TIMESHARE FINANCING RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2025

The following table presents the components of each portfolio by class of timeshare financing receivables:


	Originated				Acquired
($ in millions)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Securitized	$	1,297	$	1,168	$	506	$	641
Unsecuritized(1)	1,914		1,764		309		443
Timeshare financing receivables, gross	$	3,211	$	2,932	$	815	$	1,084
Unamortized non-credit acquisition premium	—		—		46		62
Less: allowance for financing receivables losses	(904)		(804)		(189)		(268)
Timeshare financing receivables, net	$	2,307	$	2,128	$	672	$	878

(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.

Schedule of Change in Allowance for Financing Receivables Losses

The changes in our allowance for financing receivables losses were as follows:


($ in millions)	Originated		Acquired
Balance as of December 31, 2024	$	804	$	268
Provision for financing receivables losses(1)	167		13
Write-offs	(84)		(132)
Inventory recoveries	—		57
Upgrades(3)	17		(17)
Balance as of June 30, 2025	$	904	$	189


($ in millions)	Originated		Acquired
Balance as of December 31, 2023	$	500	$	279
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)	—		191
Provision for financing receivables losses(1)	158		1
Write-offs	(57)		(111)
Inventory recoveries	—		45
Upgrades(3)	12		(12)
Balance as of June 30, 2024	$	613	$	393

(1)For the Originated portfolio, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio, this amount includes incremental provision for credit loss expense from Acquired receivables.

(2)The initial allowance determined for receivables with credit deterioration was $197 million as of the Bluegreen Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million during the first quarter of 2024.

(3)Represents the initial change in allowance resulting from upgrades of Acquired receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.

Schedule of Future Payments Due from Financing Receivables

Our originated timeshare financing receivables as of June 30, 2025 mature as follows:


	Originated Timeshare Financing Receivables
($ in millions)	Securitized		Unsecuritized		Total
Year
2025 (remaining)	$	57	$	67	$	124
2026	122		132		254
2027	132		143		275
2028	142		155		297
2029	150		172		322
Thereafter	694		1,245		1,939
Total	$	1,297	$	1,914	$	3,211

Our gross acquired timeshare financing receivables as of June 30, 2025 mature as follows:


	Acquired Timeshare Financing Receivables
($ in millions)	Securitized		Unsecuritized		Total
Year
2025 (remaining)	$	37	$	19	$	56
2026	75		40		115
2027	78		40		118
2028	74		41		115
2029	67		40		107
Thereafter	175		129		304
Total	$	506	$	309	$	815

Schedule of Financing Receivables by Average FICO Score

Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:


	Originated
	June 30, 2025
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
FICO score
700+	$	996	$	523	$	33	$	465	$	2,017
600-699	350		306		7		129		792
<600	42		46		—		2		90
No score(1)	264		16		27		5		312
Total	$	1,652	$	891	$	67	$	601	$	3,211