Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 227

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 227
---
 cash flows, strategies, or prospects in a material and adverse manner. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, the following risk factor should be carefully considered in evaluating us and our business.

A prolonged U.S. government shutdown may adversely impact our business, financial condition, and results of operations.

During government shutdowns, federal employees may be furloughed or required to work without pay, reducing their discretionary income and willingness to travel for leisure purposes. Additionally, government contractors and businesses that depend on federal spending may experience financial constraints that limit corporate travel budgets and business-related hotel bookings.

Government shutdowns can also disrupt critical travel infrastructure and services. The Transportation Security Administration (“TSA”), Federal Aviation Administration (“FAA”), and other agencies responsible for air travel safety and operations may experience staffing shortages due to employee absences, leading to longer security wait times, flight delays, and cancellations. Such disruptions discourage both business and leisure travel, directly reducing demand for hotel accommodations.

Any material decrease in travel demand resulting from government shutdowns could adversely affect our occupancy rates, ADR, RevPAR, and overall financial performance. If the federal government were to continue experiencing issues in reaching budgetary consensus in the future, resulting in mandatory furloughs and/or other budget constraints, or if a government shutdown were to continue for an extended period of time, our operations and results of operations could be materially negatively impacted.

55

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer

On May 3, 2024, our board of directors approved a new share repurchase program, pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share, having an aggregate value of up to $50 million. The Company may repurchase shares through open market transactions, privately negotiated transactions or other means. The timing and amount of any transactions will be subject to the discretion of the Company based upon market conditions, and the program may be suspended or terminated at any time by the Company at its discretion without prior notice. The board of directors’ authorization replaced any previous repurchase authorizations.

The following table provides the information with respect to purchases and forfeitures of our common stock during each of the months in the third quarter of 2025:

PeriodTotal Number of Shares Purchased Average Price