The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. 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. Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition.


	March 31, 2026						December 31, 2025
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	2,021	$	49	$	2,070	$	1,843	$	57	$	1,900

Eligible for securitization(1)	93		—		93		152		—		152
Not eligible for securitization(1)	397		7		404		508		5		513
Non-securitized	490		7		497		660		5		665

Total	$	2,511	$	56	$	2,567	$	2,503	$	62	$	2,565

(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at March 31, 2026.


($ in millions)	Non-Securitized		Securitized		Total
2026, remaining	$	81	$	129	$	210
2027	74		176		250
2028	62		180		242
2029	51		180		231
2030	38		184		222
Thereafter	191		1,221		1,412
Balance at March 31, 2026	$	497	$	2,070	$	2,567
Weighted average stated interest rate	11.4%		13.4%		12.9%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

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 730 and 729, at March 31, 2026 and December 31, 2025, respectively, based upon the FICO score of the borrower at the time of origination.


	Vacation Ownership Notes Receivable as of March 31, 2026
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,662	$	645	$	62	$	416	$	2,785
Hyatt Vacation Ownership	231		85		3		4		323
	$	1,893	$	730	$	65	$	420	$	3,108


	Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,645	$	652	$	61	$	414	2,772
Hyatt Vacation Ownership	233		88		3		4		328
	$	1,878	$	740	$	64	$	418	$	3,100

The following tables detail the origination year of our vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2026, and gross write-offs by brand for the first quarter of 2026.


	Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	153	$	514	$	371	$	227	$	397	$	1,662
600 - 699	33		164		139		100		209		645
< 600	5		18		13		8		18		62
No Score	48		167		91		51		59		416
	$	239	$	863	$	614	$	386	$	683	$	2,785

Gross write-offs	$	—	$	9	$	11	$	7	$	11	$	38


	Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	25	$	74	$	43	$	31	$	58	$	231
600 - 699	5		28		16		11		25		85
< 600	—		2		1		—		—		3
No Score	1		1		—		1		1		4
	$	31	$	105	$	60	$	43	$	84	$	323

Gross write-offs	$	—	$	2	$	3	$	1	$	4	$	10

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, 2026		March 31, 2025
Interest income - securitized vacation ownership notes receivable	$	78	$	74
Interest income - non-securitized vacation ownership notes receivable	12		12
Total interest income associated with vacation ownership notes receivable	$	90	$	86

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.

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 2026.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2025	$	242	$	285	$	527
Increase in vacation ownership notes receivable reserve	50		3		53
Securitizations	(56)		56		—

Write-offs	(46)		—		(46)
Defaulted vacation ownership notes receivable repurchase activity(1)	36		(36)		—
Balance at March 31, 2026	$	226	$	308	$	534

(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.

For our acquired vacation ownership notes receivable, the remaining reserve was $7 million as of March 31, 2026, and we recorded $2 million of write-offs for the three months ended March 31, 2026.

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 13.36% as of March 31, 2026 and 13.51% as of December 31, 2025. 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 $15 million as of both March 31, 2026 and December 31, 2025.

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, 2026	$	174	$	24	$	198
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025	$	165	$	20	$	185

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2026 and December 31, 2025.



	As of March 31, 2026						As of December 31, 2025
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	26	$	73	$	99	$	27	$	67	$	94
91 – 120 days past due	8		20		28		12		17		29
Greater than 120 days past due	166		4		170		153		3		156
Total past due	200		97		297		192		87		279
Current	525		2,286		2,811		720		2,101		2,821
Total vacation ownership notes receivable	$	725	$	2,383	$	3,108	$	912	$	2,188	$	3,100