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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		73-0664379
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


		Name of Each Exchange on
Title of Each Class	Trading Symbol(s)	Which Registered
Common stock, par value $.01	RHP	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class		Outstanding as of October 31, 2025
Common Stock, par value $.01		63,004,074 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended September 30, 2025

INDEX

		Page

Part I - Financial Information		3

Item 1. Financial Statements.		3

Condensed Consolidated Balance Sheets (Unaudited) – September 30, 2025 and December 31, 2024		3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three and Nine Months Ended September 30, 2025 and 2024		4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Nine Months Ended September 30, 2025 and 2024		5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three and Nine Months Ended September 30, 2025 and 2024		6

Notes to Condensed Consolidated Financial Statements (Unaudited)		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		51

Item 4. Controls and Procedures.		51

Part II - Other Information		52

Item 1. Legal Proceedings.		52

Item 1A. Risk Factors.		52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		53

Item 3. Defaults Upon Senior Securities.		53

Item 4. Mine Safety Disclosures.		53

Item 5. Other Information.		53

Item 6. Exhibits.		54

SIGNATURES		55

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)


	September 30,		December 31,
	2025		2024
ASSETS:
Property and equipment, net	$	4,932,998	$	4,124,382
Cash and cash equivalents - unrestricted		483,330		477,694
Cash and cash equivalents - restricted		33,225		98,534
Notes receivable, net		52,425		57,801
Trade receivables, net		111,147		94,184
Deferred income tax assets, net		65,019		70,511
Prepaid expenses and other assets		227,733		178,091
Intangible assets and goodwill, net		290,768		116,376
Total assets	$	6,196,645	$	5,217,573

LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	3,976,019	$	3,378,396
Accounts payable and accrued liabilities		540,790		466,571
Distributions payable		75,045		71,444
Deferred management rights proceeds		164,203		164,658
Operating lease liabilities		157,912		135,117
Other liabilities		72,546		66,805
Total liabilities		4,986,515		4,282,991
Commitments and contingencies
Noncontrolling interest in Opry Entertainment Group		411,989		381,945
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding		—		—
Common stock, $.01 par value, 400,000 shares authorized, 63,000 and 59,903 shares issued and outstanding, respectively		630		599
Additional paid-in capital		1,728,384		1,475,211
Treasury stock of 721 and 696 shares, at cost		(25,959)		(23,526)
Distributions in excess of retained earnings		(931,495)		(888,132)
Accumulated other comprehensive loss		(13,067)		(15,172)
Total stockholders' equity		758,493		548,980
Noncontrolling interests		39,648		3,657
Total equity		798,141		552,637
Total liabilities and equity	$	6,196,645	$	5,217,573

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share data)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues:
Rooms	$	195,227	$	184,154	$	585,359	$	557,284
Food and beverage		233,674		224,835		737,328		719,304
Other hotel revenue		71,968		58,054		192,123		171,012
Entertainment		91,589		82,915		324,443		243,993
Total revenues		592,458		549,958		1,839,253		1,691,593

Operating expenses:
Rooms		48,668		45,129		142,195		134,292
Food and beverage		139,961		127,040		414,252		387,588
Other hotel expenses		144,882		123,716		399,394		360,298
Management fees, net		16,551		16,889		52,930		56,300
Total hotel operating expenses		350,062		312,774		1,008,771		938,478
Entertainment		67,935		61,659		248,081		173,806
Corporate		10,062		9,724		31,591		31,080
Preopening costs		1,289		870		1,474		3,361
(Gain) loss on sale of assets		1,296		—		1,296		(270)
Depreciation and amortization		73,202		59,051		203,882		174,806
Total operating expenses		503,846		444,078		1,495,095		1,321,261

Operating income		88,612		105,880		344,158		370,332
Interest expense		(64,873)		(54,546)		(177,690)		(171,566)
Interest income		4,836		7,219		15,878		21,805
Loss on extinguishment of debt		(380)		—		(2,922)		(2,319)
Income (loss) from unconsolidated joint ventures		(37)		9		(66)		224
Other gains and (losses), net		2,168		2,758		1,864		3,075
Income before income taxes		30,326		61,320		181,222		221,551
(Provision) benefit for income taxes		3,633		(922)		(8,374)		(13,652)
Net income		33,959		60,398		172,848		207,899

Net income attributable to noncontrolling interest in Opry Entertainment Group		(987)		(997)		(3,792)		(3,688)
Net (income) loss attributable to other noncontrolling interests		1,914		(390)		544		(1,339)
Net income available to common stockholders	$	34,886	$	59,011	$	169,600	$	202,872

Basic income per share available to common stockholders	$	0.55	$	0.99	$	2.76	$	3.39
Diluted income per share available to common stockholders	$	0.53	$	0.94	$	2.65	$	3.25

