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SECURITIZED DEBT (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of securitized vacation ownership debt | The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.
($ in millions) | At March 31, 2025 |  | At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1) | $ | 1,856 |  |  | $ | 2,039 |
Unamortized debt discount and issuance costs | (23) |  |  | (25) |
|  | 1,833 |  |  | 2,014 |
Warehouse Credit Facility, gross(2) | 315 |  |  | 124 |
Unamortized debt issuance costs | (1) |  |  | (2) |
|  | 314 |  |  | 122 |
|  | $ | 2,147 |  |  | $ | 2,136 |
(1)Interest rates as of March 31, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Effective interest rate as of March 31, 2025 was 5.5%.
Scheduled future principal payments for debt | The following table shows anticipated future principal payments for our securitized debt as of March 31, 2025.
| Vacation Ownership Notes Receivable Securitizations |  | Warehouse Credit Facility(1) |  | Total
($ in millions) |  |
Payment Year |  |  |  |  |
2025, remaining | $ | 142 |  |  | $ | 12 |  |  | $ | 154 |
2026 | 167 |  |  | 16 |  |  | 183 |
2027 | 170 |  |  | 287 |  |  | 457 |
2028 | 170 |  |  | — |  |  | 170 |
2029 | 168 |  |  | — |  |  | 168 |
Thereafter | 1,039 |  |  | — |  |  | 1,039 |
| $ | 1,856 |  |  | $ | 315 |  |  | $ | 2,171 |
(1)Excludes future Warehouse Credit Facility renewals.
The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2025.
| Payments Year
($ in millions) | Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Term Loan | $ | 6 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 756 |  |  | $ | 794 |
Revolving Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 190 |  |  | 190 |
2028 Notes | — |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | — |  |  | 350 |
2029 Notes | — |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
2026 Convertible Notes | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 575 |
2027 Convertible Notes | — |  |  | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | 575 |
| $ | 6 |  |  | $ | 583 |  |  | $ | 583 |  |  | $ | 358 |  |  | $ | 508 |  |  | $ | 946 |  |  | $ | 2,984 |

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