Commitments and Contingencies

3 Months Ended

Jun. 27, 2026

Commitments and Contingencies Disclosure [Abstract]

Repurchase Contingencies. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $134 million and $141 million at June 27, 2026 and March 28, 2026, respectively, without reduction for the estimated resale value of the homes. Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $7.8 million at June 27, 2026 and $3.9 million at March 28, 2026.

Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands):


	June 27, 2026		March 28, 2026
Construction loan contract amount	$	4,239	$	4,429
Cumulative advances	(1,668)		(2,245)
	$	2,571	$	2,184

Representations and Warranties of Mortgages Sold. The reserve for contingent repurchases and indemnification obligations was $0.5 million as of June 27, 2026 and March 28, 2026, which is included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the three months ended June 27, 2026 or June 28, 2025.

Interest Rate Lock Commitments ("IRLCs"). As of June 27, 2026 and March 28, 2026, we had outstanding IRLCs with a notional amount of $83.0 million and $71.6 million, respectively. For the three months ended June 27, 2026, and the three months ended June 28, 2025, we recognized insignificant non-cash gains on outstanding IRLCs.

Forward Sales Commitments. As of June 27, 2026 and March 28, 2026, we had $4.7 million and $6.4 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively. During the three months ended June 27, 2026, we recognized insignificant non-cash losses on Commitments. During the three months ended June 28, 2025, we recognized insignificant non-cash gains.

Legal Matters. We are party to certain lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.