Comprehensive income, net of taxes	$	36,047	$	62,047	$	174,953	$	211,067
Comprehensive income, net of taxes, attributable to noncontrolling interest in Opry Entertainment Group		(1,187)		(625)		(4,053)		(3,647)
Comprehensive (income) loss, net of taxes, attributable to other noncontrolling interests		1,901		(407)		531		(1,366)
Comprehensive income, net of taxes, available to common stockholders	$	36,761	$	61,015	$	171,431	$	206,054

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended
	September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	172,848	$	207,899
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision for deferred income taxes		5,079		10,715
Depreciation and amortization		203,882		174,806
Amortization of deferred financing costs		8,762		7,995
(Income) loss from unconsolidated joint ventures		66		(224)
Equity-based compensation expense		10,777		10,724
Changes in:
Trade receivables		(3,083)		2,727
Accounts payable and accrued liabilities		36,242		20,102
Other assets and liabilities		(8,611)		(24,864)
Net cash flows provided by operating activities		425,962		409,880

Cash Flows from Investing Activities:
Purchases of property and equipment		(252,103)		(317,323)
Collection of notes receivable		4,385		4,060
Purchase of JW Marriott Desert Ridge, net of cash acquired		(861,958)		—
Other investing activities, net		(18,121)		(161)
Net cash flows used in investing activities		(1,127,797)		(313,424)

Cash Flows from Financing Activities:
Borrowings under term loan B		—		18,861
Repayments under term loan B		(2,201)		(221,586)
Borrowings under OEG revolving credit facility		5,000		43,000
Repayments under OEG revolving credit facility		(26,000)		(32,000)
Borrowings under OEG term loan		128,128		299,250
Repayments under OEG term loan		(2,903)		(296,250)
Repayments under Block 21 CMBS loan		(128,967)		(2,153)
Repayments under Gaylord Rockies term loan		—		(800,000)
Issuance of senior notes		625,000		1,000,000
Deferred financing costs paid		(13,064)		(23,134)
Issuance of common stock, net		275,532		—
Payment of distributions		(212,641)		(199,759)
Payment of tax withholdings for share-based compensation		(5,537)		(12,131)
Other financing activities, net		(185)		(64)
Net cash flows provided by (used in) financing activities		642,162		(225,966)

Net change in cash, cash equivalents, and restricted cash		(59,673)		(129,510)
Cash, cash equivalents, and restricted cash, beginning of period		576,228		700,441
Cash, cash equivalents, and restricted cash, end of period	$	516,555	$	570,931

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$	483,330	$	534,931
Cash and cash equivalents - restricted		33,225		36,000
Cash, cash equivalents, and restricted cash, end of period	$	516,555	$	570,931

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)


							Distributions		Accumulated
			Additional				in Excess of		Other		Total						Noncontrolling
	Common		Paid-in		Treasury		Retained		Comprehensive		Stockholders'		Noncontrolling		Total		Interest
	Stock		Capital		Stock		Earnings		Loss		Equity		Interests		Equity		in OEG
BALANCE, December 31, 2024	$	599	$	1,475,211	$	(23,526)	$	(888,132)	$	(15,172)	$	548,980	$	3,657	$	552,637	$	381,945
Net income (loss)		—		—		—		62,961		—		62,961		(658)		62,303		711
Other comprehensive loss, net of income taxes		—		—		—		—		(88)		(88)		—		(88)		—
Adjustment of noncontrolling interest to redemption value		—		(8,960)		—		—		—		(8,960)		—		(8,960)		8,960
Purchase of interest in consolidated joint venture		—		—		—		—		—		—		36,270		36,270		—
Dividends and distributions declared ($1.15 per share)		—		169		(803)		(68,701)		—		(69,335)		(454)		(69,789)		—
Restricted stock units and stock options surrendered		1		(5,648)		—		—		—		(5,647)		—		(5,647)		—
Equity-based compensation expense		—		3,622		—		—		—		3,622		—		3,622		—
BALANCE, March 31, 2025	$	600	$	1,464,394	$	(24,329)	$	(893,872)	$	(15,260)	$	531,533	$	38,815	$	570,348	$	391,616
Net income		—		—		—		71,753		—		71,753		2,028		73,781		2,094
Other comprehensive income, net of income taxes		—		—		—		—		105		105		—		105		—
Adjustment of noncontrolling interest to redemption value		—		(7,576)		—		—		—		(7,576)		—		(7,576)		7,576
Reallocation of noncontrolling interest in Operating Partnership		—		(1,627)		—		—		—		(1,627)		1,627		—		—
Issuance of common stock, net		30		275,502		—		—		—		275,532		—		275,532		—
Dividends and distributions declared ($1.15 per share)		—		172		(810)		(72,117)		—		(72,755)		(455)		(73,210)		—
Restricted stock units and stock options surrendered		—		(30)		—		—		—		(30)		—		(30)		—
Equity-based compensation expense		—		3,495		—		—		—		3,495		—		3,495		—
BALANCE, June 30, 2025	$	630	$	1,734,330	$	(25,139)	$	(894,236)	$	(15,155)	$	800,430	$	42,015	$	842,445	$	401,286
Net income (loss)		—		—		—		34,886		—		34,886		(1,914)		32,972		987
Other comprehensive income, net of income taxes		—		—		—		—		2,088		2,088		—		2,088		—
Adjustment of noncontrolling interest to redemption value		—		(9,716)		—		—		—		(9,716)		—		(9,716)		9,716
Dividends and distributions declared ($1.15 per share)		—		175		(820)		(72,145)		—		(72,790)		(453)		(73,243)		—
Restricted stock units and stock options surrendered		—		(65)		—		—		—		(65)		—		(65)		—
Equity-based compensation expense		—		3,660		—		—		—		3,660		—		3,660		—
BALANCE, September 30, 2025	$	630	$	1,728,384	$	(25,959)	$	(931,495)	$	(13,067)	$	758,493	$	39,648	$	798,141	$	411,989

