# Ryman Hospitality Properties, Inc. (RHP) Informational only - not investment advice. CIK: 0001040829 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1040829 Filing source: https://www.sec.gov/Archives/edgar/data/1040829/000110465926019035/rhp-20251231x10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2577061000 | USD | 2025 | 2026-02-24 | | Net income | 243425000 | USD | 2025 | 2026-02-24 | | Assets | 6181183000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001040829.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 1,149,207,000 | 1,184,719,000 | 1,275,118,000 | 1,604,566,000 | 524,475,000 | 939,373,000 | 1,805,969,000 | 2,158,136,000 | 2,339,226,000 | 2,577,061,000 | | Net income | -26,644,000 | 118,352,000 | 126,452,000 | 111,511,000 | 159,366,000 | 176,100,000 | 264,670,000 | | | | | 311,217,000 | 271,638,000 | 243,425,000 | | Operating income | | | | | 215,442,000 | 185,917,000 | 214,269,000 | 267,531,000 | -303,831,000 | -58,675,000 | 327,150,000 | 453,684,000 | 490,834,000 | 487,012,000 | | Diluted EPS | | | | | 3.11 | 3.43 | 5.14 | 2.81 | -7.59 | -3.21 | 2.33 | 5.36 | 4.38 | 3.77 | | Assets | | | | | 2,405,753,000 | 2,524,228,000 | 3,853,883,000 | 4,088,468,000 | 3,556,495,000 | 3,580,525,000 | 4,040,623,000 | 5,188,537,000 | 5,217,573,000 | 6,181,183,000 | | Liabilities | | | | | | | | 3,222,228,000 | 3,235,709,000 | 3,602,918,000 | 3,632,865,000 | 4,270,634,000 | 4,282,991,000 | 4,969,407,000 | | Stockholders' equity | | | | | 367,997,000 | 378,156,000 | 469,577,000 | 644,729,000 | 205,301,000 | -22,234,000 | 95,276,000 | 569,153,000 | 548,980,000 | 750,152,000 | | Cash and cash equivalents | | | | | 59,128,000 | 57,557,000 | 103,437,000 | 362,430,000 | 56,697,000 | 140,688,000 | 334,194,000 | 591,833,000 | 477,694,000 | 471,421,000 | | Net margin | | | | | 13.87% | 14.86% | 20.76% | | | | | 14.42% | 11.61% | 9.45% | | Operating margin | | | | | 18.75% | 15.69% | 16.80% | 16.67% | -57.93% | -6.25% | 18.11% | 21.02% | 20.98% | 18.90% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001040829.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2017-Q1 | 2017-03-31 | | 32,620,000 | | reported discrete quarter | | 2017-Q2 | 2017-06-30 | | 47,292,000 | | reported discrete quarter | | 2017-Q3 | 2017-09-30 | | 23,870,000 | | reported discrete quarter | | 2017-Q4 | 2017-12-31 | | 72,318,000 | | derived Q4 = FY annual - nine-month YTD | | 2018-Q1 | 2018-03-31 | | 27,339,000 | | reported discrete quarter | | 2018-Q2 | 2018-06-30 | | 55,546,000 | | reported discrete quarter | | 2018-Q3 | 2018-09-30 | | 22,591,000 | | reported discrete quarter | | 2018-Q4 | 2018-12-31 | | 159,194,000 | | derived Q4 = FY annual - nine-month YTD | | 2022-Q2 | 2022-06-30 | | | 0.91 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.79 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.02 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 504,843,000 | | 1.15 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 528,511,000 | | 0.64 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 633,063,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 528,345,000 | | 0.67 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 613,290,000 | | 1.65 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 549,958,000 | | 0.94 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 647,633,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 587,280,000 | | 1.00 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 659,515,000 | 71,753,000 | 1.12 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 592,458,000 | 34,886,000 | 0.53 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 737,808,000 | 73,825,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 664,572,000 | 70,475,000 | 1.03 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1040829/000110465926053780/rhp-20260331x10q.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-05-01 Report date: 2026-03-31 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Ryman Hospitality Properties, Inc. (“Ryman”) is a Delaware corporation that conducts its operations so as to maintain its qualification as a real estate investment trust (“REIT”) for federal income tax purposes. The Company (as defined below) conducts its business through an umbrella partnership REIT, in which all of its assets are held by, and operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”). RHP Finance Corporation, a Delaware corporation (“Finco”), was formed as a wholly-owned subsidiary of the Operating Partnership for the sole purpose of being a co-issuer of debt securities with the Operating Partnership. Neither Ryman nor Finco has any material assets, other than Ryman’s investment in the Operating Partnership and the Operating Partnership’s subsidiaries. Neither the Operating Partnership nor Finco has any business, operations, financial results or other material information, other than the business, operations, financial results and other material information described in this Quarterly Report on Form 10-Q and Ryman’s other reports, documents or other information filed with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In this report, we use the terms the “Company,” “we” or “our” to refer to Ryman Hospitality Properties, Inc. and its subsidiaries unless the context indicates otherwise. The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this report and our audited consolidated financial statements and related notes for the year ended December 31, 2025, included in our Annual Report on Form 10-K that was filed with the SEC on February 24, 2026. Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. These may also include statements regarding (i) the future performance of our business, anticipated business levels and our anticipated financial results during future periods; (ii) the effect of our election to be taxed as a REIT and maintain REIT status for federal income tax purposes; (iii) the holding of our non-qualifying REIT assets in one or more taxable REIT subsidiaries (“TRSs”); (iv) our dividend policy, including the frequency and amount of any dividend we may pay; (v) our strategic goals and potential growth opportunities, including future expansion of the geographic diversity of our existing asset portfolio through acquisitions and investment in joint ventures; (vi) the ability of Marriott International, Inc. (“Marriott”) to effectively manage our hotels and other properties; (vii) our anticipated capital expenditures and investments; (viii) the potential operating and financial restrictions imposed on our activities under existing and future financing agreements including our credit facility and other contractual arrangements with third parties, including management agreements with Marriott; (ix) our ability to borrow available funds under our credit facility; (x) our expectations about successfully amending the agreements governing our indebtedness should the need arise; (xi) geopolitical uncertainty, the effects of inflation, other macroeconomic conditions and increased costs on our business and on our customers, including group customers at our hotels; (xii) risks associated with the integration of JW Marriott Desert Ridge into our existing asset base; and (xiii) any other business or operational matters. We have based these forward-looking statements on our current expectations and projections about future events. We caution the reader that forward-looking statements involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of our hotel properties, business levels at our hotels, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the 18 Table of Contents imposition of trade barriers or other changes in trade policy) on our business, including the effects on costs of labor and supplies and effects on group customers at our hotels and customers in our OEG businesses, our ability to remain qualified as a REIT, our ability to execute our strategic goals as a REIT, our ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, our ability to borrow funds pursuant to our credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing our indebtedness in the future, changes in interest rates, and those factors described elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025 or described from time to time in our other reports filed with the SEC. Any forward-looking statement made in this Quarterly Report on Form 10-Q speaks only as of the date on which the statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements we make in this Quarterly Report on Form 10-Q, except as may be required by law. Overview We operate as a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of upscale, meetings-focused resorts totaling 11,869 rooms that are managed by Marriott under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which we refer to as our 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 we refer to as the JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) and the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”) (effective June 10, 2025). Our other 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. Each of our award-winning Gaylord Hotels properties and JW Marriott properties incorporates not only high-quality lodging, but also large-scale meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. Our Gaylord Hotels properties each include at least 400,000 square feet of meeting, convention and exhibit space, and our JW Marriott properties each include at least 240,000 square feet of meeting, convention and exhibit space. As a result, our Gaylord Hotels properties and JW Marriott properties provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings market in the United States. We also own an approximate 70% controlling equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which we report as our Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers for over 100 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry’s radio home; Ole Red, a brand of six 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 additional locations expected to open in Las Vegas, Nevada in late 2026 and at Universal Orlando Resort’s CityWalk in late 2027; Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”), and a majority and controlling equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company. In addition, in January 2026, OEG began managing the Ascend Amphitheater in downtown Nashville, Tennessee, and in February 2026, OEG began managing the CCNB Amphitheatre outside of Greenville, South Carolina. See “Cautionary Note Regarding Forward-Looking Statements” in this Item 2 and Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025 for important information regarding forward-looking statements made in this report and risks and uncertainties we face. ​ 19 Table of Contents Significant 2026 Activities ​ Significant activities we have undertaken in 2026 include (as well as where you can find more information herein or in the accompanying condensed consolidated financial statements): ​ ● Increased the maximum borrowing capacity under our revolving credit facility from $700.0 million to $850.0 million, extended the initial maturity date to 2030 and modified certain financial covenants – Note 7, “Debt” ​ ● Issued $700 million in 5.75% senior notes due 2034 and used the net proceeds to redeem our former $700 million in 4.75% senior notes originally due 2027 – Note 7, “Debt” ​ ● Continued investment in our existing properties through approximately $113.7 million in capital expenditures – “Liquidity and Capital Resources” ​ ● Declared approximately $76.2 million in cash distributions – Note 12, “Equity” ​ Dividend Policy Our board of directors has approved a dividend policy pursuant to which we will make minimum dividends of 100% of REIT taxable income annually, subject to the board of directors’ future determinations as to the amount of any distributions and the timing thereof. The dividend policy may be altered at any time by our board of directors (as otherwise permitted by our credit agreement) and certain provisions of our agreements g [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Item 7.            