CVCO

CAVCO INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) June 27, 2026 March 28, 2026 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 243,195 $ 236,721 Restricted cash, current 22,437 20,306 Accounts receivable, net 115,858 108,288 Short-term investments 18,279 16,233 Current portion of consumer loans receivable, net 17,367 19,207 Current portion of commercial loans receivable, net 45,580 54,841 Current portion of commercial loans receivable from affiliates, net 1,634 1,836 Inventories 308,978 295,671 Prepaid expenses and other current assets 63,867 71,630 837,195 824,733 Restricted cash 585 585 Investments 39,652 38,151 Consumer loans receivable, net 18,827 18,974 Commercial loans receivable, net 69,903 55,801 Commercial loans receivable from affiliates, net 3,532 3,519 Property, plant and equipment, net 297,980 278,890 Goodwill 209,241 208,841 Other intangibles, net 27,462 28,067 Operating lease right-of-use assets 37,071 33,578 Total assets $ 1,541,448 $ 1,491,139 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 46,454 $ 44,168 Accrued expenses and other current liabilities 329,208 291,230 Total current liabilities 375,662 335,398 Operating lease liabilities 33,744 30,747 Other liabilities 6,972 7,096 Deferred income taxes 14,674 14,716 Total liabilities 431,052 387,957 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 9,504,933 and 9,474,288 shares, respectively; Outstanding 7,709,359 and 7,738,700 shares, respectively 95 95 Treasury stock, at cost; 1,795,574 and 1,735,588 shares, respectively (616,372) (585,865) Additional paid-in capital 295,773 300,208 Retained earnings 1,430,985 1,388,714 Accumulated other comprehensive (loss) income (85) 30 Total stockholders' equity 1,110,396 1,103,182 Total liabilities and stockholders' equity $ 1,541,448 $ 1,491,139 See accompanying Notes to Consolidated Financial Statements 1 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended June 27, 2026 June 28, 2025 Net revenue $ 609,959 $ 556,857 Cost of sales 475,369 427,351 Gross profit 134,590 129,506 Selling, general and administrative expenses 81,835 69,148 Income from operations 52,755 60,358 Interest income 3,263 5,103 Interest expense (132) (164) Other expense, net (98) — Income before income taxes 55,788 65,297 Income tax expense (13,517) (13,655) Net income $ 42,271 $ 51,642 Comprehensive income Net income $ 42,271 $ 51,642 Reclassification adjustment for securities sold (132) 117 Applicable income tax benefit (expense) 28 (24) Net change in unrealized position of investments held (14) 4 Applicable income tax benefit (expense) 3 (1) Comprehensive income $ 42,156 $ 51,738 Net income per share Basic $ 5.48 $ 6.49 Diluted $ 5.43 $ 6.42 Weighted average shares outstanding Basic 7,707,952 7,953,720 Diluted 7,784,424 8,041,008 See accompanying Notes to Consolidated Financial Statements 2 Table of Contents CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) Three Months Ended June 27, 2026 June 28, 2025 OPERATING ACTIVITIES Net income $ 42,271 $ 51,642 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 6,691 5,169 Provision for credit losses 296 (64) Deferred income taxes (49) 558 Stock-based compensation expense 4,101 3,564 Non-cash interest income, net (252) (239) Loss on sale or retirement of property, plant and equipment, net 268 80 Gain on investments and sale of loans, net (3,045) (1,054) Changes in operating assets and liabilities Accounts receivable (7,570) (10,390) Consumer loans receivable originated (26,886) (15,231) Proceeds from sales of consumer loans receivable 29,031 12,357 Principal payments received on consumer loans receivable 1,338 1,417 Inventories (13,307) (5,373) Prepaid expenses and other current assets 7,432 7,561 Commercial loans receivable originated (43,666) (42,378) Principal payments received on commercial loans receivable 38,630 34,532 Accounts payable, accrued expenses and other liabilities 39,169 13,372 Net cash provided by operating activities 74,452 55,523 INVESTING ACTIVITIES Purchases of property, plant and equipment (25,493) (9,138) Proceeds from sale of property, plant and equipment 49 — Purchases of investments (4,517) (6,438) Proceeds from sale of investments 2,471 7,861 Net cash used in investing activities (27,490) (7,715) FINANCING ACTIVITIES Payments for taxes on stock option exercises and releases of equity awards (8,325) (4,709) Proceeds