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)


							Distributions		Accumulated
			Additional				in Excess of		Other		Total						Noncontrolling
	Common		Paid-in		Treasury		Retained		Comprehensive		Stockholders'		Noncontrolling		Total		Interest
	Stock		Capital		Stock		Earnings		Loss		Equity		Interests		Equity		in OEG
BALANCE, December 31, 2023	$	597	$	1,502,710	$	(20,508)	$	(894,259)	$	(19,387)	$	569,153	$	3,624	$	572,777	$	345,126
Net income (loss)		—		—		—		43,056		—		43,056		284		43,340		(579)
Other comprehensive income, net of income taxes		—		—		—		—		1,408		1,408		—		1,408		—
Adjustment of noncontrolling interest to redemption value		—		(9,318)		—		—		—		(9,318)		—		(9,318)		9,318
Dividends and distributions declared ($1.10 per share)		—		161		—		(66,335)		—		(66,174)		(435)		(66,609)		—
Restricted stock units and stock options surrendered		2		(12,055)		—		—		—		(12,053)		—		(12,053)		—
Equity-based compensation expense		—		3,862		—		—		—		3,862		—		3,862		—
BALANCE, March 31, 2024	$	599	$	1,485,360	$	(20,508)	$	(917,538)	$	(17,979)	$	529,934	$	3,473	$	533,407	$	353,865
Net income		—		—		—		100,805		—		100,805		665		101,470		3,270
Other comprehensive income, net of income taxes		—		—		—		—		111		111		—		111		—
Adjustment of noncontrolling interest to redemption value		—		(5,468)		—		—		—		(5,468)		—		(5,468)		5,468
Dividends and distributions declared ($1.10 per share)		—		163		(1,468)		(64,884)		—		(66,189)		(434)		(66,623)		—
Restricted stock units and stock options surrendered		—		41		—		—		—		41		—		41		—
Equity-based compensation expense		—		3,383		—		—		—		3,383		—		3,383		—
BALANCE, June 30, 2024	$	599	$	1,483,479	$	(21,976)	$	(881,617)	$	(17,868)	$	562,617	$	3,704	$	566,321	$	362,603
Net Income		—		—		—		59,011		—		59,011		390		59,401		997
Other comprehensive income, net of income taxes		—		—		—		—		1,649		1,649		—		1,649		—
Adjustment of noncontrolling interest to redemption value		—		(8,674)		—		—		—		(8,674)		—		(8,674)		8,674
Dividends and distributions declared ($1.10 per share)		—		164		(790)		(65,538)		—		(66,164)		(435)		(66,599)		—
Restricted stock units and stock options surrendered		—		(42)		—		—		—		(42)		—		(42)		—
Equity-based compensation expense		—		3,479		—		—		—		3,479		—		3,479		—
BALANCE, September 30, 2024	$	599	$	1,478,406	$	(22,766)	$	(888,144)	$	(16,219)	$	551,876	$	3,659	$	555,535	$	372,274

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”). The two JW Marriott resorts, which the Company refers to as the JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) and, effective June 10, 2025, the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

The Company also owns an approximate 70% controlling equity interest in OEG Attractions Holdings, LLC, a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which the Company reports as its Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; Category 10, a brand of Luke Combs-themed bar, music venue and event spaces that opened in Nashville, Tennessee in November 2024, with an additional location expected to open in Las Vegas, Nevada in late 2026; Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”); and as of January 3, 2025, a majority and controlling equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company.

