HILTON GRAND VACATIONS INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 24, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-37794  
Entity Registrant Name Hilton Grand Vacations Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 81-2545345  
Entity Address, Address Line One 6355 MetroWest Boulevard  
Entity Address, Address Line Two Suite 180  
Entity Address, City or Town Orlando  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 32835  
City Area Code 407  
Local Phone Number 613-3100  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol HGV  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   89,168,731
Entity Central Index Key 0001674168  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 269 $ 328
Restricted cash 323 438
Accounts receivable, net 444 315
Timeshare financing receivables, net 2,979 3,006
Inventory 2,406 2,244
Property and equipment, net 828 792
Operating lease right-of-use assets, net 77 84
Investments in unconsolidated affiliates 74 73
Goodwill 1,985 1,985
Intangible assets, net 1,760 1,787
Other assets 593 390
TOTAL ASSETS (variable interest entities - $2,447 and $2,192) 11,738 11,442
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,216 1,125
Advanced deposits 235 226
Debt, net 4,574 4,601
Non-recourse debt, net 2,499 2,318
Operating lease liabilities 95 100
Deferred revenue 551 252
Deferred income tax liabilities 928 925
Total liabilities (variable interest entities - $2,486 and $2,318) 10,098 9,547
Commitments and contingencies - see Note 18
Equity:    
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 89,458,267 shares issued and outstanding as of June 30, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024 1 1
Additional paid-in capital 1,326 1,399
Accumulated retained earnings 167 352
Accumulated other comprehensive loss (5) 0
Total stockholders' equity 1,489 1,752
Noncontrolling interest 151 143
Total equity 1,640 1,895
TOTAL LIABILITIES AND EQUITY $ 11,738 $ 11,442
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Total assets $ 11,738 $ 11,442
Total liabilities $ 10,098 $ 9,547
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 300,000,000 300,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000,000,000 3,000,000,000
Common stock, shares issued (in shares) 89,458,267 96,720,179
Common stock, shares outstanding (in shares) 89,458,267 96,720,179
Variable Interest Entities    
Total assets $ 2,447 $ 2,192
Total liabilities $ 2,486 $ 2,318
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Total revenues $ 1,266 $ 1,235 $ 2,414 $ 2,391
Expenses        
General and administrative 58 58 104 103
Depreciation and amortization 59 68 126 130
Impairment expense 1 0 1 2
Total operating expenses 1,154 1,141 2,242 2,231
Interest expense (79) (87) (156) (166)
Equity in earnings from unconsolidated affiliates 6 3 11 8
Other gain (loss), net 4 (3) 10 (8)
Income (loss) before income taxes 43 7 37 (6)
Income tax (expense) benefit (15) (3) (21) 8
Net income 28 4 16 2
Net income attributable to noncontrolling interest 3 2 8 4
Net income (loss) attributable to stockholders $ 25 $ 2 $ 8 $ (2)
Earnings (loss) per share attributable to stockholders:        
Basic (in dollars per share) $ 0.26 $ 0.02 $ 0.09 $ (0.02)
Diluted (in dollars per share) $ 0.25 $ 0.02 $ 0.08 $ (0.02)
Sales of VOIs, net        
Revenues        
Total revenues $ 469 $ 471 $ 847 $ 909
Fee-for-service commissions, package sales and other fees        
Revenues        
Total revenues 165 167 307 312
Financing        
Revenues        
Total revenues 126 102 251 206
Expenses        
Expenses 54 44 109 83
Resort and club management        
Revenues        
Total revenues 183 171 366 337
Expenses        
Expenses 56 48 110 102
Rental and ancillary services        
Revenues        
Total revenues 195 195 382 376
Expenses        
Expenses 203 188 409 361
Cost reimbursements        
Revenues        
Total revenues 128 129 261 251
Expenses        
Expenses 128 129 261 251
Cost of VOI sales        
Expenses        
Expenses 38 65 63 113
Sales and marketing        
Expenses        
Expenses 479 453 904 854
Acquisition and integration-related expense        
Expenses        
Expenses 26 48 54 157
License fee expense        
Expenses        
Expenses $ 52 $ 40 $ 101 $ 75
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 28 $ 4 $ 16 $ 2
Derivative instrument adjustments, net of tax (4) (1) (10) 3
Foreign currency translation adjustments, net of tax 6 (9) 5 (15)
Other comprehensive income (loss), net of tax 2 (10) (5) (12)
Comprehensive income attributable to noncontrolling interest 3 2 8 4
Comprehensive income (loss) attributable to stockholders $ 27 $ (8) $ 3 $ (14)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 16 $ 2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126 130
Amortization of deferred financing costs, acquisition premiums and other 37 63
Provision for financing receivables losses 180 159
Impairment expense 1 2
Other (gain) loss, net (10) 8
Share-based compensation 35 27
Deferred income tax expense 6 0
Equity in earnings from unconsolidated affiliates (11) (8)
Return on investment in unconsolidated affiliates 5 0
Net changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (123) 15
Timeshare financing receivables, net (224) (196)
Inventory (63) (31)
Purchases and development of real estate for future conversion to inventory (61) (50)
Other assets (222) (154)
Accounts payable, accrued expenses and other 99 55
Advanced deposits 9 5
Deferred revenue 299 86
Net cash provided by operating activities 99 113
Investing Activities    
Acquisitions, net of cash, cash equivalents and restricted cash acquired 0 (1,444)
Capital expenditures for property and equipment (excluding inventory) (29) (17)
Software capitalization costs (37) (20)
Other 0 (1)
Net cash used in investing activities (66) (1,482)
Financing Activities    
Proceeds from debt 1,427 2,085
Proceeds from non-recourse debt 1,690 905
Repayment of debt (1,507) (397)
Repayment of non-recourse debt (1,511) (1,231)
Payment of debt issuance costs (13) (51)
Repurchase and retirement of common stock (300) (199)
Payment of withholding taxes on vesting of restricted stock units (8) (21)
Proceeds from employee stock plan purchases 8 5
Proceeds from stock option exercises 2 7
Other (1) (2)
Net cash (used in) provided by financing activities (213) 1,101
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 6 (16)
Net decrease in cash, cash equivalents and restricted cash (174) (284)
Cash, cash equivalents and restricted cash, beginning of period 766 885
Cash, cash equivalents and restricted cash, end of period 592 601
Less: Restricted cash 323 273
Cash and cash equivalents $ 269 $ 328
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2023   106,000,000        
Beginning balance, value at Dec. 31, 2023 $ 2,115 $ 1 $ 1,504 $ 593 $ 17 $ 0
Increase (Decrease) in Equity [Roll Forward]            
Acquisition of third-party equity interest in consolidated entity 158         158
Net (loss) income (2)     (4)   2
Activity related to share-based compensation (in shares)   1,000,000        
Activity related to share-based compensation (4)   (4)      
Foreign currency translation adjustments, net of tax (6)       (6)  
Derivative instrument adjustments, net of tax 4       4  
Repurchase and retirement of common stock (in shares)   (2,000,000)        
Repurchase and retirement of common stock (101)   (33) (68)    
Ending balance (in shares) at Mar. 31, 2024   105,000,000        
Ending balance, value at Mar. 31, 2024 2,164 $ 1 1,467 521 15 160
Beginning balance (in shares) at Dec. 31, 2023   106,000,000        
Beginning balance, value at Dec. 31, 2023 2,115 $ 1 1,504 593 17 0
Increase (Decrease) in Equity [Roll Forward]            
Foreign currency translation adjustments, net of tax (15)          
Ending balance (in shares) at Jun. 30, 2024   102,000,000        
Ending balance, value at Jun. 30, 2024 2,080 $ 1 1,456 456 5 162
Beginning balance (in shares) at Mar. 31, 2024   105,000,000        
Beginning balance, value at Mar. 31, 2024 2,164 $ 1 1,467 521 15 160
Increase (Decrease) in Equity [Roll Forward]            
Net (loss) income 4     2   2
Activity related to share-based compensation 17   17      
Employee stock plan issuance 5   5      
Foreign currency translation adjustments, net of tax (9)       (9)  
Derivative instrument adjustments, net of tax (1)       (1)  
Repurchase and retirement of common stock (in shares)   (3,000,000)        
Repurchase and retirement of common stock (100)   (33) (67)    
Ending balance (in shares) at Jun. 30, 2024   102,000,000        
Ending balance, value at Jun. 30, 2024 $ 2,080 $ 1 1,456 456 5 162
Beginning balance (in shares) at Dec. 31, 2024 96,720,179 97,000,000        
Beginning balance, value at Dec. 31, 2024 $ 1,895 $ 1 1,399 352 0 143
Increase (Decrease) in Equity [Roll Forward]            
Net (loss) income (12)     (17)   5
Activity related to share-based compensation 5   5      
Foreign currency translation adjustments, net of tax (1)       (1)  
Derivative instrument adjustments, net of tax (6)       (6)  
Repurchase and retirement of common stock (in shares)   (4,000,000)        
Repurchase and retirement of common stock (150)   (53) (97)    
Ending balance (in shares) at Mar. 31, 2025   93,000,000        
Ending balance, value at Mar. 31, 2025 $ 1,731 $ 1 1,351 238 (7) 148
Beginning balance (in shares) at Dec. 31, 2024 96,720,179 97,000,000        
Beginning balance, value at Dec. 31, 2024 $ 1,895 $ 1 1,399 352 0 143
Increase (Decrease) in Equity [Roll Forward]            
Foreign currency translation adjustments, net of tax $ 5          
Ending balance (in shares) at Jun. 30, 2025 89,458,267 89,000,000        
Ending balance, value at Jun. 30, 2025 $ 1,640 $ 1 1,326 167 (5) 151
Beginning balance (in shares) at Mar. 31, 2025   93,000,000        
Beginning balance, value at Mar. 31, 2025 1,731 $ 1 1,351 238 (7) 148
Increase (Decrease) in Equity [Roll Forward]            
Net (loss) income 28     25   3
Activity related to share-based compensation 24   24      
Employee stock plan issuance 8   8      
Foreign currency translation adjustments, net of tax 6       6  
Derivative instrument adjustments, net of tax (4)       (4)  
Repurchase and retirement of common stock (in shares)   (4,000,000)        
Repurchase and retirement of common stock $ (153)   (57) (96)    
Ending balance (in shares) at Jun. 30, 2025 89,458,267 89,000,000        
Ending balance, value at Jun. 30, 2025 $ 1,640 $ 1 $ 1,326 $ 167 $ (5) $ 151
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Our Business
Hilton Grand Vacations Inc. (“Hilton Grand Vacations,” “we,” “us,” “our,” “HGV” or the “Company”) is a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brand. On January 17, 2024 (the “Bluegreen Acquisition Date”), we completed the acquisition of Bluegreen Vacations Holding Corporation (“Bluegreen”) (the “Bluegreen Acquisition”).
Our operations primarily consist of selling vacation ownership intervals and vacation ownership interests (collectively, “VOIs” or “VOI”) for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our exchange programs.
As of June 30, 2025, we had over 200 properties located in the United States (“U.S.”), Europe, Canada, the Caribbean, Mexico, and Asia. A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, South Carolina, California, Arizona, Virginia, and Nevada.
Basis of Presentation
The unaudited condensed consolidated financial statements presented herein include all of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary and then consolidate those VIEs for which we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50% of the voting shares of a company or otherwise have a controlling financial interest, including Bluegreen/Big Cedar Vacations LLC (“Big Cedar”), a joint venture in which we are deemed to hold a controlling financial interest based on our 51% equity interest, our active role as the day-to-day manager of its activities, and majority voting control of its management committee. We acquired our equity interest in Big Cedar as part of the Bluegreen Acquisition. All material intercompany transactions and balances have been eliminated in consolidation. Our accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation.
During the first quarter of 2025, we renamed the line item “Sales, marketing, brand and other fees” as previously shown on the condensed consolidated statements of income, and used elsewhere within our filing, to “Fee-for-service commissions, package sales and other fees” to better align with the underlying activity. This change did not result in any reclassification of revenues and had no impact on our consolidated results for any of the periods presented.
The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the SEC on March 3, 2025.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 states that an entity must provide greater disaggregation of its effective tax rate reconciliation disclosure. The ASU also states that an entity must separately disclose net cash paid for taxes between federal, state, and foreign jurisdictions. The guidance is effective for fiscal years beginning
after December 15, 2024. The guidance is to be applied prospectively, although retrospective application is permitted. The adoption of ASU 2023-09 is expected to impact disclosures only and not have an impact on our consolidated balance sheet and consolidated statement of income.
In November 2024, the FASB issued Accounting Standards Update 2024-03 (“ASU 2024-03”), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 provides amendments to improve disclosure requirements of specified information about certain costs and expenses, both on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The guidance should be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented. The adoption of ASU 2024-03 is expected to impact disclosures only and not have an impact on our consolidated balance sheet and consolidated statement of income.
v3.25.2
BLUEGREEN ACQUISITION
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BLUEGREEN ACQUISITION BLUEGREEN ACQUISITION
On January 17, 2024, we completed the Bluegreen Acquisition in an all-cash transaction, with total consideration of approximately $1.6 billion. We accounted for the Bluegreen Acquisition as a business combination and finalized our purchase price accounting as of December 31, 2024. Please refer to our annual report on Form 10-K filed with the SEC on March 3, 2025 for additional information related to the Bluegreen Acquisition.
Pro Forma Results of Operations
The following unaudited pro forma information presents the combined results of operations of HGV and Bluegreen as if we had completed the Bluegreen Acquisition on January 1, 2024, the first day of our prior fiscal year, but using the fair values of assets and liabilities as of the Bluegreen Acquisition Date. These unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Bluegreen Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
Six Months Ended June 30,
($ in millions)2024
Revenue$2,438 
Net loss
(1)
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Real Estate Sales and Financing Segment2025202420252024
Sales of VOIs, net$469 $471 $847 $909 
Fee-for-service commissions, package sales and other fees
165 167 307 312 
Interest income114 88 229 184 
Other financing revenue12 14 22 22 
Real estate sales and financing segment revenues$760 $740 $1,405 $1,427 
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Resort Operations and Club Management Segment2025202420252024
Club management$70 $67 $142 $130 
Resort management113 104 224 207 
Rental(1)
180 181 354 350 
Ancillary services15 14 28 26 
Resort operations and club management segment revenues$378 $366 $748 $713 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers, Contract Liabilities, and Contract Assets
Our accounts receivable that relate to our contracts with customers include amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ in millions)June 30, 2025December 31, 2024
Receivables from contracts with customers:
Accounts receivable, net$265 $219 
Timeshare financing receivables, net2,979 3,006 
Total$3,244 $3,225 
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)June 30, 2025December 31, 2024
Contract liabilities:
Advanced deposits$235 $226 
Deferred sales of VOIs of projects under construction300 92 
Club activation fees and annual dues
147 79 
Bonus point incentive liability(1)
94 86 
Deferred maintenance fees25 12 
Other deferred revenue38 35 
(1)The balance includes $53 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three and six months ended June 30, 2025, that was included in the contract liabilities balance at December 31, 2024, was approximately $57 million and $158 million, respectively.
Contract assets relate to incentive fees that can be earned for meeting certain targets on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. Contract assets were $1 million and $3 million as of June 30, 2025 and December 31, 2024, respectively.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on vacation packages and (iv) bonus points that may be redeemed in the future.
Deferred VOI sales primarily include the deferred revenues of sales associated with projects under construction. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2025December 31, 2024
Sales of VOIs, net$300 $92 
Cost of VOI sales89 28 
Sales and marketing expense48 13 
During the six months ended June 30, 2025, we deferred $208 million of Sales of VOI, net related to projects under construction. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of June 30, 2025, upon their completion in 2026.
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2025:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$235 18 monthsUpon customer stays
Club activation fees69 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability94 
18 - 30 months
Upon redemption
Annual club dues
78 1 year
Straight-line basis
Maintenance fees
25 1 year
Straight-line basis
Other
38 1 year
Straight-line basis
v3.25.2
ACCOUNTS RECEIVABLE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
Accounts receivable within the scope of ASC 326, Financial Instruments - Credit Losses are measured at amortized cost. The following table represents our accounts receivable, net of allowance for credit losses:
($ in millions)June 30, 2025December 31, 2024
Fee-for-service commissions$40 $48 
Real estate and financing41 34 
Resort and club operations184 137 
Tax receivables
171 89 
Other receivables8 7 
Total$444 $315 
Our accounts receivable are generally due within one year of origination. We use delinquency status and economic factors such as credit quality indicators to monitor our receivables within the scope of ASC 326 and use these as a basis for how we develop our expected loss estimates.