Management’s Discussion and Analysis of Financial Condition and Results of Operations This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a Delaware corporation, originally incorporated in 1956, that, following our REIT conversion in 2012, began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of upscale, meetings-focused resorts totaling 11,869 rooms that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which we refer to as our 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 we refer to as our JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) (effective June 30, 2023) and the JW Marriott Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”) (effective June 10, 2025). Our 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. Each of our award-winning Gaylord Hotels properties and JW Marriott properties incorporates not only high-quality lodging, but also large-scale meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. Our Gaylord Hotels properties each include at least 400,000 square feet of meeting, convention and exhibit space, and our JW Marriott properties each contain at least 240,000 square feet of meeting, convention and exhibit space. As a result, our Gaylord Hotels properties and JW Marriott properties provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings market in the United States. Our goal is to be the nation’s premier hospitality REIT for group-oriented, destination hotel assets in urban and resort markets. We also own an approximate 70% controlling equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which we report as our Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers for 100 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry’s radio home; Ole Red, a brand of six Blake Shelton-themed bar, music venue and event spaces; Category 10, a brand of Luke Combs-themed bar, music venue and event space that opened in Nashville, Tennessee in November 2024 with additional locations expected to open in Las Vegas, Nevada in late 2026 and at Universal Orlando Resort’s CityWalk in late 2027; 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 equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company. In addition, in 42 Table of Contents January 2026, OEG began managing the Ascend Amphitheater in downtown Nashville, Tennessee; and we expect OEG to begin managing the CCNB Amphitheatre outside of Greenville, South Carolina in February 2026. See “Forward-Looking Statements” and “Risk Factors” under Part I of this Annual Report on Form 10-K for important information regarding forward-looking statements made in this report and risks and uncertainties we face. Significant 2025 and 2024 Activities Significant activities we have undertaken in 2025 and 2024 include (as well as where you can find more information herein or in the accompanying consolidated financial statements): ● In June 2025, purchased JW Marriott Desert Ridge – Note 1, “Description of the Business and Summary of Significant Accounting Policies” ● In June 2025, issued $625 million in 6.50% senior notes due 2033 – Note 4, “Debt” ● In May 2025, issued approximately 3.0 million shares of our common stock – Note 9, “Equity” ● In April 2025, successfully defeased the previous Block 21 CMBS loan with incremental borrowings under the existing OEG credit facility – Note 4, “Debt” ● In June 2024, refinanced our existing OEG credit facility, including reducing the applicable interest rate margins under each of the $65 million OEG revolver and $300 million OEG term loan B, as well as upsized the OEG revolver to $80 million of potential capacity – Note 4, “Debt” ● In March and April 2024, issued $1 billion in 6.50% senior notes due 2032, repaid previously outstanding $800 million Gaylord Rockies term loan, and repaid $200.0 million under our term loan B and reduced the applicable interest rate margins – Note 4, “Debt” ● Continued investment in our existing properties through $358.2 million and $407.9 million in capital expenditures in 2025 and 2024, respectively – “Liquidity and Capital Resources” ● Declared approximately $291.3 million and $268.3 million in cash distributions in 2025 and 2024, respectively – Note 9, “Equity” Dividend Policy Our board of directors has approved a dividend policy pursuant to which we will make minimum dividends of 100% of REIT taxable income annually, subject to the board of directors’ future determinations as to the amount of any distributions and the timing thereof. The dividend policy may be altered at any time by our board of directors (as otherwise permitted by our credit agreement) and certain provisions of our agreements governing our indebtedness may prohibit us from paying dividends in accordance with any policy we may adopt. Our Operations Our operations are organized into three principal business segments: ● Hospitality, consisting of our Gaylord Hotels properties, our JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge), the Inn at Opryland, and the AC Hotel. 43 Table of Contents ● Entertainment, consisting of the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Category 10, Block 21, Southern Entertainment, our other Nashville-based attractions, and, beginning in 2026, the operation of Ascend Amphitheater in downtown Nashville, Tennessee, and the CCNB Amphitheatre outside of Greenville, South Carolina. ● Corporate and Other, consisting of our corporate expenses. For the years ended December 31, 2025, 2024 and 2023, our total revenues were divided among these business segments as follows: ​ ​ ​ ​ ​ ​ ​ ​ Segment   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ Hospitality 83 %   85 %   85 %   Entertainment 17 %   15 %   15 %   Corporate and Other 0 %   0 %   0 %   ​ Key Performance Indicators The operating results of our Hospitality segment are highly dependent on the volume of customers at our hotels and the quality of the customer mix at our hotels, which are managed by Marriott. These factors impact the price that Marriott can charge for our hotel rooms and other amenities, such as food and beverage and meeting space. The following key performance indicators are commonly used in the hospitality industry and are used by management to evaluate hotel performance and potentially allocate capital expenditures: ● hotel occupancy – a volume indicator; ● average daily rate (“ADR”) – a price indicator calculated by dividing rooms revenue by the number of rooms sold; ● revenue per available room (“RevPAR”) – a summary measure of hotel results calculated by dividing rooms revenue by room nights available to guests for the period; ● total revenue per available room (“Total RevPAR”) – a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period; and ● net definite room nights booked – a volume indicator which represents the total number of definite bookings for future room nights at our hotels confirmed during the applicable period, net of cancellations. In addition to GAAP measures such as revenues, net income and operating income, we also use certain “non-GAAP financial measures,” which are measures of our historical performance that are not calculated and presented in accordance with GAAP within the meaning of applicable SEC rules. These measures include: ​ ● Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”), Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest, and ● Funds from Operations (“FFO”) available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders. See “Non-GAAP Financial Measures” below for further discussion. The results of operations of our Hospitality segment are affected by the number and type of group meetings and conventions scheduled to attend our hotels in a given period. A variety of factors can affect the results of any interim period, including the nature and quality of the group meetings and conventions attending our hotels during such period, 44 Table of Contents which meetings and conventions have often been contracted for several years in advance, the level of attrition our hotels experience, and the level of transient business at our hotels during such period. Increases in costs, including labor costs, insurance costs, costs of food and other supplies, and energy costs have affected our operations in recent years and in the future could negatively affect our results. We rely on Marriott, as the manager of our hotels, to manage these factors and to offset any identified shortfalls in occupancy. Summary Financial Results The following table summarizes our financial results for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Total revenues ​ $ 2,577,061 10.2 %   $ 2,339,226 8.4 %   $ 2,158,136 Total operating expenses ​ 2,090,049 13.1 %   1,848,392 8.4 %   1,704,452 Operating income ​ 487,012 (0.8) %   490,834 8.2 %   453,684 Net income ​ 247,310 (11.7) %   280,190 (18.0) %   341,800 Net income available to common stockholders ​ ​ 243,425 ​ (10.4) %   271,638 (12.7) %   311,217 Net income available to common stockholders per share - diluted (1) ​ 3.77 (13.9) %   4.38 (18.3) %   5.36 (1) Diluted outstanding shares for 2025 include the issuance of approximately 3.0 million shares of our common stock in May 2025. 2025 Results as Compared to 2024 Results The increase in our total revenues during 2025, as compared to 2024, is attributable to increases in Hospitality segment and Entertainment segment revenues of $146.0 million and $91.8 million, respectively, as presented in the tables below. The increase in total operating expenses during 2025, as compared to 2024, is primarily the result of increases in Hospitality segment and Entertainment segment expenses of $116.3 million and $82.1 million, respectively, and an increase in depreciation expense of $42.5 million, as presented in the tables below. In addition, the 2025 increase in operating expenses is partially attributable to 2024 including a reduction in total operating expenses of $9.1 million related to a refund of Tennessee franchise tax for prior years caused by a change in tax law that did not recur in 2025. The above factors resulted in a $3.8 million decrease in operating income for 2025, as compared to 2024. Our $32.9 million decrease in net income in 2025, as compared to 2024, was also driven by the following factors, each as described more fully below: ● A $23.6 million increase in interest expense, net in 2025, as compared to 2024. ● A $10.3 million increase in loss from unconsolidated joint ventures in 2025, as compared to 2024. ● A $6.5 million decrease in provision for income taxes in 2025, as compared to 2024. Factors and Trends Contributing to Performance and Current Environment ​ Important factors and trends contributing to our performance during 2025, as compared to 2024, were: ​ ● The addition of JW Marriott Desert Ridge, including $91.6 million in revenues; for our ownership period, the property averaged $173.85 in RevPAR and $470.26 in Total RevPAR. 