We define our timeshare financing receivables portfolio as (i) originated and (ii) acquired. Our originated portfolio represents timeshare financing receivables that originated by the business that we acquired from Diamond Resorts International (“Diamond”), the business that we acquired from BRE Grand Islander Parent LLC (“Grand Islander”), and the business that we acquired from Bluegreen subsequent to each respective acquisition date and all HGV timeshare financing receivables. Our acquired portfolio includes all timeshare financing receivables acquired from Diamond (“Legacy-Diamond”), Grand Islander (“Legacy-Grand Islander”) and Bluegreen (“Legacy-Bluegreen”) that existed as of the respective acquisition dates.


	Originated				Acquired
($ in millions)	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Securitized	$	1,564	$	1,734	$	339	$	373
Unsecuritized(1)	2,200		1,931		255		276
Timeshare financing receivables, gross	3,764		3,665		594		649
Unamortized non-credit acquisition premium	—		—		32		34
Less: allowance for financing receivables losses	(1,116)		(1,078)		(144)		(155)
Timeshare financing receivables, net	$	2,648	$	2,587	$	482	$	528

We recognize interest income on our timeshare financing receivables as earned. As of March 31, 2026 and December 31, 2025, we had interest receivable outstanding of $26 million for both periods on our originated timeshare financing receivables. As of March 31, 2026 and December 31, 2025, we had interest receivable outstanding of $4 million for both periods on our acquired timeshare financing receivables. Interest receivable is included in Other Assets within our condensed 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 March 31, 2026, our originated timeshare financing receivables had interest rates ranging from 1.5% to 25.8%, a weighted-average interest rate of 14.5%, a weighted-average remaining term of 9.0 years and maturities through 2041. Our acquired timeshare financing receivables had interest rates ranging from 2.0% to 25.0%, a weighted-average interest rate of 15.1%, a weighted-average remaining term of 5.9 years and maturities through 2036.

We apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a loan is 91 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process, which is governed by product type and local law, is complete.

from financed VOI sales at the time revenue is recognized. 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 unaudited condensed consolidated statements of income in the period in which the change occurs.


($ in millions)	Originated		Acquired
Balance as of December 31, 2025	$	1,078	$	155
Provision for financing receivables losses(1)	90		—
Write-offs	(55)		(15)
Inventory recoveries	—		7
Upgrades(2)	3		(3)
Balance as of March 31, 2026	$	1,116	$	144


($ in millions)	Originated		Acquired
Balance as of December 31, 2024	$	804	$	268

Provision for financing receivables losses(1)	72		7
Write-offs	(20)		(63)
Inventory recoveries	—		29
Upgrades(2)	9		(9)
Balance as of March 31, 2025	$	865	$	232

(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.


	Originated Timeshare Financing Receivables
($ in millions)	Securitized		Unsecuritized		Total
Year
2026 (remaining)	$	99	$	108	$	207
2027	142		151		293
2028	153		166		319
2029	164		183		347
2030	177		204		381
Thereafter	829		1,388		2,217
Total	$	1,564	$	2,200	$	3,764

Our acquired timeshare financing receivables were deemed to be purchased credit deteriorated (“PCD”) 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 PCD 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.

The fair value of our acquired timeshare financing receivables as of each respective acquisition date was determined using a discounted cash flow method, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. Consequently, the fair value of the acquired timeshare financing receivables recorded on our unaudited condensed consolidated balance sheet as of the respective acquisition date included an estimate of expected financing receivable losses which became the historical cost basis for that portfolio going forward.

The allowance for financing receivable losses for our acquired timeshare financing receivables is remeasured at each period end and takes into consideration an estimated measure of anticipated defaults and early repayments. We consider historical timeshare financing receivables performance and the current economic environment in the re-measurement of the allowance for financing receivable losses for our acquired timeshare financing receivables. Subsequent

We evaluate each portfolio collectively for purposes of estimating variable consideration, since each holds a large group of homogeneous timeshare financing receivables which are individually immaterial. We monitor the collectability of our receivables on an ongoing basis. There are no significant concentrations of credit risk with any individual counterparty or groups of counterparties. We use a technique referred to as static pool analysis as the basis for estimating expected defaults and determining our allowance for financing receivables losses on our timeshare financing receivables. The static pool analysis includes several years of default data through which we stratify our portfolio using certain key dimensions such as FICO scores and equity percentage at the time of sale. The adequacy of the related allowance is determined by management through analysis of the specific risk characteristics of the portfolio including assumed default rates, aging and historical write-offs of these receivables.


