Financial research concept

Vacation Ownership Nonaccrual Notes Receivable

measures vacation ownership notes receivable on non-accrual status, defined as 90 days or more past due.

By Lee BaileyPublished Sep 26, 2026

Research context

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Research date: Sep 26, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Vacation Ownership Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Nonaccrual notes were about 6.1% of gross originated notes
The reserve was about 2.85 times the nonaccrual stock
Nonaccrual is not annual default volume
Part of the Vacation Ownership Economics
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Vacation Ownership Nonaccrual Notes Receivable measures vacation ownership notes on nonaccrual status, defined by Marriott Vacations as 90 days or more past due.

Marriott Vacations Worldwide reported $185 million of nonaccrual notes receivable in 2025.

Nonaccrual notes were about 6.1% of gross originated notes

Gross originated notes receivable were $3.030 billion before reserves.

Dividing $185 million by $3.030 billion gives approximately 6.1%.

The reserve was about 2.85 times the nonaccrual stock

Marriott reported a $527 million notes receivable reserve.

Dividing $527 million by $185 million gives approximately 2.85 times, reflecting that the reserve covers expected loss beyond loans already on nonaccrual.

Use Vacation Ownership Notes Receivable Reserve for the broader allowance.

Nonaccrual is not annual default volume

The $185 million figure is a point-in-time credit-quality stock and includes both securitized and non-securitized receivables.

It should not be treated as current-period charge-offs.

Primary source: Marriott Vacations Worldwide 2025 Form 10-K.

Part of the Vacation Ownership Economics

Connect tour flow, volume per guest, contract sales, development profit, recurring resort and exchange services, and consumer-financing credit and securitization economics across a branded vacation ownership platform.

Browse the full operating model in Company Analysis →

Where this concept fits

Consumer financing, credit reserves, and securitizationCurrent relationship
Financing revenue monetizes the receivable base, gross originated notes show financed-sales exposure, the reserve and estimated remaining default rate frame expected credit loss, nonaccrual notes show stressed balances, and securitization proceeds show how receivables are funded and recycled into cash.
Vacation Ownership Average Remaining Default Rate Vacation Ownership Financing RevenueVacation Ownership Nonaccrual Notes ReceivableCurrent conceptVacation Ownership Notes Receivable Reserve Vacation Ownership Originated Notes Receivable Vacation Ownership Notes Receivable Securitization Proceeds
Tours, VPG, contract sales, and development economics
Sales tours are the funnel activity base, VPG combines closing performance and contract value, and contract sales measure gross signed vacation ownership sales. Development profit and margin then reflect product cost, marketing and sales expense, reserve assumptions, and inventory mix.
Vacation Ownership Contract Sales Vacation Ownership Development Profit Vacation Ownership Development Profit Margin Vacation Ownership Sales Tours Vacation Ownership Volume per Guest
Recurring resort and exchange-member economics
Resort management revenue, profit, and margin describe recurring services tied to the ownership base; occupancy mixes owner, preview, and transient use; and active Interval members plus revenue per member describe a separate exchange-network recurring-revenue stream.
Vacation Ownership Active Exchange Members Vacation Ownership Average Exchange Revenue per Member Vacation Ownership Resort Management and Other Services Margin Vacation Ownership Resort Management and Other Services Profit Vacation Ownership Resort Management and Other Services Revenue Vacation Ownership Resort Occupancy

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

VACOpen operating-model research →17 of 17 reviewed concepts in Vacation Ownership EconomicsConsumer financing, credit reserves, and securitization6 of 6 bridge concepts supportedContinue through this bridge:Vacation Ownership Average Remaining Default Rate Vacation Ownership Financing Revenue Vacation Ownership Notes Receivable Reserve Vacation Ownership Notes Receivable Securitization Proceeds Vacation Ownership Originated Notes Receivable

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Compare nonaccrual notes with gross notes and reserve coverage to distinguish current problem loans from expected losses.

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