The various types of ARS investments we held as of September 30, 2014, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands):


			Other-than-
			temporary
	Original Cost		Impairment in			New Cost		Unrealized			Fair
	Basis		Retained Earnings			Basis		Gain/(Loss)			Value
Student loans	$	3,500	$	(179	)	$	3,321	$	(143	)	$	3,178
Credit linked notes		13,500		(7,188	) (1)		6,312		5,628			11,940
Preferred stock		5,000		(5,000	)		—		2,750			2,750
Municipals		600		(83	)		517		71			588

Total ARS	$	22,600	$	(12,450	)	$	10,150	$	8,306		$	18,456

(1)

Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.6 million on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income.

The various types of ARS investments we held as of June 30, 2014, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands):


			Other-than-
			temporary
	Original Cost		Impairment in			New Cost		Unrealized			Fair
	Basis		Retained Earnings			Basis		Gain/(Loss)			Value
Student loans	$	3,500	$	(179	)	$	3,321	$	(149	)	$	3,172
Credit linked notes		13,500		(7,513	) (1)		5,987		5,891			11,878
Preferred stock		5,000		(5,000	)		—		2,750			2,750
Municipals		2,000		(83	)		1,917		68			1,985

Total ARS	$	24,000	$	(12,775	)	$	11,225	$	8,560		$	19,785

(1)

Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.3 million on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income.