# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001574085-25-000097
**Filing Date:** 2025-8
**Character Count:** 21606
**Document Hash:** ef5fedf8b2a415b772b07882c680ee70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001574085-25-000097.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001574085-25-000097

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braemar Hotels & Resorts Inc.
- **CENTRAL INDEX KEY:** 0001574085
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 462488594
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35972
- **FILM NUMBER:** 251208134

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** (972) 490-9600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ashford Hospitality Prime, Inc.
- **DATE OF NAME CHANGE:** 20130410

?xml version='1.0' encoding='ASCII'? bhr-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A** 

**(Amendment No. 1)**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): August 7, 2025** 

**BRAEMAR HOTELS & RESORTS INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| Maryland | 001-35972 | 46-2488594 |
| *(State or other jurisdiction of incorporation or organization)* | *(Commission File Number)* | *(IRS employer identification number)* |
| 14185 Dallas Parkway |  |  |
| Suite 1200 |  |  |
| Dallas |  |  |
| Texas |  | 75254 |
| *(Address of principal executive offices)* |  | *(Zip code)* |

---

**Registrant's telephone number, including area code: (972) 490-9600** 

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **BHR** | **New York Stock Exchange** |
| **Preferred Stock, Series B** | **BHR-PB** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **BHR-PD** | **New York Stock Exchange** |

---

------

EXPLANATORY NOTE: Pursuant to Item 9.01 of Form 8-K, this Current Report on Form 8-K/A amends the Registrant's Current Report on Form 8-K filed on August 11, 2025, for the event dated August 7, 2025, to include the pro forma financial information required by Item 9.01 (b) of Form 8-K.

**ITEM 9.01 &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.**

(b) Pro Forma Financial Information.

The unaudited pro forma financial information for the Company as of and for the three months ended March 31, 2025 and the year ended December 31, 2024, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Pro Forma Financial Information of Braemar Hotels & Resorts Inc.](bhrmarriottseattledispopro.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | BRAEMAR HOTELS & RESORTS INC. | BRAEMAR HOTELS & RESORTS INC. |
| Dated: August 12, 2025 | By: | /s/ Deric S. Eubanks |
|  |  | Deric S. Eubanks |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

On August 7, 2025, Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") completed the sale of the 369-room Marriott Seattle Waterfront located in Seattle, Washington ("Marriott Seattle") for approximately $139.3 million in cash, net of transfer taxes and selling expenses. Additionally, the Company repaid approximately $88.4 million on the mortgage loan, of which the Marriott Seattle was one of five hotels securing the mortgage loan.

The following unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 2025 and for the year ended December 31, 2024, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on March 31, 2025. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2024, and the three months ended March 31, 2025, assumes the disposition closed on January 1, 2024. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of the Marriott Seattle and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain resulting from the disposition of the Marriott Seattle is preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

