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TIMESHARE FINANCING RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2026

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)			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

(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, 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.

(2)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 March 31, 2026 mature as follows:

			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 as of March 31, 2026 mature as follows:

			Acquired Timeshare Financing Receivables
($ in millions)			Securitized						Unsecuritized						Total
Year
2026 (remaining)			$	44					$	25					$	69
2027			60						34						94
2028			56						36						92
2029			50						36						86
2030			44						33						77
Thereafter			85						91						176
Total			$	339					$	255					$	594

Schedule of Financing Receivables by Average FICO Score

Our originated gross balances by FICO score of our originated timeshare financing receivables are below:

			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

(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the tables above.

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

Our gross balances by FICO score of our acquired timeshare financing receivables are below:

			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

(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the tables above.

(2)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 FICO score as of March 31, 2026:

			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

(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 FICO score as of March 31, 2026:

			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

(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
			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

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

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-Section 50
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