0001104659-26-057062 | 10-Q | XBRL Viewer

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COMMITMENTS AND CONTINGENCIES - Legal Matters (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
COMMITMENTS AND CONTINGENCIES
Legal reserves	$ 1.0	$ 1.0

NATURE OF OPERATIONS - Share-Based Compensation (Details) - 2018 Incentive Compensation Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
SHARE-BASED COMPENSATION
Number of shares may be issued to employees, directors, consultants and nonemployee service providers in the form of stock options, stock and stock appreciation rights	10,000,000
Contractual life	10 years
Number of shares available for grant	9,200,000
Employee Stock Option
SHARE-BASED COMPENSATION
Exercise price \| $ / shares	$ 19.85
Options outstanding	50,000
Exercisable	0
Unrecognized compensation expense \| $	$ 0.4
Unrecognized compensation expense, recognition period	7 years 8 months 12 days

CONSUMER LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2026

CONSUMER LOANS RECEIVABLE

CONSUMER LOANS RECEIVABLE

3. CONSUMER LOANS RECEIVABLE

Consumer loans receivable result from financing transactions entered into with retail consumers of manufactured homes sold through independent retailers and company-owned retail locations. Consumer loans receivable generally consists of the sales price and any additional financing fees, less the buyer’s down payment. Interest income is recognized monthly per the terms of the financing agreement. The average contractual interest rate per loan was approximately 13.1% for March 31, 2026 and December 31, 2025. Consumer loans receivable have maturities that range from 3 to 30 years.

The Company reviews loan applications in an underwriting process which considers credit history, among other things, to evaluate credit risk of the consumer and determines interest rates on approved loans based on consumer credit score, payment ability and down payment amount.

The Company uses payment history to monitor the credit quality of the consumer loans on an ongoing basis.

The Company may also receive escrow payments for property taxes and insurance included in its consumer loan collections. The liabilities associated with these escrow collections totaled $13.5 million and $13.1 million as of March 31, 2026 and December 31, 2025, respectively, and are included in escrow liability in the accompanying balance sheets.

Allowance for Loan Losses—Consumer Loans Receivable

The allowance for loan losses reflects management’s estimate of losses inherent in the consumer loans that may be uncollectible based upon review and evaluation of the consumer loan portfolio as of the date of the balance sheet. An allowance for loan losses is determined after giving consideration to, among other things, the loan characteristics, including the financial condition of borrowers, the value and liquidity of collateral, delinquency and historical loss experience.

The allowance for loan losses is comprised of two components: the general reserve and specific reserves. The Company’s calculation of the general reserve considers the historical loan default rates and collateral recovery rates for the last three years and any qualitative factors both internal and external to the Company. Specific reserves are determined based on probable losses on specific classified impaired loans.

The Company’s policy is to place a loan on nonaccrual status when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, which generally is when either principal or interest is past due and remains unpaid for more than 90 days. Management implemented this policy based on an analysis of historical data, current performance of loans and the likelihood of recovery once principal or interest payments became delinquent and were aged more than 90 days. Payments received on nonaccrual loans are accounted for on a cash basis, first to interest and then to principal, as long as the remaining book balance of the asset is deemed to be collectible. The accrual of interest resumes when the past due principal or interest payments are brought within 90 days of being current.

Impaired loans are those loans for which it is probable that the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impaired loans, or portions thereof, are charged off when deemed uncollectible. A loan is generally deemed impaired if it is more than 90 days past due on principal or interest, is in bankruptcy proceedings, or is in the process of repossession. A specific reserve is created for impaired loans based on fair value of underlying collateral value, less estimated selling costs. The Company uses various factors to determine the value of the underlying collateral for impaired loans. These factors include: (1) the length of time the unit remained unsold after construction; (2) the amount of time the house was occupied; (3) the cooperation level of the borrowers (for example, loans requiring legal action or extensive field collection efforts may have a reduced value); (4) the physical location of the home; (5) the length of time the borrower has lived in the house without making payments; (6) the size of the home and market conditions; and (7) the experience and expertise of the particular dealer assisting in collection efforts.

Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell. At repossession, the collateral is recorded at the same amount as the principal balance of the loan. The fair value of the collateral is then computed based on the historical recovery rates of previously charged off loans, the loan is charged off and the loss is charged to the allowance for loan losses. At each reporting period, 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 from the consumer loan portfolio totaled $10.6 million and $8.4 million as of March 31, 2026 and December 31, 2025, respectively, and are included in other assets in the accompanying balance sheets.

Consumer loans receivable, net of allowance for loan losses and deferred financing fees, consists of the following (in thousands):


		As of March 31,			As of December 31,			As of December 31,
		2026			2025			2024
Consumer loans receivable		$	204,822		$	203,601		$	177,289
Loan discount and deferred financing fees			(2,300)			(2,379)			(2,490)
Allowance for loan losses			(3,197)			(2,408)			(694)
Consumer loans receivable, net		$	199,325		$	198,814		$	174,105

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


		Three months ended March 31,
		2026			2025
Allowance for loan losses, beginning of period		$	2,408		$	694
Provision for loan losses			942			193
(Charge offs) recoveries			(153)			(75)
Allowance for loan losses, end of period		$	3,197		$	812

A detailed aging of consumer loans receivable that are past due is as follows (in thousands):


	As of March 31,				As of December 31,
	2026		%		2025		%
Total consumer loans receivable	$	204,822	100.0		$	203,601	100.0
Past due consumer loans:
31 - 60 days past due	$	1,681	0.8		$	1,690	0.8
61 - 90 days past due		345	0.2			96	—
91 - 120 days past due		330	0.2			447	0.2
Greater than 120 days past due		2,573	1.3			3,209	1.6
Total past due	$	4,929	2.5		$	5,442	2.6

We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting generally is based on borrower payment activity relative to the contractual terms of the loan. The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026:


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	8,732	$	46,539	$	29,323	$	24,515	$	19,160	$	71,624	$	199,893		97.6
30-90 days past due		—		1,205		416		267		—		138		2,026		1.0
> 90 days past due		—		71		325		89		757		1,661		2,903		1.4
Total	$	8,732	$	47,815	$	30,064	$	24,871	$	19,917	$	73,423	$	204,822		100.00

REVENUE

3 Months Ended

Mar. 31, 2026

REVENUE

REVENUE

2. REVENUE

Product sales primarily consist of sales of manufactured homes to consumers and mobile home parks through various sales channels, which include Direct Sales, Commercial Sales, Inventory Finance Sales, and Retail Store Sales. Direct Sales include homes sold directly to independent retailers or customers that are not financed by the Company and are not sold under an inventory finance arrangement. These types of homes are generally paid for prior to shipment. Commercial Sales include homes sold to mobile home parks under commercial loan programs or paid for upfront. Inventory Finance Sales include sales of homes to independent retailers, or dealers, who then resell the homes to consumers. Retail Store Sales are homes sold through Company-owned retail locations. Inventory Finance Sales and Retail Store Sales of homes may be financed by the Company or a third party, or they may be paid in cash.

Revenue from product sales is recognized when the performance obligation under the terms of a contract with our customer is satisfied, which typically occurs upon delivery and transfer of title of the home, as this depicts when control of the promised good is transferred to our customers.

For inventory financed sales, the independent dealer enters into a financing arrangement with the Company and is required to make monthly interest payments. Interest income is recorded separately in the statement of income. For other financed sales by the Company, the individual customer enters into a sales and financing contract and is required to make a down payment. These financed sales contain a significant financing component and any interest income is recorded separately in the statement of income.

Revenue is measured as the amount of consideration expected to be received in exchange for transferring the homes to the customers. Sales and other similar taxes collected concurrently with revenue-producing activities are excluded from revenue.

The Company made an accounting policy election to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties for a period of twelve months that are a guarantee of the home’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. The Company has elected to use the practical expedient to expense the incremental costs of obtaining a contract if the amortization period of the asset that the Company would have otherwise recognized is one year or less. Warranty costs are included in selling, general, and administrative expenses, in the statements of income. Warranty and contract costs were $0.3 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, total cost of product sales included $1.7 million for both comparison periods consisting of costs relating to subcontracted production for commercial sales, transportation and delivery costs, and certain other costs incurred for retail store and commercial sales.

Other revenue consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income. Consignment fees are charged to independent retailers on a monthly basis for homes held by the independent retailers pursuant to a consignment arrangement until the home is sold to an individual customer. Consignment fees are determined as a percentage of the home’s wholesale price to the independent dealer. Revenue recognition for consignment fees is recognized over time using the output method as it provides a faithful depiction of the Company’s performance toward completion of the performance obligation under the contract and the value transferred to the independent retailer for the time the home is held under consignment. Revenue for commercial leases is recognized as earned monthly over a contractual period of 96 or 120 months. Revenue for service fees and miscellaneous income is recognized at a point in time when the performance obligation is satisfied. Land sales revenue is comprised of sales of land (real property) that was acquired as a result of maintaining or furthering our primary business of producing, selling, and financing manufactured homes. Land sale revenue for the three months ended March 31, 2026 and 2025 were $1.1 million and $0.1 million, respectively.

For the three months ended March 31, 2026, there was one mobile home park (“MHP”) customer that accounted for more than 5.0% of our total product sales. Their MHP sales accounted for $1.4 million or 6.6% of our total product sales. For the three months ended March 31, 2025, there were no MHP customers that accounted for more than 5.0% of our total product sales.

During the three months ended March 31, 2026, the Company received a non-refundable advance deposit of approximately $7.1 million from a single customer in connection with a large order of manufactured homes intended for use as workforce housing. Production of the related units commenced during the first quarter of 2026, however no units had shipped and no revenue had been recognized in respect of the deposit as of March 31, 2026. The deposit is included in customer deposits on the accompanying balance sheet. Deliveries are expected to begin during the second quarter of 2026, and the Company expects to recognize substantially all of the related product sales revenue during the remainder of 2026 upon delivery and transfer of title of the units.

