We define our timeshare financing receivables portfolios as (i) originated and (ii) acquired. The following table presents the components of each portfolio by class of timeshare financing receivables:


	Originated				Acquired
($ in millions)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Securitized	$	1,168	$	770	$	641	$	214
Unsecuritized(1)	1,764		1,326		443		551
Timeshare financing receivables, gross	$	2,932	$	2,096	$	1,084	$	765
Unamortized non-credit acquisition premium(2)	—		—		62		32
Less: allowance for financing receivables losses	(804)		(500)		(268)		(279)
Timeshare financing receivables, net	$	2,128	$	1,596	$	878	$	518

(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.

(2)Non-credit premium of $97 million was recognized at the Diamond Acquisition Date, of which $16 million and $26 million remains unamortized as of December 31, 2024 and 2023, respectively. A non-credit premium of $2 million was recognized at the Grand Islander Acquisition Date with $1 million remaining unamortized as of December 31, 2024 and 2023, respectively. Non-credit premium of $76 million was recognized at the Bluegreen Acquisition Date, of which $45 million remains unamortized as of December 31, 2024.

In April 2024, we completed a securitization of approximately $240 million of gross timeshare financing receivables and issued approximately $101 million of 5.75% notes, $58 million of 5.99% notes, $46 million of 6.62% notes, and $35 million of 8.85% notes due September 2039. The securitization transaction did not qualify as a sale and, accordingly, no gain or loss was recognized. The transaction is considered a secured borrowing, and the notes from the transaction are presented as non-recourse debt. The proceeds were used to pay down in part some of the existing debt and for other general corporate purposes.

In May 2024, we completed a securitization of approximately $375 million of gross timeshare financing receivables and issued approximately $217 million of 5.50% notes, $80 million of 5.65% notes, $57 million of 5.99% notes, and $21 million of 6.91% notes due March 2038. The securitization transaction did not qualify as a sale and, accordingly, no gain or loss was recognized. The transaction is considered a secured borrowing, and the notes from the transaction are presented as non-recourse debt. The proceeds were used to pay down in part some of the existing debt and for other general corporate purposes.

In November 2024, we completed a securitization of approximately $500 million of timeshare loans and issued approximately $273 million of 4.98% notes, $147 million of 5.27% notes, and $80 million of 5.71% notes due August 2040. The securitization transaction did not qualify as a sale and, accordingly, no gain or loss was recognized. The transaction is considered a secured borrowing, and the notes from the transaction are presented as non-recourse debt. The proceeds were used to pay down in part some of the existing debt and for other general corporate purposes.

As of December 31, 2024 and 2023, we had timeshare financing receivables with a carrying value of $455 million and $415 million, respectively, securing the Timeshare Facility. In connection with the acquisitions of Grand Islander and Bluegreen, we had access to additional timeshare facilities, which were terminated during the first quarter of 2024.

For our originated portfolio, we record an estimate of variable consideration for estimated defaults as a reduction of revenue from VOI sales at the time revenue is recognized on a VOI sale. We record the difference between the timeshare financing receivable and the variable consideration included in the transaction price for the sale of the related VOI as an allowance for financing receivables and record the receivable net of the allowance. For our acquired portfolio, any changes to the estimates of our allowance are recorded within Financing expense on our consolidated statements of income in the period in which the change occurs.

We recognize interest income on our timeshare financing receivables as earned. As of December 31, 2024 and 2023, we had interest receivable outstanding of $22 million and $17 million, respectively, on our originated timeshare financing receivables. As of both December 31, 2024 and 2023, we had interest receivable outstanding of $7 million and $4 million on our acquired timeshare financing receivables. Interest receivable is included in Other Assets within our consolidated balance sheets. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of December 31, 2024, our originated timeshare financing receivables had interest rates ranging from 1.5% to 25.8%, a weighted-average interest rate

of 14.9%, a weighted-average remaining term of 8.6 years and maturities through 2039. Our acquired timeshare financing receivables had interest rates ranging from 2.0% to 25.0%, a weighted-average interest rate of 15.0%, a weighted-average remaining term of 6.9 years and maturities through 2039.


