3 unchanged sentences
(Dollars in thousands, except per share amounts)
+Added: September 27,
2025 March 29,
29 unchanged sentences
Other liabilities 7,258 7,359
+Added: Deferred income taxes 7,264 —
Total liabilities 362,932 342,063
19 unchanged sentences
(Dollars in thousands, except per share amounts)
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Three Months Ended Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
+Added: 2024 September 27,
+Added: 2025 September 28,
$ 556,527 $ 507,461 $ 1,113,384 $ 985,060
7 unchanged sentences
Interest expense ( 112 ) ( 125 ) ( 276 ) ( 215 )
−Removed: Other (expense), net — ( 111 )
+Added: Other income, net 142 258 142 147
Income before income taxes 67,254 54,950 132,551 98,811
6 unchanged sentences
Net change in unrealized position of investments held
−Removed: Applicable income tax expense ( 1 ) ( 14 )
+Added: 8 ( 11 ) 12 54
+Added: Applicable income tax (expense) benefit ( 1 ) 3 ( 2 ) ( 11 )
Comprehensive income $ 52,495 $ 44,014 $ 104,233 $ 78,501
9 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
OPERATING ACTIVITIES
6 unchanged sentences
Non-cash interest income, net ( 457 ) ( 527 )
−Removed: Loss on sale or retirement of property, plant and equipment, net 80 11
+Added: Loss (gain) on sale or retirement of property, plant and equipment, net ( 15 ) 26
Gain on investments and sale of loans, net ( 2,551 ) ( 1,694 )
29 unchanged sentences
Change in GNMA loans eligible for repurchase $ ( 212 ) $ 496
−Removed: Right-of-use assets recognized and operating lease obligations incurred $ — $ 1,315
See accompanying Notes to Consolidated Financial Statements
42 unchanged sentences
The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Three Months Ended Six Months Ended
+Added: September 27, 2025 September 28, 2024 September 27,
+Added: 2025 September 28,
Factory-built housing
4 unchanged sentences
Insurance agency commissions received from third-party insurance companies
+Added: 1,514 1,268 2,924 2,674
All other sources 19,896 19,850 39,649 37,995
3 unchanged sentences
The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):
−Removed: 2025 March 29,
+Added: September 27,
+Added: 2025 September 28,
Cash and cash equivalents $ 374,978 $ 364,113
3 unchanged sentences
Investments consisted of the following (in thousands):
+Added: September 27,
2025 March 29,
7 unchanged sentences
The amortized cost and fair value of our investments in available-for-sale debt securities, by security type, are shown in the table below (in thousands):
−Removed: June 28, 2025 March 29, 2025
+Added: September 27, 2025 March 29, 2025
Value Amortized Cost Fair
8 unchanged sentences
Expected maturities may differ from contractual maturities as borrowers at times have the right to call or prepay obligations, with or without penalties.
−Removed: June 28, 2025
+Added: September 27, 2025
Due in less than one year $ 3,649 $ 3,640
5 unchanged sentences
Net investment gains and losses on marketable equity securities were as follows (in thousands):
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Three Months Ended Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
+Added: 2024 September 27,
+Added: 2025 September 28,
Marketable equity securities
−Removed: Net gain (loss) recognized during the period $ 599 $ ( 454 )
−Removed: Net loss (gain) recognized on securities sold during the period 56 ( 552 )
+Added: Net gain recognized during the period $ 993 $ 514 $ 1,592 $ 60
+Added: Net (gain) loss recognized on securities sold during the period ( 47 ) 88 9 ( 464 )
Unrealized gain (loss) recognized during the period on securities still held $ 946 $ 602 $ 1,601 $ ( 404 )
Inventories consisted of the following (in thousands):
+Added: September 27,
2025 March 29,
5 unchanged sentences
The following table summarizes consumer loans receivable (in thousands):
+Added: September 27,
2025 March 29,
10 unchanged sentences
The consumer loans held for investment had the following characteristics:
+Added: September 27,
2025 March 29,
3 unchanged sentences
The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):
+Added: September 27,
2025 March 29,
5 unchanged sentences
The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
−Removed: June 28, 2025
+Added: September 27, 2025
2026 2025 2024 2023 2022 Prior Total
19 unchanged sentences
$ 21,935 $ 10,860 $ 323 $ 92 $ 1,804 $ 23,148 $ 58,162
−Removed: As of June 28, 2025, 53 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas.