The Company consolidates the assets, liabilities and results of operations of OEG in the accompanying condensed consolidated financial statements. The portion of OEG that the Company does not own is recorded as noncontrolling interest in Opry Entertainment Group, which is classified as mezzanine equity in the accompanying condensed consolidated balance sheets, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statements of equity and noncontrolling interest. See Note 4, “Income Per Share,” for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

Newly Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures,” requiring public entities to provide disclosures of significant segment expenses and other segment items, as well as to provide in interim periods all disclosures about a

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reportable segment’s profit or loss and assets that were previously required annually. The Company retrospectively adopted this guidance for fiscal year 2024 and has retrospectively adopted for interim periods beginning in fiscal year 2025. This adoption did not have a material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” requiring public entities to provide additional information in the rate reconciliation, to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is applied prospectively, but with the option to apply retrospectively, and will be effective for the Company for fiscal year 2025. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Expense Disaggregation Disclosures,” requiring public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement line items, including employee compensation, purchases of inventory, depreciation, intangible asset amortization and depletion for each income statement line item that includes those expenses. The guidance is applied prospectively, but with the option to apply retrospectively, and will be effective for the Company for fiscal year 2027. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

2. JW MARRIOTT DESERT RIDGE TRANSACTION:

On June 10, 2025, the Company purchased JW Marriott Desert Ridge for approximately $865 million. Situated on approximately 402 acres of Arizona’s Sonoran Desert, JW Marriott Desert Ridge is a premier group-oriented resort with 950 rooms and approximately 243,000 total square feet of indoor and outdoor meeting and event space. The resort’s amenities include a 28,000 square-foot spa; seven food and beverage outlets; a 140,000 square-foot water experience; and two 18-hole golf courses. The Company funded the purchase price with a portion of the approximately $275.5 million in net proceeds of an underwritten registered public offering of approximately 3.0 million shares of the Company’s common stock (see Note 14, “Equity”) and approximately $614 million in net proceeds of a private placement of $625 million aggregate principal amount of 6.50% senior notes due 2033 (see Note 8, “Debt”). JW Marriott Desert Ridge assets are reflected in the Company’s Hospitality segment beginning June 10, 2025.

The Company performed a valuation of the fair value of the acquired assets and liabilities as of June 10, 2025. The valuations of the various components of property and equipment were determined principally based on the cost approach, which uses assumptions regarding replacement values from established indices. The valuation of intangible assets was based on various methods to evaluate the value of a below market ground lease and the values of advanced bookings previously received for the hotel. The Company considers each of these estimates as Level 3 fair value measurements.

The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, in the Company’s balance sheet at June 10, 2025 as follows (amounts in thousands):


Property and equipment	$	747,377
Cash and cash equivalents - unrestricted		5,891
Cash and cash equivalents - restricted		1,661
Trade receivables		14,426
Prepaid expenses and other assets		3,547
Intangible assets		114,875
Total assets acquired		887,777
Accounts payable and accrued liabilities		(18,267)
Total liabilities assumed		(18,267)
Net assets acquired	$	869,510

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3. REVENUES:

The Company’s revenues disaggregated by major source are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Hotel group rooms	$	127,953	$	124,006	$	418,149	$	401,276
Hotel transient rooms		67,274		60,148		167,210		156,008
Hotel food and beverage - banquets		154,301		157,694		515,834		523,345
Hotel food and beverage - outlets		79,373		67,141		221,494		195,959
Hotel other		71,968		58,054		192,123		171,012
Entertainment admissions/ticketing		34,039		30,572		125,016		87,494
Entertainment food and beverage		33,481		30,573		114,353		90,430
Entertainment retail and other		24,069		21,770		85,074		66,069
Total revenues	$	592,458	$	549,958	$	1,839,253	$	1,691,593

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Gaylord Opryland	$	110,078	$	122,659	$	336,721	$	356,846
Gaylord Palms		66,745		68,242		228,251		222,504
Gaylord Texan		74,082		73,096		242,953		241,895
Gaylord National		78,098		69,751		242,340		226,394
Gaylord Rockies		77,951		72,658		230,621		213,316
JW Marriott Hill Country		51,615		54,273		173,464		167,064
JW Marriott Desert Ridge		36,118		—		41,467		—
AC Hotel		2,880		2,686		9,140		9,615
Inn at Opryland and other		3,302		3,678		9,853		9,966
Total Hospitality segment revenues	$	500,869	$	467,043	$	1,514,810	$	1,447,600

The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee; Las Vegas, Nevada; and Austin, Texas.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms and advanced ticketing at its OEG venues. At September 30, 2025 and December 31, 2024, the Company had $239.3 million and $173.0 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2024, approximately $127.0 million was recognized in revenue during the nine months ended September 30, 2025.

