
	April 1, 2023		April 2, 2022
Available-for-sale debt securities	$	18,555	$	17,760
Marketable equity securities	9,989		16,780
Non-marketable equity investments	5,073		20,479
	33,617		55,019
Less short-term investments	(14,978)		(20,086)
	$	18,639	$	34,933

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 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


	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

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 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)


	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)

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 1, 2023. 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 1, 2023
	Amortized Cost		Fair Value
Due in less than one year	$	3,704	$	3,626
Due after one year through five years	12,172		11,551
Due after five years through ten years	501		501
Due after ten years	391		389
Mortgage-backed securities	2,567		2,488
	$	19,335	$	18,555

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 for fiscal year 2023, an insignificant amount of gross gains realized on the sale of available-for-sale debt securities in fiscal year 2022 and none in fiscal year 2021. There were no gross losses realized on the sale of available-for-sale debt securities in either fiscal year 2023 or 2022, and the gross losses realized on the sale of available-for-sale debt securities in fiscal year 2021 were insignificant.

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 2023, 2022 and 2021 were as follows (in thousands):


	Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Marketable equity securities:
Net gain recognized during the period	$	561	$	2,160	$	8,515
Less: Net (gains) recognized on securities sold during the period	(958)		(551)		(2,191)
Unrealized (losses) gains recognized during the period on securities still held	$	(397)	$	1,609	$	6,324