CAVCO INDUSTRIES, INC. 10-K

ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures The Company carried out an evaluation, under the supervision and with the participation of the Company's management, including its President and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the Company's President and Chief Executive Officer and its Chief Financial Officer concluded that, as of March 28, 2026, its disclosure controls and procedures were effective. 41 Table of Contents Management's Report on Internal Control Over Financial Reporting The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company's assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. generally accepted accounting principles, and that the Company's receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements. Because of its inherent limitations, the Company's controls and procedures may not prevent or detect misstatements. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the controls system are met. Because of the inherent limitations in all controls systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Management assessed the effectiveness of the Company's internal control over financial reporting based on the criteria in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "2013 framework"). Based on management's evaluation under the criteria in the 2013 framework, management concluded that the Company's internal control over financial reporting was effective as of March 28, 2026. Management's assessment of the effectiveness of internal control over financial reporting did not include the assessment of American Homestar, which is included in the fiscal 2026 consolidated financial statements of Cavco Industries, Inc. since the acquisition date of September 29, 2025 and which comprised approximately 13% of total assets and 3% of net income as of and for the year ended March 28, 2026, respectively. The effectiveness of the Company's internal control over financial reporting as of March 28, 2026 has been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report, which appears herein. Changes in Internal Control over Financial Reporting There have been no changes in the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the fiscal quarter ended March 28, 2026, which have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. 42 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Cavco Industries, Inc. Opinion on the Internal Control Over Financial Reporting We have audited Cavco Industries, Inc.'s (the Company) internal control over financial reporting as of March 28, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 28, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of March 28, 2026 and March 29, 2025, the related consolidated statements of comprehensive income, stockholders’ equity and redeemable noncontrolling interest and cash flows for each of the three years in the period ended March 28, 2026, and the related notes to the consolidated financial statements and our report dated May 22, 2026 expressed an unqualified opinion. As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded American Homestar Corporation and other related entities (collectively American Homestar) from its assessment of internal control over financial reporting as of March 28, 2026, because it was acquired by the Company in a purchase business combination in the third quarter of fiscal year 2026. We have also excluded American Homestar from our audit of internal control over financial reporting. American Homestar is a wholly owned subsidiary whose total assets and net income represent approximately 13% and 3%, respectively, of the related consolidated financial statement amounts as of and for the year ended March 28, 2026. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 43 Table of Contents assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ RSM US LLP Phoenix, Arizona May 22, 2026 44 Table of Contents ITEM 9B. OTHER INFORMATION Rule 10b5-1 Trading Plans A portion of the compensation of our directors and executive officers is delivered in the form of deferred equity awards, including time and performance-based restricted stock unit awards. This compensation design is intended to align our executive and director compensation with the interests of our stockholders. Following the delivery of shares of our common stock under those equity awards, once any applicable vesting standards have been satisfied, our directors and executive officers from time to time may engage in the open-market sale of some of those shares. They may also engage from time to time in other transactions involving our securities. Transactions in our securities by our directors and executive officers are required to be made in accordance with our Securities Trading Policy, which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Securities Trading Policy permits our directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1. Accordingly, sales under these plans may occur at any time, including possibly before, simultaneously with, or immediately after significant events involving our Company. On February 25, 2026 , Seth Schuknecht , the Company's Executive Vice President and General Counsel , adopted a programmed plan of transactions intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (the "Schuknecht 10b5-1 Plan"). This plan provides for a first possible trade date of May 27, 2026, and terminates automatically on January 31, 2027 , if not before. The aggregate number of shares to potentially be sold pursuant to the Schuknecht 10b5-1 Plan is up to 542 shares of Common Stock. During the three months ended March 28, 2026, no director or officer of the Company other than Mr. Schuknecht, adopted or terminated a "Rule 10b5-1 trading arrangement" or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE The information required to be disclosed by this item is incorporated herein by reference to our definitive proxy statement for the 2026 Annual Meeting of Stockholders (the "2026 Proxy Statement"), which proxy statement we expect to file with the SEC within 120 days after the end of our fiscal year ended March 28, 2026. ITEM 11. EXECUTIVE COMPENSATION The information required to be disclosed by this item is incorporated herein by reference to our 2026 Proxy Statement. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required to be disclosed by Item 403 of Regulation S-K is incorporated herein by reference to our 2026 Proxy Statement. 45 Table of Contents Equity Compensation Plan Information The following table sets forth information as of March 28, 2026, with respect to the Company's compensation plans and individual compensation arrangements under which the Company's equity securities were authorized for issuance to directors, officers, employees, consultants and certain other persons and entities in exchange for the provision of goods or services. Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights (1) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) Equity compensation plans approved by stockholders 101,686 $ 154.92 502,233 Equity compensation plans not approved by stockholders — — — Total 101,686 $ 154.92 502,233 (1) Includes 60,983 service and performance-based restricted stock units, for which there is no exercise price reflected in this column. 46 Table of Contents ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information required to be disclosed by this item is incorporated herein by reference to our 2026 Proxy Statement. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required to be disclosed by this item is incorporated herein by reference to our 2026 Proxy Statement. 47 Table of Contents PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES Financial Statements and Financial Statement Schedules Financial Statements are listed in the Index to Consolidated Financial Statements on page F-1 of this Annual Report. All schedules have been omitted because they are not applicable or the required information is included in the Consolidated Financial Statements or Notes thereto. Exhibits The documents listed below are being filed or have previously been filed on behalf of the Company and are incorporated herein by reference from the documents indicated and made a part hereof. Exhibits not identified as previously filed are filed herewith. Exhibit Number Exhibit Filed/Furnished Herewith or Incorporated by Reference 3.1 Restated Certificate of Incorporation of Cavco Exhibit 3.1 to the Annual Report on Form 10-K for the fiscal year ended March 31, 2004 3.2 Certificate of Amendment to Restated Certificate of Incorporation of Cavco Exhibit 3.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006 3.3 Certificate of Amendment to Restated Certificate of Incorporation of Cavco Exhibit 3.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2015 3.4 Fourth Amended and Restated Bylaws of Cavco Exhibit 3.1 to the Quarterly Report on Form 10-Q filed on February 2, 2024 4.1 Description of Registrant's Securities registered under Section 12 of the Securities Exchange Act of 1934, as amended. Exhibit 4.1 to the Annual Report on Form 10-K for the fiscal year ended March 28, 2020 10.1* Stock Incentive Plan of Cavco Exhibit 10.6 to the Registration Statement on Form 10/A (File No. 000-08822) filed by Cavco on May 30, 2003 10.1.1* Amendment to the Cavco Industries, Inc. Stock Incentive Plan Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2010 10.2* Cavco 2005 Stock Incentive Plan Exhibit A to the Corporation's Definitive Proxy Statement for its 2005 Annual Meeting of Stockholders filed by the Company with the Securities and Exchange Commission on May 23, 2005 10.2.1* First Amendment to Cavco Industries, Inc. 2005 Stock Incentive Plan Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2010 10.2.2* Second Amendment to Cavco Industries, Inc. 2005 Stock Incentive Plan Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended September 26, 2015 10.2.3* Form of Restricted Stock Award Agreement for Stock Incentive Plan Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2012 10.2.4* Form of Stock Option Agreement for Stock Incentive Plan Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended July 2, 2016 10.2.5* Form of Stock Option Agreement for Stock Incentive Plan Exhibit 10.1 to the Current Report on Form 8-K filed on January 8, 2019 10.2.6* Form of Cavco Industries, Inc. 2005 Stock Incentive Plan Restricted Stock Unit Agreement for Non-employee Directors Exhibit 10.2.10 to the Annual Report on Form 10-K for the fiscal year ended March 30, 2019 10.2.7* Form of Cavco Industries, Inc. 2005 Stock Incentive Plan Performance-based Restricted Stock Unit Award Agreement (2022) Exhibit 10.2.7 to the Annual Report on Form 10-K for the fiscal year ended April 2, 2022 10.2.8* Form of Cavco Industries, Inc. 2005 Stock Incentive Plan Restricted Stock Unit Agreement for Employees Exhibit 10.2.8 to the Annual Report on Form 10-K for the fiscal year ended April 1, 2023 10.2.9* Form of Cavco Industries, Inc. 2005 Stock Incentive Plan Performance-based Restricted Stock Unit Award Agreement (2023) Exhibit 10.2.9 to the Annual Report on Form 10-K for the fiscal year ended April 1, 2023 10.3* Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on November 3, 2023 10.3.1* Form of Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement Exhibit 10.1.1 to the Quarterly Report on Form 10-Q filed on November 3, 2023 48 Table of Contents Exhibit Number Exhibit Filed/Furnished Herewith or Incorporated by Reference 10.3.2* Form of Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement for Section 16 Employees and Above Exhibit 10.1.2 to the Quarterly Report on Form 10-Q filed on November 3, 2023 10.3.3* Form of Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Restricted Stock Unit Agreement for Non-Employee Directors Exhibit 10.1.3 to the Quarterly Report on Form 10-Q filed on November 3, 2023 10.3.4* Form of Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Performance-based Restricted Stock Unit Award Agreement Exhibit 10.1.4 to the Quarterly Report on Form 10-Q filed on November 3, 2023 10.3.5* Form of Cavco Industries, Inc. 2023 Omnibus Equity Incentive Plan Performance-based Restricted Stock Unit Award Agreement for Section 16 Employees and Above Exhibit 10.1.5 to the Quarterly Report on Form 10-Q filed on November 3, 2023 10.4* Employment Agreement, dated as of April 1, 2019, by and between William C. Boor and Cavco Industries, Inc. Exhibit 10.1 to the Current Report on Form 8-K filed on April 2, 2019 10.4.1* Offer Letter, dated as of January 7, 2020, between the Company and Matthew Niño Exhibit 10.3.6 to the Annual Report on Form 10-K for the fiscal year ended March 28, 2020 10.4.2* Compensatory Arrangements of Allison K. Aden, dated as of August 5, 2021 Current Report on Form 8-K filed on August 10, 2021 10.4.3* Severance Agreement, dated as of November 2, 2021, by and between Allison K. Aden and Cavco Industries, Inc. Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2021 10.4.4* Offer Letter, dated as of January 30, 2024, between the Company and Seth Schuknecht Exhibit 10.4.7 to the Annual Report on Form 10-K for the fiscal year ended March 30, 2024 10.4.5* Severance Agreement, dated February 13, 2024, by and between Seth Schuknecht and Cavco Industries, Inc. Exhibit 10.4.9 to the Annual Report on Form 10-K for the fiscal year ended March 30, 2024 10.4.6* Offer Letter, dated as of July 30, 2024, between the Company and Regan Fackrell Exhibit 10.1 to the Quarterly Report on Form 10-Q for the fiscal year ended September 28, 2024 10.5* Executive Officer Incentive Plan for Fiscal Year 2025 Quarterly Report on Form 10-Q filed on August 2, 2024 10.6* Form of Officer Indemnification Agreement Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on February 2, 2024 10.7* Form of Indemnification Agreement Exhibit 10.5 to Current Report on Form 8-K filed on April 2, 2019 10.8* Form of Change in Control Agreement Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2021 10.9 Asset Purchase Agreement, dated July 23, 2021, by and among Commodore Homes, LLC, The Commodore Corporation, TCC Clarion Limited Partnership, TCC Pennwest, LLC and each of the individual equityholders named therein, and Barry S. Shein, in his capacity as Sellers' representative Exhibit 10.3 to the Current Report on Form 8-K filed on July 26, 2021 10.10 Amended and Restated Credit Agreement, dated November 12, 2024, among Cavco Industries, Inc., the guarantors party thereto, and Bank of America, N.A., as administrative agent, swing line lender, and letter of credit issuer. Exhibit 10.1 to the Current Report on Form 8-K filed on November 13, 2024 10.10.1 First Amendment to the Amended and Restated Credit Agreement, dated as of March 10, 2025, among Cavco Industries, Inc., the guarantors party thereto, and Bank of America, N.A., as administrative agent. Exhibit 10.10.1 to the Annual Report on Form 10-K for the fiscal year ended March 29, 2025 10.10.2 Consent and Second Amendment to the Amended and Restated Credit Agreement, dated as of July 14, 2025, among Cavco Industries, Inc., the guarantors party thereto, and Bank of America, N.A., as administrative agent. Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2025 10.11 Agreement and Plan of Merger, dated July 14, 2025, by and among Cavco Industries, Inc., Cavco Merger Sub, Inc., American Homestar, Inc., and the Shareholder Representative party thereto.* Exhibit 10.1 to the Current Report on Form 8-K filed on July 14, 2025 14 Code of Conduct Filed herewith 19 Securities Trading Policy, dated October 2 5 , 2025 Filed herewith 21 List of Subsidiaries of Cavco Filed herewith 23 Consent of RSM US LLP, Independent Registered Public Accounting Firm Filed herewith 31.1 Certificate of William C. Boor, President and Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended Filed herewith 49 Table of Contents Exhibit Number Exhibit Filed/Furnished Herewith or Incorporated by Reference 31.2 Certificate of Allison K. Aden, Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended Filed herewith 32.1** Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Furnished herewith 97 Cavco Industries, Inc., Clawback Policy Exhibit 97 to the Annual Report on Form 10-K for the fiscal year year ended March 29, 2025 101.INS Inline XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase 101.LAB Inline XBRL Taxonomy Extension Label Linkbase 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase 104 Cover Page Interactive Data File- the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document * Management contract or compensatory plan or arrangement ** These certifications are not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. These certifications are not to be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless Cavco specifically incorporates them by reference. ITEM 16. FORM 10-K SUMMARY None. 50 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CAVCO INDUSTRIES, INC. Date: May 22, 2026 /s/ William C. Boor William C. Boor President and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ William C. Boor Director, President and Chief Executive Officer May 22, 2026 William C. Boor (Principal Executive Officer) /s/ Allison K. Aden Executive Vice President, Chief Financial Officer & Treasurer May 22, 2026 Allison K. Aden (Principal Financial Officer) /s/ Paul W. Bigbee Chief Accounting Officer May 22, 2026 Paul W. Bigbee (Principal Accounting Officer) /s/ Steven G. Bunger Chairman of the Board of Directors May 22, 2026 Steven G. Bunger /s/ Susan L. Blount Director May 22, 2026 Susan L. Blount /s/ Lisa L. Daniels Director May 22, 2026 Lisa L. Daniels /s/ David A. Greenblatt Director May 22, 2026 David A. Greenblatt /s/ Richard A. Kerley Director May 22, 2026 Richard A. Kerley /s/ Steven W. Moster Director May 22, 2026 Steven W. Moster /s/ Julia W. Sze Director May 22, 2026 Julia W. Sze 51 Table of Contents CAVCO INDUSTRIES, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID: 49 ) F- 2 Consolidated Balance Sheets as of March 28, 2026 and March 29, 202 5 F- 4 Consolidated Statements of Comprehensive Income for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024 F- 5 Consolidated Statements of Stockholders' Equity And Redeemable Noncontrolling Interest for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024 F- 6 Consolidated Statements of Cash Flows for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024 F- 7 Notes to Consolidated Financial Statements F- 8 F-1 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Cavco Industries, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Cavco Industries, Inc. and its subsidiaries (the Company) as of March 28, 2026 and March 29, 2025, the related consolidated statements of comprehensive income, stockholders' equity and redeemable noncontrolling interest and cash flows for each of the three years in the period ended March 28, 2026, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 28, 2026 and March 29, 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 28, 2026, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 28, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated May 22, 2026, expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate. F-2 Table of Contents Warranty Reserve As described in Notes 1 and 12 to the financial statements, the Company provides retail home buyers, builders or developers with a one-year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days, except in specific cases where state laws require longer warranty terms. The Company’s warranty reserves were $40.8 million as of March 28, 2026, and estimated warranty costs are accrued in cost of sales at the time of sale. Management determines the warranty reserves based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used by management to calculate the warranty obligation are the estimated number of homes under warranty, including homes in distributor inventories, homes purchased by consumers within the one year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. These factors include varying levels of subjectivity. We identified management’s assumption related to the timing in which work orders are completed as a critical audit matter because of the significant judgments made by management to estimate the timing of warranty claims relative to home sales. This required a high degree of auditor judgment and an increased extent of effort. Our audit procedures related to the Company’s significant assumption to estimate the warranty reserve included the following, among others: • We obtained an understanding of the relevant controls related to the management’s estimation of the warranty accrual, including controls over the estimation of work order timing, and tested such controls for design and operating effectiveness. • We evaluated the accuracy, completeness and relevance of the historical warranty claims as an input to management’s estimate of work order timing. • We evaluated management’s ability to accurately estimate the warranty accrual, including work order timing by comparing the current year estimate of work order timing to historical estimates. /s/ RSM US LLP We have served as the Company's auditor since 2015. Phoenix, Arizona May 22, 2026 F-3 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) March 28, 2026 March 29, 2025 ASSETS Current assets: Cash and cash equivalents $ 236,721 $ 356,225 Restricted cash, current 20,306 18,535 Accounts receivable, net 108,288 105,849 Short-term investments 16,233 19,842 Current portion of consumer loans receivable, net 19,207 35,852 Current portion of commercial loans receivable, net 54,841 43,492 Current portion of commercial loans receivable from affiliates, net 1,836 2,881 Inventories 295,671 252,695 Prepaid expenses and other current assets 71,630 74,815 824,733 910,186 Restricted cash 585 585 Investments 38,151 18,067 Consumer loans receivable, net 18,974 20,685 Commercial loans receivable, net 55,801 48,605 Commercial loans receivable from affiliate, net 3,519 4,768 Property, plant and equipment, net 278,890 227,620 Goodwill 208,841 121,969 Other intangibles, net 28,067 16,731 Operating lease right-of-use assets 33,578 35,576 Deferred income taxes — 1,853 Total assets $ 1,491,139 $ 1,406,645 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 44,168 $ 37,195 Accrued expenses and other current liabilities 291,230 265,971 Total current liabilities 335,398 303,166 Operating lease liabilities 30,747 31,538 Other liabilities 7,096 7,359 Deferred income taxes 14,716 — Total liabilities 387,957 342,063 Stockholders' equity: Preferred stock, $ 0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding — — Common stock, $ 0.01 par value; 40,000,000 shares authorized; Issued 9,474,288 and 9,436,732 shares, respectively; Outstanding 7,738,700 and 8,008,012 shares, respectively 95 94 Treasury stock, at cost; 1,735,588 and 1,428,720 shares, respectively ( 585,865 ) ( 424,624 ) Additional paid-in capital 300,208 290,940 Retained earnings 1,388,714 1,198,163 Accumulated other comprehensive income 30 9 Total stockholders' equity 1,103,182 1,064,582 Total liabilities and stockholders' equity $ 1,491,139 $ 1,406,645 See accompanying Notes to Consolidated Financial Statements F-4 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands, except per share amounts) Year Ended March 28, 2026 March 29, 2025 March 30, 2024 Net revenue $ 2,244,505 $ 2,015,458 $ 1,794,792 Cost of sales 1,717,618 1,549,867 1,367,890 Gross profit 526,887 465,591 426,902 Selling, general and administrative expenses 298,318 275,315 247,920 Income from operations 228,569 190,276 178,982 Interest income 16,337 21,089 20,998 Interest expense ( 541 ) ( 517 ) ( 1,649 ) Other income, net 335 222 849 Income before income taxes 244,700 211,070 199,180 Income tax expense ( 54,149 ) ( 40,034 ) ( 41,275 ) Net income 190,551 171,036 157,905 Less: net income attributable to redeemable noncontrolling interest — — 88 Net income attributable to Cavco common stockholders $ 190,551 $ 171,036 $ 157,817 Comprehensive income Net income $ 190,551 $ 171,036 $ 157,905 Reclassification adjustment for securities sold ( 13 ) 340 95 Applicable income taxes 3 ( 71 ) ( 20 ) Net change in unrealized position of investments held 39 94 262 Applicable income taxes ( 8 ) ( 21 ) ( 55 ) Comprehensive income 190,572 171,378 158,187 Less: comprehensive income attributable to redeemable noncontrolling interest — — 88 Comprehensive income attributable to Cavco common stockholders $ 190,572 $ 171,378 $ 158,099 Net income per share attributable to Cavco common stockholders Basic $ 24.26 $ 20.97 $ 18.55 Diluted $ 23.98 $ 20.71 $ 18.37 Weighted average shares outstanding: Basic 7,853,251 8,157,615 8,506,673 Diluted 7,946,049 8,259,956 8,591,911 See accompanying Notes to Consolidated Financial Statements F-5 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Dollars in thousands) Stockholders' Equity Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total Redeemable Noncontrolling Interest Common Stock Shares Amount Balance, April 1, 2023 9,337,125 $ 93 $ ( 164,452 ) $ 271,950 $ 869,310 $ ( 615 ) $ 976,286 $ 1,219 Net income — — — — 157,817 — 157,817 88 Other comprehensive income, net — — — — — 282 282 — Net issuance of common stock under stock incentive plans 52,828 1 — 2,506 — — 2,507 — Stock-based compensation — — — 6,760 — — 6,760 — Common stock repurchases — — ( 110,241 ) — — — ( 110,241 ) — Distributions — — — — — — — ( 300 ) Valuation adjustment — — — — — — — ( 33 ) Conversion to mandatorily redeemable noncontrolling interest ( 974 ) Balance, March 30, 2024 9,389,953 $ 94 $ ( 274,693 ) $ 281,216 $ 1,027,127 $ ( 333 ) $ 1,033,411 $ — Net income — — — — 171,036 — 171,036 — Other comprehensive income, net — — — — — 342 342 — Net issuance of common stock under stock incentive plans 46,779 — — 1,041 — — 1,041 — Stock-based compensation — — — 8,683 — — 8,683 — Common stock repurchases — — ( 149,931 ) — — — ( 149,931 ) — Balance, March 29, 2025 9,436,732 $ 94 $ ( 424,624 ) $ 290,940 $ 1,198,163 $ 9 $ 1,064,582 $ — Net income — — — — 190,551 — 190,551 — Other comprehensive income, net — — — — — 21 21 — Net issuance of common stock under stock incentive plans 37,556 1 — ( 3,515 ) — — ( 3,514 ) — Stock-based compensation — — — 12,783 — — 12,783 — Common stock repurchases — — ( 161,241 ) — — — ( 161,241 ) — Balance, March 28, 2026 9,474,288 $ 95 $ ( 585,865 ) $ 300,208 $ 1,388,714 $ 30 $ 1,103,182 $ — See accompanying Notes to Consolidated Financial Statements F-6 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended March 28, 2026 March 29, 2025 March 30, 2024 OPERATING ACTIVITIES Net income $ 190,551 $ 171,036 $ 157,905 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,043 19,259 18,525 Loss on infinite-lived intangible write-off — 9,960 — Provision for loan losses ( 589 ) ( 511 ) ( 632 ) Deferred income taxes 9,789 ( 6,519 ) ( 3,081 ) Stock-based compensation expense 12,783 8,683 6,760 Non-cash interest income, net ( 928 ) ( 1,028 ) ( 1,511 ) (Gain) loss on sale or retirement of property, plant and equipment, net ( 35 ) 58 132 Gain on investments and sale of loans, net ( 4,720 ) ( 1,687 ) ( 9,041 ) Changes in operating assets and liabilities, net of acquisitions Accounts receivable 2,893 ( 28,771 ) 11,566 Consumer loans receivable originated ( 63,972 ) ( 66,115 ) ( 90,841 ) Proceeds from sales of consumer loans 79,571 51,078 91,514 Principal payments received on consumer loans receivable 6,590 5,549 6,760 Inventories 4,879 ( 11,356 ) 44,856 Prepaid expenses and other current