45 Table of Contents ● An increase in same-store (Hospitality segment excluding JW Marriott Desert Ridge) ADR of 3.0% in 2025 over 2024. ● An increase in same-store transient room nights traveled in 2025 of 5.2% over 2024. ● An increase in same-store outside-the-room spend of 2.7% in 2025, as compared to 2024, primarily as a result of increases at Gaylord National and Gaylord Rockies, partially offset by a decrease at Gaylord Opryland, as further discussed below. ● An increase of 8.0% and 8.3% in total revenue and Total RevPAR, respectively, at Gaylord Rockies in 2025, as compared to 2024, primarily as a result of an increase in transient room nights traveled and an 8.3% increase in food and beverage revenue associated with the multi-year enhancement project completed at the property in 2024. ● An increase of 8.0% and 8.3% in total revenue and Total RevPAR, respectively, at Gaylord National in 2025, as compared to 2024, primarily as a result of an increase in group room nights traveled and the related increase in catering business. ● An increase of 4.7% and 5.0% in total revenue and Total RevPAR, respectively, at Gaylord Palms in 2025, as compared to 2024, primarily as a result of an increase in transient room nights traveled and a 3.3% increase in ADR. ● A decrease of 2.3% and 2.0% in total revenue and Total RevPAR, respectively, at Gaylord Opryland in 2025, as compared to 2024, primarily as a result of a decrease in group room nights traveled driven in part by construction-related disruption at the property. The decrease in group room nights traveled was exacerbated by macroeconomic uncertainty. ● A decrease of 4.8 points of occupancy and 4.1% in RevPAR at Gaylord Texan in 2025, as compared to 2024, due in part to disruption related to the ongoing rooms renovation at the property. ● Same-store net definite group room nights booked decreased 10.5% in 2025, as compared to 2024, as ongoing economic policy uncertainty has weighed on near-term meeting planner decision-making. ● Same-store in-the-year-for-the-year cancelled room nights at our hotels increased by approximately 27,000 rooms in 2025, as compared to 2024, as macroeconomic uncertainty has impacted 2025 results. ● On a same-store basis, group room nights on the books for all future years at our hotels at December 31, 2025 is approximately 1.2% higher than the number on the books at December 31, 2024. In addition, the estimated ADR on those group room nights on the books at December 31, 2025 is approximately 5.3% higher than the estimated ADR on the books at December 31, 2024. ● Increases of 26.8% and 33.9% in Entertainment segment revenue and Entertainment segment operating expenses, respectively, in 2025, as compared to 2024, primarily related to the January 2025 acquisition of Southern Entertainment, which was negatively impacted by several weather-related events. Entertainment segment results also benefited from the operation of Category 10 Nashville, which opened in November 2024, as well as W Austin, which faced construction-related disruptions in 2024. ● Total operating expenses for 2024 were reduced by a $9.1 million refund of Tennessee franchise tax for prior years caused by a change in tax law, which did not recur in 2025. This reduction was comprised of $5.6 million, $3.4 million and $0.1 million in our Hospitality segment, Entertainment segment and Corporate and Other segment, respectively. 46 Table of Contents ● Our strong revenues in recent years have partially mitigated increasing costs in the current inflationary environment, including increased insurance, utilities and other costs. In addition, while in recent years we have experienced higher interest rates than in historical periods, interest rates on our debt decreased in 2025, as compared to 2024. Operating Results – Detailed Segment Financial Information Hospitality Segment Total Segment Results. The following presents the financial results of our Hospitality segment for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Revenues: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ $ 799,306 7.3 %   $ 744,587 6.2 %   $ 701,138 ​ Food and beverage ​ 993,954 5.6 %   940,827 13.1 %   831,796 ​ Other hotel revenue ​ 349,826 12.3 %   311,636 3.7 %   300,544 ​ Total hospitality revenue ​ 2,143,086 7.3 %   1,997,050 8.9 %   1,833,478 ​ Hospitality operating expenses: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ 190,686 6.3 %   179,358 3.2 %   173,749 ​ Food and beverage ​ 561,980 8.8 %   516,309 10.8 %   465,963 ​ Other hotel expenses ​ 613,304 10.4 %   555,554 7.0 %   519,328 ​ Management fees, net ​ 75,082 2.1 %   73,531 10.7 %   66,425 ​ Depreciation and amortization ​ 239,857 16.9 %   205,189 9.9 %   186,749 ​ Total Hospitality operating expenses ​ 1,680,909 9.9 %   1,529,941 8.3 %   1,412,214 ​ Hospitality operating income ​ $ 462,177 (1.1) %   $ 467,109 10.9 %   $ 421,264 ​ Hospitality performance metrics: ​   ​   ​ ​   ​   ​ ​   ​ ​ Occupancy ​ 68.7 %   (0.4) pts 69.1 %   (2.5) pts 71.6 % ADR ​ $ 266.79 3.5 %   $ 257.81 4.9 %   $ 245.74 ​ RevPAR (1) ​ $ 183.29 2.8 %   $ 178.24 1.3 %   $ 175.96 ​ Total RevPAR (2) ​ $ 491.44 2.8 %   $ 478.05 3.9 %   $ 460.12 ​ Net Definite Group Room Nights Booked ​ 2,315,281 (6.3) %   2,469,881 4.3 %   2,369,060 ​ Same-store Hospitality performance metrics (3): ​ ​   ​ ​   ​   ​ ​   ​ ​ Occupancy ​ 69.2 %   0.1 pts 69.1 %   (2.5) pts 71.6 % ADR ​ $ 265.44 3.0 %   $ 257.81 4.9 %   $ 245.74 ​ RevPAR (1) ​ $ 183.73 3.1 %   $ 178.24 1.3 %   $ 175.96 ​ Total RevPAR (2) ​ $ 492.43 3.0 %   $ 478.05 3.9 %   $ 460.12 ​ Net Definite Group Room Nights Booked ​ 2,209,541 (10.5) %   2,469,881 4.3 %   2,369,060 ​ (1) We calculate Hospitality segment RevPAR by dividing rooms revenue by room nights available to guests for the period. Room nights available to guests include nights that rooms are out of service. Hospitality segment RevPAR is not comparable to similarly titled measures such as revenues. (2) We calculate Hospitality segment Total RevPAR by dividing the sum of room, food and beverage, and other ancillary services revenue (which equals Hospitality segment revenue) by room nights available to guests for the period. Room nights available to guests include nights that rooms are out of service. Hospitality segment Total RevPAR is not comparable to similarly titled measures such as revenues. (3) Same-store Hospitality segment metrics do not include JW Marriott Desert Ridge, which we purchased June 10, 2025. Total Hospitality revenues in 2025 include $44.9 million in attrition and cancellation fee collections, a $1.9 million increase from 2024. The percentage of group versus transient business based on rooms sold for our Hospitality segment for the years ended December 31 was approximately as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 Group 73 %   74 %   73 % Transient 27 %   26 %   27 % ​ 47 Table of Contents The type of group based on rooms sold for our Hospitality segment for the years ended December 31 was approximately as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 Corporate Groups 56 %   59 %   50 % Associations 31 %   27 %   34 % Other Groups 13 %   14 %   16 % ​ Other hotel expenses for the following years ended December 31 included (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Administrative employment costs ​ $ 214,284 9.2 %   $ 196,189 11.4 %   $ 176,112 Utilities ​ 50,855 7.8 %   47,197 12.2 %   42,055 Property taxes ​ 49,378 10.2 %   44,803 12.1 %   39,951 Other ​ 298,787 11.8 %   267,365 2.4 %   261,210 Total other hotel expenses ​ $ 613,304 10.4 %   $ 555,554 7.0 %   $ 519,328 ​ Each of the other hotel expense categories above increased in 2025, as compared to 2024, due to the addition of JW Marriott Desert Ridge. Administrative employment costs include salaries and benefits for hotel administrative functions, including, among others, senior management, accounting, human resources, sales, conference services, engineering and security. The increase in property taxes in 2025, as compared to 2024, also includes slight increases at several Hospitality segment properties due to recent reappraisals. The increase in other expenses, which include supplies, advertising, maintenance costs and consulting costs, during 2025, as compared to 2024, also includes slight increases of various miscellaneous expenses across the Hospitality segment. In addition, 2024 includes a decrease at Gaylord Opryland due to a refund of $5.4 million of Tennessee franchise tax for prior years caused by a change in tax law that did not recur in 2025. Each of our management agreements with Marriott requires us to pay Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for our Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies and JW Marriott Desert Ridge are approximately 3% of gross revenues, and JW Marriott Hill Country is approximately 3.5% of gross revenues. Additionally, we pay Marriott an incentive management fee based on the profitability of our hotels. We incurred $50.8 million, $46.7 million and $41.3 million in base management fees to Marriott related to our Hospitality segment during 2025, 2024 and 2023, respectively. We also incurred $27.4 million, $29.9 million and $28.3 million in incentive management fees for our Hospitality segment during 2025, 2024 and 2023, respectively. Management fees are presented throughout this Annual Report on Form 10-K net of the amortization of the deferred management rights proceeds discussed in Note 5, “Deferred Management Rights Proceeds,” to the consolidated financial statements included herein. Hospitality segment depreciation and amortization expense increased in 2025, as compared to 2024, primarily due to the depreciable assets associated with JW Marriott Desert Ridge, which we purchased June 10, 2025, as well as an increase at Gaylord Palms associated with the addition of depreciable assets associated with the property’s rooms and lobby renovation. ​ 48 Table of Contents Property-Level Results. The following presents the property-level financial results of our Hospitality segment for the years ended December 31, 2025, 2024 and 2023. Gaylord Opryland Results. The results of Gaylord Opryland for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Revenues: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ $ 193,954 0.1 %   $ 193,803 0.3 %   $ 193,140 ​ Food and beverage ​ 201,694 (5.7) %   213,973 12.0 %   190,992 ​ Other hotel revenue ​ 88,456 0.8 %   87,776 (3.3) %   90,752 ​ Total revenue ​ 484,104 (2.3) %   495,552 4.4 %   474,884 ​ Operating expenses: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ 40,520 (3.0) %   41,774 (3.1) %   43,112 ​ Food and beverage ​ 109,713 (2.9) %   112,958 10.5 %   102,213 ​ Other hotel expenses (1) ​ 135,574 2.8 %   131,852 (5.0) %   138,828 ​ Management fees, net ​ 21,062 (10.3) %   23,484 8.4 %   21,667 ​ Depreciation and amortization ​ 33,122 1.6 %   32,588 (2.8) %   33,510 ​ Total operating expenses ​ 339,991 (0.8) %   342,656 1.0 %   339,330 ​ Operating income ​ $ 144,113 ​ (5.7) %   $ 152,896 ​ 12.8 %   $ 135,554 ​ Performance metrics: ​   ​   ​ ​   ​   ​ ​   ​ ​ Occupancy ​ 69.1 %   (1.8) pts 70.9 %   (2.1) pts 73.0 % ADR ​ $ 266.19 2.9 %   $ 258.62 3.1 %   $ 250.96 ​ RevPAR ​ $ 184.00 0.4 %   $ 183.35 0.1 %   $ 183.22 ​ Total RevPAR ​ $ 459.25 (2.0) %   $ 468.82 4.1 %   $ 450.50 ​ (1) Other hotel expenses for 2024 were reduced by a refund of $5.4 million of Tennessee franchise tax for prior years caused by a change in tax law. ​ Gaylord Palms Results. The results of Gaylord Palms for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Revenues: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ $ 114,409 12.7 %   $ 101,519 (10.3) %   $ 113,235 ​ Food and beverage ​ 145,266 (3.2) %   150,109 2.9 %   145,919 ​ Other hotel revenue ​ 56,823 12.0 %   50,743 0.6 %   50,462 ​ Total revenue ​ 316,498 4.7 %   302,371 (2.3) %   309,616 ​ Operating expenses: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ 25,464 2.4 %   24,877 (0.8) %   25,080 ​ Food and beverage ​ 82,024 0.7 %   81,432 2.4 %   79,504 ​ Other hotel expenses ​ 101,760 4.9 %   97,044 (2.2) %   99,179 ​ Management fees, net ​ 10,756 4.2 %   10,320 (12.6) %   11,814 ​ Depreciation and amortization ​ 34,398 35.1 %   25,470 12.5 %   22,640 ​ Total operating expenses ​ 254,402 6.4 %   239,143 0.4 %   238,217 ​ Operating income ​ $ 62,096 ​ (1.8) %   $ 63,228 ​ (11.4) %   $ 71,399 ​ Performance metrics: ​   ​   ​ ​   ​   ​ ​   ​ ​ Occupancy ​ 70.7 %   6.1 pts 64.6 %   (9.1) pts 73.7 % ADR ​ $ 258.14 3.3 %   $ 249.98 2.0 %   $ 245.04 ​ RevPAR ​ $ 182.45 13.0 %   $ 161.45 (10.6) %   $ 180.58 ​ Total RevPAR ​ $ 504.73 5.0 %   $ 480.88 (2.6) %   $ 493.75 ​ ​ ​ 49 Table of Contents Gaylord Texan Results. The results of Gaylord Texan for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Revenues: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ $ 119,712 (4.4) %   $ 125,205 3.3 %   $ 121,178 ​ Food and beverage ​ 168,609 (0.5) %   169,401 (1.5) %   171,932 ​ Other hotel revenue ​ 60,943 7.8 %   56,545 (13.4) %   65,289 ​ Total revenue ​ 349,264 (0.5) %   351,151 (2.0) %   358,399 ​ Operating expenses: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ 26,558 0.3 %   26,473 (0.7) %   26,655 ​ Food and beverage ​ 89,186 (0.1) %   89,248 (2.7) %   91,686 ​ Other hotel expenses ​ 95,113 4.5 %   91,015 1.9 %   89,341 ​ Management fees, net ​ 13,501 (8.8) %   14,810 (7.8) %   16,067 ​ Depreciation and amortization ​ 24,676 6.4 %   23,189 1.1 %   22,947 ​ Total operating expenses ​ 249,034 1.8 %   244,735 (0.8) %   246,696 ​ Operating income ​ $ 100,230 ​ (5.8) %   $ 106,416 ​ (4.7) %   $ 111,703 ​ Performance metrics: ​ ​   ​ ​ ​   ​ ​ ​ ​ Occupancy ​ 69.8 %   (4.8) pts 74.6 %   (0.3) pts 74.9 % ADR ​ $ 259.13 2.6 %   $ 252.65 3.5 %   $ 244.21 ​ RevPAR ​ $ 180.80 (4.1) %   $ 188.58 3.0 %   $ 183.02 ​ Total RevPAR ​ $ 527.50 (0.3) %   $ 528.90 (2.3) %   $ 541.30 ​ ​ Gaylord National Results. The results of Gaylord National for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 ​ Revenues: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ $ 126,315 6.0 %   $ 119,191 (0.4) %   $ 119,700 ​ Food and beverage ​ 171,211 9.9 %   155,836 5.8 %   147,346 ​ Other hotel revenue ​ 38,731 6.7 %   36,303 (9.5) %   40,093 ​ Total revenue ​ 336,257 8.0 %   311,330 1.4 %   307,139 ​ Operating expenses: ​   ​   ​ ​   ​   ​ ​   ​ ​ Rooms ​ 44,090 7.4 %   41,045 (2.2) %   41,981 ​ Food and beverage ​ 100,005 10.9 %   90,176 2.0 %   88,389 ​ Other hotel expenses ​ 99,241 5.4 %   94,150 (1.0) %   95,100 ​ Management fees, net ​ 7,382 24.5 %   5,929 5.2 %   5,635 ​ Depreciation and amortization ​ 33,846 0.4 %   33,724 1.1 %   33,357 ​ Total operating expenses ​ 284,564 7.4 %   265,024 0.2 %   264,462 ​ Operating income ​ $ 51,693 ​ 11.6 %   $ 46,306 ​ 8.5 %   $ 42,677 ​ Performance metrics: ​   ​   ​ ​   ​   ​ ​   ​ ​ Occupancy ​ 67.4 %   2.6 pts 64.8 %   (3.6) pts 68.4 % ADR ​ $ 257.22 2.2 %   $ 251.80 4.8 %   $ 240.30 ​ RevPAR ​ $ 173.38 6.3 %   $ 163.16 (0.7) %   $ 164.30 ​ Total RevPAR ​ $ 461.55 8.3 %   $ 426.17 1.1 %   $ 421.58 ​ ​ ​ 50 Table of Contents Gaylord Rockies Results. The results of Gaylord Rockies for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ % Change ​ 2024 ​ % Change ​ 2023 ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rooms ​ $ 110,130 ​ 6.6 %   $ 103,329 ​ 5.9 %   $ 97,530 ​ Food and beverage ​ ​ 162,303 ​ 8.3 %   ​ 149,890 ​ 13.3 %   ​ 132,254 ​ Other hotel revenue ​ ​ 40,800 ​ 10.5 %   ​ 36,922 ​ (0.1) %   ​ 36,953 ​ Total revenue ​ ​ 313,233 ​ 8.0 %   ​ 290,141 ​ 8.8 %   ​ 266,737 ​ Operating expenses: ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ Rooms ​ ​ 24,641 ​ 4.0 %   ​ 23,683 ​ (1.0) %   ​ 23,931 ​ Food and beverage ​ ​ 96,594 ​ 10.9 %   ​ 87,070 ​ 11.5 %   ​ 78,079 ​ Other hotel expenses ​ ​ 56,764 ​ (1.1) %   ​ 57,400 ​ 4.2 %   ​ 55,095 ​ Management fees, net ​ ​ 9,337 ​ 7.8 %   ​ 8,661 ​ 9.1 %   ​ 7,935 ​ Depreciation and amortization ​ ​ 59,707 ​ 4.6 %   ​ 57,094 ​ 0.4 %   ​ 56,843 ​ Total operating expenses ​ ​ 247,043 ​ 5.6 %   ​ 233,908 ​ 5.4 %   ​ 221,883 ​ Operating income ​ $ 66,190 ​ 17.7 %   $ 56,233 ​ 25.4 %   $ 44,854 ​ Performance metrics: ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ Occupancy ​ ​ 75.9 % 1.6 pts ​ 74.3 % 0.9 pts ​ 73.4 % ADR ​ $ 264.85 ​ 4.6 %   $ 253.11 ​ 4.4 %   $ 242.39 ​ RevPAR ​ $ 201.02 ​ 6.9 %   $ 188.09 ​ 5.7 %   $ 178.02 ​ Total RevPAR ​ $ 571.73 ​ 8.3 %   $ 528.14 ​ 8.5 %   $ 486.87 ​ ​ JW Marriott Hill Country Results. The results of JW Marriott Hill Country for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ % Change ​ 2024 ​ % Change (1) ​ 2023 ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rooms ​ $ 80,850 ​ 0.4 %   $ 80,526 ​ 121.4 %   $ 36,376 ​ Food and beverage ​ ​ 101,301 ​ 3.8 %   ​ 97,610 ​ 144.6 %   ​ 39,910 ​ Other hotel revenue ​ ​ 45,031 ​ 6.2 %   ​ 42,388 ​ 156.5 %   ​ 16,527 ​ Total revenue ​ ​ 227,182 ​ 3.0 %   ​ 220,524 ​ 137.6 %   ​ 92,813 ​ Operating expenses: ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ Rooms ​ ​ 15,124 ​ (2.0) %   ​ 15,437 ​ 118.8 %   ​ 7,055 ​ Food and beverage ​ ​ 53,421 ​ 2.9 %   ​ 51,898 ​ 126.5 %   ​ 22,915 ​ Other hotel expenses ​ ​ 80,586 ​ 6.4 %   ​ 75,710 ​ 130.8 %   ​ 32,805 ​ Management fees, net ​ ​ 8,868 ​ (0.1) %   ​ 8,878 ​ 315.4 %   ​ 2,137 ​ Depreciation and amortization ​ ​ 31,781 ​ 5.3 %   ​ 30,193 ​ 105.1 %   ​ 14,718 ​ Total operating expenses ​ ​ 189,780 ​ 4.2 %   ​ 182,116 ​ 128.7 %   ​ 79,630 ​ Operating income ​ $ 37,402 ​ (2.6) %   $ 38,408 ​ 191.3 %   $ 13,183 ​ Performance metrics: ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ Occupancy ​ ​ 67.2 % (2.0) pts ​ 69.2 % 4.3 pts ​ 64.9 % ADR ​ $ 329.16 ​ 3.7 %   $ 317.32 ​ 4.4 %   $ 304.07 ​ RevPAR ​ $ 221.06 ​ 0.7 %   $ 219.58 ​ 11.3 %   $ 197.30 ​ Total RevPAR ​ $ 621.17 ​ 3.3 %   $ 601.32 ​ 19.4 %   $ 503.41 ​ (1) We purchased JW Marriott Hill Country on June 30, 2023. 51 Table of Contents JW Marriott Desert Ridge Results. We purchased JW Marriott Desert Ridge on June 10, 2025. The results of JW Marriott Desert Ridge for the period from June 10, 2025 to December 31, 2025 are as follows (in thousands, except percentages and performance metrics): ​ ​ ​ ​ ​ ​ ​ 2025   ​ ​ ​ Revenues: ​ ​ ​ ​ Rooms ​ $ 33,858 ​ Food and beverage ​ ​ 39,674 ​ Other hotel revenue ​ ​ 18,051 ​ Total revenue ​ ​ 91,583 ​ Operating expenses: ​ ​ ​ ​ Rooms ​ ​ 8,094 ​ Food and beverage ​ ​ 27,358 ​ Other hotel expenses ​ ​ 35,067 ​ Management fees, net ​ ​ 2,740 ​ Depreciation and amortization ​ ​ 19,103 ​ Total operating expenses ​ ​ 92,362 ​ Operating loss ​ $ (779) ​ Performance metrics: ​ ​ ​ ​ Occupancy ​ ​ 57.7 %   ADR ​ $ 301.38 ​ RevPAR ​ $ 173.85 ​ Total RevPAR ​ $ 470.26 ​ ​ Entertainment Segment The following presents the financial results of our Entertainment segment for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Revenues ​ $ 433,975 26.8 %   $ 342,176 5.4 %   $ 324,658 Operating expenses (1) ​ (323,948) 33.9 %   (241,847) 8.1 %   (223,663) Preopening costs ​ ​ (2,882) ​ (37.6) %   ​ (4,618) ​ 253.1 %   ​ (1,308) Loss on sale of assets ​ ​ (1,296) ​ 100.0 %   ​ — ​ — %   ​ — Depreciation and amortization ​ (37,310) 26.4 %   (29,519) 25.0 %   (23,611) Operating income ​ $ 68,539 3.5 %   $ 66,192 (13.0) %   $ 76,076 (1) Operating expenses for 2024 were reduced by a refund of $3.4 million of Tennessee franchise tax for prior years caused by a change in tax law. ​ Revenues increased in our Entertainment segment in 2025, as compared to 2024, primarily related to Southern Entertainment, which we purchased in January 2025, Category 10 Nashville, which opened in November 2024, and W Austin, which faced construction-related disruptions in 2024. Entertainment segment operating expenses increased in 2025, as compared to 2024, primarily related to Southern Entertainment, the operations of Category 10 Nashville, and higher business levels at W Austin. In addition, 2024 included a refund of Tennessee franchise tax for prior years caused by a change in tax law that did not recur in 2025. Depreciation and amortization increased in 2025, as compared to 2024, primarily associated with the increase in depreciable and amortizable assets associated with Category 10 Nashville and Southern Entertainment, as well as increased depreciation and amortization related to Block 21 attributable to construction enhancements completed at the property in 2024 and the first half of 2025. 