Disaggregation of Revenue. The following table summarizes customer contract revenues disaggregated by the source of the revenue (in thousands):


	Three months ended
	March 31,
	2026			2025
Product sales:
Direct sales	$	2,683		$	1,489
Commercial sales		7,641			6,795
Inventory finance sales		3,525			11,131
Retail store sales		6,053			3,342
Other product sales (1)		1,648			1,533
Total product sales		21,550			24,290
Loan portfolio interest:
Interest - consumer installment notes		6,421			5,655
Interest - MHP notes		4,145			4,223
Interest - dealer finance notes		752			777
Total loan portfolio interest		11,318			10,655
Other revenue		1,498			725
Total net revenue	$	34,366		$	35,670

(1)

Other product sales revenue from ancillary products and services including parts, freight and other services

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

DEALER FINANCED RECEIVABLES - Allowance for loan losses (Details) - Dealer Finance Receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Receivables
Allowance for loan losses, beginning of period	$ 1,718	$ 194
Provision for loan losses	125	6
Allowance for loan losses, end of period	$ 1,843	$ 200

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
INCOME TAXES
Tax expense	$ 2,096	$ 2,452
Effective tax rate (as a percent)	16.10%	19.30%
Federal statutory rate	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 06, 2026
EARNINGS PER SHARE
Value of shares authorized for repurchase				$ 10,000
Shares repurchased (in shares)	30,740	29,385	346,406
Share repurchase price (in dollars per share)	$ 18.63
Payments for repurchase of shares	$ 573	$ 675	$ 7,600
Remaining value of shares to be purchased under share repurchase program	$ 9,400

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) item home	Mar. 31, 2025 USD ($) item	Dec. 31, 2025 USD ($)
Disaggregation of revenue
Incremental costs of obtaining a contract	true
Dealer commission, reimbursed dealer expenses and other similar costs	$ 1,700	$ 1,700
Revenue from land sales	1,100	100
Customer deposits	11,069		$ 1,764
Product sales	21,550	24,290
Selling, general and administrative expenses
Disaggregation of revenue
Warranty and contract costs	$ 300	$ 500
Minimum
Disaggregation of revenue
Term of lease agreement	96 months
Maximum
Disaggregation of revenue
Term of lease agreement	120 months
Manufactured Homes intended for Workforce Customer
Disaggregation of revenue
Customer deposits	$ 7,100
Number of units shipped \| home	0
Product sales	$ 0
Revenue from contract with customer product and service benchmark \| Customer concentration risk
Disaggregation of revenue
Number of customers \| item	1	0
Concentration Risk, Threshold Percentage	5.00%	5.00%
Revenue from contract with customer product and service benchmark \| Customer concentration risk \| Mobile home park customer
Disaggregation of revenue
Product sales	$ 1,400
Concentration risk percentage	6.60%

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Land		$	19,683		$	20,800
Buildings and leasehold improvements			14,772			14,772
Construction in Progress			29,919			28,423
Vehicles			1,594			1,594
Machinery and equipment			7,428			7,393
Furniture and fixtures			338			338
Total			73,734			73,320
Less accumulated depreciation			(13,137)			(12,823)
Total property, plant and equipment		$	60,597		$	60,497

Depreciation expense was $0.4 million for the three months ended March 31, 2026 and 2025, and includes depreciation expense for leased manufactured homes. Depreciation expense also includes $0.3 million and $0.2 million as a component of cost of product sales for the three months ended March 31, 2026 and 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non Rule 10b5-1 Arr Modified Flag	false
Rule 10b5-1 Arr Modified Flag	false

NOTES RECEIVABLE FROM MOBILE HOME PARKS (Tables) - MHP Notes

3 Months Ended

Mar. 31, 2026

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of notes receivable

Notes receivable from mobile home parks, net of allowance for loan losses and deferred financing fees, consisted of the following (in thousands):


	As of March 31,		As of December 31,		As of December 31,
	2026		2025		2024
Outstanding principal balance	$	199,542	$	199,083	$	208,175
Loan discount and deferred financing fees		(1,088)		(1,146)		(1,057)
Allowance for loan losses		(1,460)		(1,399)		(654)
Total	$	196,994	$	196,538	$	206,464

Schedule of allowance for loan losses

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	1,399	$	654
Provision for loan losses		61		122
Allowance for loan losses, end of period	$	1,460	$	776

Schedule of disaggregation of outstanding principal balance of consumer loans receivable

The following table disaggregates the outstanding principal balance of MHP receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026 (in thousands):


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	10,849	$	61,409	$	76,824	$	11,938	$	18,502	$	14,480	$	194,002		97.2
30-90 days past due		—		2,899		589		—		—		—		3,488		1.8
> 90 days past due		—		187		1,729		—		—		136		2,052		1.0
Total	$	10,849	$	64,495	$	79,142	$	11,938	$	18,502	$	14,616	$	199,542		100.0

NATURE OF OPERATIONS - Leased Property - Future minimum lease income (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating leases, future minimum payments receivable
2026	$ 738
2027	919
2028	762
2029	493
2030	148
Thereafter	84
Total	$ 3,144

OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

OTHER ASSETS

Schedule of other assets

Other assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Prepaid rent	$	588	$	588
Repossessed homes		14,655		12,763
Investment in Corpus AmeriCasa		560		560
Total	$	15,803	$	13,911

NATURE OF OPERATIONS - Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable
Credit period	30 days
Allowance for doubtful accounts	$ 1,700	$ 1,500	$ 600
Accounts receivable, net	$ 5,061	$ 5,467	$ 4,000

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Schedule of fair market value and book value of the portfolios

The following table shows the estimated fair market value and book value of our consumer loan portfolio, MHP Notes and other notes, net of allowances, loan discount fees and deferred financing fees (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Consumer loan portfolio, fair value	$	180,144	$	185,985
Consumer loan portfolio, book value		199,325		198,814
Fixed rate MHP Notes, fair value		173,737		182,298
Fixed rate MHP Notes, book value		179,655		186,600
Variable rate MHP Notes, book value		17,340		9,938
Fixed rate other notes, fair value		6,199		5,968
Fixed rate other notes, book value		6,336		6,093
Variable rate other notes, book value		—		—

ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

ACCRUED LIABILITIES

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Warranty reserve		$	1,527		$	1,863
Litigation reserve			1,020			970
Payroll			878			1,768
Portfolio taxes and title			1,696			1,603
Property tax			439			1,123
Dealer rebates			628			919
Sales tax			247			282
Federal and state income taxes			6,860			10,942
Unclaimed Property			2,044			2,015
Other			3,813			3,578
Total accrued liabilities		$	19,152		$	25,063

SUBSEQUENT EVENTS (Details) $ in Millions	Apr. 20, 2026 USD ($)
Subsequent Event
SUBSEQUENT EVENTS
Loss on damages	$ 1.0

NOTES RECEIVABLE FROM MOBILE HOME PARKS

3 Months Ended

Mar. 31, 2026

NOTES RECEIVABLE FROM MOBILE HOME PARKS

NOTES RECEIVABLE FROM MOBILE HOME PARKS

4. NOTES RECEIVABLE FROM MOBILE HOME PARKS

The notes receivable from mobile home parks (“MHP Notes”) relate to manufactured homes sold to mobile home parks and financed through notes receivable. The MHP Notes have varying maturity dates and require monthly principal and interest payments. The interest rate on the MHP Notes can be fixed or variable, and the interest rates range from 4.9% to 17.5%. The average interest rate per loan was approximately 8.2% as of March 31, 2026 and 8.1% as of December 31, 2025, with maturities that range from 1 to 10 years. The collateral underlying the MHP Notes are individual manufactured homes which can be repossessed and resold. The MHP Notes are generally personally guaranteed by borrowers.

As of March 31, 2026, the Company had concentrations of MHP Notes with three independent third parties and their respective affiliates that equated to 24.3%, 11.1%, and 8.7% of the principal balance outstanding, all of which were secured by the manufactured homes. As of December 31, 2025, the Company had concentrations of MHP Notes with three independent third-parties and their respective affiliates that equated to 24.7%, 9.6%, and 7.4% of the principal balance outstanding, all of which were secured by the manufactured homes.

MHP Notes are stated at amounts due from customers, net of allowance for loan losses. The Company determines the allowance by considering several factors, including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance composed of specific and general reserve amounts. As of March 31, 2026 and December 31, 2025, the MHP Notes balance is presented net of unamortized finance fees of $1.0 million and $1.1 million, respectively. The finance fees are amortized over the life of the MHP Notes. As of March 31, 2026, there were past due balances of $0.2 million on MHP Notes. As of December 31, 2025, there were past due balances of $0.6 million on the MHP Notes.

Settlement Agreement

In 2024, the Company and various borrowers and guarantors (the “Makers”) entered into a Settlement Agreement and Release (the “Agreement”) to resolve disputes related to previously existing promissory notes with an aggregate principal balance of approximately $55.0 million, of which approximately $37.0 million had been accelerated following default. As consideration under the Agreement, the Makers conveyed to the Company clear title to the Forest Hollow Mobile Home Community in Beaumont, Texas and the Cleveland Mobile Home Community in Richland, Mississippi, together with related personal property and intangible assets, and the parties executed a new $48.6 million promissory note (the “New Note”) bearing a fixed interest rate of 7.9%, requiring monthly interest-only payments for twenty-four months and maturing in July 2026. The New Note is secured by a first-priority interest in more than 1,000 manufactured homes and two mobile-home parks located in Louisiana and is personally guaranteed by the individual borrowers.

As of March 31, 2026, the Company evaluated the recoverability of the New Note and based on an analysis of the fair value of the underlying collateral, the current payment status of the borrowers, and other relevant credit quality indicators, determined that a provision for expected loan losses on the New Note was not necessary.

