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VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2025

Accounts, Notes, Loans and Financing Receivable [Line Items]

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.

			June 30, 2025																		December 31, 2024
($ in millions)			Originated						Acquired						Total						Originated						Acquired						Total
Securitized			$	1,890					$	73					$	1,963					$	1,824					$	93					$	1,917
Eligible for securitization(1)			46						1						47						92						2						94
Not eligible for securitization(1)			464						11						475						417						12						429
Non-securitized			510						12						522						509						14						523
Total			$	2,400					$	85					$	2,485					$	2,333					$	107					$	2,440
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

Interest income associated with vacation ownership notes receivable

The following table summarizes interest income associated with vacation ownership notes receivable.

			Three Months Ended												Six Months Ended
($ in millions)			June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Interest income - securitized vacation ownership notes receivable			$	73					$	72					$	147					$	143
Interest income - non-securitized vacation ownership notes receivable			13						10						25						20
Total interest income associated with vacation ownership notes receivable			$	86					$	82					$	172					$	163

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-Securitized						Securitized						Total
Investment in vacation ownership notes receivable on non-accrual status at June 30, 2025			$	183					$	17					$	200
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024			$	171					$	24					$	195

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, 2025 and December 31, 2024.

			As of June 30, 2025																		As of December 31, 2024
($ in millions)			Non-Securitized						Securitized						Total						Non-Securitized						Securitized						Total
31 – 90 days past due			$	24					$	58					$	82					$	29					$	74					$	103
91 – 120 days past due			8						13						21						11						19						30
Greater than 120 days past due			175						4						179						160						5						165
Total past due			207						75						282						200						98						298
Current			567						2,175						2,742						579						2,099						2,678
Total vacation ownership notes receivable			$	774					$	2,250					$	3,024					$	779					$	2,197					$	2,976

Acquired

Accounts, Notes, Loans and Financing Receivable [Line Items]

Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable

The following table shows future contractual principal payments, net of a $7 million reserve, and interest rates for our acquired vacation ownership notes receivable at June 30, 2025.

			Acquired Vacation Ownership Notes Receivable
($ in millions)			Non-Securitized						Securitized						Total
2025, remaining			$	4					$	10					$	14
2026			3						19						22
2027			2						15						17
2028			1						10						11
2029			1						6						7
Thereafter			1						13						14
Balance at June 30, 2025			$	12					$	73					$	85
Weighted average stated interest rate			13.8%						14.2%						14.1%
Range of stated interest rates			0.0% to 21.9%						0.0% to 21.9%						0.0% to 21.9%

Financing receivable credit quality indicators

The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.

			Acquired Vacation Ownership Notes Receivable as of June 30, 2025
($ in millions)			700+						600 - 699						< 600						No Score						Total
Marriott Vacation Ownership			$	24					$	17					$	2					$	4					$	47
Hyatt Vacation Ownership			27						17						1						—						45
			$	51					$	34					$	3					$	4					$	92

			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

Originated

Accounts, Notes, Loans and Financing Receivable [Line Items]

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 originated vacation ownership notes receivable at June 30, 2025.

			Originated Vacation Ownership Notes Receivable
($ in millions)			Non-Securitized						Securitized						Total
2025, remaining			$	52					$	73					$	125
2026			72						152						224
2027			61						160						221
2028			54						167						221
2029			44						169						213
Thereafter			227						1,169						1,396
Balance at June 30, 2025			$	510					$	1,890					$	2,400
Weighted average stated interest rate			11.6%						13.3%						12.9%
Range of stated interest rates			0.0% to 20.9%						0.0% to 20.9%						0.0% to 20.9%

Notes receivable reserves

			Originated Vacation Ownership Notes Receivable Reserve
($ in millions)			Non-Securitized						Securitized						Total
Balance at December 31, 2024			$	252					$	275					$	527
Increase in vacation ownership notes receivable reserve			81						23						104
Securitizations			(122)						122						—
Clean-up call			58						(58)						—
Write-offs			(99)						—						(99)
Defaulted vacation ownership notes receivable repurchase activity(1)			79						(79)						—
Balance at June 30, 2025			$	249					$	283					$	532
(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.

Financing receivable credit quality indicators

The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.

			Originated Vacation Ownership Notes Receivable as of June 30, 2025
($ in millions)			700 +						600 - 699						< 600						No Score						Total
Marriott Vacation Ownership			$	1,569					$	632					$	57					$	385					$	2,643
Hyatt Vacation Ownership			211						73						2						3						289
			$	1,780					$	705					$	59					$	388					$	2,932

			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

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 June 30, 2025, and gross write-offs by brand for the first half of 2025.

			Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)			2025						2024						2023						2022						2021 & Prior						Total
700 +			$	283					$	473					$	307					$	215					$	291					$	1,569
600 - 699			78						170						127						102						155						632
< 600			8						16						11						8						14						57
No Score			97						136						71						34						47						385
			$	466					$	795					$	516					$	359					$	507					$	2,643
Gross write-offs			$	1					$	13					$	28					$	18					$	22					$	82

			Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)			2025						2024						2023						2022						2021 & Prior						Total
700 +			$	55					$	62					$	42					$	33					$	19					$	211
600 - 699			15						23						15						13						7						73
< 600			1						1						—						—						—						2
No Score			—						1						1						1						—						3
			$	71					$	87					$	58					$	47					$	26					$	289
Gross write-offs			$	—					$	4					$	6					$	5					$	2					$	17

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