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4. INCOME PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Numerator:
Net income available to common stockholders	$	34,886	$	59,011	$	169,600	$	202,872
Net income attributable to noncontrolling interest in OEG		987		997		3,792		3,688
Net income available to common stockholders - if-converted method	$	35,873	$	60,008	$	173,392	$	206,560

Denominator:
Weighted average shares outstanding - basic (1)		63,000		59,900		61,435		59,845
Effect of dilutive equity-based compensation		166		223		184		287
Effect of dilutive put rights		4,169		3,778		3,844		3,403
Weighted average shares outstanding - diluted (1)		67,335		63,901		65,463		63,535

Basic income per share available to common stockholders	$	0.55	$	0.99	$	2.76	$	3.39
Diluted income per share available to common stockholders	$	0.53	$	0.94	$	2.65	$	3.25

(1)

Outstanding shares for the 2025 periods include the issuance of approximately 3.0 million shares of the Company’s common stock in May 2025.

As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, although currently not exercisable, the minority investor of OEG has certain put rights (the “OEG Put Rights”) to require the Company to purchase the minority investor’s equity interest in OEG, which the Company may pay in cash or Company stock at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the minority investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in RHP Hotel Properties, LP (the “Operating Partnership”) have been excluded from the denominator of the diluted income per share calculation for the three and nine months ended September 30, 2025 and 2024 as there would be no effect on the calculation of diluted income per share because the income or loss attributable to the OP Units held by the noncontrolling interest holders would also be added or subtracted to derive net income available to common stockholders.

5. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s frozen noncontributory defined benefit pension plan, interest rate derivatives designated as cash flow hedges related to the Company’s outstanding debt as discussed in Note 8, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 7, “Notes Receivable,” to the condensed consolidated financial statements included herein.

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Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2025 and 2024 consisted of the following (in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2024	$	(12,120)	$	(2,667)	$	(385)	$	(15,172)
Gains arising during period		1,994		—		756		2,750
Amounts reclassified from accumulated other comprehensive loss		(525)		158		135		(232)
Income tax expense		(413)		—		—		(413)
Net other comprehensive income		1,056		158		891		2,105
Balance, September 30, 2025	$	(11,064)	$	(2,509)	$	506	$	(13,067)


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2023	$	(15,187)	$	(2,878)	$	(1,322)	$	(19,387)
Gains arising during period		3,299		—		1,278		4,577
Amounts reclassified from accumulated other comprehensive loss		227		158		(939)		(554)
Income tax expense		(855)		—		—		(855)
Net other comprehensive income		2,671		158		339		3,168
Balance, September 30, 2024	$	(12,516)	$	(2,720)	$	(983)	$	(16,219)

6. PROPERTY AND EQUIPMENT:

Property and equipment at September 30, 2025 and December 31, 2024 is summarized as follows (in thousands):


	September 30,		December 31,
	2025		2024
Land and land improvements	$	727,648	$	613,870
Buildings		5,213,994		4,593,839
Furniture, fixtures and equipment		1,513,664		1,329,039
Right-of-use finance lease assets		1,841		1,017
Construction-in-progress		181,171		110,897
		7,638,318		6,648,662
Accumulated depreciation and amortization		(2,705,320)		(2,524,280)
Property and equipment, net	$	4,932,998	$	4,124,382

7. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $52.4 million and $57.8 million at September 30, 2025 and December 31, 2024, respectively, net of credit loss reserve of $38.0 million at each of September 30, 2025 and December 31, 2024. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected. During the periods presented, the Company has accrued interest only on the Series A bond.

The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel. As a result of reduced tax revenue projections over the life of the bonds as well as certain cumulative priority

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payments due to others, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances.

During the three months ended September 30, 2025 and 2024, the Company recorded interest income of $1.0 million and $1.1 million, respectively, and during the nine months ended September 30, 2025 and 2024, the Company recorded interest income of $3.3 million and $3.5 million, respectively, on these bonds. The Company received payments of $8.8 million during each of the nine months ended September 30, 2025 and 2024 relating to these notes receivable.