52 Table of Contents Corporate and Other Segment The following presents the financial results of our Corporate and Other segment for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change   ​ ​ ​ 2024   ​ ​ ​ % Change   ​ ​ ​ 2023 Operating expenses ​ $ 42,771 2.3 %   $ 41,819 (2.3) %   $ 42,789 Gain on sale of assets ​ ​ — ​ 100.0 %   ​ (270) ​ (100.0) %   ​ — Depreciation and amortization ​ 933 1.6 %   918 5.9 %   867 Operating loss ​ $ (43,704) (2.9) %   $ (42,467) 2.7 %   $ (43,656) ​ Corporate and Other operating expenses, which consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative costs, increased in 2025, as compared to 2024, primarily as a result of increased employment expenses. Operating Results – Preopening costs Preopening costs for 2025 primarily include costs associated with Category 10 Las Vegas, which is expected to open in late 2026. Preopening costs for 2024 primarily include costs associated with Category 10 Nashville, which opened in November 2024 and Ole Red Las Vegas, which opened in January 2024. Operating Results – Gain (Loss) on Sale of Assets Loss on sale of assets for 2025 includes the sale of miscellaneous Entertainment segment assets. Gain on sale of assets for 2024 includes the sale of miscellaneous corporate assets. Non-Operating Results Affecting Net Income General The following table summarizes the other factors which affected our net income for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change    ​ ​ ​ 2024   ​ ​ ​ % Change    ​ ​ ​ 2023 Interest expense ​ $ (241,270) (7.0) %   $ (225,395) (6.6) %   $ (211,370) Interest income ​ 20,299 (27.4) %   27,977 30.6 %   21,423 Loss on extinguishment of debt ​ ​ (2,922) ​ (17.9) % ​ (2,479) ​ (10.1) % ​ (2,252) Income (loss) from unconsolidated joint ventures ​ (10,025) (3,745.5) %   275 101.6 %   (17,308) Other gains and (losses), net ​ 1,540 (45.3) %   2,814 (28.2) %   3,921 (Provision) benefit for income taxes ​ (7,324) 47.1 %   (13,836) (114.8) %   93,702 ​ 53 Table of Contents Interest Expense The following presents interest expense associated with our outstanding borrowings, including the impact of interest rate swaps for the years ended December 31, 2025, 2024 and 2023 (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ 2025   ​ ​ ​ % Change    ​ ​ ​ 2024   ​ ​ ​ % Change    ​ ​ ​ 2023 RHP Revolving Credit Facility ​ $ 4,225 4.2 %   $ 4,056 (2.4) %   $ 4,156 RHP Term Loan B ​ 19,804 (28.5) %   27,703 (11.8) %   31,395 RHP Senior Notes ​ ​ 183,807 ​ 28.0 % ​ 143,592 ​ 83.0 % ​ 78,481 Gaylord Rockies Term Loan ​ — (100.0) %   15,495 (72.5) %   56,295 OEG Revolver ​ 1,229 (42.2) %   2,127 66.6 %   1,277 OEG Term Loan ​ 33,157 8.1 %   30,682 (6.7) %   32,881 Block 21 CMBS Loan ​ ​ 2,683 ​ (68.1) %   ​ 8,421 ​ (0.9) %   ​ 8,499 Other (1) ​ ​ (3,635) ​ 45.6 %   ​ (6,681) ​ (313.9) %   ​ (1,614) Total interest expense ​ $ 241,270 ​ 7.0 %   $ 225,395 ​ 6.6 %   $ 211,370 (1) Other includes capitalized interest, as well as other miscellaneous items. Interest expense increased in 2025, as compared to 2024, due primarily to higher levels of indebtedness attributable to the issuance of $625 million in 6.50% senior notes in June 2025, partially offset by a reduction in interest expense associated with the Term Loan B as a result of a reduction in the outstanding borrowing amount during 2024. Our weighted average interest rate on our borrowings, excluding capitalized interest, but including the impact of interest rate swaps, was 6.5% and 6.7% in 2025 and 2024, respectively. Interest Income Interest income includes amounts earned on our cash balances, as well as the bonds that were received in connection with the development of Gaylord National, which we hold as notes receivable. See Note 3, “Notes Receivable,” to the accompanying consolidated financial statements included herein for additional discussion of interest income on these bonds. Loss on Extinguishment of Debt As a result of the April 2025 incremental borrowing under the OEG credit agreement and the defeasance of the Block 21 CMBS loan, we recognized a loss on extinguishment of debt of $2.9 million in 2025. As a result of the March 2024 repayment of the Gaylord Rockies $800 million term loan, the April 2024 repricing of the RHP term loan B, the June 2024 refinancing of the OEG credit agreement, and the December 2024 repricing of the RHP term loan B, we recognized a loss on extinguishment of debt of $2.5 million in 2024. Income (Loss) from Unconsolidated Joint Ventures The loss from unconsolidated joint ventures for 2025 represents a loss on an equity method investment. Other Gains and (Losses), net Other gains and (losses), net for 2025 and 2024 primarily includes a gain of $3.3 million and $3.2 million, respectively, from a fund associated with the Gaylord National bonds to reimburse us for certain marketing and maintenance expenses. 54 Table of Contents (Provision) Benefit for Income Taxes As a REIT, we generally are not subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that we distribute to our stockholders. We are required to pay federal and state corporate income taxes on earnings of our TRSs. During 2025 and 2024, we recorded an income tax provision of $7.3 million and $13.8 million, respectively. These results differ from the statutory rate primarily due to the REIT dividends paid deduction and changes in income at our TRSs in both years. The Company recognized the impact of the One Big Beautiful Bill Act (“OBBBA”), which was enacted on July 4, 2025, during 2025. The related adjustments to deferred tax assets and liabilities, and the resulting income tax expense, did not have a material impact on our financial statements. Non-GAAP Financial Measures We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance: EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: ● preopening costs; ● non-cash lease expense; ● equity-based compensation expense; ● impairment charges that do not meet the NAREIT definition above; ● credit losses on held-to-maturity securities; ● transaction costs of acquisitions; ● interest income on bonds; ● loss on extinguishment of debt; ● pension settlement charges; ● pro rata Adjusted EBITDAre from unconsolidated joint ventures; and ● any other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest. We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted 55 Table of Contents EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics. FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures. ​ To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented: ​ ● right-of-use asset amortization; ● impairment charges that do not meet the NAREIT definition above; ● write-offs of deferred financing costs; ● amortization of debt discounts or premiums and amortization of deferred financing costs; ● loss on extinguishment of debt; ● non-cash lease expense; ● credit loss on held-to-maturity securities; ● pension settlement charges; ● additional pro rata adjustments from unconsolidated joint ventures; ● (gains) losses on other assets; ● transaction costs of acquisitions; ● deferred income tax expense (benefit); and ● any other adjustments we have identified herein. ​ FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company. ​ We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure. ​ We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations. ​ ​ 56 Table of Contents The following is a reconciliation of our consolidated GAAP net income to EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 Net income ​ $ 247,310 ​ $ 280,190 ​ $ 341,800 Interest expense, net ​ ​ 220,971 ​ ​ 197,418 ​ ​ 189,947 Provision (benefit) for income taxes ​ ​ 7,324 ​ ​ 13,836 ​ ​ (93,702) Depreciation and amortization ​ ​ 278,100 ​ ​ 235,626 ​ ​ 211,227 (Gain) loss on sale of assets ​ ​ 1,296 ​ ​ (270) ​ ​ — Pro rata EBITDAre from unconsolidated joint ventures ​ ​ 1 ​ ​ 5 ​ ​ 25 EBITDAre ​ ​ 755,002 ​ ​ 726,805 ​ ​ 649,297 Preopening costs ​ ​ 2,882 ​ ​ 4,618 ​ ​ 1,308 Non-cash lease expense ​ ​ 4,743 ​ ​ 3,501 ​ ​ 5,710 Equity-based compensation expense ​ ​ 14,061 ​ ​ 13,891 ​ ​ 15,421 Pension settlement charge ​ ​ 773 ​ ​ 858 ​ ​ 1,313 Interest income on Gaylord National bonds ​ ​ 4,277 ​ ​ 4,616 ​ ​ 4,936 Loss on extinguishment of debt ​ ​ 2,922 ​ ​ 2,479 ​ ​ 2,252 Transaction costs of acquisitions ​ ​ 106 ​ ​ 1,209 ​ ​ — Pro rata adjusted EBITDAre from unconsolidated joint ventures (1) ​ ​ 9,927 ​ ​ (272) ​ ​ 10,508 Adjusted EBITDAre ​ ​ 794,693 ​ ​ 757,705 ​ ​ 690,745 Adjusted EBITDAre of noncontrolling interest ​ ​ (33,399) ​ ​ (31,746) ​ ​ (29,884) Adjusted EBITDAre, excluding noncontrolling interest ​ $ 761,294 ​ $ 725,959 ​ $ 660,861 (1) Includes losses associated with two equity method investments. ​ The following is a reconciliation of our consolidated GAAP net income available to common stockholders to FFO and Adjusted FFO for the years ended December 31, 2025, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 Net income available to common stockholders ​ $ 243,425 ​ $ 271,638 ​ $ 311,217 Noncontrolling interest in OP Units ​ ​ 1,555 ​ ​ 1,792 ​ ​ 2,118 Net income available to common stockholders and unit holders ​ ​ 244,980 ​ ​ 273,430 ​ ​ 313,335 Depreciation and amortization ​ ​ 277,728 ​ ​ 235,437 ​ ​ 211,064 Adjustments for noncontrolling interest ​ ​ (12,147) ​ ​ (8,856) ​ ​ (7,083) Pro rata adjustments from joint ventures ​ ​ — ​ ​ 5 ​ ​ 73 FFO available to common stockholders and unit holders ​ ​ 510,561 ​ ​ 500,016 ​ ​ 517,389 Right-of-use asset amortization ​ ​ 372 ​ ​ 189 ​ ​ 163 Non-cash lease expense ​ ​ 4,743 ​ ​ 3,501 ​ ​ 5,710 Pension settlement charge ​ ​ 773 ​ ​ 858 ​ ​ 1,313 Pro rata adjustments from joint ventures (1) ​ ​ 9,927 ​ ​ (272) ​ ​ 10,508 (Gain) loss on sale of assets ​ ​ 1,296 ​ ​ (270) ​ ​ — Amortization of deferred financing costs ​ ​ 11,926 ​ ​ 10,655 ​ ​ 10,663 Amortization of debt discounts and premiums ​ ​ 1,762 ​ ​ 2,397 ​ ​ 2,325 Loss on extinguishment of debt ​ ​ 2,922 ​ ​ 2,479 ​ ​ 2,252 Adjustments for noncontrolling interest ​ ​ (7,226) ​ ​ (3,137) ​ ​ 18,635 Transaction costs of acquisitions ​ ​ 106 ​ ​ 1,209 ​ ​ — Deferred tax provision (benefit) ​ ​ 2,430 ​ ​ 10,196 ​ ​ (95,825) Adjusted FFO available to common stockholders and unit holders ​ $ 539,592 ​ $ 527,821 ​ $ 473,133 (1) Includes losses associated with two equity method investments. ​ 57 Table of Contents Liquidity and Capital Resources Cash Flows Provided By Operating Activities. Cash flow from operating activities is the principal source of cash used to fund our operating expenses, interest payments on debt, maintenance capital expenditures, and dividends to stockholders. During 2025, our net cash flows provided by operating activities were $590.6 million, primarily reflecting our net income before depreciation expense, amortization expense and other non-cash charges of approximately $563.9 million and favorable changes in working capital of approximately $26.8 million. The favorable changes in working capital primarily resulted from an increase in deferred revenues associated with increased advanced room deposits on future hotel room stays and increased advanced ticket sales on future concerts and events, partially offset by a decrease in accounts payable due to the timing of payments. During 2024, our net cash flows provided by operating activities were $576.5 million, primarily reflecting our net income before depreciation expense, amortization expense and other non-cash charges of approximately $550.3 million and favorable changes in working capital of approximately $26.2 million. The favorable changes in working capital primarily resulted from an increase in deferred revenues associated with increased advanced room deposits on future hotel room stays and a decrease in accounts receivable associated with a difference in timing of credit card settlements. Cash Flows Used in Investing Activities. During 2025, our primary use of funds for investing activities was the use of $862.0 million to purchase JW Marriott Desert Ridge and purchases of property and equipment, which totaled $358.2 million. Purchases of property and equipment consisted primarily of projects at Gaylord Opryland, including a meeting space expansion, the renovation of an existing ballroom and pre-function space, and the development of a sports bar, pavilion and event lawn; a rooms renovation at Gaylord Texan; and ongoing maintenance capital expenditures for each of our existing properties. During 2024, our primary use