It also is very supportive of our securitization efforts, which require very, very tight reporting. So it’s very important in that regard. The $600 million approximately that was added this quarter was acquisition from one of our large seller servicers firm with whom we have a great relationship. And they just concluded that it wasn’t strategic for them. But it is for us. And the other thing I’d note is that while the top line and bottom line revenue numbers don’t move the needle that much today, it is highly accretive. There are huge economies of scale in this business. And so for example, with our existing loan servicing operation, we were able to take on this additional $600 million with very, very minimal incremental expense. It almost all goes right to the bottom line.
So we’ll continue to look for opportunities in the future particularly when our interest and an existing seller servicers interests align and hope to grow further.
Brendan McCarthy: Great. Thank you. And then one more question in the Rural Utilities business, I know you mentioned there was one single maturity that drove the sequential decline there. What was the size of that loan?
Aparna Ramesh: So Brendan, yes, a lot of this tends to be a bit lumpy and this was around $500 million. But stay tuned because as we look out into Q3 and Q4, you’re going to probably see a renewing of some of that, which will probably recalibrate back up. So sometimes a Q-over-Q picture can be a little misleading. But as we said in response to one of the earlier questions, continue to see some lumpiness in the AgVantage maturities because we’re also actively renewing a number of them. That’s probably can have an offsetting side.
Brendan McCarthy: Great. Thank you. That’s helpful. And one final question. Just it looks like in the Farm & Ranch business, I guess, volume would have been down sequentially if it weren’t for that large loan servicing acquisition. What are the business trends like in that business now? Are higher interest rates really weighing on that business in the second quarter
Brad Nordholm: Yes. Well, higher interest rates are. They significantly slow prepayments. But keep in mind that these loans are regularly advertising loans. And so it’s not that we’re getting prepaid on a bunch of loans because they’re refinancing with other people that they’re making regularly scheduled payments. And that’s what’s driving most of the net change in Farm & Ranch. Farmer Mac hosted, it’s now annual Seller Summit in Des Moines [ph] in June. And it was anecdotal, but I think what we heard there was that for those who have the direct engagement with those farmers and ranchers, that there’s a bit more optimism that volumes are starting to come back. And as I mentioned in my opening comments, that may be largely attributable to just borrowers getting used to a higher interest rate environment and realizing that they do have opportunities to expand their Farm & Ranch operations and that maybe they want to borrow fixed rate or maybe variable rate given their outlook for interest rates.
And so that slightly more nuanced examination of borrowing opportunity that we’re hearing about amongst farmers and ranchers. We hope to see that show up in some incremental volume in the third and fourth quarters.
Brendan McCarthy: Great. Thank you. That’s all from me.
Operator: Thank you. And our next question today comes from the [indiscernible] a retail investor. Please go ahead.
Q – Unidentified Analyst: Hey. Thanks for thanks my questions And. I got a lot of comments and I have a lot of questions. Just I think you guys continue to be very humble in terms of how you guys have performed, but just absolutely phenomenal results. It’s showing up in the share price to some extent, but I don’t think it’s fully reflected. And I appreciate the fact you’re trying to highlight the growth opportunities, but they just seem really phenomenal. So that’s kind of where some of my comments and questions are going to go, but even the recent performance, just on a 6-month basis, very, very strong in light of – we’ve seen performance in the financial sector, especially banks doing a horrible job with duration matching, you guys are showing an ability to grow your loan book and actually have spreads improve.