Notes receivable from mobile home parks, net of allowance for loan losses and deferred financing fees, consisted of the following (in thousands):


	As of March 31,		As of December 31,		As of December 31,
	2026		2025		2024
Outstanding principal balance	$	199,542	$	199,083	$	208,175
Loan discount and deferred financing fees		(1,088)		(1,146)		(1,057)
Allowance for loan losses		(1,460)		(1,399)		(654)
Total	$	196,994	$	196,538	$	206,464

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	1,399	$	654
Provision for loan losses		61		122
Allowance for loan losses, end of period	$	1,460	$	776

We evaluate the credit quality of our MHP portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity relative to the contractual terms of the loan. The following table disaggregates the outstanding principal balance of MHP receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026 (in thousands):


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	10,849	$	61,409	$	76,824	$	11,938	$	18,502	$	14,480	$	194,002		97.2
30-90 days past due		—		2,899		589		—		—		—		3,488		1.8
> 90 days past due		—		187		1,729		—		—		136		2,052		1.0
Total	$	10,849	$	64,495	$	79,142	$	11,938	$	18,502	$	14,616	$	199,542		100.0

DEALER FINANCED RECEIVABLES (Tables) - Dealer Finance Receivable

3 Months Ended

Mar. 31, 2026

Receivables

Schedule of receivable, net of allowance and deferred financing fees

Dealer financed notes receivable, net of allowance for loan losses, consisted of the following at March 31, 2026, December 31, 2025 and December 31, 2024 (in thousands):


	As of March 31,		As of December 31,		As of December 31,
	2026		2025		2024
Outstanding principal balance	$	26,461	$	28,403	$	32,779
Allowance for loan losses		(1,843)		(1,718)		(194)
Total	$	24,618	$	26,685	$	32,585

Schedule of allowance for loan losses

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	1,718	$	194
Provision for loan losses		125		6
Allowance for loan losses, end of period	$	1,843	$	200

Schedule of age of loan receivable due

This table reflects the age of the loan receivable due (in thousands):


		Year of Origination
		2026			2025			2024			2023			2022			Total			% of Portfolio
< 1 year on lot		$	2,926		$	9,597		$	—		$	—		$	—		$	12,523			47.3
1-2 years on lot			—			2,193			5,161			—			—			7,354			27.8
2-3 years on lot			—			—			1,694			2,022			—			3,716			14.0
> 3 years on lot			—			—			—			673			2,195			2,868			10.9
Total		$	2,926		$	11,790		$	6,855		$	2,695		$	2,195		$	26,461			100.0

NATURE OF OPERATIONS - Interest Receivable Loan Portfolios (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
NATURE OF OPERATIONS
Interest receivable, net	$ 3,701	$ 3,517	$ 3,300

NATURE OF OPERATIONS - Intangible Assets, Net - Future amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Future amortization expense
2026	$ 663
2027	580
2028	580
2029	580
2030	547
Thereafter	2,006
Total	$ 4,956	$ 5,198

CONSUMER LOANS RECEIVABLE (Tables) - Consumer

3 Months Ended

Mar. 31, 2026

Receivables

Schedule of receivable, net of allowance and deferred financing fees

Consumer loans receivable, net of allowance for loan losses and deferred financing fees, consists of the following (in thousands):


		As of March 31,			As of December 31,			As of December 31,
		2026			2025			2024
Consumer loans receivable		$	204,822		$	203,601		$	177,289
Loan discount and deferred financing fees			(2,300)			(2,379)			(2,490)
Allowance for loan losses			(3,197)			(2,408)			(694)
Consumer loans receivable, net		$	199,325		$	198,814		$	174,105

Schedule of allowance for loan losses

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


		Three months ended March 31,
		2026			2025
Allowance for loan losses, beginning of period		$	2,408		$	694
Provision for loan losses			942			193
(Charge offs) recoveries			(153)			(75)
Allowance for loan losses, end of period		$	3,197		$	812

Schedule of consumer loans receivable that are past due

A detailed aging of consumer loans receivable that are past due is as follows (in thousands):


	As of March 31,				As of December 31,
	2026		%		2025		%
Total consumer loans receivable	$	204,822	100.0		$	203,601	100.0
Past due consumer loans:
31 - 60 days past due	$	1,681	0.8		$	1,690	0.8
61 - 90 days past due		345	0.2			96	—
91 - 120 days past due		330	0.2			447	0.2
Greater than 120 days past due		2,573	1.3			3,209	1.6
Total past due	$	4,929	2.5		$	5,442	2.6

Schedule of disaggregation of outstanding principal balance of consumer loans receivable

The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026:


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	8,732	$	46,539	$	29,323	$	24,515	$	19,160	$	71,624	$	199,893		97.6
30-90 days past due		—		1,205		416		267		—		138		2,026		1.0
> 90 days past due		—		71		325		89		757		1,661		2,903		1.4
Total	$	8,732	$	47,815	$	30,064	$	24,871	$	19,917	$	73,423	$	204,822		100.00

DEALER FINANCED RECEIVABLES - Net of allowance for loan losses and deferred financing fees (Details) - Dealer Finance Receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Receivables
Term of dealer financing receivables	3 years
Outstanding principal balance	$ 26,461	$ 28,403		$ 32,779
Allowance for loan losses	(1,843)	(1,718)	$ (200)	(194)
Total	$ 24,618	$ 26,685		$ 32,585

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
PROPERTY, PLANT AND EQUIPMENT
Total	$ 73,734		$ 73,320
Less accumulated depreciation	(13,137)		(12,823)
Total property, plant and equipment	60,597		60,497
Depreciation expense	400	$ 400
Cost of product sales
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	300	$ 200
Land
PROPERTY, PLANT AND EQUIPMENT
Total	19,683		20,800
Buildings and leasehold improvements
PROPERTY, PLANT AND EQUIPMENT
Total	14,772		14,772
Construction in Progress
PROPERTY, PLANT AND EQUIPMENT
Total	29,919		28,423
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Total	1,594		1,594
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT
Total	7,428		7,393
Furniture and fixtures
PROPERTY, PLANT AND EQUIPMENT
Total	$ 338		$ 338

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,928	$ 10,276

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

NATURE OF OPERATIONS - Segment Reporting (Details)	3 Months Ended
NATURE OF OPERATIONS - Segment Reporting (Details)	Mar. 31, 2026 segment
NATURE OF OPERATIONS
Number of operating segments	1
Number of reportable segment	1

DEALER FINANCED RECEIVABLES - Age of the loan receivable due (Details) - Dealer Finance Receivable - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 2,926
2025	11,790
2024	6,855
2023	2,695
2022	2,195
Total	$ 26,461	$ 28,403	$ 32,779
% of Portfolio	100.00%
Less than 1 year on lot
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 2,926
2025	9,597
Total	$ 12,523
% of Portfolio	47.30%
1-2 years on lot
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 2,193
2024	5,161
Total	$ 7,354
% of Portfolio	27.80%
2-3 years on lot
Disaggregation the outstanding principal balance of consumer loans receivable
2024	$ 1,694
2023	2,022
Total	$ 3,716
% of Portfolio	14.00%
More than 3 years on lot
Disaggregation the outstanding principal balance of consumer loans receivable
2023	$ 673
2022	2,195
Total	$ 2,868
% of Portfolio	10.90%

CONSUMER LOANS RECEIVABLE- Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Escrow liability	$ 13,498	$ 13,109
Number of components comprising the allowance for loan losses \| item	2
General reserve calculation, period of historical loss rate	3 years
Repossessed homes	$ 14,655	$ 12,763
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual interest rate	13.10%	13.10%
Escrow liability	$ 13,500	$ 13,100
Repossessed homes	$ 10,600	$ 8,400
Minimum \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consumer loans receivable term	3 years
Maximum \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consumer loans receivable term	30 years

LINES OF CREDIT

3 Months Ended

Mar. 31, 2026

LINES OF CREDIT

LINES OF CREDIT

11. LINES OF CREDIT

The Company has a Credit Agreement (the “Revolver”), by and among the Company as borrower, the financial institutions from time to time party thereto, as lenders, and Prosperity Bank as administrative agent. The Revolver provides for a four-year senior secured revolving credit facility with an initial commitment of $50.0 million and an additional $25.0 million commitment under an accordion feature. The Revolver is secured by the Company’s consumer loans receivables and all escrow accounts associated with the consumer loans receivables. At the Company's option, borrowings will bear interest at a per annum rate equal to, (i) Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin of 2.5% or 2.75% based upon the Company's average quarterly borrowings under the Revolver or (ii) a base rate plus an applicable margin of 2.5% or 2.75% based upon the Company's average quarterly borrowings under the Revolver. The Company paid certain arrangement fees and other fees in connection with the Revolver of approximately $0.3 million, which were capitalized as unamortized debt issuance costs and included within prepaids and other current assets in the accompanying balance sheets and are amortized to interest expense over the life of the Revolver. The Revolver matures July 28, 2027.

For the three months ended March 31, 2026 and 2025, interest expense under the Revolver was $11 thousand and $0 respectively. The outstanding balance of the Revolver as of March 31, 2026 and December 31, 2025 was $0.9 million and $0 respectively. The interest rate in effect as of March 31, 2026 and December 31, 2025 for the Revolver was 6.13% and 6.69%, respectively. The amount of available credit under the Revolver was $49.1 million and $50 million as of March 31, 2026 and December 31, 2025, respectively. The Revolver requires the Company to comply with certain financial and non-financial covenants. As of March 31, 2026, the Company was in compliance with all financial covenants, including that it maintains a maximum leverage ratio of no more than 1.00 to 1.00 and a minimum fixed charge coverage ratio of no less than 1.75 to 1.00.

As part of the acquisition of AmeriCasa, we assumed a line of credit with 21st Mortgage in the amount of $1.3 million at the time of the acquisition. As of December 31, 2025, the balance of the line of credit was $1.2 million which we paid off in January 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NATURE OF OPERATIONS - Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
NATURE OF OPERATIONS
Term Of Product Warranty	1 year
Warranty liability, beginning of period	$ 1,863	$ 1,950
Product warranty reserve accrued	(12)	576
Warranty costs incurred	(324)	(493)
Warranty liability, end of period	$ 1,527	$ 2,033

OTHER NOTES RECEIVABLE - Net of allowance for loan losses and deferred financing fees (Details) - Other note receivable - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Receivables
Outstanding principal balance	$ 6,604	$ 6,380		$ 15,412
Loan discount and deferred financing fees	(28)	(57)		(132)
Allowance for loan losses	(240)	(229)	$ (468)	(364)
Total	$ 6,336	$ 6,094		$ 14,916

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

CONSUMER LOANS RECEIVABLE - Disaggregation of outstanding principal balance of consumer loans receivable (Details) - Consumer - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 8,732
2025	47,815
2024	30,064
2023	24,871
2022	19,917
Prior	73,423
Total	$ 204,822	$ 203,601	$ 177,289
% of Portfolio	100.00%
Less than 30 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 8,732
2025	46,539
2024	29,323
2023	24,515
2022	19,160
Prior	71,624
Total	$ 199,893
% of Portfolio	97.60%
30-90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 1,205
2024	416
2023	267
Prior	138
Total	$ 2,026
% of Portfolio	1.00%
More than 90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 71
2024	325
2023	89
2022	757
Prior	1,661
Total	$ 2,903
% of Portfolio	1.40%

NOTES RECEIVABLE FROM MOBILE HOME PARKS - Disaggregates the outstanding principal balance of MHP receivable (Details) - MHP Notes - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 10,849
2025	64,495
2024	79,142
2023	11,938
2022	18,502
Prior	14,616
Total	$ 199,542	$ 199,083	$ 208,175
% of Portfolio	100.00%
Less than 30 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2026	$ 10,849
2025	61,409
2024	76,824
2023	11,938
2022	18,502
Prior	14,480
Total	$ 194,002
% of Portfolio	97.20%
30-90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 2,899
2024	589
Total	$ 3,488
% of Portfolio	1.80%
More than 90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 187
2024	1,729
Prior	136
Total	$ 2,052
% of Portfolio	1.00%

CONSUMER LOANS RECEIVABLE - Allowance for loan losses (Details) - Consumer - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss
Allowance for loan losses, beginning of period	$ 2,408	$ 694
Provision for loan losses	942	193
(Charge offs) recoveries	(153)	(75)
Allowance for loan losses, end of period	$ 3,197	$ 812

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2026

ACCRUED LIABILITIES

ACCRUED LIABILITIES

10. ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Warranty reserve		$	1,527		$	1,863
Litigation reserve			1,020			970
Payroll			878			1,768
Portfolio taxes and title			1,696			1,603
Property tax			439			1,123
Dealer rebates			628			919
Sales tax			247			282
Federal and state income taxes			6,860			10,942
Unclaimed Property			2,044			2,015
Other			3,813			3,578
Total accrued liabilities		$	19,152		$	25,063

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 07, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38761
Entity Registrant Name	Legacy Housing Corporation
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	20-2897516
Entity Address, Address Line One	1600 Airport Freeway
Entity Address, Address Line Two	#100
Entity Address, City or Town	Bedford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76022
City Area Code	817
Local Phone Number	799-4900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock ($0.001 par value)
Trading Symbol	LEGH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		23,781,601
Entity Central Index Key	0001436208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of revenue
Total product sales	$ 21,550	$ 24,290
Loan portfolio interest:
Interest - consumer installment notes	6,421	5,655
Interest - MHP notes	4,145	4,223
Interest - dealer finance notes	752	777
Total loan portfolio interest	11,318	10,655
Other revenue	1,498	725
Total net revenue	34,366	35,670
Direct sales
Disaggregation of revenue
Total product sales	2,683	1,489
Commercial sales
Disaggregation of revenue
Total product sales	7,641	6,795
Inventory finance sales
Disaggregation of revenue
Total product sales	3,525	11,131
Retail store sales
Disaggregation of revenue
Total product sales	6,053	3,342
Other product sales
Disaggregation of revenue
Total product sales	$ 1,648	$ 1,533

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

As of January 1, 2020, the Company instituted a self-insured health benefits plan with a stop-loss policy, which provides medical benefits to employees electing coverage under the plan. The Company estimates and records costs for incurred but not reported medical claims and claim development. This reserve is based on historical experience and other assumptions, some of which are subjective. The Company will adjust its self-insured medical benefits reserve based on actual experience, estimated costs and changes to assumptions. As of March 31, 2026 and December 31, 2025, the Company accrued a $0.2 million and $0.8 million liability for incurred but not reported claims, respectively. These accrued amounts are included in accrued liabilities on the accompanying balance sheet.

The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The Company’s obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer. The Company believes that risk of loss is mitigated due to the resale value of the repurchased homes and the fact that the agreements are spread over many retailers. The maximum amount for which the Company was liable under such agreements approximated $1.4 million and $0.8 million at March 31, 2026 and December 31, 2025 respectively without reduction for the resale value of the homes. The Company considers its obligations on current contracts to be immaterial and accordingly has not recorded any reserve for repurchase commitment as of March 31, 2026 and December 31, 2025.

Leases

The Company leases facilities under operating leases that typically have 10 year terms. These leases usually offer the Company a right of first refusal that affords the Company the option to purchase the leased premises under certain terms in the event the landlord attempts to sell the leased premises to a third party. Rent expense for the three months ended March 31, 2026 and 2025 was $0.2 million and $0.1 million respectively. The Company also subleases properties to third parties, ranging from 3-year to 11-year terms with various renewal options. Rental income from the subleased properties for the three months ended March 31, 2026 and 2025 was immaterial.

Legal Matters

Legal Proceedings

The Company is party to certain legal proceedings that arise in the ordinary course of business and are incidental to its business. Certain of the claims pending against the Company in these proceedings allege, among other things, breach of contract and warranty, product liability, and personal injury. The Company has determined that it is probable that it has some liability related to such claims. The Company has included legal reserves of $1.0 million as of March 31, 2026 and December 31, 2025, in accrued liabilities on the accompanying balance sheets. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened ordinary course litigation or claims will have a material adverse effect on the Company's financial position, liquidity, or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company's financial position, liquidity, or results of operations in any future reporting.

AmeriCasa Litigation

On March 13, 2026, the Company filed an Original Petition in the District Court of Tarrant County, Texas against the seller entities and certain individuals related to the Company's November 2025 acquisition of substantially all

of the assets of AmeriCasa Solutions, LLC and its affiliates. The Company's claims relate principally to alleged misrepresentations and omissions made in connection with the acquisition and to the alleged post-closing misappropriation of receipts attributable to the acquired assets. A description of the proceeding is included in Part II, Item 1, Legal Proceedings, of this Quarterly Report on Form 10-Q. For information regarding events occurring subsequent to March 31, 2026 related to this matter, see Note 17 — Subsequent Events.

The litigation is not material to the Company's financial position, liquidity, or results of operations. The Company has not accrued a loss contingency with respect to this matter. The acquired assets remain within the measurement period under ASC 805, Business Combinations, and the Company continues to evaluate the facts and circumstances surrounding the acquisition, including information that may become available through the litigation, for purposes of finalizing its acquisition accounting and assessing recoverability of the acquired assets. An adverse outcome in the litigation, or further developments concerning the underlying facts, could result in an adjustment to the provisional amounts recorded in connection with the acquisition, or both, in a future period. For information regarding receivables and payables between the Company and the Seller arising from post-closing operations of the acquired business, see Note 16 — Related Party Transactions.

CONSUMER LOANS RECEIVABLE - Consumer loans receivable, net (Details) - Consumer - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Receivables
Consumer loans receivable	$ 204,822	$ 203,601		$ 177,289
Loan discount and deferred financing fees	(2,300)	(2,379)		(2,490)
Allowance for loan losses	(3,197)	(2,408)	$ (812)	(694)
Total	$ 199,325	$ 198,814		$ 174,105

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through May 7, 2026, the date these unaudited financial statements were available to be issued. Other than the matter described below, the Company is not aware of any subsequent events that would require recognition or disclosure in these unaudited financial statements.

AmeriCasa Litigation — Subsequent Developments

As described in Note 13 — Commitments and Contingencies and in Part II, Item 1, Legal Proceedings, of this Quarterly Report on Form 10-Q, on March 13, 2026, the Company filed an action in the District Court of Tarrant County, Texas against the seller entities and certain individuals related to the Company's November 2025 acquisition of substantially all of the assets of AmeriCasa Solutions, LLC and its affiliates.

On April 7, 2026, the Company filed an Amended Petition and Application for Temporary Restraining Order, Temporary Injunction, and Permanent Injunction. On April 10, 2026, the District Court declined to issue the temporary restraining order, citing the availability of an adequate remedy at law. The Company's application for temporary and permanent injunctive relief, along with its claims for damages and other relief, remains pending.

On April 16, 2026, the seller defendants removed the matter to the Texas Business Court, Eighth Division (Cause No. 26-BC08B-0013), where it is now pending. On April 20, 2026, the seller defendants filed an answer asserting affirmative defenses and counterclaims against the Company. The counterclaims allege breach of contract (including alleged underpayment of the purchase price under the Asset and Membership Interest Purchase Agreement and alleged failure to honor assumed contracts), unjust enrichment, constructive termination of Norman Newton’s employment, and fraud, and seek monetary damages stated as $1.0 million or more, exemplary damages, and attorneys' fees. The Company believes the counterclaims are without merit and intends to defend against them.

The Company does not believe that the counterclaims, even if resolved adversely to the Company, would result in a loss that is material to the Company's financial position, liquidity, or results of operations. The Company has not accrued a loss contingency with respect to the counterclaims.

NATURE OF OPERATIONS - Leased Property (Details)	Mar. 31, 2026
Leased Mobile Homes
Lessor, Description Of Leases [Line Items]
Useful life	15 years
Minimum
Lessor, Description Of Leases [Line Items]
Term of lease agreement	96 months
Maximum
Lessor, Description Of Leases [Line Items]
Term of lease agreement	120 months

NATURE OF OPERATIONS - Intangible Assets, Net (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Intangible assets, net
Amortization expense	$ 0.2
Weighted average remaining life	10 years 1 month 6 days
Minimum
Intangible assets, net
Useful lives	1 year
Maximum
Intangible assets, net
Useful lives	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

14. FAIR VALUE MEASUREMENTS

The Company accounts for its investments and derivative instruments in accordance with the provisions of “ASC 820-10, Fair Value Measurement, which among other things provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurement) and the lowest priority to unobservable inputs (Level III measurements). The three levels of fair value hierarchy under ASC 820-10, Fair Value Measurement, are as follows:

Level I Quoted prices are available in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II Significant observable inputs other than quoted prices in active markets for which inputs to the valuation methodology include: (1) Quoted prices for similar assets or liabilities in active markets; (2) Quoted prices for identical or similar assets or liabilities in inactive markets; (3) Inputs other than quoted prices that are observable; and (4) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability.

Level III Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities.

