As of Q4'25, the latest data point shows that SG&A Expenses for symbol O reached USD 67.14M, while R&D Expenses remained at USD 0. This marks the highest SG&A expense recorded in the observed period. From Q1'23 to Q4'25, SG&A Expenses exhibited a generally upward trend, increasing from USD 34.17M to USD 67.14M, with some fluctuations but a clear acceleration in the latter quarters of 2025. R&D Expenses consistently reported zero throughout the entire period, indicating no allocation to research and development activities. The chart highlights that operating expenses are entirely driven by SG&A, with a notable surge in the last two quarters.