	Originated
	March 31, 2026
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
FICO score(1)
700+	$	1,150	$	724	$	51	$	625	$	2,550
600-699	293		292		9		189		783
<600	32		33		1		15		81
No score(2)	279		24		42		5		350
Total	$	1,754	$	1,073	$	103	$	834	$	3,764


	Originated
	December 31, 2025
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
FICO score(1)
700+	$	1,162	$	691	$	46	$	593	$	2,492
600-699	297		275		8		176		756
<600	32		29		1		12		74
No score(2)	279		23		37		4		343
Total	$	1,770	$	1,018	$	92	$	785	$	3,665


	Originated Timeshare Financing Receivables
($ in millions)	2026		2025		2024		2023		2022		Prior		Total
FICO score
700+	$	343	$	1,096	$	559	$	239	$	172	$	141	$	2,550
600-699	91		322		186		84		57		43		783
<600	13		34		14		9		6		5		81
No score(1)	43		132		91		36		18		30		350
Total	$	490	$	1,584	$	850	$	368	$	253	$	219	$	3,764

Current period gross write-offs	$	—	$	1	$	6	$	19	$	15	$	14	$	55

As of March 31, 2026 and December 31, 2025, we had ceased accruing interest on originated timeshare financing receivables with an aggregate principal balance of $462 million and $430 million. The following tables detail an aged analysis of our gross timeshare receivables balance:


	Originated - Securitized
	March 31, 2026
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
Current	$	756	$	431	$	13	$	281	$	1,481
31 - 90 days past due	20		19		1		13		53
91 - 120 days past due	7		6		—		4		17
121 days and greater past due	6		1		1		5		13
Total	$	789	$	457	$	15	$	303	$	1,564


	Originated - Unsecuritized
	March 31, 2026
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
Current	$	752	$	432	$	80	$	453	$	1,717
31 - 90 days past due	18		18		1		14		51
91 - 120 days past due	6		7		1		6		20
121 days and greater past due	189		159		6		58		412
Total	$	965	$	616	$	88	$	531	$	2,200


	Originated - Securitized
	December 31, 2025
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
Current	$	860	$	478	$	16	$	313	$	1,667
31 - 90 days past due	18		15		1		11		45
91 - 120 days past due	7		5		—		4		16
121 days and greater past due	5		1		—		—		6
Total	$	890	$	499	$	17	$	328	$	1,734


	Originated - Unsecuritized
	December 31, 2025
($ in millions)	HGV		Diamond		Grand Islander		Bluegreen		Total
Current	$	655	$	357	$	68	$	402	$	1,482
31 - 90 days past due	14		14		2		11		41
91 - 120 days past due	5		6		—		5		16
121 days and greater past due	206		142		5		39		392
Total	$	880	$	519	$	75	$	457	$	1,931


	Acquired
	March 31, 2026
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
FICO score(1)
700+	$	92	$	26	$	217	$	335
600-699	49		6		121		176
<600	8		—		5		13
No score(2)	1		68		1		70
Total	$	150	$	100	$	344	$	594


	Acquired
	December 31, 2025
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
FICO score(1)
700+	$	99	$	32	$	235	$	366
600-699	52		7		128		187
<600	7		—		5		12
No score(2)	1		81		2		84
Total	$	159	$	120	$	370	$	649


	Acquired Timeshare Financing Receivables
($ in millions)	2026		2025		2024		2023		2022		Prior		Total
FICO score
700+	$	—	$	—	$	7	$	114	$	77	$	137	$	335
600-699	—		—		3		50		42		81		176
<600	—		—		—		1		2		10		13
No score(1)	—		—		—		17		12		41		70
Total	$	—	$	—	$	10	$	182	$	133	$	269	$	594

Current period gross write-offs	$	—	$	—	$	—	$	5	$	3	$	7	$	15

As of March 31, 2026 and December 31, 2025, we had ceased accruing interest on acquired timeshare financing receivables with an aggregate principal balance of $153 million and $152 million. The following tables detail an aged analysis of our gross timeshare receivables balance:


	Acquired - Securitized
	March 31, 2026
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	51	$	60	$	213	$	324
31 - 90 days past due	2		—		7		9
91 - 120 days past due	1		—		4		5
121 days and greater past due	—		—		1		1
Total	$	54	$	60	$	225	$	339


	Acquired - Unsecuritized
	March 31, 2026
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	24	$	27	$	52	$	103
31 - 90 days past due	2		1		2		5
91 - 120 days past due	—		—		1		1
121 days and greater past due	70		12		64		146
Total	$	96	$	40	$	119	$	255


	Acquired - Securitized
	December 31, 2025
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	49	$	66	$	242	$	357
31 - 90 days past due	1		—		8		9
91 - 120 days past due	—		—		6		6
121 days and greater past due	1		—		—		1
Total	$	51	$	66	$	256	$	373


	Acquired - Unsecuritized
	December 31, 2025
($ in millions)	Legacy-Diamond		Legacy-Grand Islander		Legacy-Bluegreen		Total
Current	$	36	$	31	$	58	$	125
31 - 90 days past due	2		1		3		6
91 - 120 days past due	1		—		1		2
121 days and greater past due	69		22		52		143
Total	$	108	$	54	$	114	$	276