SECURITIZED DEBT (Tables)

3 Months Ended

Mar. 31, 2026

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


($ in millions)	At March 31, 2026		At December 31, 2025
Vacation ownership notes receivable securitizations, gross(1)	$	1,986	$	2,173
Unamortized debt discount and issuance costs	(24)		(27)
	1,962		2,146

Warehouse Credit Facility, gross(2)	343		—
Unamortized debt issuance costs(3)	(1)		—
	342		—

	$	2,304	$	2,146

(1)Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.
(2)Effective interest rate as of March 31, 2026 was 4.8%.
(3) Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time.

The following table shows anticipated future principal payments for our securitized debt as of March 31, 2026.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2026, remaining	$	131	$	18	$	149
2027	173		19		192
2028	179		306		485
2029	180		—		180
2030	182		—		182
Thereafter	1,141		—		1,141
	$	1,986	$	343	$	2,329

(1)Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2026.


	Payments Year
($ in millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	748	$	786
Revolving Corporate Credit Facility	—		—		—		—		310		—		310
2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575

2027 Convertible Notes	—		575		—		—		—		—		575
	$	6	$	583	$	358	$	508	$	318	$	1,323	$	3,096