INVENTORY

3 Months Ended

Mar. 31, 2026


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2026		At December 31, 2025


Real estate inventory(1)	$	672	$	684
Other	8		8
	$	680	$	692

(1)Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable.

Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $5 million during the first quarter of 2026 and $13 million during the first quarter of 2025.

In addition to the above, at March 31, 2026 and December 31, 2025, we had $230 million and $224 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

We also had deposits on future purchases of inventory of $34 million at March 31, 2026, of which $25 million was included in Other assets and $9 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $31 million at December 31, 2025, of which $26 million was included in Other assets and $5 million was included in Accounts and contracts receivable, net on our Balance Sheet