SCHEDULE: Principal Investors Trim Ryman Hospitality Stake to 4.8%

Principal Real Estate Investors and Principal Global Investors have reduced their combined beneficial ownership in Ryman Hospitality Properties, Inc. to 4.8%.

Summary

• Principal Real Estate Investors LLC and Principal Global Investors jointly filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Ryman Hospitality Properties, Inc. Common Stock.
• As of the event date 09/30/2025, the combined beneficial ownership reported is 3,009,860 shares, representing 4.8% of the class.
• Principal Real Estate Investors LLC holds 2,589,739 shares, which constitutes 4.1% of the class, with shared voting and shared dispositive power.
• Principal Global Investors holds 420,121 shares, representing 0.7% of the class, with shared voting and shared dispositive power.
• Both reporting entities are classified as Investment Advisers (IA).
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reported reduction in beneficial ownership below the 5% threshold by significant institutional investors. While the filing certifies a passive investment, the decrease in stake could be interpreted as a less favorable outlook or portfolio rebalancing.

Positives

• The reporting persons certify that their securities were acquired and are held in the ordinary course of business, indicating a passive investment stance rather than an intent to influence control.

Negatives

• The filing is an Amendment No. 2, reporting a combined beneficial ownership of 4.8%, which is below the 5% threshold. This indicates a reduction in their stake from a previous filing, potentially signaling a less bullish outlook or portfolio rebalancing by the investment advisers.

Risks

• NA

Future Outlook

NA

Management Comments

• "To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

NA

Stakeholder Impact

• Shareholders: The reduction in institutional ownership by Principal Real Estate Investors LLC and Principal Global Investors may lead to increased scrutiny of Ryman Hospitality Properties, Inc.'s stock performance and future prospects, potentially influencing investor sentiment and share price.

Key Dates

Recommendation

The filing indicates a reduction in a significant institutional stake, which can be a negative signal. However, a Schedule 13G primarily reports ownership changes and does not provide sufficient fundamental or strategic information about the issuer to warrant a strong buy or sell recommendation. A 'hold' stance is prudent for a seasoned investor, suggesting a re-evaluation of the stock in light of this ownership change, but without immediate action based solely on this disclosure.

Keywords

Ryman Hospitality Properties, Principal Real Estate Investors, Principal Global Investors, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Ownership, Investment Adviser