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Commercial Loans Receivable
 6 Months Ended
Sep. 27, 2025
Receivables [Abstract]  
Commercial Loans Receivable Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
September 27,
2025		March 29,
2025
Loans held for investment, previously securitized$12,168 $13,775 
Loans held for investment12,048 12,196 
Loans held for sale25,086 27,981 
Construction advances5,126 4,210 
54,428 58,162 
Deferred financing fees and other, net(675)(686)
Allowance for loan losses(870)(939)
52,883 56,537 
Less current portion(33,493)(35,852)
$19,390 $20,685 
The consumer loans held for investment had the following characteristics:
September 27,
2025		March 29,
2025
Weighted average contractual interest rate7.8 %7.9 %
Weighted average effective interest rate8.3 %10.3 %
Weighted average months to maturity222221
The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):
September 27,
2025		March 29,
2025
Current$52,812 $56,401 
31 to 60 days167 1,082 
61 to 90 days190 4 
91+ days1,259 675 
$54,428 $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):
September 27, 2025
20262025202420232022PriorTotal
Prime- FICO score 680 and greater
$12,512 $7,954 $4,676 $320 $90 $13,125 $38,677 
Near Prime- FICO score 620-679
2,372 1,918 622 — — 9,230 14,142 
Sub-Prime- FICO score less than 620
— 320 — — — 598 918 
No FICO score
172 65 202 — — 252 691 
$15,056 $10,257 $5,500 $320 $90 $23,205 $54,428 
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 September 27, 2025, 47% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 15% was concentrated in Florida. 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 September 27, 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):
September 27,
2025		March 29,
2025
Loans receivable (including from affiliates)$108,038 $100,297 
Allowance for loan losses (387)(361)
Deferred financing fees, net(206)(190)
107,445 99,746 
Less current portion of commercial loans receivable (including from affiliates), net(45,695)(46,373)
$61,750 $53,373 
The commercial loans receivable balance had the following characteristics:
September 27,
2025		March 29,
2025
Weighted average contractual interest rate7.7 %8.3 %
Weighted average months outstanding910
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 September 27, 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):
September 27, 2025
20262025202420232022PriorTotal
Performing
$55,071 $34,448 $15,641 $2,201 $392 $285 $108,038 
March 29, 2025
20252024202320222021PriorTotal
Performing
$66,843 $24,215 $7,006 $1,014 $1,219 $— $100,297 
As of September 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in California (14%), New York (14%), Arizona (14%), and North Carolina (11%). As of March 29, 2025, concentrations were 16% in California and 17% in New York.
We had concentrations with one independent third-party and its affiliates that equaled 11% and 10% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of September 27, 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.