Braemar Hotels & Resorts Inc 2026年季度报告

FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) (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 90days.☑Yes☐No 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. Large accelerated filer☐Accelerated filer☑Non-accelerated filer☐Smaller reporting company☑Emerging growth company☐ 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 orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. BRAEMAR HOTELS & RESORTS INC.FORM 10-QFOR THE QUARTER ENDED JUNE 30, 2026 TABLE OF CONTENTS PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (unaudited)Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 20252Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 20253Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026and 20254Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2026 and 20255Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 20257Notes to Condensed Consolidated Financial Statements9ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS35ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK57ITEM 4. CONTROLS AND PROCEDURES57PART II. OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS58ITEM 1A. RISK FACTORS59ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS60ITEM 3. DEFAULTS UPON SENIOR SECURITIES60ITEM 4. MINE SAFETY DISCLOSURES60ITEM 5. OTHER INFORMATION60ITEM 6. EXHIBITS61SIGNATURES63 PART I. FINANCIAL INFORMATION BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in thousands, except share and per share amounts) BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(unaudited, in thousands) BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(unaudited, in thousands except per share amounts) BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands) CASH FLOWS FROM FINANCING ACTIVITIESBorrowings on indebtedness—363,000Repayments of indebtedness(156,751)(365,180)Payments of loan costs and exit fees(1,574)(8,855)Payments for derivatives(45)(508)Proceeds from derivatives25424Purchase of common stock—(51)Payments for dividends and distributions(18,386)(24,202)Contributions from noncontrolling interest in consolidated entities—306Redemption of operating partnership units—(92)True-up for acquisition of noncontrolling interest in consolidated entities48—Redemption of preferred stock(33,291)(40,746)Net cash provided by (used in) financing activities(209,974)(75,904)Net change in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale)(14,929)(49,368)Cash, cash equivalents and restricted cash at beginning of period166,833185,057Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)$151,904$135,689 SUPPLEMENTAL CASH FLOW INFORMATION BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FI