The changes in our allowance were as follows during the six months ended June 30, 2025:
($ in millions)
Fee-for-service commissions
Real estate and financing
Resort and club operations
Total
Balance as of December 31, 2024
$24 $49 $1 $74 
Current period provision for expected credit losses4 23 13 40 
Write-offs charged against the allowance(5)(10)— (15)
Balance as of June 30, 2025
$23 $62 $14 $99 
v3.25.2
TIMESHARE FINANCING RECEIVABLES
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
TIMESHARE FINANCING RECEIVABLES TIMESHARE FINANCING RECEIVABLES
We define our timeshare financing receivables portfolio as (i) originated and (ii) acquired. Our originated portfolio represents timeshare financing receivables that originated by the business that we acquired from Diamond Resorts International (“Diamond”), the business that we acquired from BRE Grand Islander Parent LLC (“Grand Islander”), and the business that we acquired from Bluegreen subsequent to each respective acquisition date and all HGV timeshare financing receivables. Our acquired portfolio includes all timeshare financing receivables acquired from Diamond (“Legacy-Diamond”), Grand Islander (“Legacy-Grand Islander”) and Bluegreen (“Legacy-Bluegreen”) that existed as of the respective acquisition dates.
The following table presents the components of each portfolio by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Securitized$1,297 $1,168 $506 $641 
Unsecuritized(1)
1,914 1,764 309 443 
Timeshare financing receivables, gross$3,211 $2,932 $815 $1,084 
Unamortized non-credit acquisition premium
— — 46 62 
Less: allowance for financing receivables losses(904)(804)(189)(268)
Timeshare financing receivables, net$2,307 $2,128 $672 $878 
(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.
In June 2025, we completed a securitization of approximately $300 million of gross timeshare financing receivables and issued approximately $166 million 4.88% notes, $87 million of 5.18% notes, and $47 million 5.52% notes due May 2042. The securitization transaction did not qualify as a sale and, accordingly, no gain or loss was recognized. The transaction is considered a secured borrowing, and the notes from the transaction are presented as non-recourse debt. The proceeds were used to pay down in part some of the existing debt and for other general corporate purposes. See Note 8: Consolidated Variable Interest Entities and Note 11: Debt and Non-recourse Debt for additional information on our securitizations.
As of June 30, 2025 and December 31, 2024, we had timeshare financing receivables of $1,027 million and $455 million, respectively, securing the Timeshare Facility.
For our originated portfolio, we record an estimate of variable consideration for defaults as a reduction of revenue from financed VOI sales at the time revenue is recognized. We record the difference between the timeshare financing receivable and the variable consideration included in the transaction price for the sale of the related VOI as an allowance for financing receivables and record the receivable net of the allowance. For our acquired portfolio, any changes to the estimates of our allowance are recorded within Financing expense on our unaudited condensed consolidated statements of income in the period in which the change occurs.
We recognize interest income on our timeshare financing receivables as earned. As of June 30, 2025 and December 31, 2024, we had interest receivable outstanding of $22 million on our originated timeshare financing receivables. As of June 30, 2025 and December 31, 2024, we had interest receivable outstanding of $6 million and $7 million, respectively, on our acquired timeshare financing receivables. Interest receivable is included in Other Assets within our condensed consolidated balance sheets. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of June 30, 2025, our originated timeshare financing receivables had interest rates ranging from 1.5% to 25.8%, a weighted-average interest rate of 15.0%, a weighted-average remaining term of 8.7 years and maturities through 2040. Our acquired timeshare financing receivables had interest rates ranging from 2.0% to 25.0%, a weighted-average interest rate of 15.0%, a weighted-average remaining term of 6.4 years and maturities through 2040.
We apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a loan is 91 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process, which is governed by product type and local law, is complete.
Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
($ in millions)
Originated
Acquired
Balance as of December 31, 2024
$804 $268 
Provision for financing receivables losses(1)
167 13 
Write-offs(84)(132)
Inventory recoveries— 57 
Upgrades(3)
17 (17)
Balance as of June 30, 2025
$904 $189 
($ in millions)
Originated
Acquired
Balance as of December 31, 2023
$500 $279 
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)
— 191 
Provision for financing receivables losses(1)
158 1 
Write-offs(57)(111)
Inventory recoveries— 45 
Upgrades(3)
12 (12)
Balance as of June 30, 2024
$613 $393 
(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 receivables.
(2)The initial allowance determined for receivables with credit deterioration was $197 million as of the Bluegreen Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million during the first quarter of 2024.
(3)Represents the initial change in allowance resulting from upgrades of Acquired receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.
Originated Timeshare Financing Receivables
Our originated timeshare financing receivables as of June 30, 2025 mature as follows:
Originated Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2025 (remaining)$57 $67 $124 
2026122 132 254 
2027132 143 275 
2028142 155 297 
2029150 172 322 
Thereafter694 1,245 1,939 
Total$1,297 $1,914 $3,211 
Acquired Timeshare Financing Receivables with Credit Deterioration
Our acquired timeshare financing receivables were deemed to be purchased credit deteriorated (“PCD”) assets. These notes receivable were initially recognized at their purchase price, represented by the acquisition date fair value, and subsequently “grossed-up” by our acquisition date assessment of the allowance for credit losses. The difference over which par value of the acquired PCD assets exceeds the purchase price plus the initial allowance for financing receivable losses is reflected as a non-credit premium and is amortized as a reduction to interest income under the effective interest method.
The fair value of our acquired timeshare financing receivables as of each respective acquisition date was determined using a discounted cash flow method, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. Consequently, the fair value of the acquired timeshare financing receivables recorded on our unaudited condensed consolidated balance sheet as of the respective acquisition date included an estimate of expected financing receivable losses which became the historical cost basis for that portfolio going forward.
The allowance for financing receivable losses for our acquired timeshare financing receivables is remeasured at each period end and takes into consideration an estimated measure of anticipated defaults and early repayments. We consider historical timeshare financing receivables performance and the current economic environment in the re-measurement of the allowance for financing receivable losses for our acquired timeshare financing receivables. Subsequent changes to the allowance for acquired financing receivable losses are recorded within Financing expense on our unaudited condensed consolidated statements of income in the period in which the change occurs.
Our gross acquired timeshare financing receivables as of June 30, 2025 mature as follows:
Acquired Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2025 (remaining)$37 $19 $56 
202675 40 115 
202778 40 118 
202874 41 115 
202967 40 107 
Thereafter175 129 304 
Total$506 $309 $815 
Credit Quality of Timeshare Financing Receivables
We evaluate these portfolios collectively for purposes of estimating variable consideration, since we hold a large group of homogeneous timeshare financing receivables which are individually immaterial. We monitor the collectability of our receivables on an ongoing basis. There are no significant concentrations of credit risk with any individual counterparty or groups of counterparties. We use a technique referred to as static pool analysis as the basis for estimating expected defaults and determining our allowance for financing receivables losses on our timeshare financing receivables. For the static pool analysis, we use several years of default data through which we stratify our portfolio using certain key
dimensions to stratify our portfolio such as FICO scores and equity percentage at the time of sale. The adequacy of the related allowance is determined by management through analysis of several factors, such as current and forward-looking economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including assumed default rates, aging and historical write-offs of these receivables.
Originated Timeshare Financing Receivables
Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:
Originated
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
FICO score
700+$996 $523 $33 $465 $2,017 
600-699350 306 7 129 792 
<60042 46 — 2 90 
No score(1)
264 16 27 5 312 
Total$1,652 $891 $67 $601 $3,211 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Originated
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
FICO score
700+$956 $505 $23 $356 $1,840 
600-699336 287 5 95 723 
<60041 42 — 2 85 
No score(1)
249 11 21 3 284 
Total$1,582 $845 $49 $456 $2,932 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of June 30, 2025:
Originated Timeshare Financing Receivables
($ in millions)20252024202320222021PriorTotal
FICO score
700+$593 $742 $295 $206 $82 $99 $2,017 
600-699183 284 143 104 38 40 792 
<60016 28 19 15 6 6 90 
No score(1)
70 126 48 24 12 32 312 
Total$862 $1,180 $505 $349 $138 $177 $3,211 
Current period gross write-offs$— $25 $13 $30 $13 $3 $84 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
As of June 30, 2025 and December 31, 2024, we had ceased accruing interest on originated timeshare financing receivables with an aggregate principal balance of $378 million and $323 million, respectively. The following tables detail an aged analysis of our gross timeshare receivables balance:
Originated - Securitized
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$748 $318 $12 $168 $1,246 
31 - 90 days past due16 11 — 6 33 
91 - 120 days past due5 4 — 2 11 
121 days and greater past due5 2 — — 7 
Total$774 $335 $12 $176 $1,297 
Originated - Unsecuritized
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$673 $386 $51 $400 $1,510 
31 - 90 days past due17 17 1 9 44 
91 - 120 days past due8 6 — 3 17 
121 days and greater past due180 147 3 13 343 
Total$878 $556 $55 $425 $1,914 
Originated - Securitized
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$714 $279 $2 $135 $1,130 
31 - 90 days past due12 8 — 4 24 
91 - 120 days past due4 3 — 1 8 
121 days and greater past due4 2 — — 6 
Total$734 $292 $2 $140 $1,168 
Originated - Unsecuritized
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$683 $389 $44 $301 $1,417 
31 - 90 days past due15 15 1 7 38 
91 - 120 days past due6 6 1 3 16 
121 days and greater past due144 143 1 5 293 
Total$848 $553 $47 $316 $1,764 
Acquired Timeshare Financing Receivables
Our gross balances by average FICO score of our acquired timeshare financing receivables were as follows:
Acquired
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$106 $36 $296 $438 
600-69981 11 158 250 
<60019 — 5 24 
No score(1)
3 98 2 103 
Total$209 $145 $461 $815 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Acquired
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$159 $44 $385 $588 
600-699114 13 203 330 
<60025 — 8 33 
No score(1)
9 120 4 133 
Total$307 $177 $600 $1,084 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following tables detail our gross acquired timeshare financing receivables by the origination year and average FICO score as of June 30, 2025:
Acquired Timeshare Financing Receivables
($ in millions)20252024202320222021PriorTotal
FICO score
700+$— $10 $160 $73 $57 $138 $438 
600-699— 4 66 42 40 98 250 
<600— — 2 — 4 18 24 
No score(1)
— — 23 17 11 52 103 
Total$— $14 $251 $132 $112 $306 $815 
Current period gross write-offs$— $— $30 $13 $14 $75 $132 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
As of June 30, 2025 and December 31, 2024, we had ceased accruing interest on acquired timeshare financing receivables with an aggregate principal balance of $158 million and $231 million, respectively. The following tables detail an aged analysis of our gross timeshare receivables balance:
Acquired - Securitized
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$83 $77 $324 $484 
31 - 90 days past due3 — 11 14 
91 - 120 days past due1 — 4 5 
121 days and greater past due1 1 1 3 
Total$88 $78 $340 $506 
Acquired - Unsecuritized
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$28 $44 $79 $151 
31 - 90 days past due2 2 4 8 
91 - 120 days past due1 — — 1 
121 days and greater past due90 21 38 149 
Total$121 $67 $121 $309 
Acquired - Securitized
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$104 $84 $418 $606 
31 - 90 days past due4 1 17 22 
91 - 120 days past due1 — 8 9 
121 days and greater past due2 1 1 4 
Total$111 $86 $444 $641 
Acquired - Unsecuritized
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$36 $68 $112 $216 
31 - 90 days past due2 2 5 9 
91 - 120 days past due1 1 2 4 
121 days and greater past due157 20 37 214 
Total$196 $91 $156 $443 
v3.25.2
INVENTORY
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
INVENTORY INVENTORY
Inventory was comprised of the following:
($ in millions)June 30, 2025December 31, 2024
Completed unsold VOIs$2,012 $1,898 
Construction in process393 345 
Land, infrastructure and other1 1 
Total$2,406 $2,244 
For the six months ended June 30, 2025, we recorded non-cash operating activity transfers, net of $48 million related to the registrations for timeshare units under construction for a property in Japan from Property and equipment, net to Inventory. As VOI inventory is constructed, it is recorded into Property and equipment, net until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred into Inventory.
The table below presents cost of sales true-ups relating to VOI products and the related impacts to the carrying value of inventory and cost of VOI sales:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Cost of sales true-up(1)
$9 $(4)$26 $11 
(1)For the three and six months ended June 30, 2025, and the six months ended June 30, 2024, the cost of sales true-up decreased cost of VOI sales and increased inventory. For the three months ended June 30, 2024, the cost of sales true-up increased cost of VOI sales and decreased inventory.
v3.25.2
CONSOLIDATED VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED VARIABLE INTEREST ENTITIES CONSOLIDATED VARIABLE INTEREST ENTITIES
As of June 30, 2025, we consolidated 17 VIEs. The activities of these entities are limited primarily to purchasing qualifying non-recourse timeshare financing receivables from us and issuing debt securities and/or borrowing under a debt facility to facilitate such purchases. The timeshare financing receivables held by these entities are not available to our creditors and are not our legal assets, nor is the debt that is securitized through these entities a legal liability to us.
We have determined that we are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. We are also the servicer of these timeshare financing receivables and we often replace or repurchase timeshare financing receivables that are in default at their outstanding principal amounts. Additionally, we have the right to receive benefits that could be significant to them. Only the assets of our VIEs are available to settle the obligations of the respective entities.
Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following:
($ in millions)June 30, 2025December 31, 2024
Restricted cash$84 $193 
Timeshare financing receivables, net2,302 1,975 
Non-recourse debt, net2,475 2,285 
v3.25.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED AFFILIATES INVESTMENTS IN UNCONSOLIDATED AFFILIATES
As of June 30, 2025 and December 31, 2024, we had ownership interests in BRE Ace LLC and 1776 Holding LLC, which are VIEs. We do not consolidate BRE Ace LLC and 1776 Holding LLC because we are not the primary beneficiary. These two unconsolidated affiliates have aggregated debt balances of $359 million and $384 million as of June 30, 2025 and December 31, 2024, respectively. The debt is secured by their assets and is without recourse to us. Our maximum exposure to loss as a result of our investment interests in the two unconsolidated affiliates is primarily limited to (i) the carrying amount of the investments, which totaled $74 million and $73 million as of June 30, 2025 and December 31, 2024, respectively, and (ii) receivables for commission and other fees earned under fee-for-service arrangements. See Note 16: Related Party Transactions for additional information.
During the six months ended June 30, 2025, we received a cash distribution of $5 million from our investment in BRE Ace LLC. As of June 30, 2025, we had a $5 million receivable for a distribution from BRE Ace LLC, which is included in Accounts receivable, net in our unaudited condensed consolidated balance sheets.
For these VIEs, our investment interests are included in the condensed consolidated balance sheets as Investments in unconsolidated affiliates, and equity earned is included in the unaudited condensed consolidated statements of income as Equity in earnings from unconsolidated affiliates.
v3.25.2
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible assets and related accumulated amortization were as follows:
June 30, 2025
($ in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Trade name$48 $(25)$23 
Management contracts1,866 (542)1,324 
Club member relationships174 (85)89 
Capitalized software330 (187)143 
Marketing agreements
154 (16)138 
Other contract-related intangible assets
50 (7)43 
Total$2,622 $(862)$1,760 
December 31, 2024
($ in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Trade name$48 $(22)$26 
Management contracts1,819 (479)1,340 
Club member relationships174 (76)98 
Capitalized software302 (167)135 
Marketing agreements
154 (11)143 
Other contract-related intangible assets
50 (5)45 
Total$2,547 $(760)$1,787 
Amortization expense on intangible assets was $52 million and $55 million for the three months ended June 30, 2025 and 2024, respectively, and $102 million and $106 million for the six months ended June 30, 2025 and 2024, respectively. No intangible impairment charges were recognized during the three and six months ended June 30, 2025 and 2024, respectively.
v3.25.2
DEBT AND NON-RECOURSE DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT AND NON-RECOURSE DEBT DEBT AND NON-RECOURSE DEBT
Debt
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)June 30, 2025December 31, 2024
Debt(1)
Senior secured credit facility
Term loan A with a rate of 5.977%, due 2028
$400 $400 
Term loan B with a rate of 6.327%, due 2028
855 858 
Term loan B with a rate of 6.327%, due 2031
891 893 
Revolver with a rate of 5.974%, due 2030
160 233 
Senior notes with a rate of 5.000%, due 2029
850 850 
Senior notes with a rate of 4.875%, due 2031
500 500 
Senior notes with a rate of 6.625%, due 2032
900 900 
Other debt(4)
84 38 
Total debt, gross4,640 4,672 
Less: unamortized deferred financing costs and discounts(2)(3)(5)
(66)(71)
Total debt, net$4,574 $4,601 
(1)As of June 30, 2025 and December 31, 2024, weighted-average interest rates were 5.991% and 6.140%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loans and senior notes of $38 million and $22 million, respectively, as of June 30, 2025 and $39 million and $25 million, respectively, as of December 31, 2024. This amount also includes unamortized original issuance discounts of $4 million and $5 million as of June 30, 2025 and December 31, 2024, respectively.
(3)Amount does not include unamortized deferred financing costs of $5 million and $3 million as of June 30, 2025 and December 31, 2024, respectively, related to our revolving facility which are included in Other assets in our condensed consolidated balance sheets.
(4)This amount includes $5 million and $6 million related to the recourse portion on the NBA Receivables Facility as of June 30, 2025 and December 31, 2024, respectively, which is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(5)Amount also includes unamortized discount of $2 million related to the Bluegreen debt recognized at the Bluegreen Acquisition Date as of June 30, 2025 and December 31, 2024.
