Ryman Hospitality Properties, Inc.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
RHP$132.05+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001104659-26-053780
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001104659-26-092580
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 177 current paragraphs.
95 unchanged; 65 reworded; 11 added; 6 removed; 4 previous and 6 current paragraphs rearranged.
Tables are not compared: 87 previous and 99 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Recent Developments in Our Opry Entertainment Business
Current report
As previously announced, we are exploring ways to provide OEG with greater independence in a structure that creates value for our shareholders. To that end, we have engaged Morgan Stanley & Co. LLC to evaluate potential strategic partners or new investors for OEG. In evaluating potential partners, we have focused on three priorities:
Current report
Discussions are continuing with select potential investors that our board of directors believes may meet our criteria for a new partnership. We expect to remain an owner of OEG and continue to benefit from its future growth. We have not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.
Current report
As a result of this ongoing process, the put rights of the minority investor in OEG discussed in Note 4, “Income Per Share,” to the accompanying condensed consolidated financial statements included herein are not currently exercisable.
Current report
The increase in our total revenues for the three months ended June 30, 2026, as compared to the same period in 2025, is attributable to an increase in our Hospitality segment of $88.8 million and an increase in our Entertainment segment of $0.7 million, as presented in the tables below.
Current report
Revenues increased slightly in our Entertainment segment in the three months ended June 30, 2026, as compared to the 2025 period, as increased revenue from our 2026 management of the Ascend Amphitheater was partially offset by a decrease in revenue from Southern Entertainment as the result of the 2026 decision to discontinue a less profitable festival that took place in 2025.
Current report
period, primarily related to a decrease in expenses associated with the discontinuance of the less profitable Southern Entertainment festival noted above and less produced content related to the Grand Ole Opry’s 100-year celebration in 2025, partially offset by variable expenses associated with our 2026 management of the Ascend Amphitheater.
Current report
Depreciation and amortization increased slightly in the three and six months ended June 30, 2026, as compared to the 2025 period.
Current report
As a result of the April 2025 incremental borrowings under the OEG credit agreement and the defeasance of the Block 21 CMBS loan, we recognized a loss on extinguishment of debt of $2.5 million in the three and six months ended June 30, 2025.
Current report
increase in group business at our hotel properties, a decrease in accrued liabilities primarily related to the payment of accrued property taxes and compensation, a decrease in advanced ticket purchases at Southern Entertainment due to 2026 festivals occurring in June 2026, and a decrease in advanced room deposits on future hotel stays due to the timing of receipts. The unfavorable changes in working capital are partially offset by an increase in general accounts payable due to the timing of payments.
Current report
During the six months ended June 30, 2025, our net cash flows provided by financing activities were $716.6 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 $139.7 million in cash distributions, the net repayment of $21.0 million under the OEG revolving credit facility, and the payment of $12.6 million in deferred financing costs.
Removed paragraphs (6)
Previous report
Depreciation and amortization remained stable in the three months ended March 31, 2026, as compared to the 2025 period.
Previous report
During the three months ended March 31, 2025, our net cash flows used in financing activities were $82.0 million, primarily reflecting the payment of $70.3 million in cash distributions.
Previous report
Inflation
Previous report
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 periods have reduced the impact of increased operating costs on our financial position and results of operations.
Previous report
Additionally, increased interest rates have driven higher interest expense on our debt than in historical periods. In an effort to mitigate the impact of increased interest rates, at March 31, 2026, 88% of our outstanding debt is fixed-rate debt, after considering the impact of interest rate swaps.
Previous report
A prolonged inflationary environment could adversely affect our operating costs, customer spending and bookings, and our financial results.
Reworded paragraphs (65)
Previous wording
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.
Current wording
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 early 2028; 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.
Previous wording
Existing Hotel Property Design. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings and regional leisure transient markets in the United States and incorporate meeting and exhibition space, signature guest rooms, food and beverage offerings, fitness and spa facilities and other attractions within a large hotel property so attendees’ needs are met in one location. We believe this strategy creates a better experience for both meeting planners and guests and has led to our current Gaylord Hotels properties and JW Marriott properties claiming a place among the leading convention hotels in the country.
