

NOTE 2—INVESTMENT SECURITIES

Our investment portfolio consists of preferred stock and common stock of Federal Agricultural Mortgage Corporation ("Farmer Mac"). As of August 31, 2014 and May 31, 2014, our investments in preferred stock and common stock were classified as available for sale and therefore recorded in the condensed consolidated balance sheets at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income.

The following tables summarize our available-for-sale securities as of August 31, 2014 and May 31, 2014.



	August 31, 2014
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Farmer Mac Series A Preferred Stock	$	30,000	$	—	$	(444	)	$	29,556
Farmer Mac Series B Preferred Stock	25,000		895		—			25,895
Farmer Mac Series C Preferred Stock	25,000		287		—			25,287
Farmer Mac Class A Common Stock	538		1,601		—			2,139
Total available-for-sale securities	$	80,538	$	2,783	$	(444	)	$	82,877



	May 31, 2014
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Farmer Mac Series A Preferred Stock	$	30,000	$	—	$	(2,220	)	$	27,780
Farmer Mac Series B Preferred Stock	25,000		500		—			25,500
Farmer Mac Class A Common Stock	538		1,359		—			1,897
Total available-for-sale securities	$	55,538	$	1,859	$	(2,220	)	$	55,177

As of August 31, 2014, our Farmer Mac Series A preferred stock was in a continuous unrealized loss position for 12 months or longer. The unrealized loss position was due to changes in interest rates and not attributable to a deterioration in the credit quality of the issuer. We do not intend to sell this investment in the foreseeable future and we expect to fully recover our cost.