During the third quarter of 2026, we acquired 32 completed vacation ownership units, located at our Marriott Vacation Club, Bali Nusa Dua Terrace property, for $17 million. The transaction was accounted for as an asset acquisition with the purchase price allocated to Inventory. As consideration for the acquisition, we paid $11 million in cash during the third quarter of 2026 and reclassified $6 million of previous deposits associated with the project from Other assets to Inventory.

During the first quarter of 2026, we disposed of an entity that owned and operated a Vacation Ownership segment hotel in Cancun, Mexico, for proceeds of $50 million, consistent with our strategy to monetize non-core assets. The net carrying value of the entity disposed of, as of the date of the disposition, was $50 million, the majority of which consisted of property and equipment that was recorded in Other Assets on our balance sheet. As a result of this disposition, we recorded a gain of $2 million in Gains and other income, net on our Income Statements for the nine months ended September 30, 2026, which related to the realization of cumulative foreign currency translation gains.

During the second quarter of 2025, we acquired 52 completed vacation ownership units located in Khao Lak, Thailand for $50 million and included them in Property and equipment, net. We paid $43 million in cash consideration for these units during the second quarter of 2025. Additionally, during the second quarter of 2025, we reclassified $7 million of deposits paid in 2024 in connection with the project from Other assets to Property and equipment, net.

During the third quarter of 2025, we acquired 48 completed vacation ownership units located at our Marriott Vacation Club, Waikiki property for $82 million. The transaction was accounted for as an asset acquisition with $80 million of the purchase price allocated to Property and Equipment, net, representing the portion of vacation ownership units purchased that were not registered and available for sale in their current form, and the remaining $2 million allocated to Inventory.

Additionally, subsequent to the end of the third quarter of 2026, we fulfilled our outstanding commitment to purchase the remaining 24 completed vacation ownership units located at this property for $41 million.