Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 27

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 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):September 27,2025March 29,2025Loans receivable (including from affiliates)$108,038 $100,297 Allowance for loan losses (387)(361)Deferred financing fees, net(206)(190)107,445 99,746 Less current portion of commercial loans receivable (including from affiliates), net(45,695)(46,373)$61,750 $53,373 The commercial loans receivable balance had the following characteristics:September 27,2025March 29,2025Weighted average contractual interest rate7.7 %8.3 %Weighted average months outstanding910

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 September 27, 2025 and March 29, 2025, 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):September 27, 202520262025202420232022PriorTotalPerforming$55,071 $34,448 $15,641 $2,201 $392 $285 $108,038 March 29, 202520252024202320222021PriorTotalPerforming$66,843 $24,215 $7,006 $1,014 $1,219 $— $100,297 As of September 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in California (14%), New York (14%), Arizona (14%), and North Carolina (11%). As of March 29, 2025, concentrations were 16% in California and 17% in New York.We had concentrations with one independent third-party and its affiliates that equaled 11% and 10% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of September 27, 2025 and March 29, 2025, respectively. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.

9. Accrued Expenses and Other Current