v3.26.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Balances, Net of Unamortized Debt Issuance Costs
The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs.
($ in millions)At September 30, 2026At December 31, 2025
Corporate Credit Facility
Term Loan(1)
$782 $788 
Unamortized debt discount and issuance costs(7)(8)
775 780 
Revolving Corporate Credit Facility(2)
20 — 
Unamortized debt issuance costs(3)
(4)— 
16 — 
Senior Unsecured Notes
2028 Notes350 350 
Unamortized debt discount and issuance costs(1)(2)
349 348 
2029 Notes500 500 
Unamortized debt discount and issuance costs(2)(3)
498 497 
2033 Notes575 575 
Unamortized debt discount and issuance costs(7)(8)
568 567 
Convertible Notes
2026 Convertible Notes— 575 
Unamortized debt issuance costs— — 
— 575 
2027 Convertible Notes575 575 
Unamortized debt issuance costs(4)(6)
571 569 
Finance Leases200 198 
$2,977 $3,534 
(1)The effective interest rate as of September 30, 2026 was 6.2%.
(2)The effective interest rate as of September 30, 2026 was 5.4%.
(3) Excludes $4 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time.
Scheduled Future Principal Payments for Debt
The following table shows anticipated future principal payments for our securitized debt as of September 30, 2026.
Vacation Ownership
Notes Receivable Securitizations
Warehouse Credit
Facility(1)
Total
($ in millions)
Payment Year
2026, remaining$50 $4 $54 
2027197 16 213 
2028197 17 214 
2029193 345 538 
2030189 — 189 
Thereafter1,242 — 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 20262027202820292030ThereafterTotal
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 $2,802 
Schedule of Convertible Debt
The following table provides the components of interest expense related to the 2027 Convertible Notes.
Three Months EndedNine Months Ended
($ in millions)September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Contractual interest expense$5 $5 $14 $14 
Amortization of debt issuance costs— — 2 2 
$5 $5 $16 $16