v3.26.3
TIMESHARE FINANCING RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Financing Receivable
The following table presents the components of each portfolio by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Securitized$1,948 $1,734 $524 $373 
Unsecuritized(1)
2,180 1,931 370 276 
Timeshare financing receivables, gross4,128 3,665 894 649 
Unamortized non-credit acquisition net premium— — 23 34 
Less: allowance for financing receivables losses(1,173)(1,078)(196)(155)
Timeshare financing receivables, net$2,955 $2,587 $721 $528 
(1)Includes amounts used as collateral to secure the non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) and the non-recourse revolving timeshare receivable credit facility for Big Cedar (“Big Cedar Timeshare Facility”) as well as amounts held as future collateral for securitization activities.
Schedule of Change in Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
($ in millions)
Originated
Acquired
Balance as of December 31, 2025
$1,078 $155 
Initial allowance for financing receivables acquired during the period— 96 
Provision for financing receivables losses(1)
302 (4)
Write-offs(217)(80)
Inventory recoveries— 39 
Upgrades(2)
10 (10)
Balance as of September 30, 2026
$1,173 $196 
($ in millions)
Originated
Acquired
Balance as of December 31, 2024
$804 $268 
Provision for financing receivables losses(1)
300 18 
Write-offs(164)(169)
Inventory recoveries— 78 
Upgrades(2)
27 (27)
Balance as of September 30, 2025
$967 $168 
(1)For the Originated portfolio, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio, this amount includes incremental provision for credit loss expense from Acquired loans.
(2)Represents the initial change in allowance resulting from upgrades of Acquired receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.
Schedule of Future Payments Due from Financing Receivables
Our originated timeshare financing receivables as of September 30, 2026 mature as follows:
($ in millions)Originated Timeshare Financing Receivables
YearSecuritizedUnsecuritizedTotal
2026 (remaining)$39 $38 $77 
2027169 139 308 
2028182 154 336 
2029196 172 368 
2030213 193 406 
Thereafter1,149 1,484 2,633 
Total$1,948 $2,180 $4,128 
Our acquired timeshare financing receivables as of September 30, 2026 mature as follows:
($ in millions)Acquired Timeshare Financing Receivables
YearSecuritizedUnsecuritizedTotal
2026 (remaining)$18 $13 $31 
202777 50 127 
202878 48 126 
202976 46 122 
203074 42 116 
Thereafter201 171 372 
Total$524 $370 $894 
Schedule of Financing Receivables by Average FICO Score
Our originated gross balances by FICO score of our originated timeshare financing receivables are below:
($ in millions)Originated
FICO score(1)
September 30,
2026		December 31,
2025
700+$2,803 $2,492 
600-699846 756 
<600100 74 
No score(2)
379 343 
Total$4,128 $3,665 
(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the table above.
(2)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Our gross balances by FICO score of our acquired timeshare financing receivables are below:
($ in millions)Acquired
FICO score(1)
September 30,
2026		December 31,
2025
700+$593 $366 
600-699220 187 
<60022 12 
No score(2)
59 84 
Total$894 $649 
(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the table above.
(2)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score
The following table details our gross originated timeshare financing receivables by the origination year and FICO score as of September 30, 2026:
($ in millions)
Originated Timeshare Financing Receivables
FICO score20262025202420232022PriorTotal
700+$1,052 $862 $447 $194 $139 $109 $2,803 
600-699291 271 147 62 43 32 846 
<60047 29 11 5 4 4 100 
No score(1)
119 111 78 32 16 23 379 
Total$1,509 $1,273 $683 $293 $202 $168 $4,128 
Current period gross write-offs$— $16 $71 $58 $40 $32 $217 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following table details our gross acquired timeshare financing receivables by the origination year and FICO score as of September 30, 2026:
($ in millions)
Acquired Timeshare Financing Receivables
FICO score20262025202420232022PriorTotal
700+$38 $90 $69 $146 $84 $166 $593 
600-6998 19 17 53 38 85 220 
<6002 3 2 3 2 10 22 
No score(1)
— 1 1 15 10 32 59 
Total$48 $113 $89 $217 $134 $293 $894 
Current period gross write-offs$— $— $4 $28 $15 $33 $80 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Past Due Financing Receivables The following table details an aged analysis of our gross timeshare receivables balance:
Originated - SecuritizedOriginated - Unsecuritized
($ in millions)September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Current$1,866 $1,667 $1,673 $1,482 
31 - 90 days past due50 45 42 41 
91 - 120 days past due21 16 15 16 
121 days and greater past due11 6 450 392 
Total$1,948 $1,734 $2,180 $1,931 
The following table details an aged analysis of our gross timeshare receivables balance:
Acquired - SecuritizedAcquired - Unsecuritized
($ in millions)September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Current$505 $357 $165 $125 
31 - 90 days past due13 9 7 6 
91 - 120 days past due4 6 3 2 
121 days and greater past due2 1 195 143 
Total$524 $373 $370 $276 
As of September 30, 2026 and December 31, 2025, our consolidated aged gross receivables balances across both our originated and acquired portfolios consisted of the following:
($ in millions)September 30,
2026		December 31,
2025
Current$4,209 $3,631 
31 - 90 days past due112 101 
91 - 120 days past due43 40 
121 days and greater past due658 542 
Total(1)
$5,022 $4,314 
(1) As of September 30, 2026, the consolidated aged gross receivables related to the Elara Acquisition were $406 million current, $11 million 31 - 90 days past due, $3 million 91 - 120 days past due and $65 million 121 days and greater past due.