v3.26.3
DEBT AND NON-RECOURSE DEBT (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)
Interest Rate
September 30, 2026December 31, 2025
Debt(1)
Senior secured credit facility
Term loan A due 2028
5.551 %$400 $400 
Term loan B due 2031
5.901 %880 887 
Term loan B due 2033
5.901 %850 851 
Revolver due 2030(2)
5.442 %490 130 
Senior notes due 2029
5.000 %850 850 
Senior notes due 2031
4.875 %500 500 
Senior notes due 2032
6.625 %900 900 
Other debt
76 85 
Total debt, gross4,946 4,603 
Less: unamortized deferred financing costs and discounts(3)
(61)(58)
Total debt, net$4,885 $4,545 
(1)As of September 30, 2026 and December 31, 2025, weighted-average interest rates were 5.751% and 5.691%.
(2)Unamortized deferred financing costs of $1 million and $3 million as of September 30, 2026 and December 31, 2025 related to our revolving facility are included in Other assets in our condensed consolidated balance sheets.
(3)Amount includes unamortized deferred financing costs of $51 million and $53 million as of September 30, 2026 and December 31, 2025. This amount also includes unamortized original issuance discounts of $10 million and $5 million as of September 30, 2026 and December 31, 2025.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)Weighted Average Interest RateSeptember 30, 2026December 31, 2025
Non-recourse debt(1)
Timeshare Facility due 2029(2)
5.007 %$550 $615 
Big Cedar Timeshare Facility due 2029
5.170 %25 — 
Securitized Debt due 2035 - 2045(3)
5.063 %2,346 2,106 
Quorum Purchase Facility due 2034
5.018 %2 4 
NBA Receivables Facility due 2031
5.394 %— 26 
Total non-recourse debt, gross2,923 2,751 
Less: unamortized deferred financing costs and discount(4)
(32)(35)
Total non-recourse debt, net$2,891 $2,716 
(1)As of September 30, 2026 and December 31, 2025, weighted-average interest rates were 5.054% and 5.019%.
(2)Unamortized deferred financing costs of $3 million as of September 30, 2026 relating to the Timeshare Facility and Big Cedar Timeshare Facility included in Other Assets in our consolidated balance sheet.
(3)Interest rates as of September 30, 2026 range from 1.410% to 6.614%.
(4)Amount includes unamortized deferred financing costs of $30 million for both periods September 30, 2026 and December 31, 2025, and unamortized discounts of $2 million and $5 million as of September 30, 2026 and December 31, 2025.
Schedule of Derivative Instruments Effect on Other Comprehensive Loss
The following table reflects the activity, net of tax, in Accumulated other comprehensive loss related to our derivative instruments during the nine months ended September 30, 2026:
Net unrealized gain on derivative instruments
Balance as of December 31, 2025
$14 
Other comprehensive loss before reclassifications, net
7 
Reclassifications to net income
(7)
Balance as of September 30, 2026
$14 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of September 30, 2026 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2026 (remaining three months)$6 $156 $162 
202722 541 563 
2028430 439 869 
2029878 923 1,801 
2030515 276 791 
Thereafter3,095 588 3,683 
Total$4,946 $2,923 $7,869