IMC”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Dash/IMC at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 23.20 21.72 21.90 21.21 32.82 731740.41 32.2209 1609560.12 34.9508 1565243.41 50.1353 465332.48 37.5043 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Citadel at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 21.94 24.72 24.20 24.66 7.62 785367.52 30.8896 1598195.09 31.2789 1792232.49 49.2477 158305.85 51.3487 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to JNST at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 18.21 20.23 19.84 20.20 7.78 678528.98 32.1603 1249935.63 31.9344 1604122.51 49.5631 165455.44 50.6631 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Global Execution Brokers LP (“GEB”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to GEB at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 7.94 6.33 6.73 6.86 14.38 62437.10 12.1765 159165.48 15.8555 96154.90 11.3468 233197.26 38.2336 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to third-party market centers to facilitate liquidity provision and price improvement opportunities for its customers. The third-party market centers route and execute Webull customer orders. In exchange for such routing, Webull receives payments from the third-party market centers in the amounts outlined in the above Public Order Routing Report disclosures (i.e. payment for order flow). In order to avoid conflicts of interest for Webull’s routing decisions, the market center pays Webull based on the same schedule. For single leg orders in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and other symbols, Webull received a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, or $0.90 for symbols assigned to one of five buckets. For single leg orders in other symbols, Webull receives a per contract rate that depends on the average weighted quoted spread for all other symbols, as a whole, based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for other symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, $0.90 for symbols assigned to one of five buckets. Differences in average payments among venues are due to the mix of symbols executed at each venue. Webull attests to the retail nature of the orders Webull routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. The SEC Examination Staff has observed that there is a potential tradeoff between (i) payments received by brokers and (ii) price improvement and/or execution quality. Webull believes that the receipt of payment in the form of a portion of the spread earned by non-exchange third party market centers does not interfere with Webull pursuit of best execution or the price improvement obtained on customer orders.  2026 02 100.00 21.53 10.70 53.22 14.56 CITADEL SECURITIES LLC 38.13 66.77 30.26 32.35 22.67 68740.79 72.6551 70263.08 57.4068 63768.34 35.2508 64667.07 58.5457 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 25.80 12.34 31.98 28.46 31.47 51985.41 103.6828 45798.11 62.2571 43036.44 34.9588 41161.23 72.7081 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 16.44 6.43 21.80 17.14 24.74 93813.78 60.8779 92111.16 54.9220 77659.29 34.9976 115908.87 47.0852 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 8.99 14.46 2.89 4.80 20.69 135755.18 68.0919 12491.24 61.9557 14872.63 34.9952 83476.76 62.4427 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Cboe EDGX Exchange, Inc. 6.86 0.00 2.59 12.29 0.31 0.00 0.0000 -112.97 -8.7026 2763.73 27.7471 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. 100.00 16.21 18.18 54.54 11.07 CITADEL SECURITIES LLC 28.99 43.61 24.58 27.91 20.12 339399.12 8.3539 511232.26 8.7926 590399.35 29.9453 101486.09 17.5492 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 22.60 14.66 27.63 22.73 25.27 158842.36 9.0748 452757.73 9.6667 332878.26 33.4933 58939.55 21.6622 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 21.16 15.68 30.13 18.30 28.52 540021.62 7.9964 583873.25 10.7288 617503.76 34.4462 706860.04 12.4781 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Hudson River Trading (HRT) 9.66 26.05 1.99 5.47 18.86 699075.26 7.7830 154868.05 12.9740 269749.26 34.7510 132302.73 14.7908 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. MEMX LLC 8.37 0.00 8.70 11.05 6.88 0.00 0.0000 80684.68 7.9226 -322019.30 -5.8162 -2912.66 -10.3517 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane MEMX LLC (“MEMX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from MEMX up to $0.0037 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from MEMX up to $0.0030 per share. Cboe EDGX Exchange, Inc. 7.75 0.00 4.03 12.79 0.33 0.00 0.0000 -20811.54 -3.9747 33470.88 4.7966 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. 