v3.26.1
VACATION OWNERSHIP NOTES RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 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.
June 30, 2026December 31, 2025
($ in millions)OriginatedAcquiredTotalOriginatedAcquiredTotal
Securitized$2,039 $43 $2,082 $1,843 $57 $1,900 
Eligible for securitization(1)
57 — 57 152 — 152 
Not eligible for securitization(1)
442 6 448 508 5 513 
Non-securitized499 6 505 660 5 665 
Total
$2,538 $49 $2,587 $2,503 $62 $2,565 
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable
The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at June 30, 2026.
($ in millions)Non-SecuritizedSecuritizedTotal
2026, remaining$52 $88 $140 
202782 178 260 
202865 180 245 
202954 183 237 
203041 189 230 
Thereafter211 1,264 1,475 
Balance at June 30, 2026$505 $2,082 $2,587 
Weighted average stated interest rate11.5%13.4%13.0%
Range of stated interest rates
0.0% to 21.9%
0.0% to 21.9%
0.0% to 21.9%
Schedule of Financing Receivable Credit Quality Indicators
The following tables show vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Vacation Ownership Notes Receivable as of June 30, 2026
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,708 $639 $62 $414 $2,823 
Hyatt Vacation Ownership226 80 4 3 313 
$1,934 $719 $66 $417 $3,136 
Vacation Ownership Notes Receivable as of December 31, 2025
($ 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 $3,100 
The following tables detail the origination year of our vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of June 30, 2026, and gross write-offs by brand for the first half of 2026.
Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)20262025202420232022 & PriorTotal
700 +$327 $481 $329 $209 $362 $1,708 
600 - 69967 157 129 93 193 639 
< 6009 17 12 7 17 62 
No Score85 147 84 46 52 414 
$488 $802 $554 $355 $624 $2,823 
Gross write-offs$1 $18 $23 $13 $23 $78 
Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)20262025202420232022 & PriorTotal
700 +$47 $61 $38 $28 $52 $226 
600 - 69910 24 14 10 22 80 
< 6001 2 — — 1 4 
No Score— 1 1 1 — 3 
$58 $88 $53 $39 $75 $313 
Gross write-offs$— $7 $7 $4 $6 $24 
Schedule of Interest Income Associated With Vacation Ownership Notes Receivable The following table summarizes interest income associated with vacation ownership notes receivable.
Three Months EndedSix Months Ended
($ in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income - securitized vacation ownership notes receivable
$79 $73 $157 $147 
Interest income - non-securitized vacation ownership notes receivable
10 13 22 25 
Total interest income associated with vacation ownership notes receivable$89 $86 $179 $172 
Schedule of Financing Receivable, Nonaccrual
The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
Investment in vacation ownership notes receivable on non-accrual status at June 30, 2026
$192 $19 $211 
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025
$165 $20 $185 
Schedule of Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of June 30, 2026 and December 31, 2025.
As of June 30, 2026As of December 31, 2025
($ in millions)Non-SecuritizedSecuritizedTotalNon-SecuritizedSecuritizedTotal
31 – 90 days past due$20 $68 $88 $27 $67 $94 
91 – 120 days past due7 16 23 12 17 29 
Greater than 120 days past due185 3 188 153 3 156 
Total past due212 87 299 192 87 279 
Current521 2,316 2,837 720 2,101 2,821 
Total vacation ownership notes receivable$733 $2,403 $3,136 $912 $2,188 $3,100 
Originated  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Notes Receivable Reserves The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first half of 2026.
Originated Vacation Ownership Notes Receivable Reserve
($ in millions)Non-SecuritizedSecuritizedTotal
Balance at December 31, 2025$242 $285 $527 
Increase in vacation ownership notes receivable reserve
87 28 115 
Securitizations(144)144 — 
Clean-up call56 (56)— 
Write-offs(99)— (99)
Defaulted vacation ownership notes receivable repurchase activity(1)
84 (84)— 
Balance at June 30, 2026$226 $317 $543 
(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.