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Commercial Loans Receivable | 9 Months Ended
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Jan. 01, 2022
Receivables [Abstract] |
Commercial Loans Receivable | Commercial Loans ReceivableThe commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers and amounts loaned by us under participation financing programs. Commercial loans receivable, net consisted of the following (in thousands):
| January 1, 2022 |  | April 3, 2021
Loans receivable | $ | 68,218 |  |  | $ | 45,377 |
Allowance for loan losses | (1,130) |  |  | (816) |
Deferred financing fees, net | (116) |  |  | (247) |
| 66,972 |  |  | 44,314 |
Less current portion of commercial loans receivable (including from affiliates), net | (29,525) |  |  | (19,232) |
| $ | 37,447 |  |  | $ | 25,082 |
The commercial loans receivable balance had the following characteristics:
| January 1, 2022 |  | April 3, 2021
Weighted average contractual interest rate | 6.3 | % |  | 6.4 | %
Weighted average months outstanding | 9 |  | 11
The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
| Three Months Ended |  | Nine Months Ended
| January 1, 2022 |  | December 26, 2020 |  | January 1, 2022 |  | December 26, 2020
Balance at beginning of period | $ | 826 |  |  | $ | 789 |  |  | $ | 816 |  |  | $ | 393 |
Impact of adoption of ASU 2016-13 | — |  |  | — |  |  | — |  |  | 435 |
Change in estimated loan losses, net | 304 |  |  | (24) |  |  | 314 |  |  | (63) |
Balance at end of period | $ | 1,130 |  |  | $ | 765 |  |  | $ | 1,130 |  |  | $ | 765 |
As of January 1, 2022 and April 3, 2021, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by fiscal year of origination (in thousands):
|  | January 1, 2022 |  |  |  |
|  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total |  |  |  |
Performing |  | $ | 46,755 |  |  | $ | 13,529 |  |  | $ | 4,818 |  |  | $ | 2,050 |  |  | $ | 605 |  |  | $ | 461 |  |  | $ | 68,218 |  |  |  |  |
|  | April 3, 2021 |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total |  |  |  |
Performing |  | $ | 30,627 |  |  | $ | 8,677 |  |  | $ | 3,206 |  |  | $ | 1,864 |  |  | $ | 1,003 |  |  | $ | — |  |  | $ | 45,377 |  |  |  |  |
At January 1, 2022, 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 January 1, 2022, 20% of our outstanding commercial loans receivable principal balance was concentrated in Pennsylvania and 13% was concentrated in New York. As of April 3, 2021, 13% of our outstanding commercial loans receivable principal balance was concentrated in Arizona. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of January 1, 2022 or April 3, 2021. We had concentrations with one independent third-party and its affiliates that equaled 12% and 18% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of January 1, 2022 and April 3, 2021, respectively

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