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, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.


	At March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,567	$	2,658	$	2,565	$	2,645
Contracts receivable for financed VOI sales, net	72		72		95		95
Other assets	165		165		168		168
Total financial assets	$	2,804	$	2,895	$	2,828	$	2,908

Securitized debt, net	$	(2,304)	$	(2,343)	$	(2,146)	$	(2,196)
Term Loan, net	(778)		(784)		(780)		(788)
Revolving Corporate Credit Facility, net	(306)		(310)		—		—
2028 Notes, net	(349)		(345)		(348)		(346)
2029 Notes, net	(497)		(472)		(497)		(479)
2033 Notes, net	(567)		(547)		(567)		(553)
2026 Convertible Notes, net	—		—		(575)		(564)
2027 Convertible Notes, net	(570)		(542)		(569)		(548)
Total financial liabilities	$	(5,371)	$	(5,343)	$	(5,482)	$	(5,474)


	At March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	2,070	$	2,157	$	1,900	$	1,975

Eligible for securitization	93		97		152		157
Not eligible for securitization	404		404		513		513
Non-securitized	497		501		665		670

Total	$	2,567	$	2,658	$	2,565	$	2,645