What changed in this filing

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Item 1. Financial Statements

2026-02-02 compared with 2025-10-31 · 161 added, 99 removed, 498 unchanged (34% of the section changed)

3 unchanged sentences

(Dollars in thousands, except per share amounts)

September 27,

2025 March 29,

51 unchanged sentences

(Dollars in thousands, except per share amounts)

Three Months Ended Six Months Ended

September 27,

2025 September 28,

2024 September 27,

2025 September 28,

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

$ 580,994 $ 522,040 $ 1,694,378 $ 1,507,100

14 unchanged sentences

Reclassification adjustment for securities sold ( 10 ) ( 97 ) 243 174

Applicable income tax expense ( 29 ) ( 55 ) ( 53 ) ( 57 )

Net change in unrealized position of investments held

8 ( 11 ) 12 54

Applicable income tax (expense) benefit 2 20 ( 51 ) ( 37 )

Net change in unrealized position of investments held

Applicable income tax expense ( 5 ) ( 2 ) ( 7 ) ( 13 )

Comprehensive income $ 44,075 $ 56,391 $ 148,308 $ 134,892

9 unchanged sentences

(Dollars in thousands)

Six Months Ended

September 27,

2025 September 28,

Nine Months Ended

2025 December 28,

OPERATING ACTIVITIES

6 unchanged sentences

Non-cash interest income, net ( 582 ) ( 787 )

Loss (gain) on sale or retirement of property, plant and equipment, net ( 15 ) 26

Gain on sale or retirement of property, plant and equipment, net ( 44 ) ( 19 )

Gain on investments and sale of loans, net ( 3,671 ) ( 1,901 )

11 unchanged sentences

Purchases of property, plant and equipment ( 27,360 ) ( 15,288 )

Payments for acquisitions, net ( 171,446 ) —

Proceeds from sale of property, plant and equipment 158 194

15 unchanged sentences

Supplemental disclosures of noncash activity

Payable due for acquisition of a business $ 3,358 $ —

Fair value of contingent acquisition purchase price receivable $ 4,838 $ —

Change in GNMA loans eligible for repurchase $ 347 $ 730

9 unchanged sentences

In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the interim results for the periods presented.

We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events other than those mentioned in Note 19.

We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events.

These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K for the year ended March 29, 2025, filed with the SEC ("Form 10-K").

5 unchanged sentences

The current fiscal year will end on March 28, 2026 and will include 52 weeks.

As disclosed on our Form 8-K filed on September 30, 2025, on September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, nineteen wholly-owned retail locations and financial service operations.

The results of operations are included in our Consolidated Financial Statements from the date of acquisition.

For a description of significant accounting policies used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K.

10 unchanged sentences

Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures.

The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

The new standard requires additional

information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted.

11 unchanged sentences

The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27,

2025 September 28,

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27,

2025 December 28,

Factory-built housing

10 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):

September 27,

2025 September 28,

2025 December 28,

Cash and cash equivalents $ 224,616 $ 362,863

3 unchanged sentences

Investments consisted of the following (in thousands):

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):

September 27, 2025 March 29, 2025

December 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.

September 27, 2025

December 27, 2025

Due in less than one year $ 1,939 $ 1,940

5 unchanged sentences

Net investment gains and losses on marketable equity securities were as follows (in thousands):

Three Months Ended Six Months Ended

September 27,

2025 September 28,

2024 September 27,

2025 September 28,

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Marketable equity securities

Net gain recognized during the period $ 993 $ 514 $ 1,592 $ 60

Net (gain) loss recognized on securities sold during the period ( 47 ) 88 9 ( 464 )

Net gain (loss) recognized during the period $ 478 $ ( 954 ) $ 2,070 $ ( 440 )

Net gain recognized on securities sold during the period ( 283 ) ( 1,649 ) ( 274 ) ( 1,561 )

Unrealized gain (loss) recognized during the period on securities still held $ 195 $ ( 2,603 ) $ 1,796 $ ( 2,001 )

Inventories consisted of the following (in thousands):

September 27,

2025 March 29,

5 unchanged sentences

The following table summarizes consumer loans receivable (in thousands):

September 27,

2025 March 29,

10 unchanged sentences

The consumer loans held for investment had the following characteristics:

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):

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):

September 27, 2025

December 27, 2025

2026 2025 2024 2023 2022 Prior Total

19 unchanged sentences

$ 21,935 $ 10,860 $ 323 $ 92 $ 1,804 $ 23,148 $ 58,162

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 December 27, 2025, 47 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12 % 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.

