Financial Analysis

"Acquisitions Fiscal Year 2026 American Homestar Acquisition On September 29, 2025 (the ""Acquisition Date""), we completed the acquisition of American Homestar, including its two manufacturing facilities, 19 wholly-owned retail locations and financial service operations , 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. The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acquisition Date (in thousands). The purchase accounting is provisional and certain estimated fair values for Accrued liabilities and Deferred tax liability are not yet finalized and are subject to change, which could be significant. We will finalize the amounts recognized as we obtain the information necessary to complete the analysis. We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date (""Measurement Period""). We have made certain Measurement Period adjustments to the assets and liabilities based on information that became available : September 29, 2025 Measurement Period Adjustments September 29, 202 …

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"Commitments and Contingencies Repurchase Contingencies . The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approxim ated $134 million and $141 million at June 27, 2026 and March 28, 2026, respectively, without reduction for the estimated resale value of the home s. Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $7.8 million at June 27, 2026 and $3.9 million at March 28, 2026. Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands): June 27, 2026 March 28, 2026 Construction loan contract amount $ 4,239 $ 4,429 Cumulative advances (1,668) (2,245) $ 2,571 $ 2,184 Representations and Warranties of Mortgages Sold . The reserve for contingent repurchases and indemnification obliga tions was $0.5 million as of June 27, 2026 and March 28, 2026, which is included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the three months ended June 27, 2026 or June 28, 2025 . Interest Rate Lock Commitments (""IRLCs"") . As of June 27, 2026 and March 28, 2026, w e had outstanding IRLCs with a notional amount of $83.0 million and $71.6 million, respectively. For the three months ended June 27, 2026, and the three month …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer, and the guarantors party thereto (the ""Credit Agreement""), providing for a $75 million revolving credit facility (the ""Revolving Credit Facility""), including a $10 million letter of credit sub-facility. The Revolving Credit Facility matures on November 12, 2029. 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 $150 million. As of June 27, 2026 and March 28, 2026, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants."

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The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Factory-built housing Home sales $ 558,863 $ 509,736 Delivery, setup and other revenues 27,109 25,958 585,972 535,694 Financial services Insurance agency commissions received from third-party insurance companies 1,938 1,410 All other sources 22,049 19,753 23,987 21,163 $ 609,959 $ 556,857

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"Fair Value Measurements The book value and estimated fair value of our financial instruments were as follows (in thousands): June 27, 2026 March 28, 2026 Book Value Estimated Fair Value Book Value Estimated Fair Value Available-for-sale debt securities $ 36,055 $ 36,055 $ 34,141 $ 34,141 Marketable equity securities 16,285 16,285 14,634 14,634 Non-marketable equity investments 5,591 5,591 5,609 5,609 Consumer loans receivable 36,194 37,284 38,181 43,264 Commercial loans receivable 120,649 110,411 115,997 96,598 Other secured financing (1,320) (1,303) (1,388) (1,376) See the Form 10-K for more information on the methodologies we use in determining fair value. Mortgage Servicing . Mortgage Servicing Rights (""MSRs"") are recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets. June 27, 2026 March 28, 2026 Number of loans serviced with MSRs 3,436 3,487 Weighted average servicing fee (basis points) 33.74 33.83 Capitalized servicing multiple 188.03 % 176.44 % Capitalized servicing rate (basis points) 63.44 59.69 Serviced portfolio with MSRs (in thousands) $ 425,370 $ 432,632 MSRs (in thousands) $ 2,698 $ 2,583"

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Goodwill and Other Intangibles, net Goodwill and other intangibles, net, consisted of the following (in thousands): June 27, 2026 March 28, 2026 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived Goodwill $ 209,241 $ $ 209,241 $ 208,841 $ $ 208,841 Trademarks and trade names 7,020 7,020 7,020 7,020 State insurance licenses 1,100 1,100 1,100 1,100 217,361 217,361 216,961 216,961 Finite-lived Customer relationships 28,300 (9,043) 19,257 28,300 (8,475) 19,825 Other 1,114 (1,029) 85 1,114 (992) 122 $ 246,775 $ (10,072) $ 236,703 $ 246,375 $ (9,467) $ 236,908 Changes to Goodwill for the three months ended June 27, 2026 were due to an immaterial measurement period adjustment for the American Homestar acquisition. See Note 19, Acquisitions. Amortization expense recognized on intangible assets for the three months ended June 27, 2026 was $0.6 million. Amortization expense recognized on intangible assets for the three months ended June 28, 2025 was $0.4 million. Customer relationships have a weighted average remaining life of 9.1 years and other finite lived intangibles have a weighted average remaining life of 0.4 years. Expected future amortization is as follows (in thousands): Remainder of fiscal year 2027 $ 1,810 Fiscal 2028 2,199 Fiscal 2029 2,215 Fiscal 2030 1,935 Fiscal 2031 1,795 Fiscal 2032 1,795 Thereafter 7,593 $ 19,342 …

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"The Company considers the applicability and impact of all Accounting Standards Updates (""ASUs"") issued by the Financial Accounting Standards Board (""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."

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Revenue from Contracts with Customers The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Factory-built housing Home sales $ 558,863 $ 509,736 Delivery, setup and other revenues 27,109 25,958 585,972 535,694 Financial services Insurance agency commissions received from third-party insurance companies 1,938 1,410 All other sources 22,049 19,753 23,987 21,163 $ 609,959 $ 556,857

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"Business 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 p rofit 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): Three Months Ended June 27, 2026 Factory-built housing Financial services Consolidated Net revenue $ 585,972 $ 23,987 $ 609,959 Cost of sales 463,953 11,416 475,369 Gross profit 122,019 12,571 134,590 S …

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Stockholders' Equity The following tables represent changes in Stockholders' equity during the three months ended June 27, 2026 and June 28, 2025, respectively (dollars in thousands): Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Common Stock Shares Amount Balance, March 28, 2026 9,474,288 $ 95 $ (585,865) $ 300,208 $ 1,388,714 $ 30 $ 1,103,182 Net income 42,271 42,271 Other comprehensive loss, net (115) (115) Net issuance of common stock under stock incentive plans 30,645 (8,536) (8,536) Stock-based compensation 4,101 4,101 Common stock repurchases (30,507) (30,507) Balance, June 27, 2026 9,504,933 $ 95 $ (616,372) $ 295,773 $ 1,430,985 $ (85) $ 1,110,396 Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Common Stock Shares Amount Balance, March 29, 2025 9,436,732 $ 94 $ (424,624) $ 290,940 $ 1,198,163 $ 9 $ 1,064,582 Net income 51,642 51,642 Other comprehensive income, net 96 96 Net issuance of common stock under stock incentive plans 16,631 1 (4,682) (4,681) Stock-based compensation 3,563 3,563 Common stock repurchases (50,369) (50,369) Balance, June 28, 2025 9,453,363 $ 95 $ (474,993) $ 289,821 $ 1,249,805 $ 105 $ 1,064,833 …

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