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BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The table below presents revenues for our reportable segment results reconciled to consolidated amounts:

			Three Months Ended March 31,
($ in millions)			2026						2025
Revenues:
Real estate sales and financing			$	754					$	645
Resort operations and club management(1)			402						391
Total segment revenues			1,156						1,036
Cost reimbursements			149						133
Intersegment eliminations(1)			(20)						(21)
Total revenues			$	1,285					$	1,148

(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:

($ in millions)
For the three months ended March 31, 2026			Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	754					$	382					$	1,136
Intersegment revenues			—						20						20
Total segment revenues			754						402						1,156			(a)
Less:
Cost of VOI sales			45						—						45
Selling expense			181						—						181
Marketing expense			239						—						239
Financing expense			51						—						51
Club expense			—						22						22
Property management expense			—						37						37
Rental expense			—						204						204
Other expenses			17						12						29
Total segment expenses			533			(b)			275			(c)			808
Other:
Share-based compensation expense			4						1						5
Other segment adjustment items			6						—						6			(d)
Intersegment elimination			(20)						—						(20)			(a)
Segment Adjusted EBITDA			$	211					$	128					$	339

($ in millions)
For the three months ended March 31, 2025			Real Estate and Financing						Resort Operations and Club Management						Total
Revenues from external customers			$	645					$	370					$	1,015
Intersegment revenues			—						21						21
Total segment revenues			645						391						1,036			(a)
Less:
Cost of VOI sales			25						—						25
Selling expense			195						—						195
Marketing expense			230						—						230
Financing expense			55						—						55
Club expense			—						20						20
Property management expense			—						34						34
Rental expense			—						195						195
Other expenses			—						11						11
Total segment expenses			505			(b)			260			(c)			765
Other:
Share-based compensation expense			4						2						6
Other segment adjustment items			10						—						10			(d)
Intersegment elimination			(21)						—						(21)			(a)
Segment Adjusted EBITDA			$	133					$	133					$	266

(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 unaudited condensed consolidated statements of income.

(c) Consists of Resort and club management and Rental and ancillary services expense on the unaudited 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 March 31,
($ in millions)			2026						2025
Adjusted EBITDA:
Real estate sales and financing(1)			$	211					$	133
Resort operations and club management(1)			128						133
Segment Adjusted EBITDA			339						266
Acquisition and integration-related expense			(12)						(28)
General and administrative			(49)						(46)
Depreciation and amortization			(71)						(67)
License fee expense			(53)						(49)
Other (loss) gain, net			(1)						6
Interest expense			(73)						(77)
Income tax expense			(6)						(6)
Equity in earnings from unconsolidated affiliates			5						5
Other adjustment items(2)			(11)						(16)
Net income (loss)			68						(12)
Net income attributable to noncontrolling interest			2						5
Net income (loss) attributable to stockholders			$	66					$	(17)

(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)			March 31, 2026						December 31, 2025
Real estate sales and financing			$	7,830					$	7,807
Resort operations and club management			3,459						3,140
Total segment assets			11,289						10,947
Corporate			646						590
Total assets			$	11,935					$	11,537

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:

			Three Months Ended March 31,
($ in millions)			2026						2025
Real estate sales and financing			$	23					$	58
Resort operations and club management			—						—
Total segment capital expenditures			23						58
Corporate			5						16
Total capital expenditures			$	28					$	74

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