assets 9,641 7,694 7,971 Commercial loans receivable originated ( 158,524 ) ( 143,371 ) ( 111,245 ) Principal payments received on commercial loans receivable 142,689 135,093 117,302 Accounts payable and accrued expenses and other current liabilities 13,830 29,444 ( 22,258 ) Net cash provided by operating activities 267,491 178,496 224,682 INVESTING ACTIVITIES Purchases of property, plant and equipment ( 35,406 ) ( 21,427 ) ( 17,421 ) Payments for acquisitions, net ( 172,784 ) — ( 19,195 ) Proceeds from sale of property, plant and equipment and assets held for sale 203 184 4,805 Purchases of investments ( 34,519 ) ( 28,115 ) ( 13,026 ) Proceeds from sale of investments 20,069 25,403 13,128 Net cash used in investing activities ( 222,437 ) ( 23,955 ) ( 31,709 ) FINANCING ACTIVITIES Payments for taxes on stock option exercises and releases of equity awards ( 4,836 ) ( 3,441 ) ( 1,988 ) Proceeds from exercise of stock options 2,232 4,483 4,495 Payments on secured financings and other ( 295 ) ( 311 ) ( 488 ) Payments for common stock repurchases ( 159,888 ) ( 148,680 ) ( 109,309 ) Distributions to noncontrolling interest — — ( 420 ) Net cash used in financing activities ( 162,787 ) ( 147,949 ) ( 107,710 ) Net increase (decrease) in cash, cash equivalents and restricted cash ( 117,733 ) 6,592 85,263 Cash, cash equivalents and restricted cash at beginning of the fiscal year 375,345 368,753 283,490 Cash, cash equivalents and restricted cash at end of the fiscal year $ 257,612 $ 375,345 $ 368,753 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes $ 39,264 $ 45,582 $ 36,757 Cash paid during the year for interest $ 272 $ 11 $ 801 Supplemental disclosures of noncash activity: Change in GNMA loans eligible for repurchase $ 1,651 $ ( 1,067 ) $ ( 3,287 ) Right-of-use assets recognized and operating lease obligations incurred $ 4,843 $ 2,142 $ 15,009 Non-cash consideration for acquisitions $ — $ — $ 5,430 See accompanying Notes to Consolidated Financial Statements F-7 Table of Contents CAVCO INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. We have evaluated subsequent events after the balance sheet date of March 28, 2026, through the date of the filing of this report with the Securities and Exchange Commission (the "SEC") and there were no disclosable subsequent events . In addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements, unless otherwise stated. Nature of Operations. Headquartered in Phoenix, Arizona, we design and produce factory-built housing products primarily distributed through a network of independent distributors located throughout the continental United States and Canada, as well as through Company-owned retail stores which offer our homes to retail customers. Our financial services segment is comprised of: a mortgage subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), which is an approved Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") seller/servicer and a Government National Mortgage Association ("Ginnie Mae" or "GNMA") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes; and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"), which provides property and casualty insurance primarily to owners of manufactured homes. Fiscal Year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31 st . Th e current fiscal year ended on March 28, 2026. Fiscal years 2026, 2025 and 2024 each consisted of 52 weeks. Accounting Estimates. Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Due to uncertainties, a ctual results could differ from the estimates and assumptions used in preparation of the consolidated financial statements. Factory-Built Housing Revenue Recognition - Wholesale . Revenue from homes sold to independent distributors, builders, communities and developers is generally recognized when the home is shipped, at which time title passes and it is probable that substantially all of the consideration will be received. Homes sold to independent distributors are generally either paid upon shipment or floor plan financed by the independent distributor through standard industry financing arrangements, which can include repurchase agreements. Manufacturing sales financed under floor plan arrangements that include repurchase agreements are reduced by a reserve for repurchase commitments (see Note 17). Some of our independent distributors operate multiple sales outlets. No independent distributor accounted for 10% or more of factory-built housing revenue during any fiscal year within the three-year period ended March 28, 2026. Factory-Built Housing Revenue Recognition - Retail . Sales by Company-owned retail stores are generally recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, the home is accepted by the customer, title has transferred and collectability is probable. Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into Net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized in Cost of sales over the life of the policy. Insurance agency commissions received from third-party insurance companies are recognized as revenue upon execution of the insurance policy as we have no future or ongoing obligation with respect to such policies. F-8 Table of Contents Interest income on consumer loans receivables is recognized in Net revenue. Upon acquisition of previously securitized loan portfolios (the "Acquisition Date"), we evaluated the existing consumer loans receivable held for investment to determine whether there was evidence of deterioration of credit quality and the probability that we would be able to collect all amounts due according to the loans' contractual terms. We also considered expected prepayments and estimated the amount and timing of undiscounted principal, interest and other cash flows. We determined the excess of the loan pool's scheduled contractual principal and interest payments over the undiscounted expected cash flows as of the Acquisition Date as an amount that is not accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans was accreted into Interest income over the remaining life of the loans (referred to as accretable yield). For loans originated and held for sale, loan origination fees and gains or losses on sales are recognized in Net revenue upon title transfer of the loans. We provide third-party servicing of mortgages and earn servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized in Net revenue when earned. Cash and Cash Equivalents . Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. Our cash equivalents are primarily comprised of U.S. Treasury and other money market funds and other depository accounts, some of which are in excess of Federal Deposit Insurance Corporation insured limits. We have not experienced any losses on such excesses. Restricted Cash . Restricted cash primarily represents cash related to CountryPlace customer payments to be remitted to third parties and deposits received from retail customers required to be held in trust accounts. These funds cannot be accessed for general operating purposes (see Note 3). Accounts Receivable. We extend credit terms on a customer-by-customer basis in the normal course of business, subject to normal industry risk, with many requiring a cash deposit with a sales order or payment upon delivery of a home. We review accounts receivable for estimated losses that may result from customers' inability to pay. As of March 28, 2026 and March 29, 2025, there were no allowances for credit losses. Accounts receivable, net at March 28, 2026, March 29, 2025, and March 30, 2024 were $ 108.3 million, $ 105.8 million, and $ 77.1 million respectively. Investments. Management determines the appropriate classification of its investment securities at the time of purchase. Our investments include marketable debt and equity securities and non-marketable equity investments. Changes in unrealized net holding gains and losses on marketable equity securities are reported in earnings. Unrealized net holding gains and losses on available-for-sale debt securities are recorded in Accumulated other comprehensive income (loss) ("AOCI") in the Consolidated Balance Sheets. Realized gains and losses from the sale of securities are determined using the specific identification method (see Note 4). As of March 28, 2026, we have determined that all losses on available-for-sale debt securities were from market factors, and therefore we had no valuation allowance on such investments. Consumer Loans Receivable. Consumer loans receivable consist primarily of manufactured housing loans originated by CountryPlace (held for investment or held for sale) and construction advances on mortgages. Loans held for investment consist of loan contracts collateralized by the borrowers' homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell to investors with which the Company has pre-existing purchase agreements, such as Fannie Mae and Freddie Mac, or to sell as part of a Ginnie Mae insured pool of loans and consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of amortized cost or fair value on an aggregate basis. F-9 Table of Contents Combined land and home mortgages are further disaggregated by the type of loan documentation: those conforming to the requirements of Government-Sponsored Enterprises ("GSEs") and those that are non-conforming. In most instances, our mortgages are secured by a first-lien position and are provided to consumers for the purchase of a home. Consumer loans held for investment include home-only personal property loans originated under our home-only lending programs. Accordingly, we classify our loans receivable as follows: conforming mortgages, non-conforming mortgages and home-only loans. In measuring credit quality within each segment and class, we use commercially available credit scores (such as FICO®). At the time of each loan's origination, we obtain credit scores from each of the three primary credit bureaus, if available. To evaluate credit quality of individual loans, we use the mid-point of the available credit scores or, if only two scores are available, we use the lower of the two. We do not update credit bureau scores after the time of origination. Commercial Loans Receivable. Our commercial loans receivable balance consists of amounts loaned under commercial loan programs for the benefit of our independent distributors and community operators' home purchasing needs. Under the terms of certain programs, we have entered into direct commercial loan arrangements with independent distributors and community operators wherein we provide funds to purchase home inventory or homes for placement in communities. Interest income on commercial loans receivable is recognized in Interest income in the Consolidated Statements of Comprehensive Income on an accrual basis. Allowance for Loan Losses. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , requires a forward-looking impairment model based on expected losses rather than incurred losses. As of March 28, 2026 and March 29, 2025, we had an allowance for loan losses of $ 0.8 million and $ 0.9 million, respectively, on our consumer loans receivable (see Note 6). To determine the appropriate level of the allowance for loan loss on our commercial loans receivable, we collectively evaluate loans based on their terms and duration. We have historically been able to resell repossessed homes, thereby mitigating loss exposure. However, if a default occurs and collateral is lost, we are exposed to loss of the full value of the home loan. If we determine that it is probable that a borrower will default, a specific reserve is determined and recorded within the estimated allowance for loan losses. We recorded allowance for loan losses of $ 0.5 million and $ 0.4 million at March 28, 2026 and March 29, 2025, respectively, related to commercial loans receivable (see Note 7). Inventories. Raw material inventories are valued at the lower of cost or net realizable value, using the first in, first out method. Finished goods and work-in-process inventories are valued at the lower of cost or net realizable value, using the specific identification method. Property, Plant and Equipment, Net. Property, plant and equipment are carried at cost. Depreciation is calculated using the straight-line method over the estimated useful life of each asset. Estimated useful lives for significant classes of assets are as follows: buildings and improvements, 10 to 39 years; and machinery and equipment, 3 to 25 years. Repairs and maintenance charges are expensed as incurred. We sell miscellaneous property, plant and equipment in the normal course of business. Asset Impairment . We evaluate the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review. There were no impairment losses recognized in fiscal years 2026, 2025 or 2024 . Business Combinations. We account for business combinations in accordance with FASB Accounting Standards Codification ("ASC") 805, Business Combinations, using the acquisition method of accounting, which allocates the fair value of the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. In the fair value evaluation of intangible assets acquired, there are significant estimates and assumptions, including forecasts of future cash flows, pre-tax income and revenue growth rates, as well as the selection of the royalty rates and discount rates. The excess of the purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill (see Note 23). F-10 Table of Contents Goodwill and Other Intangibles, Net. We account for goodwill and other intangible assets in accordance with the provisions of ASC 350, Intangibles—Goodwill and Other . As such, we test goodwill at least annually for impairment. As of March 28, 2026, all of our goodwill is within the factory-built housing segment. Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives. Finite-lived intangibles are generally amortized over 3 to 15 years on a straight-line basis and are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Indefinite-lived intangible assets are assessed at least annually for impairment first by making a qualitative assessment, and if necessary, performing a quantitative assessment and recording an impairment charge if the fair value of the asset is less than its carrying amount. In the fourth quarter of fiscal year 2025, the Company performed a strategic brand realignment. As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite-lived trade name values in that period. Goodwill is tested for impairment at the reporting unit level. We performed our annual goodwill impairment analysis as of March 28, 2026, and determined that it was more likely than not that the fair value of the reporting unit exceeded its respective carrying value. There was no impairment of goodwill or other intangibles recognized during fiscal years 2026, 2025 or 2024. Warranties. We provide retail home buyers, builders or developers with a one year warranty for manufacturing defects from the date of sale to the retail customer. Nonstructural components of a cosmetic nature are warranted for 120 days, except in specific cases where state laws require longer warranty terms. Estimated warranty costs are accrued in Cost of sales at the time of sale. The warranty provision and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold as of the balance sheet date. Factors used to calculate the warranty obligation are the estimated amount of homes still under warranty, including homes in distributor inventories, homes purchased by consumers within the one year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home. Volume Rebates . Certain distributors, builders and developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period on specified products. Estimates of volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. Freight. Substantially all freight costs are recovered from our distributors and are included in Net revenue. Freight charges of $ 67.7 million, $ 66.0 million and $ 50.9 million were recognized in fiscal years 2026, 2025 and 2024, respectively. Reserve for Repurchase Commitment. We are contingently liable under terms of repurchase agreements with the financial institutions that provide inventory financing to certain distributors of our products. These arrangements, which are customary in the industry, provide the lender a guarantee that we will repurchase our products in the event of default by the distributor. Our obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer. The risk of loss under these agreements is spread over numerous distributors and the repurchase price generally declines over the period of the agreement (generally 18 to 24 months), further reduced by the resale value of repurchased homes. We apply FASB ASC 460, Guarantees ("ASC 460"), to account for our liability for repurchase commitments. Following the inception of the commitment, the recorded reserve is reduced over the repurchase period in conjunction with applicable curtailment arrangements and is eliminated once the distributor sells the home. Changes in the reserve are recorded as an adjustment to Net revenue. See Note 17 for further discussion. F-11 Table of Contents Reserve for Property Casualty Insurance Claims and Claims Expense. Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of insured losses. Our reserve process takes into account known facts and interpretations of circumstances and factors, including experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix, contractual terms, changes in law and regulation, judicial decisions and economic conditions. In the normal course of business, we may also supplement our claims processes by utilizing third party adjusters, appraisers, engineers, inspectors and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. The applicable reserve balance was $ 9.8 million and $ 16.2 million as of March 28, 2026 and March 29, 2025, respectively, of which $ 5.8 million and $ 7.3 million related to incurred but not reported ("IBNR") losses, respectively. Insurance. We are self-insured for a significant portion of our general and products liability, auto liability, health, property and workers' compensation liability coverage. Insurance is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated IBNR losses. A reserve for products liability is actuarially determined and reflected in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets. The determination of claims and expenses and the appropriateness of the related liabilities are regularly reviewed and updated. Advertising. Advertising costs are expensed as incurred and were $ 5.3 million in fiscal year 2026, $ 4.6 million in fiscal year 2025 and $ 3.6 million in fiscal year 2024. Fair Value of Financial Instruments. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, investments, consumer loans receivable, commercial loans receivable, accounts payable, certain accrued expenses and other current liabilities and secured credit facilities and other financings. In accordance with FASB ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of cash and cash equivalents approximates fair value because their maturity is less than three months. The carrying amounts of restricted cash, accounts receivable, accounts payable and certain accrued expenses and other current liabilities approximate fair value due to the short-term maturity of the amounts. See Note 20 for the fair values of our other financial instruments and the inputs used. Foreign Currency. We have certain assets and liabilities in Ojinaga, Mexico related to a production facility that imports raw materials and exports finished homes to our retail lots located in the United States. The monetary assets and liabilities of this production facility are remeasured at each balance sheet date at the current exchange rate. Monetary assets and liabilities and related revenues and expenses are remeasured monthly using the average rates for the fiscal month. Remeasurement adjustments are recorded in Other income, net in the Consolidated Statements of Comprehensive Income. F-12 Table of Contents Income Taxes. We account for income taxes pursuant to FASB ASC 740, Income Taxes ("ASC 740"), and provide for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The calculation of tax liabilities involves considering uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period of derecognition. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. We use a two-step approach to evaluate uncertain tax positions. This approach involves recognizing any tax positions that are more likely than not to occur and then measuring those positions to determine the amounts to be recognized in the Consolidated Financial Statements. Interest Income. Interest income consists of the interest earned on invested cash as well as interest earned from our commercial loan programs, recorded on an accrual basis. Other Income, Net. Other income, net primarily consists of realized and unrealized gains and losses on corporate investments and gains and losses on the sale of property, plant and equipment. Stock-Based Compensation . Stock-based compensation is measured based on the fair value of the award on the date of grant and the corresponding expense is recognized over the period during which a grantee is required to provide service in exchange for the award. Stock-based compensation expense is classified in the same line item of our Consolidated Statements of Comprehensive Income as other payroll-related expenses specific to the grantee. Compensation expense related to service-based restricted stock units ("RSUs") is recognized on a straight-line basis over the requisite service period for the entire award. Compensation expense related to performance-based RSUs is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards (i.e., a graded vesting basis). We use historical data to estimate pre-vesting forfeitures and record stock-based compensation cost, using the straight-line attribution method, only for those awards that are expected to vest. Compensation expense related to performance-based awards is based on management's estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date (see Note 18). Redeemable Noncontrolling Interest. In fiscal year 2017, we purchased a 50 % ownership interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively "Craftsman" or the "Entities") with an additional 20 % acquired during fiscal year 2022. This additional purchase gave us a controlling interest, resulting in consolidation of the Entities and the recognition of a noncontrolling interest for the remaining third party ownership. Adjustments in the redemption value of the noncontrolling interest were recorded to Interest expense. The amount of income attributable to this Redeemable noncontrolling interest is included on the face of the Consolidated Statements of Comprehensive Income for the year ended March 30, 2024. During fiscal year 2024, we executed amendments to the Membership Interest Purchase Agreement and acquired the entire remaining 30 % for cash on January 1, 2024. Accumulated Other Comprehensive Income. AOCI is comprised of unrealized gains and losses on available-for-sale debt securities (see Note 4) and is presented net of tax. Accumulated unrealized gain on available-for-sale debt securities at the end of fiscal years 2026 and 2025 was insignificant before and after tax. F-13 Table of Contents Treasury Stock. We record repurchases of our common stock as treasury stock at cost. As we do not have a formal retirement plan for the shares acquired, and the ultimate disposition has not yet been decided, we show the cost of the acquired stock separately as a deduction from equity. Beginning Janua ry 1, 2023, the Inflation Reduction Act of 2022 imposed a 1% excise tax on the aggregate fair market value of stock repurchased by certain corporations during the taxable year, subject to adjustments. We have calculated the excise tax on purchases from the effective date through March 28, 2026, and this amount is recorded as an increase in our treasury sto ck. Net Income Per Share. Basic earnings per share of common stock is computed based on the weighted-average number of shares of common stock outstanding during the reporting period. Diluted earnings per share of common stock is computed based on the combination of dilutive shares of common stock equivalents, comprised of shares issuable under the Company's stock-based compensation plans and the weighted-average number of shares of common stock outstanding during the reporting period. Dilutive shares of common stock equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method (see Note 19). Recently Issued or Adopted Accounting Pronouncements. The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the FASB. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures ("ASU 2023-09"), which requires greater disaggregation of income tax disclosures. ASU 2023-09 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. The Company adopted this guidance on a prospective basis for annual disclosures for the fiscal year ended March 28, 2026. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. 2. Revenue from Contracts with Customers Revenue is recognized when a good or service is transferred to a customer. A good or service is transferred when, or as, the customer obtains control of that good or service. Revenue is based on the consideration expected to be received in connection with our promises to deliver goods and services to the customers. Site Improvements on Retail Sales. We recognize sales of subcontracted ancillary services, such as preparation of the home site or other exterior enhancements. Such services are provided as a convenience to the customer. As we are involved in the selection of subcontractors and ultimately responsible for execution of these services, under FASB ASC 606, Revenue from Contracts with Customers , we recognize the sale of these ancillary services on a gross basis. The revenues associated with these programs for fiscal years 2026, 2025 and 2024 were $ 85.2 million, $ 65.0 million and $ 57.6 million, respectively. Additional Items . Expected consideration, and therefore revenue, reflects reductions for returns, allowances and other incentives, some of which may be contingent on future events. Additionally, our volume rebates are accrued at the time of sale and are recorded as a reduction of Net revenue. F-14 Table of Contents In customer contracts for retail sales of manufactured homes, consideration includes certain state and local excise taxes billed to customers when those taxes are levied directly upon us by the taxing authorities. Expected consideration excludes sales and other taxes collected on behalf of taxing authorities. We elect to treat consideration for freight performed as a fulfillment activity. Therefore, Net revenue includes consideration for freight and other fulfillment activities performed prior to the customer obtaining control of the goods. Practical Expedients and Exemptions. We generally expense sales commissions when incurred because the amortization period would be one-year or less. These costs are recorded within Selling, general and administrative expenses. In addition, we do not disclose the value of unsatisfied performance obligations for contracts with an expected length of one-year or less. Disaggregation of Revenue . The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands). All revenue from customers is recognized at a point in time, either when the customer takes delivery or when a third-party insurance contract is executed, as more fully discussed above. March 28, 2026 March 29, 2025 March 30, 2024 Factory-built housing Home sales $ 2,056,823 $ 1,838,371 $ 1,631,650 Delivery, setup and other revenues 100,533 94,740 84,957 2,157,356 1,933,111 1,716,607 Financial services Insurance agency commissions received from third-party insurance companies 6,628 5,179 4,258 All other sources 80,521 77,168 73,927 87,149 82,347 78,185 $ 2,244,505 $ 2,015,458 $ 1,794,792 3. Restricted Cash Restricted cash consisted of the following (in thousands): March 28, 2026 March 29, 2025 Cash related to CountryPlace customer payments to be remitted to third parties $ 15,169 $ 14,923 Other restricted cash 5,722 4,197 20,891 19,120 Less current portion ( 20,306 ) ( 18,535 ) $ 585 $ 585 Corresponding amounts for customer payments to be remitted to third parties are recorded in Accounts payable. 