Company: BHR-PD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001574085-25-000051
Chunk: 25

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 25
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 Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units, other than approximately 623,000 LTIP units and 1.2 million 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:March 31, 2025December 31, 2024Redeemable noncontrolling interests in Braemar OP (in thousands)$26,430 $29,964 Adjustments to redeemable noncontrolling interests (1) (in thousands)$165 $1,324 Ownership percentage of operating partnership9.33 %8.05 %____________________________________(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):Three Months Ended March 31,20252024Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$262 $(296)Distributions declared to holders of common units, LTIP units and Performance LTIP units344 366 

18

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

The following table presents the common units redeemed for common stock (in thousands):Three Months Ended March 31,20252024Units redeemed457 $— Fair value of common units redeemed (1)$1,381 — ____________________________________(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $2.3 million.

The following table presents the common units redeemed for cash (in thousands):Three Months Ended March 31,20252024Units redeemed35 — Fair value of common units redeemed$92 $— 

12. Equity and Stock-Based Compensation

Common Stock Dividends—The following table summarizes the common stock dividends declared during the period (in thousands):Three Months Ended March 31,20252024Common stock dividends declared$3,372 $3,345 

Stock Repurchases—On May 3, 2024,