
	December 31, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,824	$	93	$	1,917	$	1,764	$	148	$	1,912

Eligible for securitization(1)	92		2		94		51		1		52
Not eligible for securitization(1)	417		12		429		363		16		379
Non-securitized	509		14		523		414		17		431

Total	$	2,333	$	107	$	2,440	$	2,178	$	165	$	2,343

We reflect interest income associated with vacation ownership notes receivable in our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable.


($ in millions)	2024		2023		2022
Interest income associated with vacation ownership notes receivable — securitized	$	288	$	276	$	243
Interest income associated with vacation ownership notes receivable — non-securitized	43		36		41
Total interest income associated with vacation ownership notes receivable	$	331	$	312	$	284

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.

In the third quarter of 2023, we increased our vacation ownership notes receivable reserve to reflect then-current trends in delinquencies and default rates. As a result, we increased our originated vacation ownership notes receivable reserve by $59 million. We estimated the amount of the increase in our sales reserve primarily using information from a historical period of increased defaults. The additional reserve recorded in 2023 was the result of an adjustment to our future default rate estimate to reflect then-current macroeconomic conditions, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity.

During the second quarter of 2024, we increased our sales reserve to reflect increases in expected cumulative loss rates for our vacation ownership notes receivable originated during 2021 to 2024. As a result, we increased our originated vacation ownership notes receivable reserve by $70 million. Consistent with our analysis in the third quarter of 2023, we considered the cumulative impact of inflation and the mixed economic environment on delinquencies and default rates. We believed the related impact of higher than historical year-over-year increases in maintenance fees for 2023 and 2024 would continue to drive elevated delinquencies and defaults. As expected, maintenance fee increases for our points-based products for 2025, which were approved by the relevant property owners’ association, returned to levels consistent with historical experience.

We have increased our sales reserve rate to reflect higher expected cumulative losses on new originations and do not expect to lower the sales reserve rate until we have sufficient evidence of improvement in delinquency and default rates.

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 VOI they have acquired.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 725 and 723 at December 31, 2024 and December 31, 2023, respectively, based upon the FICO score of the borrower at the time of origination.

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. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2025	$	84	$	141	$	225
2026	60		150		210
2027	56		158		214
2028	49		165		214
2029	39		165		204
Thereafter	221		1,045		1,266
Balance at December 31, 2024	$	509	$	1,824	$	2,333
Weighted average stated interest rate	11.7%		13.4%		12.9%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%

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.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2021	193		140		333
Increase in vacation ownership notes receivable reserve	118		47		165
Securitizations	(132)		132		—
Clean-up call	37		(37)		—
Write-offs	(136)		—		(136)
Defaulted vacation ownership notes receivable repurchase activity(1)	69		(69)		—
Balance at December 31, 2022	149		213		362
Increase in vacation ownership notes receivable reserve	188		40		228
Securitizations	(211)		211		—
Clean-up call	99		(99)		—
Write-offs	(135)		—		(135)
Defaulted vacation ownership notes receivable repurchase activity(1)	105		(105)		—
Balance at December 31, 2023	195		260		455
Increase in vacation ownership notes receivable reserve	218		53		271
Securitizations	(193)		193		—
Clean-up call	80		(80)		—
Write-offs	(199)		—		(199)
Defaulted vacation ownership notes receivable repurchase activity(1)	151		(151)		—
Balance at December 31, 2024	$	252	$	275	$	527

(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.


	Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,513	$	634	$	58	$	365	$	2,570
Hyatt Vacation Ownership	210		75		2		3		290
	$	1,723	$	709	$	60	$	368	$	2,860


	Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	609	$	57	$	323	$	2,370
Hyatt Vacation Ownership	188		70		2		3		263
	$	1,569	$	679	$	59	$	326	$	2,633

The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of December 31, 2024, and gross write-offs by brand for the year ended December 31, 2024.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	529	$	378	$	256	$	148	$	202	$	1,513
600 - 699	180		150		120		76		108		634
< 600	17		14		10		7		10		58
No Score	176		88		41		14		46		365
	$	902	$	630	$	427	$	245	$	366	$	2,570

Gross write-offs	$	8	$	44	$	49	$	27	$	38	$	166


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	94	$	53	$	41	$	19	$	3	$	210
600 - 699	32		19		15		7		2		75
< 600	1		1		—		—		—		2
No Score	1		1		1		—		—		3
	$	128	$	74	$	57	$	26	$	5	$	290

Gross write-offs	$	2	$	12	$	13	$	6	$	—	$	33

Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of a $9 million reserve, and interest rates for our acquired vacation ownership notes receivable at December 31, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2025	$	6	$	23	$	29
2026	3		21		24
2027	2		17		19
2028	1		11		12
2029	1		7		8
Thereafter	1		14		15
Balance at December 31, 2024	$	14	$	93	$	107
Weighted average stated interest rate	13.8%		14.2%		14.2%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%


	Acquired Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	30	$	21	$	3	$	5	$	59
Hyatt Vacation Ownership	34		22		—		1		57
	$	64	$	43	$	3	$	6	$	116


	Acquired Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	46	$	32	$	4	$	9	$	91
Hyatt Vacation Ownership	53		34		1		1		89
	$	99	$	66	$	5	$	10	$	180

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rate of 13.96% as of December 31, 2024 and 13.00% as of December 31, 2023. 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 $14 million as of December 31, 2024 and $13 million as of December 31, 2023.


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024	$	171	$	24	$	195
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023	$	141	$	27	$	168


	December 31, 2024						December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	29	$	74	$	103	$	31	$	72	$	103
91 – 120 days past due	11		19		30		7		19		26
Greater than 120 days past due	160		5		165		134		8		142
Total past due	200		98		298		172		99		271
Current	579		2,099		2,678		460		2,082		2,542
Total vacation ownership notes receivable	$	779	$	2,197	$	2,976	$	632	$	2,181	$	2,813