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): March 28, 2026 March 29, 2025 March 30, 2024 Cash and cash equivalents $ 236,721 $ 356,225 $ 352,687 Restricted cash 20,891 19,120 16,066 $ 257,612 $ 375,345 $ 368,753 F-15 Table of Contents 4. Investments Investments consisted of the following (in thousands): March 28, 2026 March 29, 2025 Available-for-sale debt securities $ 34,141 $ 21,415 Marketable equity securities 14,634 11,425 Non-marketable equity investments 5,609 5,069 54,384 37,909 Less short-term investments ( 16,233 ) ( 19,842 ) $ 38,151 $ 18,067 Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. Our non-marketable equity investments include investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities and other distribution operations. We record investments in fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in AOCI. 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): March 28, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Residential mortgage-backed securities $ 14,076 $ 69 $ ( 81 ) $ 14,064 State and political subdivision debt securities 9,225 66 ( 27 ) 9,264 Corporate debt securities 10,803 53 ( 43 ) 10,813 $ 34,104 $ 188 $ ( 151 ) $ 34,141 March 29, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Residential mortgage-backed securities $ 4,122 $ 19 $ ( 21 ) $ 4,120 State and political subdivision debt securities 6,955 39 ( 18 ) 6,976 Corporate debt securities 10,326 38 ( 45 ) 10,319 $ 21,403 $ 96 $ ( 84 ) $ 21,415 F-16 Table of Contents The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands): March 28, 2026 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Residential mortgage-backed securities $ 6,577 $ ( 79 ) $ 349 $ ( 2 ) $ 6,926 $ ( 81 ) State and political subdivision debt securities 3,616 ( 27 ) — — 3,616 ( 27 ) Corporate debt securities 4,671 ( 40 ) 348 ( 3 ) 5,019 ( 43 ) $ 14,864 $ ( 146 ) $ 697 $ ( 5 ) $ 15,561 $ ( 151 ) March 29, 2025 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Residential mortgage-backed securities $ 473 $ ( 2 ) $ 1,036 $ ( 19 ) $ 1,509 $ ( 21 ) State and political subdivision debt securities — — 1,633 ( 18 ) 1,633 ( 18 ) Corporate debt securities — — 4,431 ( 45 ) 4,431 ( 45 ) $ 473 $ ( 2 ) $ 7,100 $ ( 82 ) $ 7,573 $ ( 84 ) We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of March 28, 2026. Further, we do not intend to, and it is more likely than not that we will not be required to, sell the investments before recovery of their amortized cost. The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. March 28, 2026 Amortized Cost Fair Value Due in less than one year $ 1,242 $ 1,242 Due after one year through five years 9,976 10,031 Due after five years through ten years 3,391 3,383 Due after ten years 5,419 5,421 Mortgage-backed securities 14,076 14,064 $ 34,104 $ 34,141 We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities in fiscal years 2026, 2025 or 2024. F-17 Table of Contents We recognize unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. See Note 1 for further discussion. Net investment gains and losses on marketable equity securities for fiscal years 2026, 2025 and 2024 were as follows (in thousands): Year Ended March 28, 2026 March 29, 2025 March 30, 2024 Marketable equity securities: Net gains (losses) recognized during the period $ 1,365 $ ( 1,000 ) $ 1,869 Less: Net (gains) recognized on securities sold during the period ( 468 ) ( 1,175 ) ( 348 ) Unrealized gains (losses) recognized during the period on securities still held $ 897 $ ( 2,175 ) $ 1,521 5. Inventories Inventories consisted of the following (in thousands): March 28, 2026 March 29, 2025 Raw materials $ 87,180 $ 79,098 Work in process 34,968 29,808 Finished goods 173,523 143,789 $ 295,671 $ 252,695 6. Consumer Loans Receivable, Net The following table summarizes consumer loans receivable (in thousands): March 28, 2026 March 29, 2025 Loans held for investment, previously securitized $ 13,265 $ 13,775 Loans held for investment 11,437 12,196 Loans held for sale 12,622 27,981 Construction advances 2,245 4,210 39,569 58,162 Deferred financing fees and other, net ( 601 ) ( 686 ) Allowance for loan losses ( 787 ) ( 939 ) 38,181 56,537 Less current portion ( 19,207 ) ( 35,852 ) $ 18,974 $ 20,685 F-18 Table of Contents The allowance for loan losses reflects our judgment of the probable loss exposure on loans held for investment. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): March 28, 2026 March 29, 2025 Allowance for loan losses at beginning of fiscal year $ 939 $ 1,066 Change in estimated loan losses, net ( 152 ) ( 103 ) Charge-offs — ( 24 ) Allowance for loan losses at end of fiscal year $ 787 $ 939 The consumer loans held for investment had the following characteristics: March 28, 2026 March 29, 2025 Weighted average contractual interest rate 7.4 % 7.9 % Weighted average effective interest rate 8.9 % 10.3 % Weighted average months to maturity 212 221 The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable, net (in thousands): March 28, 2026 March 29, 2025 Current $ 37,792 $ 56,401 31 to 60 days 826 1,082 61 to 90 days — 4 91+ days 951 675 $ 39,569 $ 58,162 The following table disaggregates gross consumer loans receivable, net by credit quality indicator at loan inception and fiscal year of origination (in thousands): March 28, 2026 2026 2025 2024 2023 2022 Prior Total Prime- FICO score 680 and greater $ 9,750 $ 1,353 $ 1,859 $ 318 $ 39 $ 11,725 $ 25,044 Near Prime- FICO score 620-679 2,557 784 261 — — 8,375 11,977 Sub-Prime- FICO score less than 620 61 — — — — 537 598 No FICO score — 64 202 — — 1,684 1,950 $ 12,368 $ 2,201 $ 2,322 $ 318 $ 39 $ 22,321 $ 39,569 F-19 Table of Contents March 29, 2025 2025 2024 2023 2022 2021 Prior Total Prime- FICO score 680 and greater $ 18,133 $ 9,209 $ 323 $ 92 $ 761 $ 13,197 $ 41,715 Near Prime- FICO score 620-679 2,948 1,210 — — 1,026 9,000 14,184 Sub-Prime- FICO score less than 620 537 — — — 17 680 1,234 No FICO score 317 441 — — — 271 1,029 $ 21,935 $ 10,860 $ 323 $ 92 $ 1,804 $ 23,148 $ 58,162 Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of March 28, 2026, 44 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 13 % 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 state had concentrations in excess of 10% of the principal balance of consumer loans receivable as of March 28, 2026 or March 29, 2025. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home l ess the estimated costs to sell. At repossession, the fair value of the collateral is determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $ 0.9 million as of March 28, 2026 and $ 0.2 million as of March 29, 2025 , and are included in Pre paid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $ 0.7 million and $ 0.5 million as of March 28, 2026 and March 29, 2025, respectively. 7. Commercial Loans Receivable, Net The commercial loans receivable, net balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers . We also provide loans to independent floor plan lenders that then lend to distributors to finance their inventory purchases. The notes are secured by the homes as collateral and, in some instances, other security. Other terms of direct arrangements vary, depending on the needs of the borrower and the opportunity for the Company. Commercial loans receivable, net consisted of the following (in thousands): March 28, 2026 March 29, 2025 Loans receivable (including from affiliates) $ 116,688 $ 100,297 Allowance for loan losses ( 546 ) ( 361 ) Deferred financing fees, net ( 145 ) ( 190 ) 115,997 99,746 Less current portion of commercial loans receivable (including from affiliates), net ( 56,677 ) ( 46,373 ) $ 59,320 $ 53,373 F-20 Table of Contents The commercial loans receivable, net balance had the following characteristics: March 28, 2026 March 29, 2025 Weighted average contractual interest rate 7.5 % 8.3 % Weighted average months outstanding 9 10 The risk of loss is spread over numerous borrowers. Borrower activity is monitored on a regular basis and contractual arrangements are in place to provide adequate loss mitigation in the event of a default. Historically, we have been able to sell repossessed homes, thereby mitigating loss exposure. If a default occurs and collateral is lost, we are exposed to loss of the full value of the home loan. We evaluate the potential for loss from the commercial loan programs on a collective basis, aggregating similar loans based on their terms. Our evaluation also considers the borrower's risk rating, overall financial stability, historical experience and estimates of other economic factors. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): March 28, 2026 March 29, 2025 Balance at beginning of fiscal year $ 361 $ 781 Change in estimated loan losses, net 185 ( 420 ) Balance at end of fiscal year $ 546 $ 361 Loans are subject to regular review and are given management's attention whenever a problem situation appears to be developing. Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. Our policy is to place loans on nonaccrual status when interest is past due and remains unpaid 90 days or more or when there is a clear indication that the borrower is unable or unwilling to make payments as they become due. We will resume accrual of interest once these factors have been remedied. Payments received on non-accrual loans are recorded on a cash basis, first to interest and then to principal, and charge-offs occur when it becomes probable that outstanding amounts will not be recovered. At March 28, 2026, 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. The following table disaggregates our commercial loans receivable, net by credit quality indicator and fiscal year of origination (in thousands): March 28, 2026 2026 2025 2024 2023 2022 Total Performing $ 84,177 $ 20,123 $ 10,720 $ 1,071 $ 597 $ 116,688 March 29, 2025 2025 2024 2023 2022 2021 Total Performing $ 66,843 $ 24,215 $ 7,006 $ 1,014 $ 1,219 $ 100,297 F-21 Table of Contents As of March 28, 2026 approximately 14 % of our outstanding commercial loans receivable principal balance was concentrated in Arizona, 12 % in each of California and New York, and 11 % North Carolina and New York. As of March 29, 2025 approximately 17 % was concentrated in New York and 16.0 % in California. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of March 28, 2026 or March 29, 2025. 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 March 28, 2026 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. 8. Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following (in thousands): March 28, 2026 March 29, 2025 Property, plant and equipment, at cost: Buildings and improvements $ 206,185 $ 173,769 Machinery and equipment 108,314 91,232 Land 55,569 39,829 Construction in progress 21,653 16,117 391,721 320,947 Accumulated depreciation ( 112,831 ) ( 93,327 ) $ 278,890 $ 227,620 Depreciation expense was $ 21.1 million in fiscal year 2026, $ 17.7 million in fiscal year 2025 and $ 17.0 million in fiscal year 2024. Included in the balances above are certain assets under finance leases. See Note 9 for additional information. 