The asset or liability fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company’s financial instruments consist primarily of cash, accounts receivable, consumer loans, MHP Notes, other notes, accounts payable, and lines of credit. The carrying amounts of cash, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. This is considered a Level I valuation technique. The following table shows the estimated fair

market value and book value of our consumer loan portfolio, MHP Notes and other notes, net of allowances, loan discount fees and deferred financing fees (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Consumer loan portfolio, fair value	$	180,144	$	185,985
Consumer loan portfolio, book value		199,325		198,814
Fixed rate MHP Notes, fair value		173,737		182,298
Fixed rate MHP Notes, book value		179,655		186,600
Variable rate MHP Notes, book value		17,340		9,938
Fixed rate other notes, fair value		6,199		5,968
Fixed rate other notes, book value		6,336		6,093
Variable rate other notes, book value		—		—

Part of the MHP Notes, part of the other notes receivable, and our line of credit have variable interest rates that reflect market rates, and their fair value approximates their carrying value. This is considered a Level II valuation technique. The Company also assessed the fair value of the consumer loans receivable, the fixed rate MHP Notes and the portion of other notes receivable with fixed rates based on the discounted value of the remaining principal and interest cash flows. This is considered a Level III valuation technique.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

OTHER NOTES RECEIVABLE (Tables) - Other note receivable

3 Months Ended

Mar. 31, 2026

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of other notes receivable

Other notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following (in thousands):


		As of March 31,		As of December 31,			As of December 31,
		2026		2025			2024
Outstanding principal balance		$	6,604	$	6,380		$	15,412
Loan discount and deferred financing fees			(28)		(57)			(132)
Allowance for loan losses			(240)		(229)			(364)
Total		$	6,336	$	6,094		$	14,916

Schedule of allowance for loan losses

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	229	$	364
Provision for loan losses		11		104
Allowance for loan losses, end of period	$	240	$	468

Schedule of disaggregation of outstanding principal balance of consumer loans receivable

The following table disaggregates the outstanding principal balance of Other notes receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026 (in thousands):


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	—	$	4,855	$	423	$	27	$	—	$	24	$	5,329		80.7
30-90 days past due		—		289		—		386		—		—		675		10.2
> 90 days past due		—		—		33		567		—		—		600		9.1
Total	$	—	$	5,144	$	456	$	980	$	—	$	24	$	6,604		100.0

DEALER FINANCED RECEIVABLES

3 Months Ended

Mar. 31, 2026

DEALER FINANCED RECEIVABLES

DEALER FINANCED RECEIVABLES

6. DEALER FINANCED RECEIVABLES

Dealer financed receivables are receivables for loans that we make to independent retailers, or dealers, for the purchase of manufactured homes so that dealers can then market them for sale to consumers. The loans are part of our inventory finance program. In late 2022 and early 2023, the Company transitioned many of its dealers from a traditional consignment arrangement to an inventory finance arrangement. The terms of the financing typically include a three year term, a monthly interest payment, an annual curtailment payment and require the retailer to pay the principal amount of the loan to the Company upon the earlier of the sale of the home by the retailer to its customer or the end of the term.

Dealer financed notes receivable, net of allowance for loan losses, consisted of the following at March 31, 2026, December 31, 2025 and December 31, 2024 (in thousands):


	As of March 31,		As of December 31,		As of December 31,
	2026		2025		2024
Outstanding principal balance	$	26,461	$	28,403	$	32,779
Allowance for loan losses		(1,843)		(1,718)		(194)
Total	$	24,618	$	26,685	$	32,585

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	1,718	$	194
Provision for loan losses		125		6
Allowance for loan losses, end of period	$	1,843	$	200

The allowance for loan losses reflects management’s estimate of losses inherent in the dealer loans that may be uncollectible based on review and evaluation of the dealer loan portfolio as of the date of the balance sheet. An allowance for loan losses is determined after considering, among other things, the loan characteristics, the financial condition of the dealer and the value and liquidity of collateral.

We evaluate the credit quality of our dealer financed receivables based on the length of time the Company’s collateral has remained unsold by the dealer in dealer inventory. This table reflects the age of the loan receivable due (in thousands):


		Year of Origination
		2026			2025			2024			2023			2022			Total			% of Portfolio
< 1 year on lot		$	2,926		$	9,597		$	—		$	—		$	—		$	12,523			47.3
1-2 years on lot			—			2,193			5,161			—			—			7,354			27.8
2-3 years on lot			—			—			1,694			2,022			—			3,716			14.0
> 3 years on lot			—			—			—			673			2,195			2,868			10.9
Total		$	2,926		$	11,790		$	6,855		$	2,695		$	2,195		$	26,461			100.0

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INVENTORIES, NET
Raw materials	$ 13,759	$ 12,595
Work in progress	692	494
Finished goods, net	35,932	26,764
Total	50,383	39,853
Inventory allowance for finished goods	$ 534	$ 559

CONSUMER LOANS RECEIVABLE - Aging of consumer loans receivable (Details) - Consumer - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Past due consumer loans:
Consumer loans receivable	$ 204,822	$ 203,601	$ 177,289
Total consumer loans receivable (as a percent)	100.00%	100.00%
Financial Asset, Past Due
Past due consumer loans:
Consumer loans receivable	$ 4,929	$ 5,442
Consumer loans receivable past due (Percent)	2.50%	2.60%
31 - 60 days past due
Past due consumer loans:
Consumer loans receivable	$ 1,681	$ 1,690
Consumer loans receivable past due (Percent)	0.80%	0.80%
61 - 90 days past due
Past due consumer loans:
Consumer loans receivable	$ 345	$ 96
Consumer loans receivable past due (Percent)	0.20%
91 - 120 days past due
Past due consumer loans:
Consumer loans receivable	$ 330	$ 447
Consumer loans receivable past due (Percent)	0.20%	0.20%
Greater than 120 days past due
Past due consumer loans:
Consumer loans receivable	$ 2,573	$ 3,209
Consumer loans receivable past due (Percent)	1.30%	1.60%

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables
Prepaid rent	$ 588	$ 588
Repossessed homes	14,655	12,763
Investment Corpus Americasa	560	560
Total	15,803	13,911
Consumer
Receivables
Repossessed homes	10,600	8,400
MHP Notes
Receivables
Repossessed homes	1,800	1,800
Dealer Finance Receivable
Receivables
Repossessed homes	$ 2,200	$ 2,400

NOTES RECEIVABLE FROM MOBILE HOME PARKS - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($) item
MHP and Other Notes Receivable \| Makers
Receivables
Outstanding principal balance			$ 55,000
Receivables currently in default and are the subject of litigation			37,000
MHP Notes
Receivables
Outstanding principal balance	$ 199,542	$ 199,083	208,175
Loan receivable, average interest rate	8.20%	8.10%
Unamortized finance fees	$ 1,000	$ 1,100
MHP Notes \| Minimum
Receivables
Term of dealer financing receivables	1 year
Loans receivable, fixed and variable interest rate	4.90%
MHP Notes \| Maximum
Receivables
Term of dealer financing receivables	10 years
Loans receivable, fixed and variable interest rate	17.50%
New note
Receivables
Face amount of financing receivable			$ 48,600
Fixed rate of interest (as a percent)			7.90%
Term of interest-only payments			24 months
Number of Mobile Homes \| item			1,000
Number of Mobile Home Parks \| item			2
Dealer Finance Receivable
Receivables
Outstanding principal balance	$ 26,461	28,403	$ 32,779
Term of dealer financing receivables	3 years
Financial Asset, Past Due \| MHP Notes
Receivables
Note receivable with fixed rate of interest	$ 200	$ 600
Accounts receivable \| Credit concentration risk \| MHP Notes \| Pertaining to independent third parties
Receivables
Number of customers \| item	3	3
Accounts receivable \| Credit concentration risk \| MHP Notes \| Independent Third Party One \| Pertaining to independent third parties
Receivables
Concentration risk percentage	24.30%	24.70%
Accounts receivable \| Credit concentration risk \| MHP Notes \| Independent Third Party Two \| Pertaining to independent third parties
Receivables
Concentration risk percentage	11.10%	9.60%
Accounts receivable \| Credit concentration risk \| MHP Notes \| Independent Third party Three \| Pertaining to independent third parties
Receivables
Concentration risk percentage	8.70%	7.40%

NOTES RECEIVABLE FROM MOBILE HOME PARKS - Allowance for loan losses and deferred financing fees (Details) - MHP Notes - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	$ 199,542	$ 199,083		$ 208,175
Loan discount and deferred financing fees	(1,088)	(1,146)		(1,057)
Allowance for loan losses	(1,460)	(1,399)	$ (776)	(654)
Total	$ 196,994	$ 196,538		$ 206,464

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 14,111	$ 8,478
Accounts receivable, net	5,061	5,467
Interest receivable loan portfolios, net	3,701	3,517
Income tax refund receivable		5,617
Dealer financed receivables, net	24,618	26,685
Consumer loans receivable, net	9,636	9,458
Notes receivable from mobile home parks ("MHP"), net	60,381	59,632
Other notes receivable, net	4,976	4,868
Inventories, net	50,383	39,853
Prepaid expenses and other current assets	1,425	1,081
Total current assets	174,292	164,656
Property, plant and equipment, net	60,597	60,497
Consumer loans receivable, net	189,689	189,356
Notes receivable from mobile home parks ("MHP"), net	136,613	136,906
Other notes receivable, net	1,360	1,226
Other assets - leased mobile homes	3,372	3,804
ROU assets - operating leases	1,197	1,313
Other assets	15,803	13,911
Deferred income taxes, net	1,121	998
Intangible assets, net	4,956	5,198
Goodwill	2,472	2,472
Total assets	591,472	580,337
Current liabilities:
Accounts payable	4,340	6,443
Accrued liabilities	19,152	25,063
Customer deposits	11,069	1,764
Escrow liability	13,498	13,109
Operating lease obligation	469	479
Total current liabilities	48,528	46,858
Longterm liabilities:
Operating lease obligation, less current portion	755	860
Lines of credit	899	1,200
Dealer incentive liability	2,297	2,805
Total liabilities	52,479	51,723
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $.001 par value, 10,000,000 shares authorized: no shares issued or outstanding
Common stock, $.001 par value, 90,000,000 shares authorized; 24,866,342 and 24,866,342 issued and 23,781,601 and 23,812,341 outstanding at March 31, 2026 and December 31, 2025, respectively	32	32
Treasury stock at cost, 1,084,741 and 1,054,001 shares at March 31, 2026 and December 31, 2025, respectively	(18,057)	(17,484)
Additional paid-in-capital	182,881	182,857
Retained earnings	374,137	363,209
Total stockholders' equity	538,993	528,614
Total liabilities and stockholders' equity	$ 591,472	$ 580,337

OTHER NOTES RECEIVABLE - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
OTHER NOTES RECEIVABLE - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) customer	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($)
Other note receivable
Receivables
Outstanding principal balance	$ 6,604		$ 6,380	$ 15,412
Charge offs	0	$ 0
Allowance for loan losses	240	468	229	$ 364
Specific reserve against impaired loans	100	$ 100
Other note receivable \| Financial Asset, Past Due
Receivables
Outstanding principal balance	$ 200		$ 200
Pertaining to independent third parties \| Accounts receivable \| Other note receivable
Receivables
Number of Independent third parties \| customer	3		3
Pertaining to independent third parties \| Accounts receivable \| Independent Third Party One \| Credit concentration risk \| Other note receivable
Receivables
Concentration risk percentage	53.00%		54.90%
Pertaining to independent third parties \| Accounts receivable \| Independent Third Party Two \| Credit concentration risk \| Other note receivable
Receivables
Concentration risk percentage	10.20%		10.60%
Pertaining to independent third parties \| Accounts receivable \| Independent Third party Three \| Credit concentration risk \| Other note receivable
Receivables
Concentration risk percentage	9.00%		9.20%
Minimum
Receivables
Interest rate on the other notes	5.00%
Maximum
Receivables
Interest rate on the other notes	17.50%