Senior secured credit facility
On January 31, 2025, we amended our Revolver Credit Facility (“Revolver”) and both our Term Loan B due 2028 and Term Loan B due 2031. The terms of the Revolver were amended to reduce pricing spreads, expand covenants, reset certain incurrence baskets and extend maturity to January 2030. The Term Loan B due 2028 was repriced to SOFR plus 2.00%, down from SOFR plus 2.50%. The Term Loan B due 2031 was repriced to SOFR plus 2.00%, down from SOFR plus 2.25%. Additionally, the Term Loan A, due January 2028, was repriced to SOFR plus 1.65%, down from SOFR plus 1.75%.
As of June 30, 2025, we had $46 million of letters of credit outstanding under the revolving credit facility and $1 million outstanding backed by cash collateral. We were in compliance with all applicable maintenance and financial covenants and ratios as of June 30, 2025. As of June 30, 2025, we have $794 million remaining borrowing capacity under the revolver facility.
We primarily use interest rate swaps as part of our interest rate risk management strategy for our variable-rate debt. These interest rate swaps are associated with the SOFR-based senior secured credit facility. As of June 30, 2025, these interest rate swaps convert the SOFR-based variable rate on our Term Loan B due 2028 to average fixed rates of 1.55% per annum with maturities between 2026 and 2028, for the balance on this borrowing up to the notional values of our interest rate swaps. As of June 30, 2025, the aggregate notional values of the interest rate swaps under our Term Loan B due 2028 was $550 million. Our interest rate swaps have been designated and qualify as cash flow hedges of interest rate risk and are recorded at their estimated fair value as an asset in Other assets in our condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, the estimated fair values of our cash flow hedges were $24 million and $37 million, respectively. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes. We classify cash inflows and outflows from derivatives that hedge interest rate risk within operating activities in the unaudited condensed consolidated statements of cash flows.
The following table reflects the activity, net of tax, in Accumulated other comprehensive loss related to our derivative instruments during the six months ended June 30, 2025:
Net unrealized gain on derivative instruments
Balance as of December 31, 2024
$28 
Other comprehensive loss before reclassifications, net
(4)
Reclassifications to net loss
(6)
Balance as of June 30, 2025
$18 
Senior Notes due 2032
The Senior Notes due 2032 are guaranteed on a senior secured basis by certain of our subsidiaries. We were in compliance with all applicable financial covenants as of June 30, 2025.
Senior Notes due 2029 and 2031
The Senior Unsecured Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries. We are in compliance with all applicable financial covenants as of June 30, 2025.
Non-recourse Debt
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)June 30,
2025		December 31, 2024
Non-recourse debt(1)
Timeshare Facility with an average rate of 5.624%, due 2027(2)
$730 $428 
HGV Securitized Debt 2018 with a weighted average rate of 3.602%, due 2032
— 41 
HGV Securitized Debt 2019 with a weighted average rate of 2.431%, due 2033
39 48 
HGV Securitized Debt 2022-1 with a weighted average rate of 4.304%, due 2034
61 78 
HGV Securitized Debt 2022-2 with a weighted average rate of 4.826%, due 2037
104 129 
HGV Securitized Debt 2023 with a weighted average rate of 5.937%, due 2038
133 172 
HGV Securitized Debt 2024-2 with a weighted average rate of 5.685%, due 2038
251 302 
HGV Securitized Debt 2024-1 with a weighted average rate of 6.419%, due 2039
125 175 
HGV Securitized Debt 2020 with a weighted average rate of 3.658%, due 2039
57 67 
HGV Securitized Debt 2024-3 with a weighted average rate of 5.182%, due 2040
390 482 
HGV Securitized Debt 2025-1 with a weighted average rate of 5.066%, due 2042
300 — 
Grand Islander Securitized Debt with a weighted average rate of 3.316%, due 2033
30 37 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033
50 61 
Bluegreen Securitized Debt 2018 with a weighted average rate of 4.019%, due 2034
14 17 
Bluegreen Securitized Debt 2020 with a weighted average rate of 2.597%, due 2036
32 40 
Bluegreen Securitized Debt 2022 with a weighted average rate of 4.599%, due 2037
70 87 
Bluegreen Securitized Debt 2023 with a weighted average rate of 6.321%, due 2038
114 147 
Quorum Purchase Facility with an average rate of 5.023%, due 2034
5 6 
NBA Receivables Facility with an average rate of 6.077%, due 2031(5)
24 33 
Total non-recourse debt, gross2,529 2,350 
Less: unamortized deferred financing costs and discount(3)(4)(6)
(30)(32)
Total non-recourse debt, net$2,499 $2,318 
(1)As of June 30, 2025 and December 31, 2024, weighted-average interest rates were 5.258% and 5.235%, respectively.
(2)The revolving commitment period of the Timeshare Facility terminates in November 2026; however, the repayment maturity date extends 12 months beyond the commitment termination date to November 2027.
(3)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $1 million and $2 million as of June 30, 2025 and December 31, 2024, respectively, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.
(4)Amount includes unamortized discounts of $8 million and $11 million as of June 30, 2025 and December 31, 2024, respectively, related to the Grand Islander securitized debt and Bluegreen securitized and non-recourse debt recognized at the respective acquisition dates.
(5)Recourse on the NBA Receivables Facility is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(6)Amount includes unamortized deferred financing costs of $22 million and $21 million as of June 30, 2025 and December 31, 2024, respectively, related to HGV securitized debt.
In June 2025, we completed a securitization of approximately $300 million of gross timeshare financing receivables and issued approximately $166 million of 4.88% notes, $87 million of 5.18% notes, and $47 million of 5.52% notes due May 2042. The issued notes are backed by pledged assets, consisting of a pool of HGV, Diamond Resorts, and Bluegreen Vacations collateral combined, secured by first mortgages, first deeds of trust, membership interests or timeshare interests (other than a fee simple interest in real estate) and a Letter of Credit. The notes are a non-recourse obligation and are payable solely from the timeshare financing receivables pledged as collateral for the notes. The proceeds of the notes were used to pay down in part some of our existing debt and for other general corporate purposes. Additionally, in connection with the securitization, we incurred $6 million in debt issuance costs.
The Timeshare Facility is a non-recourse obligation payable solely from the pool of timeshare financing receivables pledged as collateral and related assets. As of June 30, 2025, our Timeshare Facility has a remaining borrowing capacity of $120 million.
During the six months ended June 30, 2025, we repaid $1,088 million on the Timeshare Facility and $423 million on Securitized Debt.
We are required to deposit payments received from customers on the timeshare financing receivables securing the Timeshare Facility and Securitized Debt into depository accounts maintained by third parties. On a monthly basis, the depository accounts are utilized to make required principal, interest and other payments due under the respective loan agreements. The balances in the depository accounts were $84 million and $193 million as of June 30, 2025 and December 31, 2024, respectively, and were included in Restricted cash in our condensed consolidated balance sheets.
Debt Maturities
The contractual maturities of our debt and non-recourse debt as of June 30, 2025 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2025 (remaining six months)$16 $239 $255 
202627 393 420 
202726 1,049 1,075 
20281,243 251 1,494 
2029870 200 1,070 
Thereafter2,458 397 2,855 
Total$4,640 $2,529 $7,169 
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The carrying amounts and estimated fair values of our financial assets and liabilities were as follows:
June 30, 2025
Fair Value
($ in millions)Carrying
Amount		Level 1Level 3
Assets:
Timeshare financing receivables, net(1)
$2,979 $— $3,271 
Liabilities:
Debt, net(2)
4,574 4,335 259 
Non-recourse debt, net(2)
2,499 1,780 748 
December 31, 2024
Fair Value
($ in millions)Carrying
Amount		Level 1Level 3
Assets:
Timeshare financing receivables, net(1)
$3,006 $— $3,203 
Liabilities:
Debt, net(2)
4,601 4,309 283 
Non-recourse debt, net(2)
2,318 1,873 446 
(1)Carrying amount net of allowance for financing receivables losses.
(2)Carrying amount net of unamortized deferred financing costs and discounts.
Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values. The table above excludes interest rate swaps discussed below and cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other and advanced deposits, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
The estimated fair values of our originated and acquired timeshare financing receivables were determined using a discounted cash flow model. Our model incorporates default rates, coupon rates, credit quality and loan terms respective to the portfolio based on current market assumptions for similar types of arrangements.
The estimated fair values of our Level 2 derivative financial instruments were determined utilizing projected future cash flows discounted based on an expectation of future interest rates derived from observable market interest rate curves and market volatility. Refer to Note 11: Debt and Non-recourse Debt above.
The estimated fair values of our Level 1 debt and non-recourse debt were based on prices in active debt markets. The estimated fair values of our Level 3 debt and non-recourse debt were based on the following:
•Debt – based on indicative quotes obtained for similar issuances and projected future cash flows discounted at risk-adjusted rates.
•Non-recourse debt – based on projected future cash flows discounted at risk-adjusted rates.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The effective tax rate for the three months ended June 30, 2025 and 2024 was approximately 38% and 60%, respectively. The effective tax rate for the six months ended June 30, 2025 and 2024 was approximately 72% and 80%. The effective tax rate decrease quarter over quarter is primarily due to overall change in earnings. The effective tax rate decrease year over year is primarily due to discrete items partially offset by the jurisdictional mix and overall change in earnings. The difference between our effective tax rate as compared to the U.S. statutory federal tax rate of 21% is primarily due to state and foreign income taxes, the jurisdictional mix of earnings, and discrete items, which are primarily related to unrecognized tax benefits and the Bluegreen Acquisition.
On July 4, 2025, the United States enacted tax reform legislation commonly known as the One Big Beautiful Bill Act (the “Act”), resulting in significant modifications to existing law. These changes include provisions that allow for accelerated tax deductions for qualified property and research expenditures. We are currently evaluating the impact of the Act to our condensed consolidated financial statements.
v3.25.2
SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Stock Plan
The 2023 Omnibus Incentive Plan (“2023 Plan”) authorizes the issuance of restricted stock units (“Service RSUs” or “RSUs”), nonqualified stock options (“Options”), time and performance-vesting restricted stock units (“Performance RSUs” or “PSUs”), and stock appreciation rights (“SARs”) to certain employees and directors. As of June 30, 2025, there were 2,593,223 shares of common stock available for future issuance under the 2023 plan. We recognized share-based compensation expense of $22 million and $17 million for the three months ended June 30, 2025 and 2024 and $34 million and $26 million for the six months ended June 30, 2025 and 2024. On June 30, 2025, the second tranche of the Performance Cash Awards vested and were payable to certain executive officers and employees. These performance cash awards were included within Acquisition and integration-related expense in our condensed consolidated statements of income.
As of June 30, 2025, unrecognized compensation cost for unvested awards was approximately $75 million, which is expected to be recognized over a weighted average period of 1.9 years.
Service RSUs
During the six months ended June 30, 2025, we issued 969,592 Service RSUs with a weighted-average grant date fair value of $40.85, which vest in annual installments over three years from the date of grant, subject to the individual’s continued employment through the applicable vesting date.
Options
During the six months ended June 30, 2025, we did not grant any Options. As of June 30, 2025, we had 2,155,115 Options outstanding that were exercisable.
Performance RSUs
During the six months ended June 30, 2025, we issued 449,308 Performance RSUs with a weighted-average grant date fair value of $41.01. The Performance RSUs are settled at the end of a 3-year performance period, with 50% of the Performance RSUs subject to achievement based on the Company’s adjusted earnings before interest expense, taxes and depreciation and amortization, further adjusted for net deferral and recognition of revenues and related direct expenses related to sales of VOIs of projects under construction. The remaining 50% of the Performance RSUs are subject to the achievement of certain contract sales targets.
We determined that the performance conditions for our Performance RSUs are probable of achievement, and we recognized compensation expense based on the number of Performance RSUs we expect to vest.
Employee Stock Purchase Plan
In March 2017, the Board of Directors adopted the Hilton Grand Vacations Inc. Employee Stock Purchase Plan (the “ESPP”), which became effective during 2017 and was subsequently amended in 2022. In connection with the ESPP, we reserved 2.5 million shares of common stock which may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 85% of the fair market value per share of common stock on the first day of the Purchase Period or the last day of the Purchase Period, whichever is lower, up to a maximum threshold established by the plan administrator for the offering period. During the three and six months ended June 30, 2025, we recognized less than $1 million and $1 million of compensation expense related to this plan, respectively. During the three and six months ended June 30, 2024, we recognized less than $1 million of compensation expense related to this plan, respectively.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following tables present the calculation of our basic and diluted earnings per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations:
Three Months Ended June 30,Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)2025202420252024
Basic EPS:
Numerator:
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
Denominator:
Weighted average shares outstanding91.2 103.4 93.3 104.3 
Basic EPS(1)
$0.26 $0.02 $0.09 $(0.02)
Diluted EPS:
Numerator:
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
Denominator:
Weighted average shares outstanding92.2 104.3 94.5 104.3 
Diluted EPS(1)
$0.25 $0.02 $0.08 $(0.02)
Basic weighted average shares outstanding
91.2 103.4 93.3 104.3 
RSUs(2), PSUs(3), Options(4) and ESPP
1.0 0.9 1.2 — 
Diluted weighted average shares outstanding
92.2 104.3 94.5 104.3 
(1)Earnings per share amounts are calculated using whole numbers.
(2) Excludes approximately 957,000 and 740,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 220,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These RSUs could potentially dilute EPS in the future.
(3) Excludes approximately 243,000 and 1,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 14,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These PSUs could potentially dilute EPS in the future.
(4) Excludes approximately 1,649,000 and 1,195,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 1,212,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These Options could potentially dilute EPS in the future.
Potentially dilutive shares of 1,239,081 for the six months ended June 30, 2024 were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share as a result of our net loss position.
Share Repurchases
On August 7, 2024, our Board of Directors approved a share repurchase program authorizing us to repurchase up to an aggregate of $500 million of our outstanding shares of common stock over a two-year period (the “2024 Repurchase Plan”).
The following table summarizes stock repurchase activity under the current and previous share repurchase programs as of June 30, 2025:
(in millions)SharesCost
As of December 31, 2024
41 $1,549 
Repurchases8 300 
As of June 30, 2025
49 $1,849 
From July 1, 2025 through July 24, 2025, we repurchased approximately 0.6 million shares for $29 million. As of July 24, 2025, we had $98 million of remaining availability under the 2024 Repurchase Plan.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
BRE Ace LLC and 1776 Holding, LLC
We hold an ownership interest in BRE Ace LLC, a VIE, which owns a timeshare resort property and related operations, commonly known as “Elara, a Hilton Grand Vacations Club.”
We hold an ownership interest in 1776 Holding, LLC, a VIE, which owns a timeshare resort property and related operations, known as “Liberty Place Charleston, a Hilton Club.”
We record Equity in earnings from our unconsolidated affiliates in our unaudited condensed consolidated statements of income. See Note 9: Investments in Unconsolidated Affiliates for additional information. Additionally, we earn commissions and other fees related to fee-for-service agreements with the investees to sell VOIs at Elara, a Hilton Grand Vacations Club and Liberty Place Charleston, a Hilton Club. These amounts are summarized in the following table and are included in Fee-for-service commissions, package sales and other fees on our unaudited condensed consolidated statements of income as of the date they became related parties.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Equity in earnings from unconsolidated affiliates$6 $3 $11 $8 
Commissions and other fees39 44 78 80 
As of December 31, 2024, we had $5 million of outstanding receivables related to these fee-for-service agreements included in Accounts receivable, net on our condensed consolidated balance sheets. As of June 30, 2025, we had no outstanding receivables.
v3.25.2
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We operate our business through the following two reportable segments based on the nature of the products and services provided:
•Real estate sales and financing – We market and sell VOIs that we own. We also source VOIs through fee-for-service agreements with third-party developers. Related to the sales of the VOIs that we own, we provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and revenue from servicing the loans. We also generate fee revenue from servicing the loans provided by third-party developers to purchasers of their VOIs.
•Resort operations and club management – We manage the clubs and earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. We also earn fees for managing the timeshare properties. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our club programs. We also earn revenue from food and beverage, retail and spa outlets at our timeshare properties.
Our chief operating decision maker “CODM” is our Chief Executive Officer. The CODM is our primary decision maker and is responsible for allocating resources to the components of the company and assessing company performance. The CODM uses Adjusted EBITDA to allocate resources (including employees and financial or capital resources) in the budgeting and forecasting process as well as assess performance and profitability for each segment. The performance of our operating segments, which are also our reportable segments, is evaluated based on adjusted earnings before interest expense (excluding non-recourse debt), taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) other gains, including asset dispositions and foreign currency transactions; (ii) debt restructurings/retirements; (iii) non-cash impairment losses; (iv) share-based and other compensation expenses; and (v) other items, including but not limited to costs associated with acquisitions, restructuring, amortization of premiums and discounts resulting from purchase accounting, and other non-cash and one-time charges.
We do not include equity in earnings from unconsolidated affiliates in our measures of segment operating performance.
The table below presents revenues for our reportable segment results which include the acquired Bluegreen operations within both segments as of the Bluegreen Acquisition Date, reconciled to consolidated amounts:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Revenues:
Real estate sales and financing$760 $740 $1,405 $1,427 
Resort operations and club management(1)
405 386 796 746 
Total segment revenues1,165 1,126 2,201 2,173 
Cost reimbursements128 129 261 251 
Intersegment eliminations(1)
(27)(20)(48)(33)
Total revenues$1,266 $1,235 $2,414 $2,391 
(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.
The following tables present Adjusted EBITDA for our reportable segments:
For the three months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$760 $378 $1,138 
Intersegment revenues— 27 27 
Total segment revenues760 405 1,165 (a)
Less:
Cost of VOI Sales38 — 38 
Selling expense206 — 206 
Marketing expense265 — 265 
Financing expense54 — 54 
Club expense— 21 21 
Property management expense— 35 35 
Rental expense— 191 191 
Other expenses8 12 20 
Total segment expenses571 (b)259 (c)830 
Other:
Share-based compensation expense5 3 8 
Other segment adjustment items9 — 9 (d)
Intersegment elimination(27)— (27)(a)
Segment Adjusted EBITDA$176 $149 $325 
For the six months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,405 $748 $2,153 
Intersegment revenues— 48 48 
Total segment revenues1,405 796 2,201 (a)
Less:
Cost of VOI Sales63 — 63 
Selling expense401 — 401 
Marketing expense495 — 495 
Financing expense109 — 109 
Club expense— 41 41 
Property management expense— 69 69 
Rental expense— 386 386 
Other expenses8 23 31 
Total segment expenses1,076 (b)519 (c)1,595 
Other:
Share-based compensation expense9 5 14 
Other segment adjustment items19 — 19 (d)
Intersegment elimination(48)— (48)(a)
Segment Adjusted EBITDA$309 $282 $591 
(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 condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the 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.
For the three months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$740 $366 $1,106 
Intersegment revenues— 20 20 
Total segment revenues740 386 1,126 (a)
Less:
Cost of VOI Sales65 — 65 
Selling expense180 — 180 
Marketing expense238 — 238 
Financing expense44 — 44 
Club expense— 21 21 
Property management expense— 27 27 
Rental expense— 177 177 
Other expenses35 11 46 
Total segment expenses562 (b)236 (c)798 
Other:
Share-based compensation expense3 2 5 
Other segment adjustment items32 — 32 (d)
Intersegment elimination(20)— (20)(a)
Segment Adjusted EBITDA$193 $152 $345 
For the six months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,427 $713 $2,140 
Intersegment revenues— 33 33 
Total segment revenues1,427 746 2,173 (a)
Less:
Cost of VOI Sales113 — 113 
Selling expense338 — 338 
Marketing expense450 — 450 
Financing expense83 — 83 
Club expense— 41 41 
Property management expense— 61 61 
Rental expense— 340 340 
Other expenses66 21 87 
Total segment expenses1,050 (b)463 (c)1,513 
Other:
Share-based compensation expense6 3 9 
Other segment adjustment items49 — 49 (d)
Intersegment elimination(33)— (33)(a)
Segment Adjusted EBITDA$399 $286 $685 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss) and net income (loss) attributable to stockholders:
 Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Adjusted EBITDA:
Real estate sales and financing(1)
$176 $193 $309 $399 
Resort operations and club management(1)
149 152 282 286 
Segment Adjusted EBITDA325 345 591 685 
Acquisition and integration-related expense(26)(48)(54)(157)
General and administrative(58)(58)(104)(103)
Depreciation and amortization(59)(68)(126)(130)
License fee expense(52)(40)(101)(75)
Other gain (loss), net
4 (3)10 (8)
Interest expense(79)(87)(156)(166)
Income tax (expense) benefit
(15)(3)(21)8 
Equity in earnings from unconsolidated affiliates6 3 11 8 
Impairment expense
(1)— (1)(2)
Other adjustment items(2)
(17)(37)(33)(58)
Net income
28 4 16 2 
Net income attributable to noncontrolling interest
3 2 8 4 
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions)June 30, 2025December 31, 2024
Real estate sales and financing$7,497 $7,349 
Resort operations and club management3,387 3,163 
Total segment assets10,884 10,512 
Corporate854 930 
Total assets$11,738 $11,442 
The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:
Six Months Ended June 30,
($ in millions)20252024
Real estate sales and financing$76 $59 
Resort operations and club management1 1 
Total segment capital expenditures
77 60 
Corporate28 20 
Total capital expenditures
$105 $80 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Bass Pro Shops Marketing Agreement Commitments
In November 2023, we entered into a 10-year exclusive marketing agreement with Bass Pro Shops (“Bass Pro”), a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides us with the right to market
and sell vacation packages at kiosks in Bass Pro’s and Cabela’s retail locations and through other means. This agreement became effective on the Bluegreen Acquisition Date. As a part of this agreement, we are required to make certain minimum annual payments and certain variable payments based upon the number of travel packages sold during the year or the number of Bass Pro and Cabela’s retail locations HGV maintains during the year.
As of June 30, 2025, HGV had sales and marketing operations at a total of 140 Bass Pro Shops and Cabela’s Stores, including 8 virtual kiosks.
Other Commitments
We have fulfilled certain arrangements with developers where we were committed to purchase vacation ownership units or other real estate at a future date to be marketed and sold under our Hilton Grand Vacations brand. As of June 30, 2025, we were committed to purchase approximately $256 million of inventory over a period of 10 years and $20 million of other commitments in the normal course of business. We are also committed to an agreement to exchange parcels of land in Hawaii, subject to the successful completion of zoning, land use requirements and other applicable regulatory requirements. The actual amount and timing of the acquisitions are subject to change pursuant to the terms of the respective arrangements, which could also allow for cancellation in certain circumstances.
During the six months ended June 30, 2025, we fulfilled $26 million of purchases required under our inventory commitments. As of June 30, 2025, our remaining obligations pursuant to these arrangements were expected to be incurred as follows:
($ in millions)
2025
(remaining)
202620272028
2029
ThereafterTotal
Marketing and license fee agreements
$26 $37 $38 $38 $38 $134 $311 
Inventory purchase obligations(1)(2)(3)
15 37 8 53 44 99 256 
Other commitments(4)
8 7 1 2 2 — 20 
Total$49 $81 $47 $93 $84 $233 $587 
(1)Commitments for a properties in Missouri, New York and Tennessee.
(2)For the property in New York, the payments are subject to the seller obtaining the inventory and providing clear title.
(3)For the property in Tennessee, we have the option to extend the full purchase of inventory up to 2033 pursuant to the terms of the purchase agreement. The proposed acquisition is subject to certain approvals pursuant to the terms of the Sale and Purchase Agreement, which is expected in the third quarter of 2025.
(4)Primarily relates to commitments related to information technology and sponsorships.
Litigation Contingencies
We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums. We evaluate these legal proceedings and claims at each balance sheet date to determine the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to reasonably estimate the amount of loss. We record a contingent litigation liability when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of June 30, 2025 and December 31, 2024, we accrued liabilities of approximately $10 million and $7 million, respectively, for all legal matters.
On July 22, 2024, an adverse interim award was entered in an arbitration related to a matter that existed as of the Bluegreen Acquisition Date involving Bluegreen Vacations Unlimited, Inc. (“BVU”), a Bluegreen subsidiary, in connection with an alleged breach of a purchase and sale agreement for The Manhattan Club property in New York, New York. Prior to any decision by the arbitration panel on potential damages for breach, the interim award allowed BVU to propose a cure for the breach. We and the opposing party both proposed forms of cure to the arbitration panel. On February 10, 2025, the arbitration panel issued a decision on what is required to cure, which included purchases of inventory and assuming the management agreement at The Manhattan Club. We completed the first steps of cure on February 20, 2025 and February 26, 2025, and intend to continue with cure.
As part of the cure, the management agreement was assumed during the first quarter of 2025 for $47.5 million in exchange for a note payable. See Note 10: Intangibles and Note 11: Debt and Non-recourse Debt for additional information. Additionally, the cure provided for BVU to purchase $7.5 million of inventory per quarter beginning February 26, 2025 until all missed quarterly purchases of inventory between October 2019 and February 10, 2025 have been completed totaling approximately $39 million, subject to the opposing party being able to obtain the inventory and providing clear title. Once cured, the quarterly inventory purchase commitment will be approximately $1.9 million through
May 2035, subject to the opposing party being able to obtain the inventory and providing clear title. The inventory commitment related to this matter is included in the table above within the inventory purchase obligations.
While we currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not have a material effect on the Company’s financial condition, cash flows, or materially adversely affect overall trends in our results of operations, legal proceedings are inherently uncertain and unfavorable rulings could, individually or in aggregate, have a material adverse effect on the Company’s business, financial condition or results of operations.
Surety Bonds
We utilize surety bonds related to the sales of VOIs in order to meet regulatory requirements of certain states. The availability, terms and conditions and pricing of such bonding capacity are dependent on, among other things, continued financial strength and stability of the insurance company affiliates providing the bonding capacity, general availability of such capacity and our corporate credit rating. We have commitments from surety providers in the amount of $538 million as of June 30, 2025, which primarily consist of escrow and subsidy related bonds.
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 11, 2025, we completed a term securitization of approximately ¥9.5 billion of timeshare loans through Hilton Grand Vacations Japan Trust 2025-1 (“the Trust” or “SMRAI”), with a coupon rate of 1.41%. One class of notes were issued by the Trust, and the collateralized timeshare notes are domiciled in Japan. The proceeds will primarily be used for general corporate purposes.
On July 29, 2025, our Board of Directors approved a new share repurchase program authorizing us to repurchase up to an aggregate of $600 million of its outstanding shares of common stock over a two-year period, which is in addition to the amount remaining under the current 2024 Repurchase Plan. Repurchases may be conducted in the open market, in privately negotiated transactions or such other manner as determined by us, including through repurchase plans complying with the rules and regulations of the SEC. The timing and actual number of shares repurchased under any share repurchase plan will depend on a variety of factors, including the stock price, available liquidity and market conditions. The shares are retired upon repurchase. The share repurchase plans do not obligate HGV to repurchase any dollar amount or number of shares of common stock, and they may be suspended or discontinued at any time.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 25 $ 2 $ 8 $ (2)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation
The unaudited condensed consolidated financial statements presented herein include all of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary and then consolidate those VIEs for which we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50% of the voting shares of a company or otherwise have a controlling financial interest, including Bluegreen/Big Cedar Vacations LLC (“Big Cedar”), a joint venture in which we are deemed to hold a controlling financial interest based on our 51% equity interest, our active role as the day-to-day manager of its activities, and majority voting control of its management committee. We acquired our equity interest in Big Cedar as part of the Bluegreen Acquisition. All material intercompany transactions and balances have been eliminated in consolidation. Our accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation.
During the first quarter of 2025, we renamed the line item “Sales, marketing, brand and other fees” as previously shown on the condensed consolidated statements of income, and used elsewhere within our filing, to “Fee-for-service commissions, package sales and other fees” to better align with the underlying activity. This change did not result in any reclassification of revenues and had no impact on our consolidated results for any of the periods presented.
Basis of Presentation
The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the SEC on March 3, 2025.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 states that an entity must provide greater disaggregation of its effective tax rate reconciliation disclosure. The ASU also states that an entity must separately disclose net cash paid for taxes between federal, state, and foreign jurisdictions. The guidance is effective for fiscal years beginning
after December 15, 2024. The guidance is to be applied prospectively, although retrospective application is permitted. The adoption of ASU 2023-09 is expected to impact disclosures only and not have an impact on our consolidated balance sheet and consolidated statement of income.
In November 2024, the FASB issued Accounting Standards Update 2024-03 (“ASU 2024-03”), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 provides amendments to improve disclosure requirements of specified information about certain costs and expenses, both on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The guidance should be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented. The adoption of ASU 2024-03 is expected to impact disclosures only and not have an impact on our consolidated balance sheet and consolidated statement of income.
v3.25.2
BLUEGREEN ACQUISITION (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisition, Pro Forma Information
The following unaudited pro forma information presents the combined results of operations of HGV and Bluegreen as if we had completed the Bluegreen Acquisition on January 1, 2024, the first day of our prior fiscal year, but using the fair values of assets and liabilities as of the Bluegreen Acquisition Date. These unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Bluegreen Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
Six Months Ended June 30,
($ in millions)2024
Revenue$2,438 
Net loss
(1)
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Real Estate Sales and Financing Segment2025202420252024
Sales of VOIs, net$469 $471 $847 $909 
Fee-for-service commissions, package sales and other fees
165 167 307 312 
Interest income114 88 229 184 
Other financing revenue12 14 22 22 
Real estate sales and financing segment revenues$760 $740 $1,405 $1,427 
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Resort Operations and Club Management Segment2025202420252024
Club management$70 $67 $142 $130 
Resort management113 104 224 207 
Rental(1)
180 181 354 350 
Ancillary services15 14 28 26 
Resort operations and club management segment revenues$378 $366 $748 $713 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ in millions)June 30, 2025December 31, 2024
Receivables from contracts with customers:
Accounts receivable, net$265 $219 
Timeshare financing receivables, net2,979 3,006 
Total$3,244 $3,225 
The following table presents the composition of our contract liabilities:
($ in millions)June 30, 2025December 31, 2024
Contract liabilities:
Advanced deposits$235 $226 
Deferred sales of VOIs of projects under construction300 92 
Club activation fees and annual dues
147 79 
Bonus point incentive liability(1)
94 86 
Deferred maintenance fees25 12 
Other deferred revenue38 35 
(1)The balance includes $53 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2025December 31, 2024
Sales of VOIs, net$300 $92 
Cost of VOI sales89 28 
Sales and marketing expense48 13 
Schedule of Remaining Transaction Price Related to Advanced Deposits, Club Activation Fees and Bonus Points Incentive Liability
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2025:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$235 18 monthsUpon customer stays
Club activation fees69 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability94 
18 - 30 months
Upon redemption
Annual club dues
78 1 year
Straight-line basis
Maintenance fees
25 1 year
Straight-line basis
Other
38 1 year
Straight-line basis
v3.25.2
ACCOUNTS RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable, Net of Allowance for Credit Losses The following table represents our accounts receivable, net of allowance for credit losses:
($ in millions)June 30, 2025December 31, 2024
Fee-for-service commissions$40 $48 
Real estate and financing41 34 
Resort and club operations184 137 
Tax receivables
171 89 
Other receivables8 7 
Total$444 $315 
Schedule of Changes in Allowance
The changes in our allowance were as follows during the six months ended June 30, 2025:
($ in millions)
Fee-for-service commissions
Real estate and financing
Resort and club operations
Total
Balance as of December 31, 2024
$24 $49 $1 $74 
Current period provision for expected credit losses4 23 13 40 
Write-offs charged against the allowance(5)(10)— (15)
Balance as of June 30, 2025
$23 $62 $14 $99 
v3.25.2
TIMESHARE FINANCING RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Financing Receivable
The following table presents the components of each portfolio by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Securitized$1,297 $1,168 $506 $641 
Unsecuritized(1)
1,914 1,764 309 443 
Timeshare financing receivables, gross$3,211 $2,932 $815 $1,084 
Unamortized non-credit acquisition premium
— — 46 62 
Less: allowance for financing receivables losses(904)(804)(189)(268)
Timeshare financing receivables, net$2,307 $2,128 $672 $878 
(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.
Schedule of Change in Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
($ in millions)
Originated
Acquired
Balance as of December 31, 2024
$804 $268 
Provision for financing receivables losses(1)
167 13 
Write-offs(84)(132)
Inventory recoveries— 57 
Upgrades(3)
17 (17)
Balance as of June 30, 2025
$904 $189 
($ in millions)
Originated
Acquired
Balance as of December 31, 2023
$500 $279 
Initial allowance for purchased credit deteriorated financing receivables acquired during the period(2)
— 191 
Provision for financing receivables losses(1)
158 1 
Write-offs(57)(111)
Inventory recoveries— 45 
Upgrades(3)
12 (12)
Balance as of June 30, 2024
$613 $393 
(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 receivables.
(2)The initial allowance determined for receivables with credit deterioration was $197 million as of the Bluegreen Acquisition Date. We also reduced the initial allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million during the first quarter of 2024.
(3)Represents the initial change in allowance resulting from upgrades of Acquired receivables. Upgraded Acquired receivables and their related allowance are included in the Originated portfolio.
