
($ in millions)	At September 30, 2026		At December 31, 2025
Vacation ownership notes receivable securitizations, gross(1)	$	2,068	$	2,173
Unamortized debt discount and issuance costs	(26)		(27)
	2,042		2,146

Warehouse Credit Facility, gross(2)	382		—
Unamortized debt issuance costs(3)	(2)		—
	380		—

	$	2,422	$	2,146

(1)Interest rates as of September 30, 2026 range from 1.5% to 6.7%, with a weighted average interest rate of 4.9%.
(2)Effective interest rate as of September 30, 2026 was 4.9%.
(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.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2026, remaining	$	50	$	4	$	54
2027	197		16		213
2028	197		17		214
2029	193		345		538
2030	189		—		189
Thereafter	1,242		—		1,242
	$	2,068	$	382	$	2,450

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

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the third quarter of 2026, and as of September 30, 2026, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of September 30, 2026, we had 13 securitized vacation ownership notes receivable pools outstanding.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

During the second quarter of 2026, we securitized a pool of $470 million of vacation ownership notes receivable. In connection with the securitization, $460 million in vacation ownership loan backed notes were issued by MVW 2026-1 LLC (the “2026-1 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2026-1 LLC: $277 million of Class A Notes, $97 million of Class B Notes, and $86 million of Class C Notes. The Class A Notes have an interest rate of 4.67%, the Class B Notes have an interest rate of 4.97%, and the Class C Notes have an interest rate of 5.36%, for an overall weighted average interest rate of 4.86%. Proceeds from the transaction, net of fees, were used to repay outstanding credit facility obligations and for other general corporate purposes.

During the third quarter of 2026, we completed a securitization of a pool of $91 million of vacation ownership notes receivable originated in our Asia-Pacific business that we previously classified as not eligible for securitization. In connection with this securitization, $66 million of vacation ownership loan backed notes with an interest rate of 6.70% were issued by Liburan 2026-A LLC in a private placement. The securitized loans previously were classified as not eligible for securitization based on criteria applicable to then current securitization transactions in the traditional ABS market.

Subsequent to the end of the third quarter of 2026, we securitized a pool of $469 million of vacation ownership notes receivable. In connection with the securitization, $460 million in vacation ownership loan backed notes were issued by MVW 2026-2 LLC (the “2026-2 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2026-2 LLC: $303 million of Class A Notes, $99 million of Class B Notes, and $58 million of Class C Notes. The Class A Notes have an interest rate of 5.76%, the Class B Notes have an interest rate of 6.05%, and the Class C Notes have an interest rate of 6.44%, for an overall weighted average interest rate of 5.91%. Proceeds from the transaction, net of fees, were used to repay outstanding credit facility obligations and for other general corporate purposes.

Our warehouse credit facility (the “Warehouse Credit Facility”), which allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis, has a borrowing capacity of $500 million. During the third quarter of 2026, the Warehouse Credit Facility was amended (the “Warehouse Amendment”), to extend the revolving period from June 11, 2027 to June 12, 2028, and make certain other non-material changes. The credit spread for the Warehouse Credit Facility is 110 basis points over the Secured Overnight Financing Rate (“SOFR”).