LINES OF CREDIT (Details) - USD ($) $ in Thousands	3 Months Ended
LINES OF CREDIT (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Oct. 30, 2025
Financial covenants:
Lines of credit	$ 899		$ 1,200
AmeriCasa Solutions LLC
Financial covenants:
Line of credit assumed				$ 1,300
Revolver
Lines of Credit
Term of facility	4 years
Maximum borrowing capacity	$ 50,000
Additional commitment accordion feature	$ 25,000
Interest rate based upon average quarterly borrowings	2.75%
Deferred debt issuance costs	$ 300
Interest expense	11	$ 0
Outstanding balance	$ 900		$ 0
Effective interest rate (in percent)	6.13%		6.69%
Amount of available credit	$ 49,100		$ 50,000
Financial covenants:
Maximum leverage ratio	1
Minimum fixed charge coverage ratio	1.75
Revolver \| SOFR
Lines of Credit
Spread rate	2.50%
Revolver \| Base rate
Lines of Credit
Spread rate	2.50%

STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Net revenue:
Product sales	$ 21,550	$ 24,290
Consumer, MHP and dealer loans interest	11,318	10,655
Other revenue	1,498	725
Total net revenue	34,366	35,670
Operating expenses:
Cost of product sales	14,936	17,192
Cost of other sales	1,201	515
Selling, general and administrative expenses	5,840	6,372
Total operating expenses	21,977	24,079
Income from operations	12,389	11,591
Other income (expense):
Nonoperating interest income	356	467
Miscellaneous, net	307	675
Interest expense	(28)	(5)
Total other income	635	1,137
Income before income tax expense	13,024	12,728
Income tax expense	(2,096)	(2,452)
Net income	$ 10,928	$ 10,276
Weighted average shares outstanding:
Basic (in shares)	23,808,350	24,133,253
Diluted (in shares)	23,838,330	24,794,928
Earnings per share:
Basic (in dollars per share)	$ 0.46	$ 0.43
Diluted (in dollars per share)	$ 0.46	$ 0.41

OTHER ASSETS

3 Months Ended

Mar. 31, 2026

OTHER ASSETS

OTHER ASSETS

9. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Prepaid rent	$	588	$	588
Repossessed homes		14,655		12,763
Investment in Corpus AmeriCasa		560		560
Total	$	15,803	$	13,911

Repossessed homes, net of allowances, as of March 31, 2026 include $10.6 million for homes repossessed from the consumer loan portfolio, $1.8 million for homes repossessed from the MHP loan portfolio, and $2.2 million for homes repossessed from dealers. Repossessed homes, net of allowances, as of December 31, 2025 include $8.4 million for homes repossessed from the consumer loan portfolio, $1.8 million for homes repossessed from the MHP loan portfolio, and $2.4 million for homes repossessed from dealers.

FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value \| Level 3 \| Consumer Loan
Receivables, Fair Value Disclosure [Abstract]
Loans	$ 180,144	$ 185,985
Fair Value \| Level 3 \| Notes Receivable from Mobile Home Parks
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	173,737	182,298
Fair Value \| Level 3 \| Other Note Receivable
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	6,199	5,968
Book Value \| Consumer Loan
Receivables, Fair Value Disclosure [Abstract]
Loans	199,325	198,814
Book Value \| Notes Receivable from Mobile Home Parks
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	179,655	186,600
Book Value \| Variable rate MHP Notes
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	17,340	9,938
Book Value \| Other Note Receivable
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	$ 6,336	$ 6,093

INVENTORIES, NET

3 Months Ended

Mar. 31, 2026

INVENTORIES, NET

INVENTORIES, NET

7. INVENTORIES, NET

Inventories, net consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Raw materials		$	13,759		$	12,595
Work in progress			692			494
Finished goods, net			35,932			26,764
Total		$	50,383		$	39,853

Finished goods includes an allowance of $534 and $559 as of March 31, 2026 and December 31, 2025, respectively.

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

16. RELATED PARTY TRANSACTIONS

Bell Mobile Homes (“Bell”), a retailer owned by one of the Company’s significant stockholders, purchases manufactured homes from the Company. Accounts receivable balances due from Bell were $0.2 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively. Accounts payable balances due to Bell were immaterial as of March 31, 2026 and December 31, 2025, respectively. Home sales to Bell were $1.0 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

Shipley Bros., Ltd. and Crazy Red’s Mobile Homes (together, “Shipley”), retailers owned by one of the Company’s significant shareholders, purchase manufactured homes from the Company. Accounts receivable balances due from Shipley were $0.1 million as of March 31, 2026 and December 31, 2025, respectively. Accounts payable balances due to Shipley were immaterial as of March 31, 2026 and December 31, 2025, respectively. Home sales to Shipley were $0.1 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

AmeriCasa Solutions, LLC and its affiliates ("AmeriCasa") are the seller entities from which the Company acquired substantially all of the assets of AmeriCasa's business in November 2025 pursuant to the Asset and Membership Interest Purchase Agreement dated October 30, 2025, as amended. The Company and AmeriCasa continue to reconcile amounts arising from operations of the acquired business between the November 1, 2025 effective date and March 31, 2026. As of March 31, 2026, the Company had recorded approximately $1.0 million in accounts receivable from AmeriCasa, included in accounts receivable, net, and approximately $0.8 million payable to AmeriCasa, included in accrued liabilities, on the accompanying balance sheet. These amounts do not include any amounts held in escrow or subject to purchase-price holdbacks under the Asset and Membership Interest Purchase Agreement. Realization of the recorded receivable and the ultimate amount of any payable to AmeriCasa are subject to the matters described in Note 13 — Commitments and Contingencies and Part II, Item 1 — Legal Proceedings of this Quarterly Report.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

OTHER NOTES RECEIVABLE - Disaggregation of outstanding principal balance of Other notes receivable (Details) - Other note receivable - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 5,144
2024	456
2023	980
Prior	24
Total	$ 6,604	$ 6,380	$ 15,412
% of Portfolio	100.00%
Less than 30 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 4,855
2024	423
2023	27
Prior	24
Total	$ 5,329
% of Portfolio	80.70%
30-90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2025	$ 289
2023	386
Total	$ 675
% of Portfolio	10.20%
More than 90 days past due
Disaggregation the outstanding principal balance of consumer loans receivable
2024	$ 33
2023	567
Total	$ 600
% of Portfolio	9.10%

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

Schedule of reconciliation of the numerators and denominators used in the computations of both basic and diluted EPS


	Three months ended
	March 31,
	2026			2025
Numerator:
Net income (in 000's)	$	10,928		$	10,276
Denominator:
Basic weighted-average common shares outstanding		23,808,350			24,133,253
Effect of dilutive securities:
Restricted stock		352			224
Stock options		29,628			661,451
Diluted weighted-average common shares outstanding		23,838,330			24,794,928
Earnings per share
Basic	$	0.46		$	0.43
Diluted	$	0.46		$	0.41

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

PROPERTY, PLANT AND EQUIPMENT

Schedule of property, plant and equipment

Property, plant and equipment consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Land		$	19,683		$	20,800
Buildings and leasehold improvements			14,772			14,772
Construction in Progress			29,919			28,423
Vehicles			1,594			1,594
Machinery and equipment			7,428			7,393
Furniture and fixtures			338			338
Total			73,734			73,320
Less accumulated depreciation			(13,137)			(12,823)
Total property, plant and equipment		$	60,597		$	60,497

EARNINGS PER SHARE- Tabular (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (in 000's)	$ 10,928	$ 10,276
Denominator:
Basic weighted-average common shares outstanding	23,808,350	24,133,253
Effect of dilutive securities:
Diluted weighted-average common shares outstanding	23,838,330	24,794,928
Earnings per share
Basic (in dollars per share)	$ 0.46	$ 0.43
Diluted (in dollars per share)	$ 0.46	$ 0.41
Restricted stock
Effect of dilutive securities:
Dilutive securities	352	224
Employee Stock Option
Effect of dilutive securities:
Dilutive securities	29,628	661,451

OTHER NOTES RECEIVABLE - Allowance for loan losses (Details) - Other note receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss
Allowance for loan losses, beginning of period	$ 229	$ 364
Provision for loan losses	11	104
Allowance for loan losses, end of period	$ 240	$ 468

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

OTHER NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2026

OTHER NOTES RECEIVABLE

OTHER NOTES RECEIVABLE

5. OTHER NOTES RECEIVABLE

Other notes receivable relate to notes issued to mobile home park owners and dealers and are not directly tied to the sale of manufactured homes. These other notes have varying maturity dates and generally require monthly principal and interest payments. They are collateralized by mortgages on real estate, manufactured homes that we have financed for which the borrower uses as offices, as well as vehicles. These notes typically are personally guaranteed by the borrowers. The interest rates on the other notes generally are fixed and range from 5.0% to 17.5%. The Company reserves for estimated losses on the other notes based on current economic conditions that may affect the borrower’s ability to pay, the borrower’s financial strength, and historical loss experience.

As of March 31, 2026, the Company had concentrations of other notes receivable with three independent third-parties and their respective affiliates that equated to 53.0%, 10.2%, and 9.0% of the principal balance outstanding, all of which were secured by the manufactured homes. As of December 31, 2025, the Company had concentrations of other notes receivable with three independent third-parties and their respective affiliates that equated to 54.9%, 10.6%, and 9.2% of the principal balance outstanding, all of which were secured by the manufactured homes.

As of March 31, 2026, there were past due balances of $0.2 million on other notes. As of December 31, 2025, there were past due balances of $0.2 million on other notes.

For the three months ended March 31, 2026 and 2025, there were no charge offs recorded for other notes. Allowance for loan loss for the other notes was $0.2 million as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, the impaired balance of other notes was $0.1 million. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell.

