v3.26.1
Commercial Loans Receivable
 3 Months Ended
Jun. 27, 2026
Receivables [Abstract]  
Commercial Loans Receivable Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
June 27,
2026		March 28,
2026
Loans held for investment, previously securitized$10,021 $13,265 
Loans held for investment13,095 11,437 
Loans held for sale12,721 12,622 
Construction advances1,668 2,245 
37,505 39,569 
Deferred financing fees and other, net(592)(601)
Allowance for loan losses(719)(787)
36,194 38,181 
Less current portion(17,367)(19,207)
$18,827 $18,974 
The consumer loans held for investment had the following characteristics:
June 27,
2026		March 28,
2026
Weighted average contractual interest rate7.3 %7.4 %
Weighted average effective interest rate7.9 %8.9 %
Weighted average months to maturity206212
The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):
June 27,
2026		March 28,
2026
Current$35,490 $37,792 
31 to 60 days221 826 
61 to 90 days279 — 
91+ days1,515 951 
$37,505 $39,569 
The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
June 27, 2026
20272026202520242023PriorTotal
Prime- FICO score 680 and greater
$6,668 $1,421 $473 $1,044 $316 $11,412 $21,334 
Near Prime- FICO score 620-679
1,532 869 273 140 — 8,586 11,400 
Sub-Prime- FICO score less than 620
— 60 — — — 466 526 
No FICO score
— — — 202 — 4,043 4,245 
$8,200 $2,350 $746 $1,386 $316 $24,507 $37,505 
March 28, 2026
20262025202420232022PriorTotal
Prime- FICO score 680 and greater
$9,750 $1,353 $1,859 $318 $39 $11,725 $25,044 
Near Prime- FICO score 620-679
2,557 784 261 — — 8,375 11,977 
Sub-Prime- FICO score less than 620
61 — — — — 537 598 
No FICO score
— 64 202 — — 1,684 1,950 
$12,368 $2,201 $2,322 $318 $39 $22,321 $39,569 
As of June 27, 2026, 42% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12% was concentrated in Florida. As of March 28, 2026, 44% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 13% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of June 27, 2026 or March 28, 2026.
Commercial Loans Receivable
The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers.
Commercial loans receivable, net consisted of the following (in thousands):
June 27,
2026		March 28,
2026
Loans receivable (including from affiliates)$122,016 $116,688 
Allowance for loan losses (1,217)(546)
Deferred financing fees, net(150)(145)
120,649 115,997 
Less current portion of commercial loans receivable (including from affiliates), net(47,214)(56,677)
$73,435 $59,320 
The commercial loans receivable balance had the following characteristics:
June 27,
2026		March 28,
2026
Weighted average contractual interest rate7.8 %7.5 %
Weighted average months outstanding109
The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):
June 27, 2026
20272026202520242023PriorTotal
Performing
$34,110 $60,975 $16,034 $9,445 $917 $535 $122,016 
March 28, 2026
20262025202420232022PriorTotal
Performing
$84,177 $20,123 $10,720 $1,071 $597 $— $116,688 
As of June 27, 2026 approximately 13% of our outstanding commercial loans receivable principal balance was concentrated in New York, 12% in Arizona and 11% each in California and North Carolina. As of March 28, 2026 approximately 14% of our outstanding commercial loans receivable principal balance was concentrated in Arizona, 12% in each of California and New York, and 11% North Carolina. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of June 27, 2026 or March 28, 2026.
We had concentrations with one independent third-party and its affiliates that equaled 8% and 12% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 27, 2026 and March 28, 2026, respectively. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.