($ in millions)	Originated		Acquired
Balance as of December 31, 2021	$	280	$	482
Provision for financing receivables losses(1)	140		—
Write-offs	(70)		(119)
Inventory recoveries	—		29
Upgrades(3)	54		(54)
Balance as of December 31, 2022	$	404	$	338
Provision for financing receivables losses(1)	171		(1)
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)	—		30
Write-offs	(73)		(116)
Inventory recoveries	—		26
Upgrades(3)	(2)		2
Balance as of December 31, 2023	$	500	$	279
Provision for financing receivables losses(1)	363		14
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)	—		157
Write-offs	(106)		(258)
Inventory recoveries	—		123
Upgrades(3)	47		(47)
Balance as of December 31, 2024	$	804	$	268

(1) For the Originated portfolio, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio, this amount includes incremental provision for credit loss expense from Acquired loans.

(2) The initial gross allowance determined for receivables with credit deterioration was $163 million as of the Bluegreen Acquisition Date and $30 million as of the Grand Islander Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million during the first quarter of 2024.

(3) Represents the initial change in allowance resulting from upgrades of Acquired loans. Upgraded Acquired loans and their related allowance are included in the Originated portfolio.

Our originated timeshare financing receivables as of December 31, 2024, mature as follows:


	Originated Timeshare Financing Receivables
($ in millions)	Securitized		Unsecuritized		Total
Year
2025	$	118	$	113	$	231
2026	124		120		244
2027	129		135		264
2028	133		151		284
2029	135		170		305
Thereafter	529		1,075		1,604
Total	$	1,168	$	1,764	$	2,932

Our acquired timeshare financing receivables were deemed to be purchased credit deteriorated financial assets. These notes receivable were initially recognized at their purchase price, represented by the acquisition date fair value, and subsequently “grossed-up” by our acquisition date assessment of the allowance for credit losses. The difference over which

par value of the acquired purchased credit deteriorated assets exceeds the purchase price plus the initial allowance for financing receivable losses is reflected as a non-credit premium and is amortized as a reduction to interest income under the effective interest method.

See Note 2: Summary of Significant Accounting Policies for additional information on the fair value methodology for our acquired timeshare financing receivables and related allowances for credit losses.


	Acquired Timeshare Financing Receivables
($ in millions)	Securitized		Unsecuritized		Total
Year
2025	$	78	$	53	$	131
2026	84		55		139
2027	89		54		143
2028	87		55		142
2029	80		53		133
Thereafter	223		173		396
Total	$	641	$	443	$	1,084


	Originated
	December 31, 2024
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
FICO score
700+	$	956	$	505	$	23	$	356	$	1,840
600-699	336		287		5		95		723
<600	41		42		—		2		85
No score(1)	249		11		21		3		284
Total	$	1,582	$	845	$	49	$	456	$	2,932


	Originated
	December 31, 2023
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
FICO score
700+	$	882	$	403	$	3	$	—	$	1,288
600-699	311		220		—		—		531
<600	39		31		—		—		70
No score(1)	196		8		3		—		207
Total	$	1,428	$	662	$	6	$	—	$	2,096


	Originated Timeshare Financing Receivables
($ in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO score
700+	$	1,009	$	355	$	252	$	102	$	23	$	99	$	1,840
600-699	343		162		124		45		9		40		723
<600	33		21		17		6		1		7		85
No score(1)	148		55		28		14		9		30		284
Total	$	1,533	$	593	$	421	$	167	$	42	$	176	$	2,932

