And I think the headwinds are more people, More people bring more travel, more market data, more IT and comm support. So I think against that, that's where we're going to see the growth and just trying to figure out how we manage that. I think it would be fair to say we've been very disciplined in how we manage our expenses, but there are some just activity-related expenses that are going to drive those non-coms up.

Feb 3, 2026 / CFO / receipt, needs a key / Helen Tao, CFO | earnings call 2026-02-03 | transcript 13b8762f-f5a7-4684-ab70-8495b4f93c26 | chars 42654-43073 | segment 42