BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The table below presents revenues for our reportable segment results which include the acquired Bluegreen operations within both segments as of the Bluegreen Acquisition Date, reconciled to consolidated amounts:


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2025		2024		2025		2024
Revenues:
Real estate sales and financing	$	760	$	740	$	1,405	$	1,427
Resort operations and club management(1)	405		386		796		746
Total segment revenues	1,165		1,126		2,201		2,173
Cost reimbursements	128		129		261		251
Intersegment eliminations(1)	(27)		(20)		(48)		(33)
Total revenues	$	1,266	$	1,235	$	2,414	$	2,391

(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.

Schedule of Segment Reporting Information, by Segment

The following tables present Adjusted EBITDA for our reportable segments:


For the three months ended June 30, 2025	Real Estate and Financing			Resort Operations and Club Management			Total
Revenues from external customers	$	760		$	378		$	1,138
Intersegment revenues	—			27			27
Total segment revenues	760			405			1,165		(a)
Less:
Cost of VOI Sales	38			—			38
Selling expense	206			—			206
Marketing expense	265			—			265
Financing expense	54			—			54
Club expense	—			21			21
Property management expense	—			35			35
Rental expense	—			191			191
Other expenses	8			12			20
Total segment expenses	571		(b)	259		(c)	830
Other:
Share-based compensation expense	5			3			8
Other segment adjustment items	9			—			9		(d)
Intersegment elimination	(27)			—			(27)		(a)
Segment Adjusted EBITDA	$	176		$	149		$	325


For the six months ended June 30, 2025	Real Estate and Financing			Resort Operations and Club Management			Total
Revenues from external customers	$	1,405		$	748		$	2,153
Intersegment revenues	—			48			48
Total segment revenues	1,405			796			2,201		(a)
Less:
Cost of VOI Sales	63			—			63
Selling expense	401			—			401
Marketing expense	495			—			495
Financing expense	109			—			109
Club expense	—			41			41
Property management expense	—			69			69
Rental expense	—			386			386
Other expenses	8			23			31
Total segment expenses	1,076		(b)	519		(c)	1,595
Other:
Share-based compensation expense	9			5			14
Other segment adjustment items	19			—			19		(d)
Intersegment elimination	(48)			—			(48)		(a)
Segment Adjusted EBITDA	$	309		$	282		$	591

(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.

(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.

(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.

(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.


For the three months ended June 30, 2024	Real Estate and Financing			Resort Operations and Club Management			Total
Revenues from external customers	$	740		$	366		$	1,106
Intersegment revenues	—			20			20
Total segment revenues	740			386			1,126		(a)
Less:
Cost of VOI Sales	65			—			65
Selling expense	180			—			180
Marketing expense	238			—			238
Financing expense	44			—			44
Club expense	—			21			21
Property management expense	—			27			27
Rental expense	—			177			177
Other expenses	35			11			46
Total segment expenses	562		(b)	236		(c)	798
Other:
Share-based compensation expense	3			2			5
Other segment adjustment items	32			—			32		(d)
Intersegment elimination	(20)			—			(20)		(a)
Segment Adjusted EBITDA	$	193		$	152		$	345


For the six months ended June 30, 2024	Real Estate and Financing			Resort Operations and Club Management			Total
Revenues from external customers	$	1,427		$	713		$	2,140
Intersegment revenues	—			33			33
Total segment revenues	1,427			746			2,173		(a)
Less:
Cost of VOI Sales	113			—			113
Selling expense	338			—			338
Marketing expense	450			—			450
Financing expense	83			—			83
Club expense	—			41			41
Property management expense	—			61			61
Rental expense	—			340			340
Other expenses	66			21			87
Total segment expenses	1,050		(b)	463		(c)	1,513
Other:
Share-based compensation expense	6			3			9
Other segment adjustment items	49			—			49		(d)
Intersegment elimination	(33)			—			(33)		(a)
Segment Adjusted EBITDA	$	399		$	286		$	685

(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.

(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.

Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders

The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss) and net income (loss) attributable to stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2025		2024		2025		2024
Adjusted EBITDA:
Real estate sales and financing(1)	$	176	$	193	$	309	$	399
Resort operations and club management(1)	149		152		282		286
Segment Adjusted EBITDA	325		345		591		685
Acquisition and integration-related expense	(26)		(48)		(54)		(157)
General and administrative	(58)		(58)		(104)		(103)
Depreciation and amortization	(59)		(68)		(126)		(130)
License fee expense	(52)		(40)		(101)		(75)
Other gain (loss), net	4		(3)		10		(8)
Interest expense	(79)		(87)		(156)		(166)
Income tax (expense) benefit	(15)		(3)		(21)		8
Equity in earnings from unconsolidated affiliates	6		3		11		8
Impairment expense	(1)		—		(1)		(2)
Other adjustment items(2)	(17)		(37)		(33)		(58)
Net income	28		4		16		2
Net income attributable to noncontrolling interest	3		2		8		4
Net income (loss) attributable to stockholders	$	25	$	2	$	8	$	(2)

(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.

(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.

Schedule of Assets Reconciled to Consolidated Amounts

The following table presents total assets for our reportable segments, reconciled to consolidated amounts:


($ in millions)	June 30, 2025		December 31, 2024
Real estate sales and financing	$	7,497	$	7,349
Resort operations and club management	3,387		3,163
Total segment assets	10,884		10,512
Corporate	854		930
Total assets	$	11,738	$	11,442

Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts

The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:


	Six Months Ended June 30,
($ in millions)	2025		2024
Real estate sales and financing	$	76	$	59
Resort operations and club management	1		1
Total segment capital expenditures	77		60
Corporate	28		20
Total capital expenditures	$	105	$	80