from exercise of stock options 59 29 Payments on finance leases and other secured financings (91) (49) Payments for common stock repurchases (30,000) (50,000) Net cash used in financing activities (38,357) (54,729) Net increase (decrease) in cash, cash equivalents and restricted cash 8,605 (6,921) Cash, cash equivalents and restricted cash at beginning of the fiscal year 257,612 375,345 Cash, cash equivalents and restricted cash at end of the period $ 266,217 $ 368,424 Supplemental disclosures of cash flow information Cash paid for income taxes $ 1,248 $ 5,419 Cash paid for interest $ 67 $ 68 Supplemental disclosures of noncash activity Change in GNMA loans eligible for repurchase $ (861) $ 563 See accompanying Notes to Consolidated Financial Statements 3 Table of Contents CAVCO INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements (Unaudited), unless otherwise stated. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the interim results for the periods presented. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2026 Annual Report on Form 10-K for the year ended March 28, 2026, filed with the SEC ("Form 10-K"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the Consolidated Financial Statements. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31st 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 March 31st. The current fiscal year will end on April 3, 2027 and will include 53 weeks. On September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, 19 wholly-owned retail locations and financial service operations. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 19. For a description of significant accounting policies used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K. 2. Recent Accounting Pronouncements 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. 4 Table of Contents 3. 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 4. Cash and Cash Equivalents and Restricted Cash 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): June 27, 2026 March 28, 2026 Cash and cash equivalents $ 243,195 $ 236,721 Restricted cash, current 22,437 20,306 Restricted cash 585 585 $ 266,217 $ 257,612 5. Investments Investments consisted of the following (in thousands): June 27, 2026 March 28, 2026 Available-for-sale debt securities $ 36,055 $ 34,141 Marketable equity securities 16,285 14,634 Non-marketable equity investments 5,591 5,609 57,931 54,384 Less short-term investments (18,279) (16,233) $ 39,652 $ 38,151 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): 5 Table of Contents June 27, 2026 March 28, 2026 Amortized Cost Fair Value Amortized Cost Fair Value Residential mortgage-backed securities $ 15,446 $ 15,364 $ 14,076 $ 14,064 State and political subdivision debt securities 10,008 9,989 9,225 9,264 Corporate debt securities 10,709 10,702 10,803 10,813 $ 36,163 $ 36,055 $ 34,104 $ 34,141 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 may differ from contractual maturities as borrowers at times have the right to call or prepay obligations, with or without penalties. June 27, 2026 Amortized Cost Fair Value Due in less than one year $ 1,640 $ 1,641 Due after one year through five years 10,109 10,099 Due after five years through ten years 2,767 2,758 Due after ten years 6,201 6,193 Mortgage-backed securities 15,446 15,364 $ 36,163 $ 36,055 Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Marketable equity securities Net gain recognized during the period $ 1,600 $ 599 Less: Net loss recognized on securities sold during the period 277 56 Unrealized gain recognized during the period on securities still held $ 1,877 $ 655 6. Inventories Inventories consisted of the following (in thousands): June 27, 2026 March 28, 2026 Raw materials $ 91,817 $ 87,180 Work in process 35,245 34,968 Finished goods 181,916 173,523 $ 308,978 $ 295,671 6 Table of Contents 7. Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands): June 27, 2026 March 28, 2026 Loans held for investment, previously securitized $ 10,021 $ 13,265 Loans held for investment 13,095 11,437 Loans held for sale 12,721 12,622 Construction advances 1,668 2,245 37,505 39,569 Deferred financing fees and other, net (592) (601) Allowance for loan losses (719) (787) 36,194 38,181 Less current portion (17,367) (19,207) $ 18,827 $ 18,974 The consumer loans held for investment had the following characteristics: June 27, 2026 March 28, 2026 Weighted average contractual interest rate 7.3 % 7.4 % Weighted average effective interest rate 7.9 % 8.9 % Weighted average months to maturity 206 212 The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands): June 27, 2026 March 28, 2026 Current $ 35,490 $ 37,792 31 to 60 days 221 826 61 to 90 days 279 — 91+ days 1,515 951 $ 37,505 $ 39,569 7 Table of Contents The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): June 27, 2026 2027 2026 2025 2024 2023 Prior Total Prime- FICO score 680 and greater $ 6,668 $ 1,421 $ 473 $ 1,044 $ 316 $ 11,412 $ 21,334 Near Prime- FICO score 620-679 1,532 869 273 140 — 8,586 11,400 Sub-Prime- FICO score less than 620 — 60 — — — 466 526 No FICO score — — — 202 — 4,043 4,245 $ 8,200 $ 2,350 $ 746 $ 1,386 $ 316 $ 24,507 $ 37,505 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 As of June 27, 2026, 42% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12% was concentrated in Florida. 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. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of June 27, 2026 or March 28, 2026. 8. Commercial Loans Receivable The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers. Commercial loans receivable, net consisted of the following (in thousands): June 27, 2026 March 28, 2026 Loans receivable (including from affiliates) $ 122,016 $ 116,688 Allowance for loan losses (1,217) (546) Deferred financing fees, net (150) (145) 120,649 115,997 Less current portion of commercial loans receivable (including from affiliates), net (47,214) (56,677) $ 73,435 $ 59,320 The commercial loans receivable balance had the following characteristics: June 27, 2026 March 28, 2026 Weighted average contractual interest rate 7.8 % 7.5 % Weighted average months outstanding 10 9 8 Table of Contents The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands): June 27, 2026 2027 2026 2025 2024 2023 Prior Total Performing $ 34,110 $ 60,975 $ 16,034 $ 9,445 $ 917 $ 535 $ 122,016 March 28, 2026 2026 2025 2024 2023 2022 Prior Total Performing $ 84,177 $ 20,123 $ 10,720 $ 1,071 $ 597 $ — $ 116,688 As of June 27, 2026 approximately 13% of our outstanding commercial loans receivable principal balance was concentrated in New York, 12% in Arizona and 11% each in California and North Carolina. 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. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of June 27, 2026 or March 28, 2026. We had concentrations with one independent third-party and its affiliates that equaled 8% and 12% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 27, 2026 and March 28, 2026, respectively. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses. 9. 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. 9 Table of Contents 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 10. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 27, 2026 March 28, 2026 Customer deposits $ 72,957 $ 54,128 Salaries, wages and benefits 49,948 49,819 Estimated warranties 43,322 40,818 Unearned insurance premiums 34,378 33,498 Accrued volume rebates 27,589 25,159 Accrued insurance 14,694 13,709 Insurance loss reserves 10,848 9,778 Other 75,472 64,321 $ 329,208 $ 291,230 11. Warranties Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Balance at beginning of period $ 40,818 $ 33,189 Charged to costs and expenses 20,284 16,625 Payments and deductions (17,780) (15,431) Balance at end of period $ 43,322 $ 34,383 10 Table of Contents 12. Other Liabilities The following table summarizes secured financings and other obligations (in thousands): June 27, 2026 March 28, 2026 Finance lease liabilities $ 6,048 $ 6,046 Other secured financing 1,320 1,388 7,368 7,434 Less current portion included in Accrued expenses and other current liabilities (396) (338) $ 6,972 $ 7,096 13. 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. 14. Reinsurance and Insurance Loss Reserves Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations. The effects of reinsurance on premiums written and earned were as follows (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Written Earned Written Earned Direct premiums $ 10,862 $ 10,956 $ 12,151 $ 11,532 Assumed premiums—nonaffiliated 11,867 10,861 11,482 10,870 Ceded premiums—nonaffiliated (6,905) (6,905) (7,710) (7,710) $ 15,824 $ 14,912 $ 15,923 $ 14,692 11 Table of Contents 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 million in the aggregate for that occurrence. The following details the activity in the incurred but not reported reserve for the three months ended June 27, 2026 and June 28, 2025 (in thousands): Three Months Ended June 27, 2026 June 28, 2025 Balance at beginning of period $ 9,778 $ 16,201 Net incurred losses during the period 10,218 11,103 Net claim payments during the period (9,148) (14,186) Balance at end of period $ 10,848 $ 13,118 15. 