The various types of ARS investments we held as of March 31, 2015, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain, and fair value, consisted of the following (in thousands):

	Original Cost Basis		Other-than- temporary Impairment in Retained Earnings				New Cost Basis		Unrealized Gain		Fair Value
Credit linked notes	$	13,500	$	(6,467	)	⁽¹⁾	$	7,033	$	5,248	$	12,281
Preferred stock		5,000		(5,000	)			—		2,750		2,750
Municipals		600		(83	)			517		77		594
Total ARS	$	19,100	$	(11,550	)		$	7,550	$	8,075	$	15,625

(1) Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $2.3 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.

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):

	Original Cost Basis		Other-than- temporary Impairment in Retained Earnings				New Cost Basis		Unrealized Gain/(Loss)			Fair 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.