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DEALER FINANCED RECEIVABLES | 9 Months Ended
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Sep. 30, 2024
DEALER FINANCED RECEIVABLES |
DEALER FINANCED RECEIVABLES | 6. DEALER FINANCED RECEIVABLES Dealer finance receivable are receivables for 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. The loans are part of our inventory finance program. In late 2022 and early 2023, the Company transitioned many of its dealers from a traditional consignment arrangement to an inventory finance arrangement. The terms of the financing typically include a three year term, a monthly interest payment, an annual curtailment payment and require the retailer to pay the principal amount of the loan to the Company upon the earlier of the sale of the home by the retailer to its customer or the end of the term. Dealer financed notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following at September 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2023
Outstanding principal balance | ​ | $ | 31,869 | ​ | $ | 32,980
Allowance for loan losses | ​ |  | (179) | ​ |  | (442)
Total | ​ | $ | 31,690 | ​ | $ | 32,538
​ The following table presents a detail of the activity in the allowance for loan losses for the three and nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Allowance for loan losses, beginning of period | ​ | $ | 175 | ​ | $ | 319 | ​ | $ | 442 | ​ | $ | 13
Provision for loan losses | ​ | ​ | 4 | ​ | ​ | 129 | ​ | ​ | (263) | ​ | ​ | 435
(Charge offs) recoveries | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Allowance for loan losses, end of period | ​ | $ | 179 | ​ | $ | 448 | ​ | $ | 179 | ​ | $ | 448
​ 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.

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- Definition The entire disclosure of 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. + References No definition available. + Details
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