Current wording
Existing Hotel Property Design. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings and regional leisure transient markets in the United States and incorporate meeting and exhibition space, signature guest rooms, food and beverage offerings, fitness and spa facilities and other attractions within a large hotel
Previous wording
Leverage Brand Name Awareness. We believe the Grand Ole Opry is one of the most recognized entertainment brands in the United States. We promote the Grand Ole Opry name through various media, including our WSM-AM radio station, the Internet and television, and through performances by the Grand Ole Opry’s members, many of whom are renowned country music artists. As such, we have alliances in place with multiple distribution partners in an effort to foster brand extension. We believe that licensing our brand may provide an opportunity to increase revenues and cash flow with relatively little capital investment. We are continuously exploring additional products, such as television specials and retail products, through which we can capitalize on our brand affinity and awareness. To this end, we have purchased Block 21, invested in six Ole Red locations and recently announced the planned development of a seventh Ole Red location that is expected to open in late 2027, opened our first Category 10 in November 2024 and have announced the development of two additional Category 10 locations that are expected to open in late 2026 and late 2027, respectively, purchased a majority interest in Southern Entertainment in January 2025, and began managing the Ascend Amphitheater in January and the CCNB Amphitheatre in February 2026. In September 2025, the Grand Ole Opry traveled to the Royal Albert Hall in London for the first international performance in its history. Further, in 2022, we completed a strategic transaction to sell a minority interest in OEG to an affiliate of Atairos Group, Inc. and its strategic partner NBCUniversal Media, LLC, who we believe will continue to help us expand the distribution of our OEG brands.
Current wording
Leverage Brand Name Awareness. We believe the Grand Ole Opry is one of the most recognized entertainment brands in the United States. We promote the Grand Ole Opry name through various media, including our WSM-AM radio station, the Internet and television, and through performances by the Grand Ole Opry’s members, many of whom are renowned country music artists. As such, we have alliances in place with multiple distribution partners in an effort to foster brand extension. We believe that licensing our brand may provide an opportunity to increase revenues and cash flow with relatively little capital investment. We are continuously exploring additional products, such as television specials and retail products, through which we can capitalize on our brand affinity and awareness. To this end, we have purchased Block 21, invested in six Ole Red locations and recently announced the planned development of a seventh Ole Red location that is expected to open in early 2028, opened our first Category 10 in November 2024 and have announced the development of two additional Category 10 locations that are expected to open in late 2026 and early 2028, respectively, purchased a majority interest in Southern Entertainment in January 2025, and began managing the Ascend Amphitheater in January 2026 and the CCNB Amphitheatre in February 2026. In September 2025, the Grand Ole Opry traveled to the Royal Albert Hall in London for the first international performance in its history. Further, in 2022, we completed a strategic transaction to sell a minority interest in OEG to an affiliate of Atairos Group, Inc. and its strategic partner NBCUniversal Media, LLC, who we believe will continue to help us expand the distribution of our OEG brands.
Previous wording
For the three months ended March 31, 2026 and 2025, our total revenues were divided among these business segments as follows:
Current wording
For the three and six months ended June 30, 2026 and 2025, our total revenues were divided among these business segments as follows:
Previous wording
The following table contains our unaudited selected summary financial data for the three months ended March 31, 2026 and 2025. The table also shows the percentage relationships to total revenues and, in the case of segment operating income, its relationship to segment revenues (in thousands, except percentages).
Current wording
The following table contains our unaudited selected summary financial data for the three and six months ended June 30, 2026 and 2025. The table also shows the percentage relationships to total revenues and, in the case of segment operating income, its relationship to segment revenues (in thousands, except percentages).
Previous wording
The following table summarizes our financial results for the three months ended March 31, 2026 and 2025 (in thousands, except percentages and per share data):
Current wording
The following table summarizes our financial results for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages and per share data):
Previous wording
The increase in our total revenues for the three months ended March 31, 2026, as compared to the same period in 2025, is primarily attributable to an increase in our Hospitality segment of $87.7 million, partially offset by a decrease in our Entertainment segment of $10.4 million, as presented in the tables below.
Current wording
The increase in our total revenues for the six months ended June 30, 2026, as compared to the same period in 2025, is attributable to an increase in our Hospitality segment of $176.4 million, partially offset by a decrease in our Entertainment segment of $9.7 million, as presented in the tables below.
Previous wording
The increase in our total operating expenses for the three months ended March 31, 2026, as compared to the same period in 2025, is primarily the result of an increase in our Hospitality segment of $59.4 million (which includes an increase of $11.9 million in depreciation and amortization expense), partially offset by a decrease of $4.7 million in our Entertainment segment, as presented in the tables below.
