Investments

6 Months Ended

Oct. 29, 2022

Investments

Investments

3. Investments

Investments consist of the following (in thousands):

	October 29,		April 30,
	2022		2022
Short-term investments:
Available-for-sale securities:
Municipal securities		—		19,725
U.S. government securities		—		4,991
Total short-term investments	$	—	$	24,716
Long-term investments:
Available-for-sale securities:
Equity securities		6,028		—
Total long-term available-for-sale securities investments		6,028		—
Equity method investments
Investments in limited partnership funds		16,434		15,433
Total equity method investments		16,434		15,433
Total long-term investments	$	22,462	$	15,433

Available-For-Sale Securities

Debt Securities

As of April 30, 2022, the balance of available-for-sale debt securities consisted of state and local government municipal securities, U.S. government securities and U.S. government agency securities. Interest earned from these investments is recorded in interest expense, net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest expense, net. As of October 29, 2022, the Company held no available-for-sale debt securities.

The following table is a summary of the activity related to the available-for-sale debt securities recorded in short-term investments as of April 30, 2022, respectively (in thousands):

	April 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	19,756	$	—	$	(31)	$	19,725
U.S. government securities		4,995		—		(4)		4,991
Total available-for-sale debt securities	$	24,751	$	—	$	(35)	$	24,716

Equity Securities

Equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net.

	Three Months		Six Months
	Ended		Ended
	October 29,		October 29,
	2022		2022
Net gains recognized during the period on equity securities	$	928	$	928
Less: Net gains recognized during the period on equity securities sold during the period		—		—
Unrealized gains recognized during the period on equity securities still held at the reporting date	$	928	$	928