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REVENUE | 9 Months Ended
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Sep. 30, 2025
REVENUE |
REVENUE | 2. REVENUE Product sales primarily consist of sales of mobile homes to consumers and mobile home parks through various sales channels, which include Direct Sales, Commercial Sales, Inventory Finance Sales, and Retail Store Sales. Direct Sales include homes sold directly to independent retailers or customers that are not financed by the Company and are not sold under an inventory finance arrangement. These types of homes are generally paid for prior to shipment. Commercial Sales include homes sold to mobile home parks under commercial loan programs or paid for upfront. Inventory Finance Sales include sales of homes to independent retailers, or dealers, who then resell the homes to consumers. Retail Store Sales are homes sold through Company-owned retail locations. Inventory Finance Sales and Retail Store Sales of homes may be financed by the Company or a third party, or they may be paid in cash. Revenue from product sales is recognized when the performance obligation under the terms of a contract with our customer is satisfied, which typically occurs upon delivery and transfer of title of the home, as this depicts when control of the promised good is transferred to our customers. For inventory financed sales, the independent dealer enters into a financing arrangement with the Company and is required to make monthly interest payments. Interest income is recorded separately in the statement of income. For other financed sales by the Company, the individual customer enters into a sales and financing contract and is required to make a down payment. These financed sales contain a significant financing component and any interest income is recorded separately in the statement of income. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the homes to the customers. Sales and other similar taxes collected concurrently with revenue-producing activities are excluded from revenue. The Company made an accounting policy election to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties for a period of twelve months that are a guarantee of the home’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. The Company has elected to use the practical expedient to expense the incremental costs of obtaining a contract if the amortization period of the asset that the Company would have otherwise recognized is one year or less. Contract costs, which include commissions incurred related to the sale of homes, are expensed at the point-in-time when the related revenue is recognized. Warranty costs and contract costs are included in selling, general and administrative expenses in the statements of income. Warranty and contract costs were $489 and $474 for the three months ended September 30, 2025 and 2024, respectively. Warranty and contract costs were $1,472 and $1,287 for the nine months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025 and 2024, total cost of product sales included $1,798 and $1,450 of costs relating to subcontracted production for commercial sales, transportation and delivery costs, and certain other costs incurred for retail store and commercial sales. For the nine months ended September 30, 2025 and 2024, total cost of product sales included $6,005 and $4,198 of costs relating to subcontracted production for commercial sales, transportation and delivery costs, and certain other costs incurred for retail store and commercial sales. Other revenue consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income. Consignment fees are charged to independent retailers on a monthly basis for homes held by the independent retailers pursuant to a consignment arrangement until the home is sold to an individual customer. Consignment fees are determined as a percentage of the home’s wholesale price to the independent dealer. Revenue recognition for consignment fees is recognized over time using the output method as it provides a faithful depiction of the Company’s performance toward completion of the performance obligation under the contract and the value transferred to the independent retailer for the time the home is held under consignment. Revenue for commercial leases is recognized as earned monthly over a contractual period of 96 or 120 months. Revenue for service fees and miscellaneous income is recognized at a point in time when the performance obligation is satisfied. Land sales revenue is comprised of sales of land (real property) that was acquired as a result of maintaining or furthering our primary business of producing, selling and financing mobile homes. For the three and nine months ended September 30, 2025, there were no mobile home park (“MHP”) customers that accounted for more than 5.0% of our product sales. For the three months ended September 30, 2024, MHP sales to one independent third party and their affiliates accounted for $1,628 or 5.4% of our product sales. For the nine months ended September 30, 2024, MHP sales to two independent third party and their affiliates accounted for $5,212 or 5.6% and $5,450 or 5.9% of our product sales, respectively. Disaggregation of Revenue. The following table summarizes customer contract revenues disaggregated by the source of the revenue for the three and nine months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
Product sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct sales | ​ | $ | 2,742 | ​ | $ | 2,075 | ​ | $ | 7,035 | ​ | $ | 7,242
Commercial sales | ​ |  | 11,171 | ​ |  | 12,509 | ​ |  | 29,810 | ​ |  | 37,359
Inventory finance sales | ​ | ​ | 7,078 | ​ | ​ | 7,775 | ​ | ​ | 32,239 | ​ | ​ | 25,393
Retail store sales | ​ | ​ | 5,922 | ​ | ​ | 5,715 | ​ | ​ | 16,556 | ​ | ​ | 14,951
Other product sales (1) | ​ |  | 1,874 | ​ |  | 2,095 | ​ |  | 5,824 | ​ |  | 7,708
Total product sales | ​ |  | 28,787 | ​ |  | 30,169 | ​ |  | 91,464 | ​ |  | 92,653
Loan portfolio interest: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest - consumer installment notes | ​ |  | 5,897 | ​ |  | 5,280 | ​ |  | 17,488 | ​ |  | 15,535
Interest - MHP notes | ​ |  | 4,230 | ​ |  | 4,246 | ​ |  | 12,661 | ​ |  | 12,841
Interest - dealer finance notes | ​ | ​ | 765 | ​ | ​ | 804 | ​ | ​ | 2,282 | ​ | ​ | 2,431
Total loan portfolio interest | ​ |  | 10,892 | ​ |  | 10,330 | ​ |  | 32,431 | ​ |  | 30,807
Other revenue | ​ |  | 799 | ​ |  | 3,767 | ​ |  | 2,415 | ​ |  | 6,544
Total net revenue | ​ | $ | 40,478 | ​ | $ | 44,266 | ​ | $ | 126,310 | ​ | $ | 130,004
| (1) | Other product sales revenue from ancillary products and services including parts, freight and other services

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