Current wording
The increase in our total operating expenses for the three months ended June 30, 2026, as compared to the same period in 2025, is primarily the result of an increase in our Hospitality segment of $62.0 million (which includes an increase of $9.8 million in depreciation and amortization expense), partially offset by a decrease of $8.8 million in our Entertainment segment, as presented in the tables below.
Previous wording
The above factors resulted in an increase of $21.7 million in operating income for the three months ended March 31, 2026, respectively, as compared to the 2025 period.
Current wording
The above factors resulted in an increase of $35.1 million and $56.8 million in operating income for the three and six months ended June 30, 2026, respectively, as compared to the 2025 periods.
Previous wording
Our $6.4 million increase in net income for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to the changes in our revenues and operating expenses reflected above, impacted by the following factors, each as described more fully below:
Current wording
Our $26.2 million increase in net income for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to the changes in our revenues and operating expenses reflected above, impacted by the following factors, each as described more fully below:
Previous wording
Other important factors and trends for the three months ended, and as of, March 31, 2026 include:
Current wording
Other important factors and trends for the three and six months ended, and as of, June 30, 2026 include:
Previous wording
*Total Segment Results.*The following presents the financial results of our Hospitality segment for the three months ended March 31, 2026 and 2025 (in thousands, except percentages and performance metrics):
Current wording
*Total Segment Results.*The following presents the financial results of our Hospitality segment for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages and performance metrics):
Previous wording
Total Hospitality segment revenues in the three months ended March 31, 2026 include $8.4 million in attrition and cancellation fee revenue, an increase of $1.6 million in attrition and cancellation fee collections from the 2025 period.
Current wording
Total Hospitality segment revenues in the three and six months ended June 30, 2026 include $10.1 million and $18.5 million, respectively, in attrition and cancellation fee revenue, an increase of $0.7 million and $2.3 million, respectively, in attrition and cancellation fee collections from the 2025 periods.
Previous wording
Other hotel expenses for the three months ended March 31, 2026 and 2025 consist of the following (in thousands):
Current wording
Other hotel expenses for the three and six months ended June 30, 2026 and 2025 consist of the following (in thousands):
Previous wording
Each of the other hotel expense categories above increased in the three months ended March 31, 2026, as compared to the 2025 period, primarily 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 other expenses, which include supplies, advertising, maintenance costs and consulting costs, during the three months ended March 31, 2026, as compared to the same period in 2025, also includes a slight increase of various miscellaneous expenses at Gaylord Opryland associated with the increase in business levels.
Current wording
Each of the other hotel expense categories above increased in the three and six months ended June 30, 2026, as compared to the 2025 periods, primarily 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 during the 2026 periods, as compared to the 2025 periods, also includes an increase at Gaylord Opryland due to the expiration of a previous tax abatement plan. The increase in other expenses, which include supplies, advertising, maintenance costs and consulting costs, during the 2026 periods, as compared to the 2025 periods, also includes an increase of various miscellaneous expenses at Gaylord Opryland associated with the increase in business levels.
Previous wording
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. In the three months ended March 31, 2026 and 2025, we incurred $14.0 million and $11.6 million, respectively, related to base management fees for our Hospitality segment and $7.7 million and $7.6 million, respectively, related to incentive management fees for our Hospitality segment. Management fees are presented throughout this Quarterly Report on Form 10-Q net of the amortization of the deferred management rights proceeds discussed in Note 5, “Deferred Management Rights Proceeds,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
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. In the three months ended June 30, 2026 and 2025, we incurred $14.7 million and $12.3 million, respectively, and in the six months ended June 30, 2026 and 2025, we incurred $28.7 million and $23.9 million, respectively, related to base management fees for our Hospitality segment. In the three months ended June 30, 2026 and 2025, we incurred $8.2 million and $6.4 million, respectively, and in the six months ended June 30, 2026 and 2025, we incurred $15.9 million and $14.0 million, respectively, related to incentive management fees for our Hospitality segment. Management fees are presented throughout this Quarterly Report on Form 10-Q net of the amortization of the deferred management rights proceeds discussed in Note 5, “Deferred Management Rights Proceeds,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
Total Hospitality segment depreciation and amortization expense increased in the three months ended March 31, 2026, as compared to the same period in 2025, primarily due to the increase in depreciable assets associated with JW Marriott Desert Ridge, as well as increases in asset values at Gaylord Texan related to the ongoing rooms renovation and Gaylord Opryland related to the 2025 renovation of an existing ballroom and pre-function space.