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 approximated $134 million and $141 million at June 27, 2026 and March 28, 2026, respectively, without reduction for the estimated resale value of the homes. 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 obligations 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, we 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 months ended June 28, 2025, we recognized insignificant non-cash gains on outstanding IRLCs. Forward Sales Commitments. As of June 27, 2026 and March 28, 2026, we had $4.7 million and $6.4 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively. During the three months ended June 27, 2026, we recognized insignificant non-cash losses on Commitments. During the three months ended June 28, 2025, we recognized insignificant non-cash gains. Legal Matters. We are party to certain 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 on 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. 12 Table of Contents 16. 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 17. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended June 27, 2026 June 28, 2025 Net income $ 42,271 $ 51,642 Weighted average shares outstanding Basic 7,707,952 7,953,720 Effect of dilutive securities 76,472 87,288 Diluted 7,784,424 8,041,008 Net income per share Basic $ 5.48 $ 6.49 Diluted $ 5.43 $ 6.42 Anti-dilutive common stock equivalents excluded — 602 13 Table of Contents 18. 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 14 Table of Contents 19. 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, 2025 (as adjusted) 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 Accounts payable and accrued liabilities (16,757) 825 (15,932) Operating lease liability (2,952) 459 (2,493) Deferred tax liability (5,700) (1,114) (6,814) Total net identifiable assets acquired 94,096 (100) 93,996 Goodwill(2)(3) 85,834 1,438 87,272 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. 15 Table of Contents Pro Forma Impact of American Homestar Acquisition (Unaudited). The following table presents supplemental pro forma information as if the above acquisition had occurred on March 30, 2025 (in thousands, except per share data): June 28, 2025 Three Months Ended Net revenue $ 610,311 Net income 56,396 Diluted net income per share 7.01 20. 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 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): 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 Selling, general and administrative expenses 73,970 7,865 81,835 Income from operations 48,049 4,706 52,755 Interest income 3,263 — 3,263 Interest expense (132) — (132) Other expense, net (98) — (98) Income before income taxes 51,082 4,706 55,788 Income tax expense (12,517) (1,000) (13,517) Net Income $ 38,565 $ 3,706 $ 42,271 16 Table of Contents Three Months Ended June 27, 2026 Factory-built housing Financial services Consolidated Depreciation $ 6,040 $ 46 $ 6,086 Amortization $ 603 $ 2 $ 605 Capital expenditures $ 25,393 $ 100 $ 25,493 Three Months Ended June 28, 2025 Factory-built housing Financial services Consolidated Net revenue $ 535,694 $ 21,163 $ 556,857 Cost of sales 414,850 12,501 427,351 Gross profit 120,844 8,662 129,506 Selling, general and administrative expenses 63,154 5,994 69,148 Income from operations 57,690 2,668 60,358 Interest income 5,103 — 5,103 Interest expense (164) — (164) Income before income taxes 62,629 2,668 65,297 Income tax expense (13,128) (527) (13,655) Net Income $ 49,501 $ 2,141 $ 51,642 Three Months Ended June 28, 2025 Factory-built housing Financial services Consolidated Depreciation $ 4,735 $ 62 $ 4,797 Amortization $ 366 $ 6 $ 372 Capital expenditures $ 9,009 $ — $ 9,009 June 27, 2026 March 28, 2026 Total assets: Factory-built housing $ 1,277,063 $ 1,235,105 Financial services 264,385 256,034 Consolidated $ 1,541,448 $ 1,491,139 17 Table of Contents