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Consumer Loans Receivable | 6 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
| September 30, 2023 |  | April 1, 2023
Loans held for investment, previously securitized | $ | 18,756 |  |  | $ | 21,000 |
Loans held for investment | 13,045 |  |  | 13,117 |
Loans held for sale | 5,208 |  |  | 10,846 |
Construction advances | 84 |  |  | 706 |
| 37,093 |  |  | 45,669 |
Deferred financing fees and other, net | (312) |  |  | (368) |
Allowance for loan losses | (1,045) |  |  | (1,153) |
| 35,736 |  |  | 44,148 |
Less current portion | (10,503) |  |  | (17,019) |
| $ | 25,233 |  |  | $ | 27,129 |
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 |  | Six Months Ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Allowance for loan losses at beginning of period | $ | 1,144 |  |  | $ | 1,905 |  |  | $ | 1,153 |  |  | $ | 2,115 |
Change in estimated loan losses, net | (99) |  |  | (166) |  |  | (108) |  |  | (376) |
Charge-offs | — |  |  | — |  |  | — |  |  | (19) |
Recoveries | — |  |  | — |  |  | — |  |  | 19 |
Allowance for loan losses at end of period | $ | 1,045 |  |  | $ | 1,739 |  |  | $ | 1,045 |  |  | $ | 1,739 |
The consumer loans held for investment had the following characteristics:
| September 30, 2023 |  | April 1, 2023
Weighted average contractual interest rate | 8.1 | % |  | 8.2 | %
Weighted average effective interest rate | 9.2 | % |  | 8.8 | %
Weighted average months to maturity | 164 |  | 150
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
| September 30, 2023 |  | April 1, 2023
Current | $ | 35,457 |  |  | $ | 43,252 |
31 to 60 days | 157 |  |  | 1,247 |
61 to 90 days | 185 |  |  | 213 |
91+ days | 1,294 |  |  | 957 |
| $ | 37,093 |  |  | $ | 45,669 |
The following table disaggregates gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| September 30, 2023
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 4,009 |  |  | $ | 668 |  |  | $ | 182 |  |  | $ | 991 |  |  | $ | 1,945 |  |  | $ | 16,007 |  |  | $ | 23,802 |
Near Prime- FICO score 620-679 | 546 |  |  | — |  |  | — |  |  | 1,217 |  |  | 1,062 |  |  | 9,238 |  |  | 12,063 |
Sub-Prime- FICO score less than 620 | — |  |  | — |  |  | — |  |  | 18 |  |  | 50 |  |  | 834 |  |  | 902 |
No FICO score | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 326 |  |  | 326 |
| $ | 4,555 |  |  | $ | 668 |  |  | $ | 182 |  |  | $ | 2,226 |  |  | $ | 3,057 |  |  | $ | 26,405 |  |  | $ | 37,093 |
| April 1, 2023
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 9,471 |  |  | $ | 185 |  |  | $ | 1,051 |  |  | $ | 1,982 |  |  | $ | 1,191 |  |  | $ | 16,601 |  |  | $ | 30,481 |
Near Prime- FICO score 620-679 | 1,695 |  |  | — |  |  | 1,012 |  |  | 1,131 |  |  | 1,550 |  |  | 8,244 |  |  | 13,632 |
Sub-Prime- FICO score less than 620 | 84 |  |  | — |  |  | 19 |  |  | 51 |  |  | — |  |  | 1,033 |  |  | 1,187 |
No FICO score | — |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 345 |  |  | 369 |
| $ | 11,250 |  |  | $ | 185 |  |  | $ | 2,082 |  |  | $ | 3,164 |  |  | $ | 2,765 |  |  | $ | 26,223 |  |  | $ | 45,669 |
As of September 30, 2023, 40% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 14% was concentrated in Florida. As of April 1, 2023, 44% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 13% was concentrated in Florida. Other than Texas and Florida, no sta te had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of September 30, 2023 or April 1, 2023. Repossessed homes totaled approximately $0.6 million and $1.1 million as of September 30, 2023 and April 1, 2023, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Homes undergoing foreclosure or similar proceedings in progress totaled approximately $0.8 million and $0.5 million as of September 30, 2023 and April 1, 2023, respectively.

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