Other notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following (in thousands):


		As of March 31,		As of December 31,			As of December 31,
		2026		2025			2024
Outstanding principal balance		$	6,604	$	6,380		$	15,412
Loan discount and deferred financing fees			(28)		(57)			(132)
Allowance for loan losses			(240)		(229)			(364)
Total		$	6,336	$	6,094		$	14,916

The following table presents a detail of the activity in the allowance for loan losses (in thousands):


	Three months ended
	March 31,
	2026		2025
Allowance for loan losses, beginning of period	$	229	$	364
Provision for loan losses		11		104
Allowance for loan losses, end of period	$	240	$	468

We evaluate the credit quality of our Other notes receivable portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting generally is based on borrower payment activity relative to the contractual terms of the loan. The following table disaggregates the outstanding principal balance of Other notes receivable by credit quality indicator based on delinquency status and fiscal year of origination and is presented as of March 31, 2026 (in thousands):


	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total		% of Portfolio
< 30 days past due	$	—	$	4,855	$	423	$	27	$	—	$	24	$	5,329		80.7
30-90 days past due		—		289		—		386		—		—		675		10.2
> 90 days past due		—		—		33		567		—		—		600		9.1
Total	$	—	$	5,144	$	456	$	980	$	—	$	24	$	6,604		100.0

NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2026

NATURE OF OPERATIONS

NATURE OF OPERATIONS

1. NATURE OF OPERATIONS

Legacy Housing Corporation (referred herein as ”Legacy”, “we”, “our”, “us”, or the “Company”) was formed on January 1, 2018 as a Delaware corporation through a corporate conversion of Legacy Housing, Ltd. (the “Partnership”), a Texas limited partnership formed in May 2005. Effective December 31, 2019, the Company reincorporated from a Delaware corporation to a Texas corporation. The Company is headquartered in Bedford, Texas.

The Company (1) manufactures and provides for the transport of manufactured homes, (2) provides wholesale financing to dealers and mobile home parks, (3) provides retail financing to consumers and (4) is involved in financing and developing new manufactured home communities. The Company manufactures its homes at plants located in Fort Worth, Texas, Commerce, Texas and Eatonton, Georgia. The Company relies on a network of dealers to market and sell its manufactured homes. The Company also sells homes directly to consumers, through its own retail stores, and to dealers and mobile home parks.

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") as required by Regulation S-X, Rule 8-03. In the opinion of management, the unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company's financial position for the periods presented. The results for the three months ending March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or any other period. The accompanying balance sheet as of December 31, 2025 was derived from audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), filed on March 12, 2026. The accompanying financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K.

Use of Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Significant estimates made in connection with the accompanying financial statements primarily relate to the determination and valuation of notes receivable from mobile home parks, consumer loans receivable, other notes receivable, dealer financed receivables and fair value of financial instruments. Actual results could differ from these estimates.

Segment Reporting

The Company has one reportable segment. All of our activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, the sale of manufactured homes includes providing transportation for dealers. We also provide financing options for customers to facilitate home sales. Accordingly, all significant operating and strategic decisions by the co-chief operating decision makers, the Executive Chairman and Chief Executive Officer, are based upon analyses of our company as one operating segment.

We generate revenues through the manufacture and sales of manufactured homes and “Tiny Houses” and the related interest income associated with financing these homes sales. We define the segment primarily based on how internally reported financial and operating information is regularly reviewed by our co-chief operating decision makers (“co-CODMs”) to evaluate financial performance, make decisions and allocate resources. Our co-CODMs are our Executive Chairman and Chief Executive Officer. The co-CODMs assess performance for the segment based on net

income and total assets that are also reported on the statements of income and balance sheet as net income and total assets, respectively. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The co-CODMs assess our operating and financial performance on a company-wide or consolidated basis.

Revenue Recognition

Consumer, MHP and dealer loans interest includes interest income from the consumer, MHP and dealer finance loan portfolios. Other revenue consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income.

Accounts Receivable

Net accounts receivable includes receivables from direct sales of manufactured homes, sales of parts and supplies to customers, inventory finance fees and interest.

Accounts receivable related to inventory finance fees and interest generally are due upon receipt, and all other accounts receivable generally are due within 30 days. Accounts receivable is stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines the allowance by considering several factors, including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance for doubtful accounts for amounts that are deemed to be uncollectible. At March 31, 2026, December 31, 2025, and December 31, 2024, the allowance for doubtful accounts totaled $1.7 million, $1.5 million, and $0.6 million, respectively. At March 31, 2026, December 31, 2025, and December 31, 2024 accounts receivable, net was $5.1 million, $5.5 million, and $4.0 million, respectively.

Interest Receivable Loan Portfolios

Interest receivable loan portfolios, net relates to accrued interest for consumer loans receivable, notes receivable from mobile home parks, and other notes receivable. The interest accrual is calculated within the Company’s loan management system from the date of last customer payment received through the end of the period. Separately an interest receivable allowance is established for all interest payments past due more than 90 days. The interest receivable is stated net of the allowance. At March 31, 2026, December 31, 2025, and December 31, 2024 the interest receivable, net was $3.7 million, $3.5 million, and $3.3 million, respectively.

Leased Property

The Company offers mobile home park operators the opportunity to lease manufactured homes for rent in lieu of purchasing the homes for cash or under a longer-term financing agreement. In this arrangement, the title for the manufactured homes remains with the Company, and the lease is accounted for as an operating lease.

Our typical lease agreement is for 96 months or 120 months. It requires the lessee to maintain the home and to return the home to us at the end of the lease in good condition. It provides the lessee with a termination option for a fee, an option to extend the lease and a purchase option at fair market value.

The leased manufactured homes are included in other assets on the Company’s balance sheet, capitalized at manufactured cost and depreciated over a 15 year useful life. Homes returned to the Company upon expiration of the lease or in the event of default are sold by the Company through its standard sales and distribution channels.

Future minimum lease income under all operating leases for each of the next five years at March 31, 2026, is as follows (in thousands):


2026	$	738
2027		919
2028		762
2029		493
2030		148
Thereafter		84
Total	$	3,144

Product Warranties

The Company provides retail home buyers with a one-year warranty from the date of purchase on manufactured inventory. At this time, we do not provide any warranties with respect to “Tiny Houses”. Product warranty costs are accrued when the covered homes are sold to customers. Product warranty expense is recognized based on the terms of the product warranty and the related estimated costs. Factors used to determine the warranty liability include the number of homes under warranty and the historical costs incurred in servicing the warranties. The accrued warranty liability is reduced as costs are incurred and the warranty liability balance is included as part of accrued liabilities in the Company’s balance sheet.

The following table summarizes activity within the warranty liability (in thousands):


	Three Months Ended March 31,
	2026			2025
Warranty liability, beginning of period	$	1,863		$	1,950
Product warranty reserve accrued		(12)			576
Warranty costs incurred		(324)			(493)
Warranty liability, end of period	$	1,527		$	2,033

Intangible Assets, Net

Our intangible assets consist of trade name, internally developed software, customer contracts, and non-compete agreements, are considered finite-lived, and are amortized over their useful lives. Finite-lived intangibles are generally amortized over 1 to 15 years on a straight-line depreciation basis and are reviewed for possible impairment

whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Amortization expenses recognized on intangible assets was $0.2 million for the three months ended March 31, 2026.

Finite-lived intangible have a weighted average remaining life of 10.1 years.

The following table summarizes intangible asset amortization expense (in thousands):


	As of March 31,
Year	2026
2026	$	663
2027		580
2028		580
2029		580
2030		547
Thereafter		2,006
Total	$	4,956

Share-Based Compensation

The Company accounts for share-based compensation in accordance with the provisions of Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. Share-based compensation expense is recognized based on an award’s estimated grant date fair value in order to recognize compensation cost for those shares expected to vest. Compensation cost is recognized on a straight-line basis over the vesting period of the awards and adjusted as forfeitures occur. The fair value of each option grant with only service-based conditions is estimated using the Black-Scholes pricing model. The fair value of each restricted stock grant with only service-based conditions is calculated based on the closing price of the Company’s common stock on the grant date.

The fair value of stock option awards on the date of grant is estimated using the Black-Scholes option pricing model, which requires the Company to make certain predictive assumptions. The risk-free interest rate is based on the implied yield of U.S. Treasury zero-coupon securities that correspond to the expected life of the award. The volatility is estimated based on the historical volatility of the Company’s common stock. The expected life of awards granted represents the period during which the awards are expected to remain outstanding, based on the “simplified” method, which is allowed for companies that cannot reasonably estimate the expected life of options based on their historical award exercise experience. The Company does not expect to pay dividends on its common stock.

Pursuant to the Legacy Housing Corporation 2018 Incentive Compensation Plan (the “Plan”), the Company may issue up to 10.0 million equity awards to employees, directors, consultants, and nonemployee service providers in the form of stock options, stock, restricted stock, and stock appreciation rights. Stock options may be granted with a contractual life of up to ten years. At March 31, 2026, the Company had 9.2 million shares available for grant under the Plan.

As of March 31, 2026, stock options to purchase approximately 50,000 shares of common stock were outstanding under the Plan at an exercise price of $19.85, and expire on dates ranging from December 2030 to December 2035, none of which are currently exercisable. Unrecognized compensation expense related to these options at March 31, 2026 was $0.4 million and is expected to be recognized over 7.7 years. Total share-based compensation expense was immaterial for the three months ended March 31, 2026 and 2025.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting - Comprehensive Income Expense - Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity’s expenses by requiring more detailed information about certain types of costs and expenses in the notes to the financial statements. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard updates are to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of the disclosure requirements related to the new standard on its financial statements.

