
	March 31, 2025						December 31, 2024
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,876	$	83	$	1,959	$	1,824	$	93	$	1,917

Eligible for securitization(1)	59		—		59		92		2		94
Not eligible for securitization(1)	416		12		428		417		12		429
Non-securitized	475		12		487		509		14		523

Total	$	2,351	$	95	$	2,446	$	2,333	$	107	$	2,440

(1)Refer to Footnote 6 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

We reflect interest income associated with vacation ownership notes receivable on our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable.


	Three Months Ended
($ in millions)	March 31, 2025		March 31, 2024
Interest income - securitized vacation ownership notes receivable	$	74	$	71
Interest income - non-securitized vacation ownership notes receivable	12		10
Total interest income associated with vacation ownership notes receivable	$	86	$	81

We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the vacation ownership interest (“VOI”) they have acquired.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 726 and 725, at March 31, 2025 and December 31, 2024, respectively, based upon the FICO score of the borrower at the time of origination.

The estimates of the variable consideration for originated vacation ownership notes receivable and the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses and estimates regarding future defaults.

Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date, and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2025.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2025, remaining	$	66	$	108	$	174
2026	63		153		216
2027	57		160		217
2028	49		167		216
2029	40		168		208
Thereafter	200		1,120		1,320
Balance at March 31, 2025	$	475	$	1,876	$	2,351
Weighted average stated interest rate	11.5%		13.4%		12.9%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%

For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first quarter of 2025.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2024	$	252	$	275	$	527
Increase in vacation ownership notes receivable reserve	42		7		49
Securitizations	(35)		35		—

Write-offs	(56)		—		(56)
Defaulted vacation ownership notes receivable repurchase activity(1)	41		(41)		—
Balance at March 31, 2025	$	244	$	276	$	520

(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.

The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Originated Vacation Ownership Notes Receivable as of March 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,527	$	628	$	57	$	374	$	2,586
Hyatt Vacation Ownership	208		72		2		3		285
	$	1,735	$	700	$	59	$	377	$	2,871


	Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,513	$	634	$	58	$	365	2,570
Hyatt Vacation Ownership	210		75		2		3		290
	$	1,723	$	709	$	60	$	368	$	2,860

The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2025, and gross write-offs by brand for the first quarter of 2025.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	135	$	499	$	341	$	234	$	318	$	1,527
600 - 699	38		175		138		110		167		628
< 600	4		17		12		9		15		57
No Score	51		155		78		37		53		374
	$	228	$	846	$	569	$	390	$	553	$	2,586

Gross write-offs	$	1	$	2	$	18	$	11	$	13	$	45


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	31	$	73	$	47	$	37	$	20	$	208
600 - 699	8		26		17		14		7		72
< 600	1		1		—		—		—		2
No Score	—		1		1		—		1		3
	$	40	$	101	$	65	$	51	$	28	$	285

Gross write-offs	$	—	$	2	$	4	$	4	$	1	$	11

Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of an $8 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2025.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2025, remaining	$	4	$	17	$	21
2026	3		20		23
2027	2		16		18
2028	1		10		11
2029	1		7		8
Thereafter	1		13		14
Balance at March 31, 2025	$	12	$	83	$	95
Weighted average stated interest rate	13.7%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Acquired Vacation Ownership Notes Receivable as of March 31, 2025
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	27	$	19	$	3	$	4	$	53
Hyatt Vacation Ownership	31		19		—		—		50
	$	58	$	38	$	3	$	4	$	103


	Acquired Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	30	$	21	$	3	$	5	$	59
Hyatt Vacation Ownership	34		22		—		1		57
	$	64	$	43	$	3	$	6	$	116

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 13.86% as of March 31, 2025 and 13.96% as of December 31, 2024. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $14 million as of both March 31, 2025 and December 31, 2024.

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at March 31, 2025	$	165	$	24	$	189
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024	$	171	$	24	$	195

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2025 and December 31, 2024.



	As of March 31, 2025						As of December 31, 2024
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	25	$	65	$	90	$	29	$	74	$	103
91 – 120 days past due	7		19		26		11		19		30
Greater than 120 days past due	158		5		163		160		5		165
Total past due	190		89		279		200		98		298
Current	544		2,151		2,695		579		2,099		2,678
Total vacation ownership notes receivable	$	734	$	2,240	$	2,974	$	779	$	2,197	$	2,976