Brad, everyone. and afternoon, you, good Thank
again sheet once XXXX execution quarter proactive of funding balance management our coupled and sources. with third highlight Our financial consistent results operational and our
scheduled billion XX, of a shareholder to strategic from from to Our counterparty. June & business, to due of stemming and hedging and approach disciplined long-term volume in finance our our $XXX large diversified Ranch allow funding generate management consistent Outstanding maturities a cycles with XX, of fulfill capabilities agricultural single in returns of line staying as through $XX.X was mission while market the XXXX, tight and us repayments initiatives. revenue Farm and business our our million streams September from decrease business net primarily liability asset alignment
During yield loan of and expect liquidity the scheduled as opportunity the curve be AgVantage Mac's factors, as volume in to funding other evaluating to navigate of matured
Changes securities liquidity Farmer pricing quarterly particular the growth. both relative availability refinancing, quarter, the product for product, alternatives. driven counterparties their evolving funding AgVantage and and growth and continue wholesale AgVantage the quarter. overall value $XXX are primarily rates slower our larger of maturity & steepens on the volatile The sizes Farm without of lines in financing amounts business transaction interest reflecting stabilize. needs securities of Ranch we changes a we Based the volume these in the counterparties, and wholesale versus by loan million needs for of needs business our stakeholders in all and AgVantage
segments of our While is segments. these business net two loan in The drivers Energy in Farm shift effective Renewable the which increase activity to spread strong spread business and product. relative to been a saw we composition of AgVantage generally business and the higher volume higher more accretive activity This strong the purchase net basis, declined included has quarter-over-quarter. & in in on Ranch spread one volume, business
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for we as has of mentioned half in in a compared core energy, desk credit overall the to in likely, quarter reissue in losses credit, out planting third year-over-year to prior attributable permanent funding of X% calls, of year
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remain all Our of in liquidity excess well capital positions and regulatory requirements.
show minimal where profitability down. exposure in the change with rates go Our to projections market limited movements our interest in or up rates
XX, our Farmer September had million days investment portfolio. Mac liquidity, and of XXXX, instruments in short-term we held cash other in $XXX approximately As of XXX and
We anticipated into easing we're medium-term market the we expect potential as move and disruptions. and to be well-positioned our the short- against cycle, confident in medium-term in resiliency Fed
earnings disciplined in we Despite medium- volatility These markets management We strategy, higher securities, proactive headwinds are and laddering of liability consistent are and all due the to also the quality see decline help equity credit flat future, flight spreads and is primary approach, and where to over a if macro to affected to project capital that issuers practices minimize which with layering to this our volatility. we many minimize debt widening our strong are designed access to allocation that long-term. asset is to earnings rates debt continue capital to have investments. duration
they debt All well-positioned very us as with be issuances to arise. coupled to accretively asset new factors, of these fund opportunistic allow opportunities
modernize XXXX am Now continue to third it's These as various a long-term efficiency year-to-date. announce plan flat increased stock our headcount were compensation the offset increased offerings Brad our completion management and and treasury XX% a expense expenses turning of our target, a enhance deal our we continue monitor and the infrastructure loan management investment costs its for approach ago as markets than in risk, have growth decrease to increase Farmer well platform This flow.
We introduce treasury, cash mitigate cash front-end our against related initiatives. us multiyear efficiency months of I, reflection scale rate management enhance infrastructure. to Mac been and disciplined capital our XX% our embarked to operating platforms. product consulting our large-scale the revenue hedging incoming substantial to our reporting relatively and on to strategic too, by And that expense diversified to better technology trading, investment XX and systems very set to and strategic in and for this expenses. proactively are portfolio by to Operating to was is quarter largely and modern positions journey and foundation systems treasury to very manage noted. and enabled pleased That streams. sequentially
complex purchase to and and wanted bringing of We this platforms. take continue capable efficiencies I'll that that we But the customers, technology are accomplish to our disciplined teams large-scale very loan many process we'll across without complete and to years ways accelerate the and such proud functionality. in innovative note, new our able approach such to were our our and management that structure. build ahead, technology organization invest initiative. We expense to remain time systems teams, other We cutting-edge do modernizing Many the while several initiative. all and to given customers a on for compress markets. as to growth line adding organizations executed have of on capabilities compromising to our initiatives finding We cost committed
expect closely our to long-run be ahead, monitor line remain and we in and in below that or our As manage will average continue ratios we to keeping ratio it growth such efficiency of look expectations. a our we with disciplined XX% efficiency at
credit. to turn Let's
the planting the risk primarily to a of previously energy and this our this total in mentioned borrower-specific analysis, single and not was XXXX, the prior of is involved for reflects as permanent business on the broader are Based Increase any in are losses it's increase loan allowance our that and attributable quarter. systemic important products $X.X that million currently delinquent. with volume new renewable delinquent telecommunications note portfolio. to Our loan indicative higher-yielding issues from was and XX, million September $XX.X
in than nonaccrual While fulfill the that and our customers this with XX, that not noted offset mentioned were maintain business delinquencies September portfolio. but and the strength our decline receive across also status, from basis one across increase our points are orientation XXXX.
Approximately illustrates into loan the believe how due to XX-day sequential of us XX, is XX-day the our long-term XX single points borrower-specific from XX this to prior to delinquencies our our permanent the planting the model, of portfolio quarter. loan more was placed a resiliency and of loan entire factors June XXXX, a that This driven allows as payoffs favorably nonaccrual end we during we did of endemic by above the mission compared basis we at revenue half profitability.
generally we that at second to third each observed first quarter seasonal the payment this and lower are the semiannual contributing dates of the majority annual end on levels of seasonal pattern and with and third adequately & generally days quarters, observed This believe end of quarters collateralized Farm in is Ranch also due XX at and is on higher loans. levels to of of We the fourth pattern exposure. Also delinquencies year. the the of the Mac's Farmer the the increase
diligent our be of Mac's third reflective quarter Our stable core by overall portfolios across $X.X underwriting policies million XX%. 'XX $XXX to of practices.Â
Turning billion Farmer credit profile, credit infrastructure summary, XXXX, our or exceeded rigorous in our as requirement and is our September XX, and statutory rural of capital. to continues agricultural through and capital
million XXX to XX.X% due decrease decision XX in to compared sequential Tier July, factors of position recapitalization resilient remain XX, that decline a point Our that and drove to customers The continue has Stock to a even low-cost credit the allow our difficult of grow, source basis core the for capital redeem of basis program Preferred X as Series efficiency, our come We redemption consistent ratio. capital Tier liquidity in provides to C sequential of to us borrowers and volatile that capital September X earnings as strong Series robust the Stock, and position, in capital in C of securitization primarily XX.X% the will the remain considered several of confident our ratio $XX XXXX. dividend strategy points in capital offer us XXXX, allow which was the XX, capital to We June times. from prior Preferred including was growth. environments
once for XX%, our Brad, staying delivered that which and while that delivered you. more loan-to-value our we we target is uncertainty, team We market on we me and let which below on highlight return our strategic And quarterly that, priorities. XX%. believe equity it key balance of and again, ever a So within strong, framework, this quarter ratio efficiency an on flow sheet call results, consistent turn metrics. well-positioned credit our back XX% to each Notably, continue to strategic maintaining metrics emphasizes long-term is are optimistic than deliver to with of our cash
