Company: CVCO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000278166-25-000128
Chunk: 56

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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57,947 59,672 56,537 59,365 Commercial loans receivable107,602 98,675 99,746 89,216 Other secured financing(1,567)(1,555)(1,594)(1,569)See Note 20, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value.Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets.June 28,2025March 29,2025Number of loans serviced with MSRs3,595 3,647 Weighted average servicing fee (basis points)34.45 34.74 Capitalized servicing multiple176.69 %179.97 %Capitalized servicing rate (basis points)60.87 62.52 Serviced portfolio with MSRs (in thousands)$444,256 $451,080 MSRs (in thousands)$2,704 $2,820 

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18. Business Segment Information

We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. The factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):Three Months Ended June 28, 2025Factory-built housingFinancial servicesConsolidatedNet revenue$535,694 $21,163 $556,857 Cost of sales414,850 12,501 427,