Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States. It manages and operates the Hilton Worldwide timeshare and vacation ownership brands under an exclusive licensing agreement with Hilton Worldwide. HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017.3Wikipedia text CC BY-SA 4.0
Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States. It manages and operates the Hilton Worldwide timeshare and vacation ownership brands under an exclusive licensing agreement with Hilton Worldwide. HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017. Even though HGV is an independent company post spin-off, Hilton Worldwide still retains full ownership of the Hilton Grand Vacation Club, Hilton Vacation Club, and Hilton Club brands that HGV manages and operates for them. These timeshare brands are all part of Hilton Worldwide's portfolio of 22 hotel and resort brands.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Share buybacks
Capital spending10¢$70.0M
Share buybacks90¢$600.0M
Out of $300.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9
Financial statements
Revenue101112139$4.5B in 2025+146% since 2019Net income101112139$81.0M in 2025−62% since 2019
Revenue1415$1.2B in Q2 FY2026+6% since Q1 FY2026Net income1415$12.0M in Q2 FY2026−82% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$5.0B
$5.0B
$4.0B
General and administrative
$215.0M
$199.0M
$194.0M
Depreciation and amortization
$273.0M
$268.0M
$213.0M
Impairment expense
$3.0M
$2.0M
$3.0M
Total operating expenses
$4.6B
$4.5B
$3.4B
Interest expense
-$311.0M
-$329.0M
-$178.0M
Equity in earnings from unconsolidated affiliates
$19.0M
$18.0M
$12.0M
Other gain (loss), net
$7.0M
-$11.0M
$2.0M
Income before income taxes
$175.0M
$136.0M
$449.0M
Income tax expense
-$76.0M
-$76.0M
-$136.0M
Net income
$99.0M
$60.0M
$313.0M
Net income attributable to noncontrolling interest
$18.0M
$13.0M
$0
Net income attributable to stockholders
$81.0M
$47.0M
$313.0M
Basic (in dollars per share)
$0.90
$0.46
$2.84
Diluted (in dollars per share)
$0.89
$0.45
$2.80
No quarter-by-quarter statement was filed.
Total assets16101112139$11.5B in 2025+275% since 2019Total liabilities16101112139$10.1B in 2025+302% since 2019Shareholders’ equity1012139$1.3B in 2025+126% since 2019Cash161112139$239.0M in 2025+257% since 2019Long-term debt16101112139$4.5B in 2025+449% since 2019
Total assets1415$12.2B in Q2 FY2026+6% since Q1 FY2025Total liabilities1415$11.0B in Q2 FY2026+9% since Q1 FY2025Shareholders’ equity1415$1.1B in Q2 FY2026−15% since Q1 FY2025Cash1415$272.0M in Q2 FY2026+14% since Q1 FY2025Long-term debt1415$4.9B in Q2 FY2026+7% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$239.0M
$328.0M
$589.0M
Restricted cash
$332.0M
$438.0M
$296.0M
Accounts receivable, net
$270.0M
$315.0M
Timeshare financing receivables, net
$3.1B
$3.0B
Inventory
$2.5B
$2.2B
Property and equipment, net
$859.0M
$792.0M
Operating lease right-of-use assets, net
$72.0M
$84.0M
Investments in unconsolidated affiliates
$63.0M
$73.0M
Goodwill
$2.0B
$2.0B
Intangible assets, net
$1.7B
$1.8B
Other assets
$410.0M
$390.0M
Accounts payable, accrued expenses and other
$1.0B
$1.1B
Advanced deposits
$228.0M
$226.0M
Debt, net
$4.5B
$4.6B
Non-recourse debt, net
$2.7B
$2.3B
Operating lease liabilities
$89.0M
$100.0M
Deferred revenues
$637.0M
$252.0M
Deferred income tax liabilities
$864.0M
$925.0M
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 83,133,678 shares issued and outstanding as of December 31, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024
$1.0M
$1.0M
Additional paid-in capital
$1.3B
$1.4B
Accumulated retained earnings
$34.0M
$352.0M
Accumulated other comprehensive loss
-$22.0M
$0
Total stockholders' equity
$1.3B
$1.8B
Noncontrolling interest
$151.0M
$143.0M
Total equity
$1.4B
$1.9B
$2.1B
$2.2B
TOTAL LIABILITIES AND EQUITY
$11.5B
$11.4B
Total assets
$11.5B
$11.4B
Total liabilities
$10.1B
$9.5B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
300.0M shares
300.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
3.0B shares
3.0B shares
Common stock, shares issued (in shares)
83.1M shares
96.7M shares
Common stock, shares outstanding (in shares)
83.1M shares