Current wording
Total Hospitality segment depreciation and amortization expense increased in the three and six months ended June 30, 2026, as compared to the same periods in 2025, primarily due to the increase in depreciable assets associated with JW Marriott Desert Ridge, as well as increases in asset values at Gaylord Texan related to the ongoing rooms renovation and Gaylord Opryland related to the 2026 completion of a sports bar, pavilion and event lawn and the 2025 renovation of an existing ballroom and pre-function space.
Previous wording
*Property-Level Results.*The following presents the property-level financial results of our Hospitality segment for the three months ended March 31, 2026 and 2025.
Current wording
*Property-Level Results.*The following presents the property-level financial results of our Hospitality segment for the three and six months ended June 30, 2026 and 2025.
Previous wording
*Gaylord Opryland Results.*The results of Gaylord Opryland for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Opryland Results.*The results of Gaylord Opryland for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord Palms Results.*The results of Gaylord Palms for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Palms Results.*The results of Gaylord Palms for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord Texan Results.*The results of Gaylord Texan for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Texan Results.*The results of Gaylord Texan for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord National Results.*The results of Gaylord National for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord National Results.*The results of Gaylord National for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
Gaylord Rockies Results. The results of Gaylord Rockies for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
Gaylord Rockies Results. The results of Gaylord Rockies for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
JW Marriott Hill Country Results. The results of JW Marriott Hill Country for the three months ended March 31, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Current wording
JW Marriott Hill Country Results. The results of JW Marriott Hill Country for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
JW Marriott Desert Ridge Results. We purchased JW Marriott Desert Ridge on June 10, 2025. The results of JW Marriott Desert Ridge for the three months ended March 31, 2026 are as follows (in thousands, except percentages and performance metrics):
Current wording
JW Marriott Desert Ridge Results. We purchased JW Marriott Desert Ridge on June 10, 2025. The results of JW Marriott Desert Ridge for the three and six months ended June 30, 2026 and for the period ended June 30, 2025 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Total Segment Results.*The following presents the financial results of our Entertainment segment for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):
Current wording
*Total Segment Results.*The following presents the financial results of our Entertainment segment for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):
Previous wording
Revenues decreased in our Entertainment segment in the three months ended March 31, 2026, as compared to the 2025 period, primarily due to the prior year period including an increase in produced content related to the Grand Ole Opry’s 100-year celebration, as well as lower revenues at the Grand Ole Opry and Ryman Auditorium related to Winter Storm Fern, which impacted Nashville, Tennessee in January 2026.
Current wording
Revenues decreased in our Entertainment segment in the six months ended June 30, 2026, as compared to the 2025 period, primarily due to the prior year period including an increase in produced content related to the Grand Ole Opry’s 100-year celebration, lower revenues at the Grand Ole Opry and Ryman Auditorium related to Winter Storm Fern, which impacted Nashville, Tennessee in January 2026, and the 2026 decision to discontinue the less profitable Southern Entertainment festival noted above.
Previous wording
Entertainment segment operating expenses decreased in the three months ended March 31, 2026, as compared to the 2025 period, primarily related to a decrease in variable expenses associated with the decrease in revenue.
Current wording
Entertainment segment operating expenses decreased in the three months ended June 30, 2026, as compared to the 2025 period, primarily related to a decrease in expenses associated with the discontinuance of the less profitable Southern Entertainment festival noted above, partially offset by variable expenses associated with our 2026 management of the Ascend Amphitheater.
Previous wording
*Total Segment Results.*The following presents the financial results of our Corporate and Other segment for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):
Current wording
*Total Segment Results.*The following presents the financial results of our Corporate and Other segment for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):
Previous wording
Corporate and Other operating expenses consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative costs. Corporate and Other segment operating expenses increased in the three months ended March 31, 2026, as compared to the 2025 period, primarily as a result of an increase in employment expenses.
Current wording
Corporate and Other operating expenses consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative costs. Corporate and Other segment operating expenses increased in the three and six months ended June 30, 2026, as compared to the 2025 periods, primarily as a result of an increase in employment expenses.
Previous wording
Preopening costs during the three months ended March 31, 2026 include costs associated with Category 10 Las Vegas, which is expected to open in late 2026.
Current wording
Preopening costs during the three and six months ended June 30, 2026 include costs associated with Category 10 Las Vegas, which is expected to open in late 2026.
