Financial research concept

Vacation Ownership Originated Notes Receivable

measures gross originated vacation ownership notes receivable outstanding before credit reserves.

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.

The reserve reduced gross notes by about 17.4%
Nonaccrual notes represented about 6.1% of the gross balance
Gross notes are a financed-sales asset stock, not contract sales or cash
Part of the Vacation Ownership Economics
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Vacation Ownership Originated Notes Receivable measures gross originated vacation ownership notes receivable outstanding before credit reserves.

Marriott Vacations Worldwide reported $3.030 billion before reserves in 2025.

The reserve reduced gross notes by about 17.4%

The notes receivable reserve was $527 million.

Subtracting that reserve from $3.030 billion leaves approximately $2.503 billion of net originated notes receivable before considering other presentation differences.

Nonaccrual notes represented about 6.1% of the gross balance

Nonaccrual notes receivable were $185 million, about 6.1% of the $3.030 billion gross balance.

That amount is much smaller than the reserve, showing that current nonaccrual status captures only part of the broader expected-credit-loss exposure.

Use Vacation Ownership Notes Receivable Reserve for the allowance bridge.

Gross notes are a financed-sales asset stock, not contract sales or cash

Origination, repayment, default, securitization, and repurchase activity all move the balance.

The $3.030 billion figure should remain separate from current-period contract sales.

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 Revenue Vacation Ownership Nonaccrual Notes Receivable Vacation Ownership Notes Receivable ReserveVacation Ownership Originated Notes ReceivableCurrent conceptVacation 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 Nonaccrual Notes Receivable Vacation Ownership Notes Receivable Reserve Vacation Ownership Notes Receivable Securitization Proceeds

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Compare gross notes with reserve, nonaccrual, and securitization activity while preserving the asset-stock boundary.

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