9. Leases We lease certain production and retail locations, office space and equipment. We determine if a contract or arrangement is, or contains, a lease at inception. Lease agreements with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term by one to three years or more. Generally, the exercise of lease renewal options is at our discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option that we are reasonably certain to exercise. Certain of our lease agreements include rental payments adjusted periodically for inflation. These lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right of Use ("ROU") assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments in accordance with the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since our leases do not provide a readily determinable implicit interest rate, we estimate an incremental borrowing rate. In determining the estimated incremental borrowing rate, we consider the lease period and comparable market interest rates, as well as any other information available at the lease commencement date. The lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise such options. F-22 Table of Contents The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of March 28, 2026 and March 29, 2025 (in thousands): Classification March 28, 2026 March 29, 2025 ROU assets Operating lease assets Operating lease right-of-use assets $ 33,578 $ 35,576 Finance lease assets Property, plant and equipment, net (1) 5,960 5,738 Total lease assets $ 39,538 $ 41,314 Lease Liabilities Current: Operating lease liabilities Accrued expenses and other current liabilities $ 4,608 $ 5,925 Finance lease liabilities Accrued expenses and other current liabilities 85 83 Non-current: Operating lease liabilities Operating lease liabilities 30,747 31,538 Finance lease liabilities Other liabilities 5,961 6,003 Total lease liabilities $ 41,401 $ 43,549 (1) Recorded net of accumulated amortization of $ 0.9 million and $ 0.6 million as of March 28, 2026 and March 29, 2025, respectively. The following table provides information about the financial statement classification of our lease expenses reported within the Consolidated Statements of Comprehensive Income for the years ended March 28, 2026, March 29, 2025 and March 30, 2024 (in thousands): Year Ended Lease Expense Category Classification March 28, 2026 March 29, 2025 March 30, 2024 Operating lease expense (2) Cost of sales $ 1,062 $ 1,119 $ 1,119 Selling, general and administrative expenses 6,340 5,037 4,693 Finance lease expense Amortization of leased assets Cost of sales 228 145 175 Interest on lease liabilities Interest expense 280 276 279 Total lease expense $ 7,910 $ 6,577 $ 6,266 (2) Excludes short-term and variable lease expenses, which are immaterial. Cash payments for operating and finance leases were as follows (in thousands): March 28, 2026 March 29, 2025 March 30, 2024 Operating leases $ 7,461 $ 5,648 $ 6,694 Finance leases 356 267 356 F-23 Table of Contents The present value of minimum payments for future fiscal years under non-cancelable leases as of March 28, 2026 was as follows (in thousands): Operating Leases Finance Leases Total 2027 $ 6,418 $ 356 $ 6,774 2028 5,240 356 5,596 2029 4,878 356 5,234 2030 4,517 356 4,873 2031 4,361 356 4,717 Thereafter 19,453 9,518 28,971 44,867 11,298 56,165 Less: Amount representing interest ( 9,512 ) ( 5,252 ) ( 14,764 ) $ 35,355 $ 6,046 $ 41,401 The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of March 28, 2026: Remaining Lease Term (Years) Discount Rate Operating leases 9.0 5.0 % Finance leases 31.0 4.5 % 10. Goodwill and Other Intangibles Goodwill and other intangibles, net, consisted of the following (in thousands): March 28, 2026 March 29, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived: Goodwill $ 208,841 $ — $ 208,841 $ 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 — 1,100 216,961 — 216,961 130,089 — 130,089 Finite lived: Customer relationships 28,300 ( 8,475 ) 19,825 15,000 ( 6,676 ) 8,324 Other 1,114 ( 992 ) 122 1,114 ( 827 ) 287 $ 246,375 $ ( 9,467 ) $ 236,908 $ 146,203 $ ( 7,503 ) $ 138,700 F-24 Table of Contents Changes in the carrying amount of Goodwill were as follows for the years ended March 28, 2026 and March 29, 2025 (in thousands). March 30, 2024 $ 121,934 Acquisitions (1) 35 March 29, 2025 121,969 Acquisitions (1) 86,872 March 28, 2026 $ 208,841 (1) Acquisitions includes any adjustments to Goodwill during the measurement period. The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. At March 28, 2026 and March 29, 2025, the Company had Goodwill of $ 208,841 and $ 121,969 , respectively. The change is due to the acquisition of American Homestar (see Note 23). All Goodwill resides in the factory-built housing segment. At March 28, 2026 there are no accumulated impairment losses related to Goodwill. In the fourth quarter of fiscal year 2025, the Company performed a strategic brand realignment. As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite lived trade name values in that period. Amortization expense recognized on intangible assets was $ 2.0 million during fiscal year 2026, $ 1.5 million during fiscal year 2025 and $ 1.6 million during fiscal year 2024. Customer relationships have a weighted average remaining life of 9.3 years and other finite lived intangibles have a weighted average remaining life of 0.6 years. Expected amortization for future fiscal years is as follows (in thousands): 2027 $ 2,365 2028 2,249 2029 2,215 2030 1,935 2031 1,795 Thereafter 9,388 $ 19,947 F-25 Table of Contents 11. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 28, 2026 March 29, 2025 Customer deposits $ 54,128 $ 46,934 Salaries, wages and benefits 49,819 45,640 Estimated warranties 40,818 33,189 Unearned insurance premiums 33,498 33,863 Accrued volume rebates 25,159 21,208 Accrued self-insurance 13,709 13,094 Insurance loss reserves 9,778 16,201 Other 64,321 55,842 $ 291,230 $ 265,971 12. Warranties Activity in the liability for estimated warranties for fiscal years 2026, 2025 and 2024 was as follows (in thousands): March 28, 2026 March 29, 2025 March 30, 2024 Balance at beginning of fiscal year $ 33,189 $ 31,718 $ 31,368 Purchase accounting additions 2,423 — — Charged to costs and expenses 71,512 52,515 60,219 Payments and deductions ( 66,306 ) ( 51,044 ) ( 59,869 ) Balance at end of fiscal year $ 40,818 $ 33,189 $ 31,718 13. Other Liabilities The following table summarizes secured financings and other obligations (in thousands): March 28, 2026 March 29, 2025 Finance lease liabilities $ 6,046 $ 6,086 Other secured financing 1,388 1,594 7,434 7,680 Less current portion included in Accrued expenses and other current liabilities ( 338 ) ( 321 ) $ 7,096 $ 7,359 F-26 Table of Contents Scheduled maturities for future fiscal years of the Company's obligations consist of the following (in thousands). 2027 $ 338 2028 310 2029 283 2030 261 2031 244 Thereafter 5,998 $ 7,434 Actual payments may vary from those above, resulting from prepayments or other factors. See Note 9 for further discussion of the finance lease obligations. 14. Debt On November 12, 2024, the Company entered into that certain 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. The Revolving Credit Facility matures on November 12, 2029. The Credit Agreement amends and restates the previous credit agreement between the parties entered into on November 22, 2022. Loans under the Revolving Credit Facility will bear interest at a rate equal to (i) the Secured Overnight Financing Rate, plus a credit spread adjustment of 0.10 % (as adjusted, "Term SOFR"), plus the "applicable rate" or (ii) the "base rate" (defined as the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus 0.50 %, and (c) Term SOFR plus 1.00 %) plus the "applicable rate." The applicable rate will be determined in accordance with a pricing grid based on the Company's Consolidated Total Leverage Ratio (as defined in the Credit Agreement) ranging from 1.25 % to 1.50 % per annum for Term SOFR rate loans and from 0.25 % to 0.50 % per annum for base rate loans. In addition, the Company will pay a commitment fee on the unused portion of the Revolving Credit Facility of 0.20 % per annum. 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. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants (including restrictions, subject to customary exceptions, qualifications, and baskets, on the ability of the Company and its subsidiaries to incur additional indebtedness or guarantees of indebtedness, pay dividends or distributions on, redeem, repurchase, or retire capital stock, make investments, loans, advances, or acquisitions, enter into sale and leaseback transactions, engage in transactions with affiliates, create liens, transfer, or sell assets, create restrictions on the payment of dividends or other amounts from their subsidiaries, and consolidate, merge, or transfer all or substantially all of the assets of the Company and its subsidiaries taken as a whole), and events of default (as defined in the Credit Agreement). In addition, the Credit Agreement includes the following financial covenants: (i) as of the end of any fiscal quarter, the Consolidated Total Leverage Ratio (as defined in the Credit Agreement) cannot exceed 3.25 to 1.00 and (ii) a requirement to maintain Consolidated EBITDA (as defined in the Credit Agreement) for any period of four fiscal quarters of at least $ 75 million. As of March 28, 2026, there were no borrowings outstanding under the Revolving Credit Facility or the previous agreement entered into on November 22, 2022 and we were in compliance with all covenants. F-27 Table of Contents 15. Reinsurance and Insurance Loss Reserves Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of our premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide increased capacity to write larger risks while maintaining exposure to loss within our capital resources. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of the assumed reinsurance is with one entity. The effects of reinsurance on premiums written and earned were as follows (in thousands): Year Ended March 28, 2026 March 29, 2025 March 30, 2024 Written Earned Written Earned Written Earned Direct premiums $ 44,304 $ 44,790 $ 46,127 $ 48,761 $ 47,448 $ 39,352 Assumed premiums—nonaffiliated 43,875 43,546 43,534 40,713 37,426 35,630 Ceded premiums—nonaffiliated ( 29,573 ) ( 29,573 ) ( 32,290 ) ( 32,290 ) ( 26,273 ) ( 26,273 ) $ 58,606 $ 58,763 $ 57,371 $ 57,184 $ 58,601 $ 48,709 Typical insurance policies written or assumed are recoverable through reinsurance for catastrophic losses in excess of $ 4.0 million per occurrence, up to a maximum of $ 75.0 million in the aggregate for that occurrence. Purchasing reinsurance contracts mitigates the frequency and/or severity of losses incurred on insurance policies issued, such as in the case of a catastrophe that generates a large number of serious claims on multiple policies at the same time. Under these agreements, we may be required to repurchase and reestablish the reinsurance contracts for the remainder of the year to the extent that they have been utilized. Standard Casualty establishes reserves for claims and claims expense on reported and IBNR claims of non-reinsured losses. The following details the activity in the reserve for fiscal years 2026, 2025 and 2024 (in thousands): March 28, 2026 March 29, 2025 March 30, 2024 Balance at beginning of fiscal year $ 16,201 $ 10,540 $ 10,939 Net incurred losses during the year 31,005 43,410 37,490 Net claim payments during the year ( 37,428 ) ( 37,749 ) ( 37,889 ) Balance at end of fiscal year $ 9,778 $ 16,201 $ 10,540 16. Income Taxes The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. The following details the provision for income taxes for fiscal years 2026, 2025 and 2024 (in thousands): F-28 Table of Contents 2026 2025 2024 Current Federal $ 34,106 $ 37,755 $ 36,023 State 10,166 8,665 8,094 Foreign 155 133 218 44,427 46,553 44,335 Deferred Federal 8,390 ( 6,022 ) ( 2,884 ) State 1,332 ( 497 ) ( 98 ) Foreign — — ( 78 ) 9,722 ( 6,519 ) ( 3,060 ) $ 54,149 $ 40,034 $ 41,275 We adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" on a prospective basis beginning with the year ended March 28, 2026. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our actual effective amount and rate for the year ended March 28, 2026 (in thousands): 2026 Federal income tax at statutory rate $ 51,387 21.0 % State income taxes, net of federal benefit 1 8,674 3.5 Foreign Tax Effects 76 — Effect of Cross-Border Tax Laws (GILTI, FDII, Foreign Tax Credits) ( 84 ) — Tax Credits Home Energy Efficiency Related Tax Credits ( 6,776 ) ( 2.8 ) Other Tax Credits ( 1,743 ) ( 0.7 ) Changes in Valuation Allowances — — Nontaxable or Nondeductible Items Non-Deductible Executive Compensation 3,160 1.3 Other ( 45 ) — Changes in Unrecognized Tax Benefits 107 — Other Adjustments ( 607 ) ( 0.2 ) $ 54,149 22.1 % 1 For the year ended March 28, 2026, the majority of state income taxes were incurred in Texas, California, Arizona, Oregon, Florida, New York, and North Carolina. For the years ended March 29, 2025 and March 30, 2024, prior to the adoption of ASU 2023-09, the principal reconciling items from the U.S. statutory income tax rate to the effective tax rate are as follows (in thousands): 2025 2024 Income tax provision for continuing operations at the expected Federal income tax rate of 21% $ 44,325 $ 41,828 State income taxes, net of federal tax effect 8,630 7,984 Tax Credits ( 12,047 ) ( 6,662 ) Other ( 874 ) ( 1,875 ) $ 40,034 $ 41,275 F-29 Table of Contents The effective income tax rate for the current year was lower compared to the statutory rate primarily due to $ 6.8 million related to the sale of energy efficient homes and Energy Star credits available under the Internal Revenue Code §45L, and $ 1.7 million related to the Research and Development, Solar, and Work Opportunity tax Credits. Compared to fiscal year 2025, the effective income tax rate increased due to a $ 3.7 million reduction in Energy Star credits available in the current year compared to the prior year. The lower effective income tax rate in fiscal year 2025 compared to fiscal year 2024 is due to an increase of $ 5.4 million in Energy Star credits compared to the prior year. We adopted ASU 2023-09 on a prospective basis for the year ended March 28, 2026 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended March 28, 2026 (in thousands). 2026 Federal $ 30,000 State 9,115 Foreign 149 Total net income taxes paid $ 39,264 Net deferred tax assets and liabilities were as follows (in thousands): March 28, 2026 March 29, 2025 Net deferred tax (liabilities) assets Fixed assets and depreciation $ ( 19,347 ) $ ( 13,291 ) Goodwill ( 19,320 ) ( 17,935 ) Warranty reserves 9,776 8,016 Operating lease liability 8,467 6,312 Lease right of use asset ( 8,042 ) ( 5,862 ) Rebates payable 3,847 3,317 Salaries, wages and benefits 3,603 3,592 Inventory 2,390 2,983 Research and experimentation expenditures 564 8,023 Other 3,346 6,698 $ ( 14,716 ) $ 1,853 We periodically evaluate the deferred tax assets based on the requirements established in ASC 740, which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of the need for, or amount of, any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income. At March 28, 2026, we had no state net operating loss carryforwards and no associated valuation allowance. We have evaluated our historical profits earned and forecasted taxable income and determined that all of the deferred tax assets would be utilized in future periods. Ultimate realization of the deferred tax assets depends on our ability to continue to earn profits, as we have historically, and to meet these forecasts in future periods. F-30 Table of Contents Income tax returns are filed in the U.S. federal jurisdiction, in several state jurisdictions, and in Mexico. In general, we are no longer subject to examination by the IRS for years before fiscal year 2023 or state and local income tax examinations by tax authorities for years before fiscal year 2022; however, we have filed refund claims for fiscal 2018 which is currently being processed by the IRS and fiscal 2020 which has been received in the first quarter of fiscal 2027. 