96.7M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$239.0M
$328.0M
$589.0M
Restricted cash
$332.0M
$438.0M
$296.0M
Accounts receivable, net
$270.0M
$315.0M
Timeshare financing receivables, net
$3.1B
$3.0B
Inventory
$2.5B
$2.2B
Property and equipment, net
$859.0M
$792.0M
Operating lease right-of-use assets, net
$72.0M
$84.0M
Investments in unconsolidated affiliates
$63.0M
$73.0M
Goodwill
$2.0B
$2.0B
Intangible assets, net
$1.7B
$1.8B
Other assets
$410.0M
$390.0M
Accounts payable, accrued expenses and other
$1.0B
$1.1B
Advanced deposits
$228.0M
$226.0M
Debt, net
$4.5B
$4.6B
Non-recourse debt, net
$2.7B
$2.3B
Operating lease liabilities
$89.0M
$100.0M
Deferred revenues
$637.0M
$252.0M
Deferred income tax liabilities
$864.0M
$925.0M
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 83,133,678 shares issued and outstanding as of December 31, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024
$1.0M
$1.0M
Additional paid-in capital
$1.3B
$1.4B
Accumulated retained earnings
$34.0M
$352.0M
Accumulated other comprehensive loss
-$22.0M
$0
Total stockholders' equity
$1.3B
$1.8B
Noncontrolling interest
$151.0M
$143.0M
Total equity
$1.4B
$1.9B
$2.1B
$2.2B
TOTAL LIABILITIES AND EQUITY
$11.5B
$11.4B
Total assets
$11.5B
$11.4B
Total liabilities
$10.1B
$9.5B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
300.0M shares
300.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
3.0B shares
3.0B shares
Common stock, shares issued (in shares)
83.1M shares
96.7M shares
Common stock, shares outstanding (in shares)
83.1M shares
96.7M shares
Cash from operations101112139$300.0M in 2025+110% since 2019Capital spending101112139$70.0M in 2025+89% since 2019Free cash flow101112139$230.0M in 2025+117% since 2019Share buybacks101112139$600.0M in 2025+112% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$99.0M
$60.0M
$313.0M
Depreciation and amortization
$273.0M
$268.0M
$213.0M
Amortization of deferred financing costs, acquisition premiums and other
$73.0M
$83.0M
$33.0M
Provision for loan losses
$442.0M
$377.0M
$171.0M
Impairment expense
$3.0M
$2.0M
$3.0M
Other (gain) loss, net
-$7.0M
$11.0M
-$2.0M
Share-based compensation
$64.0M
$47.0M
$40.0M
Deferred income tax benefit
-$56.0M
-$29.0M
-$23.0M
Equity in earnings from unconsolidated affiliates
-$19.0M
-$18.0M
-$12.0M
Return on investment in unconsolidated affiliates
$28.0M
$16.0M
$16.0M
Accounts receivable, net
$57.0M
$224.0M
$10.0M
Timeshare financing receivables
-$669.0M
-$563.0M
-$315.0M
Inventory
-$120.0M
-$78.0M
-$64.0M
Purchases and development of real estate for future conversion to inventory
-$96.0M
-$127.0M
-$39.0M
Other assets
-$54.0M
-$8.0M
-$8.0M
Accounts payable, accrued expenses and other
-$105.0M
$21.0M
-$86.0M
Advanced deposits
$2.0M
$6.0M
$29.0M
Deferred revenues
$385.0M
$17.0M
$33.0M
Net cash provided by operating activities
$300.0M
$309.0M
$312.0M
Acquisitions, net of cash, cash equivalents and restricted cash acquired
$0
-$1.4B
-$74.0M
Capital expenditures for property and equipment (excluding inventory)
-$70.0M
-$42.0M
-$31.0M
Software capitalization costs
-$76.0M
-$84.0M
-$44.0M
Other
$0
-$1.0M
-$9.0M
Net cash used in investing activities
-$146.0M
-$1.6B
-$158.0M
Proceeds from debt
$2.8B
$2.8B
$758.0M
Proceeds from non-recourse debt
$3.7B
$1.8B
$868.0M
Repayment of debt
-$2.9B
-$1.4B
-$373.0M
Repayment of non-recourse debt
-$3.3B
-$1.6B
-$694.0M
Payment of debt issuance costs
-$27.0M
-$62.0M
-$7.0M
Repurchase and retirement of common stock
-$600.0M
-$432.0M
-$368.0M
Payment of withholding taxes on vesting of restricted stock units
-$9.0M
-$21.0M
-$14.0M
Proceeds from employee stock plan purchases
$15.0M
$12.0M
$8.0M
Proceeds from stock option exercises
$13.0M
$7.0M
$9.0M
Distributions to noncontrolling interest holder
-$10.0M
-$10.0M
$0
Other
-$6.0M
-$2.0M
-$4.0M
Net cash (used in) provided by financing activities
-$338.0M
$1.2B
$183.0M
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
-$11.0M
-$13.0M
-$7.0M
Net (decrease) increase in cash, cash equivalents and restricted cash
Hilton Grand Vacations is part of a group headed by Hilton Worldwide. 478 entities, 57 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