+Added: As of September 27, 2025, 47 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 15 % was concentrated in Florida.
As of March 29, 2025, 54 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11 % was concentrated in Florida.
−Removed: Other than Texas and Florida, no sta te had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of June 28, 2025 or March 29, 2025.
+Added: Other than Texas and Florida, no sta te had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of September 27, 2025 or March 29, 2025.
Commercial Loans Receivable
1 unchanged sentence
Commercial loans receivable, net consisted of the following (in thousands):
+Added: September 27,
2025 March 29,
6 unchanged sentences
The commercial loans receivable balance had the following characteristics:
+Added: September 27,
2025 March 29,
2 unchanged sentences
Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due.
−Removed: As of June 28, 2025 and March 29, 2025, there were no commercial loans considered nonperforming.
+Added: 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):
−Removed: June 28, 2025
+Added: September 27, 2025
2026 2025 2024 2023 2022 Prior Total
3 unchanged sentences
$ 66,843 $ 24,215 $ 7,006 $ 1,014 $ 1,219 $ — $ 100,297
−Removed: As of June 28, 2025 and March 29, 2025, approximately 16 % of our outstanding commercial loans receivable principal balance was concentrated in California.
−Removed: As of June 28, 2025 and March 29, 2025, approximately 14 % and 17 %, respectively, was concentrated in New York.
−Removed: As of June 28, 2025, Arizona and North Carolina each had approximately 12 % concentrations.
−Removed: We had concentrations with one independent third-party and its affiliates that equaled 12 % and 10 % of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 28, 2025 and March 29, 2025, respectively.
+Added: 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 %).
+Added: As of March 29, 2025, concentrations were 16 % in California and 17 % in New York.
+Added: 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.
1 unchanged sentence
Accrued expenses and other current liabilities consisted of the following (in thousands):
+Added: September 27,
2025 March 29,
9 unchanged sentences
Activity in the liability for estimated warranties was as follows (in thousands):
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Three Months Ended Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
+Added: 2024 September 27,
+Added: 2025 September 28,
Balance at beginning of period $ 34,383 $ 31,815 $ 33,189 $ 31,718
4 unchanged sentences
The following table summarizes secured financings and other obligations (in thousands):
+Added: September 27,
2025 March 29,
6 unchanged sentences
Subject to certain conditions and requirements set forth in the Credit Agreement, including the availability of additional lender commitments, the Company may request from time to time one or more term loan facilities, or increases in the aggregate commitments under the Revolving Credit Facility, in an aggregate amount not exceeding $ 75 million up to $ 150 million.
−Removed: As of June 28, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.
+Added: As of September 27, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.
Reinsurance and Insurance Loss Reserves
3 unchanged sentences
Three Months Ended
−Removed: June 28, 2025 June 29, 2024
+Added: September 27, 2025 September 28, 2024
Written Earned Written Earned
6 unchanged sentences
$ 13,354 $ 14,493 $ 11,803 $ 13,392
+Added: Six Months Ended
+Added: September 27, 2025 September 28, 2024
+Added: Written Earned Written Earned
+Added: Direct premiums
+Added: $ 21,443 $ 22,716 $ 22,883 $ 24,479
+Added: Assumed premiums—nonaffiliated
+Added: 23,198 21,833 23,038 19,599
+Added: Ceded premiums—nonaffiliated
+Added: ( 15,364 ) ( 15,364 ) ( 17,065 ) ( 17,065 )
+Added: $ 29,277 $ 29,185 $ 28,856 $ 27,013
Typical insurance policies written or assumed have a maximum coverage of $ 0.4 million per claim, of which we cede $ 0.2 million of the risk of loss per reinsurance.
