Braemar Hotels & Resorts Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001574085-25-000092
ITEM 1A. RISK FACTORSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001574085-25-000130
ITEM 1A. RISK FACTORSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 2 previous paragraphs and 6 current paragraphs.
1 unchanged; 1 reworded; 4 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
A prolonged U.S. government shutdown may adversely impact our business, financial condition, and results of operations.
Current report
During government shutdowns, federal employees may be furloughed or required to work without pay, reducing their discretionary income and willingness to travel for leisure purposes. Additionally, government contractors and businesses that depend on federal spending may experience financial constraints that limit corporate travel budgets and business-related hotel bookings.
Current report
Government shutdowns can also disrupt critical travel infrastructure and services. The Transportation Security Administration (“TSA”), Federal Aviation Administration (“FAA”), and other agencies responsible for air travel safety and operations may experience staffing shortages due to employee absences, leading to longer security wait times, flight delays, and cancellations. Such disruptions discourage both business and leisure travel, directly reducing demand for hotel accommodations.
Current report
Any material decrease in travel demand resulting from government shutdowns could adversely affect our occupancy rates, ADR, RevPAR, and overall financial performance. If the federal government were to continue experiencing issues in reaching budgetary consensus in the future, resulting in mandatory furloughs and/or other budget constraints, or if a government shutdown were to continue for an extended period of time, our operations and results of operations could be materially negatively impacted.
Reworded paragraphs (1)
Previous wording
The discussion of our business and operations should be read together with the risk factors contained in Item 1A to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies, or prospects in a material and adverse manner. As of June 30, 2025, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The discussion of our business and operations should be read together with the risk factors contained in Item 1A to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies, or prospects in a material and adverse manner. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, the following risk factor should be carefully considered in evaluating us and our business.