
	March 30, 2024		April 1, 2023
Available-for-sale debt securities	$	18,669	$	18,555
Marketable equity securities	11,961		9,989
Non-marketable equity investments	4,956		5,073
	35,586		33,617
Less short-term investments	(18,270)		(14,978)
	$	17,316	$	18,639

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):


	March 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	2,933	$	—	$	(68)	$	2,865
State and political subdivision debt securities	5,041		7		(118)		4,930
Corporate debt securities	11,117		4		(247)		10,874
	$	19,091	$	11	$	(433)	$	18,669


	April 1, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	2,567	$	—	$	(79)	$	2,488
State and political subdivision debt securities	6,023		—		(254)		5,769
Corporate debt securities	10,745		—		(447)		10,298
	$	19,335	$	—	$	(780)	$	18,555

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):


	March 30, 2024
	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	$	2,014	$	(24)	$	833	$	(44)	$	2,847	$	(68)
State and political subdivision debt securities	493		(1)		3,442		(117)		3,935		(118)
Corporate debt securities	397		(3)		8,501		(244)		8,898		(247)
	$	2,904	$	(28)	$	12,776	$	(405)	$	15,680	$	(433)


	April 1, 2023
	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	$	1,345	$	(10)	$	1,117	$	(69)	$	2,462	$	(79)
State and political subdivision debt securities	251		—		4,792		(254)		5,043		(254)
Corporate debt securities	4,902		(136)		5,396		(311)		10,298		(447)
	$	6,498	$	(146)	$	11,305	$	(634)	$	17,803	$	(780)

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 March 30, 2024. Further, we do not intend to, 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.


	March 30, 2024
	Amortized Cost		Fair Value
Due in less than one year	$	6,420	$	6,310
Due after one year through five years	9,352		9,107
Due after five years through ten years	225		227
Due after ten years	161		160
Mortgage-backed securities	2,933		2,865
	$	19,091	$	18,669

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. There were no gross gains realized on the sale of available-for-sale debt securities in either fiscal year 2024 or 2023 and an insignificant amount of gross gains was realized in fiscal year 2022. There were no gross losses realized on the sale of available-for-sale debt securities in fiscal years 2024, 2023 or 2022.

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 2024, 2023 and 2022 were as follows (in thousands):


	Year Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Marketable equity securities:
Net gain recognized during the period	$	1,869	$	561	$	2,160
Less: Net (gains) recognized on securities sold during the period	(348)		(958)		(551)
Unrealized gains (losses) recognized during the period on securities still held	$	1,521	$	(397)	$	1,609