Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 191

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 191
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 by GAAP as an indicator of liquidity.

97

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

Year Ended December 31,202420232022Net income (loss)$19,763 $(30,628)$19,348 Interest expense and amortization of loan costs 108,124 94,219 52,166 Depreciation and amortization 98,733 93,272 78,122 Income tax expense (benefit) 842 2,689 4,043 Equity in (earnings) loss of unconsolidated entity1,608 253 328 Company’s portion of EBITDA of OpenKey(268)(274)(334)EBITDA228,802 159,531 153,673 (Gain) loss on disposition of assets and hotel property(88,165)— — EBITDAre140,637 159,531 153,673 Amortization of favorable (unfavorable) contract assets (liabilities)453 474 463 Transaction and conversion costs (1)(4,447)4,561 9,679 Write-off of premiums, loan costs and exit fees6,111 3,489 146 Realized and unrealized (gain) loss on derivatives(585)663 (4,961)Stock/unit-based compensation2,611 9,244 11,285 Legal, advisory and settlement costs12,676 1,397 2,170 (Gain) loss on extinguishment of debt22 (2,318)— Other (income) expense— (293)— (Gain) loss on insurance settlements(8)— (55)Severance102 — — Company’s portion of adjustments to EBITDAre of OpenKey3 — 8 Adjusted EBITDAre$157,575 $176,748 $172,408 

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(1) Includes amounts associated with to funding certain expenses of Ashford Securities LLC, in which 2024 include a true up of these expenses. 

98

The following table reconciles net income (loss) to EBITDA attributable to the Company and OP unitholders on a property-by-property basis for each of our hotel properties owned and on a corporate basis during the year ended December 31,