Principal Real Estate & Global Investors joint 5.1% stake in RHP

Rhea-AI Filing Summary

Principal Real Estate Investors LLC and Principal Global Investors jointly report beneficial ownership of 3,211,157 shares of Ryman Hospitality Properties, representing 5.1% of the outstanding common stock. The holding breaks down to 2,813,644 shares attributed to Principal Real Estate Investors LLC (4.5% of the class) and 397,513 shares attributed to Principal Global Investors (0.6% of the class).

The filing shows no sole voting or dispositive power for either filer; all reported shares are held with shared voting and shared dispositive power. The filers certify the shares are held in the ordinary course of business and not for the purpose of changing or influencing control. The statement is filed jointly under a joint filing agreement.

Positive

• Combined ownership of 3,211,157 shares representing a material 5.1% stake in Ryman Hospitality, signaling significant institutional interest
• Clear ownership breakdown: 2,813,644 shares (Principal Real Estate Investors LLC) and 397,513 shares (Principal Global Investors), enabling precise disclosure
• Filing certifies shares are held in the ordinary course and not for the purpose of changing or influencing control, indicating a passive investment posture

Negative

• None.

Insights

Financial Analyst

TL;DR: Two Principal affiliates disclosed a combined 5.1% passive stake in RHP, signaling meaningful institutional ownership without control.

The joint Schedule 13G/A reports a combined 3,211,157-share position equal to 5.1% of RHP. The position is held with shared voting and dispositive power and no sole powers, consistent with a passive, investment-adviser type filing. For investors, this confirms elevated institutional ownership that may influence liquidity and analyst attention but does not indicate an activist or control intent given the filers' certification that the stake is held in the ordinary course.

Corporate Governance Expert

TL;DR: Disclosure shows material minority ownership but no direct control; governance impact is limited unless stake increases.

The filing documents material minority ownership at 5.1% split between two affiliated entities, with shared rather than sole voting or dispositive powers. The certification that shares are not held to change control reduces immediate governance risk or activist signaling. The joint filing agreement indicates coordinated reporting, but current ownership structure suggests influence is likely informational rather than control-oriented unless the position grows or additional actions are disclosed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Ryman Hospitality Properties, Inc.

(Name of Issuer)

Common Stock, par value $.01

(Title of Class of Securities)

78377T107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 78377T107

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,813,644.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,813,644.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,813,644.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 78377T107

1

Names of Reporting Persons

PRINCIPAL GLOBAL INVESTORS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 397,513.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 397,513.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

397,513.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ryman Hospitality Properties, Inc.
(b)	Address of issuer's principal executive offices: ONE GAYLORD DR, NASHVILLE, TENNESSEE 37214
Item 2.
(a)	Name of person filing: PRINCIPAL REAL ESTATE INVESTORS LLC PRINCIPAL GLOBAL INVESTORS
(b)	Address or principal business office or, if none, residence: PRINCIPAL REAL ESTATE INVESTORS, LLC 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL REAL ESTATE INVESTORS LLC - DELAWARE PRINCIPAL GLOBAL INVESTORS - DELAWARE
(d)	Title of class of securities: Common Stock, par value $.01
(e)	CUSIP No.: 78377T107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,211,157
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 2,813,644 PRINCIPAL GLOBAL INVESTORS - 397,513
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 2,813,644 PRINCIPAL GLOBAL INVESTORS - 397,513
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRINCIPAL REAL ESTATE INVESTORS LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

Exhibit Information

This statement is filed by Principal Real Estate Investors LLC and Principal Global Investors LLC jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.

FAQ

How many RHP shares do Principal Real Estate Investors LLC and Principal Global Investors report owning?

They report a combined 3,211,157 shares of Ryman Hospitality (RHP).

What percentage of RHP does the combined position represent?

The combined position represents 5.1% of the outstanding common stock.

How are the shares split between the two reporting entities?

Principal Real Estate Investors LLC reports 2,813,644 shares and Principal Global Investors reports 397,513 shares.

Do the filers have sole voting or dispositive power over the shares?

No. The filing shows 0 sole voting power and 0 sole dispositive power; all reported shares are held with shared voting and shared dispositive power.

Do the filers state an intent to influence control of RHP?

The filers certify that the securities are held in the ordinary course of business and were not acquired and are not held for the purpose of changing or influencing control.