Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 205

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 205
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 and relevant accounting literature. Auditing the presentation 

106

required an increased level of audit effort, including involvement of professionals with expertise in the relevant technical accounting literature.

The primary procedures we performed to address the critical audit matter included: 

•Inspecting the underlying agreements for the CMBS and mortgage loan to understand the relevant terms.

•Utilizing personnel with expertise in the relevant technical accounting literature to evaluate the appropriate presentation of the mortgage loan, investment in the CMBS, interest expense and interest income.

/s/ BDO USA, P.C.

We have served as the Company’s auditor since 2015.

Dallas, Texas

March 12, 2025

107

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

( in thousands, except share and per share amounts)

December 31, 2024December 31, 2023ASSETSInvestments in hotel properties, gross$2,252,574 $2,382,716 Accumulated depreciation(473,888)(498,508)Investments in hotel properties, net1,778,686 1,884,208 Cash and cash equivalents135,465 85,599 Restricted cash49,592 80,904 Investment in securities (amortized cost of $42,279)41,535 — Accounts receivable, net of allowance of $459 and $237, respectively31,754 39,199 Inventories4,664 5,003 Note receivable8,283 — Prepaid expenses5,116 9,938 Deferred costs, net75 75 Investment in unconsolidated entity145 1,674 Derivative assets356 2,847 Operating lease right-of-use assets34,852 78,383 Other assets19,538 17,751 Intangible assets, net3,125 3,504 Due from third-party hotel managers22,873 17,739 Total assets$2,136,059 $2,226,824 LIABILITIES AND EQUITYLiabilities:Indebtedness, net$1,210,018 $1,162,444 Accounts payable and accrued expenses143,566 149,867 Dividends and distributions payable9,255 9,158 Due to Ashford Inc.4,267 1,471 Due to related