Financial research concept

Vacation Ownership Notes Receivable Securitization Proceeds

measures net cash proceeds received from securitizing vacation ownership notes receivable during the year.

By Lee BaileyPublished Sep 26, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

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.

Proceeds were about 30.0% of gross originated notes receivable
Proceeds were about 51.6% of annual contract sales
Securitization proceeds are financing cash inflows, not revenue
Part of the Vacation Ownership Economics
See It in Company Research
Continue Research

Vacation Ownership Notes Receivable Securitization Proceeds measures net cash proceeds from securitizing vacation ownership notes receivable during the year.

Marriott Vacations Worldwide reported $910 million of net securitization proceeds in 2025.

Proceeds were about 30.0% of gross originated notes receivable

Gross originated notes receivable were $3.030 billion.

Dividing $910 million by $3.030 billion gives approximately 30.0%.

Proceeds were about 51.6% of annual contract sales

Contract sales were $1.762 billion.

The ratio of $910 million to $1.762 billion is approximately 51.6%, but the measures belong to different periods and funding cycles and should not be treated as a direct conversion rate.

Use Vacation Ownership Originated Notes Receivable to keep the financed-asset stock visible.

Securitization proceeds are financing cash inflows, not revenue

They depend on capital-market timing, eligible collateral, structure, and investor demand.

The $910 million should not be included in operating sales or financing revenue.

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 Reserve Vacation Ownership Originated Notes ReceivableVacation Ownership Notes Receivable Securitization ProceedsCurrent concept
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 Originated Notes Receivable

Continue Research

Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.

Continue Research

Compare public companies

Compare securitization cash inflows with the receivable stock and annual contract-sales scale without treating proceeds as revenue.

Continue research

Explore more topics in the Financial Research Encyclopedia.