1 unchanged sentence
As of December 31, 2025, we had over 200 properties open and operating, including properties not yet fully developed but in which VOIs were being sold.
−Removed: Most of our properties and units are located in vacation destinations such as Florida, Europe, Hawaii, California, South Carolina, Arizona, Virginia, and Nevada.
+Added: Most of our properties and units are located in vacation destinations such as Florida, Europe, Hawaii, South Carolina, California, Arizona, Nevada, and Virginia.
These units and properties include those developed by us or by third-party developers with whom we have entered into fee-for-service arrangements.
−Removed: As of December 31, 2024, we owned approximately 73% of all unsold intervals including 100% of all unsold points-based intervals.
We also own, manage, and lease fitness, spa and sports facilities, and/or manage the HOAs of undeveloped and partially developed land and other common area assets at some of our resorts, including resort lobbies and food and beverage outlets.
1 unchanged sentence
As of December 31, 2025, we had sales distribution centers in major markets and popular leisure destinations with year-round demand and a history of being a friendly environment for vacation ownership.
−Removed: Our products are for sale throughout the United States, Mexico, Canada, Europe and Asia.
−Removed: We have approximately 100 sales distribution centers in various domestic and international locations.
+Added: Our products are for sale
+Added: throughout the United States, Europe, Canada, the Caribbean, Mexico, and Asia.
+Added: We have over 100 sales distribution centers in various domestic and international locations.
Our distribution centers and sales galleries are operated through leased and owned properties.
Additionally, we have 6 call centers that are leased.
−Removed: Our call centers are located in Orlando, Las Vegas, Virginia Beach, Boca Raton, Knoxville, Indianapolis and the United Kingdom.
+Added: Our call centers are located in Orlando, Las Vegas and the United Kingdom.
Corporate Headquarters
1 unchanged sentence
The lease for this property expires in 2026 with two additional five-year renewal periods.
−Removed: We also have additional
−Removed: corporate headquarters that are located at 5323 and 5337 Millenia Lakes Boulevard, Orlando, Florida, 32839.
+Added: We also have additional corporate headquarters that are located at 5323 and 5337 Millenia Lakes Boulevard, Orlando, Florida, 32839.
The lease for these properties expires in 2034.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.