- Capital deployment totaled $595 million, including $250 million upfront for Revolution Medicines and $200 million milestone payment related to Adstiladrin.
- Cash and equivalents stood at $632 million with investment-grade debt of $8.2 billion and leverage at approximately 3x total debt to EBITDA.
- Net interest was a positive $8 million due to timing of interest payments and cash interest received.
- Operating and professional costs were 12.9% of Portfolio Receipts including a $35 million one-time internalization expense; excluding this, costs were just over 8%.
- Portfolio cash flow (adjusted EBITDA less net interest paid) was $641 million, representing an 88% margin.
- Royalty Pharma delivered 20% growth in Portfolio Receipts to $727 million in Q2 2025, exceeding guidance of $700 million to $725 million.
- Royalty Receipts grew 11% to $672 million, contributing to 11% growth in the first half of 2025.
- Weighted average share count declined by 35 million shares due to share buybacks.
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- Entertainment segment posted record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Category 10, Block 21, and Southern Entertainment, though margin declined due to investments and one-time tax refunds.
- Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% respectively compared to the same time last year, with mid-single digit ADR growth.
- Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softness at Gaylord Opryland due to new hotel supply in Nashville.
- RevPAR was essentially flat year-over-year, with total RevPAR declining 160 basis points, impacted by Easter timing and a shift to higher association group mix with lower banquet and AV revenue.
- Ryman Hospitality Properties delivered record consolidated revenue in Q2 2025 with the same-store hospitality segment achieving the second-highest adjusted EBITDAre in its history, trailing only Q2 2024.
- Same-store hospitality segment adjusted EBITDAre was $187 million, down approximately $18 million year-over-year, with a 280 basis point margin decline due to timing of Easter, group mix shift, one-time franchise tax refunds last year, and wage increases.
- Year-to-date same-store hospitality adjusted EBITDAre came within $30,000 of the original operating plan despite a complex operating environment.
Dafinchi