SECURITIZED DEBT (Tables)

3 Months Ended

Mar. 31, 2025

The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.


($ in millions)	At March 31, 2025		At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1)	$	1,856	$	2,039
Unamortized debt discount and issuance costs	(23)		(25)
	1,833		2,014

Warehouse Credit Facility, gross(2)	315		124
Unamortized debt issuance costs	(1)		(2)
	314		122

	$	2,147	$	2,136

(1)Interest rates as of March 31, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Effective interest rate as of March 31, 2025 was 5.5%.

The following table shows anticipated future principal payments for our securitized debt as of March 31, 2025.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2025, remaining	$	142	$	12	$	154
2026	167		16		183
2027	170		287		457
2028	170		—		170
2029	168		—		168
Thereafter	1,039		—		1,039
	$	1,856	$	315	$	2,171

(1)Excludes future Warehouse Credit Facility renewals.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2025.


	Payments Year
($ in millions)	Remaining 2025		2026		2027		2028		2029		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	756	$	794

Revolving Corporate Credit Facility	—		—		—		—		—		190		190
2028 Notes	—		—		—		350		—		—		350
2029 Notes	—		—		—		—		500		—		500
2026 Convertible Notes	—		575		—		—		—		—		575
2027 Convertible Notes	—		—		575		—		—		—		575
	$	6	$	583	$	583	$	358	$	508	$	946	$	2,984