NYSE : BHR
Braemar Hotels & Resorts Inc. — Financial statements
Real Estate · REIT - Hotel & Motel · United States
Last price 1.32 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 96.72M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 414.06M | 428.99M | 452.36M | 464.90M | 431.51M | 280.57M |
| Other Revenue | 274.98M | 274.97M | 274.44M | 274.19M | 237.74M | 146.72M |
| Total Revenue | 689.04M | 703.96M | 726.80M | 739.09M | 669.26M | 427.29M |
| Property Expenses | 500.62M | 520.54M | 537.74M | 533.39M | 469.75M | 318.02M |
| Selling, General & Administrative | 56.41M | 46.84M | 51.35M | 51.01M | 53.43M | 35.36M |
| Depreciation & Amortization | 89.83M | 92.58M | 98.73M | 93.27M | 78.12M | 73.76M |
| Total Operating Expenses | 646.87M | 659.96M | 687.82M | 677.67M | 601.31M | 427.14M |
| Operating Income | 42.17M | 44.00M | 38.98M | 61.42M | 67.95M | 147.00K |
| Interest Expense | -90.08M | -98.54M | -108.12M | -94.22M | -52.17M | -32.86M |
| Interest & Investment Income | 4.42M | 6.25M | 7.13M | 6.40M | 2.68M | 48.00K |
| Other Non-Operating Income | 1.36M | -355.00K | 585.00K | -370.00K | 4.96M | 728.00K |
| EBT Excluding Unusual Items | -42.12M | -48.65M | -61.43M | -26.77M | 23.42M | -31.94M |
| Merger & Restructuring Charges | -563.00K | |||||
| Gain (Loss) on Sale of Investments | -1.57M | -1.57M | ||||
| Gain (Loss) on Sale of Assets | 100.19M | 82.80M | 88.17M | |||
| Asset Writedown | -54.49M | -54.49M | ||||
| Total Legal Settlements | 114.00K | 917.00K | ||||
| Other Unusual Items | -4.52M | -4.52M | -6.13M | -1.17M | -146.00K | |
| Pretax Income | -2.51M | -26.43M | 20.61M | -27.94M | 23.39M | -31.59M |
| Income Tax Expense | 4.75M | 1.98M | 842.00K | 2.69M | 4.04M | 1.32M |
| Earnings From Continuing Operations | -7.26M | -28.41M | 19.76M | -30.63M | 19.35M | -32.91M |
| Minority Interest in Earnings | 4.16M | 6.09M | -21.46M | 3.61M | -1.59M | 6.25M |
| Net Income | -3.11M | -22.32M | -1.69M | -27.02M | 17.76M | -26.66M |
| Preferred Dividends & Other Adjustments | 46.65M | 50.23M | 49.35M | 47.28M | 28.52M | 13.20M |
| Net Income to Common | -49.76M | -72.55M | -51.05M | -74.30M | -10.76M | -39.86M |
| Basic Shares Outstanding | 68.39M | 67.62M | 66.50M | 65.99M | 69.69M | 52.68M |
| Diluted Shares Outstanding | 68.39M | 67.62M | 66.50M | 65.99M | 69.69M | 52.68M |
| EPS (Basic) | -0.73 | -1.07 | -0.77 | -1.13 | -0.15 | -0.76 |
| EPS (Diluted) | -0.73 | -1.07 | -0.77 | -1.13 | -0.15 | -0.76 |
| Dividend Per Share | 0.10 | 0.20 | 0.20 | 0.20 | 0.08 | |
| Operating Margin | 6.12% | 6.25% | 5.36% | 8.31% | 10.15% | 0.03% |
| Profit Margin | -7.22% | -10.31% | -7.02% | -10.05% | -1.61% | -9.33% |
| EBITDA | 132.41M | 137.01M | 137.71M | 154.69M | 146.07M | 73.91M |
| EBITDA Margin | 19.22% | 19.46% | 18.95% | 20.93% | 21.83% | 17.30% |
| D&A For Ebitda | 90.24M | 93.01M | 98.73M | 93.27M | 78.12M | 73.76M |
| EBIT | 42.17M | 44.00M | 38.98M | 61.42M | 67.95M | 147.00K |
| EBIT Margin | 6.12% | 6.25% | 5.36% | 8.31% | 10.15% | 0.03% |
| Funds From Operations (FFO) | -10.13M | -16.21M | -21.11M | 10.72M | 64.33M | 26.78M |
| FFO Per Share | -0.22 | -0.29 | 0.15 | 0.85 | ||
| Adjusted Funds From Operations (AFFO) | 20.31M | 15.68M | 43.89M | 93.14M | 48.84M | |
| AFFO Per Share | 0.28 | 0.21 | 0.61 | 1.23 | ||
| Effective Tax Rate | 4.09% | 17.28% | ||||
| Revenue as Reported | 689.13M | 704.01M | 728.40M | 739.34M | 669.59M | 427.54M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.10B | 1.59B | 1.81B | 1.96B | 1.96B | 1.53B |
| Cash & Equivalents | 93.86M | 124.35M | 135.47M | 85.60M | 261.54M | 216.00M |
| Accounts Receivable | 27.67M | 32.84M | 31.75M | 39.20M | 51.45M | 23.70M |
| Other Receivables | 13.88M | 17.09M | 22.87M | 17.74M | 27.56M | 28.87M |
| Investment In Debt and Equity Securities | 41.53M | |||||
| Other Intangible Assets | 2.75M | 3.12M | 3.50M | 3.88M | 4.26M | |
| Loans Receivable Current | 9.20M | 8.90M | 8.28M | |||
| Restricted Cash | 52.60M | 42.48M | 49.59M | 80.90M | 54.16M | 47.38M |
| Other Current Assets | 352.51M | 28.73M | 9.78M | 14.94M | 12.28M | 7.84M |
| Trading Asset Securities | 373.00K | 56.00K | 356.00K | 2.85M | 6.48M | 139.00K |
| Deferred Long-Term Tax Assets | 8.00K | 59.00K | ||||
| Deferred Long-Term Charges | 73.00K | 75.00K | 75.00K | 75.00K | ||
| Other Long-Term Assets | 9.91M | 15.46M | 19.68M | 19.43M | 16.30M | 25.22M |
| Total Assets | 1.66B | 1.86B | 2.14B | 2.23B | 2.40B | 1.88B |
| Current Portion of Long-Term Debt | 293.18M | 389.78M | ||||
| Current Portion of Leases | 1.26M | |||||
| Long-Term Debt | 751.91M | 999.29M | 916.84M | 772.66M | 1.33B | 1.17B |
| Long-Term Leases | 383.00K | 18.80M | 19.98M | 60.38M | 60.69M | 60.94M |
| Accounts Payable | 98.22M | 82.72M | 84.87M | 100.47M | 87.98M | 96.32M |
| Accrued Expenses | 3.79M | 3.22M | 4.38M | 10.01M | 1.47M | |
| Current Unearned Revenue | 59.40M | 58.70M | 49.40M | 46.00M | ||
| Other Current Liabilities | 5.34M | 10.75M | 12.83M | 8.47M | 10.56M | 4.22M |
| Other Long-Term Liabilities | 275.68M | 25.57M | 24.27M | 22.76M | 22.34M | 20.03M |
| Total Liabilities | 1.18B | 1.34B | 1.41B | 1.41B | 1.57B | 1.36B |
| Preferred Stock, Convertible | 314.20M | 365.35M | 454.86M | 488.10M | 391.70M | 105.50M |
| Common Stock | 687.00K | 682.00K | 665.00K | 666.00K | 699.00K | 653.00K |
| Additional Paid-In Capital | 707.92M | 706.49M | 718.54M | 718.50M | 734.13M | 707.42M |
| Retained Earnings | -561.60M | -568.50M | -477.80M | -412.20M | -324.74M | -309.24M |
| Comprehensive Income & Other | -684.00K | |||||
| Total Common Equity | 147.01M | 138.67M | 240.71M | 306.96M | 410.09M | 398.83M |
| Minority Interest | 17.23M | 21.10M | 26.60M | 23.46M | 24.21M | 19.54M |
| Shareholders' Equity | 478.44M | 525.12M | 722.17M | 818.53M | 826.00M | 523.87M |
| Total Liabilities & Equity | 1.66B | 1.86B | 2.14B | 2.23B | 2.40B | 1.88B |
| Total Debt | 801.06M | 1.15B | 1.23B | 1.22B | 1.39B | 1.23B |
| Net Cash (Debt) | -706.82M | -1.03B | -1.09B | -1.13B | -1.13B | -1.02B |
| Net Cash Per Share | -10.33 | -15.23 | -16.45 | -17.19 | -16.17 | -19.31 |
| Filing Date Shares Outstanding | 68.68M | 68.68M | 67.05M | 66.35M | 65.60M | 64.39M |
| Total Common Shares Outstanding | 68.68M | 68.22M | 66.61M | 66.47M | 69.48M | 64.41M |
| Book Value Per Share | 2.14 | 2.03 | 3.61 | 4.62 | 5.90 | 6.19 |
| Tangible Book Value | 147.01M | 135.92M | 237.59M | 303.46M | 406.21M | 394.57M |
| Tangible Book Value Per Share | 2.14 | 1.99 | 3.57 | 4.57 | 5.85 | 6.13 |
| Land | 364.60M | 576.36M | 630.84M | 630.84M | 630.49M | 480.53M |
| Buildings | 892.45M | 1.13B | 1.44B | 1.55B | 1.52B | 1.23B |
| Construction In Progress | 7.80M | 16.42M | 20.42M | 36.95M | 22.89M | 12.04M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.11M | -22.32M | -1.69M | -27.02M | 17.76M | -26.66M |
| Depreciation & Amortization | 90.24M | 93.01M | 99.19M | 93.75M | 78.60M | 74.27M |
| Other Amortization | 12.68M | 12.67M | 13.00M | 5.68M | -670.00K | 1.76M |
| Gain (Loss) on Sale of Assets | -100.19M | -82.80M | -88.17M | |||
| Gain (Loss) on Sale of Investments | 322.00K | 1.57M | ||||
| Asset Writedown | 54.49M | 54.49M | ||||
| Stock-Based Compensation | -351.00K | -446.00K | 2.61M | 9.24M | 11.29M | 10.18M |
| Income (Loss) on Equity Investments | 87.00K | 56.00K | 1.61M | 253.00K | 328.00K | 252.00K |
| Change in Accounts Receivable | -4.31M | -7.37M | 6.26M | 11.26M | -9.09M | -11.04M |
| Change in Accounts Payable | 9.86M | 5.53M | 8.45M | 47.00K | 1.65M | 35.98M |
| Change in Other Net Operating Assets | -11.87M | -8.54M | 6.23M | -4.38M | 12.85M | -13.82M |
| Other Operating Activities | -2.91M | -5.43M | 19.01M | -5.04M | -4.07M | -7.41M |
| Operating Cash Flow | 45.45M | 40.78M | 66.82M | 84.71M | 109.48M | 63.95M |
| Acquisition of Real Estate Assets | -62.71M | -83.41M | -70.60M | -77.11M | -403.59M | -43.26M |
| Sale of Real Estate Assets | 416.79M | 247.57M | 155.58M | 1.82M | ||
| Net Sale / Acq. of Real Estate Assets | 354.08M | 164.16M | 84.98M | -77.11M | -403.59M | -41.44M |
| Investment in Marketable & Equity Securities | 17.02M | 40.71M | -42.36M | -238.00K | -328.00K | -233.00K |
| Other Investing Activities | 2.37M | 4.76M | -7.12M | 361.00K | 1.70M | |
| Investing Cash Flow | 373.46M | 209.63M | 35.51M | -77.07M | -402.22M | -41.68M |
| Long-Term Debt Issued | 403.00M | 234.00M | 370.60M | 170.50M | 83.23M | |
| Long-Term Debt Repaid | -518.28M | -184.10M | -534.31M | -68.50M | -84.22M | |
| Net Debt Issued (Repaid) | -269.85M | -115.28M | 49.90M | -163.71M | 102.00M | -993.00K |
