NOTE 2—INVESTMENT SECURITIES

Our investment securities consist of holdings of Federal Agricultural Mortgage Corporation (“Farmer Mac”) preferred and common stock. The following tables present the amortized cost, gross unrealized gains and losses and fair value of our investment securities, all of which are classified as available for sale, as of February 29, 2016 and May 31, 2015.



	February 29, 2016
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Farmer Mac—Series A Non-Cumulative Preferred Stock	$	30,000	$	687	$	—	$	30,687
Farmer Mac—Series B Non-Cumulative Preferred Stock	25,000		1,920		—		26,920
Farmer Mac—Series C Non-Cumulative Preferred Stock	25,000		60		—		25,060
Farmer Mac—Class A Common Stock	538		1,856		—		2,394
Total available-for-sale investment securities	$	80,538	$	4,523	$	—	$	85,061



	May 31, 2015
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Farmer Mac—Series A Non-Cumulative Preferred Stock	$	30,000	$	264	$	—	$	30,264
Farmer Mac—Series B Non-Cumulative Preferred Stock	25,000		1,250		—		26,250
Farmer Mac—Series C Non-Cumulative Preferred Stock	25,000		900		—		25,900
Farmer Mac—Class A Common Stock	538		1,520		—		2,058
Total available-for-sale investment securities	$	80,538	$	3,934	$	—	$	84,472

We did not have any investment securities in an unrealized loss position as of February 29, 2016 and May 31, 2015. For additional information regarding the unrealized gains (losses) recorded on our available-for-sale investment securities, see “Note 9—Equity—Accumulated Other Comprehensive Income ”.