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.

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 December 27, 2025 or March 29, 2025.

Commercial Loans Receivable

1 unchanged sentence

Commercial loans receivable, net consisted of the following (in thousands):

September 27,

2025 March 29,

6 unchanged sentences

The commercial loans receivable balance had the following characteristics:

September 27,

2025 March 29,

1 unchanged sentence

Weighted average months outstanding 10 10

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, 2025

December 27, 2025

2026 2025 2024 2023 2022 Prior Total

3 unchanged sentences

$ 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 December 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in Arizona 15 %, New York 14 %, California 13 % and North Carolina 12 %.

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.

We had concentrations with one independent third-party and its affiliates that equaled 10 % of the net commercial loans receivable principal balance outstanding, all of which was secured, as of December 27, 2025 and March 29, 2025.

The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.

Goodwill and Other Intangibles, net

Goodwill and other intangibles, net, consisted of the following (in thousands):

December 27, 2025 March 29, 2025

Amount Accumulated

Amortization Net

Amount Accumulated

Amortization Net

Indefinite-lived

Goodwill $ 207,803 $ — $ 207,803 $ 121,969 $ — $ 121,969

Trademarks and trade names

7,020 — 7,020 7,020 — 7,020

State insurance licenses

1,100 — 1,100 1,100 — 1,100

215,923 — 215,923 130,089 — 130,089

Customer relationships 28,300 ( 7,905 ) 20,395 15,000 ( 6,676 ) 8,324

1,114 ( 951 ) 163 1,114 ( 827 ) 287

$ 245,337 $ ( 8,856 ) $ 236,481 $ 146,203 $ ( 7,503 ) $ 138,700

Changes to Goodwill for the nine months ended December 27, 2025 were as follows (in thousands):

Goodwill beginning of the period $ 121,969

American Homestar Acquisition (1)

Goodwill end of the period $ 207,803

(1) See Note 19, Acquisition

Amortization expense recognized on intangible assets for the three and nine months ended December 27, 2025 was $ 0.6 million and $ 1.4 million, respectively.

Amortization expense recognized on intangible assets for the three and nine months ended December 28, 2024 was $ 0.4 million and $ 1.2 million, respectively.

Customer relationships have a weighted average remaining life of 9.2 years and other finite lived intangibles have a weighted average remaining life of 0.5 years.

Expected future amortization is as follows (in thousands):

Remainder of fiscal year 2026 $ 599

Fiscal 2027 2,375

Fiscal 2028 2,249

Fiscal 2029 2,215

Fiscal 2030 1,935

Fiscal 2031 1,795

Thereafter 9,390

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

September 27,

2025 March 29,

9 unchanged sentences

Activity in the liability for estimated warranties was as follows (in thousands):

Three Months Ended Six Months Ended

September 27,

2025 September 28,

2024 September 27,

2025 September 28,

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Balance at beginning of period $ 35,577 $ 33,081 $ 33,189 $ 31,718

Purchase accounting additions 2,231 — 2,231 —

Charged to costs and expenses 20,524 14,322 54,172 40,403

3 unchanged sentences

The following table summarizes secured financings and other obligations (in thousands):

September 27,

2025 March 29,

3 unchanged sentences

$ 7,210 $ 7,359

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $ 75 million revolving credit facility (the "Revolving Credit Facility"), including a $ 10 million letter of credit sub-facility.

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, and letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $ 75 million revolving credit facility (the "Revolving Credit Facility"), including a $ 10 million letter of credit sub-facility.

The Revolving Credit Facility is guaranteed, on a joint and several basis, by certain of the Company's subsidiaries.

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.

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.

As of December 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

September 27, 2025 September 28, 2024

December 27, 2025 December 28, 2024

Written Earned Written Earned

6 unchanged sentences

$ 12,330 $ 14,793 $ 23,407 $ 27,887

Six Months Ended

September 27, 2025 September 28, 2024

Nine Months Ended

December 27, 2025 December 28, 2024

Written Earned Written Earned

9 unchanged sentences

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.

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):

Three Months Ended Six Months Ended

September 27,

2025 September 28,

2024 September 27,

2025 September 28,

The following details the activity in the incurred but not reported reserve for the three and nine months ended December 27, 2025 a nd December 28, 2024 (in thousands):

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Balance at beginning of period $ 10,260 $ 14,620 $ 16,201 $ 10,540

4 unchanged sentences

Repurchase Contingencies .

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.

During the three and six months ended September 27, 2025, we received a demand notice for one home.

The inventory was obtained and resold.

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.

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 approxim ated $ 148 million and $ 133 million at December 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale value of the home s.

Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.7 million at December 27, 2025 and $ 3.3 million at March 29, 2025.

Construction-Period Mortgages.

Loan contracts with off-balance sheet commitments are summarized below (in thousands):

September 27,

2025 March 29,

3 unchanged sentences

Representations and Warranties of Mortgages Sold .

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.

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 .

The reserve for contingent repurchases and indemnification obliga tions was $ 0.6 million as of December 27, 2025 and March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.

There were no claim requests that resulted in the repurchase of any loans during the nine months ended December 27, 2025 or December 28, 2024 .

Interest Rate Lock Commitments ("IRLCs") .

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.

For the three and six months ended September 27, 2025, and September 28, 2024, we recognized insignificant non-cash gains on outstanding IRLCs.

As of December 27, 2025 and March 29, 2025, w e had outstanding IRLCs with a notional amount of $ 36.0 million and $ 16.3 million, respectively.

For the three and nine months ended December 27, 2025 , we recognized insignificant non-cash gains on outstanding IRLCs.

For the three and nine months ended December 28, 2024, we recognized insignificant non-cash losses and gains, respectively, on outstanding IRLCs.

Forward Sales Commitments.

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.

During the three and six months ended September 27, 2025, we recognized insignificant non-cash gains on Commitments.

During the three and six months ended September 28, 2024, we recognized insignificant non-cash losses.

As of December 27, 2025 and March 29, 2025, we had $ 10.6 million and $ 20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively.

During the three and nine months ended December 27, 2025, we recognized insignificant non-cash gains on Commitments.

During the three and nine months ended December 28, 2024, we recognized insignificant non-cash gains.

Legal Matters.

3 unchanged sentences

Stockholders' Equity

The following tables represent changes in Stockholders' equity during the six months ended September 27, 2025 and September 28, 2024, respectively (dollars in thousands):

The following tables represent changes in Stockholders' equity during the nine months ended December 27, 2025 and December 28, 2024, respectively (dollars in thousands):

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total

13 unchanged sentences

Balance, September 27, 2025 9,470,820 $ 95 $ ( 511,347 ) $ 294,984 $ 1,302,186 $ 219 $ 1,086,137

Net income — — — — 44,067 — 44,067

Other comprehensive income, net — — — — — 8 8

Net issuance of common stock under stock incentive plans 469 — — 75 — — 75

Stock-based compensation — — — 3,172 — — 3,172

Common stock repurchases — — ( 44,240 ) — — — ( 44,240 )

Balance, December 27, 2025 9,471,289 $ 95 $ ( 555,587 ) $ 298,231 $ 1,346,253 $ 227 $ 1,089,219

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total

13 unchanged sentences

Balance, September 28, 2024 9,417,332 $ 94 $ ( 348,406 ) $ 284,995 $ 1,105,371 $ ( 77 ) $ 1,041,977

Net income — — — — 56,462 — 56,462

Other comprehensive (loss), net — — — — — ( 70 ) ( 70 )

Net issuance of common stock under stock incentive plans 5,637 — — ( 168 ) — — ( 168 )

Stock-based compensation — — — 1,746 — — 1,746

Common stock repurchases — — ( 42,722 ) — — — ( 42,722 )

Balance, December 28, 2024 9,422,969 $ 94 $ ( 391,128 ) $ 286,573 $ 1,161,833 $ ( 147 ) $ 1,057,225

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

Three Months Ended Six Months Ended

September 27,

2025 September 28,

2024 September 27,

2025 September 28,

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Net income $ 44,067 $ 56,462 $ 148,090 $ 134,706

9 unchanged sentences

The book value and estimated fair value of our financial instruments were as follows (in thousands):

September 27, 2025 March 29, 2025

December 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.

September 27,

2025 March 29,

5 unchanged sentences

MSRs (in thousands) $ 2,564 $ 2,820

American Homestar Acquisition

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including their two manufacturing facilities and 19 retail locations, by acquiring 100 % of the outstanding stock for total consideration of $ 179.9 million, which is subject to customary adjustments.

The total consideration transferred was $ 181.4 million in cash, $ 3.4 million in a liability to be paid in cash and contingent consideration to be received from the seller pending the outcome of future matters is fair valued at $ 4.8 million.

