• A more affordable Clayton Homes (part of Berkshire Hathaway) for manufactured and tiny homes.
• The IKEA of affordable, modular homes.
• Like a D.R. Horton or PulteGroup, but specializing in factory-built, affordable homes.

• Manufactured Homes: Manufactures and sells affordable factory-built homes designed for long-term residential use.
• Tiny Homes: Produces and sells compact, portable dwelling units often used for recreational or smaller living spaces.
• Wholesale Financing: Offers inventory financing solutions to independent dealers who sell Legacy Housing's manufactured and tiny homes.
• Retail Financing: Provides installment loans directly to consumers for the purchase of Legacy Housing's manufactured and tiny homes.

Legacy Housing (LEGH) primarily sells its manufactured homes, tiny homes, and park model RVs to other companies rather than directly to individuals. The company does not publicly disclose the names of specific major customer companies, nor does it typically sell to other large, publicly traded companies in a direct customer-supplier relationship where those customers would be listed by name and symbol. Instead, its sales are distributed across a network of primarily privately-held businesses, which can be categorized as:

• Independent Manufactured Home Retailers (Dealers): These are businesses that operate sales centers and showrooms, purchasing homes from manufacturers like Legacy Housing to then sell to individual consumers. Legacy Housing works with a network of numerous such independent dealers across multiple states in the southern United States. These dealers are typically private companies, and Legacy Housing does not disclose specific names or their individual contribution percentages to its revenue.
• Manufactured Home Community Owners/Operators: These are businesses or investment groups that own and manage land-lease communities where manufactured homes are sited. They purchase homes from Legacy Housing to either sell directly to residents of their communities or to rent out as part of their community's housing inventory. Similar to dealers, these are typically private entities or smaller regional companies, and specific major customers are not disclosed.

While Legacy Housing also provides financing services to both dealers (wholesale) and individual home purchasers (retail), its direct customers for the manufactured housing units themselves fall into the business-to-business categories mentioned above, primarily comprising a broad network of smaller, non-public entities.

Kenneth E. Shipley, Founder & Interim Chief Executive Officer

Kenneth E. Shipley is a co-founder of Legacy Housing Corporation, established in 2005. He currently serves as the Interim Chief Executive Officer and also holds the position of Chairman of the Board. With over 40 years of experience in the manufactured housing industry, Mr. Shipley has been crucial to the company's expansion and innovation. Prior to co-founding Legacy Housing, he was involved in Bell Mobile Homes, a retail business he started with his brothers 38 years ago. He was also formerly a Director at Cavalier Homes, Inc. In the mid-1980s, Shipley and Curtis Hodgson began partnering on buying and selling repossessed homes.

Ronald C. Arrington, Interim Chief Financial Officer

Ronald C. Arrington currently serves as the Interim Chief Financial Officer, a position he assumed on October 7, 2025, following the resignation of Jeffrey M. Fiedelman. Mr. Arrington previously held the CFO role at Legacy Housing from May 2022 to September 2023. He brings over 35 years of experience in financial leadership within the aerospace, construction, manufacturing, and retail sectors.

Curtis D. Hodgson, Founder & Executive Chairman of the Board

Curtis D. Hodgson is a co-founder of Legacy Housing Corporation. He holds the title of Executive Chairman of the Board. Mr. Hodgson and Kenneth E. Shipley partnered in the mid-1980s, buying and selling repossessed homes.

The key risks to Legacy Housing (LEGH) are primarily driven by macroeconomic factors, regulatory hurdles, and the competitive nature of the manufactured housing market.

1. Macroeconomic Headwinds: Legacy Housing faces significant risks from high inflation, which can increase material and labor costs and consequently reduce gross margins. Rising interest rates pose a challenge by increasing the cost of financing for homebuyers, directly impacting the affordability of homes and leading to decreased demand and lower unit volumes. The overall decline in housing affordability also shifts market demand, resulting in fewer shipments.
2. Regulatory Compliance and Zoning Restrictions: The company is subject to various federal, state, and local regulations, including HUD codes, and failure to comply could significantly affect its operations. More specifically, restrictive zoning ordinances and perceived regulatory inaction at the federal level create substantial barriers to the placement and sale of manufactured homes, hindering industry growth and the company's ability to expand its market reach.
3. Competitive Landscape and Market Dependence: Legacy Housing operates in a highly competitive manufactured housing industry, contending with both national manufacturers and new market entrants. Competition is intense and is based on factors such as price, product features, and financing terms. The company's heavy reliance on the manufactured housing market makes it vulnerable to economic fluctuations and shifts in consumer preferences, exacerbated by what is described as "null to low switching costs" for customers, which could lead to market share loss.