**March 31, 2025**

**(in thousands, except share and per share amounts)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Braemar<br>Consolidated<br>Historical (A)** | **Marriott Seattle (B)** | **Adjustments** | | **Braemar<br>Consolidated<br>Pro Forma** |
| **ASSETS** | | | | | |
| Investment in hotel properties, gross | $2257665 | $166840 | $— |  | $2090825 |
| Accumulated depreciation | (487720) | (64339) |  |  | (423381) |
| Investment in hotel properties, net | 1769945 | 102501 |  |  | 1667444 |
| Cash and cash equivalents | 81689 | 24 | 139318 | (C) (i) | 135310 |
|  |  |  | 2856 | (C) (i) |  |
|  |  |  | (88529) | (C) (ii) |  |
| Restricted cash | 54546 | 2800 |  |  | 51746 |
| Investment in securities (amortized cost of 42,279) | 42394 |  |  |  | 42394 |
| Accounts receivable, net of allowance | 39899 | 896 |  |  | 39003 |
| Inventories | 4662 | 62 |  |  | 4600 |
| Note receivable | 8434 |  |  |  | 8434 |
| Prepaid expenses | 10034 | 103 |  |  | 9931 |
| Deferred costs, net | 75 |  |  |  | 75 |
| Investment in unconsolidated entity | 145 |  |  |  | 145 |
| Derivative assets | 478 |  |  |  | 478 |
| Operating lease right-of-use assets | 34688 |  |  |  | 34688 |
| Other assets | 22548 |  |  |  | 22548 |
| Intangible assets, net | 3030 |  |  |  | 3030 |
| Due from third-party hotel managers | 25462 | 1268 |  |  | 24194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2098029 | $107654 | $53645 |  | $2044020 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $1202668 | $78248 | $(8370) | (C) (ii) | $1116050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 136090 | 2264 |  |  | 133826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 8692 |  |  |  | 8692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Ashford Inc. | 3511 |  |  |  | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties, net | 1700 | 33 |  |  | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 2389 |  |  |  | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 19992 |  |  |  | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 27290 | 2127 |  |  | 25163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1402332 | 82672 | (8370) |  | 1311290 |
| 5.50% Series B cumulative convertible preferred stock, $.01 par value, 3,078,017 shares issued and outstanding at March 31, 2025 | 65426 |  |  |  | 65426 |
| Series E redeemable preferred stock, $0.01 par value, 13,909,632 shares issued and outstanding at March 31, 2025 | 331875 |  |  |  | 331875 |
| Series M redeemable preferred stock, $0.01 par value, 1,459,040 shares issued and outstanding at March 31, 2025 | 36489 |  |  |  | 36489 |
| Redeemable noncontrolling interests in operating partnership | 26430 |  |  |  | 26430 |
| Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 value, 80,000,000 shares authorized: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2025 | 16 |  |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized, 67,046,523 shares issued and outstanding at March 31, 2025 | 669 |  |  |  | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 720703 | 24982 | 102501 | (C) (i) | 720703 |
|  |  |  | (2127) | (C) (i) |  |
|  |  |  | 2856 | (C) (i) |  |
|  |  |  | (78248) | (C) (ii) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 95 |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (482575) |  | 38944 | (C) (i) | (445542) |
|  |  |  | (1911) | (C) (ii) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity of the Company | 238908 | 24982 | 62015 |  | 275941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated entities | (3431) |  |  |  | (3431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 235477 | 24982 | 62015 |  | 272510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2098029 | $107654 | $53645 |  | $2044020 |

---

See accompanying notes.

------

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Represents the historical consolidated balance sheet of Braemar as of March 31, 2025, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed on May 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Represents the removal of the historical balance sheet of the Marriott Seattle as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Represents adjustments for Braemar's disposition of the Marriott Seattle as of March 31, 2025, which includes: (i) an adjustment for the cash consideration received of approximately $139.3 million, net of transfer taxes and selling expenses and cash received for hotel net working capital; and (ii) the cash paid to repay the mortgage loan partially secured by the Marriott Seattle.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**Year Ended December 31, 2024**

**(in thousands, except share and per share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Braemar<br>Consolidated<br>Historical (A)** | **Marriott Seattle (B)** | **Adjustments** | | **Braemar<br>Consolidated<br>Pro Forma** |
| **REVENUE** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | $452361 | $30317 | $— |  | $422044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 181250 | 5234 |  |  | 176016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 94793 | 3224 |  |  | 91569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 728404 | 38775 |  |  | 689629 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 106465 | 6890 |  |  | 99575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 145901 | 4445 |  |  | 141456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 225864 | 9955 |  |  | 215909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 23500 | 1163 |  |  | 22337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 501730 | 22453 |  |  | 479277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 42508 | 2351 |  |  | 40157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 98733 | 7841 |  |  | 90892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee | 30487 |  |  |  | 30487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate general and administrative | 14361 |  |  |  | 14361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 687819 | 32645 |  |  | 655174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel property | 88165 |  | 38944 | (C) (i) | 127109 |
| **OPERATING INCOME (LOSS)** | 128750 | 6130 | 38944 |  | 161564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entity | (1608) |  |  |  | (1608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 7135 | 122 |  |  | 7013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of premiums and loan costs | (108124) | (7301) |  |  | (100823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (6111) | (3) | (1911) | (C) (ii) | (8019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | (22) |  |  |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives | 585 |  |  |  | 585 |
| **INCOME (LOSS) BEFORE INCOME TAXES** | 20605 | (1052) | 37033 |  | 58690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (842) |  |  |  | (842) |
| **NET INCOME (LOSS)** | 19763 | (1052) | 37033 |  | 57848 |
| &nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | (25928) |  |  |  | (25928) |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 4472 |  | (3066) | (C) (iv) | 1406 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (1693) | (1052) | 33967 |  | 33326 |
| &nbsp;&nbsp;&nbsp;Preferred dividends | (40295) |  |  |  | (40295) |
| &nbsp;&nbsp;&nbsp;Deemed dividends on preferred stock | (8958) |  |  |  | (8958) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS** | $(50946) | $(1052) | $33967 |  | $(15927) |
| **INCOME (LOSS) PER SHARE - BASIC:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(0.77) |  |  |  | $(0.24) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—basic | 66500 |  |  |  | 66500 |
| **INCOME (LOSS) PER SHARE - DILUTED:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(0.77) |  |  |  | $(0.24) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—diluted | 66500 |  |  |  | 66500 |

