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TIMESHARE FINANCING RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Financing Receivable

The following table presents the components of each portfolio by class of timeshare financing receivables:

			Originated												Acquired
($ in millions)			September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024
Securitized			$	1,557					$	1,168					$	399					$	641
Unsecuritized(1)			1,886						1,764						313						443
Timeshare financing receivables, gross			$	3,443					$	2,932					$	712					$	1,084
Unamortized non-credit acquisition premium			—						—						39						62
Less: allowance for financing receivables losses			(967)						(804)						(168)						(268)
Timeshare financing receivables, net			$	2,476					$	2,128					$	583					$	878

(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.

Schedule of Change in Allowance for Financing Receivables Losses

The changes in our allowance for financing receivables losses were as follows:

($ in millions)			Originated						Acquired
Balance as of December 31, 2024			$	804					$	268
Provision for financing receivables losses(1)			300						18
Write-offs			(164)						(169)
Inventory recoveries			—						78
Upgrades(3)			27						(27)
Balance as of September 30, 2025			$	967					$	168

($ in millions)			Originated						Acquired
Balance as of December 31, 2023			$	500					$	279
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)			—						214
Provision for financing receivables losses(1)			272						2
Write-offs			(86)						(195)
Inventory recoveries			—						74
Upgrades(3)			36						(36)
Balance as of September 30, 2024			$	722					$	338

(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 receivables.

(2)The initial allowance determined for receivables with credit deterioration was $220 million as of the Bluegreen 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 receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.

Schedule of Future Payments Due from Financing Receivables

Our originated timeshare financing receivables as of September 30, 2025 mature as follows:

			Originated Timeshare Financing Receivables
($ in millions)			Securitized						Unsecuritized						Total
Year
2025 (remaining)			$	35					$	31					$	66
2026			148						107						255
2027			158						119						277
2028			166						132						298
2029			175						149						324
Thereafter			875						1,348						2,223
Total			$	1,557					$	1,886					$	3,443

Our gross acquired timeshare financing receivables as of September 30, 2025 mature as follows:

			Acquired Timeshare Financing Receivables
($ in millions)			Securitized						Unsecuritized						Total
Year
2025 (remaining)			$	15					$	11					$	26
2026			58						45						103
2027			62						46						108
2028			59						45						104
2029			53						44						97
Thereafter			152						122						274
Total			$	399					$	313					$	712

Schedule of Financing Receivables by Average FICO Score

Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:

			Originated
			September 30, 2025
($ in millions)			HGV						Diamond						Grand Islander						Bluegreen						Total
FICO score
700+			$	1,026					$	563					$	39					$	535					$	2,163
600-699			358						323						8						157						846
<600			45						48						1						8						102
No score(1)			276						20						31						5						332
Total			$	1,705					$	954					$	79					$	705					$	3,443

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

			Originated
			December 31, 2024
($ in millions)			HGV						Diamond						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

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Our gross balances by average FICO score of our acquired timeshare financing receivables were as follows:

			Acquired
			September 30, 2025
($ in millions)			Legacy-Diamond						Legacy-Grand Islander						Legacy-Bluegreen						Total
FICO score
700+			$	94					$	33					$	255					$	382
600-699			69						9						138						216
<600			16						—						5						21
No score(1)			2						89						2						93
Total			$	181					$	131					$	400					$	712

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

			Acquired
			December 31, 2024
($ in millions)			Legacy-Diamond						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

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score

The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of September 30, 2025:

			Originated Timeshare Financing Receivables
($ in millions)			2025						2024						2023						2022						2021						Prior						Total
FICO score
700+			$	927					$	633					$	260					$	182					$	74					$	87					$	2,163
600-699			317						249						123						88						33						36						846
<600			39						26						15						12						5						5						102
No score(1)			116						112						44						22						11						27						332
Total			$	1,399					$	1,020					$	442					$	304					$	123					$	155					$	3,443
Current period gross write-offs			$	1					$	42					$	37					$	55					$	22					$	7					$	164

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

The following tables detail our gross acquired timeshare financing receivables by the origination year and average FICO score as of September 30, 2025:

			Acquired Timeshare Financing Receivables
($ in millions)			2025						2024						2023						2022						2021						Prior						Total
FICO score
700+			$	—					$	9					$	136					$	64					$	51					$	122					$	382
600-699			—						4						56						36						35						85						216
<600			—						—						1						1						3						16						21
No score(1)			—						—						21						15						10						47						93
Total			$	—					$	13					$	214					$	116					$	99					$	270					$	712
Current period gross write-offs			$	—					$	—					$	40					$	18					$	21					$	90					$	169

(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Schedule of Past Due Financing Receivables

The following tables detail an aged analysis of our gross timeshare receivables balance:

			Originated - Securitized
			September 30, 2025
($ in millions)			HGV						Diamond						Grand Islander						Bluegreen						Total
Current			$	910					$	349					$	17					$	226					$	1,502
31 - 90 days past due			17						11						—						9						37
91 - 120 days past due			5						3						—						3						11
121 days and greater past due			5						2						—						—						7
Total			$	937					$	365					$	17					$	238					$	1,557

			Originated - Unsecuritized
			September 30, 2025
($ in millions)			HGV						Diamond						Grand Islander						Bluegreen						Total
Current			$	561					$	438					$	57					$	437					$	1,493
31 - 90 days past due			13						15						1						10						39
91 - 120 days past due			5						5						—						4						14
121 days and greater past due			189						131						4						16						340
Total			$	768					$	589					$	62					$	467					$	1,886

			Originated - Securitized
			December 31, 2024
($ in millions)			HGV						Diamond						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						Diamond						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

The following tables detail an aged analysis of our gross timeshare receivables balance:

			Acquired - Securitized
			September 30, 2025
($ in millions)			Legacy-Diamond						Legacy-Grand Islander						Legacy-Bluegreen						Total
Current			$	44					$	73					$	265					$	382
31 - 90 days past due			2						1						9						12
91 - 120 days past due			—						—						4						4
121 days and greater past due			1						—						—						1
Total			$	47					$	74					$	278					$	399

			Acquired - Unsecuritized
			September 30, 2025
($ in millions)			Legacy-Diamond						Legacy-Grand Islander						Legacy-Bluegreen						Total
Current			$	53					$	34					$	79					$	166
31 - 90 days past due			3						1						3						7
91 - 120 days past due			1						—						1						2
121 days and greater past due			77						22						39						138
Total			$	134					$	57					$	122					$	313

			Acquired - Securitized
			December 31, 2024
($ in millions)			Legacy-Diamond						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-Diamond						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

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