Investments

Investments consist of the following (in thousands):



	June 30, 2018		March 31, 2018
Available-for-sale debt securities	$	15,523	$	16,181
Marketable equity securities	12,736		10,405
Non-marketable equity investments	18,888		18,853
	$	47,147	$	45,439

The Company's investments in marketable equity securities consist of common stock holdings of industrial and other companies.

Non-marketable equity investments includes $15.0 million as of June 30, 2018 and March 31, 2018, of contributions to equity-method investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable investments include investments in other distribution operations.

The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):



	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	300	$	—	$	(8	)	$	292
Residential mortgage-backed securities	7,334		—		(182		)	7,152
State and political subdivision debt securities	6,038		109		(118		)	6,029
Corporate debt securities	2,076		2		(28		)	2,050
	$	15,748	$	111	$	(336	)	$	15,523



	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	300	$	—	$	(7	)	$	293
Residential mortgage-backed securities	7,654		—		(155		)	7,499
State and political subdivision debt securities	6,377		109		(149		)	6,337
Corporate debt securities	2,081		1		(30		)	2,052
	$	16,412	$	110	$	(341	)	$	16,181

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



	June 30, 2018
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	292	$	(8	)	$	—	$	—		$	292	$	(8	)
Residential mortgage-backed securities	3,128		(64		)	4,019		(118		)	7,147		(182		)
State and political subdivision debt securities	1,932		(38		)	2,169		(80		)	4,101		(118		)
Corporate debt securities	1,432		(13		)	365		(15		)	1,797		(28		)
	$	6,784	$	(123	)	$	6,553	$	(213	)	$	13,337	$	(336	)



	March 31, 2018
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	293	$	(7	)	$	—	$	—		$	293	$	(7	)
Residential mortgage-backed securities	3,185		(52		)	3,909		(103		)	7,094		(155		)
State and political subdivision debt securities	2,224		(40		)	2,180		(109		)	4,404		(149		)
Corporate debt securities	1,384		(12		)	367		(18		)	1,751		(30		)
	$	7,086	$	(111	)	$	6,456	$	(230	)	$	13,542	$	(341	)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at June 30, 2018.

The amortized cost and fair value of the Company's investments in 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 call or prepayment penalties.



	June 30, 2018
	Amortized Cost		Fair Value
Due in less than one year	$	1,125	$	1,108
Due after one year through five years	3,020		2,934
Due after five years through ten years	930		908
Due after ten years	3,339		3,421
Mortgage-backed securities	7,334		7,152
	$	15,748	$	15,523

We recognize investment gains and losses on debt securities when we sell or otherwise dispose of securities on a specific identification method. There were no gross gains or losses realized during the three months ending June 30, 2018. During the three months ending July 1, 2017, there were no gross gains realized and $10,000 in gross losses realized.

Beginning in fiscal year 2019, 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. The net investment gains and losses for the three months ended June 30, 2018 and July 1, 2017 are as follows (in thousands):



	Three Months Ended June 30, 2018
	June 30, 2018			July 1, 2017
Marketable equity securities:
Gains on securities held	$	1,610		$	—
Losses on securities sold	(40		)	—
Gross realized gains	—			165
Gross realized losses	—			(51		)
Total net gain on marketable equity securities	$	1,570		$	114