8. DEBT:

The Company’s debt and finance lease obligations at September 30, 2025 and December 31, 2024 consisted of (in thousands):


	September 30,		December 31,
	2025		2024
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027	$	—	$	—
Term Loan B, interest at SOFR plus 2.00%, maturing May 18, 2030		290,590		292,791
Senior Notes, interest at 4.75%, maturing October 15, 2027		700,000		700,000
Senior Notes, interest at 7.25%, maturing July 15, 2028		400,000		400,000
Senior Notes, interest at 4.50%, maturing February 15, 2029		600,000		600,000
Senior Notes, interest at 6.50%, maturing April 1, 2032		1,000,000		1,000,000
Senior Notes, interest at 6.50%, maturing June 15, 2033		625,000		—
$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029		—		21,000
OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031		426,347		299,250
Block 21 CMBS Loan, interest at 5.58%, original maturity January 5, 2026		—		128,967
Finance lease obligations		699		55
Unamortized deferred financing costs		(54,702)		(51,484)
Unamortized discounts and premiums, net		(11,915)		(12,183)
Total debt	$	3,976,019	$	3,378,396

Amounts due within one year of the balance sheet date consist of amortization payments for the term loan B of 1.0% of the refinanced $293.5 million principal balance and amortization payments for the OEG term loan of approximately 1.0% of the refinanced $428.5 million principal balance.

At September 30, 2025, there were no defaults under the covenants related to the Company’s outstanding debt.

$625 Million 6.50% Senior Notes due 2033

On June 4, 2025, the Operating Partnership and RHP Finance Corporation (collectively, the “issuing subsidiaries”) completed the private placement of $625.0 million in aggregate principal amount of 6.50% senior notes due 2033 (the “$625 Million 6.50% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement.

The $625 Million 6.50% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank Trust Company, National Association, as trustee. The $625 Million 6.50% Senior Notes have a maturity date of June 15, 2033 and bear interest at 6.50% per annum, payable semi-annually in cash in arrears on June 15 and December 15 each year, beginning on December 15, 2025. The $625 Million 6.50% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the Company’s $700 million in aggregate principal amount of 4.75% senior notes due 2027, $400 million in aggregate principal amount of 7.25% senior notes due 2028, $600 million in aggregate principal amount of 4.50% senior notes due 2029, and $1 billion in aggregate principal amount of 6.50% senior notes due 2032, and senior in right of payment to future subordinated indebtedness, if any.

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The $625 Million 6.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness, including the Operating Partnership’s existing credit facility, to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $625 Million 6.50% Senior Notes. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $625 Million 6.50% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $625 Million 6.50% Senior Notes.

The net proceeds from the issuance of the $625 Million 6.50% Senior Notes totaled approximately $614 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used these net proceeds to fund a portion of the purchase price for JW Marriott Desert Ridge discussed in Note 2.

The $625 Million 6.50% Senior Notes are redeemable before June 15, 2028, in whole or in part, at 100.00%, plus accrued and unpaid interest thereon to, but not including, the redemption date, plus a make-whole premium. The $625 Million 6.50% Senior Notes will be redeemable, in whole or in part, at any time on or after June 15, 2028 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.250%, 101.625%, and 100.000% beginning on June 15 of 2028, 2029, and 2030, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

OEG Credit Facility

On April 28, 2025, certain OEG subsidiaries borrowed an incremental term loan in an aggregate principal amount of $130 million (the “Incremental OEG Loan”) on the same terms as the existing term loan under the OEG credit facility. The net proceeds of the Incremental OEG Loan, together with cash on hand, were used to defease the non-recourse term loan secured by a mortgage on Block 21. As increased by the Incremental OEG Loan, the OEG credit facility consists of (i) a senior secured term loan facility in an aggregate principal amount equal to $428.5 million and (ii) a senior secured revolving credit facility in an aggregate principal amount not to exceed $80.0 million. No changes were made to the applicable interest rates or maturity date of any indebtedness under the OEG credit facility. In addition, the terms of the Incremental OEG Loan confirm that the annual amortization under the OEG term loan is approximately 1% of the refinanced $428.5 million outstanding principal amount, with the balance due at maturity.

Block 21 CMBS Loan

In connection with the purchase of Block 21 in May 2022, a subsidiary of the Company assumed the $136 million, ten-year, non-recourse loan secured by a mortgage on Block 21 (the “Block 21 CMBS Loan”). The proceeds of the Incremental OEG Loan described above were used to defease the Block 21 CMBS Loan in full in April 2025.

Interest Rate Derivatives

The Company has entered into interest rate swaps to manage interest rate risk associated with a portion of the OEG term loan. These swaps have been designated as cash flow hedges whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges.

For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $0.6 million will be reclassified from accumulated other comprehensive loss to a decrease in interest expense in the next twelve months.