100.00 14.14 17.10 53.43 15.33 CITADEL SECURITIES LLC 32.81 32.60 31.76 31.71 37.97 1169209.15 33.4050 2155065.32 33.7771 2158835.83 49.5947 503507.86 36.8333 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Citadel at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Dash/IMC Financial Markets 26.44 26.16 26.21 26.22 27.73 860739.04 31.1528 1526407.61 30.1460 1683647.16 46.7453 272353.59 30.5218 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Dash/IMC Financial Markets (“Dash/IMC”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Dash/IMC at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 16.82 17.61 17.54 17.41 13.22 562508.73 30.6012 980018.76 29.3269 1139692.18 46.8564 272153.07 48.8846 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to JNST at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 14.11 15.20 15.18 15.22 8.04 541308.75 33.4102 897586.61 31.5126 1166880.88 49.6651 158487.61 47.5917 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Global Execution Brokers LP (“GEB”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to GEB at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 6.61 5.72 6.36 6.40 8.46 74202.03 14.8208 148218.00 16.9668 113322.12 15.4706 73846.65 22.8471 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to third-party market centers to facilitate liquidity provision and price improvement opportunities for its customers. The third-party market centers route and execute Webull customer orders. In exchange for such routing, Webull receives payments from the third-party market centers in the amounts outlined in the above Public Order Routing Report disclosures (i.e. payment for order flow). In order to avoid conflicts of interest for Webull’s routing decisions, the market center pays Webull based on the same schedule. For single leg orders in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and other symbols, Webull received a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, or $0.90 for symbols assigned to one of five buckets. For single leg orders in other symbols, Webull receives a per contract rate that depends on the average weighted quoted spread for all other symbols, as a whole, based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for other symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, $0.90 for symbols assigned to one of five buckets. Differences in average payments among venues are due to the mix of symbols executed at each venue. Webull attests to the retail nature of the orders Webull routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. The SEC Examination Staff has observed that there is a potential tradeoff between (i) payments received by brokers and (ii) price improvement and/or execution quality. Webull believes that the receipt of payment in the form of a portion of the spread earned by non-exchange third party market centers does not interfere with Webull pursuit of best execution or the price improvement obtained on customer orders.  2026 03 100.00 20.90 10.26 56.06 12.78 CITADEL SECURITIES LLC 45.58 70.43 34.84 41.80 30.13 72877.97 77.2630 55082.94 49.3205 61867.45 35.2045 55359.67 52.6674 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 22.39 12.42 26.95 23.23 31.38 54705.23 81.3643 40674.77 50.6603 46645.85 34.9387 41020.61 58.9491 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 17.22 8.56 22.16 17.74 25.15 116046.53 61.6094 98788.77 45.5742 101955.21 34.9998 122620.83 43.2142 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Cboe EDGX Exchange, Inc. 5.29 0.00 2.16 8.98 0.24 0.00 0.0000 -145.12 -10.0699 2819.06 27.7437 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. Hudson River Trading (HRT) 5.28 8.59 1.78 2.90 13.10 102307.14 64.4054 8223.17 39.8183 14369.87 34.9932 55220.15 48.4579 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. 100.00 15.65 18.53 55.25 10.57 CITADEL SECURITIES LLC 33.70 47.35 26.74 34.12 23.49 361962.16 8.5851 525433.90 7.4063 577808.64 24.9922 111117.04 17.6481 Webull Financial LLC (“Webull”) routes NMS equity orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from Citadel in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Virtu Americas, LLC 23.08 19.03 31.46 19.96 30.73 780750.93 7.7047 864139.99 9.8183 833234.17 34.3250 926872.08 11.2884 Webull Financial LLC (“Webull”) routes NMS equity orders to Virtu Americas LLC (“NITE”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from NITE in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and Fractional and notional trade orders are routed to NITE via Apex Clearing. Webull does not receive payment for orders executed between 8:00 p.m. and 4:00 a.m. ET. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 21.23 16.48 24.97 20.54 25.30 229923.28 9.2386 573663.52 8.8026 417081.14 33.3973 80797.68 21.3813 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from JNST in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. MEMX LLC 8.61 0.00 8.87 11.25 7.06 0.15 15.0000 122469.25 5.9165 -450707.26 -4.7604 -2692.30 -9.4875 Webull Financial LLC (“Webull”) routes NMS equity orders to Jane MEMX LLC (“MEMX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from MEMX up to $0.0037 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from MEMX up to $0.0030 per share. Hudson River Trading (HRT) 6.11 17.14 1.19 3.27 13.23 604276.42 7.3347 125218.22 12.9748 149110.26 34.6280 125095.86 14.4239 Webull Financial LLC (“Webull”) routes NMS equity orders to Hudson River Trading (Hrt) (“HRTF”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from HRTF in the rates outlined below: 1. 13% of the spread between the National Best Bid and National Best offer of a given security at the time of order execution for non-directed, NMS equity market and marketable limit order executions during regular market hours; and 2. Up to $0.0035 per share for non-directed, NMS equity non-marketable limit order executions priced at $1.00 per share or more; and 3. Up to $0.0010 per notional dollar for non-directed, NMS equity non-marketable limit order executions priced at less than $1.00 per share; and 4. Up to $0.0026 per share for non-directed, NMS equity market and marketable limit order executions priced at $1.00 per share or more during the extended hours; and 5. Up to $0.0005 per notional dollar for non-directed, NMS equity market and marketable-limit order executions priced at less than $1.00 per share during the extended hours; and The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Cboe EDGX Exchange, Inc. 5.66 0.00 3.44 9.05 0.18 0.00 0.0000 -25495.55 -2.9654 37184.72 3.0855 0.00 0.0000 Webull Financial LLC (“Webull”) routes NMS equity orders to Cboe EDGX Exchange, Inc (“EDGX”) for executing or facilitating the execution of Webull customer orders. Webull receives payments from EDGX up to $0.0032 per share, for Non-Marketable Limit orders that added liquidity and got executed. Webull is charged for removing liquidity from EDGX up to $0.0030 per share. 100.00 14.64 16.70 52.60 16.07 Dash/IMC Financial Markets 33.45 33.51 33.37 33.63 32.88 1213881.94 30.7758 2067010.47 27.6782 2361561.27 45.7921 369738.64 30.2844 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Dash/IMC Financial Markets (“Dash/IMC”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Dash/IMC at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. CITADEL SECURITIES LLC 19.72 19.01 18.71 18.61 25.06 732173.60 31.8501 1306574.95 30.9849 1324444.76 47.3161 403108.18 36.4282 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Citadel Securities LLC (“Citadel”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to Citadel at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Jane Street Capital 16.85 16.63 16.61 16.73 17.69 593264.91 30.3409 1002673.00 27.7301 1198544.94 46.3104 388226.16 43.4919 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Jane Street Capital (“JNST”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to JNST at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Global Execution Brokers LP 14.61 16.07 15.85 15.73 8.31 620254.21 32.0121 968210.94 28.6988 1259098.83 47.9576 169612.73 41.6882 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to Global Execution Brokers LP (“GEB”) for executing or facilitating the execution of Webull customer orders. Webull received payments for executed orders routed to GEB at the following rates: 1. For single leg orders, Webull receives a per-contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a rate for orders of 1 - 100 contracts of $0.23, $0.28, $0.30, $0.50, $0.75, $0.85 or $1.00 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 101 contracts or greater, Webull received a rate of $0.10, $0.13, $0.25, $0.35, $0.60 or $0.80 depending on the symbol’s average quoted spread from the prior month. For single leg orders of 500 contracts or greater in some symbols, Webull receives $0.05 per contract. 2. For multi-leg orders Webull receives a per-contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.50, $0.65, $0.80 or $1.10 depending on the symbol’s average quoted spread from the prior month. The same rate is applied for all market makers for each respective order flow type. Webull does not negotiate payment as a condition for sending more order flow to a market maker nor does Webull negotiate a tradeoff between payment and price improvement/execution quality. Wolverine Execution Services, LLC 13.24 12.98 13.45 13.16 13.52 374178.06 26.2642 652529.11 24.9587 649428.20 34.4237 159723.63 26.9870 Webull Financial LLC (“Webull”) routes U.S.-listed options orders to third-party market centers to facilitate liquidity provision and price improvement opportunities for its customers. The third-party market centers route and execute Webull customer orders. In exchange for such routing, Webull receives payments from the third-party market centers in the amounts outlined in the above Public Order Routing Report disclosures (i.e. payment for order flow). In order to avoid conflicts of interest for Webull’s routing decisions, the market center pays Webull based on the same schedule. For single leg orders in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and other symbols, Webull received a per contract rate that depends on the average quoted spread for the symbol based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, or $0.90 for symbols assigned to one of five buckets. For single leg orders in other symbols, Webull receives a per contract rate that depends on the average weighted quoted spread for all other symbols, as a whole, based on the prior month. Webull received a per contract rate for orders of 1 - 100 contracts of $0.30, $0.38, $0.56, $0.70, $0.80 or $1.00 for other symbols assigned to one of six buckets. For single leg orders of 101 contracts or greater, Webull received a rate of $0.15, $0.19, $0.28, $0.35. $0.40, or $0.60 for symbols assigned to one of six buckets. For multi-leg orders and in certain symbols, Webull receives a per contract rate that depends on the average quoted spread for the other symbols, as a whole, based on the prior month. Webull received a per contract rate of $0.30, $0.38, $0.56, $0.70, $0.90 for symbols assigned to one of five buckets. Differences in average payments among venues are due to the mix of symbols executed at each venue. Webull attests to the retail nature of the orders Webull routes to third-party market centers upon their request. Non-exchange third party market centers compete for orders based on execution quality. The SEC Examination Staff has observed that there is a potential tradeoff between (i) payments received by brokers and (ii) price improvement and/or execution quality. Webull believes that the receipt of payment in the form of a portion of the spread earned by non-exchange third party market centers does not interfere with Webull pursuit of best execution or the price improvement obtained on customer orders.