Previous wording
The following table summarizes the other factors which affected our net income for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):
Current wording
The following table summarizes the other factors which affected our net income for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):
Previous wording
The following presents interest expense associated with our outstanding borrowings, including the impact of interest rate swaps, for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):
Current wording
The following presents interest expense associated with our outstanding borrowings, including the impact of interest rate swaps, for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):
Previous wording
Our weighted average interest rate on our borrowings, excluding capitalized interest, but including the impact of interest rate swaps, was 6.4% for each of the three months ended March 31, 2026 and 2025, respectively.
Current wording
Our weighted average interest rate on our borrowings, excluding capitalized interest, but including the impact of interest rate swaps, was 6.6% and 6.5% for the three months ended June 30, 2026 and 2025, respectively, and 6.5% for each of the six months ended June 30, 2026 and 2025, respectively.
Previous wording
Interest income for the three months ended March 31, 2026 and 2025 primarily 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 6, “Notes Receivable,” to the accompanying condensed consolidated financial statements included herein for additional discussion of interest income on these bonds.
Current wording
Interest income for the three and six months ended June 30, 2026 and 2025 primarily 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 6, “Notes Receivable,” to the accompanying condensed consolidated financial statements included herein for additional discussion of interest income on these bonds.
Previous wording
As a result of the March 2026 redemption of our previous outstanding $700.0 million 4.75% senior notes due 2027, we recognized a loss on extinguishment of debt of $2.2 million in the three months ended March 31, 2026.
Current wording
As a result of the March 2026 redemption of our previous outstanding $700.0 million 4.75% senior notes due 2027, we recognized a loss on extinguishment of debt of $2.2 million in the six months ended June 30, 2026.
Previous wording
Other gains and (losses), net for the three months ended March 31, 2026 and 2025 includes miscellaneous items.
Current wording
Other gains and (losses), net for the three and six months ended June 30, 2026 and 2025 includes miscellaneous items.
Previous wording
For the three months ended March 31, 2026 and 2025, we recorded an income tax provision of $6.9 million and $4.2 million, respectively, related to our TRSs. The change in the income tax provision for the 2026 period, as compared to the 2025 period, relates to changes in income at our TRSs.
Current wording
For the three months ended June 30, 2026 and 2025, we recorded an income tax provision of $12.1 million and $7.8 million, respectively, and for the six months ended June 30, 2026 and 2025, we recorded an income tax provision of $19.0 million and $12.0 million, respectively, related to our TRSs. The change in the income tax provision for the 2026 periods, as compared to the 2025 periods, relates to changes in income at our TRSs.
Previous wording
The following is a reconciliation of our consolidated GAAP net income to EBITDAre, Adjusted EBITDAre, and Adjusted EBITDAre, Excluding Noncontrolling Interest for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following is a reconciliation of our consolidated GAAP net income to EBITDAre, Adjusted EBITDAre, and Adjusted EBITDAre, Excluding Noncontrolling Interest for the three and six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
The following is a reconciliation of our consolidated GAAP net income available to common stockholders to FFO and Adjusted FFO for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following is a reconciliation of our consolidated GAAP net income available to common stockholders to FFO and Adjusted FFO for the three and six months ended June 30, 2026 and 2025 (in thousands):
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
property so attendees’ needs are met in one location. We believe this strategy creates a better experience for both meeting planners and guests and has led to our current Gaylord Hotels properties and JW Marriott properties claiming a place among the leading convention hotels in the country.
Current report — wording carried from elsewhere
The increase in our total operating expenses for the six months ended June 30, 2026, as compared to the same period in 2025, is primarily the result of an increase in our Hospitality segment of $121.4 million (which includes an increase of $21.7 million in depreciation and amortization expense), partially offset by a decrease of $13.5 million in our Entertainment segment, as presented in the tables below.
Current report — wording carried from elsewhere
Our $32.6 million increase in net income for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to the changes in our revenues and operating expenses reflected above, impacted by the following factors, each as described more fully below:
Current report — wording carried from elsewhere
Important factors and trends contributing to our performance during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were:
Current report — wording carried from elsewhere
Entertainment segment operating expenses decreased in the six months ended June 30, 2026, as compared to the 2025
Current report — wording carried from elsewhere
to amount and timing. We currently have no debt maturities until July 2028. We believe we will be able to refinance our debt agreements prior to their maturities.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
increase in accounts receivable due to a seasonal increase in group business at our hotel properties and the payment of accrued property taxes and accrued compensation.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
from 0.40% to 1.00%, with each option dependent upon our funded debt to total asset value ratio (as defined in the Credit Agreement). Principal is payable in full at maturity.
Previous report — wording carried elsewhere
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.