Fair Value Measurements

3 Months Ended

Jul. 03, 2021

The book value and estimated fair value of our financial instruments were as follows (in thousands):


	July 3, 2021				April 3, 2021
	Book Value		Estimated Fair Value		Book Value		Estimated Fair Value
Available-for-sale debt securities	$	17,962	$	17,962	$	14,946	$	14,946
Marketable equity securities	17,550		17,550		17,600		17,600
Non-marketable equity investments	22,429		22,429		21,960		21,960
Consumer loans receivable	67,524		76,466		74,798		86,209


Commercial loans receivable	44,588		42,586		44,314		42,379
Secured financings other	(11,749)		(11,810)		(12,186)		(12,340)

See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies we use in determining fair value.

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities. MSRs are initially recorded at fair value.


	July 3, 2021			April 3, 2021
Number of loans serviced with MSRs	4,614			4,647
Weighted average servicing fee (basis points)	33.86			33.57
Capitalized servicing multiple	67.3		%	45.9		%
Capitalized servicing rate (basis points)	22.78			15.42
Serviced portfolio with MSRs (in thousands)	$	594,373		$	593,939
MSRs (in thousands)	$	1,354		$	916

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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