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Commercial Loans Receivable
 3 Months Ended
Jul. 01, 2023
Receivables [Abstract]  
Commercial Loans Receivable 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):
July 1,
2023		April 1,
2023
Loans receivable$107,246 $103,726 
Allowance for loan losses (1,614)(1,586)
Deferred financing fees, net(173)(163)
105,459 101,977 
Less current portion of commercial loans receivable (including from affiliates), net(50,263)(44,054)
$55,196 $57,923 
The commercial loans receivable balance had the following characteristics:
July 1,
2023		April 1,
2023
Weighted average contractual interest rate7.5 %7.6 %
Weighted average months outstanding109
The following table represents changes in the estimated allowance for loan losses (in thousands):
Three Months Ended
July 1,
2023		July 2,
2022
Balance at beginning of period
$1,586 $1,011 
Change in estimated loan losses, net
28 43 
Balance at end of period
$1,614 $1,054 
Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. 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 July 1, 2023 and April 1, 2023, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
July 1, 2023
20242023202220212020PriorTotal
Performing
$26,639 $63,412 $10,907 $3,268 $2,015 $1,005 $107,246 
April 1, 2023
20232022202120202019PriorTotal
Performing
$80,193 $16,028 $4,071 $2,203 $1,231 $— $103,726 
As of July 1, 2023, there were no commercial loans 90 days or more past due that were still accruing interest, and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance.
As of July 1, 2023 and April 1, 2023, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 17% and 18%, respectively. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of July 1, 2023 or April 1, 2023.As of July 1, 2023 and April 1, 2023, one independent third-party and its affiliates comprised 13% and 12%, respectively, of the net commercial loans receivable principal balance outstanding, all of which was secured