1 unchanged sentence
After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $ 4.0 million per occurrence, up to a maximum of $ 90 million in the aggregate for that occurrence.
−Removed: The following details the activity in the incurred but not reported reserve for the three months ended June 28, 2025 a nd June 29, 2024 (in thousands):
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: The following details the activity in the incurred but not reported reserve for the three and six months ended September 27, 2025 a nd September 28, 2024 (in thousands):
+Added: Three Months Ended Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
+Added: 2024 September 27,
+Added: 2025 September 28,
Balance at beginning of period $ 13,118 $ 18,927 $ 16,201 $ 10,540
4 unchanged sentences
Repurchase Contingencies .
−Removed: The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $ 133 million at June 28, 2025 and March 29, 2025, without reduction for the estimated resale value of the home s.
−Removed: In the three months ended June 28, 2025, we did not receive any demand notices.
−Removed: Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.2 million at June 28, 2025 and $ 3.3 million at March 29, 2025.
+Added: The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $ 137 million and $ 133 million at September 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale value of the home s.
+Added: During the three and six months ended September 27, 2025, we received a demand notice for one home.
+Added: The inventory was obtained and resold.
+Added: Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.3 million at September 27, 2025 and March 29, 2025.
Construction-Period Mortgages.
Loan contracts with off-balance sheet commitments are summarized below (in thousands):
+Added: September 27,
2025 March 29,
3 unchanged sentences
Representations and Warranties of Mortgages Sold .
−Removed: The reserve for contingent repurchases and indemnification obliga tions was $ 0.5 million as of June 28, 2025 and $ 0.6 million as of March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
−Removed: There were no claim requests that resulted in the repurchase of any loans during the three months ended June 28, 2025 or June 29, 2024 .
+Added: The reserve for contingent repurchases and indemnification obliga tions was $ 0.6 million as of September 27, 2025 and March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
+Added: There were no claim requests that resulted in the repurchase of any loans during the six months ended September 27, 2025 or September 28, 2024 .
Interest Rate Lock Commitments ("IRLCs") .
−Removed: As of June 28, 2025 and March 29, 2025, w e had outstanding IRLCs with a notional amount of $ 24.1 million and $ 16.3 million, respectively.
−Removed: For the three months ended June 28, 2025 and the three months ended June 29, 2024, we recognized insignificant non-cash gains on outstanding IRLCs.
+Added: As of September 27, 2025 and March 29, 2025, w e had outstanding IRLCs with a notional amount of $ 25.2 million and $ 16.3 million, respectively.
+Added: For the three and six months ended September 27, 2025, and September 28, 2024, we recognized insignificant non-cash gains on outstanding IRLCs.
Forward Sales Commitments.
−Removed: As of June 28, 2025 and March 29, 2025, we had $ 18.7 million and $ 20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively.
−Removed: During the three months ended June 28, 2025, we recognized insignificant non-cash gains on Commitments.
−Removed: During the three months ended June 29, 2024, we recognized insignificant non-cash losses.
+Added: As of September 27, 2025 and March 29, 2025, we had $ 14.4 million and $ 20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively.
+Added: During the three and six months ended September 27, 2025, we recognized insignificant non-cash gains on Commitments.
+Added: During the three and six months ended September 28, 2024, we recognized insignificant non-cash losses.
Legal Matters.
