
	March 31, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,785	$	129	$	1,914	$	1,764	$	148	$	1,912

Eligible for securitization(1)	51		2		53		51		1		52
Not eligible for securitization(1)	351		18		369		363		16		379
Non-securitized	402		20		422		414		17		431

Total	$	2,187	$	149	$	2,336	$	2,178	$	165	$	2,343

(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Interest income associated with securitized vacation ownership notes receivable	$	71	$	67
Interest income associated with non-securitized vacation ownership notes receivable	10		9
Total interest income associated with vacation ownership notes receivable	$	81	$	76

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 vacation ownership interest (“VOI”) they have acquired. 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.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 724 and 723, at March 31, 2024 and December 31, 2023, respectively, based upon the FICO score of the borrower at the time of origination.

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 $14 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	4	$	21	$	25
2025	3		27		30
2026	3		24		27
2027	3		19		22
2028	2		13		15
Thereafter	5		25		30
Balance at March 31, 2024	$	20	$	129	$	149
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%


	Acquired Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	42	$	28	$	4	$	8	$	82
Hyatt Vacation Ownership	48		31		1		1		81
	$	90	$	59	$	5	$	9	$	163


	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

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 March 31, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	51	$	105	$	156
2025	48		146		194
2026	43		155		198
2027	40		162		202
2028	33		168		201
Thereafter	187		1,049		1,236
Balance at March 31, 2024	$	402	$	1,785	$	2,187
Weighted average stated interest rate	11.9%		13.3%		13.0%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2023	$	195	$	260	$	455
Increase (decrease) in vacation ownership notes receivable reserve	47		(5)		42
Securitizations	(63)		63		—
Clean-up call	34		(34)		—
Write-offs	(45)		—		(45)
Defaulted vacation ownership notes receivable repurchase activity(1)	33		(33)		—
Balance at March 31, 2024	$	201	$	251	$	452

(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 March 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	608	$	57	$	327	$	2,373
Hyatt Vacation Ownership	191		70		2		3		266
	$	1,572	$	678	$	59	$	330	$	2,639


	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 March 31, 2024, and gross write-offs by brand for the first quarter of 2024.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	98	$	470	$	353	$	191	$	269	$	1,381
600 - 699	30		183		155		98		142		608
< 600	3		17		14		9		14		57
No Score	39		138		59		23		68		327
	$	170	$	808	$	581	$	321	$	493	$	2,373

Gross write-offs	$	—	$	7	$	12	$	8	$	12	$	39


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	27	$	79	$	56	$	25	$	4	$	191
600 - 699	8		27		23		10		2		70
< 600	—		1		—		1		—		2
No Score	—		2		1		—		—		3
	$	35	$	109	$	80	$	36	$	6	$	266

Gross write-offs	$	—	$	2	$	3	$	1	$	—	$	6

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 12.62% as of March 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 $13 million as of both March 31, 2024 and December 31, 2023.

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 March 31, 2024	$	153	$	27	$	180
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023	$	141	$	27	$	168

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2024 and December 31, 2023.



	As of March 31, 2024						As of December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	32	$	68	$	100	$	31	$	72	$	103
91 – 120 days past due	12		15		27		7		19		26
Greater than 120 days past due	141		12		153		134		8		142
Total past due	185		95		280		172		99		271
Current	444		2,078		2,522		460		2,082		2,542
Total vacation ownership notes receivable	$	629	$	2,173	$	2,802	$	632	$	2,181	$	2,813