Braemar Hotels & Resorts Inc.

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 12, 2026

BHR$1.61+3.2%Stored close · as of Nov 9, 2026

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Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 11, 2026.

BRAEMAR HOTELS & RESORTS INC.
By:	/s/ RICHARD J. STOCKTON
	Richard J. Stockton
	President and Chief Executive Officer

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report has been signed below on behalf of the Registrant in the capacities and on the dates indicated.

Monty J. Bennett
Signature	Title	Date
/s/ MONTY J. BENNETT	Chairman of the Board of Directors	March 11, 2026
/s/ RICHARD J. STOCKTON	President and Chief Executive Officer (Principal Executive Officer)	March 11, 2026
Richard J. Stockton
/s/ DERIC S. EUBANKS	Chief Financial Officer(Principal Financial Officer)	March 11, 2026
Deric S. Eubanks
/s/ JUSTIN R. COE	Chief Accounting Officer(Principal Accounting Officer)	March 11, 2026
Justin R. Coe
/s/ STEFANI D. CARTER	Director	March 11, 2026
Stefani D. Carter
/s/ MATTHEW D. RINALDI	Director	March 11, 2026
Matthew D. Rinaldi
/s/ REBECA ODINO-JOHNSON	Director	March 11, 2026
Rebeca Odino-Johnson
/s/ KELLIE SIRNA	Director	March 11, 2026
Kellie Sirna
/s/ REBECCA MUSSER	Director	March 11, 2026
Rebecca Musser
/s/ MARY CANDACE EVANS	Director	March 11, 2026
Mary Candace Evans

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2025

Column A · Column B · Column C · Column D · Column E · Column F · Column G · Column H · Column I
Initial Cost · Costs CapitalizedSince Acquisition · Gross Carrying AmountAt Close of Period (6)
Hotel Property · Location · Encumbrances · Land · FF&E,Buildings andimprovements · Land · FF&E,Buildings andimprovements · Land · FF&E,Buildings andimprovements · Total · AccumulatedDepreciation · ConstructionDate · AcquisitionDate · IncomeStatement
Capital Hilton	Washington, D.C.	$110,600	$45,721	$106,245	$—	$48,908	$45,721	$155,153	$200,874	$77,527	April 2007	(1),(2),(3)
The Notary Hotel	Philadelphia, PA	66,245	9,814	94,029	—	21,776	9,814	115,805	125,619	60,482	April 2007	(1),(2),(3)
Sofitel Chicago Magnificent Mile (5)	Chicago, IL	48,509	12,631	140,369	(3,540)	(69,001)	9,091	71,368	80,459	1,359	February 2014	(1),(2),(3)
Pier House Resort & Spa	Key West, FL	94,000	59,731	33,011	—	(1,405)	59,731	31,606	91,337	11,923	March 2014	(1),(2),(3)
Bardessono Hotel and Spa (5)	Yountville, CA	39,000	—	64,184	—	(16,545)	—	47,639	47,639	2,014	July 2015	(1), (2), (3), (4)
Hotel Yountville (5)	Yountville, CA	37,000	47,849	48,567	(9,185)	(15,383)	38,664	33,184	71,848	1,548	May 2017	(1),(2),(3)
Park Hyatt Beaver Creek Resort & Spa	Beaver Creek, CO	70,500	89,117	56,383	354	36,794	89,471	93,177	182,648	26,856	March 2017	(1),(2),(3)
The Ritz-Carlton Sarasota	Sarasota, FL	130,000	83,630	99,782	—	14,152	83,630	113,934	197,564	32,974	April 2018	(1),(2),(3)
The Ritz-Carlton St. Thomas	St. Thomas, USVI	107,000	25,533	38,467	—	69,452	25,533	107,919	133,452	24,458	December 2015	(1),(2),(3)
The Ritz-Carlton Lake Tahoe	Truckee, CA	43,413	26,731	91,603	—	48,575	26,731	140,178	166,909	34,314	January 2019	(1),(2),(3)
Cameo Beverly Hills	Beverly Hills, CA	—	29,346	45,078	—	25,391	29,346	70,469	99,815	11,673	August 2021	(1),(2),(3)
The Ritz-Carlton Reserve Dorado Beach	Dorado, Puerto Rico	95,148	79,711	117,510	—	13,397	79,711	130,907	210,618	27,096	March 2022	(1),(2),(3)
Four Seasons Resort Scottsdale	Scottsdale, AZ	180,000	70,248	197,610	—	12,902	70,248	210,512	280,760	31,837	December 2022	(1),(2),(3)
Land parcel	McKinney, TX	5,360	12,786	—	—	—	12,786	—	12,786	—	April 2025
Total		$1,026,775	$592,848	$1,132,838	$(12,371)	$189,013	$580,477	$1,321,851	$1,902,328	$344,061

(1)Estimated useful life for buildings is 39 years.

(2)Estimated useful life for building improvements is 7.5 years.

(3)Estimated useful life for furniture and fixtures is 1.5 to 5 years.

(4)Amount includes transfer of FF&E to Ashford Inc. in return for the key money consideration.

(5)Amounts include impairment charges.

(6)The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $1.4 billion as of December 31, 2025.

	Year Ended December 31,
	2025	2024	2023
Investment in real estate:
Beginning balance	$2,252,574	$2,382,716	$2,325,093
Additions	90,786	57,758	92,384
Write-offs	(33,693)	(66,227)	(34,761)
Impairment	(121,474)	—	—
Sales/disposals	(285,865)	(121,673)	—
Ending balance	$1,902,328	$2,252,574	$2,382,716
Accumulated depreciation:
Beginning balance	473,888	498,508	440,492
Depreciation expense	93,482	98,286	92,777
Write-offs	(33,693)	(66,227)	(34,761)
Impairment	(70,480)	—	—
Sales/disposals	(119,136)	(56,679)	—
Ending balance	$344,061	$473,888	$498,508
Investment in real estate, net	$1,558,267	$1,778,686	$1,884,208

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.