Braemar Hotels & Resorts Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
BHR$1.63+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets — December 31, 202 and
(in thousands, except share and per share amounts)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross | $1,902,328 | $2,252,574 |
| Accumulated depreciation | (344,061) | (473,888) |
| Investments in hotel properties, net | 1,558,267 | 1,778,686 |
| Cash and cash equivalents | 124,354 | 135,465 |
| Restricted cash | 42,479 | 49,592 |
| Investment in securities (amortized cost of $0 and $42,279, respectively) | — | 41,535 |
| Accounts receivable, net of allowance of $113 and $459, respectively | 32,843 | 31,754 |
| Inventories | 4,741 | 4,664 |
| Note receivable | 8,896 | 8,283 |
| Prepaid expenses | 6,987 | 5,116 |
| Deposit paid to Ashford Inc. | 17,000 | — |
| Deferred costs, net | 75 | 75 |
| Investment in unconsolidated entity | 89 | 145 |
| Derivative assets | 56 | 356 |
| Operating lease right-of-use assets | 30,743 | 34,852 |
| Other assets | 15,368 | 19,538 |
| Intangible assets, net | 2,746 | 3,125 |
| Due from third-party hotel managers | 17,088 | 22,873 |
| Total assets | $1,861,732 | $2,136,059 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Indebtedness, net | $1,103,450 | $1,210,018 |
| Accounts payable and accrued expenses | 142,123 | 143,566 |
| Redeemable preferred stock redemptions payable | 30,864 | — |
| Dividends and distributions payable | 7,672 | 9,255 |
| Due to Ashford Inc. | 5,148 | 4,267 |
| Due to related parties, net | 257 | 1,055 |
| Due to third-party hotel managers | 1,467 | 1,476 |
| Operating lease liabilities | 20,058 | 19,984 |
| Other liabilities | 25,572 | 24,268 |
| Total liabilities | 1,336,611 | 1,413,889 |
| Commitments and contingencies (note 18) | ||
| 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 65,426 | 65,426 |
| Series E redeemable preferred stock, $0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 265,695 | 352,502 |
| Series M redeemable preferred stock, $0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 34,217 | 36,916 |
| Redeemable noncontrolling interests in operating partnership | 19,005 | 29,964 |
| Equity: | ||
| Preferred stock, $0.01 par value, 80,000,000 shares authorized: | ||
| 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 16 | 16 |
| 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 | 665 |
| Additional paid-in capital | 706,488 | 718,536 |
| Accumulated other comprehensive income (loss) | — | (684) |
| Accumulated deficit | (568,503) | (477,804) |
| Total stockholders’ equity of the Company | 138,683 | 240,729 |
| Noncontrolling interest in consolidated entities | 2,095 | (3,367) |
| Total equity | 140,778 | 237,362 |
| Total liabilities and equity | $1,861,732 | $2,136,059 |
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