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DEALER FINANCED RECEIVABLES

3 Months Ended

Mar. 31, 2025

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. 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, consisted of the following at March 31, 2025, December 31, 2024 and December 31, 2023:


	As of March 31,		As of December 31,		As of December 31,
	2025		2024		2023
Outstanding principal balance	$	31,878	$	32,779	$	32,980
Allowance for loan losses		(200)		(194)		(442)
Total	$	31,678	$	32,585	$	32,538

The following table presents a detail of the activity in the allowance for loan losses for the three months ended March 31, 2025 and 2024:


	Three months ended
	March 31,
	2025		2024
Allowance for loan losses, beginning of period	$	194	$	442
Provision for loan losses		6		(276)
(Charge offs) recoveries		—		—
Allowance for loan losses, end of period	$	200	$	166

The allowance for loan losses reflects management’s estimate of losses inherent in the dealer loans that may be uncollectible based on review and evaluation of the dealer loan portfolio as of the date of the balance sheet. An allowance for loan losses is determined after considering, among other things, the loan characteristics, the financial condition of the dealer and the value and liquidity of collateral.