
($ in millions)	At March 31, 2025		At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1)	$	1,856	$	2,039
Unamortized debt discount and issuance costs	(23)		(25)
	1,833		2,014

Warehouse Credit Facility, gross(2)	315		124
Unamortized debt issuance costs	(1)		(2)
	314		122

	$	2,147	$	2,136

(1)Interest rates as of March 31, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Effective interest rate as of March 31, 2025 was 5.5%.

All of our securitized debt is non-recourse. See Footnote 14 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2025, remaining	$	142	$	12	$	154
2026	167		16		183
2027	170		287		457
2028	170		—		170
2029	168		—		168
Thereafter	1,039		—		1,039
	$	1,856	$	315	$	2,171

(1)Excludes future Warehouse Credit Facility renewals.

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the first quarter of 2025, and as of March 31, 2025, we had 12 securitized vacation ownership notes receivable pools outstanding, none of which were out of compliance with their respective established parameters.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

On May 6, 2025, subsequent to the end of the first quarter of 2025, we securitized a pool of $459 million of vacation ownership notes receivable. In connection with the securitization, $450 million in vacation ownership loan backed notes were issues by MVW 2025-1 LLC (the “2025-1 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2025-1 LLC: $277 million of Class A Notes, $93 million of Class B Notes, and $80 million of Class C Notes. The Class A Notes have an interest rate of 4.97%, the Class B Notes have an interest rate of 5.21%, and the Class C Notes have an interest rate of 5.75%, for an overall weighted average interest rate of 5.16%. Proceeds from the transaction, net of fees, were used to repay the outstanding obligations on our warehouse credit facility (the “Warehouse Credit Facility”) and for other general corporate purposes.