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Consumer Loans Receivable | 6 Months Ended
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Sep. 28, 2024
Receivables [Abstract] |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
| September 28, 2024 |  | March 30, 2024
Loans held for investment, previously securitized | $ | 15,162 |  |  | $ | 16,968 |
Loans held for investment | 12,230 |  |  | 12,826 |
Loans held for sale | 23,708 |  |  | 15,140 |
Construction advances | 2,409 |  |  | 722 |
| 53,509 |  |  | 45,656 |
Deferred financing fees and other, net | (834) |  |  | (523) |
Allowance for loan losses | (1,006) |  |  | (1,066) |
| 51,669 |  |  | 44,067 |
Less current portion | (30,899) |  |  | (20,713) |
| $ | 20,770 |  |  | $ | 23,354 |
The consumer loans held for investment had the following characteristics:
| September 28, 2024 |  | March 30, 2024
Weighted average contractual interest rate | 8.1 | % |  | 8.1 | %
Weighted average effective interest rate | 7.8 | % |  | 10.4 | %
Weighted average months to maturity | 211 |  | 196
The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):
| September 28, 2024 |  | March 30, 2024
Current | $ | 52,074 |  |  | $ | 43,810 |
31 to 60 days | 261 |  |  | 1,063 |
61 to 90 days | 119 |  |  | 131 |
91+ days | 1,055 |  |  | 652 |
| $ | 53,509 |  |  | $ | 45,656 |
The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| September 28, 2024
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 12,692 |  |  | $ | 9,455 |  |  | $ | 325 |  |  | $ | 94 |  |  | $ | 874 |  |  | $ | 14,477 |  |  | $ | 37,917 |
Near Prime- FICO score 620-679 | 2,056 |  |  | 1,557 |  |  | — |  |  | — |  |  | 1,038 |  |  | 9,235 |  |  | 13,886 |
Sub-Prime- FICO score less than 620 | 26 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | 718 |  |  | 761 |
No FICO score | 211 |  |  | 444 |  |  | — |  |  | — |  |  | — |  |  | 290 |  |  | 945 |
| $ | 14,985 |  |  | $ | 11,456 |  |  | $ | 325 |  |  | $ | 94 |  |  | $ | 1,929 |  |  | $ | 24,720 |  |  | $ | 53,509 |
| March 30, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 14,107 |  |  | $ | 328 |  |  | $ | 96 |  |  | $ | 885 |  |  | $ | 1,808 |  |  | $ | 14,425 |  |  | $ | 31,649 |
Near Prime- FICO score 620-679 | 1,633 |  |  | — |  |  | — |  |  | 1,202 |  |  | 942 |  |  | 8,684 |  |  | 12,461 |
Sub-Prime- FICO score less than 620 | — |  |  | — |  |  | — |  |  | 18 |  |  | 49 |  |  | 723 |  |  | 790 |
No FICO score | 447 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 309 |  |  | 756 |
| $ | 16,187 |  |  | $ | 328 |  |  | $ | 96 |  |  | $ | 2,105 |  |  | $ | 2,799 |  |  | $ | 24,141 |  |  | $ | 45,656 |
As of September 28, 2024, 53% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas. As of March 30, 2024, 46% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 10% 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 28, 2024 or March 30, 2024. 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 28, 2024 |  | March 30, 2024
Loans receivable | $ | 91,588 |  |  | $ | 91,938 |
Allowance for loan losses | (484) |  |  | (781) |
Deferred financing fees, net | (198) |  |  | (116) |
| 90,906 |  |  | 91,041 |
Less current portion of commercial loans receivable (including from affiliates), net | (39,781) |  |  | (43,316) |
| $ | 51,125 |  |  | $ | 47,725 |
The commercial loans receivable balance had the following characteristics:
| September 28, 2024 |  | March 30, 2024
Weighted average contractual interest rate | 7.3 | % |  | 7.4 | %
Weighted average months outstanding | 10 |  | 12
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 28, 2024 and March 30, 2024, 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 28, 2024 |  |  |  |
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Total |  |  |  |
Performing |  | $ | 40,830 |  |  | $ | 34,916 |  |  | $ | 11,789 |  |  | $ | 1,886 |  |  | $ | 2,167 |  |  | $ | 91,588 |  |  |  |  |
|  | March 30, 2024 |  |  |  |
|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Total |  |  |  |
Performing |  | $ | 57,691 |  |  | $ | 25,066 |  |  | $ | 4,823 |  |  | $ | 2,144 |  |  | $ | 2,214 |  |  | $ | 91,938 |  |  |  |  |
As of September 28, 2024 and March 30, 2024, 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 28, 2024, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 18% and California of 16%. As of March 30, 2024, 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 28, 2024 or March 30, 2024. As of September 28, 2024 and March 30, 2024, one independent third-party and its affiliates comprised 12% and 13%, respectively, of the net commercial loans receivable principal balance outstanding, all of which are secured

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