3750 Residential Employer LLC Subsidiary · Delaware, United States
3750 Residential Management LLC Subsidiary · Delaware, United States
90210 Grand Wailea Employer LLC Subsidiary · Delaware, United States
90210 LLC Subsidiary · Delaware, United States
90210 Management Company, LLC Subsidiary · Delaware, United States
Adana Hilton Enternasyonal Otelcilik Limited Sirketi Subsidiary · Turkey
Adda Hotels Subsidiary · United Kingdom
Addis Ababa Hilton Private Limited Company Subsidiary · Ethiopia
and 378 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Hilton Grand Vacations reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
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. 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. 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.
The rest of Item 2
Sales and Marketing Locations
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. Our products are for sale
throughout the United States, Europe, Canada, the Caribbean, Mexico, and Asia. 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. Our call centers are located in Orlando, Las Vegas and the United Kingdom.
Corporate Headquarters
Our main corporate headquarters are located at 6355 MetroWest Boulevard, Suite 180, Orlando, Florida 32835. The lease for this property expires in 2026 with two additional five-year renewal periods. 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.
We believe that our existing office properties are in good condition and are sufficient and suitable for the conduct of our business.
Hilton Grand Vacations was launched in 1992 as a subsidiary of Hilton Worldwide, this was the first venture into the timeshare and vacation ownership industry by the Hilton brand. In 2017 HGV was spun off from Hilton Worldwide into a separate publicly traded company, allowing for HGV to be able to focus solely on the timeshare and vacation ownership aspect of the Hilton brand.
The purpose of the 2017 spin-off of Hilton Grand Vacations (and Hilton's lodging real estate investment trust now known as Park Hotels & Resorts) from Hilton Worldwide into separate companies was to transform Hilton Worldwide into an asset-light company, making it more efficient for its shareholders due to it having less capital investments. This means that following the spin-offs, Hilton Worldwide now mainly owns the Hilton brands and not the majority of the physical properties that bear the Hilton name, meaning that it is not responsible for their operation or real estate costs, thus driving up their profits and shareholder value. For HGV this means that Hilton Worldwide owns and licenses the Hilton timeshare brands to HGV in a very similar fashion to how it licenses its hotel brands to the independent franchisees and companies that own and operate the majority of its hotels. Perhaps the largest benefit of the spin-off is the fact that it allows HGV to focus solely on its particular business sector, thus growing and expanding the Hilton timeshare brands at a faster rate.
On March 10, 2021, Hilton Grand Vacations announced its intention to acquire Diamond Resorts for $1.4 billion. The acquisition was completed on August 2, 2021.
On November 6, 2023, Hilton Grand Vacations announced its intention to acquire Bluegreen Corporation for $1.5 billion. The acquisition was completed on January 17, 2024.
The Hilton Grand Vacation Club consists of the original Hilton Grand Vacations timeshare resorts; these resorts are considered the top-tier properties in the Hilton Grand Vacations portfolio.
The Hilton Vacation Club consists of resorts that were once a part of Diamond Resorts or Bluegreen Corporation but have now been rebranded as Hilton properties.
The Hilton Club consists of destinations that are in urban settings and are located in the downtown areas of popular major cities. These properties are often HGV exclusive sections of existing Hilton branded hotels rather than standalone resorts.
Diamond Resorts is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by HGV in 2021. The majority of Diamond Resorts properties will be rebranded to Hilton Vacation Club resorts, but some will retain the Diamond Resorts name.
