Commercial Loans Receivable

9 Months Ended

Dec. 28, 2024

Receivables [Abstract]

Commercial Loans Receivable

Consumer Loans Receivable

The following table summarizes consumer loans receivable (in thousands):

	December 28, 2024		March 30, 2024
Loans held for investment, previously securitized	$	14,476	$	16,968
Loans held for investment	11,898		12,826
Loans held for sale	23,233		15,140
Construction advances	6,042		722
	55,649		45,656
Deferred financing fees and other, net	(1,088)		(523)
Allowance for loan losses	(925)		(1,066)
	53,636		44,067
Less current portion	(33,242)		(20,713)
	$	20,394	$	23,354

The consumer loans held for investment had the following characteristics:

	December 28, 2024		March 30, 2024
Weighted average contractual interest rate	8.1	%	8.1	%
Weighted average effective interest rate	8.1	%	10.4	%
Weighted average months to maturity	210		196

The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):

	December 28, 2024		March 30, 2024
Current	$	53,709	$	43,810
31 to 60 days	996		1,063
61 to 90 days	373		131
91+ days	571		652
	$	55,649	$	45,656

The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):

	December 28, 2024
	2025		2024		2023		2022		2021		Prior		Total
Prime- FICO score 680 and greater	$	15,726	$	9,225	$	324	$	93	$	766	$	13,859	$	39,993
Near Prime- FICO score 620-679	2,426		1,325		—		—		1,033		8,874		13,658
Sub-Prime- FICO score less than 620	310		—		—		—		17		695		1,022
No FICO score	252		443		—		—		—		281		976
	$	18,714	$	10,993	$	324	$	93	$	1,816	$	23,709	$	55,649

	March 30, 2024
	2024		2023		2022		2021		2020		Prior		Total
Prime- FICO score 680 and greater	$	14,107	$	328	$	96	$	885	$	1,808	$	14,425	$	31,649
Near Prime- FICO score 620-679	1,633		—		—		1,202		942		8,684		12,461
Sub-Prime- FICO score less than 620	—		—		—		18		49		723		790
No FICO score	447		—		—		—		—		309		756
	$	16,187	$	328	$	96	$	2,105	$	2,799	$	24,141	$	45,656

As of December 28, 2024, 55% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas. As of March 30, 2024, 46% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 10% 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 December 28, 2024 or March 30, 2024.

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):

	December 28, 2024		March 30, 2024
Loans receivable	$	94,902	$	91,938
Allowance for loan losses	(335)		(781)
Deferred financing fees, net	(214)		(116)
	94,353		91,041
Less current portion of commercial loans receivable (including from affiliates), net	(36,250)		(43,316)
	$	58,103	$	47,725

The commercial loans receivable balance had the following characteristics:

	December 28, 2024		March 30, 2024
Weighted average contractual interest rate	7.7	%	7.4	%
Weighted average months outstanding	10		12

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 December 28, 2024 and March 30, 2024, 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):

	December 28, 2024
	2025		2024		2023		2022		2021		Total
Performing	$	54,916	$	27,832	$	8,734	$	1,466	$	1,954	$	94,902

	March 30, 2024
	2024		2023		2022		2021		2020		Total
Performing	$	57,691	$	25,066	$	4,823	$	2,144	$	2,214	$	91,938

As of December 28, 2024 and March 30, 2024, 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 December 28, 2024, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 18% and California of 16%. As of March 30, 2024, 18% of our outstanding principal balance of the commercial loans receivable balance was in New York. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of December 28, 2024 or March 30, 2024.

As of December 28, 2024 and March 30, 2024, one independent third-party and its affiliates comprised 10% and 13%, respectively, of the net commercial loans receivable principal balance outstanding, all of which are secured.