Current period gross write-offs	$	8	$	7	$	45	$	25	$	4	$	17	$	106

As of December 31, 2024 and 2023, we had ceased accruing interest on originated timeshare financing receivables with an aggregate principal balance of $323 million and $208 million, respectively. The following tables detail an aged analysis of our gross timeshare financing receivables balance:


	Originated - Securitized
	December 31, 2024
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
Current	$	714	$	279	$	2	$	135	$	1,130
31 - 90 days past due	12		8		—		4		24
91 - 120 days past due	4		3		—		1		8
121 days and greater past due	4		2		—		—		6
Total	$	734	$	292	$	2	$	140	$	1,168


	Originated - Unsecuritized
	December 31, 2024
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
Current	$	683	$	389	$	44	$	301	$	1,417
31 - 90 days past due	15		15		1		7		38
91 - 120 days past due	6		6		1		3		16
121 days and greater past due	144		143		1		5		293
Total	$	848	$	553	$	47	$	316	$	1,764


	Originated - Securitized
	December 31, 2023
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
Current	$	577	$	162	$	—	$	—	$	739
31 - 90 days past due	11		8		—		—		19
91 - 120 days past due	4		3		—		—		7
121 days and greater past due	2		3		—		—		5
Total	$	594	$	176	$	—	$	—	$	770


	Originated - Unsecuritized
	December 31, 2023
($ in millions)	HGV		DRI		Grand Islander		Bluegreen		Total
Current	$	723	$	366	$	6	$	—	$	1,095
31 - 90 days past due	16		18		—		—		34
91 - 120 days past due	4		7		—		—		11
121 days and greater past due	91		95		—		—		186
Total	$	834	$	486	$	6	$	—	$	1,326


	Acquired
	December 31, 2024
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
FICO score
700+	$	159	$	44	$	385	$	588
600-699	114		13		203		330
<600	25		—		8		33
No score(1)	9		120		4		133
Total	$	307	$	177	$	600	$	1,084


	Acquired
	December 31, 2023
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
FICO score
700+	$	256	$	66	$	—	$	322
600-699	189		20		—		209
<600	42		—		—		42
No score(1)	12		180		—		192
Total	$	499	$	266	$	—	$	765


	Acquired Timeshare Financing Receivables
($ in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO score
700+	$	15	$	212	$	89	$	72	$	53	$	147	$	588
600-699	6		86		52		49		35		102		330
<600	—		2		2		5		6		18		33
No score(1)	—		28		21		12		16		56		133
Total	$	21	$	328	$	164	$	138	$	110	$	323	$	1,084

Current period gross write-offs	$	—	$	60	$	33	$	33	$	30	$	102	$	258

As of December 31, 2024 and 2023, we had ceased accruing interest on acquired timeshare financing receivables with an aggregate principal balance of $231 million and $279 million, respectively. The following tables detail an aged analysis of our gross timeshare receivables balance:


	Acquired - Securitized
	December 31, 2024
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	104	$	84	$	418	$	606
31 - 90 days past due	4		1		17		22
91 - 120 days past due	1		—		8		9
121 days and greater past due	2		1		1		4
Total	$	111	$	86	$	444	$	641


	Acquired - Unsecuritized
	December 31, 2024
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	36	$	68	$	112	$	216
31 - 90 days past due	2		2		5		9
91 - 120 days past due	1		1		2		4
121 days and greater past due	157		20		37		214
Total	$	196	$	91	$	156	$	443


	Acquired - Securitized
	December 31, 2023
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	131	$	71	$	—	$	202
31 - 90 days past due	6		1		—		7
91 - 120 days past due	2		—		—		2
121 days and greater past due	3		—		—		3
Total	$	142	$	72	$	—	$	214


	Acquired - Unsecuritized
	December 31, 2023
($ in millions)	Legacy-DRI		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	92	$	177	$	—	$	269
31 - 90 days past due	5		3		—		8
91 - 120 days past due	2		1		—		3
121 days and greater past due	258		13		—		271
Total	$	357	$	194	$	—	$	551