of funds for investing activities was the purchase of property and equipment, which totaled $407.9 million, and consisted primarily of enhancements at Gaylord Rockies to construct a new events pavilion, enhance the grand lodge and reposition its food and beverage outlets; enhancements to meeting spaces at Gaylord Opryland; the conversion of the Wildhorse Saloon to Category 10; a rooms renovation at the W Austin and common area enhancements at Block 21; the completion of Ole Red Las Vegas; a rooms and lobby renovation at Gaylord Palms; and ongoing maintenance capital expenditures for each of our existing properties. Cash Flows Provided By (Used In) Financing Activities. Our cash flows from financing activities primarily reflect the incurrence and repayment of long-term debt and the payment of cash distributions. During 2025, net cash flows provided by financing activities were $567.3 million, primarily reflecting the issuance of $625.0 million in senior notes and $275.5 million in net proceeds from the issuance of approximately 3.0 million shares of our common stock, partially offset by the payment of $285.6 million in cash distributions, the net repayment of $21.0 million under the OEG revolving credit facility, and the payment of $13.1 million in deferred financing costs. During 2024, net cash flows used in financing activities were $290.3 million, primarily reflecting the issuance of $1 billion in 6.50% senior notes, offset by the prepayment of the Gaylord Rockies $800.0 million term loan, the net repayment of $203.5 million under our term loan B, the payment of $266.1 million in cash distributions, and the payment of $23.7 million in deferred financing costs. Liquidity At December 31, 2025, we had $471.4 million in unrestricted cash and $780.0 million available for borrowing in the aggregate under our revolving credit facility and the OEG revolving credit facility. During 2025, we issued $625.0 million in new 6.50% senior notes, received $275.5 million in net proceeds from the issuance of approximately 3.0 million shares of our common stock, used $862.0 million in net cash to purchase JW Marriott Desert Ridge, incurred capital expenditures of $358.2 million and paid $285.6 million in cash distributions. These changes, partially offset by the cash flows provided by operations discussed above, were the primary factors in the decrease in our cash balance from 2024 to 2025. 58 Table of Contents We anticipate investing in our operations during 2026 by spending between approximately $350 million and $450 million in capital expenditures, which includes a meeting space expansion at Gaylord Opryland; rooms renovations at Gaylord Texan and JW Marriott Hill Country; the construction of Category 10 Las Vegas; the construction of Category 10 at Universal Orlando Resort’s CityWalk; and ongoing maintenance capital for each of our current facilities. Further, our dividend policy provides that we will make minimum dividends of 100% of REIT taxable income annually. We currently have no debt maturities until October 2027. We believe we will be able to refinance our debt agreements prior to their maturities. We believe that our cash on hand and cash flow from operations, together with amounts available for borrowing under each of our revolving credit facility and the OEG revolving credit facility, will be adequate to fund our general short-term commitments, as well as: (i) current operating expenses, (ii) interest expense on long-term debt obligations, (iii) financing lease and operating lease obligations, (iv) declared dividends and (v) the capital expenditures described above. Our ability to draw on our credit facility and the OEG revolving credit facility is subject to the satisfaction of provisions of the credit facility and the OEG revolving credit facility, as applicable. Our outstanding principal debt agreements are described below. At December 31, 2025, there were no defaults under the covenants related to our outstanding debt. Principal Debt Agreements Credit Facility. On May 18, 2023, we entered into a Credit Agreement (as modified pursuant to the First Incremental Agreement, the Second Incremental Agreement and the First Amendment (each as hereinafter defined), the “Credit Agreement”), among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement provides for a senior secured term loan B (the “Term Loan B”) (in the original principal amount of $500.0 million and as of December 31, 2025 with an outstanding principal amount equal to $289.9 million) and a revolving credit facility (the “Revolver”) in an original aggregate principal amount equal to $700.0 million and as of January 28, 2026 increased to $850.0 million pursuant to Amendment No. 1 to Credit Agreement (the “First Amendment”), as well as an accordion feature that will allow us to increase the facilities by an aggregate of up to $475 million, which may be allocated between the Revolver and the Term Loan B at our option. Each of the Revolver and Term Loan B is guaranteed by us, each of our subsidiaries that own the Gaylord Hotels properties and the JW Marriott properties and certain of our other subsidiaries. Each of the Revolver and the Term Loan B is secured by equity pledges of our subsidiaries that are the fee owners of Gaylord Opryland and Gaylord Texan, their respective direct and indirect parent entities, and the equity of Ryman Hotel Operations Holdco, LLC, a wholly owned indirect subsidiary of the Company. Assets and equity of OEG are not subject to the liens of the Credit Agreement. In addition, the Revolver contains certain covenants which, among other things, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements. Per the First Amendment to the Credit Agreement, the material financial covenants, ratios or tests contained in the Revolver are as follows: ● We must maintain a consolidated net leverage ratio of not greater than 7.25x. ● We must maintain a consolidated fixed charge coverage ratio of not less than 1.50x. ● Our secured indebtedness must not exceed 45% of consolidated total asset value. ● Our secured recourse indebtedness must not exceed 10% of consolidated total asset value. 59 Table of Contents ● Unencumbered leverage ratio must not exceed 60% (with the ability to surge to 65% in connection with a material acquisition). ● Unencumbered adjusted NOI to unsecured interest expense ratio of not less than 2.0x. If an event of default shall occur and be continuing under the Credit Agreement, the commitments under the Credit Agreement may be terminated and the principal amount outstanding under the Credit Agreement, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. Revolving Credit Facility. Per the First Amendment to the Credit Agreement, the maturity date of the Revolver is January 28, 2030, with the option to extend the maturity date for a maximum of one additional year through either (i) a single 12-month extension option or (ii) two individual six-month extensions. Borrowings under the Revolver bear interest at an annual rate equal to, at our option, either (i)  Term SOFR plus the applicable margin ranging from 1.40% to 2.00%, (ii) Daily Simple SOFR plus the applicable margin ranging from 1.40% to 2.00% or (iii) a base rate as set in the Credit Agreement plus the applicable margin ranging from 0.40% to 1.00%, with each option dependent upon our consolidated net leverage ratio (as defined in the Credit Agreement). Principal is payable in full at maturity. For purposes of the Revolver, each of Term SOFR and Daily Simple SOFR are subject to a floor of 0.00%. At December 31, 2025 (prior to the effectiveness of the First Amendment), no amounts were outstanding under the Revolver, and there was $700.0 million of availability under the Revolver as of December 31, 2025 (subject to the satisfaction of debt incurrence tests under the indentures governing our $1 billion in aggregate principal amount of senior notes due 2032 (the “$1 Billion 6.50% Senior Notes”), our $700 million in aggregate principal amount of senior notes due 2027 (the “$700 Million 4.75% Senior Notes”), our $625 million in aggregate principal amount of senior notes due 2033 (the “$625 Million 6.50% Senior Notes”), our $600 million in aggregate principal amount of senior notes due 2029 (the “$600 Million 4.50% Senior Notes”) and our $400 million in aggregate principal amount of senior notes due 2028 (“$400 Million 7.25% Senior Notes”), which we met at December 31, 2025). Term Loan B. The Term Loan B has a maturity date of May 18, 2030. As of December 31, 2025, the applicable interest rate margin for borrowings under the Term Loan B is, at our option, either (i) 1.75% for SOFR Loans (as defined in the Credit Agreement) and (ii) 0.75% for base rate loans. At December 31, 2025, the interest rate on the Term Loan B was Term SOFR plus 1.75%. The annual amortization under the Term Loan B is 1% of the refinanced $293.5 million outstanding principal amount, with the balance due at maturity. At December 31, 2025, $289.9 million in borrowings were outstanding under the Term Loan B. For purposes of the Term Loan B, each of Term SOFR and Daily Simple SOFR are subject to a floor of 0.00%. $1 Billion 6.50% Senior Notes. On March 28, 2024, the Operating Partnership and RHP Finance Corporation (“Finco”) (collectively, the “issuing subsidiaries”) completed the private placement of $1.0 billion in aggregate principal amount of 6.50% senior notes due 2032, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $1 Billion 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 $1 Billion 6.50% Senior Notes have a maturity date of April 1, 2032 and bear interest at 6.50% per annum, payable semi-annually in cash in arrears on April 1 and October 1 each year. The $1 Billion 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 $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $1 Billion 6.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. 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 $1 Billion 6.50% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value 60 Table of Contents 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 $1 Billion 6.50% Senior Notes. The net proceeds from the issuance of the $1 Billion 6.50% Senior Notes totaled approximately $983 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. We used a portion of these net proceeds to prepay the indebtedness outstanding under our previous $800.0 million Gaylord Rockies term loan and used the remaining proceeds, together with cash on hand, to repay $200.0 million under the Term Loan B. The $1 Billion 6.50% Senior Notes are redeemable before April 1, 2027, 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 $1 Billion 6.50% Senior Notes will be redeemable, in whole or in part, at any time on or after April 1, 2027 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 April 1 of 2027, 2028, and 2029, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. $700 Million 4.75% Senior Notes. In September 2019, the Operating Partnership and Finco completed the private placement of $500.0 million in aggregate principal amount of senior notes due 2027, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $500 Million 4.75% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $500 Million 4.75% Senior Notes have a maturity date of October 15, 2027 and bear interest at 4.75% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $500 Million 4.75% 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 $1 Billion 6.50% Senior Notes, the $625 Million 6.50% Senior Notes, the $600 Million 4.50% Senior Notes, and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $500 Million 4.75% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. 