v3.26.1
VACATION OWNERSHIP NOTES RECEIVABLE (Tables)
 3 Months Ended
Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Composition Of Vacation Ownership Notes Receivable Balances, Net of Reserves
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, 2026December 31, 2025
($ in millions)OriginatedAcquiredTotalOriginatedAcquiredTotal
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-securitized490 7 497 660 5 665 
Total
$2,511 $56 $2,567 $2,503 $62 $2,565 
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable
The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at March 31, 2026.
($ in millions)Non-SecuritizedSecuritizedTotal
2026, remaining$81 $129 $210 
202774 176 250 
202862 180 242 
202951 180 231 
203038 184 222 
Thereafter191 1,221 1,412 
Balance at March 31, 2026$497 $2,070 $2,567 
Weighted average stated interest rate11.4%13.4%12.9%
Range of stated interest rates
0.0% to 21.9%
0.0% to 21.9%
0.0% to 21.9%
Schedule of Financing Receivable Credit Quality Indicators
The following tables show vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Vacation Ownership Notes Receivable as of March 31, 2026
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,662 $645 $62 $416 $2,785 
Hyatt Vacation Ownership231 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< 600No ScoreTotal
Marriott Vacation Ownership$1,645 $652 $61 $414 2,772 
Hyatt Vacation Ownership233 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)20262025202420232022 & PriorTotal
700 +$153 $514 $371 $227 $397 $1,662 
600 - 69933 164 139 100 209 645 
< 6005 18 13 8 18 62 
No Score48 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)20262025202420232022 & PriorTotal
700 +$25 $74 $43 $31 $58 $231 
600 - 6995 28 16 11 25 85 
< 600— 2 1 — — 3 
No Score1 1 — 1 1 4 
$31 $105 $60 $43 $84 $323 
Gross write-offs$— $2 $3 $1 $4 $10 
Schedule of Interest Income Associated With Vacation Ownership Notes Receivable The following table summarizes interest income associated with vacation ownership notes receivable.
Three Months Ended
($ in millions)March 31, 2026March 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 $86 
Schedule of Financing Receivable, Nonaccrual
The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
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 $185 
Schedule of Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2026 and December 31, 2025.
As of March 31, 2026As of December 31, 2025
($ in millions)Non-SecuritizedSecuritizedTotalNon-SecuritizedSecuritizedTotal
31 – 90 days past due$26 $73 $99 $27 $67 $94 
91 – 120 days past due8 20 28 12 17 29 
Greater than 120 days past due166 4 170 153 3 156 
Total past due200 97 297 192 87 279 
Current525 2,286 2,811 720 2,101 2,821 
Total vacation ownership notes receivable$725 $2,383 $3,108 $912 $2,188 $3,100 
Originated  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Notes Receivable Reserves The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first quarter of 2026.
Originated Vacation Ownership Notes Receivable Reserve
($ in millions)Non-SecuritizedSecuritizedTotal
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.