Braemar Hotels & Resorts Inc.

Listed Company

BHRCIK 0001574085NYSEAcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$704.01M

Net Income

$-22.32M

Total Assets

—

Equity

—

Shares Out

68.68M

Op. Cash Flow

$40.78M

Business

Braemar Hotels & Resorts Inc. invests primarily in premium-branded and independent luxury hotels and resorts, acquiring and owning interests in high RevPAR properties through its operating partnership. The company’s principal activities consist of hotel ownership and oversight, asset management (provided by its advisor), contracting third-party and affiliated hotel managers, and arranging design, construction and financing for property-level projects. Its operating focus comprises direct hotel investment, asset and project management, and TRS leasing and joint venture arrangements. Properties are concentrated in U.S. urban and resort markets and U.S. territories and operate under brand reservation systems, franchise and management agreements.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total hotel revenue	704	728	739	670	428
Total hotel operating expenses	492	502	501	445	287
Property taxes, insurance and other	34	43	39	31	35
Depreciation and amortization	93	99	93	78	74
Impairment charges	55	0	0	—	—
Advisory services fee	29	30	31	29	23
Corporate general and administrative	12	14	14	18	9
Total operating expenses	714	688	678	601	427
Gain (loss) on disposition of assets and hotel properties	83	88	0	0	696,000
OPERATING INCOME (LOSS)	72	129	62	68	1
Equity in earnings (loss) of unconsolidated entity	−56,000	−2	−253,000	−328,000	−252,000
Interest income	6	7	6	3	48,000
Other income (expense)	−2	0	293,000	0	0
Interest expense and amortization of discounts and loan costs	−99	−108	−94	−52	−31
Write-off of loan costs and exit fees	−2	−6	−3	−146,000	−2
Gain (loss) on extinguishment of debt	−3	−22,000	2	0	0
Realized and unrealized gain (loss) on derivatives	−355,000	585,000	−663,000	5	32,000
INCOME (LOSS) BEFORE INCOME TAXES	−26	21	−28	23	−32
Income tax (expense) benefit	−2	−842,000	−3	−4	−1
NET INCOME (LOSS)	−28	20	−31	19	−33
(Income) loss attributable to noncontrolling interest in consolidated entities	325,000	−26	−2	−2	3
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6	4	5	476,000	4
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	−22	−2	−27	18	−27
Preferred dividends	−35	−40	−42	−22	−9
Deemed dividends on preferred stock	−15	−9	−5	−7	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	−73	−51	−74	−11	−40
Net income (loss) attributable to common stockholders (in dollars per share)	−1.07	−0.77	−1.13	−0.15	−0.76
Weighted average common shares outstanding basic (in shares)	68	67	66	70	53
Net income (loss) attributable to common stockholders (in dollars per share)	−1.07	−0.77	−1.13	−0.15	−0.76
Weighted average common shares outstanding diluted (in shares)	68	67	66	70	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in hotel properties, gross	1,902	2,253	2,383	2,325	1,845
Accumulated depreciation	−344	−474	−499	−440	−399
Investments in hotel properties, net	1,558	1,779	1,884	1,885	1,446
Cash and cash equivalents	124	135	86	262	216
Restricted cash	42	50	81	54	47
Investment in securities (amortized cost of $0 and $42,279, respectively)	0	42	0	—	—
Accounts receivable, net of allowance of $113 and $459, respectively	33	32	39	51	24
Inventories	5	5	5	5	3
Note receivable	9	8	0	—	—
Prepaid expenses	7	5	10	7	4
Deferred costs, net	75,000	75,000	75,000	0	—
Investment in unconsolidated entity	89,000	145,000	2	2	2
Derivative assets	56,000	356,000	3	6	139,000
Operating lease right-of-use assets	31	35	78	79	80
Other assets	15	20	18	15	24
Intangible assets, net	3	3	4	4	4
Total assets	1,862	2,136	2,227	2,398	1,880
Indebtedness, net	1,103	1,210	1,162	1,334	1,173
Accounts payable and accrued expenses	142	144	150	134	96
Redeemable preferred stock redemptions payable	31	0	—	—	—
Dividends and distributions payable	8	9	9	8	2
Operating lease liabilities	20	20	60	61	61
Other liabilities	26	24	23	22	20
Total liabilities	1,337	1,414	1,408	1,572	1,356
Commitments and contingencies (note 18)	—	—	—	—	—
Redeemable noncontrolling interests in operating partnership	19	30	32	41	36
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024	16,000	16,000	16,000	16,000	16,000
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	682,000	665,000	666,000	699,000	653,000
Additional paid-in capital	706	719	718	734	707
Accumulated other comprehensive income (loss)	0	−684,000	0	—	—
Accumulated deficit	−569	−478	−412	−325	−309
Total stockholders equity of the Company	139	241	307	410	399
Noncontrolling interest in consolidated entities	2	−3	−9	−16	−17
Total equity	141	237	298	394	382
Total liabilities and equity	1,862	2,136	2,227	2,398	1,880

