Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 55

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 55
---
,141 $45,656 As of December 28, 2024, 55% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas. As of March 30, 2024, 46% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 10% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of December 28, 2024 or March 30, 2024.

7. Commercial Loans Receivable

The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers.Commercial loans receivable, net consisted of the following (in thousands):December 28,2024March 30,2024Loans receivable$94,902 $91,938 Allowance for loan losses (335)(781)Deferred financing fees, net(214)(116)94,353 91,041 Less current portion of commercial loans receivable (including from affiliates), net(36,250)(43,316)$58,103 $47,725 The commercial loans receivable balance had the following characteristics:December 28,2024March 30,2024Weighted average contractual interest rate7.7 %7.4 %Weighted average months outstanding1012

8

Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. As of December 28, 2024 and March 30, 2024, there were no commercial loans considered nonperforming. The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):December 28, 202420252024202320222021TotalPerforming$54,916 $27,832 $8,734 $1,466 $1,954 $94,902 March 30, 202420242023202220212020TotalPerforming$57,691 $25,066 $4,823 $2,144 $2,214 $91,938 As of December 28, 2024 and March 30, 2024, there were no commercial loans 90 days or more past due