Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 249

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 249
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 the number of performance grants earned may vary since the estimated probable achievement of certain performance targets may vary from period to period. During the year ended 2024, Performance LTIPs granted in 2022, vested at 174% of target based on the performance conditions met over the performance period.As of December 31, 2024, there were approximately 353,000 unvested Performance LTIP units, representing 200% of the target, outstanding.

As of December 31, 2024, we have issued a total of approximately 1.8 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units, other than approximately 623,000 LTIP units and 353,000 Performance LTIP units issued from March 2015 to December 2024, had reached full economic parity with, and are convertible into, common units.

The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:December 31, 2024December 31, 2023Redeemable noncontrolling interests in Braemar OP (in thousands)$29,964 $32,395 Adjustments to redeemable noncontrolling interests (1) (in thousands)$1,324 $66 Ownership percentage of operating partnership8.05 %6.63 %____________________________________(1)    Reflects the excess of the redemption value over the accumulated historical cost.We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands):Year Ended December 31,202420232022Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$4,472 $5,230 $476 Distributions declared to holders of common units, LTIP units and Performance LTIP units1,397 1,444 665 Performance LTIP dividend claw back upon cancellation— — (4)

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands):Year Ended December 31,TypeLine Item202420232022Performance LTIP unitsAdvisory services fee$1,842 $4,445 $4,301