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DEALER FINANCED RECEIVABLES | 6 Months Ended
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Jun. 30, 2026
DEALER FINANCED RECEIVABLES |
DEALER FINANCED RECEIVABLES | 6. DEALER FINANCED RECEIVABLES Dealer financed receivables are receivables for loans that we make to independent retailers, or dealers, for the purchase of manufactured 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, consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, | ​ | As of December 31, | ​ | As of December 31,
​ | ​ | 2026 | ​ | 2025 | ​ | 2024
Outstanding principal balance | ​ | $ | 24,788 | ​ | $ | 28,403 | ​ | $ | 32,779
Allowance for loan losses | ​ |  | (1,635) | ​ |  | (1,718) | ​ |  | (194)
Total | ​ | $ | 23,153 | ​ | $ | 26,685 | ​ | $ | 32,585
​ The following table presents a detail of the activity in the allowance for loan losses (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Allowance for loan losses, beginning of period | ​ | $ | 1,843 | ​ | $ | 200 | ​ | $ | 1,718 | ​ | $ | 194
Provision for loan losses | ​ | ​ | (208) | ​ | ​ | 95 | ​ | ​ | (83) | ​ | ​ | 101
Allowance for loan losses, end of period | ​ | $ | 1,635 | ​ | $ | 295 | ​ | $ | 1,635 | ​ | $ | 295
​ 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. We evaluate the credit quality of our dealer financed receivables based on the length of time the Company’s collateral has remained unsold by the dealer in dealer inventory. This table reflects the age of the loan receivable due (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination
​ | ​ | 2026 | ​ | 2025 | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | Total | ​ | % of Portfolio
< 1 year on lot | ​ | $ | 5,607 | ​ | $ | 4,803 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10,410 | ​ | ​ | 42.0
1-2 years on lot | ​ | ​ | — | ​ | ​ | 4,861 | ​ | ​ | 3,451 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,312 | ​ | ​ | 33.5
2-3 years on lot | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,242 | ​ | ​ | 1,487 | ​ | ​ | — | ​ | ​ | 3,729 | ​ | ​ | 15.0
> 3 years on lot | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 874 | ​ | ​ | 1,463 | ​ | ​ | 2,337 | ​ | ​ | 9.5
Total | ​ | $ | 5,607 | ​ | $ | 9,664 | ​ | $ | 5,693 | ​ | $ | 2,361 | ​ | $ | 1,463 | ​ | $ | 24,788 | ​ | ​ | 100.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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- References No definition available. + Details
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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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Namespace Prefix: | legh_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration