9 unchanged sentences
Accordingly, we have not securitized our loan originations as a means to obtain long-term funding.
−Removed: We are also exposed to market risks related to the consumer and commercial loan notes receivables.
−Removed: For fixed and step rate instruments, changes in interest rates do not change future earnings and cash flows.
+Added: We are also exposed to market risks related to the consumer and commercial loan note receivables.
+Added: For fixed rate instruments, changes in interest rates do not change future earnings and cash flows.
However, changes in interest rates could affect the fair value of these instruments.
−Removed: Assuming the level of these instruments as of March 29, 2025 is held constant, a 1% (100 basis points) unfavorable change in average interest rates would adversely impact the fair value of these instruments, as follows:
+Added: Assuming the level of these instruments as of March 28, 2026 is held constant, a 1% (100 basis points) unfavorable change in average interest rates would adversely impact the fair value of these instruments, as follows (in thousands):
($ in thousands) Reduction in Fair Value
2 unchanged sentences
Other secured financing 42
−Removed: In originating loans for sale, we issue IRLCs to prospective borrowers and third-party originators.
+Added: In originating loans for sale, we issue IRLCs to prospective borrowers.
These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale.
6 unchanged sentences
The estimated fair values of IRLCs are based on quoted market values and are recorded in Prepaid expenses and other current assets for net favorable positions, or Accrued expenses and other current liabilities for net unfavorable positions, in the Consolidated Balance Sheets.
−Removed: The fair value of IRLCs is based on the value of the underlying loan adjusted for:
−Removed: (i) estimated cost to complete and originate the loan and (ii) the estimated percentage of IRLCs that will result in closed loans.
−Removed: The initial and subsequent changes in the value of IRLCs are a component of current income.
−Removed: Assuming the level of IRLCs is held constant, a 1% (100 basis points) increase in average interest rates would decrease the fair value of the obligations by approximately $0.1 million.
+Added: The fair value of IRLCs is based on the difference between the committed (locked) pricing of the loans and their current secondary market value, adjusted for estimated completion costs and the expected pull-through rate of the commitments.
+Added: Subsequent changes in the value of IRLCs are a component of current income.
+Added: Assuming the level of IRLCs is held constant, a 1% (100 basis points) increase in average interest rates would not impact the fair value of the obligation.
We have certain assets and liabilities for a production facility located in Ojinaga, Mexico, which imports raw materials and components and exports finished homes to our retail locations in the United States.
3 unchanged sentences
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.