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 $500 Million 4.75% 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 $500 Million 4.75% Senior Notes. In October 2019, we completed a tack-on private placement of $200.0 million in aggregate principal amount of 4.75% senior notes due 2027 (the “additional 2027 notes”) at an issue price of 101.250% of their aggregate principal amount plus accrued interest from the September 19, 2019 issue date for the $500 Million 4.75% Senior Notes. The additional 2027 notes and the $500 Million 4.75% Senior Notes constitute a single class of securities (collectively, the “$700 Million 4.75% Senior Notes”). All other terms and conditions of the additional 2027 notes are identical to the $500 Million 4.75% Senior Notes. ​ The $700 Million 4.75% Senior Notes are redeemable, in whole or in part, at 100% of the principal amount thereof plus accrued and unpaid interest thereon to, but not including, the redemption date. We completed a registered offer to exchange the $700 Million 4.75% Senior Notes for registered notes with substantially identical terms as the $700 Million 4.75% Senior Notes in July 2020. $625 Million 6.50% Senior Notes. On June 4, 2025, the Operating Partnership and Finco completed the private placement of $625.0 million in aggregate principal amount of 6.50% senior notes due 2033, 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 $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior 61 Table of Contents Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $625 Million 6.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. 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. We used these net proceeds to fund a portion of the purchase price for JW Marriott Desert Ridge. 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. $600 Million 4.50% Senior Notes. In February 2021, the Operating Partnership and Finco completed the private placement of $600.0 million in aggregate principal amount of senior notes due 2029, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $600 Million 4.50% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $600 Million 4.50% Senior Notes have a maturity date of February 15, 2029 and bear interest at 4.50% per annum, payable semi-annually in cash in arrears on February 15 and August 15 each year. The $600 Million 4.50% 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 $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes, and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $600 Million 4.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. 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 $600 Million 4.50% 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 $600 Million 4.50% Senior Notes. The $600 Million 4.50% Senior Notes are redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is currently 100.750% and will be 100.000% beginning on February 15 of 2027, plus accrued and unpaid interest thereon to, but not including, the redemption date. $400 Million 7.25% Senior Notes. In June 2023, the Operating Partnership and Finco completed the private placement of $400.0 million in aggregate principal amount of 7.25% senior notes due 2028, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $400 Million 7.25% 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 $400 Million 7.25% Senior Notes have a maturity date of July 15, 2028 and bear interest at 7.25% per annum, payable semi-annually in cash in arrears on January 15 and July 15 each year. The $400 Million 7.25% 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 $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes and $600 Million 4.50% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $400 Million 7.25% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. 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 62 Table of Contents subordinated indebtedness of such guarantor. The $400 Million 7.25% 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 $400 Million 7.25% Senior Notes. The $400 Million 7.25% Senior Notes are redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is currently 103.625% and will be 101.813% and 100.000% beginning on July 15 of 2026 and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. Each of the indentures governing the $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes contain certain covenants which, among other things and subject to certain exceptions and qualifications, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, assets sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements. In addition, if the Company experiences certain kinds of changes of control, the Company must offer to repurchase some or all of the senior notes at 101% of their principal amount, plus accrued and unpaid interest, if any, up to, but excluding, the repurchase date. OEG Credit Agreement. On June 28, 2024, OEG Borrower, LLC (“OEG Borrower”) and OEG Finance, LLC (“OEG Finance”), each a wholly owned direct or indirect subsidiary of OEG, entered into a certain First Amendment, which amends the Credit Agreement dated as of June 16, 2022 among OEG Borrower, as borrower, OEG Finance, certain subsidiaries of OEG Borrower from time to time party thereto as guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended, the “2024 OEG Credit Agreement”). The 2024 OEG Credit Agreement provides for (i) a senior secured term loan facility in the aggregate principal amount of $300.0 million (the “2024 OEG Term Loan”) and (ii) a senior secured revolving credit facility in an aggregate principal amount not to exceed $80.0 million (the “OEG Revolver”). The 2024 OEG Term Loan refinanced and replaced the former term loan in the outstanding principal amount of $294.8 million as of June 28, 2024 and the OEG Revolver replaces the former senior secured revolving credit facility in an aggregate principal amount not to exceed $65.0 million. On April 28, 2025, OEG Borrower and OEG Finance entered into a Second Amendment, which amended the 2024 OEG Credit Agreement (as amended, the “OEG Credit Agreement”) in which OEG Borrower obtained an incremental term loan in an aggregate principal amount equal to $130.0 million (the “Incremental OEG Loan”) on the same terms as the 2024 OEG Term Loan. The net proceeds of the Incremental OEG Loan, together with cash on hand, were used to defease the Block 21 CMBS Loan (as defined below) in full, which released the borrower thereunder from the $127.9 million amount outstanding under the Block 21 CMBS Loan. The OEG Credit Agreement provides for (i) a senior secured term loan facility in an aggregate principal amount equal to $428.5 million (the “OEG Term Loan”) and (ii) the OEG Revolver. The Incremental OEG Loan did not change any applicable interest rates or maturity dates of any indebtedness under the 2024 OEG Credit Agreement. 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. At December 31, 2025, $425.3 million was outstanding under the OEG Term Loan, and there were no amounts outstanding under the OEG Revolver. The OEG Term Loan and OEG Revolver are each secured by substantially all of the assets of OEG Finance and each of its subsidiaries. The OEG Term Loan bears interest at a rate equal to either, at OEG Borrower’s election, as of the closing contemplated by the OEG Credit Agreement, (a) the Alternate Base Rate plus 2.50% or (b) Adjusted Term SOFR plus 3.50% (all as more specifically described in the OEG Credit Agreement). In November 2022, OEG entered into an interest rate swap to fix the SOFR portion of the interest rate on $100.0 million of borrowings at 4.533% through December 2025. In August 2025, OEG entered into an interest rate swap to fix the SOFR portion of the interest rate on $100.0 million of borrowings at 3.214% from December 2025 through December 2028. In September 2025, OEG 63 Table of Contents entered into an additional interest rate swap to fix the SOFR portion of the interest rate on $125.0 million of borrowings at 3.17% through December 2028. Borrowings under the OEG Revolver bear interest at a rate equal to either, at OEG Borrower’s election, as of the closing contemplated by the OEG Credit Agreement, (a) the Alternate Base Rate plus the Applicable Rate (as defined in the OEG Credit Agreement) or (b) Adjusted Term SOFR plus the Applicable Rate. Under the OEG Credit Agreement, (i) the Applicable Rate for Alternative Base Rate loans will be between 2.75% and 2.25% and (ii) the Applicable Rate for Adjusted Term SOFR loans will be between 3.75% and 3.25%, in each of (i) and (ii) based upon the First Lien Leverage Ratio of OEG Finance and its consolidated subsidiaries (as more specifically described in the OEG Credit Agreement). The Applicable Rate for borrowings under the OEG Revolver as of December 31, 2025 is 2.50% for Alternative Base Rate Loans and 3.50% for Adjusted Term SOFR loans. The Applicable Rate for borrowings under the OEG Term Loan as of December 31, 2025 is 2.50% for Alternative Base Rate Loans and 3.50% for Adjusted Term SOFR loans. The OEG Term Loan matures on June 28, 2031, and the OEG Revolver matures on June 28, 2029. Block 21 CMBS Loan. In connection with the purchase of Block 21 in May 2022, a subsidiary of the Company assumed a $136 million, ten-year, non-recourse term 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. Additional Debt Limitations. Pursuant to the terms of the management agreements and pooling agreement with Marriott for our Gaylord Hotels properties, excluding Gaylord Rockies, we are subject to certain debt limitations described below. The management agreements provide for the following limitations on indebtedness encumbering a hotel: ● The aggregate principal balance of all mortgage and mezzanine debt encumbering the hotel shall be no greater than 75% of the fair market value of the hotel; and ● The ratio of (a) aggregate Operating Profit (as defined in the management agreement) in the 12 months prior to the closing on the mortgage or mezzanine debt to (b) annual debt service for the hotel shall equal or exceed 1.2:1; but is subject to the pooling agreement described below. The pooled limitations on Secured Debt (as defined in the pooling agreement) are as follows: ● The aggregate principal balance of all mortgage and mezzanine debt on Pooled Hotels (as defined in the pooling agreement), shall be no more than 75% of the fair market value of Pooled Hotels. ● The ratio of (a) aggregate Operating Profit (as defined in the pooling agreement) of Pooled Hotels in the 12 months prior to closing on any mortgage or mezzanine debt, to (b) annual debt service for the Pooled Hotels, shall equal or exceed 1.2:1. Gaylord Rockies is not a Pooled Hotel