9.	Securities and Loan Securities Carried at Fair Value

Securities and loan securities carried at fair value are summarized in the table below (in thousands):


	December 31, 2014				December 31, 2013
	Cost		Liquidation Value		Cost		Fair Value
Loan securities	$	161	$	918	$	161	$	226

	$	161	$	918	$	161	$	226

During the seven months ended July 31, 2014 securities carried at fair value were sold for total proceeds of approximately $75,000. The Trust recorded a gain on these sales of approximately $2,000 in the seven months ended July 31, 2014. No securities have been sold subsequent to August 1, 2014. Subsequent to August 1, 2014 securities are carried at their estimated liquidation value.

During the years ended December 31, 2013 and 2012 securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $19,918,000 and $28,133,000, respectively. The gross realized gains on these sales and payoffs totaled approximately $742,000 and $655,000 in 2013 and 2012, respectively. For purpose of determining gross realized gains, the cost of securities is based on specific identification.

The Trust did not recognize any unrealized gains or losses on securities carried at fair value or loan securities carried at fair value for the seven months ended July 31, 2014. For the years ended December 31, 2013 and 2012, the Trust recognized net unrealized gains on securities carried at fair value and loan securities carried at fair value of $73,000 and $7,363,000, respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.