3 unchanged sentences
Stockholders' Equity
−Removed: The following tables represent changes in Stockholders' equity during the three months ended June 28, 2025 and June 29, 2024, respectively (dollars in thousands):
+Added: The following tables represent changes in Stockholders' equity during the six months ended September 27, 2025 and September 28, 2024, respectively (dollars in thousands):
Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total
7 unchanged sentences
Balance, June 28, 2025 9,453,363 $ 95 $ ( 474,993 ) $ 289,821 $ 1,249,805 $ 105 $ 1,064,833
+Added: Net income — — — — 52,381 — 52,381
+Added: Other comprehensive income, net — — — — — 114 114
+Added: Net issuance of common stock under stock incentive plans 17,457 — — 1,633 — — 1,633
+Added: Stock-based compensation — — — 3,530 — — 3,530
+Added: Common stock repurchases — — ( 36,354 ) — — — ( 36,354 )
+Added: Balance, September 27, 2025 9,470,820 $ 95 $ ( 511,347 ) $ 294,984 $ 1,302,186 $ 219 $ 1,086,137
Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total
7 unchanged sentences
Balance, June 29, 2024 9,401,057 $ 94 $ ( 303,897 ) $ 281,062 $ 1,061,556 $ ( 275 ) $ 1,038,540
+Added: Net income — — — — 43,815 — 43,815
+Added: Other comprehensive income, net — — — — — 198 198
+Added: Net issuance of common stock under stock incentive plans 16,275 — — 1,220 — — 1,220
+Added: Stock-based compensation — — — 2,713 — — 2,713
+Added: Common stock repurchases — — ( 44,509 ) — — — ( 44,509 )
+Added: Balance, September 28, 2024 9,417,332 $ 94 $ ( 348,406 ) $ 284,995 $ 1,105,371 $ ( 77 ) $ 1,041,977
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):
−Removed: Three Months Ended
−Removed: 2025 June 29,
+Added: Three Months Ended Six Months Ended
+Added: September 27,
+Added: 2025 September 28,
+Added: 2024 September 27,
+Added: 2025 September 28,
Net income $ 52,381 $ 43,815 $ 104,023 $ 78,244
9 unchanged sentences
The book value and estimated fair value of our financial instruments were as follows (in thousands):
−Removed: June 28, 2025 March 29, 2025
+Added: September 27, 2025 March 29, 2025
Value Estimated
14 unchanged sentences
Mortgage Servicing Rights ("MSRs") are recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets.
+Added: September 27,
2025 March 29,
15 unchanged sentences
The following tables provide selected financial data by segment (dollars in thousands):
−Removed: Three Months Ended June 28, 2025
+Added: Three Months Ended September 27, 2025
Factory-built housing Financial services Consolidated
6 unchanged sentences
Interest expense ( 112 ) — ( 112 )
+Added: Other income, net 142 — 142
Income before income taxes 61,813 5,441 67,254
1 unchanged sentence
Net income $ 48,152 $ 4,229 $ 52,381
−Removed: Three Months Ended June 28, 2025
+Added: Six Months Ended September 27, 2025
Factory-built housing Financial services Consolidated
+Added: Net revenue $ 1,070,811 $ 42,573 $ 1,113,384
+Added: Cost of sales 827,473 21,998 849,471
+Added: Gross profit 243,338 20,575 263,913
+Added: Selling, general and administrative expenses 128,911 12,466 141,377
+Added: Income from operations 114,427 8,109 122,536
+Added: Interest income 10,149 — 10,149
+Added: Interest expense ( 276 ) — ( 276 )
+Added: Other income, net 142 — 142
+Added: Income before income taxes 124,442 8,109 132,551
+Added: Income tax expense ( 26,789 ) ( 1,739 ) ( 28,528 )
+Added: Net income $ 97,653 $ 6,370 $ 104,023
+Added: Three Months Ended September 27, 2025
+Added: Factory-built housing Financial services Consolidated
Depreciation $ 4,898 $ 63 $ 4,961
1 unchanged sentence
Capital expenditures $ 9,861 $ — $ 9,861
−Removed: Three Months Ended June 29, 2024
+Added: Six Months Ended September 27, 2025
Factory-built housing Financial services Consolidated
+Added: Depreciation $ 9,633 $ 125 $ 9,758
