The following table shows consolidated assets, which are collateral for the obligations of the VIEs related to our vacation ownership notes receivable securitizations, and consolidated liabilities included on our Balance Sheet at March 31, 2025:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,632	$	327	$	1,959
Interest receivable	13		2		15
Restricted cash	76		19		95
Total	$	1,721	$	348	$	2,069
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	1,856		315		2,171
Total	$	1,859	$	316	$	2,175


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	64	$	10	$	74
Interest expense	$	23	$	3	$	26
Debt issuance cost amortization	$	2	$	1	$	3


	Three Months Ended
($ in millions)	March 31, 2025		March 31, 2024
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	—	$	425
Principal receipts	141		141
Interest receipts	65		65
Reserve release	—		60
Total	206		691
Cash Outflows
Principal payments	(140)		(132)
Voluntary repurchases of defaulted vacation ownership notes receivable	(43)		(35)
Voluntary clean-up call	—		(29)
Interest payments	(23)		(21)
Funding of restricted cash	—		(112)
Total	(206)		(329)
Net Cash Flows	$	—	$	362


	Three Months Ended
($ in millions)	March 31, 2025		March 31, 2024
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	206	$	94
Principal receipts	17		10
Interest receipts	9		6
Reserve release	—		6
Total	232		116
Cash Outflows
Principal payments	(14)		(7)
Voluntary repurchases of defaulted vacation ownership notes receivable	—		(2)
Repayment of Warehouse Credit Facility	—		(236)
Interest payments	(3)		(3)
Funding of restricted cash	(9)		(2)
Total	(26)		(250)
Net Cash Flows	$	206	$	(134)

Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. Our maximum exposure to potential loss relating to the special purpose entities that purchase, sell, and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance of the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral.

We have a commitment to purchase a property located in Waikiki, Hawaii. The property is held by a VIE for which we are not the primary beneficiary. We do not control the decisions that most significantly impact the economic performance of the entity as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the VIE. We expect to acquire the property over time and as of March 31, 2025, we expect to make payments for the property as follows: $82 million in 2025 and $41 million in 2026. As of March 31, 2025, our Balance Sheet reflected $1 million in Accounts and contracts receivable, net, including a note receivable of less than $1 million, $12 million in Property and equipment, net, and $1 million in the Other line within liabilities on our Balance Sheet. We believe that our maximum exposure to loss as a result of our involvement with this VIE is

approximately $16 million as of March 31, 2025. During the first quarter of 2024, we acquired retail space located at our Marriott Vacation Club, Waikiki property for $48 million. The transaction was accounted for as an asset acquisition and classified as held-for-sale and included in Other assets as of March 31, 2025.

We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in a rabbi trust. The rabbi trust is considered a VIE. We are the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At March 31, 2025 and December 31, 2024, the value of the assets held in the rabbi trust was $130 million and $131 million, respectively, and was included in the Other line within assets on our Balance Sheets.