Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
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Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
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ITEM 1.    FINANCIAL STATEMENTS (unaudited)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share amounts)

September 30, 2025December 31, 2024ASSETSInvestments in hotel properties, gross$2,126,129 $2,252,574 Accumulated depreciation(447,087)(473,888)Investments in hotel properties, net1,679,042 1,778,686 Cash and cash equivalents116,278 135,465 Restricted cash47,682 49,592 Investment in securities (amortized cost of $17,279 and $42,279, respectively)17,277 41,535 Accounts receivable, net of allowance of $179 and $459, respectively32,819 31,754 Inventories4,629 4,664 Note receivable8,747 8,283 Prepaid expenses5,441 5,116 Deposit paid to Ashford Inc. 17,000 — Deferred costs, net75 75 Investment in unconsolidated entity145 145 Derivative assets164 356 Operating lease right-of-use assets34,359 34,852 Other assets19,688 19,538 Intangible assets, net2,841 3,125 Due from third-party hotel managers23,129 22,873 Total assets$2,009,316 $2,136,059 LIABILITIES AND EQUITYLiabilities:Indebtedness, net$1,164,671 $1,210,018 Accounts payable and accrued expenses150,127 143,566 Dividends and distributions payable8,553 9,255 Due to Ashford Inc.2,638 4,267 Due to related parties, net331 1,055 Due to third-party hotel managers1,775 1,476 Operating lease liabilities20,007 19,984 Other liabilities25,187 24,268 Total liabilities1,373,289 1,413,889 Commitments and contingencies (note 15)5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares