Braemar Hotels & Resorts Inc 2025年季度报告

For the transition period from ________________ to ________________ Commission file number:001-35972 BRAEMAR HOTELS & RESORTS INC. (972)490-9600(Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☑Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑ TABLE OF CONTENTS Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20247Notes to Condensed Consolidated Financial Statements9ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in thousands, except share and per share amounts) Commitments and contingencies (note 15) BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.Organization and Description of Business Braemar Hotels & Resorts Inc., together with its subsidiaries (“Braemar”), is a Maryland corporation that invests primarily in highrevenue per available room (“RevPAR”) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, meansRevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Braemar haselected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”).Braemar conducts its business and owns substantially all of its assets through its operating partnership, Braemar Hospitality LimitedPartnership (“Braemar OP”). Terms such as the “Company,” “we,” “us” or “our” refer to Braemar Hotels & Resorts Inc. and, as the We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC” or the “Advisor”) through an advisory agreement. AshfordLLC is a subsidiary of Ashford Inc. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC.We do nothave any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead, we contractually engage hotel management companies to operatethem for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hospitality”), a subsidiary of AshfordInc., managesfourof our15hotel properties as of March 31, 2025. Third-party management companies manage the remaining hotel Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc.has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placementand related services, broker-dealer and distribution services, audio visual services, real estate advisory and brokerage services, The accompanying condensed consolidated financial statements include the accounts of wholly-owned and majority-ownedsubsidiaries of Braemar OP that as of March 31, 2025, own15hotel properties insevenstates, the District of Columbia, Puerto Ricoand the U.S. Virgin Islands (“USVI”). The portfolio includes14wholly-owned hotel properties andonehotel property that is ownedthrough a partnership in which Braemar OP has a controlling interest. These hotel properties represent3,807total rooms, or3,667netrooms, excluding those attributable to our partner. As a REIT, Braemar is required to comply with limitations imposed by the Coderelated to operating hotels. As of March 31, 2025,14of our15hotel properties were leased by wholly-owned or majority-ownedsubsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively, the TRS entities are As of March 31, 2025,13of the15hotel properties were leased by Braemar’s wholly-owned