Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 90

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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49

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income (loss)$4,723 $39,835 $8,554 $41,530 Interest expense and amortization of loan costs 25,188 27,911 75,376 81,687 Depreciation and amortization 23,164 25,078 69,919 75,192 Income tax expense (benefit) (648)(864)474 474 Equity in (earnings) loss of unconsolidated entity— 80 — 214 Company’s portion of EBITDA of OpenKey— (76)— (215)EBITDA52,427 91,964 154,323 198,882 (Gain) loss on disposition of assets and hotel property(40,970)(88,210)(40,970)(88,210)EBITDAre11,457 3,754 113,353 110,672 Amortization of favorable (unfavorable) contract assets (liabilities)107 109 321 346 Transaction and conversion costs (1)1,608 50 2,774 (5,524)Write-off of premiums, loan costs and exit fees366 5,292 1,833 6,095 Realized and unrealized (gain) loss on derivatives118 735 301 (523)Stock/unit-based compensation75 427 (20)2,689 Legal, advisory and settlement costs (2)618 6,539 (3,864)11,356 Advisory services incentive fee476 1,464 746 2,112 (Gain) loss on extinguishment of debt1,553 — 1,553 22 Other (income) expense— — 1,250 — Severance— 102 — 102 Company’s portion of adjustments to EBITDAre of OpenKey— — — 3 Adjusted EBITDAre$16,378 $18,472 $118,247 $127,350 

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(1) Includes amounts associated with funding certain expenses of Ashford Securities LLC