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Investments | 12 Months Ended
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Mar. 29, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consisted of the following (in thousands):
| 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) |

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