Debt Obligations (Tables)

3 Months Ended

Jun. 28, 2014

Debt obligations consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands):



	June 28, 2014		March 29, 2014
Acquired securitized financings
Securitized financing 2005-1	$	31,849	$	33,291
Securitized financing 2007-1	35,563		36,761
Other secured financings	1,518		—
Total securitized financings and other, net	$	68,930	$	70,052

Acquired Securitized Financings

The following table summarizes acquired securitized financings (in thousands):



	June 28, 2014			March 29, 2014
Securitized financings – contractual amount	$	81,680		$	85,251
Purchase discount
Accretable	(14,268		)	(15,199		)
Non-accretable (1)	—			—
Total acquired securitized financings, net	$	67,412		$	70,052

(1) There is no non-accretable purchase discount, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

Accretable Yield Movement on Acquired Securitized Financings

The changes in accretable yield on securitized financings were as follows (in thousands):



	Three Months Ended
	June 28, 2014			June 29, 2013
Balance at the beginning of the period	$	15,199		$	19,916
Accretion	(1,061		)	(1,150		)
Adjustment to cash flows	130			113
Balance at the end of the period	$	14,268		$	18,879