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Commercial Loans Receivable | 6 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Commercial Loans Receivable | 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 30, 2023 |  | April 1, 2023
Loans receivable | $ | 96,148 |  |  | $ | 103,726 |
Allowance for loan losses | (1,497) |  |  | (1,586) |
Deferred financing fees, net | (183) |  |  | (163) |
| 94,468 |  |  | 101,977 |
Less current portion of commercial loans receivable (including from affiliates), net | (50,542) |  |  | (44,054) |
| $ | 43,926 |  |  | $ | 57,923 |
The commercial loans receivable balance had the following characteristics:
| September 30, 2023 |  | April 1, 2023
Weighted average contractual interest rate | 7.5 | % |  | 7.6 | %
Weighted average months outstanding | 11 |  | 9
The following table represents changes in the estimated allowance for loan losses (in thousands):
| Three Months Ended |  | Six Months Ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Balance at beginning of period | $ | 1,614 |  |  | $ | 1,054 |  |  | $ | 1,586 |  |  | $ | 1,011 |
Change in estimated loan losses, net | (117) |  |  | 69 |  |  | (89) |  |  | 112 |
Balance at end of period | $ | 1,497 |  |  | $ | 1,123 |  |  | $ | 1,497 |  |  | $ | 1,123 |
Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. 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 30, 2023 and April 1, 2023, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
|  | September 30, 2023 |  |  |  |
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |  |  |  |
Performing |  | $ | 34,942 |  |  | $ | 47,827 |  |  | $ | 8,306 |  |  | $ | 2,652 |  |  | $ | 1,538 |  |  | $ | 883 |  |  | $ | 96,148 |  |  |  |  |
|  | April 1, 2023 |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total |  |  |  |
Performing |  | $ | 80,193 |  |  | $ | 16,028 |  |  | $ | 4,071 |  |  | $ | 2,203 |  |  | $ | 1,231 |  |  | $ | — |  |  | $ | 103,726 |  |  |  |  |
As of September 30, 2023 and April 1, 2023, 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 September 30, 2023, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 16% and California of 11%. As of April 1, 2023, 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 September 30, 2023 or April 1, 2023. As of September 30, 2023 and April 1, 2023, one independent third-party and its affiliates comprised 12% of the net commercial loans receivable principal balance outstanding, all of which was secured

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