Read the full text
Embarc Resorts is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by Diamond Resorts in 2015, and when HGV purchased Diamond in 2021 it was added to the list of HGV subsidiaries. Many of the Embarc properties are being rebranded to Hilton Grand Vacation Club resorts, but some may retain the Embarc name.
Bluegreen Vacations is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by HGV in 2024. The majority of Bluegreen Vacations properties will be rebranded to Hilton Vacation Club resorts, but some will retain the Bluegreen Vacations name.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
350 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 62 major events, 183 insider forms, 31 large holders, 54 other. The latest 20:
26 open-market trades by officers, directors and large owners since October 2021: 2 buys and 24 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Hilton Grand Vacations is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Hilton Grand Vacations names in Item 1A of its 10-K filed Feb 26, 2026: 65 risks under these headings, as written.17
Risks Related to Our Industry
Macroeconomic and other factors beyond our control can adversely affect and reduce demand for our products and services.
Contraction in the global economy or low levels of economic growth could adversely affect our revenues and profitability as well as limit or slow our future growth.
We operate in a highly competitive industry.
Risks Related to the Operation of Our Business
We do not own the Hilton brands and our business will be materially harmed if we breach our license agreement with Hilton or it is terminated.
We will rely on Hilton to consent to our use of its trademarks at new properties we manage in the future.
Our business depends on the quality and reputation of the Hilton brands and affiliation with the Hilton Honors loyalty program.
We rely on several critical marketing programs and activities to generate tour flow and contract sales and increase our revenues.
We may experience financial and operational risks in connection with acquisitions and other opportunistic business ventures.
Partnership or joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on partners’ or co-venturers’ financial condition, disputes between us and our partners or co-venturers and our obligation to guaranty certain obligations beyond the amount of our investments.
Our dependence on development activities exposes us to project cost and completion risks.
The other 55 risks
Our real estate investments subject us to numerous risks.
Our current operations and future expansion outside of the United States make us susceptible to the risks of doing business internationally, which could lower our revenues, increase our costs, reduce our profits or disrupt our business.
We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire qualified personnel, or maintain our corporate culture, we may not be able to grow effectively.
Third-party reservation channels may negatively affect our bookings for room rental revenues.
Changes to estimates or projections used to assess the fair value of our assets, or operating results that are lower than our current estimates at certain locations, may cause us to incur impairment losses that could adversely affect our results of operations.
Our insurance policies may not cover all potential losses.
We previously identified a material weakness in our internal control over financial reporting. If we experience additional material weaknesses, or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial results, in which case our business may be harmed, our stock price could be adversely affected, and we may otherwise experience other adverse consequences.
Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures, including as a result of the material weakness identified by management.
Risks Related to the Sale of VOIs
A decline in developed or acquired VOI inventory may have an adverse effect on our business or results of operations.
Our ability to source VOI inventory and finance VOI sales may be impaired if we or the third-party developers with whom we do business are unable to access capital when necessary.
The sale of VOIs in the secondary market by existing members could cause our sales revenues and profits to decline.
We have limited underwriting standards due to the real-time nature of industry sales practices, and do not include traditional ability-to-pay factors such as income verification which may affect loan default rates. If purchasers' default on the loans that we provide to finance their VOI purchases, our revenues, cash flows and profits could be reduced.
If the default rates or other credit metrics underlying our timeshare financing receivables deteriorate, our timeshare financing receivable securitization program could be adversely affected.
The expiration, termination or renegotiation of our management agreements could adversely affect our cash flows, revenues and profits.
Fraudulent or illegal activity related to the sale and purchase of timeshares may deter consumers from purchasing our product.
Increased activity by third-party exit companies' owners may adversely impact our business.
Disagreements with VOI owners, HOAs and other third parties may result in litigation and/or loss of management contracts.
Failure of HOA boards to levy sufficient fees, or the failure of members to pay those fees, could lead to inadequate funds to maintain or improve the properties we manage.
If maintenance fees at our resorts are required to be increased, our product could become less attractive, and our business could be harmed.
Risks Related to Technology and Cybersecurity
A failure to keep pace with developments in technology could impair our operations, competitive position or reputation.
Social media influences how consumers search for vacation information and make decisions to purchase vacation-related products and services. Lack of awareness or understanding of and the failure to effectively manage, and the
costs associated with our management of social media content regarding our products and services could have a material adverse effect on VOI sales, revenues and our operating results.
