The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts and contracts receivable (excluding contracts receivable for financed VOI sales, net), deposits included in Other assets, Accounts payable, Advance deposits, and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The table also excludes the Delayed-Draw Term Loan (as defined and further discussed in Footnote 11 “Debt”) as there were no outstanding borrowings as of March 31, 2025.


	At March 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,446	$	2,510	$	2,440	$	2,508
Contracts receivable for financed VOI sales, net	50		50		46		46
Other assets	130		130		131		131
Total financial assets	$	2,626	$	2,690	$	2,617	$	2,685

Securitized debt, net	$	(2,147)	$	(2,166)	$	(2,136)	$	(2,147)
Term Loan, net	(784)		(792)		(786)		(796)

Revolving Corporate Credit Facility, net	(185)		(190)		(122)		(125)
2028 Notes, net	(348)		(333)		(348)		(336)
2029 Notes, net	(496)		(460)		(496)		(467)
2026 Convertible Notes, net	(572)		(551)		(572)		(546)
2027 Convertible Notes, net	(567)		(533)		(566)		(541)
Total financial liabilities	$	(5,099)	$	(5,025)	$	(5,026)	$	(4,958)


	At March 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,959	$	2,021	$	1,917	$	1,981

Eligible for securitization	59		61		94		98
Not eligible for securitization	428		428		429		429
Non-securitized	487		489		523		527

Total	$	2,446	$	2,510	$	2,440	$	2,508