“But if I just take a step back and look more broadly, absent any meaningful change in the balance sheet mix beyond the cash trending down, the structural level for NIM that we saw after we closed the Discover transaction, should persist.”

In context

“nchise beyond what we normally see in tax season as we're getting great traction in the market. And then third, the net flows from taxes this year are a bit more favorable as you've seen publicly highlighted People are getting average refunds that are a bit higher and more people are getting refunds. And so as we look ahead, specifically in the second quarter, there's going to be one more day that's 9 basis points and the same 9 basis point jump as we head to Q3 and Q4. Specifically to your cash point, I do expect that, that cash position will trend down over time, given that it is particularly elevated this quarter. We have about $8 billion of debt maturities in Q2, we typically see a bit of tax payments in the second quarter. So the direction of travel for cash should be down from here. But if I just take a step back and look more broadly, absent any meaningful change in the balance sheet mix beyond the cash trending down, the structural level for NIM that we saw after we closed the Discover transaction, should persist. But of course, each calendar quarter is just going to be impacted by seasonal impacts. But if you look at the back half of the year, that on a seasonally adjusted basis is a pretty good indication of where you should expect NIM to kind of structurally be. Operator: Our next question comes from Ryan Nash with Goldman Sachs. Ryan Nash: I have 2 questions. I'll start with the first 1 and then I have a follow-up. Maybe the first 1 just a follow-up to Sanjay's question. I know, look, the discussion about efficiency and where it's headed has been the big talking point over the course of the last several months. Rich, you mentioned Brex and Hopper will enter the run rate. So that I think that will increase the pool of investments. But can you maybe just talk about sizing the magnitude of future”