17. Commitments and Contingencies Repurchase Contingencies . We are contingently liable under terms of repurchase agreements with financial institutions providing inventory financing to independent distributors of our products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The risk of loss under these agreements is spread over numerous distributors. The price we may be obligated to pay generally declines over the period of the agreement (generally 18 to 24 months, calculated from the date of sale to the distributor) and the risk of loss is further reduced by the resale value of the repurchased homes. The maximum amount for which the Company was liable under such agreements approximated $ 141 million at March 28, 2026, $ 133 million at March 29, 2025 and $ 121 million at March 30, 2024, without reduction for the resale value of the homes. For all of fiscal 2026, we received four demand notices covering 8 homes. The inventory was obtained and resold to other dealers. Our reserve for repurchase commitments was $ 3.9 million at March 28, 2026 and $ 3.3 million at March 29, 2025. Constru ction-Period Mortgages. We fund construction-period mortgages through periodic advances during home construction. At the time of initial funding, we commit to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried at the amount advanced less a valuation allowance, and are included in Consumer loans receivable, net. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): March 28, 2026 March 29, 2025 Construction loan contract amount $ 4,429 $ 12,366 Cumulative advances ( 2,245 ) ( 4,210 ) $ 2,184 $ 8,156 Representations and Warranties of Mortgages Sold . We sell loans to GSEs and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, we provide representations and warranties related to the loans sold or financed. These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, compliance with applicable underwriting standards and accuracy of loan documentation. Representations and warranties may be enforced at any time over the life of the loan. Upon a breach of a representation, we may be required to repurchase the loan or to indemnif y a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obligations. This reserve of $ 0.5 million as of March 28, 2026 and $ 0.6 million as of March 29, 2025, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. We consider a variety of assumptions, including borrower performance, historical repurchase demands, expected future losses and loan default rates to estimate the liability. There were no claim requests that resulted in the repurchase of a loan during the year ended March 28, 2026. In addition, we are subject to minimum net worth requirements and were in compliance for the year ended March 28, 2026. F-31 Table of Contents Interest Rate Lock Commitments . 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. These IRLCs bind us to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As such, outstanding IRLCs are subject to interest rate risk and related loan sale price risk during the period from the date of the IRLC through the earlier of the loan sale date or IRLC expiration date. The lock commitments generally range between 30 and 180 days; however, borrowers are not obligated to close the related loans. As a result, we are subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs unless the commitment is successfully paired with another loan that may mitigate losses from fallout. As of March 28, 2026, we had outstanding IRLCs with a notional amount of $ 71.6 million, which are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815"). The estimated fair value of IRLCs is recorded in Prepaid expenses and other current assets if in a net favorable position, or Accrued expenses and other current liabilities if in a net unfavorable position, in the Consolidated Balance Sheets. The fair value of IRLCs is based on the value of the underlying loan adjusted for: (1) estimated cost to complete and originate the loan and (2) the estimated percentage of IRLCs that will result in closed loans. The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on loans held for sale. During fiscal year 2026 we recognized an insignificant non-cash gain on outstanding IRLCs. During fiscal years 2025 and 2024 we recognized insignificant non-cash losses on outstanding IRLCs. Forward Sales Commitments . We manage the risk profiles of a portion of the outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities and whole loan sale commitments (collectively "Commitments"). As of March 28, 2026, we had $ 6.4 million in outstanding Commitments. Commitments for forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. The estimated fair values of Commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets. During the fiscal year ended March 28, 2026, we recognized an insignificant non-cash gain on Commitments. During the fiscal year ended March 29, 2025, we recognized an insignificant non-cash loss on Commitments. During the fiscal year ended March 30, 2024, we recognized an insignificant non-cash gain on Commitments. Forward Flow Agreement. In the fourth quarter of fiscal year 2026, we entered into a forward flow agreement with a third-party financial institution (the "Purchaser") to support the origination and sale of manufactured housing consumer loans. Subject to the terms of the agreement and following an initial ramp-up period, we have agreed to offer a minimum principal balance of $ 25 million of eligible consumer loans per quarter over a two-year term, unless terminated earlier in accordance with the agreement. Failure to offer the minimum principal balance does allow for termination by the Purchaser; however, we are not subject to monetary penalties or make-whole provisions for such shortfall. Loans offered to this counterparty are expected to be sold shortly after origination, subject to customary conditions. Legal Matters . We are party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods. F-32 Table of Contents 18. Stock-Based Compensation The Company maintains stock-based incentive plans whereby stock option grants or awards of RSUs may be made to certain officers, directors and key employees. In August 2023, our stockholders approved the 2023 Omnibus Equity Incentive Plan (the "Plan"). The Plan supersedes and replaces the Company's 2005 Stock Incentive Plan, as amended (the "2005 Plan"). No further awards will be made pursuant to the 2005 Plan; provided, that the 2005 Plan shall remain in effect until all awards granted under the 2005 Plan have vested or been exercised, forfeited, cancelled, or have otherwise expired or terminated in accordance with the terms of such grants. The Plan permits the award of up to 550,000 shares of the Company's common stock, of which 502,233 shares were still available for grant as of March 28, 2026. The exercise price of stock option awards may not be below 100 % of the fair market value of the Company's common stock at the date of grant. Stock options vest over a defined period as determined by the plan administrator (the Compensation Committee of the Board, which consists of independent directors), but typically is no more than five years and generally expire ten years from the date of grant. Upon option exercise, new shares of the Company's common stock are issued. Service-based RSUs vest over a defined period, typically three years . Performance-based RSUs vest based on the achievement of certain criteria, determined by the plan administrator, over the measurement period which is generally three years . When RSUs vest, unrestricted shares of common stock are issued. The stock incentive plans provide for accelerated vesting of stock option awards and RSUs when the participant is involuntarily terminated upon a change in control (as defined in the plans). We apply the fair value recognition provisions of ASC 718, Compensation - Stock Compensation . Stock compensation expense was approximately $ 12.8 million, $ 8.7 million and $ 6.8 million for fiscal years 2026, 2025 and 2024, respectively. As of March 28, 2026, total unrecognized compensation cost was approximately $ 12.0 million and the related weighted-average period over which it is expected to be recognized is approximately 1.67 years. Stock Options. The following table summarizes stock option activity for fiscal years 2026, 2025 and 2024: Number of Shares Weighted Average Exercise Price per share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at April 1, 2023 143,576 $ 160.40 2.88 $ 22,591 Exercised ( 48,637 ) 145.38 Forfeited, canceled or expired ( 538 ) 183.83 Outstanding at March 30, 2024 94,401 $ 168.00 2.21 $ 21,812 Exercised ( 34,861 ) 183.77 Forfeited, canceled or expired ( 100 ) 183.83 Outstanding at March 29, 2025 59,440 $ 158.73 1.43 $ 21,115 Exercised ( 18,737 ) 166.98 Forfeited, canceled or expired — — Outstanding at March 28, 2026 40,703 $ 154.92 0.55 $ 12,667 Exercisable at March 30, 2024 89,474 $ 167.13 2.15 $ 20,752 Exercisable at March 29, 2025 59,440 $ 158.73 1.43 $ 21,115 Exercisable at March 28, 2026 40,703 $ 154.92 0.55 $ 12,667 There were no grants of stock options in fiscal years 2026, 2025 or 2024. The total intrinsic value of options exercised during fiscal years 2026, 2025 and 2024 was $ 6.7 million, $ 10.1 million and $ 7.8 million, respectively. F-33 Table of Contents Restricted Stock Awards. A summary of RSU activity for fiscal years 2026, 2025 and 2024 is as follows: Number of Service-based units Weighted Average Grant Date Fair Value per share Outstanding at April 1, 2023 28,868 $ 225.35 Awarded 17,511 294.06 Released ( 12,541 ) 231.7 Forfeited ( 1,254 ) 250.71 Outstanding at March 30, 2024 32,584 258.85 Awarded 14,791 381.35 Released ( 16,314 ) 260.81 Forfeited ( 440 ) 342.62 Outstanding at March 29, 2025 30,621 315.85 Awarded 12,038 470.66 Released ( 15,088 ) 305.71 Forfeited ( 576 ) 354.53 Outstanding at March 28, 2026 26,995 $ 389.86 F-34 Table of Contents The total intrinsic value of RSUs released during fiscal years 2026, 2025 and 2024 was $ 7.0 million, $ 8.4 million and $ 3.6 million, respectively. Number of Performance-based units Weighted Average Grant Date Fair Value per share Outstanding at April 1, 2023 25,451 $ 202.00 Awarded 12,125 295.01 Additional shares granted by performance 1,658 167.84 Released ( 6,988 ) 167.95 Forfeited ( 2,128 ) 220.67 Outstanding at March 30, 2024 30,118 $ 244.15 Awarded 13,514 360.07 Additional shares granted by performance 1,940 149.27 Released ( 8,627 ) 194.38 Forfeited ( 817 ) 166.08 Outstanding at March 29, 2025 36,128 $ 292.98 Awarded 9,353 519.71 Additional shares granted by performance 7,458 519.77 Released ( 17,312 ) 209.86 Forfeited ( 1,639 ) 234.06 Outstanding at March 28, 2026 33,988 $ 382.32 Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2026 11,698 Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2027 12,938 Unvested target performance-based RSUs that may vest based upon performance conditions through fiscal year 2028 9,352 Grants of performance-based RSUs are shown in the table above at the target amount in the year of the award. Additional shares awarded based upon achievement above target specified performance criteria are shown in the table above when they vest, which is generally in the first quarter of the fiscal year following the performance year. Cancellations of target awards based upon achievement below target specified performance criteria are shown in the table above in the period they are canceled, which is generally in the first quarter of the fiscal year following the performance year. The total intrinsic value of performance based RSUs released during fiscal years 2026, 2025 and 2024 was $ 9.0 million, $ 0.9 million and $ 2.1 million respectively. Actual performance exceeded the target established for the three-year performance-based RSUs granted in fiscal year 2024. As a result, in the first quarter of fiscal year 2027, 10,794 performance-based RSUs vested and were released, in addition to the unvested target performance-based RSUs shown in the table above. F-35 Table of Contents 19. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2026, 2025 and 2024 (dollars in thousands, except per share amounts): Fiscal Year 2026 2025 2024 Net income attributable to Cavco common stockholders $ 190,551 $ 171,036 $ 157,817 Weighted average shares outstanding: Basic 7,853,251 8,157,615 8,506,673 Effect of dilutive securities 92,798 102,341 85,238 Diluted 7,946,049 8,259,956 8,591,911 Net income per share attributable to Cavco common stockholders Basic $ 24.26 $ 20.97 $ 18.55 Diluted $ 23.98 $ 20.71 $ 18.37 Anti-dilutive common stock equivalents excluded — 206 44 Outstanding RSUs excluded, as underlying performance criteria has not yet been met 33,988 36,128 30,118 20. Fair Value Measurements The book value and estimated fair value of certain financial instruments were as follows (in thousands): March 28, 2026 March 29, 2025 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale debt securities (1) $ 34,141 $ 34,141 $ 21,415 $ 21,415 Marketable equity securities (2) 14,634 14,634 11,425 11,425 Non-marketable equity investments (3) 5,609 5,609 5,069 5,069 Consumer loans receivable (4) (5) 38,181 43,264 56,537 59,365 Commercial loans receivable (5) 115,997 96,598 99,746 89,216 Other secured financing (6) ( 1,388 ) ( 1,376 ) ( 1,594 ) ( 1,569 ) (1) Level 2: The fair value is based on observable market prices for identical securities. When observable market prices for identical securities are not available, we price our marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. (2) Level 1: The fair value is based on quoted market prices. (3) Level 3: The fair value approximates book value based on the non-marketable nature of the investments. (4) Level 3: Includes consumer loans receivable held for investment, held for sale and construction advances. (5) Level 3: The fair value is estimated using market interest rates of comparable loans. (6) L evel 2: The fair value is based on the discounted value of the expected remaining principal and interest cash flows. F-36 Table of Contents Consumer loans held for investment are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan credit quality and performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. For consumer loans, the discount rate used is 7.73 %. This is based on SOFR (Level 1) plus a spread we expect market participants would require (Level 3). A 1% increase to the discount rate would reduce the fair value of consumer loans by $ 0.5 million. Commercial loans are measured using Level 3 inputs that are calculated using estimated discounted future cash flows from the evaluation of loan performance history to determine expected prepayments and defaults on the portfolio, discounted with rates considered to reflect current market conditions. The discount rate used to calculate the fair value of commercial loans is 5.50 %. This is based on the Prime Rate (Level 1) plus a spread seen in similar transactions (Level 2). A 1% increase to the discount rate would reduce the fair value of commercial loans by $ 1.0 million. Loans held for sale are measured at the lower of cost or fair value, less costs to sell, using inputs that consist of quoted market prices for mortgage-backed securities or investor purchase commitments for similar types of loan commitments on hand from investors. The cost of loans held for sale was lower than the fair value as of March 28, 2026. Mortgage Servicing . Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are recorded at fair value in Prepaid expenses and other current assets in the Consolidated Balance Sheets based on the present value of the expected future cash flows related to servicing these loans. March 28, 2026 March 29, 2025 Number of loans serviced with MSRs 3,487 3,647 Weighted average servicing fee (basis points) 33.83 34.74 Capitalized servicing multiple 176.44 % 179.97 % Capitalized servicing rate (basis points) 59.69 62.52 Serviced portfolio with MSRs (in thousands) $ 432,632 $ 451,080 MSRs (in thousands) $ 2,583 $ 2,820 21. Employee Benefit Plans We have self-funded group medical plans which are administered by third-party administrators. The medical plans have reinsurance coverage limiting liability for general individual employee loss to a maximum of $ 0.5 million. Incurred claims identified under the third-party administrator's incident reporting system and IBNR claims are accrued based on estimates that incorporate claim experience, as well as other considerations such as the nature of each claim or incident, relevant trend factors and advice from consulting actuaries when necessary. Medical claims expense were $ 44.4 million, $ 41.5 million and $ 32.9 million for fiscal years 2026, 2025 and 2024, respectively. We sponsor an employee savings plan (the "401k Plan") that is intended to provide participating employees with additional income upon retirement. Employees may contribute their eligible compensation up to federal limits to the 401k Plan. The Company match is discretionary and may be up to 50 % of the first 5 % of eligible compensation contributed by employees. For calendar year 2025, the Company match was 30 % of the first 5 % of eligible compensation contributed by employees. Employees are eligible to participate on the first of the month following 90 days of service and employer matching contributions are vested progressively over 4 years. Employer matching contribution expense was $ 4.0 million in fiscal year 2026, $ 3.7 million in fiscal year 2025 and $ 3.4 million in fiscal year 2024. F-37 Table of Contents Certain manufacturing facilities of The Commodore Corporation ("Commodore") participate in the IAM National Pension Fund, a multiemployer defined benefit plan. Participation in this plan is available to all hourly employees who are members of the participating collective bargaining unit. Beginning January 1, 2022, we contribute to the plan a specified amount per hour worked for each eligible employee. Benefits under this plan are based on a fixed monthly benefit rate per year of credited service. The risks of participating in this multiemployer plan differ from single-employer plans. The potential risks include, but are not limited to, the use of the Company's contributions to provide benefits to employees of other participating employers, the Company becoming obligated for other participating employers' unfunded obligations and, upon the Company's withdrawal from the plan, the Company being required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company's participation in multiemployer plans for the fiscal year ended March 28, 2026 is outlined in the table below, with the following information: • The Employer Identification Number is 51-6031295 and the three-digit plan number assigned to a plan by the Internal Revenue Service is 002. • The most recent Pension Protection Act Zone Status available is for plan years that ended in calendar years 2025 and 2024, based on information provided to the Company by the plan. A plan in the "red" zone has been determined to be in "critical status," based on criteria established under the Internal Revenue Code ("Code"), and is generally less than 65% funded. • The "RP Status Pending/Implemented" column indicates whether a Rehabilitation Plan ("RP") for plans in the "red" zone, as required by the Code, is pending or has been implemented by the plan as of the end of the plan year that ended in calendar year 2025. • The "Surcharge Imposed" column indicates whether the Company contribution rate for its fiscal year that ended on March 28, 2026 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement ("CBA"), as imposed by a plan in "critical status," in accordance with the requirements of the Code. Pension Protection Act Zone Status RP Status Pending / Implemented Contributions by the Company by fiscal year (in thousands) Expiration Date of CBAs Pension Fund 2026 2025 2026 2025 2024 Surcharge Imposed IAM National Pension Fund Red Red Implemented $ 1,597 $ 1,430 $ 1,364 Yes (1) (1) The expiration date of the CBA for the Pennwest manufacturing facility is February 2027, and the expiration date of the CBA for the Clarion and Colony manufacturing facilities is April 2029. 22. Related Party Transactions We have non-marketable equity investments in other distribution operations outside of Company-owned retail stores. In the ordinary course of business, we sell homes and lend to certain of these operations through our commercial lending programs. For the fiscal years ended March 28, 2026 , March 29, 2025 and March 30, 2024, the total amount of sales to related parties was $ 55.5 million , $ 54.3 million and $ 54.9 million, respectively. As of March 28, 2026, receivables from related parties included $ 1.1 million of accounts receivable and $ 5.4 million of commercial loans outstanding. As of March 29, 2025, receivables from related parties included $ 7.0 million of accounts receivable and $ 7.6 million of commercial loans outstanding. F-38 Table of Contents 23. Acquisitions 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 $ 181.3 million paid with cash on hand. 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 Acqu isition Date (in thousands). The purchase accounting is provisional and certain estimated fair values for Accounts payable and accrued expenses and Deferred income taxes 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. During the three months ended March 28, 2026, we made certain adjustments to the assets and liabilities based on information that became available. September 29, 2025 Adjustments September 29, 2025 (as Adjusted at March 28, 2026) Cash $ 8,484 $ — $ 8,484 Accounts receivable 5,310 — 5,310 Other current assets 2,574 238 2,812 Inventories 47,855 — 47,855 Property, plant and equipment 37,160 ( 49 ) 37,111 Consumer loans receivable 1,870 — 1,870 Operating lease right-of-use asset 2,952 ( 459 ) 2,493 Intangible assets (1) 13,300 — 13,300 Total identifiable assets acquired 119,505 ( 270 ) 119,235 Accounts payable and accrued liabilities 16,757 ( 1,225 ) 15,532 Operating lease liability 2,952 ( 459 ) 2,493 Deferred tax liability 5,700 1,114 6,814 Net identifiable assets acquired 94,096 300 94,396 Goodwill (2)(3) 85,834 1,038 86,872 Net assets acquired $ 179,930 $ 1,338 $ 181,268 (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. Fair value was derived from an income approach, specifically a multi-period excess earnings method, which incorporates assumptions including customer attrition rates, projected revenues, and discount rates. (2) Attributable to the Factory-built housing segment and not deductible for income tax purposes. (3) Change in Goodwill due to Adjustments to Net identifiable assets acquired and an increase in purchase price of $ 1.3 million due to finalization of closing adjustments. F-39 Table of Contents 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 $ 91.3 million and Net income of $ 5.2 million for the year ended March 28, 2026. 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): Year Ended March 28, 2026 March 29, 2025 Net revenue $ 2,344,778 $ 2,197,427 Net income 196,834 183,713 Diluted net income per share 24.77 22.24 Fiscal Year 2024 Kentucky Dream Homes Acquisition On November 15, 2023, the Company acquired certain assets and assumed certain liabilities of Kentucky Dream Homes, LLC ("KDH"), a manufactured home retailer with locations in Kentucky and Florida for total consideratio n of $ 23.3 million, which includes $ 5.4 million non-cash commercial loan forgiveness. Th e remaining $ 17.9 million was paid with cash on hand. The business is included in the factory-built housing reportable business segment. The fair value of the assets acquired and liabilities assumed included $ 23.5 million of inventory, $ 4.4 million of goodwill and certain other assets and liabilities. We have included the financial results in our Consolidated Financial Statements from the date of acquisition. Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our Consolidated Financial Statements for the periods presented. 24. Segment Information We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. The factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands): Year Ended March 28, 2026 Factory-built housing Financial services Consolidated Net revenue $ 2,157,356 $ 87,149 $ 2,244,505 Cost of sales 1,681,026 36,592 1,717,618 Gross profit 476,330 50,557 526,887 F-40 Table of Contents Selling, general and administrative expenses 271,081 27,237 298,318 Income from operations 205,249 23,320 228,569 Interest income 16,336 1 16,337 Interest expense ( 541 ) — ( 541 ) Other income, net 334 1 335 Income before income taxes 221,380 23,320 244,700 Income tax expense ( 49,693 ) ( 4,456 ) ( 54,149 ) Net Income $ 171,687 $ 18,864 $ 190,551 Year Ended March 28, 2026 Factory-built housing Financial services Consolidated Depreciation $ 20,859 $ 220 $ 21,079 Amortization $ 1,938 $ 25 $ 1,963 Capital expenditures $ 35,299 $ 107 $ 35,406 Year Ended March 29, 2025 Factory-built housing Financial services Consolidated Net revenue $ 1,933,111 $ 82,347 $ 2,015,458 Cost of sales 1,491,314 58,553 1,549,867 Gross profit 441,797 23,794 465,591 Selling, general and administrative expenses 253,027 22,288 275,315 Income from operations 188,770 1,506 190,276 Interest income 21,089 — 21,089 Interest expense ( 517 ) — ( 517 ) Other income, net 222 — 222 Income before income taxes 209,564 1,506 211,070 Income tax expense ( 39,821 ) ( 213 ) ( 40,034 ) Net Income $ 169,743 $ 1,293 $ 171,036 Year Ended March 29, 2025 Factory-built housing Financial services Consolidated Depreciation $ 17,475 $ 254 $ 17,729 Amortization $ 1,505 $ 25 $ 1,530 Capital expenditures $ 21,336 $ 91 $ 21,427 Year Ended March 30, 2024 Factory-built housing Financial services Consolidated Net revenue $ 1,716,607 $ 78,185 $ 1,794,792 Cost of sales 1,317,688 50,202 1,367,890 Gross profit 398,919 27,983 426,902 F-41 Table of Contents Selling, general and administrative expenses 226,267 21,653 247,920 Income from operations 172,652 6,330 178,982 Interest income 20,998 — 20,998 Interest expense ( 1,649 ) — ( 1,649 ) Other income, net 813 36 849 Income before income taxes 192,814 6,366 199,180 Income tax expense ( 39,749 ) ( 1,526 ) ( 41,275 ) Net Income 153,065 4,840 157,905 Less: net income attributable to redeemable noncontrolling interest 88 — 88 Comprehensive income attributable to Cavco common stockholders $ 152,977 $ 4,840 $ 157,817 Year Ended March 30, 2024 Factory-built housing Financial services Consolidated Depreciation $ 16,754 $ 202 $ 16,956 Amortization $ 1,544 $ 25 $ 1,569 Capital expenditures $ 17,189 $ 232 $ 17,421 March 28, 2026 March 29, 2025 Total assets: Factory-built housing $ 1,235,105 $ 1,191,216 Financial services 256,034 215,429 Consolidated $ 1,491,139 $ 1,406,645 Fiscal Year Ended March 28, 2026 March 29, 2025 March 30, 2024 Gross margin %: Consolidated 23.5 % 23.1 % 23.8 % Factory-built housing 22.1 % 22.9 % 23.2 % Financial services 58.0 % 28.9 % 35.8 % F-42