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The estimated fair value of the Company’s derivative financial instruments at September 30, 2025 and December 31, 2024 is as follows (in thousands):


							Estimated Fair Value
							Asset (Liability) Balance
		Strike			Notional		September 30,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount		2025		2024
OEG Term Loan	Interest Rate Swap	4.5330%	3-month SOFR	December 18, 2025		100,000	$	(109)	$	(386)
OEG Term Loan	Interest Rate Swap	3.2140%	3-month SOFR	December 20, 2028		100,000		102		-
OEG Term Loan	Interest Rate Swap	3.1700%	3-month SOFR	December 20, 2028		125,000		512		-
							$	505	$	(386)

Derivative financial instruments in an asset position are included in prepaid expenses and other assets, and those in a liability position are included in other liabilities in the accompanying condensed consolidated balance sheets.

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):


	Amount of Gain (Loss)					Amount of (Gain) Loss
	Recognized in OCI					Reclassified from Accumulated
	on Derivatives				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	September 30,				Accumulated OCI	September 30,
	2025		2024		into Income (Expense)	2025		2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	656	$	(1,048)	Interest expense	$	29	$	190
Total derivatives	$	656	$	(1,048)		$	29	$	190


	Amount of Gain (Loss)					Amount of (Gain) Loss
	Recognized in OCI on					Reclassified from Accumulated
	Derivatives				Location of Gain (Loss)	OCI into Income (Expense)
	Nine Months Ended				Reclassified from	Nine Months Ended
	September 30,				Accumulated OCI	September 30,
	2025		2024		into Income (Expense)	2025		2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	756	$	1,278	Interest expense	$	135	$	939
Total derivatives	$	756	$	1,278		$	135	$	939

Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for the three months ended September 30, 2025 and 2024 was $64.9 million and $54.5 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $177.7 million and $171.6 million, respectively.

At September 30, 2025, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $0.1 million. As of September 30, 2025, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $0.1 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

9. DEFERRED MANAGEMENT RIGHTS PROCEEDS:

On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. The Company allocated $190.0 million of the purchase price to

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the Management Rights, based on the Company’s estimates of the fair values for the respective components. For financial accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight-line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense.

10. LEASES:

The Company is a lessee of a 65.3-acre site in Osceola County, Florida on which Gaylord Palms is located; a 234-acre site in Maricopa County, Arizona on which a portion of JW Marriott Desert Ridge is located; building or land leases for Ole Red Gatlinburg, Ole Red Orlando, Ole Red Tishomingo, Ole Red Nashville International Airport, Ole Red Las Vegas and Category 10 Las Vegas; and various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through January 2101, at the Company’s discretion. The JW Marriott Desert Ridge land lease has a term through 2092. The leases for Ole Red locations range from five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion, with the exception of Ole Red Nashville International Airport, which has no extension option. The lease for Category 10 Las Vegas includes an initial ten-year term, with two, five-year renewal options, at the Company’s discretion. Extension options were not considered reasonably assured to be exercised as of the date of the agreement and, as a result, are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms, and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company’s lease costs for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost	$	5,256	$	4,746	$	15,304	$	14,313
Finance lease cost:
Amortization of right-of-use assets		149		47		247		142
Interest on lease liabilities		14		1		22		2
Net lease cost	$	5,419	$	4,794	$	15,573	$	14,457

Future minimum lease payments under non-cancelable leases at September 30, 2025 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	10,676	$	367
Year 2		13,100		247
Year 3		13,860		124
Year 4		12,846		21
Year 5		12,924		—
Years thereafter		622,507		—
Total future minimum lease payments		685,913		759
Less amount representing interest		(528,001)		(60)
Total present value of minimum payments	$	157,912	$	699

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The remaining lease term and discount rate for the Company’s leases are as follows:


Weighted-average remaining lease term:
Operating leases	40.3	years
Finance leases	2.4	years
Weighted-average discount rate:
Operating leases	7.2	%
Finance leases	5.9	%

11. STOCK PLANS:

During the nine months ended September 30, 2025, the Company granted 0.2 million restricted stock units with a weighted-average grant date fair value of $100.84 per unit. There were 0.5 million and 0.4 million restricted stock units outstanding at September 30, 2025 and December 31, 2024, respectively.

Compensation expense for the Company’s equity-based compensation plans was $3.7 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively, and $10.8 million and $10.7 million for the nine months ended September 30, 2025 and 2024, respectively.

12. INCOME TAXES:

The Company elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company is not subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company continues to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

For the three months ended September 30, 2025 and 2024, the Company recorded an income tax provision (benefit) of $(3.6) million and $0.9 million, respectively, related to its TRSs. For the nine months ended September 30, 2025 and 2024, the Company recorded an income tax provision of $8.4 million and $13.7 million, respectively, related to its TRSs.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The Company is currently evaluating the potential tax implications of the OBBBA, but based on the Company’s preliminary assessment, it does not expect the legislation to have a material impact on the Company’s financial statements.

At September 30, 2025 and December 31, 2024, the Company had no unrecognized tax benefits.

