v3.26.1
TIMESHARE FINANCING RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Financing Receivable
The following table presents the components of each portfolio by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Securitized$2,116 $1,734 $583 $373 
Unsecuritized(1)
1,854 1,931 425 276 
Timeshare financing receivables, gross3,970 3,665 1,008 649 
Unamortized non-credit acquisition net premium— — 27 34 
Less: allowance for financing receivables losses(1,195)(1,078)(219)(155)
Timeshare financing receivables, net$2,775 $2,587 $816 $528 
(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.
Schedule of Change in Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
($ in millions)
Originated
Acquired
Balance as of December 31, 2025
$1,078 $155 
Initial allowance for financing receivables acquired during the period— 96 
Provision for financing receivables losses(1)
217 — 
Write-offs(107)(39)
Inventory recoveries— 14 
Upgrades(2)
7 (7)
Balance as of June 30, 2026
$1,195 $219 
($ in millions)
Originated
Acquired
Balance as of December 31, 2024
$804 $268 
Provision for financing receivables losses(1)
167 13 
Write-offs(84)(132)
Inventory recoveries— 57 
Upgrades(2)
17 (17)
Balance as of June 30, 2025
$904 $189 
(1)For the Originated portfolio, this amount includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables. For the Acquired portfolio, this amount includes incremental provision for credit loss expense from Acquired loans.
(2)Represents the initial change in allowance resulting from upgrades of Acquired receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.
Schedule of Future Payments Due from Financing Receivables
Our originated timeshare financing receivables as of June 30, 2026 mature as follows:
($ in millions)Originated Timeshare Financing Receivables
YearSecuritizedUnsecuritizedTotal
2026 (remaining)$85 $61 $146 
2027181 122 303 
2028196 133 329 
2029211 148 359 
2030229 167 396 
Thereafter1,214 1,223 2,437 
Total$2,116 $1,854 $3,970 
Our acquired timeshare financing receivables as of June 30, 2026 mature as follows:
($ in millions)Acquired Timeshare Financing Receivables
YearSecuritizedUnsecuritizedTotal
2026 (remaining)$41 $26 $67 
202784 55 139 
202884 55 139 
202984 50 134 
203078 48 126 
Thereafter212 191 403 
Total$583 $425 $1,008 
Schedule of Financing Receivables by Average FICO Score
Our originated gross balances by FICO score of our originated timeshare financing receivables are below:
($ in millions)Originated
FICO score(1)
June 30,
2026		December 31,
2025
700+$2,693 $2,492 
600-699824 756 
<60089 74 
No score(2)
364 343 
Total$3,970 $3,665 
(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the table above.
(2)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Our gross balances by FICO score of our acquired timeshare financing receivables are below:
($ in millions)Acquired
FICO score(1)
June 30,
2026		December 31,
2025
700+$666 $366 
600-699251 187 
<60024 12 
No score(2)
67 84 
Total$1,008 $649 
(1)During the first quarter of 2026, we updated our credit quality indicator disclosures to the use of a single FICO score from average FICO score, which is reflected in the table above.
(2)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score
The following table details our gross originated timeshare financing receivables by the origination year and FICO score as of June 30, 2026:
($ in millions)
Originated Timeshare Financing Receivables
FICO score20262025202420232022PriorTotal
700+$717 $970 $507 $218 $156 $125 $2,693 
600-699188 299 173 75 52 37 824 
<60028 31 14 7 5 4 89 
No score(1)
80 121 86 34 17 26 364 
Total$1,013 $1,421 $780 $334 $230 $192 $3,970 
Current period gross write-offs$— $5 $22 $35 $23 $22 $107 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following table details our gross acquired timeshare financing receivables by the origination year and FICO score as of June 30, 2026:
($ in millions)
Acquired Timeshare Financing Receivables
FICO score20262025202420232022PriorTotal
700+$44 $99 $78 $165 $93 $187 $666 
600-6999 21 19 61 42 99 251 
<6002 3 2 3 2 12 24 
No score(1)
— 1 1 17 11 37 67 
Total$55 $124 $100 $246 $148 $335 $1,008 
Current period gross write-offs$— $— $3 $14 $9 $13 $39 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Past Due Financing Receivables The following table details an aged analysis of our gross timeshare receivables balance:
Originated - SecuritizedOriginated - Unsecuritized
($ in millions)June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Current$2,030 $1,667 $1,337 $1,482 
31 - 90 days past due51 45 38 41 
91 - 120 days past due20 16 12 16 
121 days and greater past due15 6 467 392 
Total$2,116 $1,734 $1,854 $1,931 
The following table details an aged analysis of our gross timeshare receivables balance:
Acquired - SecuritizedAcquired - Unsecuritized
($ in millions)June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Current$557 $357 $203 $125 
31 - 90 days past due16 9 6 6 
91 - 120 days past due6 6 4 2 
121 days and greater past due4 1 212 143 
Total$583 $373 $425 $276 
As of June 30, 2026 and December 31, 2025, our consolidated aged gross receivables balances across both our originated and acquired portfolios consisted of the following:
($ in millions)June 30,
2026		December 31,
2025
Current$4,127 $3,631 
31 - 90 days past due111 101 
91 - 120 days past due42 40 
121 days and greater past due698 542 
Total(1)
$4,978 $4,314 
(1) As of June 30, 2026, the consolidated aged gross receivables related to the Elara Acquisition were $414 million current, $10 million 31 - 90 days past due, $4 million 91 - 120 days past due and $66 million 121 days and greater past due.