for this purpose. Estimated Interest on Principal Debt Agreements Based on the stated interest rates on our fixed-rate debt and the rates in effect at December 31, 2025 for our variable-rate debt after considering interest rate swaps, our estimated interest obligations over the next five years are $913.9 million. These estimated obligations are $240.0 million in 2026, $232.6 million in 2027, $192.6 million in 2028, $137.4 million in 2029, and $111.3 million in 2030. Variable rates, as well as outstanding principal balances, could change in future periods. See “Principal Debt Agreements” above for a discussion of our outstanding long-term debt. See “Supplemental 64 Table of Contents Cash Flow Information” in Note 1 to our consolidated financial statements included herein for a discussion of the interest we paid during 2025, 2024 and 2023. ​ Inflation ​ Inflation has had a more meaningful impact on our business during recent periods than in historical periods. However, favorable ADR and outside-the-room spend in our Hospitality segment and business levels in our Entertainment segment in recent years have reduced the impact of increased operating costs on our financial position and results of operations. ​ Additionally, increased interest rates have driven higher interest expense on our debt than in historical periods, although interest rates on our debt have decreased in 2025, as compared to 2024. In an effort to mitigate the impact of increased interest rates, at December 31, 2025, 88% of our outstanding debt is fixed-rate debt, after considering the impact of interest rate swaps. ​ A prolonged inflationary environment could adversely affect our operating costs, customer spending and bookings, and our financial results. ​ Supplemental Guarantor Financial Information ​ The Company’s $1 Billion 6.50% Senior Notes, $700 Million 4.75% Senior Notes, $625 Million 6.50% Senior Notes, $600 Million 4.50% Senior Notes and $400 Million 7.25% Senior Notes were each issued by the Operating Partnership and Finco (collectively, the “Issuers”) and are guaranteed on a senior unsecured basis by the Company (as the parent company), each of the Operating Partnership’s subsidiaries that own the Gaylord Hotels properties, the JW Marriott properties and certain other of the Company’s subsidiaries, each of which also guarantees the Operating Partnership’s Credit Agreement, as amended (such subsidiary guarantors, together with the Company, the “Guarantors”). The Guarantors are 100% owned by the Operating Partnership or the Company, and the guarantees are full and unconditional and joint and several. The guarantees rank equally in right of payment with each Guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to all future subordinated indebtedness, if any, of such Guarantor. Not all of the Company’s subsidiaries have guaranteed these senior notes, and the guarantees are structurally subordinated to all indebtedness and other obligations of such subsidiaries that have not guaranteed these senior notes. ​ The following tables present summarized financial information for the Issuers and the Guarantors on a combined basis and the intercompany balances and transactions between these parties, as well as any investments in or equity in earnings from non-guarantor subsidiaries, have been eliminated (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ December 31,  ​   ​ ​ ​ 2025 Other assets ​ $ 3,932,230 Total assets ​ $ 3,932,230 ​ ​ ​ ​ Net payables due to non-guarantor subsidiaries ​ $ 214,188 Other liabilities ​ ​ 3,850,494 Total liabilities ​ $ 4,064,682 Total noncontrolling interest ​ $ 5,003 ​ ​ ​ ​ ​ ​ ​ Year Ended ​   ​ ​ ​ December 31, 2025 Revenues from non-guarantor subsidiaries ​ $ 618,797 Operating expenses (excluding expenses to non-guarantor subsidiaries) ​ ​ 183,364 Expenses to non-guarantor subsidiaries ​ ​ 15,249 Operating income ​ ​ 420,184 Interest income from non-guarantor subsidiaries ​ ​ 2,484 Net income ​ ​ 226,247 Net income available to common stockholders ​ ​ 222,362 65 Table of Contents Critical Accounting Policies and Estimates Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” discusses our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. Accounting estimates are an integral part of the preparation of the consolidated financial statements and the financial reporting process and are based upon current judgments. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Certain accounting estimates are particularly sensitive because of their complexity and the possibility that future events affecting them may differ materially from our current judgments and estimates. This listing of critical accounting policies is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by generally accepted accounting principles, with no need for management’s judgment regarding accounting policy. We believe that of our significant accounting policies, which are discussed in Note 1 to the consolidated financial statements included herein, the following involve a higher degree of judgment and complexity. Impairment of long-lived and other assets. In accounting for our long-lived and other assets, we assess our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets or asset groups may not be recoverable. Factors we consider when assessing whether impairment indicators exist include (i) significant under-performance relative to historical or projected future operating results, (ii) significant changes in the manner of our use of assets or the strategy for our overall business, or (iii) significant negative industry or economic trends. Recoverability of property and equipment and definite-lived intangible assets that will continue to be used is measured by comparing the carrying amount of the asset or asset group to the related total future undiscounted net cash flows. If an asset or asset group’s carrying value is not recoverable through those cash flows, the asset group is considered to be impaired. The impairment is measured by the difference between the assets’ carrying amount and their fair value, which is estimated using discounted cash flow analyses that utilize comprehensive cash flow projections, as well as observable market data to the extent available. Estimating the total future undiscounted net cash flows, as well as the fair value of assets or asset groups, if necessary, requires management to make assumptions and projections of future cash flows, long-term growth rates, asset holding periods, and other factors. The assumptions used to assess impairment consider historical trends, macroeconomic conditions, and projections consistent with our operating strategy. Changes in these estimates and assumptions can have a significant impact on the assessment, which could result in material impairment losses. Credit losses on financial assets. We assess our financial assets, including the bonds we received in 2008 related to the Gaylord National construction (“Gaylord National Bonds”), for credit losses utilizing the expected loss model prescribed by ASC 326, “Financial Instruments – Credit Losses,” and record a reserve, in the form of an allowance for credit losses, against the amortized cost basis for the portion of the financial asset that will not be recovered due to credit losses. We provide credit loss reserves for the Gaylord National Bonds by comparing the amortized cost basis to their present value. If the amortized cost basis exceeds the present value, an expected credit loss exists and the allowance for credit losses is measured as the difference between the bonds’ amortized cost basis and present value, which is estimated using discounted cash flow analyses that utilize comprehensive cash flow projections over the contractual life of the bonds, as well as observable market data to the extent available. Our estimate of the present value of the Gaylord National Bonds is sensitive to the significant assumptions of the discounted cash flow analysis, which include the projections of hotel taxes (which are based on expected hotel rooms revenues) and property taxes, both of which are affected by expectations about future market and economic conditions, particularly those in the Washington D.C. market. Further, such assumptions require significant judgment as the Gaylord National Bonds and related projected cash flows continue for an extended period of time through 2037. 66 Table of Contents Income taxes. As a REIT, generally we will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that we distribute to our stockholders. We will continue to be required to pay federal and state corporate income taxes on earnings of our TRSs. We must assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, the provision for taxes is increased by recording a reserve, in the form of a valuation allowance, against the estimated deferred tax assets that will not ultimately be recoverable. In addition, we must evaluate uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. At December 31, 2025 and 2024, we had no accruals for unrecognized tax benefits. We recognize interest and penalties related to uncertain tax positions, if any, in income tax expense. At December 31, 2025 and 2024, we have accrued no interest or penalties related to uncertain tax positions. ​ Acquisitions and Purchase Price Allocations. Accounting for the acquisition of an entity as a business combination, becoming the primary beneficiary of a previously unconsolidated variable interest entity, or a significant asset acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction based on their respective estimated fair values, which requires us to make estimates and assumptions regarding the fair value of the acquired assets and liabilities assumed. We may engage third parties to provide valuation services to assist in the fair value determinations of the long-lived assets acquired and the liabilities assumed. The most material estimations of individual fair values are those involving long-lived assets, such as property, equipment, and intangible assets, that are assumed as part of the transaction, as well as any noncontrolling interests. When making fair value determinations, we consider market data for similar assets, expected cash flows discounted at risk-adjusted rates, and replacement cost for assets, among other information. Management judgment is required when making the assumptions used to value long-lived and identifiable intangible assets, which include projected revenue growth, estimated cash flows, discount rates, and other factors. Legal Contingencies. We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. We record an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated, the determination of which requires significant judgment. We review these accruals each reporting period and make revisions based on changes in facts and circumstances, but resolution of legal matters in a manner inconsistent with our expectations could have a material impact on our financial condition and operating results. Recently Issued Accounting Standards For a discussion of recently issued accounting standards, see Note 1 to our consolidated financial statements included herein.