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DEBT AND NON-RECOURSE DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)
Weighted Average Interest Rate
September 30, 2025December 31, 2024
Debt(1)
Senior secured credit facility
Term loan A due 2028
5.966 %$400 $400 
Term loan B due 2028
6.316 %852 858 
Term loan B due 2031
6.316 %890 893 
Revolver due 2030
5.930 %300 233 
Senior notes due 2029
5.000 %850 850 
Senior notes due 2031
4.875 %500 500 
Senior notes due 2032
6.625 %900 900 
Other debt
89 38 
Total debt, gross4,781 4,672 
Less: unamortized deferred financing costs and discounts(2)(3)(4)
(62)(71)
Total debt, net$4,719 $4,601 
(1)As of September 30, 2025 and December 31, 2024, weighted-average interest rates were 5.980% and 6.140%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loans and senior notes of $35 million and $21 million, respectively, as of September 30, 2025 and $39 million and $25 million, respectively, as of December 31, 2024. This amount also includes unamortized original issuance discounts of $4 million and $5 million as of September 30, 2025 and December 31, 2024, respectively.
(3)Amount does not include unamortized deferred financing costs of $4 million and $3 million as of September 30, 2025 and December 31, 2024, respectively, related to our revolving facility which are included in Other assets in our condensed consolidated balance sheets.
(4)Amount also includes unamortized discount of $2 million related to the Bluegreen debt recognized at the Bluegreen Acquisition Date as of September 30, 2025 and December 31, 2024.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)
Weighted Average Interest Rate
September 30,
2025		December 31, 2024
Non-recourse debt(1)
Timeshare Facility due 2027(2)
5.552 %$550 $428 
Securitized Debt due 2032 - 2044(3)
4.957 %1,931 1,883 
Quorum Purchase Facility due 2034
5.024 %4 6 
NBA Receivables Facility due 2031(6)
6.067 %20 33 
Total non-recourse debt, gross2,505 2,350 
Less: unamortized deferred financing costs and discount(4)(5)(7)
(33)(32)
Total non-recourse debt, net$2,472 $2,318 
(1)As of September 30, 2025 and December 31, 2024, weighted-average interest rates were 5.096% and 5.235%, respectively.
(2)The revolving commitment period of the Timeshare Facility terminates in November 2026; however, the repayment maturity date extends 12 months beyond the commitment termination date to November 2027.
(3)Interest rates as of September 30, 2025 range from 1.410% to 6.419%.
(4)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $1 million and $2 million as of September 30, 2025 and December 31, 2024, respectively, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.
(5)Amount includes unamortized discounts of $6 million and $11 million as of September 30, 2025 and December 31, 2024, respectively, related to the Grand Islander securitized debt and Bluegreen securitized and non-recourse debt recognized at the respective acquisition dates.
(6)Recourse on the NBA Receivables Facility is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(7)Amount includes unamortized deferred financing costs of $27 million and $21 million as of September 30, 2025 and December 31, 2024, respectively, related to HGV securitized debt.
Schedule of Derivative Instruments Effect on Other Comprehensive Loss
The following table reflects the activity, net of tax, in Accumulated other comprehensive loss related to our derivative instruments during the nine months ended September 30, 2025:
Net unrealized gain on derivative instruments
Balance as of December 31, 2024
$28 
Other comprehensive loss before reclassifications, net
(3)
Reclassifications to net income
(9)
Balance as of September 30, 2025
$16 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of September 30, 2025 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2025 (remaining three months)$6 $150 $156 
202624 496 520 
202723 934 957 
20281,257 291 1,548 
2029870 220 1,090 
Thereafter2,601 414 3,015 
Total$4,781 $2,505 $7,286