v3.25.2
Commercial Loans Receivable
 3 Months Ended
Jun. 28, 2025
Receivables [Abstract]  
Commercial Loans Receivable Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
June 28,
2025		March 29,
2025
Loans held for investment, previously securitized$13,030 $13,775 
Loans held for investment12,122 12,196 
Loans held for sale30,155 27,981 
Construction advances4,257 4,210 
59,564 58,162 
Deferred financing fees and other, net(709)(686)
Allowance for loan losses(908)(939)
57,947 56,537 
Less current portion(37,795)(35,852)
$20,152 $20,685 
The consumer loans held for investment had the following characteristics:
June 28,
2025		March 29,
2025
Weighted average contractual interest rate7.8 %7.9 %
Weighted average effective interest rate7.9 %10.3 %
Weighted average months to maturity225221
The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):
June 28,
2025		March 29,
2025
Current$58,034 $56,401 
31 to 60 days284 1,082 
61 to 90 days141 4 
91+ days1,105 675 
$59,564 $58,162 
The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
June 28, 2025
20262025202420232022PriorTotal
Prime- FICO score 680 and greater
$5,204 $13,661 $9,045 $322 $91 $13,386 $41,709 
Near Prime- FICO score 620-679
1,659 3,401 1,205 — — 9,836 16,101 
Sub-Prime- FICO score less than 620
14 322 — — — 651 987 
No FICO score
— 65 440 — — 262 767 
$6,877 $17,449 $10,690 $322 $91 $24,135 $59,564 
March 29, 2025
20252024202320222021PriorTotal
Prime- FICO score 680 and greater
$18,133 $9,209 $323 $92 $761 $13,197 $41,715 
Near Prime- FICO score 620-679
2,948 1,210 — — 1,026 9,000 14,184 
Sub-Prime- FICO score less than 620
537 — — — 17 680 1,234 
No FICO score
317 441 — — — 271 1,029 
$21,935 $10,860 $323 $92 $1,804 $23,148 $58,162 
As of June 28, 2025, 53% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas. As of March 29, 2025, 54% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11% 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 28, 2025 or March 29, 2025.
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 28,
2025		March 29,
2025
Loans receivable (including from affiliates)$108,143 $100,297 
Allowance for loan losses (338)(361)
Deferred financing fees, net(203)(190)
107,602 99,746 
Less current portion of commercial loans receivable (including from affiliates), net(48,952)(46,373)
$58,650 $53,373 
The commercial loans receivable balance had the following characteristics:
June 28,
2025		March 29,
2025
Weighted average contractual interest rate8.0 %8.3 %
Weighted average months outstanding1010
Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. As of June 28, 2025 and March 29, 2025, there were no commercial loans considered nonperforming. The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):
June 28, 2025
20262025202420232022PriorTotal
Performing
$33,246 $49,507 $19,163 $4,910 $998 $319 $108,143 
March 29, 2025
20252024202320222021PriorTotal
Performing
$66,843 $24,215 $7,006 $1,014 $1,219 $— $100,297 
As of June 28, 2025 and March 29, 2025, approximately 16% of our outstanding commercial loans receivable principal balance was concentrated in California. As of June 28, 2025 and March 29, 2025, approximately 14% and 17%, respectively, was concentrated in New York. As of June 28, 2025, Arizona and North Carolina each had approximately 12% concentrations.
We had concentrations with one independent third-party and its affiliates that equaled 12% and 10% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 28, 2025 and March 29, 2025, respectively. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.