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BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

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)			2025						2024						2025						2024
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 revenues			1,195						1,197						3,396						3,370
Cost reimbursements			132						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.

Schedule of Segment Reporting Information, by Segment

The following tables present Adjusted EBITDA for our reportable segments:

For the three months ended September 30, 2025			Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	789					$	379					$	1,168
Intersegment revenues			—						27						27
Total segment revenues			789						406						1,195			(a)
Less:
Cost of VOI sales			43						—						43
Selling expense			220						—						220
Marketing expense			274						—						274
Financing expense			53						—						53
Club expense			—						22						22
Property management expense			—						36						36
Rental expense			—						178						178
Other expenses			3						12						15
Total segment expenses			593			(b)			248			(c)			841
Other:
Share-based compensation expense			5						2						7
Other segment adjustment items			10						(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 Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	2,194					$	1,127					$	3,321
Intersegment revenues			—						75						75
Total segment revenues			2,194						1,202						3,396			(a)
Less:
Cost of VOI sales			106						—						106
Selling expense			621						—						621
Marketing expense			769						—						769
Financing expense			162						—						162
Club expense			—						63						63
Property management expense			—						105						105
Rental expense			—						564						564
Other expenses			11						35						46
Total segment expenses			1,669			(b)			767			(c)			2,436
Other:
Share-based compensation expense			14						7						21
Other segment adjustment items			29						(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 Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	814					$	362					$	1,176
Intersegment revenues			—						21						21
Total segment revenues			814						383						1,197			(a)
Less:
Cost of VOI sales			75						—						75
Selling expense			189						—						189
Marketing expense			243						—						243
Financing expense			45						—						45
Club expense			—						20						20
Property management expense			—						30						30
Rental expense			—						167						167
Other expenses			35						11						46
Total segment expenses			587			(b)			228			(c)			815
Other:
Share-based compensation expense			3						2						5
Other segment adjustment items			24						(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 Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	2,241					$	1,075					$	3,316
Intersegment revenues			—						54						54
Total segment revenues			2,241						1,129						3,370			(a)
Less:
Cost of VOI sales			188						—						188
Selling expense			527						—						527
Marketing expense			693						—						693
Financing expense			128						—						128
Club expense			—						61						61
Property management expense			—						91						91
Rental expense			—						507						507
Other expenses			101						32						133
Total segment expenses			1,637			(b)			691			(c)			2,328
Other:
Share-based compensation expense			9						5						14
Other segment adjustment items			73						(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.

Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders

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)			2025						2024						2025						2024
Adjusted EBITDA:
Real estate sales and financing(1)			$	184					$	233					$	493					$	632
Resort operations and club management(1)			159						156						441						442
Segment Adjusted EBITDA			343						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 affiliates			6						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.

Schedule of Assets Reconciled to Consolidated Amounts

The following table presents total assets for our reportable segments, reconciled to consolidated amounts:

($ in millions)			September 30, 2025						December 31, 2024
Real estate sales and financing			$	7,667					$	7,349
Resort operations and club management			3,359						3,163
Total segment assets			11,026						10,512
Corporate			654						930
Total assets			$	11,680					$	11,442

Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts

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)			2025						2024
Real estate sales and financing			$	100					$	76
Resort operations and club management			2						1
Total segment capital expenditures			102						77
Corporate			43						29
Total capital expenditures			$	145					$	106

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