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating activities:
Net income	$ 10,928	$ 10,276
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	670	423
Amortization of deferred revenue	(341)	(341)
Operating lease amortization, net	(14)	(5)
Amortization of lines of credit cost	17
Provision for accounts and notes receivable	1,121	692
(Gain) or Loss from sale of property	101	(82)
Provision for long term inventory	(25)	15
Deferred income taxes	(123)
Share based compensation expense	24	171
Changes in operating assets and liabilities:
Accounts receivable	5,606	(1,181)
Interest receivable, net	(226)
Consumer loans activity, net	(1,215)	(5,459)
Notes receivable MHP activity, net	(345)	3,854
Dealer inventory loan activity, net	1,942	901
Inventories, net	(10,505)	(3,882)
Prepaid expenses and other current assets	(359)	(331)
Other assets - leased mobile homes	318	272
Other assets	(1,810)	(1,172)
Accounts payable and accrued liabilities	(8,014)	(547)
Right of use asset, net	15
Customer deposits	9,305	404
Escrow liability	389	766
Dealer incentive liability	(508)	134
Net cash provided by operating activities	6,951	4,908
Investing activities:
Purchases of property, plant and equipment	(1,530)	(1,261)
Proceeds from sale of property	1,016	160
Issuance of notes receivable	(414)	(979)
Notes receivable collections	202	17
Collections from purchased loans	72	95
Net cash used in investing activities	(654)	(1,968)
Financing activities:
Purchases of treasury stock	(573)	(675)	$ (7,600)
Proceeds from lines of credit	13,000
Payments on lines of credit	(13,091)
Net cash used in financing activities	(664)	(675)
Net increase in cash	5,633	2,265
Cash at beginning of period	8,478	1,149	1,149
Cash at end of period	14,111	3,414	$ 8,478
Supplemental disclosure of cash flow information:
Cash paid for taxes	$ 1	$ 13

COMMITMENTS AND CONTINGENCIES - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases
Operating lease, term of contract (in years)	10 years
Rent expense	$ 0.2	$ 0.1
Minimum
Leases
Sublease, term of contract (in years)	3 years
Maximum
Leases
Sublease, term of contract (in years)	11 years

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	24,866,342	24,866,342
Common stock, shares outstanding	23,781,601	23,812,341
Treasury stock, shares	1,084,741	1,054,001

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE

Schedule of disaggregation of revenue

Disaggregation of Revenue. The following table summarizes customer contract revenues disaggregated by the source of the revenue (in thousands):


	Three months ended
	March 31,
	2026			2025
Product sales:
Direct sales	$	2,683		$	1,489
Commercial sales		7,641			6,795
Inventory finance sales		3,525			11,131
Retail store sales		6,053			3,342
Other product sales (1)		1,648			1,533
Total product sales		21,550			24,290
Loan portfolio interest:
Interest - consumer installment notes		6,421			5,655
Interest - MHP notes		4,145			4,223
Interest - dealer finance notes		752			777
Total loan portfolio interest		11,318			10,655
Other revenue		1,498			725
Total net revenue	$	34,366		$	35,670

(1)

Other product sales revenue from ancillary products and services including parts, freight and other services

NATURE OF OPERATIONS (Policies)

3 Months Ended

Mar. 31, 2026

NATURE OF OPERATIONS

Basis of Presentation

Net accounts receivable includes receivables from direct sales of manufactured homes, sales of parts and supplies to customers, inventory finance fees and interest.

Interest Receivable Loan Portfolios

Leased Property

Future minimum lease income under all operating leases for each of the next five years at March 31, 2026, is as follows (in thousands):


2026	$	738
2027		919
2028		762
2029		493
2030		148
Thereafter		84
Total	$	3,144

Product Warranties

The following table summarizes activity within the warranty liability (in thousands):


	Three Months Ended March 31,
	2026			2025
Warranty liability, beginning of period	$	1,863		$	1,950
Product warranty reserve accrued		(12)			576
Warranty costs incurred		(324)			(493)
Warranty liability, end of period	$	1,527		$	2,033

Intangible Assets, Net

Finite-lived intangible have a weighted average remaining life of 10.1 years.

The following table summarizes intangible asset amortization expense (in thousands):


	As of March 31,
Year	2026
2026	$	663
2027		580
2028		580
2029		580
2030		547
Thereafter		2,006
Total	$	4,956

Share-Based Compensation

Recent Accounting Pronouncements

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

The provision for income tax expense for the three months ended March 31, 2026 and 2025 was $2.1 million and $2.5 million respectively. The Company's effective tax rate for the three month period ended March 31, 2026 was 16.1%. The primary drivers of the variance from the federal statutory tax rate of 21.0% were the Federal Energy Efficient Home Improvement credit and a discount for transferable tax credits purchased during the quarter ended March

31, 2026. The Company's effective tax rate for the three month period ended March 31, 2025 was 19.3%. The primary driver of the variance from the federal statutory tax rate of 21.0% was the Federal Energy Efficient Home Improvement credit, which was partially offset by state income taxes. The §45L tax credit was initially established under the Federal Energy Policy Act of 2005 and ends June 30, 2026 pursuant to the One, Big, Beautiful Bill Act of 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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+ Details

NATURE OF OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2026

NATURE OF OPERATIONS

Schedule of future minimum lease income

Future minimum lease income under all operating leases for each of the next five years at March 31, 2026, is as follows (in thousands):


2026	$	738
2027		919
2028		762
2029		493
2030		148
Thereafter		84
Total	$	3,144

Schedule of the activity within the warranty liability account

The following table summarizes activity within the warranty liability (in thousands):


	Three Months Ended March 31,
	2026			2025
Warranty liability, beginning of period	$	1,863		$	1,950
Product warranty reserve accrued		(12)			576
Warranty costs incurred		(324)			(493)
Warranty liability, end of period	$	1,527		$	2,033

Schedule of intangible assets

The following table summarizes intangible asset amortization expense (in thousands):


	As of March 31,
Year	2026
2026	$	663
2027		580
2028		580
2029		580
2030		547
Thereafter		2,006
Total	$	4,956

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Common Stock

Treasury stock

Additional paid-in-capital

Retained earnings

Total

Beginning Balance at Dec. 31, 2024

$ 31

$ (9,875)

$ 182,400

$ 321,400

$ 493,956

Beginning Balance (in shares) at Dec. 31, 2024

^[1]

24,158,311

Share based compensation

$ 1

170

171

Share based compensation (in shares)

^[1]

436

Purchase of treasury stock

(675)

$ (675)

Purchase of treasury stock (in shares)

(29,385)

^[1]

(29,385)

Net income

10,276

$ 10,276

Ending Balance at Mar. 31, 2025

$ 32

(10,550)

182,570

331,676

503,728

Ending Balance (in shares) at Mar. 31, 2025

^[1]

24,129,362

Beginning Balance at Dec. 31, 2024

$ 31

(9,875)

182,400

321,400

$ 493,956

Beginning Balance (in shares) at Dec. 31, 2024

^[1]

24,158,311

Purchase of treasury stock (in shares)

(346,406)

Ending Balance at Dec. 31, 2025

$ 32

(17,484)

182,857

363,209

$ 528,614

Ending Balance (in shares) at Dec. 31, 2025

23,812,341

^[1]

23,812,341

Share based compensation

$ 24

Purchase of treasury stock

(573)

$ (573)

Purchase of treasury stock (in shares)

(30,740)

^[1]

(30,740)

Net income

10,928

$ 10,928

Ending Balance at Mar. 31, 2026

$ 32

$ (18,057)

$ 182,881

$ 374,137

$ 538,993

Ending Balance (in shares) at Mar. 31, 2026

23,781,601

^[1]

23,781,601

[1]	Shares are net of treasury shares.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
Accounts receivable, net	$ 5,061		$ 5,467	$ 4,000
Accounts payable	4,340		6,443
Home sales to related parties	34,366	$ 35,670
AmeriCasa
RELATED PARTY TRANSACTIONS
Accounts receivable, net	1,000
Accounts payable	800
Related Party \| Bell Mobile Homes
RELATED PARTY TRANSACTIONS
Accounts receivable, net	200		600
Home sales to related parties	1,000	400
Related Party \| Shipley Bros
RELATED PARTY TRANSACTIONS
Accounts receivable, net	100		$ 100
Home sales to related parties	$ 100	$ 400

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 31, 2026

INVENTORIES, NET

Schedule of inventory

Inventories, net consisted of the following (in thousands):


		As of March 31,			As of December 31,
		2026			2025
Raw materials		$	13,759		$	12,595
Work in progress			692			494
Finished goods, net			35,932			26,764
Total		$	50,383		$	39,853

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commitment
Self-insured liability	$ 0.2	$ 0.8
Repurchase agreements \| Maximum
Commitment
Repurchase commitment	$ 1.4	$ 0.8

NOTES RECEIVABLE FROM MOBILE HOME PARKS - Allowance for loan losses (Details) - MHP Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses, beginning of period	$ 1,399	$ 654
Provision for loan losses	61	122
Allowance for loan losses, end of period	$ 1,460	$ 776

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ACCRUED LIABILITIES
Warranty reserve	$ 1,527	$ 1,863
Litigation reserve	1,020	970
Payroll	878	1,768
Portfolio taxes and title	1,696	1,603
Property tax	439	1,123
Dealer rebates	628	919
Sales tax	247	282
Federal and state income taxes	6,860	10,942
Unclaimed Property	2,044	2,015
Other	3,813	3,578
Total accrued liabilities	$ 19,152	$ 25,063

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

15. EARNINGS PER SHARE

Basic earnings per common share (“EPS”) is computed based on the weighted-average number of common shares outstanding during the reporting period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s balance sheets. Diluted EPS is based on the weighted-average number of common shares outstanding plus the number of additional shares that would have been outstanding had the dilutive common shares been issued. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS.


	Three months ended
	March 31,
	2026			2025
Numerator:
Net income (in 000's)	$	10,928		$	10,276
Denominator:
Basic weighted-average common shares outstanding		23,808,350			24,133,253
Effect of dilutive securities:
Restricted stock		352			224
Stock options		29,628			661,451
Diluted weighted-average common shares outstanding		23,838,330			24,794,928
Earnings per share
Basic	$	0.46		$	0.43
Diluted	$	0.46		$	0.41

We repurchased 29,385 shares of common stock for $0.7 million in the open market during the three months ended March 31, 2025. We repurchased 346,406 shares of common stock for $7.6 million in the open market during the year ended December 31, 2025. The November 2022 share repurchase program expired on October 31, 2025.

On February 6, 2026, the Board of Directors authorized a stock repurchase program (the "Repurchase Program") under which the Company may repurchase up to $10.0 million of its outstanding common stock from time to time through February 28, 2029. Repurchases may be made in the open market or through privately negotiated transactions, with the timing, manner, price and volume of any repurchases determined by the Company's Executive Chairman and Chief Executive Officer, or either of them, in their sole discretion, based on market conditions, the Company's cash reserves and cash flow, and the relative attractiveness of alternative uses of capital for operations, growth and share repurchases.

During the three months ended March 31, 2026, the Company repurchased 30,740 shares of its common stock under the Repurchase Program at an aggregate cost of approximately $0.6 million, or an average price of $18.63 per share, leaving approximately $9.4 million available for future repurchases under the Repurchase Program.

Open market repurchases under the Repurchase Program are intended to be made in compliance with the non-exclusive safe harbor conditions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Repurchase Program does not obligate the Company to acquire any particular amount of common stock, has no expiration date prior to February 28, 2029, and may be suspended, modified or discontinued at any time without prior notice. Shares repurchased under the program will be held as treasury shares. The Company has determined that repurchases under the Repurchase Program are permitted under the terms of its existing bank credit facilities and other indebtedness.