Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 85

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. Our management team also uses EBITDA as one measure in determining the value of acquisitions and dispositions. EBITDA, EBITDAre and Adjusted EBITDAre as calculated by us may not be comparable to EBITDA, EBITDAre and Adjusted EBITDAre reported by other companies that do not define EBITDA, EBITDAre and Adjusted EBITDAre exactly as we define the terms. EBITDA, EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income or net income determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as determined by GAAP as an indicator of liquidity.

The following table reconciles net income (loss) to EBITDA, EBITDAre and Adjusted EBITDAre (in thousands) (unaudited):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income (loss)$(6,841)$(13,787)$3,831 $1,695 Interest expense and amortization of loan costs 25,361 27,285 50,188 53,776 Depreciation and amortization 23,360 24,694 46,755 50,114 Income tax expense (benefit) (345)(114)1,122 1,338 Equity in (earnings) loss of unconsolidated entity— 85 — 134 Company’s portion of EBITDA of OpenKey— (82)— (139)EBITDA and EBITDAre41,535 38,081 101,896 106,918 Amortization of favorable (unfavorable) contract assets (liabilities)107 118 214 237 Transaction and conversion costs (1)471 53 1,166 (5,574)Write-off of premiums, loan costs and exit fees3 82 1,467 803 Realized and unrealized (gain) loss on derivatives(15)(326)183 (1,258)Stock/unit-based compensation(47)1,135