0001104659-26-027133 | 10-K | XBRL Viewer

legh_FinancingReceivableImpairedBalance

248,000

legh_FinancingReceivableImpairedBalance

legh_FinancingReceivableImpairedBalance

63,000

Other Notes Receivable [Policy Text Block]

legh_FinancingReceivableImpairedBalance

$ 141,000

legh_OtherNotesReceivablePolicyTextBlock

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 December 31, 2025, there were past due balances of $189 on other notes. As of December 31, 2024, there were past due balances of $1.4 million on other notes, excluding any amounts attributable to the Notes, as defined in Note 5, Notes Receivable from Mobile Home Parks. For the years ended December 31, 2025 and 2024, the charge offs of other notes was $276 and $0, respectively. Allowance for loan loss for the other notes was $229 and $364 as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the impaired balance of other notes was

$63 and $141, respectively. 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, Fixed Interest Rate

legh_OtherNotesReceivableFixedInterestRate

5.00%

Other Notes Receivable, Fixed Interest Rate

legh_OtherNotesReceivableFixedInterestRate

17.50%

Dealer Finance Receivable [Policy Text Block]

legh_DealerFinanceReceivablePolicyTextBlock

Dealer Finance Receivable

Dealer finance receivable 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.

Lessor Operating Leases Future Minimum Payments Receivable [Table Text Block]

legh_LessorOperatingLeasesFutureMinimumPaymentsReceivableTableTextBlock

Future minimum lease income under all operating leases for each of the next five years at December 31, 2025, is as follows:


2026	$	1,091
2027		919
2028		762
2029		493
2030		148
Thereafter		84
Total	$	3,497

Dealer Incentive Liability [Policy Text Block]

legh_DealerIncentiveLiabilityPolicyTextBlock

Dealer Incentive Liability

The Company has entered into agreements with qualifying independent retailers, or dealers, that provides incentives to retailers when their customers finance the purchase of a home with the Company. The agreements provide for a profit sharing arrangement between the Company and the dealer for these consumer loans. The independent retailer is eligible to receive a dealer incentive, which is a portion of total collections expected on this consumer loan portfolio after the Company recovers its contribution (the collection thresholds are set per the terms of the dealer agreement, and the contribution includes the Company’s initial contribution, interest and fees).

A dealer incentive liability is recorded in the Company’s balance sheet based on the total outstanding balance of individual dealer loan portfolios at period end, less the remaining portion of the Company’s contribution in respective portfolios. As of December 31, 2025 and 2024, the dealer incentive liability was $2.8 million and $4.4 million, respectively. Dealer incentive expense for the year ended December 31, 2025, was $332, dealer incentive income for the year ended December 31, 2024, was $930, and these amounts are included in the Company’s statements of income.

Dealer Incentive Expense

legh_DealerIncentiveExpense

$ 332,000

Dealer Incentive Income

legh_DealerIncentiveIncome

$ 930,000

Term Of Product Warranty

legh_TermOfProductWarranty

1 year

Interest Income Policy [Text Block]

legh_InterestIncomePolicyTextBlock

Interest Income

Interest on consumer loans, MHP Notes and other notes is recognized using the effective-interest method on the daily balances of the principal amounts outstanding and recorded as part of total revenue. Fees associated with the origination of loans and certain direct loan origination costs are netted and the net amount is deferred and recognized over the life of the loan as an adjustment of yield.

Interest related to other notes receivable balances and interest income earned on cash balances is shown in Non-operating Interest Income on the statements of income.

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term, Minimum

legh_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum

4 years

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term, Maximum

legh_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum

8 years

Share-Based Payment Arrangement, Expense Reversal

legh_ShareBasedPaymentArrangementExpenseReversal

$ 231,000

legh_ConcentrationRiskNumberOfCustomers

legh_ConcentrationRiskNumberOfCustomers

legh_ConcentrationRiskNumberOfCustomers

Business Combination Extinguishment Of Pre Existing Liability

legh_ConcentrationRiskNumberOfCustomers

legh_BusinessCombinationExtinguishmentOfPreExistingLiability

$ 539,000

Business Combination, Unreleased Cash

legh_BusinessCombinationUnreleasedCash

400,000

Business Combination, Amount Held In Escrow

legh_BusinessCombinationAmountHeldInEscrow

$ 1,000,000

Business Combination, Escrow Retention Period

legh_BusinessCombinationEscrowRetentionPeriod

1 year

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Consumer Loans Receivable

legh_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedConsumerLoansReceivable

$ 9,138,000

Business Combination, Threshold Measurement Period For Completion Of Final Allocation

legh_BusinessCombinationThresholdMeasurementPeriodForCompletionOfFinalAllocation

1 year

Dealer Commission Reimbursed Dealer Expenses and Other Similar Costs

legh_DealerCommissionReimbursedDealerExpensesAndOtherSimilarCosts

$ 7,800,000

Dealer Commission Reimbursed Dealer Expenses and Other Similar Costs

legh_DealerCommissionReimbursedDealerExpensesAndOtherSimilarCosts

6,400,000

Revenue from Land Sales

legh_RevenueFromLandSales

114,000

Revenue from Land Sales

legh_RevenueFromLandSales

$ 8,900,000

Number of Properties Sold

legh_NumberOfPropertiesSold

Interest and Fee Income, Loans, Dealer

legh_InterestAndFeeIncomeLoansDealer

$ 3,061,000

Interest and Fee Income, Loans, Dealer

legh_InterestAndFeeIncomeLoansDealer

$ 3,214,000

Number Of Loans Purchased

legh_NumberOfLoansPurchased

126

legh_LoansAndLeasesReceivableGrossPercent

100.00%

legh_LoansAndLeasesReceivableGrossPercent

100.00%

legh_LoansAndLeasesReceivableGrossPercent

100.00%