As of Q4'25, NU's latest reported SG&A Expenses reached USD 561.16M, marking the highest level in the observed period. R&D Expenses remained at USD 0 throughout all quarters, indicating no allocation to research and development activities. From Q1'23 to Q4'25, SG&A Expenses displayed a generally upward trend, rising from USD 256.15M in Q1'23 to USD 561.16M in Q4'25. The growth was steady with occasional fluctuations, such as a dip to USD 333.92M in Q1'25 before a sharp increase in the following quarters. The absence of R&D spending highlights a continued focus on SG&A as the sole component of operating expenses during this timeframe.