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SECURITIZED DEBT (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1)
$2,058 $2,039 
Unamortized debt discount and issuance costs(26)(25)
2,032 2,014 
Warehouse Credit Facility, gross(2)
158 124 
Unamortized debt issuance costs
(2)(2)
156 122 
$2,188 $2,136 
(1)Interest rates as of June 30, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.
(2)Effective interest rate as of June 30, 2025 was 5.4%.
Scheduled future principal payments for debt
The following table shows anticipated future principal payments for our securitized debt as of June 30, 2025.
Vacation Ownership
Notes Receivable Securitizations
Warehouse Credit
Facility(1)
Total
($ in millions)
Payment Year
2025, remaining$88 $5 $93 
2026179 10 189 
2027184 10 194 
2028185 133 318 
2029183 — 183 
Thereafter1,239 — 1,239 
$2,058 $158 $2,216 
(1)Excludes future Warehouse Credit Facility renewals.
The following table shows scheduled principal payments for our debt, excluding finance leases, as of June 30, 2025.
Payments Year
($ in millions)Remaining 20252026202720282029ThereafterTotal
Term Loan$4 $8 $8 $8 $8 $756 $792 
Revolving Corporate Credit Facility— — — — — 235 235 
2028 Notes— — — 350 — — 350 
2029 Notes— — — — 500 — 500 
2026 Convertible Notes— 575 — — — — 575 
2027 Convertible Notes— — 575 — — — 575 
$4 $583 $583 $358 $508 $991 $3,027