“we continue to expect strong growth revenue and earnings through the year with an exit velocity in the fourth quarter substantially higher than where we are today and the potential for continued sequential growth in 2025 and beyond.”

In context

“the supplemental borrowing. But I want to make very clear that increased margin loans expand both our net interest margin and our net interest revenue. We are happy to carry some of these supplemental borrowings at roughly 5-ish percent to support lending activity that currently generates closer to 8%. Now on the expense side, we continue to maintain spending discipline with the objective of flattish expenses year-over-year. Even as we have grown accounts and assets during the quarter, average head count dropped roughly 3% from the fourth quarter and is down nearly 10% year-over-year. But of course, the ultimate path of expenses will depend to a certain extent on some volume-related factors such as trading and equity market valuations which, of course, correspond to revenue. And finally, we continue to expect strong growth revenue and earnings through the year with an exit velocity in the fourth quarter substantially higher than where we are today and the potential for continued sequential growth in 2025 and beyond. Now one final but important point I would make, the long-term NIM expectation I communicated is based off the dot plot forecast from a few weeks ago in anticipation that we'd see interest rates come down in the coming years. And to the extent those rates stay higher for longer that is a good thing for our business. We are asset-sensitive. A continuation of higher rates means higher yields on the -- a little bit more than 1/3 of our assets that are floating, margin loans, lend -- pledged asset lines cash, et cetera, and potentially, more time for us to capitalize on higher rates once we resume our investment activity following the pay down of our supplemental borrowing. So again, if we don't see 150 basis points of easing by the end of 2025, as the Fed suggested a few weeks ago, our net in”