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Recognition of deferred income	−684,000	0	0	—	—
Equity-based compensation	−446,000	3	9	11	10
Bad debt expense	352,000	318,000	915,000	838,000	436,000
Amortization of loan costs, discounts and capitalized default interest	11	7	2	−816,000	−205,000
Amortization of intangibles	428,000	453,000	474,000	474,000	512,000
Amortization of non-refundable membership initiation fees	−3	−2	−2	−1	−1
Interest expense accretion on refundable membership club deposits	557,000	616,000	671,000	—	—
Realized (gain) loss on sale of securities	2	0	0	—	—
Realized and unrealized (gain) loss on derivatives	355,000	−585,000	663,000	−5	−32,000
Non-cash interest income	−613,000	−207,000	0	0	—
Deferred income tax expense (benefit)	1	−96,000	1	51,000	−174,000
Accounts receivable and inventories	−7	6	11	−9	−11
Prepaid expenses and other assets	2	3	−6	−501,000	−793,000
Deposit paid to Ashford Inc.	−17	0	0	—	—
Accounts payable and accrued expenses	6	8	47,000	2	36
Operating lease right-of-use assets	233,000	416,000	592,000	588,000	574,000
Due to/from related parties, net	−798,000	452,000	2	832,000	−779,000
Due to/from third-party hotel managers	−601,000	−5	8	3	−15
Due to/from Ashford Inc.	1	5	−10	8	—
Operating lease liabilities	24,000	−157,000	−313,000	−294,000	−268,000
Other liabilities	6	3	2	1	2
Net cash provided by (used in) operating activities	41	67	85	109	64
Proceeds from property insurance	5	958,000	361,000	36,000	0
Issuance of note receivable	0	−8	0	0	—
Payments for initial franchise fee	0	0	−75,000	0	0
Proceeds from sale of investment in securities	41	0	0	—	—
Acquisition of land	−6	0	0	—	—
Net proceeds from sale of hotel properties	248	156	0	0	—
Purchase of securities	0	−42	−238,000	0	−233,000
Investment in unconsolidated entity	0	−79,000	0	−328,000	—
Improvements and additions to hotel properties	−78	−71	−77	−49	−26
Net cash provided by (used in) investing activities	210	36	−77	−402	−42
Borrowings on indebtedness	403	234	371	171	83
Repayments of indebtedness	−518	−184	−534	−69	−84
Payments of loan costs and exit fees	−12	−15	−12	−4	−2
Payments for derivatives	−670,000	−2	−5	−3	−200,000
Proceeds from derivatives	714,000	5	8	167,000	0
Purchase of common stock	−778,000	−369,000	−19	−7	−376,000
Payments for dividends and distributions	−47	−52	−53	—	—
Net proceeds from issuance of preferred stock	0	0	98	279	37
Contributions from noncontrolling interest in consolidated entities	306,000	3	10	164,000	1
Redemption of operating partnership units	−121,000	0	−7	0	0
Distributions to noncontrolling interest in consolidated entities	−2	−27	−3	—	—
Acquisition of noncontrolling interest in consolidated entities	−14	0	0	0	0
Redemption of preferred stock	−77	−46	−10	−499,000	0
Net cash provided by (used in) financing activities	−269	−84	−157	345	128
Net change in cash, cash equivalents and restricted cash	−18	19	−149	52	150
Interest paid	88	103	92	49	32
Income taxes paid (refunded)	616,000	−728,000	3	1	−14,000
Dividends and distributions declared but not paid	8	9	9	8	2
Assumption of debt in acquisition of land	5	0	0	59	50
Capital expenditures accrued but not paid	8	9	22	7	5
Non-cash preferred stock dividends	3	3	4	1	—
Unsettled proceeds from derivatives	14,000	113,000	361,000	330,000	0
Non-cash common stock/unit dividends	872,000	35,000	20,000	0	—
Non-cash redemption of common units	9	0	0	—	—
Non-cash consideration for acquisition of land	2	0	0	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro