v3.26.3
VACATION OWNERSHIP NOTES RECEIVABLE (Tables)
 9 Months Ended
Sep. 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.
September 30, 2026December 31, 2025
($ in millions)OriginatedAcquiredTotalOriginatedAcquiredTotal
Securitized$2,154 $37 $2,191 $1,843 $57 $1,900 
Eligible for securitization(1)
83 — 83 152 — 152 
Not eligible for securitization(1)
396 6 402 508 5 513 
Non-securitized479 6 485 660 5 665 
Total
$2,633 $43 $2,676 $2,503 $62 $2,565 
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable
The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at September 30, 2026.
($ in millions)Non-SecuritizedSecuritizedTotal
2026, remaining$23 $50 $73 
202768 200 268 
202847 200 247 
202942 196 238 
203039 191 230 
Thereafter266 1,354 1,620 
Balance at September 30, 2026$485 $2,191 $2,676 
Weighted average stated interest rate12.1%13.3%13.0%
Range of stated interest rates
0.0% to 21.9%
0.0% to 21.9%
0.0% to 21.9%
Schedule of Financing Receivable Credit Quality Indicators
The following tables show vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Vacation Ownership Notes Receivable as of September 30, 2026
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,796 $650 $64 $418 $2,928 
Hyatt Vacation Ownership231 80 4 4 319 
$2,027 $730 $68 $422 $3,247 
Vacation Ownership Notes Receivable as of December 31, 2025
($ 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 $3,100 
The following tables detail the origination year of our vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of September 30, 2026, and gross write-offs by brand for the first three quarters of 2026.
Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)20262025202420232022 & PriorTotal
700 +$539 $447 $292 $189 $329 $1,796 
600 - 699116 150 119 87 178 650 
< 60015 16 11 7 15 64 
No Score129 128 74 41 46 418 
$799 $741 $496 $324 $568 $2,928 
Gross write-offs$3 $29 $36 $21 $33 $122 
Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)20262025202420232022 & PriorTotal
700 +$73 $52 $34 $25 $47 $231 
600 - 69918 21 13 9 19 80 
< 6002 2 — — — 4 
No Score1 1 — 1 1 4 
$94 $76 $47 $35 $67 $319 
Gross write-offs$1 $10 $10 $5 $10 $36 
Schedule of Interest Income Associated With Vacation Ownership Notes Receivable The following table summarizes interest income associated with vacation ownership notes receivable.
Three Months EndedNine Months Ended
($ in millions)September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Interest income - securitized vacation ownership notes receivable
$81 $74 $238 $221 
Interest income - non-securitized vacation ownership notes receivable
11 14 33 39 
Total interest income associated with vacation ownership notes receivable$92 $88 $271 $260 
Schedule of Financing Receivable, Nonaccrual
The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2026
$185 $22 $207 
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025
$165 $20 $185 
Schedule of Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of September 30, 2026 and December 31, 2025.
As of September 30, 2026As of December 31, 2025
($ in millions)Non-SecuritizedSecuritizedTotalNon-SecuritizedSecuritizedTotal
31 – 90 days past due$17 $66 $83 $27 $67 $94 
91 – 120 days past due5 18 23 12 17 29 
Greater than 120 days past due180 4 184 153 3 156 
Total past due202 88 290 192 87 279 
Current515 2,442 2,957 720 2,101 2,821 
Total vacation ownership notes receivable$717 $2,530 $3,247 $912 $2,188 $3,100 
Originated  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Notes Receivable Reserves The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first three quarters of 2026.
Originated Vacation Ownership Notes Receivable Reserve
($ in millions)Non-SecuritizedSecuritizedTotal
Balance at December 31, 2025$242 $285 $527 
Increase in vacation ownership notes receivable reserve
139 53 192 
Securitizations(183)183 — 
Clean-up call56 (56)— 
Write-offs(153)— (153)
Defaulted vacation ownership notes receivable repurchase activity(1)
130 (130)— 
Balance at September 30, 2026$231 $335 $566 
(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.