
	April 2, 2022		April 3, 2021
Available-for-sale debt securities	$	17,760	$	14,946
Marketable equity securities	16,780		17,600
Non-marketable equity investments	20,479		21,960
	55,019		54,506
Less short-term investments	(20,086)		(19,496)
	$	34,933	$	35,010

Investments in marketable equity securities consist of investments in the common stock of industrial and other companies.

Our non-marketable equity investments include investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities and other distribution operations.

We record investments in fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in AOCI.

The amortized cost and fair value of our investments in available-for-sale debt securities, by security type are shown in the table below (in thousands):


	April 2, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	1,668	$	2	$	(57)	$	1,613
State and political subdivision debt securities	10,100		38		(232)		9,906
Corporate debt securities	6,502		1		(262)		6,241
	$	18,270	$	41	$	(551)	$	17,760


	April 3, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	2,787	$	30	$	(13)	$	2,804
State and political subdivision debt securities	7,239		125		(19)		7,345
Corporate debt securities	4,797		11		(11)		4,797
	$	14,823	$	166	$	(43)	$	14,946

The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):


	April 2, 2022
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Residential mortgage-backed securities	$	1,048	$	(45)	$	289	$	(12)	$	1,337	$	(57)
State and political subdivision debt securities	3,884		(164)		1,246		(68)		5,130		(232)
Corporate debt securities	5,215		(231)		598		(31)		5,813		(262)
	$	10,147	$	(440)	$	2,133	$	(111)	$	12,280	$	(551)


	April 3, 2021
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Residential mortgage-backed securities	$	927	$	(6)	$	450	$	(7)	$	1,377	$	(13)
State and political subdivision debt securities	3,013		(19)		—		—		3,013		(19)
Corporate debt securities	2,153		(10)		249		(1)		2,402		(11)
	$	6,093	$	(35)	$	699	$	(8)	$	6,792	$	(43)

We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of April 2, 2022. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost.

The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties.


	April 2, 2022
	Amortized Cost		Fair Value
Due in less than one year	$	3,300	$	3,302
Due after one year through five years	11,394		10,901
Due after five years through ten years	1,261		1,281
Due after ten years	647		663
Mortgage-backed securities	1,668		1,613
	$	18,270	$	17,760

We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method. Gross gains realized on the sale of available-for-sale debt securities totaled $2,000 for fiscal year 2022, and there were none in 2021 or 2020. There were no gross losses realized on the sale of available-for-sale debt securities in fiscal year 2022. Gross losses in fiscal year 2021 were $6,000 and there were none in fiscal year 2020.

We recognize unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. See Note 1 for further discussion. Net investment gains and losses on marketable equity securities for fiscal years 2022, 2021 and 2020 were as follows (in thousands):


	Year Ended
	April 2, 2022		April 3, 2021		March 28, 2020
Marketable equity securities:
Net gain (loss) recognized during the period	$	2,160	$	8,515	$	(2,264)
Less: Net (gains) losses recognized on securities sold during the period	(551)		(2,191)		232
Unrealized gains (losses) recognized during the period on securities still held	$	1,609	$	6,324	$	(2,032)