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DEALER FINANCED RECEIVABLES

12 Months Ended

Dec. 31, 2023

7. DEALER FINANCED RECEIVABLES

Dealer financed receivables include receivables from loans that we make to independent retailers, or dealers, for the purchase of mobile homes so that dealers can then market them for sale to consumers. Dealer financed notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following at December 31, 2023 and 2022:


	2023		2022
Outstanding principal balance	$	32,980	$	30,049
Loan discount and deferred financing fees		—		—
Allowance for loan losses		(442)		(13)
Total	$	32,538	$	30,036

The following table presents a detail of the activity in the allowance for loan losses for the years ended December 31, 2023 and 2022:


	2023		2022
Allowance for loan losses, beginning of year	$	13	$	—
Provision for loan losses		429		13
Charge offs (recoveries)		—		—
Allowance for loan losses, end of year	$	442	$	13

The dealer financed loan portfolio was established primarily in late 2022 and 2023 as a result of converting from consignment arrangements with dealers to inventory finance arrangements with dealers. As such, there is relatively little historical data to measure credit quality of the loans in this portfolio.