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


($ in millions)		At March 31, 2026		At December 31, 2025
Corporate Credit Facility
	Term Loan(1)	$	786	$	788
	Unamortized debt discount and issuance costs	(8)		(8)
		778		780

	Revolving Corporate Credit Facility(2)	310		—
	Unamortized debt issuance costs(3)	(4)		—
		306		—
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(1)		(2)
		349		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(3)		(3)
		497		497

	2033 Notes	575		575
	Unamortized debt discount and issuance costs	(8)		(8)
		567		567
Convertible Notes
	2026 Convertible Notes	—		575
	Unamortized debt issuance costs	—		—
		—		575

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(5)		(6)
		570		569

Finance Leases		198		198
		$	3,265	$	3,534

(1)The effective interest rate as of March 31, 2026 was 5.9%.
(2)The effective interest rate as of March 31, 2026 was 5.3%.
(3) Excludes $4 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 Revolving Corporate 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

The following table provides the components of interest expense related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5