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BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We operate our business through the following two reportable segments based on the nature of the products and services provided:
•Real estate sales and financing – We market and sell VOIs that we own. We also source VOIs through fee-for-service agreements with third-party developers. Related to the sales of the VOIs that we own, we provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and revenue from servicing the loans. We also generate fee revenue from servicing the loans provided by third-party developers to purchasers of their VOIs.
•Resort operations and club management – We manage the clubs and earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. We also earn fees for managing the timeshare properties. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our club programs. We also earn revenue from food and beverage, retail and spa outlets at our timeshare properties.
Our chief operating decision maker “CODM” is our Chief Executive Officer. The CODM is our primary decision maker and is responsible for allocating resources to the components of the company and assessing company performance. The CODM uses Adjusted EBITDA to allocate resources (including employees and financial or capital resources) in the budgeting and forecasting process as well as assess performance and profitability for each segment. The performance of our operating segments, which are also our reportable segments, is evaluated based on adjusted earnings before interest expense (excluding non-recourse debt), taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) other gains, including asset dispositions and foreign currency transactions; (ii) debt restructurings/retirements; (iii) non-cash impairment losses; (iv) share-based and other compensation expenses; and (v) other items, including but not limited to costs associated with acquisitions, restructuring, amortization of premiums and discounts resulting from purchase accounting, and other non-cash and one-time charges.
We do not include equity in earnings from unconsolidated affiliates in our measures of segment operating performance.
The table below presents revenues for our reportable segment results which include the acquired Bluegreen operations within both segments as of the Bluegreen Acquisition Date, reconciled to consolidated amounts:
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Revenues:
Real estate sales and financing$789 $814 $2,194 $2,241 
Resort operations and club management(1)
406 383 1,202 1,129 
Total segment revenues1,195 1,197 3,396 3,370 
Cost reimbursements132 130 393 381 
Intersegment eliminations(1)
(27)(21)(75)(54)
Total revenues$1,300 $1,306 $3,714 $3,697 
(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
The following tables present Adjusted EBITDA for our reportable segments:
For the three months ended September 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$789 $379 $1,168 
Intersegment revenues— 27 27 
Total segment revenues789 406 1,195 (a)
Less:
Cost of VOI sales
43 — 43 
Selling expense220 — 220 
Marketing expense274 — 274 
Financing expense53 — 53 
Club expense— 22 22 
Property management expense— 36 36 
Rental expense— 178 178 
Other expenses3 12 15 
Total segment expenses593 (b)248 (c)841 
Other:
Share-based compensation expense5 2 7 
Other segment adjustment items10 (1)9 (d)
Intersegment elimination(27)— (27)(a)
Segment Adjusted EBITDA$184 $159 $343 
For the nine months ended September 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$2,194 $1,127 $3,321 
Intersegment revenues— 75 75 
Total segment revenues2,194 1,202 3,396 (a)
Less:
Cost of VOI sales
106 — 106 
Selling expense621 — 621 
Marketing expense769 — 769 
Financing expense162 — 162 
Club expense— 63 63 
Property management expense— 105 105 
Rental expense— 564 564 
Other expenses11 35 46 
Total segment expenses1,669 (b)767 (c)2,436 
Other:
Share-based compensation expense14 7 21 
Other segment adjustment items29 (1)28 (d)
Intersegment elimination(75)— (75)(a)
Segment Adjusted EBITDA$493 $441 $934 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
For the three months ended September 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$814 $362 $1,176 
Intersegment revenues— 21 21 
Total segment revenues814 383 1,197 (a)
Less:
Cost of VOI sales
75 — 75 
Selling expense189 — 189 
Marketing expense243 — 243 
Financing expense45 — 45 
Club expense— 20 20 
Property management expense— 30 30 
Rental expense— 167 167 
Other expenses35 11 46 
Total segment expenses587 (b)228 (c)815 
Other:
Share-based compensation expense3 2 5 
Other segment adjustment items24 (1)23 (d)
Intersegment elimination(21)— (21)(a)
Segment Adjusted EBITDA$233 $156 $389 
For the nine months ended September 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$2,241 $1,075 $3,316 
Intersegment revenues— 54 54 
Total segment revenues2,241 1,129 3,370 (a)
Less:
Cost of VOI sales
188 — 188 
Selling expense527 — 527 
Marketing expense693 — 693 
Financing expense128 — 128 
Club expense— 61 61 
Property management expense— 91 91 
Rental expense— 507 507 
Other expenses101 32 133 
Total segment expenses1,637 (b)691 (c)2,328 
Other:
Share-based compensation expense9 5 14 
Other segment adjustment items73 (1)72 (d)
Intersegment elimination(54)— (54)(a)
Segment Adjusted EBITDA$632 $442 $1,074 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income and net income attributable to stockholders:
 Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Adjusted EBITDA:
Real estate sales and financing(1)
$184 $233 $493 $632 
Resort operations and club management(1)
159 156 441 442 
Segment Adjusted EBITDA343 389 934 1,074 
Acquisition and integration-related expense(24)(36)(78)(193)
General and administrative(58)(44)(162)(147)
Depreciation and amortization(67)(68)(193)(198)
License fee expense(56)(49)(157)(124)
Other (loss) gain, net
(3)9 7 1 
Interest expense(79)(84)(235)(250)
Income tax expense
(15)(61)(36)(53)
Equity in earnings from unconsolidated affiliates6 4 17 12 
Impairment expense
(1)— (2)(2)
Other adjustment items(2)
(16)(28)(49)(86)
Net income
30 32 46 34 
Net income attributable to noncontrolling interest
5 3 13 7 
Net income attributable to stockholders
$25 $29 $33 $27 
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions)September 30, 2025December 31, 2024
Real estate sales and financing$7,667 $7,349 
Resort operations and club management3,359 3,163 
Total segment assets11,026 10,512 
Corporate654 930 
Total assets$11,680 $11,442 
The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:
Nine Months Ended September 30,
($ in millions)20252024
Real estate sales and financing$100 $76 
Resort operations and club management2 1 
Total segment capital expenditures
102 77 
Corporate43 29 
Total capital expenditures
$145 $106