The range of possible outcomes is $ 0 million to $ 4.8 million.

This purchase enhances our position in the South Central U.S.

while adding coverage and scale with high quality products.

We believe this purchase will have a positive financial impact with accretive earnings and cash flow and meaningful improvement opportunities including cost, purchasing and product optimization synergies.

We have expensed $ 5.0 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acquisition Date (in thousands).

The purchase accounting is provisional and c ertain estimated fair values for leases, Other current assets, Accounts payable and accrued expenses and Deferred tax liability are not yet finalized and are subject to change, which could be significant.

We will finalize the amounts recognized as we obtain the information necessary to complete the analysis.

We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date.

September 29,

Accounts receivable 5,310

Inventories 47,855

Other current assets 2,574

Property, plant and equipment 37,160

Consumer loans receivable 1,870

Operating lease right-of-use asset 2,952

Intangible assets (1)

Total identifiable assets acquired 119,505

Accounts payable and accrued liabilities 16,757

Operating lease liability 2,952

Deferred tax liability 5,700

Net identifiable assets acquired 94,096

Net assets acquired $ 179,930

(1) Consists of $ 13.3 million assigned to customer-related intangibles, subject to a useful life of 14 years amortized on a straight-line basis.

(2) Attributable to the Factory-built housing segment and not deductible for income tax purposes.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in business combinations.

The goodwill recognized is attributable primarily to the expected synergies in purchasing and product distribution optimization from combining operations, the assembled workforce in one of the most important manufactured housing markets in the U.S., and more broadly the added capacity and distribution needed to meet growing housing needs.

Since the Acquisition Date, American Homestar has contributed Net revenue of $ 42.0 million and Net income of $ 2.4 million for the three months ended December 27, 2025.

Pro Forma Impact of American Homestar Acquisition (Unaudited) .

The following table presents supplemental pro forma information as if the American Homestar acquisition had occurred on March 31, 2024 (in thousands, except per share data):

December 27, 2025 December 28, 2024

Nine Months Ended Three Months Ended Nine Months Ended

Net revenue $ 1,794,651 $ 574,938 $ 1,647,449

Net income 154,373 59,939 144,770

Diluted net income per share 19.34 7.32 17.46

Business Segment Information

8 unchanged sentences

The following tables provide selected financial data by segment (dollars in thousands):

Three Months Ended September 27, 2025

Three Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

10 unchanged sentences

Net income $ 38,150 $ 5,917 $ 44,067

Six Months Ended September 27, 2025

Nine Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

10 unchanged sentences

Net income $ 135,803 $ 12,287 $ 148,090

Three Months Ended September 27, 2025

Three Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

2 unchanged sentences

Capital expenditures $ 8,448 $ 42 $ 8,490

Six Months Ended September 27, 2025

Nine Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

2 unchanged sentences

Capital expenditures $ 27,318 $ 42 $ 27,360

Three Months Ended September 28, 2024

Three Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

3 unchanged sentences

Selling, general and administrative expenses 60,408 5,572 65,980

Income (loss) from operations 50,080 ( 955 ) 49,125

Income from operations 57,785 6,185 63,970

Interest income 5,353 — 5,353

1 unchanged sentence

Other income, net 168 — 168

Income (loss) before income taxes 55,905 ( 955 ) 54,950

Income before income taxes 63,151 6,185 69,336

Income tax expense ( 11,715 ) ( 1,159 ) ( 12,874 )

Net income (loss) $ 44,806 $ ( 991 ) $ 43,815

Six Months Ended September 28, 2024

Net income $ 51,436 $ 5,026 $ 56,462

Nine Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

9 unchanged sentences

Income tax (expense) benefit ( 33,470 ) 29 ( 33,441 )

Net income (loss) $ 83,250 $ ( 5,006 ) $ 78,244

Three Months Ended September 28, 2024

Net income $ 134,684 $ 22 $ 134,706

Three Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

2 unchanged sentences

Capital expenditures $ 5,434 $ — $ 5,434

Six Months Ended September 28, 2024

Nine Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

2 unchanged sentences

Capital expenditures $ 15,163 $ 90 $ 15,253

September 27,

2025 March 29,

3 unchanged sentences

Consolidated $ 1,472,195 $ 1,406,645

Subsequent Events

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.

The addition of American Homestar to our existing manufacturing and retail system strengthens our position in the South Central U.S..

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.

What changed 10-Q

Item 1. Financial Statements