Hilton Grand Vacations sells vacation ownership interests (VOIs), commonly known as timeshares, under the Hilton Grand Vacations brand across a portfolio of over 200 resorts in the U.S., Europe, the Caribbean, and Asia. Customers purchase a points-based or deeded ownership interest entitling them to lifetime resort access, with the flexibility to use points across HGV's network, exchange into Hilton's 9,000+ hotel portfolio, or convert to other travel options. HGV sells VOIs through a direct sales model, attracting prospects via over 100 sales centers, retail kiosks, and partnerships with Hilton hotels, Great Wolf Lodge, and Choice Hotels. About 74% of contract sales come from existing owners. HGV operates two segments: Real Estate Sales and Financing, which covers VOI sales and consumer lending, and Resort Operations and Club Management, which covers resort management fees, club membership fees, and rental income. The consumer lending business is a meaningful profit driver — HGV originates 10-year fixed-rate loans at roughly 14.7% and securitizes the receivables in the ABS market, capturing the spread. Roughly 60% of segment EBITDA is recurring, coming primarily from financing income and management fees. HGV's HGV Max premium membership program is central to its strategy, giving members access to the full network across HGV's brands (including recently acquired Diamond and Bluegreen properties) plus Hilton Honors benefits. HGV had over 266,000 Max members out of 720,000 total, and views converting remaining members as a key embedded growth opportunity. Capital returns are a top priority — HGV returned $600M via buybacks in FY25 and carries roughly $4.5B in corporate debt.