Schedule of Future Payments Due from Financing Receivables
Our originated timeshare financing receivables as of June 30, 2025 mature as follows:
Originated Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2025 (remaining)$57 $67 $124 
2026122 132 254 
2027132 143 275 
2028142 155 297 
2029150 172 322 
Thereafter694 1,245 1,939 
Total$1,297 $1,914 $3,211 
Our gross acquired timeshare financing receivables as of June 30, 2025 mature as follows:
Acquired Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2025 (remaining)$37 $19 $56 
202675 40 115 
202778 40 118 
202874 41 115 
202967 40 107 
Thereafter175 129 304 
Total$506 $309 $815 
Schedule of Financing Receivables by Average FICO Score
Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:
Originated
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
FICO score
700+$996 $523 $33 $465 $2,017 
600-699350 306 7 129 792 
<60042 46 — 2 90 
No score(1)
264 16 27 5 312 
Total$1,652 $891 $67 $601 $3,211 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Originated
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
FICO score
700+$956 $505 $23 $356 $1,840 
600-699336 287 5 95 723 
<60041 42 — 2 85 
No score(1)
249 11 21 3 284 
Total$1,582 $845 $49 $456 $2,932 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Our gross balances by average FICO score of our acquired timeshare financing receivables were as follows:
Acquired
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$106 $36 $296 $438 
600-69981 11 158 250 
<60019 — 5 24 
No score(1)
3 98 2 103 
Total$209 $145 $461 $815 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Acquired
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$159 $44 $385 $588 
600-699114 13 203 330 
<60025 — 8 33 
No score(1)
9 120 4 133 
Total$307 $177 $600 $1,084 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score
The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of June 30, 2025:
Originated Timeshare Financing Receivables
($ in millions)20252024202320222021PriorTotal
FICO score
700+$593 $742 $295 $206 $82 $99 $2,017 
600-699183 284 143 104 38 40 792 
<60016 28 19 15 6 6 90 
No score(1)
70 126 48 24 12 32 312 
Total$862 $1,180 $505 $349 $138 $177 $3,211 
Current period gross write-offs$— $25 $13 $30 $13 $3 $84 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following tables detail our gross acquired timeshare financing receivables by the origination year and average FICO score as of June 30, 2025:
Acquired Timeshare Financing Receivables
($ in millions)20252024202320222021PriorTotal
FICO score
700+$— $10 $160 $73 $57 $138 $438 
600-699— 4 66 42 40 98 250 
<600— — 2 — 4 18 24 
No score(1)
— — 23 17 11 52 103 
Total$— $14 $251 $132 $112 $306 $815 
Current period gross write-offs$— $— $30 $13 $14 $75 $132 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of Past Due Financing Receivables The following tables detail an aged analysis of our gross timeshare receivables balance:
Originated - Securitized
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$748 $318 $12 $168 $1,246 
31 - 90 days past due16 11 — 6 33 
91 - 120 days past due5 4 — 2 11 
121 days and greater past due5 2 — — 7 
Total$774 $335 $12 $176 $1,297 
Originated - Unsecuritized
June 30, 2025
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$673 $386 $51 $400 $1,510 
31 - 90 days past due17 17 1 9 44 
91 - 120 days past due8 6 — 3 17 
121 days and greater past due180 147 3 13 343 
Total$878 $556 $55 $425 $1,914 
Originated - Securitized
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$714 $279 $2 $135 $1,130 
31 - 90 days past due12 8 — 4 24 
91 - 120 days past due4 3 — 1 8 
121 days and greater past due4 2 — — 6 
Total$734 $292 $2 $140 $1,168 
Originated - Unsecuritized
December 31, 2024
($ in millions)HGV
Diamond
Grand IslanderBluegreenTotal
Current$683 $389 $44 $301 $1,417 
31 - 90 days past due15 15 1 7 38 
91 - 120 days past due6 6 1 3 16 
121 days and greater past due144 143 1 5 293 
Total$848 $553 $47 $316 $1,764 
The following tables detail an aged analysis of our gross timeshare receivables balance:
Acquired - Securitized
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$83 $77 $324 $484 
31 - 90 days past due3 — 11 14 
91 - 120 days past due1 — 4 5 
121 days and greater past due1 1 1 3 
Total$88 $78 $340 $506 
Acquired - Unsecuritized
June 30, 2025
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$28 $44 $79 $151 
31 - 90 days past due2 2 4 8 
91 - 120 days past due1 — — 1 
121 days and greater past due90 21 38 149 
Total$121 $67 $121 $309 
Acquired - Securitized
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$104 $84 $418 $606 
31 - 90 days past due4 1 17 22 
91 - 120 days past due1 — 8 9 
121 days and greater past due2 1 1 4 
Total$111 $86 $444 $641 
Acquired - Unsecuritized
December 31, 2024
($ in millions)
Legacy-Diamond
Legacy-Grand Islander
Legacy-Bluegreen
Total
Current$36 $68 $112 $216 
31 - 90 days past due2 2 5 9 
91 - 120 days past due1 1 2 4 
121 days and greater past due157 20 37 214 
Total$196 $91 $156 $443 
v3.25.2
INVENTORY (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory was comprised of the following:
($ in millions)June 30, 2025December 31, 2024
Completed unsold VOIs$2,012 $1,898 
Construction in process393 345 
Land, infrastructure and other1 1 
Total$2,406 $2,244 
Schedule of Costs of Sales True-ups Relating to VOI Products and Impacts on the Carrying Value of Inventory
The table below presents cost of sales true-ups relating to VOI products and the related impacts to the carrying value of inventory and cost of VOI sales:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Cost of sales true-up(1)
$9 $(4)$26 $11 
(1)For the three and six months ended June 30, 2025, and the six months ended June 30, 2024, the cost of sales true-up decreased cost of VOI sales and increased inventory. For the three months ended June 30, 2024, the cost of sales true-up increased cost of VOI sales and decreased inventory.
v3.25.2
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Consolidated Variable Interest Entities
Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following:
($ in millions)June 30, 2025December 31, 2024
Restricted cash$84 $193 
Timeshare financing receivables, net2,302 1,975 
Non-recourse debt, net2,475 2,285 
v3.25.2
INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Related Accumulated Amortization
Intangible assets and related accumulated amortization were as follows:
June 30, 2025
($ in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Trade name$48 $(25)$23 
Management contracts1,866 (542)1,324 
Club member relationships174 (85)89 
Capitalized software330 (187)143 
Marketing agreements
154 (16)138 
Other contract-related intangible assets
50 (7)43 
Total$2,622 $(862)$1,760 
December 31, 2024
($ in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Trade name$48 $(22)$26 
Management contracts1,819 (479)1,340 
Club member relationships174 (76)98 
Capitalized software302 (167)135 
Marketing agreements
154 (11)143 
Other contract-related intangible assets
50 (5)45 
Total$2,547 $(760)$1,787 
v3.25.2
DEBT AND NON-RECOURSE DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)June 30, 2025December 31, 2024
Debt(1)
Senior secured credit facility
Term loan A with a rate of 5.977%, due 2028
$400 $400 
Term loan B with a rate of 6.327%, due 2028
855 858 
Term loan B with a rate of 6.327%, due 2031
891 893 
Revolver with a rate of 5.974%, due 2030
160 233 
Senior notes with a rate of 5.000%, due 2029
850 850 
Senior notes with a rate of 4.875%, due 2031
500 500 
Senior notes with a rate of 6.625%, due 2032
900 900 
Other debt(4)
84 38 
Total debt, gross4,640 4,672 
Less: unamortized deferred financing costs and discounts(2)(3)(5)
(66)(71)
Total debt, net$4,574 $4,601 
(1)As of June 30, 2025 and December 31, 2024, weighted-average interest rates were 5.991% and 6.140%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loans and senior notes of $38 million and $22 million, respectively, as of June 30, 2025 and $39 million and $25 million, respectively, as of December 31, 2024. This amount also includes unamortized original issuance discounts of $4 million and $5 million as of June 30, 2025 and December 31, 2024, respectively.
(3)Amount does not include unamortized deferred financing costs of $5 million and $3 million as of June 30, 2025 and December 31, 2024, respectively, related to our revolving facility which are included in Other assets in our condensed consolidated balance sheets.
(4)This amount includes $5 million and $6 million related to the recourse portion on the NBA Receivables Facility as of June 30, 2025 and December 31, 2024, respectively, which is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(5)Amount also includes unamortized discount of $2 million related to the Bluegreen debt recognized at the Bluegreen Acquisition Date as of June 30, 2025 and December 31, 2024.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)June 30,
2025		December 31, 2024
Non-recourse debt(1)
Timeshare Facility with an average rate of 5.624%, due 2027(2)
$730 $428 
HGV Securitized Debt 2018 with a weighted average rate of 3.602%, due 2032
— 41 
HGV Securitized Debt 2019 with a weighted average rate of 2.431%, due 2033
39 48 
HGV Securitized Debt 2022-1 with a weighted average rate of 4.304%, due 2034
61 78 
HGV Securitized Debt 2022-2 with a weighted average rate of 4.826%, due 2037
104 129 
HGV Securitized Debt 2023 with a weighted average rate of 5.937%, due 2038
133 172 
HGV Securitized Debt 2024-2 with a weighted average rate of 5.685%, due 2038
251 302 
HGV Securitized Debt 2024-1 with a weighted average rate of 6.419%, due 2039
125 175 
HGV Securitized Debt 2020 with a weighted average rate of 3.658%, due 2039
57 67 
HGV Securitized Debt 2024-3 with a weighted average rate of 5.182%, due 2040
390 482 
HGV Securitized Debt 2025-1 with a weighted average rate of 5.066%, due 2042
300 — 
Grand Islander Securitized Debt with a weighted average rate of 3.316%, due 2033
30 37 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033
50 61 
Bluegreen Securitized Debt 2018 with a weighted average rate of 4.019%, due 2034
14 17 
Bluegreen Securitized Debt 2020 with a weighted average rate of 2.597%, due 2036
32 40 
Bluegreen Securitized Debt 2022 with a weighted average rate of 4.599%, due 2037
70 87 
Bluegreen Securitized Debt 2023 with a weighted average rate of 6.321%, due 2038
114 147 
Quorum Purchase Facility with an average rate of 5.023%, due 2034
5 6 
NBA Receivables Facility with an average rate of 6.077%, due 2031(5)
24 33 
Total non-recourse debt, gross2,529 2,350 
Less: unamortized deferred financing costs and discount(3)(4)(6)
(30)(32)
Total non-recourse debt, net$2,499 $2,318 
(1)As of June 30, 2025 and December 31, 2024, weighted-average interest rates were 5.258% and 5.235%, respectively.
(2)The revolving commitment period of the Timeshare Facility terminates in November 2026; however, the repayment maturity date extends 12 months beyond the commitment termination date to November 2027.
(3)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $1 million and $2 million as of June 30, 2025 and December 31, 2024, respectively, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.
(4)Amount includes unamortized discounts of $8 million and $11 million as of June 30, 2025 and December 31, 2024, respectively, related to the Grand Islander securitized debt and Bluegreen securitized and non-recourse debt recognized at the respective acquisition dates.
(5)Recourse on the NBA Receivables Facility is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(6)Amount includes unamortized deferred financing costs of $22 million and $21 million as of June 30, 2025 and December 31, 2024, respectively, related to HGV securitized debt.
Schedule of Derivative Instruments Effect on Other Comprehensive Loss
The following table reflects the activity, net of tax, in Accumulated other comprehensive loss related to our derivative instruments during the six months ended June 30, 2025:
Net unrealized gain on derivative instruments
Balance as of December 31, 2024
$28 
Other comprehensive loss before reclassifications, net
(4)
Reclassifications to net loss
(6)
Balance as of June 30, 2025
$18 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of June 30, 2025 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2025 (remaining six months)$16 $239 $255 
202627 393 420 
202726 1,049 1,075 
20281,243 251 1,494 
2029870 200 1,070 
Thereafter2,458 397 2,855 
Total$4,640 $2,529 $7,169 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying and Estimated Fair Value Amounts
The carrying amounts and estimated fair values of our financial assets and liabilities were as follows:
June 30, 2025
Fair Value
($ in millions)Carrying
Amount		Level 1Level 3
Assets:
Timeshare financing receivables, net(1)
$2,979 $— $3,271 
Liabilities:
Debt, net(2)
4,574 4,335 259 
Non-recourse debt, net(2)
2,499 1,780 748 
December 31, 2024
Fair Value
($ in millions)Carrying
Amount		Level 1Level 3
Assets:
Timeshare financing receivables, net(1)
$3,006 $— $3,203 
Liabilities:
Debt, net(2)
4,601 4,309 283 
Non-recourse debt, net(2)
2,318 1,873 446 
(1)Carrying amount net of allowance for financing receivables losses.
(2)Carrying amount net of unamortized deferred financing costs and discounts.
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following tables present the calculation of our basic and diluted earnings per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations:
Three Months Ended June 30,Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)2025202420252024
Basic EPS:
Numerator:
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
Denominator:
Weighted average shares outstanding91.2 103.4 93.3 104.3 
Basic EPS(1)
$0.26 $0.02 $0.09 $(0.02)
Diluted EPS:
Numerator:
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
Denominator:
Weighted average shares outstanding92.2 104.3 94.5 104.3 
Diluted EPS(1)
$0.25 $0.02 $0.08 $(0.02)
Basic weighted average shares outstanding
91.2 103.4 93.3 104.3 
RSUs(2), PSUs(3), Options(4) and ESPP
1.0 0.9 1.2 — 
Diluted weighted average shares outstanding
92.2 104.3 94.5 104.3 
(1)Earnings per share amounts are calculated using whole numbers.
(2) Excludes approximately 957,000 and 740,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 220,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These RSUs could potentially dilute EPS in the future.
(3) Excludes approximately 243,000 and 1,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 14,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These PSUs could potentially dilute EPS in the future.
(4) Excludes approximately 1,649,000 and 1,195,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2025, respectively. Also excludes approximately 1,212,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. These Options could potentially dilute EPS in the future.
Schedule of Stock Repurchase Activity under the Share Repurchase Program
The following table summarizes stock repurchase activity under the current and previous share repurchase programs as of June 30, 2025:
(in millions)SharesCost
As of December 31, 2024
41 $1,549 
Repurchases8 300 
As of June 30, 2025
49 $1,849 
v3.25.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Amounts Included in Condensed Consolidated Statements of Operations Related to Fee for Service Arrangement These amounts are summarized in the following table and are included in Fee-for-service commissions, package sales and other fees on our unaudited condensed consolidated statements of income as of the date they became related parties.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Equity in earnings from unconsolidated affiliates$6 $3 $11 $8 
Commissions and other fees39 44 78 80 
v3.25.2
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Operating Performance Reconciled to Consolidated Amounts
The table below presents revenues for our reportable segment results which include the acquired Bluegreen operations within both segments as of the Bluegreen Acquisition Date, reconciled to consolidated amounts:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Revenues:
Real estate sales and financing$760 $740 $1,405 $1,427 
Resort operations and club management(1)
405 386 796 746 
Total segment revenues1,165 1,126 2,201 2,173 
Cost reimbursements128 129 261 251 
Intersegment eliminations(1)
(27)(20)(48)(33)
Total revenues$1,266 $1,235 $2,414 $2,391 
(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:
For the three months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$760 $378 $1,138 
Intersegment revenues— 27 27 
Total segment revenues760 405 1,165 (a)
Less:
Cost of VOI Sales38 — 38 
Selling expense206 — 206 
Marketing expense265 — 265 
Financing expense54 — 54 
Club expense— 21 21 
Property management expense— 35 35 
Rental expense— 191 191 
Other expenses8 12 20 
Total segment expenses571 (b)259 (c)830 
Other:
Share-based compensation expense5 3 8 
Other segment adjustment items9 — 9 (d)
Intersegment elimination(27)— (27)(a)
Segment Adjusted EBITDA$176 $149 $325 
For the six months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,405 $748 $2,153 
Intersegment revenues— 48 48 
Total segment revenues1,405 796 2,201 (a)
Less:
Cost of VOI Sales63 — 63 
Selling expense401 — 401 
Marketing expense495 — 495 
Financing expense109 — 109 
Club expense— 41 41 
Property management expense— 69 69 
Rental expense— 386 386 
Other expenses8 23 31 
Total segment expenses1,076 (b)519 (c)1,595 
Other:
Share-based compensation expense9 5 14 
Other segment adjustment items19 — 19 (d)
Intersegment elimination(48)— (48)(a)
Segment Adjusted EBITDA$309 $282 $591 
(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 condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the 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.
For the three months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$740 $366 $1,106 
Intersegment revenues— 20 20 
Total segment revenues740 386 1,126 (a)
Less:
Cost of VOI Sales65 — 65 
Selling expense180 — 180 
Marketing expense238 — 238 
Financing expense44 — 44 
Club expense— 21 21 
Property management expense— 27 27 
Rental expense— 177 177 
Other expenses35 11 46 
Total segment expenses562 (b)236 (c)798 
Other:
Share-based compensation expense3 2 5 
Other segment adjustment items32 — 32 (d)
Intersegment elimination(20)— (20)(a)
Segment Adjusted EBITDA$193 $152 $345 
For the six months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,427 $713 $2,140 
Intersegment revenues— 33 33 
Total segment revenues1,427 746 2,173 (a)
Less:
Cost of VOI Sales113 — 113 
Selling expense338 — 338 
Marketing expense450 — 450 
Financing expense83 — 83 
Club expense— 41 41 
Property management expense— 61 61 
Rental expense— 340 340 
Other expenses66 21 87 
Total segment expenses1,050 (b)463 (c)1,513 
Other:
Share-based compensation expense6 3 9 
Other segment adjustment items49 — 49 (d)
Intersegment elimination(33)— (33)(a)
Segment Adjusted EBITDA$399 $286 $685 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss) and net income (loss) attributable to stockholders:
 Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Adjusted EBITDA:
Real estate sales and financing(1)
$176 $193 $309 $399 
Resort operations and club management(1)
149 152 282 286 
Segment Adjusted EBITDA325 345 591 685 
Acquisition and integration-related expense(26)(48)(54)(157)
General and administrative(58)(58)(104)(103)
Depreciation and amortization(59)(68)(126)(130)
License fee expense(52)(40)(101)(75)
Other gain (loss), net
4 (3)10 (8)
Interest expense(79)(87)(156)(166)
Income tax (expense) benefit
(15)(3)(21)8 
Equity in earnings from unconsolidated affiliates6 3 11 8 
Impairment expense
(1)— (1)(2)
Other adjustment items(2)
(17)(37)(33)(58)
Net income
28 4 16 2 
Net income attributable to noncontrolling interest
3 2 8 4 
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.