13. COMMITMENTS AND CONTINGENCIES:

The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control.

On April 9, 2024, the Company received service of process in a lawsuit naming the Company and a subsidiary as co-defendants with Marriott, as the manager, and multiple contractors in a personal injury lawsuit filed by individual plaintiffs in Colorado state court. The lawsuit relates to a May 2023 incident at the Gaylord Rockies indoor pool amenity involving the collapse of HVAC equipment. The complaint requests an unspecified amount of damages related to alleged injuries to two guests. The Company intends to vigorously defend the lawsuit and believes it has strong defenses. The lawsuit is in its early stages so the Company cannot predict its likely outcome or estimate the range of possible loss, but the Company does not believe that the outcome will have a material impact on the Company’s financial position.

In addition, the Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company.

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14. EQUITY

Equity Offering

In May 2025, the Company completed an underwritten public offering of approximately 3.0 million shares of its common stock, par value $0.01 per share, at a price to the public of $96.20 per share. Net proceeds to the Company, after deducting underwriter discounts and commissions and other expenses paid by the Company, were approximately $275.5 million. The Company used a portion of these proceeds to fund a portion of the purchase price to acquire JW Marriott Desert Ridge as discussed in Note 2 and the remainder for general corporate purposes.

Dividends

On February 20, 2025, the Company’s board of directors declared the Company’s first quarter 2025 cash dividend in the amount of $1.15 per share of common stock, or an aggregate of approximately $69.5 million in cash, which was paid on April 15, 2025 to stockholders of record as of the close of business on March 31, 2025.

On May 9, 2025, the Company’s board of directors declared the Company’s second quarter 2025 cash dividend in the amount of $1.15 per share of common stock, or an aggregate of approximately $72.9 million in cash, which was paid on July 15, 2025 to stockholders of record as of the close of business on June 30, 2025.

On September 17, 2025, the Company’s board of directors declared the Company’s third quarter 2025 cash dividend in the amount of $1.15 per share of common stock, or an aggregate of approximately $72.9 million in cash, which was paid on October 15, 2025 to stockholders of record as of the close of business on September 30, 2025.

Noncontrolling Interest in the Operating Partnership

The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP Units held by the noncontrolling limited partners are redeemable for cash, or if the Company so elects, in shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. At September 30, 2025, 0.4 million outstanding OP Units, or 0.6% of the outstanding OP Units, were held by the noncontrolling limited partners and are included as a component of equity in the accompanying condensed consolidated balance sheets. The Company owns, directly or indirectly, the remaining 99.4% of the outstanding OP Units.

15. FAIR VALUE MEASUREMENTS:

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1.

The Company’s interest rate swaps consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2.

The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument.

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The Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024, were as follows (in thousands):


			Markets for		Observable		Unobservable
	September 30,		Identical Assets		Inputs		Inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	43,834	$	43,834	$	—	$	—
Variable to fixed interest rate swaps		614		—		614		—
Total assets measured at fair value	$	44,448	$	43,834	$	614	$	—

Variable to fixed interest rate swaps	$	109	$	—	$	109	$	—
Total liabilities measured at fair value	$	109	$	—	$	109	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2024		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	37,440	$	37,440	$	—	$	—
Total assets measured at fair value	$	37,440	$	37,440	$	—	$	—

Variable to fixed interest rate swaps	$	386	$	—	$	386	$	—
Total liabilities measured at fair value	$	386	$	—	$	386	$	—

The remainder of the assets and liabilities held by the Company at September 30, 2025 are not required to be recorded at fair value, and financial assets and liabilities approximate fair value.

See Note 2, “JW Marriott Desert Ridge Transaction,” for additional disclosures related to the fair value measurements used in the accounting for the purchase of JW Marriott Desert Ridge.

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into the following principal business segments:

●

Hospitality, which includes the Gaylord Hotels properties, the JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge), the Inn at Opryland and the AC Hotel;

●

Entertainment, which includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Category 10, Block 21, and Southern Entertainment; and

●

Corporate and Other, which includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments.

The Company’s chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer and the Company’s chief financial officer. The CODM uses segment operating income (loss) to evaluate the performance of each segment and to allocate resources.

The accounting policies for each segment are the same as those described in Note 1, “Description of the Business and Summary of Significant Accounting Policies,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not have intersegment sales or transfers.

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The following information is derived directly from the segments’ internal financial reports used by the CODM for corporate management purposes (amounts in thousands):


	For the Three Months Ended September 30, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	500,869	$	91,589	$	—	$	592,458
Expenses:
Rooms		48,668						48,668
Food and beverage		139,961						139,961
Other hotel expenses (1)

Ryman Hospitality Properties, Inc. 10-Q