
	March 29, 2025		March 30, 2024
Available-for-sale debt securities	$	21,415	$	18,669
Marketable equity securities	11,425		11,961
Non-marketable equity investments	5,069		4,956
	37,909		35,586
Less short-term investments	(19,842)		(18,270)
	$	18,067	$	17,316

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 29, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	4,122	$	19	$	(21)	$	4,120
State and political subdivision debt securities	6,955		39		(18)		6,976
Corporate debt securities	10,326		38		(45)		10,319
	$	21,403	$	96	$	(84)	$	21,415


	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

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 29, 2025
	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	$	473	$	(2)	$	1,036	$	(19)	$	1,509	$	(21)
State and political subdivision debt securities	—		—		1,633		(18)		1,633		(18)
Corporate debt securities	—		—		4,431		(45)		4,431		(45)
	$	473	$	(2)	$	7,100	$	(82)	$	7,573	$	(84)


	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)

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 29, 2025. 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 29, 2025
	Amortized Cost		Fair Value
Due in less than one year	$	8,162	$	8,118
Due after one year through five years	7,189		7,235
Due after five years through ten years	1,930		1,942
Mortgage-backed securities	4,122		4,120
	$	21,403	$	21,415

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 fiscal years 2025, 2024 or 2023. There were no gross losses realized on the sale of available-for-sale debt securities in fiscal years 2025, 2024 or 2023.

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 2025, 2024 and 2023 were as follows (in thousands):


	Year Ended
	March 29, 2025		March 30, 2024		April 1, 2023
Marketable equity securities:
Net (losses) gains recognized during the period	$	(1,000)	$	1,869	$	561
Less: Net (gains) recognized on securities sold during the period	(1,175)		(348)		(958)
Unrealized (losses) gains recognized during the period on securities still held	$	(2,175)	$	1,521	$	(397)