| Issuance of Common Stock | 102.46M | |||||
| Repurchase of Common Stock | -727.00K | -778.00K | -369.00K | -19.31M | -7.41M | -376.00K |
| Preferred Stock Issued | 97.86M | 278.62M | 36.85M | |||
| Preferred Share Repurchases | -69.32M | -76.78M | -45.60M | -9.82M | -499.00K | |
| Common & Preferred Dividends Paid | -41.52M | -47.34M | -51.56M | -52.56M | -20.76M | -9.09M |
| Total Dividends Paid | -41.52M | -47.34M | -51.56M | -52.56M | -20.76M | -9.09M |
| Other Financing Activities | -21.28M | -28.46M | -36.14M | -9.30M | -6.89M | -909.00K |
| Net Cash Flow | 16.21M | -18.22M | 18.55M | -149.19M | 52.32M | 150.22M |
| Levered Free Cash Flow | -293.56M | 60.44M | 98.98M | 88.94M | 113.96M | 59.67M |
| Unlevered Free Cash Flow | -249.94M | 109.36M | 153.56M | 142.14M | 147.23M | 78.45M |
| Cash Interest Paid | 80.11M | 88.13M | 102.54M | 91.58M | 48.90M | 31.64M |
| Cash Income Tax Paid | 470.00K | 616.00K | -728.00K | 3.42M | 1.24M | -14.00K |
| Change in Working Capital | -6.33M | -10.38M | 20.95M | 6.93M | 5.42M | 11.12M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 103.31M | 195.79M | 199.07M | 163.89M | 289.75M | 326.43M |
| Enterprise Value | 810.14M | 1.69B | 1.75B | 1.76B | 1.55B | 1.46B |
| Last Close Price | 1.30 | 2.87 | 2.79 | 2.15 | 3.32 | 4.04 |
| Price/FFO Ratio | -13.01 | -9.63 | 14.39 | 3.90 | ||
| Price/AFFO Ratio | 10.25 | 13.27 | 3.52 | 2.70 | ||
| PS Ratio | 0.15 | 0.28 | 0.27 | 0.22 | 0.43 | 0.76 |
| PB Ratio | 0.61 | 0.37 | 0.28 | 0.20 | 0.35 | 0.62 |
| P/OCF Ratio | 2.28 | 4.80 | 2.98 | 1.94 | 2.65 | 5.10 |
| EV/Sales Ratio | 1.18 | 2.40 | 2.40 | 2.38 | 2.31 | 3.42 |
| EV/EBITDA Ratio | 6.12 | 12.32 | 12.68 | 11.37 | 10.58 | 19.75 |
| EV/EBIT Ratio | 19.22 | 38.37 | 44.80 | 28.64 | 22.75 | 9,929.59 |
| Debt / Equity Ratio | 1.67 | 2.20 | 1.70 | 1.49 | 1.69 | 2.35 |
| Debt / EBITDA Ratio | 5.95 | 8.29 | 8.65 | 7.57 | 9.13 | 15.56 |
| Net Debt / Equity Ratio | 1.48 | 1.96 | 1.51 | 1.39 | 1.36 | 1.94 |
| Net Debt / EBITDA Ratio | 5.34 | 7.52 | 7.95 | 7.33 | 7.71 | 13.77 |
| Asset Turnover | 0.37 | 0.35 | 0.33 | 0.32 | 0.31 | 0.24 |
| Inventory Turnover | 124.92 | 110.69 | 111.25 | 104.17 | 112.30 | 112.00 |
| Quick Ratio | 0.89 | 0.59 | 0.42 | 0.26 | 2.25 | 2.63 |
| Current Ratio | 3.61 | 0.87 | 0.57 | 0.44 | 2.67 | 3.17 |
| Return on Equity (ROE) | -1.27% | -4.55% | 2.56% | -3.72% | 2.87% | -7.16% |
| Return on Assets (ROA) | 1.42% | 1.38% | 1.12% | 1.66% | 1.99% | 0.01% |
| Return on Invested Capital (ROIC) | 2.85% | 2.42% | 1.87% | 2.88% | 2.83% | 0.01% |
| Earnings Yield | -51.60% | -11.40% | -0.85% | -16.48% | 6.13% | -8.17% |
| Dividend Yield | 3.53% | 6.97% | 6.69% | 8.11% | 1.92% | |
| Payout Ratio | 116.90% | |||||
| Buyback Yield / Dilution | -2.43% | -1.69% | -0.77% | 5.31% | -32.27% | -54.96% |
| Total Shareholder Return | 1.11% | 5.28% | 5.92% | 13.42% | -30.36% | -54.96% |