Bella Hadid and her boyfriend, rodeo star Adan Banuelos, have reportedly ended their relationship after two years together.

Sources told Page Six that the model and the equestrian trainer had been in an on-again, off-again relationship for some time, describing it as “tumultuous”. The split is said to be complicated by shared business interests, as the pair jointly purchased several million-dollar horses during their time together.

Speculation about trouble in the relationship first emerged in June, when insiders suggested the couple were struggling. Despite this, Banuelos posted an Instagram message in October marking their anniversary, writing, “Even with all the chaos and ugliness, He gave us something pure and beautiful. Love you, baby. I’ll keep reminding you every day just how much.”

Hadid was also seen attending one of Banuelos’ events in early December, although the two were not pictured together. By the end of the month, sources again indicated that the relationship had come to an end. Over the holidays, Hadid spent time in Aspen with friends, without Banuelos.

The couple began dating in autumn 2023 after meeting at a horse show in Fort Worth, Texas. Hadid later told British Vogue, “I saw him walk in and it was like a gust of fresh air.” Early in the relationship, she moved into his fifth-wheel trailer and later bought a home in Texas.

Banuelos, 28, is a prominent figure in competitive rodeo, specialising in training and showing cutting horses. In a previous interview, he said of Hadid, “This young lady is one of the kindest, biggest-hearted and sweet person I’ve [ever met]. I mean I didn’t know God made ’em like that.”

Entertainment Tonight was the first outlet to report the split. Representatives for both parties did not respond to requests for comment.