+Added: Amortization $ 732 $ 12 $ 744
+Added: Capital expenditures $ 18,870 $ — $ 18,870
+Added: Three Months Ended September 28, 2024
+Added: Factory-built housing Financial services Consolidated
Net revenue $ 486,343 $ 21,118 $ 507,461
2 unchanged sentences
Selling, general and administrative expenses 61,440 5,557 66,997
−Removed: Income from operations 43,791 ( 5,240 ) 38,551
+Added: Income (loss) from operations 50,080 ( 955 ) 49,125
Interest income 5,692 — 5,692
Interest expense ( 125 ) — ( 125 )
−Removed: Other expense, net ( 111 ) — ( 111 )
−Removed: Income before income taxes 49,101 ( 5,240 ) 43,861
+Added: Other income, net 258 — 258
+Added: Income (loss) before income taxes 55,905 ( 955 ) 54,950
Income tax expense ( 11,099 ) ( 36 ) ( 11,135 )
−Removed: Net Income $ 38,445 $ ( 4,016 ) $ 34,429
−Removed: Three Months Ended June 29, 2024
+Added: Net income (loss) $ 44,806 $ ( 991 ) $ 43,815
+Added: Six Months Ended September 28, 2024
Factory-built housing Financial services Consolidated
+Added: Net revenue $ 944,391 $ 40,669 $ 985,060
+Added: Cost of sales 729,361 36,175 765,536
+Added: Gross profit 215,030 4,494 219,524
+Added: Selling, general and administrative expenses 121,160 10,688 131,848
+Added: Income (loss) from operations 93,870 ( 6,194 ) 87,676
+Added: Interest income 11,203 — 11,203
+Added: Interest expense ( 215 ) — ( 215 )
+Added: Other income, net 147 — 147
+Added: Income (loss) before income taxes 105,005 ( 6,194 ) 98,811
+Added: Income tax (expense) benefit ( 21,755 ) 1,188 ( 20,567 )
+Added: Net income (loss) $ 83,250 $ ( 5,006 ) $ 78,244
+Added: Three Months Ended September 28, 2024
+Added: Factory-built housing Financial services Consolidated
Depreciation $ 4,312 $ 63 $ 4,375
1 unchanged sentence
Capital expenditures $ 4,878 $ 27 $ 4,905
+Added: Six Months Ended September 28, 2024
+Added: Factory-built housing Financial services Consolidated
+Added: Depreciation $ 8,616 $ 128 $ 8,744
+Added: Amortization $ 764 $ 13 $ 777
+Added: Capital expenditures $ 9,729 $ 90 $ 9,819
+Added: September 27,
2025 March 29,
4 unchanged sentences
Subsequent Events
−Removed: On July 4, 2025, the new tax law commonly referred to as the One Big Beautiful Bill Act was enacted.
−Removed: We are in the process of evaluating its impact on our Consolidated Financial Statements.
−Removed: On July 14, 2025, the Company entered into a definitive agreement to acquire American Homestar Corporation and its subsidiaries (collectively, "American Homestar"), a Houston-based company best known in the market as Oak Creek Homes.
−Removed: American Homestar operates two manufacturing facilities, nineteen retail locations, writes and sells a limited number of manufactured home loans and acts as an agent for third party insurers.
−Removed: Cavco will acquire American Homestar for $ 190 million in cash, subject to customary purchase price adjustments.
−Removed: The acquisition is intended to be funded entirely from the Company's cash on hand and is expected to close in the Company's third quarter of fiscal year 2026, subject to applicable regulatory approvals and the satisfaction of certain customary closing conditions.
+Added: As announced on September 30, 2025 in a current report on Form 8-K, we completed the acquisition of American Homestar Corporation and other related entities (collectively "American Homestar"), including their two manufacturing facilities, nineteen retail locations and financial service operations.
+Added: The addition of American Homestar to our existing manufacturing and retail system strengthens our position in the South Central U.S..
+Added: The purchase price totaled $ 190 million, before certain customary adjustments, and was funded with cash on hand.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.