Schedule of Assets Reconciled to Consolidated Amounts
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions)June 30, 2025December 31, 2024
Real estate sales and financing$7,497 $7,349 
Resort operations and club management3,387 3,163 
Total segment assets10,884 10,512 
Corporate854 930 
Total assets$11,738 $11,442 
Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts
The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:
Six Months Ended June 30,
($ in millions)20252024
Real estate sales and financing$76 $59 
Resort operations and club management1 1 
Total segment capital expenditures
77 60 
Corporate28 20 
Total capital expenditures
$105 $80 
v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Remaining Purchase Obligations As of June 30, 2025, our remaining obligations pursuant to these arrangements were expected to be incurred as follows:
($ in millions)
2025
(remaining)
202620272028
2029
ThereafterTotal
Marketing and license fee agreements
$26 $37 $38 $38 $38 $134 $311 
Inventory purchase obligations(1)(2)(3)
15 37 8 53 44 99 256 
Other commitments(4)
8 7 1 2 2 — 20 
Total$49 $81 $47 $93 $84 $233 $587 
(1)Commitments for a properties in Missouri, New York and Tennessee.
(2)For the property in New York, the payments are subject to the seller obtaining the inventory and providing clear title.
(3)For the property in Tennessee, we have the option to extend the full purchase of inventory up to 2033 pursuant to the terms of the purchase agreement. The proposed acquisition is subject to certain approvals pursuant to the terms of the Sale and Purchase Agreement, which is expected in the third quarter of 2025.
(4)Primarily relates to commitments related to information technology and sponsorships.
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION (Details)
Jun. 30, 2025
property
Noncontrolling Interest [Line Items]  
Number of timeshare properties 200
Bluegreen/Big Cedar Vacations LLC  
Noncontrolling Interest [Line Items]  
Ownership percentage 51.00%
v3.25.2
BLUEGREEN ACQUISITION - Additional Information (Details)
$ in Billions
Jan. 17, 2024
USD ($)
Bluegreen Vacations Holdings Corporation  
Restructuring Cost and Reserve [Line Items]  
Total consideration transferred $ 1.6
v3.25.2
BLUEGREEN ACQUISITION - Schedule of Acquisition Pro Forma Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Combination [Line Items]        
Revenue $ 1,266 $ 1,235 $ 2,414 $ 2,391
Net loss $ 28 $ 4 $ 16 2
Bluegreen Vacations Holdings Corporation        
Business Combination [Line Items]        
Revenue       2,438
Net loss       $ (1)
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Disaggregation Of Revenue [Line Items]      
Number of reportable segments | segment   2  
Revenue earned that was included in the contract liabilities balance $ 57 $ 158  
Sales of VOIs      
Disaggregation Of Revenue [Line Items]      
Contract assets $ 1 1 $ 3
Offset by deferrals sales   $ 208  
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]        
Total revenues $ 1,266 $ 1,235 $ 2,414 $ 2,391
Real Estate Sales and Financing Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 760 740 1,405 1,427
Resort Operations and Club Management Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 378 366 748 713
Sales of VOIs, net        
Disaggregation Of Revenue [Line Items]        
Total revenues 469 471 847 909
Sales of VOIs, net | Real Estate Sales and Financing Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 469 471 847 909
Fee-for-service commissions, package sales and other fees        
Disaggregation Of Revenue [Line Items]        
Total revenues 165 167 307 312
Fee-for-service commissions, package sales and other fees | Real Estate Sales and Financing Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 165 167 307 312
Interest income | Real Estate Sales and Financing Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 114 88 229 184
Other financing revenue | Real Estate Sales and Financing Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 12 14 22 22
Club management | Resort Operations and Club Management Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 70 67 142 130
Resort management | Resort Operations and Club Management Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 113 104 224 207
Rental | Resort Operations and Club Management Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues 180 181 354 350
Ancillary services | Resort Operations and Club Management Segment        
Disaggregation Of Revenue [Line Items]        
Total revenues $ 15 $ 14 $ 28 $ 26
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Accounts Receivable, Net and Timeshare Financing Receivables, Net from Contracts with Customers (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Total $ 3,244 $ 3,225
Accounts receivable, net    
Disaggregation Of Revenue [Line Items]    
Total 265 219
Timeshare financing receivables, net    
Disaggregation Of Revenue [Line Items]    
Total $ 2,979 $ 3,006
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Composition of our Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Bonus point incentive liability $ 53 $ 52
Advanced deposits    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability 235 226
Deferred sales of VOIs of projects under construction    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability 300 92
Club activation fees and annual dues    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability 147 79
Bonus point incentive liability    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability 94 86
Deferred maintenance fees    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability 25 12
Other deferred revenue    
Disaggregation Of Revenue [Line Items]    
Contract with customer, liability $ 38 $ 35
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Sales of VOIs, net $ 551 $ 252
Deferred Sales of VOIs    
Disaggregation Of Revenue [Line Items]    
Sales of VOIs, net 300 92
Cost of VOI sales 89 28
Sales and marketing expense $ 48 $ 13
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Remaining Transaction Price Related to Advanced Deposits, Club Activation Fees and Bonus Points Incentive Liability (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Advanced deposits  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 235
Recognition Period 18 months
Club activation fees  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 69
Recognition Period 7 years
Bonus point incentive liability  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 94
Bonus point incentive liability | Minimum  
Disaggregation Of Revenue [Line Items]  
Recognition Period 18 months
Bonus point incentive liability | Maximum  
Disaggregation Of Revenue [Line Items]  
Recognition Period 30 months
Annual club dues  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 78
Recognition Period 1 year
Maintenance fees  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 25
Recognition Period 1 year
Other  
Disaggregation Of Revenue [Line Items]  
Remaining Transaction Price $ 38
Recognition Period 1 year
v3.25.2
ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable, Net of Allowance for Credit Losses (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances $ 444 $ 315
Fee-for-service commissions    
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances 40 48
Real estate and financing    
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances 41 34
Resort and club operations    
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances 184 137
Tax receivables    
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances 171 89
Other receivables    
Accounts Notes And Loans Receivable [Line Items]    
Accounts receivable, net of allowances $ 8 $ 7
v3.25.2
ACCOUNTS RECEIVABLE - Schedule of Changes in Allowance (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 $ 74
Current period provision for expected credit losses 40
Write-offs charged against the allowance (15)
Balance as of June 30, 2025 99
Fee-for-service commissions  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 24
Current period provision for expected credit losses 4
Write-offs charged against the allowance (5)
Balance as of June 30, 2025 23
Real Estate Sales and Financing Segment  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 49
Current period provision for expected credit losses 23
Write-offs charged against the allowance (10)
Balance as of June 30, 2025 62
Resort and club management  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 1
Current period provision for expected credit losses 13
Write-offs charged against the allowance 0
Balance as of June 30, 2025 $ 14
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Timeshare Financing Receivables (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, net $ 2,979 $ 3,006    
Originated        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 3,211 2,932    
Unamortized non-credit acquisition premium 0 0    
Less: allowance for financing receivables losses (904) (804) $ (613) $ (500)
Timeshare financing receivables, net 2,307 2,128    
Acquired        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 815 1,084    
Unamortized non-credit acquisition premium 46 62    
Less: allowance for financing receivables losses (189) (268) $ (393) $ (279)
Timeshare financing receivables, net 672 878    
Securitized        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 300      
Securitized | Originated        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 1,297 1,168    
Securitized | Acquired        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 506 641    
Unsecuritized | Originated        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross 1,914 1,764    
Unsecuritized | Acquired        
Accounts Notes And Loans Receivable [Line Items]        
Timeshare financing receivables, gross $ 309 $ 443    
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivable not accruing interest $ 378 $ 323
Originated    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross 3,211 2,932
Interest receivable outstanding $ 22 22
Financing receivable, weighted average interest rate (as a percent) 15.00%  
Financing receivable, weighted average remaining term (in years) 8 years 8 months 12 days  
Originated | Minimum    
Accounts Notes And Loans Receivable [Line Items]    
Financing receivable, stated interest rate (as a percent) 1.50%  
Originated | Maximum    
Accounts Notes And Loans Receivable [Line Items]    
Financing receivable, stated interest rate (as a percent) 25.80%  
Acquired    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross $ 815 1,084
Interest receivable outstanding $ 6 7
Financing receivable, weighted average interest rate (as a percent) 15.00%  
Financing receivable, weighted average remaining term (in years) 6 years 4 months 24 days  
Acquired | Minimum    
Accounts Notes And Loans Receivable [Line Items]    
Financing receivable, stated interest rate (as a percent) 2.00%  
Acquired | Maximum    
Accounts Notes And Loans Receivable [Line Items]    
Financing receivable, stated interest rate (as a percent) 25.00%  
Secured Debt | Asset Pledged as Collateral    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross $ 1,027 455
Securitized    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross 300  
Securitized | Originated    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross 1,297 1,168
Securitized | Acquired    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivables, gross 506 641
Legacy-Diamond    
Accounts Notes And Loans Receivable [Line Items]    
Timeshare financing receivable not accruing interest 158 $ 231
4.88% Timeshare Facility    
Accounts Notes And Loans Receivable [Line Items]    
Debt instrument, face amount $ 166  
Debt instrument, stated interest rate (as a percent) 4.88%  
5.18% Timeshare Facility    
Accounts Notes And Loans Receivable [Line Items]    
Debt instrument, face amount $ 87  
Debt instrument, stated interest rate (as a percent) 5.18%  
5.52% Timeshare Facility    
Accounts Notes And Loans Receivable [Line Items]    
Debt instrument, face amount $ 47  
Debt instrument, stated interest rate (as a percent) 5.52%  
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Change in Allowance For Financing Receivables Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 17, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Provision for financing receivables losses     $ 180 $ 159
Bluegreen Vacations Holdings Corporation        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Initial allowance for PCD financing receivables acquired during the period $ 197      
Legacy-Grand Islander        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Initial allowance for PCD financing receivables acquired during the period   $ 6    
Originated        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Allowance for financing receivable losses, beginning balance   500 804 500
Initial allowance for PCD financing receivables acquired during the period       0
Provision for financing receivables losses     167 158
Write-offs     (84) (57)
Inventory recoveries     0 0
Upgrades     17 12
Allowance for financing receivable losses, ending balance     904 613
Acquired        
Financing Receivable, Allowance for Credit Losses [Roll Forward]        
Allowance for financing receivable losses, beginning balance   $ 279 268 279
Initial allowance for PCD financing receivables acquired during the period       191
Provision for financing receivables losses     13 1
Write-offs     (132) (111)
Inventory recoveries     57 45
Upgrades     (17) (12)
Allowance for financing receivable losses, ending balance     $ 189 $ 393
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Maturities of Financing Receivables (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Originated  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) $ 124
2026 254
2027 275
2028 297
2029 322
Thereafter 1,939
Total 3,211
Acquired  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) 56
2026 115
2027 118
2028 115
2029 107
Thereafter 304
Total 815
Securitized | Originated  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) 57
2026 122
2027 132
2028 142
2029 150
Thereafter 694
Total 1,297
Securitized | Acquired  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) 37
2026 75
2027 78
2028 74
2029 67
Thereafter 175
Total 506
Unsecuritized | Originated  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) 67
2026 132
2027 143
2028 155
2029 172
Thereafter 1,245
Total 1,914
Unsecuritized | Acquired  
Accounts Notes And Loans Receivable [Line Items]  
2025 (remaining) 19
2026 40
2027 40
2028 41
2029 40
Thereafter 129
Total $ 309
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Gross Timeshare Financing Receivables Balances by Average FICO Score (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross $ 3,211 $ 2,932
Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 815 1,084
HGV | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 1,652 1,582
Diamond | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 891 845
Grand Islander | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 67 49
Bluegreen | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 601 456
Legacy-Diamond | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 209 307
Legacy-Grand Islander | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 145 177
Legacy-Bluegreen | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 461 600
700+ | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 2,017 1,840
700+ | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 438 588
700+ | HGV | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 996 956
700+ | Diamond | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 523 505
700+ | Grand Islander | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 33 23
700+ | Bluegreen | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 465 356
700+ | Legacy-Diamond | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 106 159
700+ | Legacy-Grand Islander | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 36 44
700+ | Legacy-Bluegreen | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 296 385
600-699 | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 792 723
600-699 | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 250 330
600-699 | HGV | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 350 336
600-699 | Diamond | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 306 287
600-699 | Grand Islander | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 7 5
600-699 | Bluegreen | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 129 95
600-699 | Legacy-Diamond | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 81 114
600-699 | Legacy-Grand Islander | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 11 13
600-699 | Legacy-Bluegreen | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 158 203
Less than 600 | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 90 85
Less than 600 | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 24 33
Less than 600 | HGV | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 42 41
Less than 600 | Diamond | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 46 42
Less than 600 | Grand Islander | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 0 0
Less than 600 | Bluegreen | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 2 2
Less than 600 | Legacy-Diamond | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 19 25
Less than 600 | Legacy-Grand Islander | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 0 0
Less than 600 | Legacy-Bluegreen | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 5 8
No score | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 312 284
No score | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 103 133
No score | HGV | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 264 249
No score | Diamond | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 16 11
No score | Grand Islander | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 27 21
No score | Bluegreen | Originated    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 5 3
No score | Legacy-Diamond | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 3 9
No score | Legacy-Grand Islander | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross 98 120
No score | Legacy-Bluegreen | Acquired    
Financing Receivable, Recorded Investment [Line Items]    
Timeshare financing receivables, gross $ 2 $ 4
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Gross Timeshare Financing Receivables by Origination Year and Average FICO Score (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Originated      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year $ 862    
One year prior to current fiscal year 1,180    
Two years prior to current fiscal year 505    
Three years prior to current fiscal year 349    
Four years prior to current fiscal year 138    
More than five years prior to current fiscal year 177    
Timeshare financing receivables, gross 3,211   $ 2,932
2025 0    
2024 25    
2023 13    
2022 30    
2021 13    
Prior 3    
Total 84 $ 57  
Originated | 700+      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 593    
One year prior to current fiscal year 742    
Two years prior to current fiscal year 295    
Three years prior to current fiscal year 206    
Four years prior to current fiscal year 82    
More than five years prior to current fiscal year 99    
Timeshare financing receivables, gross 2,017   1,840
Originated | 600-699      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 183    
One year prior to current fiscal year 284    
Two years prior to current fiscal year 143    
Three years prior to current fiscal year 104    
Four years prior to current fiscal year 38    
More than five years prior to current fiscal year 40    
Timeshare financing receivables, gross 792   723
Originated | Less than 600      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 16    
One year prior to current fiscal year 28    
Two years prior to current fiscal year 19    
Three years prior to current fiscal year 15    
Four years prior to current fiscal year 6    
More than five years prior to current fiscal year 6    
Timeshare financing receivables, gross 90   85
Originated | No score      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 70    
One year prior to current fiscal year 126    
Two years prior to current fiscal year 48    
Three years prior to current fiscal year 24    
Four years prior to current fiscal year 12    
More than five years prior to current fiscal year 32    
Timeshare financing receivables, gross 312   284
Acquired      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 0    
One year prior to current fiscal year 14    
Two years prior to current fiscal year 251    
Three years prior to current fiscal year 132    
Four years prior to current fiscal year 112    
More than five years prior to current fiscal year 306    
