> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Travel + Leisure Bought $157 Million Of Timeshare Loans Already Showing Credit Damage - URL: https://www.bullished.co/travel-leisure-bought-157-million-of-timeshare-loans-already-showing-credit-damage-50a7f2ec/ - Published: 2026-10-27T15:12:15.000Z - Updated: 2026-10-27T15:12:15.000Z - Description: Two summer deals added receivables the timeshare company booked with $53 million of initial loss allowance, as its total reserve reached $748 million. - Author: Matteo Parrino - Tags: SEC Filings, TNL, Industry: Consumer Discretionary [Travel + Leisure](https://www.bullished.co/tag/tnl/), which sells timeshares and runs vacation exchange and travel club memberships, says the customer loans it took on in two third-quarter acquisitions had [already deteriorated in credit quality](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000064/wyn-20260930.htm?ref=bullished.co) before it bought them. The loans total $157 million, according to the company's quarterly report filed Tuesday. ## Allowances on both deals The 10-Q says the receivables from Spinnaker Resorts and Yes& Vacations had suffered "more-than-insignificant deterioration in credit quality since origination." Spinnaker's receivables carried a $77 million purchase price and a $37 million credit-loss allowance. The Yes& Vacations receivables were bought for $37 million with a $16 million allowance. That is where the $157 million total comes from, a figure absent from the [prior quarter's 10-Q](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000053/wyn-20260630.htm?ref=bullished.co), which came before the closings. Spinnaker closed August 1 and Yes& Vacations July 15. The allowance for loan losses on contract receivables stood at $748 million at September 30, up from $663 million at December 31, 2025\. It includes $53 million of initial allowance on the acquired loans. The nine-month provision was $389 million, against $365 million a year earlier. The company says it early-adopted new FASB guidance on purchased loans on July 1, 2026, and that adoption had no material impact. ## Loans move onto the balance sheet Gross receivables outside securitizations climbed from $1.02 billion at year-end 2025 to $1.26 billion. Spending on acquisitions, net of cash acquired, reached $290 million for the nine months. The company had $385 million drawn on its revolving credit facility, with $614 million of capacity left. The company's own [earnings release](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000063/tnl3q26earningsrelease.htm?ref=bullished.co) shows Vacation Ownership adjusted EBITDA up 8% to $250 million in the quarter. Travel and Membership adjusted EBITDA fell 12% to $51 million. Management says delinquencies remain above historical levels but have improved each quarter since the first. At a [$4.0 billion market value](https://www.bizjournals.com/orlando/news/2026/10/22/2026-most-influential-leader-michael-brown.html?ref=bullished.co), the company is leaning on its financing arm while its exchange business shrinks. ## Provisional accounting and a 2027 maturity The acquisition values are preliminary. The 10-Q warns that adjustments during the one-year measurement period could be material to the figures shown. A $400 million 6.00% secured note comes due in April 2027, and the company says it expects its liquidity to cover the repayment. The measurement period for the acquisition accounting runs up to a year from each closing, so the $157 million figure can still move. ### Sources - [10-Q Filing — Travel + Leisure Co. (TNL)](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000064/wyn-20260930.htm?ref=bullished.co) — SEC EDGAR - [10-Q Filing — Travel + Leisure Co. (TNL), Q2 FY2026 filed 2026-07-22 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000053/wyn-20260630.htm?ref=bullished.co) — SEC EDGAR - [Earnings release (8-K Item 2.02, tnl3q26earningsrelease.htm) — Travel + Leisure Co., filed 2026-10-27](https://www.sec.gov/Archives/edgar/data/0001361658/000136165826000063/tnl3q26earningsrelease.htm?ref=bullished.co) — SEC EDGAR - [Compared to Estimates, Travel Leisure Co. (TNL) Q3 Earnings: A Look at Key Metrics](https://finance.yahoo.com/markets/stocks/articles/compared-estimates-travel-leisure-co-123005745.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance - [Travel + Leisure Co. (TNL) Tops Q3 Earnings and Revenue Estimates](https://finance.yahoo.com/markets/stocks/articles/travel-leisure-co-tnl-tops-104502148.html?ref=bullished.co) — Yahoo Finance - [Travel + Leisure Co. CEO Michael Brown on growth strategy - Orlando Business Journal](https://www.bizjournals.com/orlando/news/2026/10/22/2026-most-influential-leader-michael-brown.html?ref=bullished.co) — bizjournals.com - [Travel + Leisure Co. Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261027152987/en/Travel-Leisure-Co.-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com ### More on Travel + Leisure - [Travel + Leisure CEO Would Be 'Very Disappointed' If Two Acquired Timeshare Units Don't Double](https://www.bullished.co/travel-leisure-ceo-would-be-very-disappointed-if-two-acquired-timeshare-units-dont-double-9e30254f/) - [Travel + Leisure Says It Is 'Open To Alternatives' For Its Shrinking Exchange And Travel Club Unit](https://www.bullished.co/travel-leisure-says-it-is-open-to-alternatives-for-its-shrinking-exchange-and-travel-club-44fc26ca/) - [Travel + Leisure Raises Midpoint Of EBITDA Outlook As Timeshare Sales Climb 6%, Exchange Unit Slides](https://www.bullished.co/travel-leisure-raises-midpoint-of-ebitda-outlook-as-timeshare-sales-climb-6-exchange-unit-9619494f/) [All Travel + Leisure (TNL) coverage →](https://www.bullished.co/tag/tnl/)