The sustained high interest rate environment is significantly increasing the cost of financing manufactured homes, directly reducing demand from Legacy Housing's target demographic and simultaneously increasing the credit risk within its substantial loan portfolio. This dual impact threatens both sales volume and the quality of its financial assets, as consumers face greater affordability challenges and potential payment delinquencies.

Legacy Housing Corporation (LEGH) primarily focuses on the building, sale, and financing of manufactured homes and tiny houses, with its operations concentrated in the southern United States.

The addressable market for Legacy Housing's main products and services, within the United States, can be described as follows:

• The United States Manufactured Homes Market is estimated at USD 13.74 billion in 2025 and is projected to grow to USD 18.92 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.61% during this forecast period.
• Another estimate values the United States manufactured homes market at USD 25.91 billion in 2024, with an expected growth to USD 43.43 billion by 2034 at a CAGR of 5.30% from 2025 to 2034.
• The broader U.S. Prefabricated Housing Market, which includes manufactured homes, was valued at USD 36,139.5 million in 2024 and is anticipated to reach USD 60,027.9 million by 2033, growing at a CAGR of 5.8% from 2024 to 2033.
• The Manufactured Home Wholesaling industry in the United States is projected to have a market size of USD 45.3 billion in 2025.

Legacy Housing (LEGH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion and Growth of Loan Portfolios: Legacy Housing's consumer and mobile home park (MHP) loan portfolios have been a significant contributor to interest income, with a notable increase in balances. Continued growth in these financing segments is anticipated to boost revenue.
2. New Product Introductions and Enhancements: The company is focused on innovating its product line, as evidenced by the introduction of the "Legacy Ultimate Series" and "Legacy 250 home models." These new offerings include features such as taller roof pitches, wider floors, vaulted ceilings, and energy-efficient 21 SEER concealed-duct "mini-split" heat pumps, along with optional storage modules, which are designed to appeal to modern living and drive sales.
3. Strategic Market Expansion and Increased Unit Volumes: While recent unit volumes have seen a decline, Legacy Housing has highlighted expansion in key markets like its Falcon Ranch location in Texas, with expectations for further revenue upside from additional developed lots. The company's strategic focus on affordable manufactured and tiny homes positions it to capitalize on the increasing demand for budget-friendly housing solutions amidst high interest rates. Management commentary from Q2 2025 also noted that higher unit volumes were a driver of revenue growth.
4. Moderate Price Increases: Legacy Housing has previously demonstrated its ability to implement moderate increases in unit prices, which contributed to an increase in net revenue per product sold. This strategy could continue to be a driver of revenue growth in the coming years.

Share Repurchases

• In 2024, Legacy Housing repurchased 262,530 shares of common stock for $5.4 million under its share repurchase program, with approximately $14.6 million remaining authorized.
• During the three months ended June 30, 2025, the company repurchased 260,635 shares of common stock for $5.8 million, with a remaining authorization of approximately $8.1 million under its program.
• Over the 18 months leading up to Q2 2025, Legacy Housing repurchased over 552,000 shares of common stock for an aggregate cost of $11.9 million.

Share Issuance

• No significant share issuances for capital raising purposes were identified over the last 3-5 years. The changes in outstanding shares were primarily influenced by repurchases.

Inbound Investments

• On July 28, 2023, Legacy Housing entered into a new Credit Agreement (Revolver) with Prosperity Bank, replacing a prior line of credit with Capital One, N.A., for a four-year senior secured revolving credit facility.

Outbound Investments

• In November 2025, Legacy Housing announced an agreement to purchase assets of AmeriCasa Solutions, LLC.

Capital Expenditures

• Legacy Housing's capital expenditures were $12.43 million in 2024, $4.15 million in 2023, $4.13 million in 2022, $1.71 million in 2021, and $1.23 million in 2020.
• Investments have been made to increase production capacity, specifically at the Georgia manufacturing facility.
• The company has focused on expanding its market presence by acquiring properties for developing manufactured housing communities and subdivisions.