Timeshare financing receivables, gross 815   1,084
2025 0    
2024 0    
2023 30    
2022 13    
2021 14    
Prior 75    
Total 132 $ 111  
Acquired | 700+      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 0    
One year prior to current fiscal year 10    
Two years prior to current fiscal year 160    
Three years prior to current fiscal year 73    
Four years prior to current fiscal year 57    
More than five years prior to current fiscal year 138    
Timeshare financing receivables, gross 438   588
Acquired | 600-699      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 0    
One year prior to current fiscal year 4    
Two years prior to current fiscal year 66    
Three years prior to current fiscal year 42    
Four years prior to current fiscal year 40    
More than five years prior to current fiscal year 98    
Timeshare financing receivables, gross 250   330
Acquired | Less than 600      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 0    
One year prior to current fiscal year 0    
Two years prior to current fiscal year 2    
Three years prior to current fiscal year 0    
Four years prior to current fiscal year 4    
More than five years prior to current fiscal year 18    
Timeshare financing receivables, gross 24   33
Acquired | No score      
Financing Receivable, Recorded Investment [Line Items]      
Current fiscal year 0    
One year prior to current fiscal year 0    
Two years prior to current fiscal year 23    
Three years prior to current fiscal year 17    
Four years prior to current fiscal year 11    
More than five years prior to current fiscal year 52    
Timeshare financing receivables, gross $ 103   $ 133
v3.25.2
TIMESHARE FINANCING RECEIVABLES - Schedule of Past Due Financing Receivables (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Securitized    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross $ 300  
Originated    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 3,211 $ 2,932
Originated | HGV    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1,652 1,582
Originated | Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 891 845
Originated | Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 67 49
Originated | Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 601 456
Originated | Securitized    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1,297 1,168
Originated | Securitized | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1,246 1,130
Originated | Securitized | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 33 24
Originated | Securitized | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 11 8
Originated | Securitized | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 7 6
Originated | Securitized | HGV    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 774 734
Originated | Securitized | HGV | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 748 714
Originated | Securitized | HGV | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 16 12
Originated | Securitized | HGV | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 5 4
Originated | Securitized | HGV | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 5 4
Originated | Securitized | Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 335 292
Originated | Securitized | Diamond | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 318 279
Originated | Securitized | Diamond | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 11 8
Originated | Securitized | Diamond | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 4 3
Originated | Securitized | Diamond | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 2 2
Originated | Securitized | Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 12 2
Originated | Securitized | Grand Islander | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 12 2
Originated | Securitized | Grand Islander | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 0
Originated | Securitized | Grand Islander | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 0
Originated | Securitized | Grand Islander | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 0
Originated | Securitized | Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 176 140
Originated | Securitized | Bluegreen | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 168 135
Originated | Securitized | Bluegreen | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 6 4
Originated | Securitized | Bluegreen | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 2 1
Originated | Securitized | Bluegreen | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 0
Originated | Unsecuritized    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1,914 1,764
Originated | Unsecuritized | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1,510 1,417
Originated | Unsecuritized | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 44 38
Originated | Unsecuritized | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 17 16
Originated | Unsecuritized | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 343 293
Originated | Unsecuritized | HGV    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 878 848
Originated | Unsecuritized | HGV | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 673 683
Originated | Unsecuritized | HGV | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 17 15
Originated | Unsecuritized | HGV | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 8 6
Originated | Unsecuritized | HGV | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 180 144
Originated | Unsecuritized | Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 556 553
Originated | Unsecuritized | Diamond | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 386 389
Originated | Unsecuritized | Diamond | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 17 15
Originated | Unsecuritized | Diamond | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 6 6
Originated | Unsecuritized | Diamond | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 147 143
Originated | Unsecuritized | Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 55 47
Originated | Unsecuritized | Grand Islander | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 51 44
Originated | Unsecuritized | Grand Islander | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 1
Originated | Unsecuritized | Grand Islander | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 1
Originated | Unsecuritized | Grand Islander | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 3 1
Originated | Unsecuritized | Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 425 316
Originated | Unsecuritized | Bluegreen | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 400 301
Originated | Unsecuritized | Bluegreen | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 9 7
Originated | Unsecuritized | Bluegreen | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 3 3
Originated | Unsecuritized | Bluegreen | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 13 5
Acquired    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 815 1,084
Acquired | Legacy-Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 209 307
Acquired | Legacy-Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 145 177
Acquired | Legacy-Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 461 600
Acquired | Securitized    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 506 641
Acquired | Securitized | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 484 606
Acquired | Securitized | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 14 22
Acquired | Securitized | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 5 9
Acquired | Securitized | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 3 4
Acquired | Securitized | Legacy-Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 88 111
Acquired | Securitized | Legacy-Diamond | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 83 104
Acquired | Securitized | Legacy-Diamond | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 3 4
Acquired | Securitized | Legacy-Diamond | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 1
Acquired | Securitized | Legacy-Diamond | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 2
Acquired | Securitized | Legacy-Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 78 86
Acquired | Securitized | Legacy-Grand Islander | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 77 84
Acquired | Securitized | Legacy-Grand Islander | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 1
Acquired | Securitized | Legacy-Grand Islander | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 0
Acquired | Securitized | Legacy-Grand Islander | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 1
Acquired | Securitized | Legacy-Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 340 444
Acquired | Securitized | Legacy-Bluegreen | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 324 418
Acquired | Securitized | Legacy-Bluegreen | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 11 17
Acquired | Securitized | Legacy-Bluegreen | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 4 8
Acquired | Securitized | Legacy-Bluegreen | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 1
Acquired | Unsecuritized    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 309 443
Acquired | Unsecuritized | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 151 216
Acquired | Unsecuritized | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 8 9
Acquired | Unsecuritized | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 4
Acquired | Unsecuritized | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 149 214
Acquired | Unsecuritized | Legacy-Diamond    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 121 196
Acquired | Unsecuritized | Legacy-Diamond | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 28 36
Acquired | Unsecuritized | Legacy-Diamond | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 2 2
Acquired | Unsecuritized | Legacy-Diamond | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 1 1
Acquired | Unsecuritized | Legacy-Diamond | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 90 157
Acquired | Unsecuritized | Legacy-Grand Islander    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 67 91
Acquired | Unsecuritized | Legacy-Grand Islander | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 44 68
Acquired | Unsecuritized | Legacy-Grand Islander | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 2 2
Acquired | Unsecuritized | Legacy-Grand Islander | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 1
Acquired | Unsecuritized | Legacy-Grand Islander | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 21 20
Acquired | Unsecuritized | Legacy-Bluegreen    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 121 156
Acquired | Unsecuritized | Legacy-Bluegreen | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 79 112
Acquired | Unsecuritized | Legacy-Bluegreen | 31 - 90 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 4 5
Acquired | Unsecuritized | Legacy-Bluegreen | 91 - 120 days past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross 0 2
Acquired | Unsecuritized | Legacy-Bluegreen | 121 days and greater past due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Timeshare financing receivables, gross $ 38 $ 37
v3.25.2
INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Completed unsold VOIs $ 2,012 $ 1,898
Construction in process 393 345
Land, infrastructure and other 1 1
Total $ 2,406 $ 2,244
v3.25.2
INVENTORY - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Inventory Disclosure [Abstract]  
Timeshare units transfer from property and equipment to inventory $ 48
v3.25.2
INVENTORY - Schedule of Costs of Sales True-ups Relating to VOI Products (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cost of sales true-up        
Inventory [Line Items]        
Expenses $ 9 $ (4) $ 26 $ 11
v3.25.2
CONSOLIDATED VARIABLE INTEREST ENTITIES - Additional Information (Details)
Jun. 30, 2025
entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable interest entity number of entities consolidated 17
v3.25.2
CONSOLIDATED VARIABLE INTEREST ENTITIES - Schedule of Consolidated Variable Interest Entities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Variable Interest Entity [Line Items]      
Restricted cash $ 323 $ 438 $ 273
Timeshare financing receivables, net 2,979 3,006  
Variable Interest Entities      
Variable Interest Entity [Line Items]      
Restricted cash 84 193  
Timeshare financing receivables, net 2,302 1,975  
Non-recourse debt, net $ 2,475 $ 2,285  
v3.25.2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Affiliate
Dec. 31, 2024
USD ($)
Affiliate
Schedule Of Investments [Line Items]    
Number of unconsolidated affiliates | Affiliate 2 2
Debt, net $ 4,574 $ 4,601
Investments in unconsolidated affiliates 74 73
Accounts receivable, net 444 315
BRE Ace LLC and 1776 Holding, LLC    
Schedule Of Investments [Line Items]    
Debt, net 359 384
Proceeds from equity method investment, distribution 5  
Accounts receivable, net 5  
Two Unconsolidated Affiliates    
Schedule Of Investments [Line Items]    
Investments in unconsolidated affiliates $ 74 $ 73
v3.25.2
INTANGIBLE ASSETS - Schedule of Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,622 $ 2,547
Accumulated Amortization (862) (760)
Net Carrying Amount 1,760 1,787
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 48 48
Accumulated Amortization (25) (22)
Net Carrying Amount 23 26
Management contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,866 1,819
Accumulated Amortization (542) (479)
Net Carrying Amount 1,324 1,340
Club member relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 174 174
Accumulated Amortization (85) (76)
Net Carrying Amount 89 98
Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 330 302
Accumulated Amortization (187) (167)
Net Carrying Amount 143 135
Marketing agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 154 154
Accumulated Amortization (16) (11)
Net Carrying Amount 138 143
Other contract-related intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 50 50
Accumulated Amortization (7) (5)
Net Carrying Amount $ 43 $ 45
v3.25.2
INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of Intangible Assets $ 52,000,000 $ 55,000,000 $ 102,000,000 $ 106,000,000
Impairment of intangible assets $ 0 $ 0 $ 0 $ 0
v3.25.2
DEBT AND NON-RECOURSE DEBT - Schedule of Outstanding Borrowings (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt, net $ 4,574 $ 4,601
Debt instrument, average interest rate 5.991% 6.14%
Bluegreen Acquisition    
Debt Instrument [Line Items]    
Debt issuance discounts $ 2 $ 2
Grand Islander and Bluegreen Securitized and Non-Recourse Debt    
Debt Instrument [Line Items]    
Debt issuance discounts $ 8 11
NBA Receivables Facility    
Debt Instrument [Line Items]    
Outstanding borrowings, percentage 15.00%  
Recourse portion subject to exceptions $ 5  
Line of Credit and Senior Notes    
Debt Instrument [Line Items]    
Debt issuance discounts 4 5
Line of Credit    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 38 39
Line of Credit | Term loan A with a rate of 5.977%, due 2028    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 5.977%  
Total debt, gross $ 400 400
Line of Credit | Term loan B with a rate of 6.327%, due 2028    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 6.327%  
Total debt, gross $ 855 858
Line of Credit | Term loan B with a rate of 6.327%, due 2031    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 6.327%  
Total debt, gross $ 891 893
Senior Notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 22 25
Senior Notes | Senior notes with a rate of 5.000%, due 2029    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 5.00%  
Total debt, gross $ 850 850
Senior Notes | Senior notes with a rate of 4.875%, due 2031    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 4.875%  
Total debt, gross $ 500 500
Senior Notes | Senior notes with a rate of 6.625%, due 2032    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 6.625%  
Total debt, gross $ 900 900
Senior Notes | Other debt    
Debt Instrument [Line Items]    
Total debt, gross 84 38
Senior Notes | Timeshare Facility Due 2025    
Debt Instrument [Line Items]    
Unamortized deferred financing costs 1 2
Senior Notes and Other Debt    
Debt Instrument [Line Items]    
Total debt, gross 4,640 4,672
Less: unamortized deferred financing costs and discounts (66) (71)
Total debt, net 4,574 4,601
Secured Debt    
Debt Instrument [Line Items]    
Total debt, gross 2,529 2,350
Less: unamortized deferred financing costs and discounts (30) (32)
Total debt, net $ 2,499 $ 2,318
Debt instrument, average interest rate 5.258% 5.235%
Unamortized deferred financing costs $ 22 $ 21
Secured Debt | Timeshare Facility with an average rate of 5.624%, due 2027    
Debt Instrument [Line Items]    
Total debt, gross $ 730 428
Debt instrument, average interest rate 5.624%  
Secured Debt | HGV Securitized Debt 2018 with a weighted average rate of 3.602%, due 2032    
Debt Instrument [Line Items]    
Total debt, gross $ 0 41
Debt instrument, average interest rate 3.602%  
Secured Debt | HGV Securitized Debt 2019 with a weighted average rate of 2.431%, due 2033    
Debt Instrument [Line Items]    
Total debt, gross $ 39 48
Debt instrument, average interest rate 2.431%  
Secured Debt | HGV Securitized Debt 2022-1 with a weighted average rate of 4.304%, due 2034    
Debt Instrument [Line Items]    
Total debt, gross $ 61 78
Debt instrument, average interest rate 4.304%  
Secured Debt | HGV Securitized Debt 2022-2 with a weighted average rate of 4.826%, due 2037    
Debt Instrument [Line Items]    
Total debt, gross $ 104 129
Debt instrument, average interest rate 4.826%  
Secured Debt | HGV Securitized Debt 2023 with a weighted average rate of 5.937%, due 2038    
Debt Instrument [Line Items]    
Total debt, gross $ 133 172
Debt instrument, average interest rate 5.937%  
Secured Debt | HGV Securitized Debt 2024-2 with a weighted average rate of 5.685%, due 2038    
Debt Instrument [Line Items]    
Total debt, gross $ 251 302
Debt instrument, average interest rate 5.685%  
Secured Debt | HGV Securitized Debt 2024-1 with a weighted average rate of 6.419%, due 2039    
Debt Instrument [Line Items]    
Total debt, gross $ 125 175
Debt instrument, average interest rate 6.419%  
Secured Debt | HGV Securitized Debt 2020 with a weighted average rate of 3.658%, due 2039    
Debt Instrument [Line Items]    
Total debt, gross $ 57 67
Debt instrument, average interest rate 3.658%  
Secured Debt | HGV Securitized Debt 2024-3 with a weighted average rate of 5.182%, due 2040    
Debt Instrument [Line Items]    
Total debt, gross $ 390 482
Debt instrument, average interest rate 5.182%  
Secured Debt | HGV Securitized Debt 2025-1 with a weighted average rate of 5.066%, due 2042    
Debt Instrument [Line Items]    
Total debt, gross $ 300 0
Debt instrument, average interest rate 5.066%  
Secured Debt | Grand Islander Securitized Debt with a weighted average rate of 3.316%, due 2033    
Debt Instrument [Line Items]    
Total debt, gross $ 30 37
Debt instrument, average interest rate 3.316%  
Secured Debt | Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033    
Debt Instrument [Line Items]    
Total debt, gross $ 50 61
Debt instrument, average interest rate 2.16%  
Secured Debt | Bluegreen Securitized Debt 2018 with a weighted average rate of 4.019%, due 2034    
Debt Instrument [Line Items]    
Total debt, gross $ 14 17
Debt instrument, average interest rate 4.019%  
Secured Debt | Bluegreen Securitized Debt 2020 with a weighted average rate of 2.597%, due 2036    
Debt Instrument [Line Items]    
Total debt, gross $ 32 40
Debt instrument, average interest rate 2.597%  
Secured Debt | Bluegreen Securitized Debt 2022 with a weighted average rate of 4.599%, due 2037    
Debt Instrument [Line Items]    
Total debt, gross $ 70 87
Debt instrument, average interest rate 4.599%  
Secured Debt | Bluegreen Securitized Debt 2023 with a weighted average rate of 6.321%, due 2038    
Debt Instrument [Line Items]    
Total debt, gross $ 114 147
Debt instrument, average interest rate 6.321%  
Secured Debt | Quorum Purchase Facility with an average rate of 5.023%, due 2034    
Debt Instrument [Line Items]    
Total debt, gross $ 5 6
Debt instrument, average interest rate 5.023%  
Secured Debt | NBA Receivables Facility with an average rate of 6.077%, due 2031    
Debt Instrument [Line Items]    
Total debt, gross $ 24 33
Debt instrument, average interest rate 6.077%  
Secured Debt | NBA Receivables Facility    
Debt Instrument [Line Items]    
Total debt, gross $ 5 6
Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 5 3
Revolving Credit Facility | Revolver with a rate of 5.974%, due 2030    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate (as a percent) 5.974%  
Total debt, gross $ 160 $ 233
v3.25.2