---

See accompanying notes.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**Three Months Ended March 31, 2025**

**(in thousands, except share and per share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Braemar<br>Consolidated<br>Historical (A)** | **Marriott Seattle (B)** | **Adjustments** | | **Braemar<br>Consolidated<br>Pro Forma** |
| **Revenue** | | | | | |
| Rooms | $136092 | $4581 | $— |  | $131511 |
| Food and beverage | 51788 | 1028 |  |  | 50760 |
| Other | 27940 | 687 |  |  | 27253 |
| Total hotel revenue | 215820 | 6296 |  |  | 209524 |
| **Expenses** |  |  |  |  |  |
| Hotel operating expenses: |  |  |  |  |  |
| Rooms | 28219 | 1376 |  |  | 26843 |
| Food and beverage | 40210 | 929 |  |  | 39281 |
| Other expenses | 60376 | 1923 |  |  | 58453 |
| Management fees | 6910 | 189 |  |  | 6721 |
| Total hotel operating expenses | 135715 | 4417 |  |  | 131298 |
| Property taxes, insurance and other | 10465 | 518 |  |  | 9947 |
| Depreciation and amortization | 23395 | 1732 |  |  | 21663 |
| Advisory services fee | 6611 |  |  |  | 6611 |
| Corporate general and administrative | 2894 |  |  |  | 2894 |
| Total operating expenses | 179080 | 6667 |  |  | 172413 |
| **Operating income (loss)** | 36740 | (371) |  |  | 37111 |
| Interest income | 1888 | 27 |  |  | 1861 |
| Interest expense and amortization of loan costs | (24827) | (1616) |  |  | (23211) |
| Write-off of premiums, loan costs and exit fees | (1464) | (141) |  |  | (1323) |
| Unrealized gain (loss) on derivatives | (198) |  |  |  | (198) |
| **Income (loss) before income taxes** | 12139 | (2101) |  |  | 14240 |
| Income tax (expense) benefit | (1467) |  | (98) | (C) (iii) | (1565) |
| **Net income (loss)** | 10672 | (2101) | (98) |  | 12675 |
| (Income) loss from consolidated entities attributable to noncontrolling interests | 64 |  |  |  | 64 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 262 |  | (187) | (C) (iv) | 75 |
| **Net income (loss) attributable to the Company** | 10998 | (2101) | (285) |  | 12814 |
| Preferred dividends | (9269) |  |  |  | (9269) |
| Deemed dividend on preferred stock | (4276) |  |  |  | (4276) |
| **Net income (loss) available to common stockholders** | $(2547) | $(2101) | $(285) |  | $(731) |
| **Income (loss) per share – basic:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to common stockholders | $(0.04) |  |  |  | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—basic | 66744 |  |  |  | 66744 |
| **Income (loss) per share – diluted:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to common stockholders | $(0.04) |  |  |  | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—diluted | 66744 |  |  |  | 66744 |

---

See accompanying notes.

------

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(A)Represents the historical consolidated statement of operations of Braemar for the year ended December 31, 2024, as reported in its Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 12, 2025 and the historical consolidated statement of operations of Braemar for the three months ended March 31, 2025, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed on May 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(B)Represents the removal of the historical consolidated statements of operations of the Marriott Seattle for the year ended December 31, 2024 and the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(C)Represents adjustments for the Company's sale of the Marriott Seattle, which includes: (i) the estimated non-recurring gain on the disposition of the Marriott Seattle for the year ended December 31, 2024; (ii) an adjustment for the write-off of deferred loan costs; (iii) additional estimated tax expense for the three months ended March 31, 2025 associated with the hotel no longer being part of the consolidated group; and (iv) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the Marriott Seattle, including the estimated non-recurring gain for the year ended December 31, 2024, based on an ownership percentage of 8.05% for the year ended December 31, 2024, and 9.33% for the three months ended March 31, 2025. There is no additional estimated tax effect associated with the hotel no longer being part of the consolidated group for the year ended December 31, 2024. The pro forma gain and the related tax effects, resulting from the disposition of the Marriott Seattle are preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.