Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 35

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 35
---
 the named executive officers with the interests of our stockholders. The following table summarizes the six business objectives set by the Board of Directors for 2024, along with the actual results:

### 2024 Business Objectives
|                                                                                                                |     |                                  Budget/ Target |     | Actual(2) |     | Comment  |
| Achieve budgeted Revenue                                                                                       |     |                                         $636.7M |     |   $728.4M |     | Achieved |
| Achieve budgeted Adjusted EBITDAre                                                                             |     |                                         $125.3M |     |   $157.6M |     | Achieved |
| Sell Hilton Torrey Pines and/or Ritz Carlton Sarasota                                                          |     | Closed sale of Hilton Torrey Pines in July 2024 |     |           |     | Achieved |
| Complete Capital Hilton, Bardessono and Ritz-Carlton Lake Tahoe Renovations                                    |     |                    Capital Hilton & Bardessono: 
                   Renovations completed Q1 2024 
                        Ritz-Carlton Lake Tahoe: 
                   Renovations completed Q4 2024 |     |           |     | Achieved |
| Maintain liquidity of $50M(1)                                                                                  |     |                                            $50M |     |   $207.9M |     | Achieved |
| Conduct at least 200 interactions with investors/ analysts consisting of calls, meetings, and/or presentations |     |                                             200 |     |       279 |     | Achieved |

(1) Including cash and cash equivalents, restricted cash, marketable securities, due from third party managers, and available credit facility.

(2) As of 12/31/2024.

Based on its review of 2024 performance and in conjunction with cost-saving efforts, the Committee determined to award a reduced total amount of deferred cash compensation award as compared to the prior year, despite the Company’s attainment of all of the six business objectives in 2024.

For 2025, the Company continued its reliance on deferred cash payments (“ Deferred Cash Awards ”) and determined, for 2025, to grant long-term incentive awards exclusively in that form in lieu of providing part of the award in the form of performance stock units “ PSUs ”) or performance LTIP Units (“ Performance LTIPs ”). 1/12th of the Deferred Cash Award will vest generally subject to continued service over the 12 calendar quarters first ending March