Why did GSRT's operating expenses surge in Q4 2024?

The operating expenses of GSR III Acquisition Corp. (GSRT) increased significantly in the fourth quarter of 2024, primarily due to an increase in channel expenses. This surge in operating expenses can be attributed to several factors:

1. **Increase in FYP Facilitated**: The increase in operating costs was primarily driven by the increase in First Year Premiums (FYP) facilitated. This indicates that the company's expenses are likely related to the cost of acquiring and retaining insurance clients, which could include commissions, marketing, and administrative expenses.
2. **Channel Expenses**: The increase in channel expenses is a key factor in the operating cost increase. Channel expenses typically refer to the costs associated with distributing insurance products through third-party channels, such as broker commissions or agency fees.

In conclusion, the surge in operating expenses in Q4 2024 is primarily due to an increase in FYP facilitated and channel expenses.