DEBT AND NON-RECOURSE DEBT - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 31, 2025
Jan. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Remaining borrowing capacity     $ 794  
Accumulated other comprehensive loss, qualifying as hedge     24 $ 37
Reserves Related to Non-Recourse Debt        
Debt Instrument [Line Items]        
Restricted cash     84 193
Securitized        
Debt Instrument [Line Items]        
Timeshare financing receivables, gross     300  
Line of Credit        
Debt Instrument [Line Items]        
Debt issuance costs     38 39
Secured Debt        
Debt Instrument [Line Items]        
Debt issuance costs     $ 22 21
Term loan B with a rate of 6.327%, due 2028 | Line of Credit        
Debt Instrument [Line Items]        
Debt instrument, stated interest rate (as a percent)     6.327%  
4.88% Timeshare Facility        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 166  
Debt instrument, stated interest rate (as a percent)     4.88%  
5.18% Timeshare Facility        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 87  
Debt instrument, stated interest rate (as a percent)     5.18%  
5.52% Timeshare Facility        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 47  
Debt instrument, stated interest rate (as a percent)     5.52%  
Timeshare Facility        
Debt Instrument [Line Items]        
Debt issuance costs     $ 6  
Repayments of debt     1,088  
Timeshare Facility Due 2025 | Secured Debt        
Debt Instrument [Line Items]        
Remaining borrowing capacity     120  
Securitized Debt        
Debt Instrument [Line Items]        
Repayments of debt     423  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt issuance costs     5 $ 3
Revolving Credit Facility | Senior Secured Credit Facilities        
Debt Instrument [Line Items]        
Letters of credit outstanding, amount     $ 46  
Revolving Credit Facility | Term loan B with a rate of 6.327%, due 2028 | Line of Credit        
Debt Instrument [Line Items]        
Debt instrument, basis spread percent 2.00% 2.50%    
Derivative fixed interest rate     1.55%  
Derivative, notional amount     $ 550  
Revolving Credit Facility | Term Loan B due 2031 | Line of Credit        
Debt Instrument [Line Items]        
Debt instrument, basis spread percent 2.00% 2.25%    
Revolving Credit Facility | Term Loan A Due 2028 | Line of Credit        
Debt Instrument [Line Items]        
Debt instrument, basis spread percent 1.65% 1.75%    
Cash Collateral Secured Credit Facilities        
Debt Instrument [Line Items]        
Letters of credit outstanding, amount     $ 1  
v3.25.2
DEBT AND NON-RECOURSE DEBT - Schedule of Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
AOCI Related to Derivative Instruments [Roll Forward]          
Other comprehensive loss before reclassifications, net $ (4) $ (6) $ (1) $ 4  
Net unrealized gain on derivative instruments          
AOCI Related to Derivative Instruments [Roll Forward]          
Balance as of December 31, 2024   $ 28     $ 28
Other comprehensive loss before reclassifications, net         (4)
Reclassifications to net loss         (6)
Balance as of June 30, 2025 $ 18       $ 18
v3.25.2
DEBT AND NON-RECOURSE DEBT - Schedule of Contractual Maturities of Debt (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Total  
Debt Instrument [Line Items]  
2025 (remaining six months) $ 255
2026 420
2027 1,075
2028 1,494
2029 1,070
Thereafter 2,855
Total 7,169
Debt  
Debt Instrument [Line Items]  
2025 (remaining six months) 16
2026 27
2027 26
2028 1,243
2029 870
Thereafter 2,458
Total 4,640
Non-recourse Debt  
Debt Instrument [Line Items]  
2025 (remaining six months) 239
2026 393
2027 1,049
2028 251
2029 200
Thereafter 397
Total $ 2,529
v3.25.2
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Carrying Amount    
Assets:    
Timeshare financing receivables, net $ 2,979 $ 3,006
Liabilities:    
Debt, net 4,574 4,601
Non-recourse debt, net 2,499 2,318
Level 1    
Assets:    
Timeshare financing receivables, net 0 0
Liabilities:    
Debt, net 4,335 4,309
Non-recourse debt, net 1,780 1,873
Level 3    
Assets:    
Timeshare financing receivables, net 3,271 3,203
Liabilities:    
Debt, net 259 283
Non-recourse debt, net $ 748 $ 446
v3.25.2
INCOME TAXES (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate (as a percent) 38.00% 60.00% 72.00% 80.00%
v3.25.2
SHARE-BASED COMPENSATION (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2017
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation expense   $ 22 $ 17 $ 34 $ 26
Unrecognized compensation costs for unvested awards   $ 75   $ 75  
Unrecognized compensation costs, weighted average period for recognition       1 year 10 months 24 days  
Shares issued (in shares)       0  
Stock options exercisable (in shares)   2,155,115   2,155,115  
Service Restricted Stock Units (RSUs)          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Shares issued (in shares)       969,592  
Grant date fair value (in dollars per share)       $ 40.85  
Award vesting period       3 years  
Performance Shares          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Shares issued (in shares)       449,308  
Grant date fair value (in dollars per share)       $ 41.01  
Award vesting period       3 years  
Performance Shares | Tranche One          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting percentage       50.00%  
Performance Shares | Tranche Two          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting percentage       50.00%  
2023 Omnibus          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Shares of common stock available for future issuance (in shares)   2,593,223   2,593,223  
Employee Stock Purchase Plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Shares of common stock available for future issuance (in shares) 2,500,000        
Share-based compensation expense   $ 1 $ 1 $ 1 $ 1
Percentage of fair market value per share of common stock 85.00%        
v3.25.2
EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income (loss) attributable to stockholders $ 25 $ 2 $ 8 $ (2)
Denominator:        
Weighted average shares outstanding, basic (in shares) 91,200,000 103,400,000 93,300,000 104,300,000
Basic EPS (in dollars per share) $ 0.26 $ 0.02 $ 0.09 $ (0.02)
Denominator:        
Weighted average shares outstanding, diluted (in shares) 92,200,000 104,300,000 94,500,000 104,300,000
Diluted EPS (in dollars per share) $ 0.25 $ 0.02 $ 0.08 $ (0.02)
Antidilutive securities excluded from computation of EPS (in shares)       1,239,081
Service Restricted Stock Units (RSUs)        
Denominator:        
Antidilutive securities excluded from computation of EPS (in shares) 957,000 220,000 740,000  
Performance Shares        
Denominator:        
Antidilutive securities excluded from computation of EPS (in shares) 243,000 14,000 1,000  
Employee Stock Option        
Denominator:        
Antidilutive securities excluded from computation of EPS (in shares) 1,649,000 1,212,000 1,195,000  
RSUs, PSUs and Options and ESPP        
Denominator:        
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 1,000,000.0 900,000 1,200,000 0
v3.25.2
EARNINGS PER SHARE - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Aug. 07, 2024
Jul. 24, 2025
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive shares excluded from calculation of diluted weighted average shares outstanding and diluted earnings per shares (in shares)       1,239,081
Repurchase (in shares)     8,000,000  
Repurchases, cost     $ 300  
Subsequent Event        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Repurchase (in shares)   600,000    
Repurchases, cost   $ 29    
Remaining authorized repurchase amount   $ 98    
2024 Repurchase Plan        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Amount of authorized stock repurchase program $ 500      
Term of stock repurchase program 2 years      
v3.25.2
EARNINGS PER SHARE - Schedule of Stock Repurchase Activity under the Share Repurchase Program (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Shares  
Beginning balance, (in shares) | shares 41,000,000
Repurchase (in shares) | shares 8,000,000
Ending balance, (in shares) | shares 49,000,000
Cost  
Beginning balance, cost | $ $ 1,549
Repurchases, cost | $ 300
Ending balance, cost | $ $ 1,849
v3.25.2
RELATED PARTY TRANSACTIONS - Schedule of Amounts Included in Condensed Consolidated Statements of Operations Related to Fee for Service Arrangement (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Equity in earnings from unconsolidated affiliates $ 6 $ 3 $ 11 $ 8
Commissions and other fees 1,266 1,235 2,414 2,391
Related Party        
Related Party Transaction [Line Items]        
Equity in earnings from unconsolidated affiliates 6 3 11 8
Commissions and other fees $ 39 $ 44 $ 78 $ 80
v3.25.2
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Related Party    
Related Party Transaction [Line Items]    
Other receivables $ 0 $ 5
v3.25.2
BUSINESS SEGMENTS - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.2
BUSINESS SEGMENTS - Schedule of Segment Operating Performance Reconciled to Consolidated Amounts (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues $ 1,266 $ 1,235 $ 2,414 $ 2,391
Cost reimbursements        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 128 129 261 251
Real estate sales and financing        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 760 740 1,405 1,427
Resort operations and club management        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 378 366 748 713
Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 1,165 1,126 2,201 2,173
Operating Segments | Real estate sales and financing        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 760 740 1,405 1,427
Operating Segments | Resort operations and club management        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues 405 386 796 746
Intersegment eliminations        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total revenues $ (27) $ (20) $ (48) $ (33)
v3.25.2
BUSINESS SEGMENTS - Schedule of Adjusted EBITDA for Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total segment revenues $ 1,138 $ 1,106 $ 2,153 $ 2,140
Share-based compensation expense 22 17 34 26
Cost of VOI sales        
Segment Reporting Information [Line Items]        
Total segment expenses 38 65 63 113
Financing        
Segment Reporting Information [Line Items]        
Total segment expenses 54 44 109 83
Intersegment eliminations        
Segment Reporting Information [Line Items]        
Total segment revenues (27) (20) (48) (33)
Operating Segments        
Segment Reporting Information [Line Items]        
Total segment revenues 1,165 1,126 2,201 2,173
Total segment expenses 830 798 1,595 1,513
Share-based compensation expense 8 5 14 9
Other segment adjustment items 9 32 19 49
Segment Adjusted EBITDA 325 345 591 685
Operating Segments | Cost of VOI sales        
Segment Reporting Information [Line Items]        
Total segment expenses 38 65 63 113
Operating Segments | Selling expense        
Segment Reporting Information [Line Items]        
Total segment expenses 206 180 401 338
Operating Segments | Marketing expense        
Segment Reporting Information [Line Items]        
Total segment expenses 265 238 495 450
Operating Segments | Financing        
Segment Reporting Information [Line Items]        
Total segment expenses 54 44 109 83
Operating Segments | Club expense        
Segment Reporting Information [Line Items]        
Total segment expenses 21 21 41 41
Operating Segments | Property management expense        
Segment Reporting Information [Line Items]        
Total segment expenses 35 27 69 61
Operating Segments | Rental expense        
Segment Reporting Information [Line Items]        
Total segment expenses 191 177 386 340
Operating Segments | Other expenses        
Segment Reporting Information [Line Items]        
Total segment expenses 20 46 31 87
Real Estate Sales and Financing Segment        
Segment Reporting Information [Line Items]        
Total segment revenues 760 740 1,405 1,427
Real Estate Sales and Financing Segment | Intersegment eliminations        
Segment Reporting Information [Line Items]        
Total segment revenues (27) (20) (48) (33)
Real Estate Sales and Financing Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Total segment revenues 760 740 1,405 1,427
Total segment expenses 571 562 1,076 1,050
Share-based compensation expense 5 3 9 6
Other segment adjustment items 9 32 19 49
Segment Adjusted EBITDA 176 193 309 399
Real Estate Sales and Financing Segment | Operating Segments | Cost of VOI sales        
Segment Reporting Information [Line Items]        
Total segment expenses 38 65 63 113
Real Estate Sales and Financing Segment | Operating Segments | Selling expense        
Segment Reporting Information [Line Items]        
Total segment expenses 206 180 401 338
Real Estate Sales and Financing Segment | Operating Segments | Marketing expense        
Segment Reporting Information [Line Items]        
Total segment expenses 265 238 495 450
Real Estate Sales and Financing Segment | Operating Segments | Financing        
Segment Reporting Information [Line Items]        
Total segment expenses 54 44 109 83
Real Estate Sales and Financing Segment | Operating Segments | Club expense        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Real Estate Sales and Financing Segment | Operating Segments | Property management expense        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Real Estate Sales and Financing Segment | Operating Segments | Rental expense        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Real Estate Sales and Financing Segment | Operating Segments | Other expenses        
Segment Reporting Information [Line Items]        
Total segment expenses 8 35 8 66
Resort Operations and Club Management Segment        
Segment Reporting Information [Line Items]        
Total segment revenues 378 366 748 713
Resort Operations and Club Management Segment | Intersegment eliminations        
Segment Reporting Information [Line Items]        
Total segment revenues (27) (20) (48) (33)
Resort Operations and Club Management Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Total segment revenues 405 386 796 746
Total segment expenses 259 236 519 463
Share-based compensation expense 3 2 5 3
Other segment adjustment items 0 0 0 0
Segment Adjusted EBITDA 149 152 282 286
Resort Operations and Club Management Segment | Operating Segments | Cost of VOI sales        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Resort Operations and Club Management Segment | Operating Segments | Selling expense        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Resort Operations and Club Management Segment | Operating Segments | Marketing expense        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Resort Operations and Club Management Segment | Operating Segments | Financing        
Segment Reporting Information [Line Items]        
Total segment expenses 0 0 0 0
Resort Operations and Club Management Segment | Operating Segments | Club expense        
Segment Reporting Information [Line Items]        
Total segment expenses 21 21 41 41
Resort Operations and Club Management Segment | Operating Segments | Property management expense        
Segment Reporting Information [Line Items]        
Total segment expenses 35 27 69 61
Resort Operations and Club Management Segment | Operating Segments | Rental expense        
Segment Reporting Information [Line Items]        
Total segment expenses 191 177 386 340
Resort Operations and Club Management Segment | Operating Segments | Other expenses        
Segment Reporting Information [Line Items]        
Total segment expenses $ 12 $ 11 $ 23 $ 21
v3.25.2
BUSINESS SEGMENTS - Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment Adjusted EBITDA $ 325 $ 345 $ 591 $ 685
Acquisition and integration-related expense (26) (48) (54) (157)
General and administrative (58) (58) (104) (103)
Depreciation and amortization (59) (68) (126) (130)
Other gain (loss), net 4 (3) 10 (8)
Interest expense (79) (87) (156) (166)
Income tax (expense) benefit (15) (3) (21) 8
Equity in earnings from unconsolidated affiliates 6 3 11 8
Impairment expense (1) 0 (1) (2)
Other adjustment items (17) (37) (33) (58)
Net income 28 4 16 2
Net income attributable to noncontrolling interest 3 2 8 4
Net income (loss) attributable to stockholders 25 2 8 (2)
License fee expense        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
License fee expense (52) (40) (101) (75)
Real estate sales and financing        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment Adjusted EBITDA 176 193 309 399
Resort operations and club management        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment Adjusted EBITDA $ 149 $ 152 $ 282 $ 286
v3.25.2
BUSINESS SEGMENTS - Schedule of Assets Reconciled to Consolidated Amounts (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting Asset Reconciling Item [Line Items]    
Assets $ 11,738 $ 11,442
Operating Segments    
Segment Reporting Asset Reconciling Item [Line Items]    
Assets 10,884 10,512
Operating Segments | Real Estate Sales and Financing Segment    
Segment Reporting Asset Reconciling Item [Line Items]    
Assets 7,497 7,349
Operating Segments | Resort Operations and Club Management Segment    
Segment Reporting Asset Reconciling Item [Line Items]    
Assets 3,387 3,163
Corporate    
Segment Reporting Asset Reconciling Item [Line Items]    
Assets $ 854 $ 930
v3.25.2
BUSINESS SEGMENTS - Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]    
Total capital expenditures $ 105 $ 80
Operating Segments    
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]    
Total capital expenditures 77 60
Operating Segments | Real Estate Sales and Financing Segment    
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]    
Total capital expenditures 76 59
Operating Segments | Resort Operations and Club Management Segment    
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]    
Total capital expenditures 1 1
Corporate    
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]    
Total capital expenditures $ 28 $ 20
v3.25.2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2023
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
kiosk
store
Feb. 10, 2025
USD ($)
Dec. 31, 2024
USD ($)
Long-term Purchase Commitment [Line Items]          
Reasonably estimable of possible losses     $ 10.0   $ 7.0
Surety Bond          
Long-term Purchase Commitment [Line Items]          
Contractual obligation     $ 538.0    
Bluegreen Vacations Unlimited, Inc. | Settled Litigation          
Long-term Purchase Commitment [Line Items]          
Acquired definite-lived intangible assets   $ 47.5      
Notes payable   $ 47.5      
Marketing and license fee agreements          
Long-term Purchase Commitment [Line Items]          
Purchase commitment, period (in years) 10 years        
Number of stores | store     140    
Number of virtual kiosks | kiosk     8    
Inventory Purchase Obligations          
Long-term Purchase Commitment [Line Items]          
Purchase commitment, period (in years)     10 years    
Purchase commitment     $ 256.0    
Vacation ownership intervals commitment     26.0    
Inventory Purchase Obligations | Bluegreen | Bluegreen Vacations Unlimited, Inc. | Settled Litigation          
Long-term Purchase Commitment [Line Items]          
Purchase commitment     39.0    
Quarterly commitment to purchase inventory       $ 7.5  
Quarterly commitment to purchase inventory, after cure     1.9    
Other commitments          
Long-term Purchase Commitment [Line Items]          
Purchase commitment     $ 20.0    
v3.25.2
COMMITMENTS AND CONTINGENCIES - Schedule of Remaining Purchase Obligations (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Long-term Purchase Commitment [Line Items]  
2025 (remaining) $ 49
2026 81
2027 47
2028 93
2029 84
Thereafter 233
Total 587
Marketing and license fee agreements  
Long-term Purchase Commitment [Line Items]  
2025 (remaining) 26
2026 37
2027 38
2028 38
2029 38
Thereafter 134
Total 311
Inventory purchase obligations  
Long-term Purchase Commitment [Line Items]  
2025 (remaining) 15
2026 37
2027 8
2028 53
2029 44
Thereafter 99
Total 256
Other commitments  
Long-term Purchase Commitment [Line Items]  
2025 (remaining) 8
2026 7
2027 1
2028 2
2029 2
Thereafter 0
Total $ 20
v3.25.2
SUBSEQUENT EVENTS (Details)
$ in Millions, ¥ in Billions
Jul. 29, 2025
USD ($)
Jul. 11, 2025
JPY (¥)
Jun. 30, 2025
USD ($)
Subsequent Event | 2024 Repurchase Plan      
Subsequent Event [Line Items]      
Amount of authorized stock repurchase program $ 600    
Term of stock repurchase program 2 years    
Securitized      
Subsequent Event [Line Items]      
Timeshare financing receivables, gross     $ 300
Securitized | Subsequent Event      
Subsequent Event [Line Items]      
Timeshare financing receivables, gross | ¥   ¥ 9.5  
Debt instrument, stated interest rate (as a percent)   1.41%