SECURITIZED DEBT (Tables)

9 Months Ended

Sep. 30, 2026

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


($ 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.

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2026.


	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.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2026.


	Payments Year
($ in millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	2	$	8	$	8	$	8	$	8	$	748	$	782
Revolving Corporate Credit Facility	—		—		—		—		20		—		20
2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575
2027 Convertible Notes	—		575		—		—		—		—		575

	$	2	$	583	$	358	$	508	$	28	$	1,323	$	2,802