Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 30

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 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 that were still accruing interest, and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance.As of December 28, 2024, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 18% and California of 16%. As of March 30, 2024, 18% of our outstanding principal balance of the commercial loans receivable balance was in New York. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of December 28, 2024 or March 30, 2024.As of December 28, 2024 and March 30, 2024, one independent third-party and its affiliates