Our increasing reliance on information technology and other systems subjects us to risks associated with cybersecurity. Cyber-attacks or our failure to maintain the security and integrity of company, employee, associate, customer or third-party data could have a disruptive effect on our business and adversely affect our reputation and financial performance.
We are subject to data privacy laws in many jurisdictions and may be unable to comply with these requirements.
Risks Related to Legal and Regulatory Requirements
Our business is regulated under a wide variety of laws, regulations and policies in the United States and abroad, and failure to comply with these regulations could adversely affect our business.
Changes in privacy law could adversely affect our ability to market our products effectively.
United States or foreign environmental laws and regulations may cause us to incur substantial costs or subject us to potential liabilities.
Changes in U.S. federal, state and local or foreign tax law, interpretations of existing tax law, or adverse determinations by tax authorities, could increase our tax burden or otherwise adversely affect our financial condition or results of operations.
Failure to comply with laws and regulations applicable to our international operations may increase costs, reduce profits, limit growth or subject us to broader liability.
Risks Related to Our Indebtedness
Our substantial indebtedness and other contractual obligations could adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry and our ability to pay our debts, and could divert our cash flow from operations for debt payments.
Certain of our debt agreements and instruments impose significant operating and financial restrictions on us, our restricted subsidiaries and the guarantors of our indebtedness, which may prevent us from capitalizing on business opportunities.
Our variable rate indebtedness subjects us to interest rate risk, which could cause our indebtedness service obligations to increase.
Servicing our indebtedness requires a significant amount of cash. Our ability to generate sufficient cash depends on many factors, some of which are not within our control.
Our failure to comply with the agreements relating to our outstanding indebtedness could result in an event of default that could materially and adversely affect our results of operations and our financial condition.
Repayment of our debt is dependent on cash flow generated by our subsidiaries, which may be subject to limitations beyond our control.
Despite our current level of indebtedness, we may be able to incur substantially more debt and enter into other transactions, which could further exacerbate the risks to our financial condition described above.
Risks Related to Our Acquisitions
We may not be able to integrate the acquired Diamond and Bluegreen businesses successfully.
Our ability to successfully integrate the Diamond and Bluegreen businesses depends on our compliance with the Hilton license agreement.
We have incurred, and may continue to incur, substantial costs and expenses related to the Diamond and Bluegreen acquisitions.
Our results will suffer if we do not effectively manage our expanded operations resulting from the acquisitions.
We may be subject to complaints, litigation or reputational harm due to dissatisfaction with, or concerns related to, the acquisitions from former Diamond and Bluegreen owners and our pre-acquisition owners.
Interests in the Bluegreen Club and Diamond Collection are offered through a trust system, which is subject to a number of regulatory and other requirements.
We may not be able to fully realize the expected benefits of key partnerships we assumed as part of the Bluegreen Acquisition.
Risks Related to Ownership of Our Common Stock
Our board of directors may change significant corporate policies without stockholder approval.
The interests of one of our significant stockholders, Apollo, may conflict with ours or the interests of our other stockholders. Apollo may sell some, most or all of our shares that it owns, which would cause our stock price to decline.
Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
Consent requirements in our license agreement with Hilton and other requirements in certain of our other material agreements may have the effect of deterring a potential takeover transaction that otherwise could be in the best interests of our stockholders.
The market price and trading volume of our common stock may fluctuate widely.
Future issuances of common stock by us may cause the market price of our common stock to decline.
We cannot guarantee that we will repurchase our common stock pursuant to our share repurchase program or that our share repurchase program will enhance long-term shareholder value. Share repurchases could also increase the volatility of the price of our common stock and diminish our cash reserves.
We have no current plans to pay cash dividends on our common stock, and our indebtedness could limit our ability to pay dividends in the future.
Risks Related to the Spin-Off
We may be responsible for U.S. federal income tax liabilities that relate to the spin-off.
The spin-off and related transactions may expose us to potential liabilities arising out of state and federal fraudulent conveyance laws and legal distribution requirements.
We could be required to assume responsibility for obligations allocated to Hilton or Park under the Distribution Agreement or Tax Matters Agreement or could have indemnification obligations under such agreements.
Indemnities of Hilton and Park may not be sufficient to insure us against the full amount of the liabilities assumed by Hilton and Park.
Legal proceedings
Currently, and from time to time, we are subject to claims in legal proceedings arising in the normal course of business, including, among others, legal proceedings for which we accrue liabilities as discussed in Note 23: Commitments and Contingencies to our consolidated financial statements included in this Annual Report on Form 10-K.
