BHR 8-K

Braemar Hotels & Resorts Inc. (BHR)

8-K 2026-08-17 For: 2026-08-12

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Added on August 17, 2026


	BRAEMAR HOTELS & RESORTS INC.

Dated: August 17, 2026	By:	/s/ Jim Plohg
		Jim Plohg
		Executive Vice President, General Counsel & Secretary


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
ASSETS
Investment in hotel properties, gross	$	1,402,848	$	90,194	$	—		$	1,312,654
Accumulated depreciation	(304,522)		(11,326)		—			(293,196)
Investment in hotel properties, net	1,098,326		78,868		—			1,019,458
Cash and cash equivalents	93,865		4,565		187,490		(C) (i)	187,417
					4,298		(C) (i)
					(93,671)		(C) (ii)
Restricted cash	52,604		1,596		—			51,008

Accounts receivable, net of allowance of $129	27,671		1,015		—			26,656
Inventories	3,278		127		—			3,151
Note receivable	9,197		—		—			9,197
Prepaid expenses	4,342		368		—			3,974
Deposit paid to Ashford Inc.	17,000		—		—			17,000
Deferred costs, net	73		—		—			73
Derivative assets	373		—		—			373
Operating lease right-of-use assets	330		11		—			319
Other assets	9,912		48		—			9,864


Due from third-party hotel managers	13,884		—		—			13,884
Assets held for sale	327,886		—		—			327,886

Total assets	$	1,658,741	$	86,598	$	98,117		$	1,670,260
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	745,918	$	93,593	$	—		$	652,325
Accounts payable and accrued expenses	98,222		3,113		—			95,109
Redeemable preferred stock redemptions payable	54,760		—		—			54,760
Dividends and distributions payable	3,807		—		—			3,807
Due to Ashford Inc., net	680		114		—			566
Due to related parties, net	199		194		—			5
Due to third-party hotel managers	657		—		—			657
Operating lease liabilities	383		11		—			372
Other liabilities	7,500		—		—			7,500
Liabilities associated with assets held for sale	268,178		—		—			268,178


Total liabilities	1,180,304		97,025		—			1,083,279
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026	65,426		—		—			65,426
Series E redeemable preferred stock, $0.01 par value, 8,637,450 shares issued and outstanding at June 30, 2026	215,936		—		—			215,936
Series M redeemable preferred stock, $0.01 par value, 1,312,137 shares issued and outstanding at June 30, 2026	32,820		—		—			32,820
Redeemable noncontrolling interests in operating partnership	15,197		—		—			15,197
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026	16		—		—			16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 shares issued and outstanding at June 30, 2026	687		—		—			687
Additional paid-in capital	707,922		(10,427)		78,868		(C) (i)	707,922
					4,298		(C) (i)
					(93,593)		(C) (ii)


Accumulated deficit	(561,597)		—		108,622		(C) (i)	(453,053)
					(78)		(C) (ii)
Total stockholders’ equity of the Company	147,028		(10,427)		98,117			255,572
Noncontrolling interest in consolidated entities	2,030		—		—			2,030
Total equity	149,058		(10,427)		98,117			257,602
Total liabilities and equity	$	1,658,741	$	86,598	$	98,117		$	1,670,260


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
REVENUE
Rooms	$	428,990	$	23,332	$	—		$	405,658
Food and beverage	179,538		4,495		—			175,043
Other	95,487		3,011		—			92,476
Total hotel revenue	704,015		30,838		—			673,177


EXPENSES
Hotel operating expenses:
Rooms	104,367		3,332		—			101,035
Food and beverage	141,846		3,406		—			138,440
Other expenses	223,977		6,966		—			217,011
Management fees	21,995		924		—			21,071
Total hotel operating expenses	492,185		14,628		—			477,557
Property taxes, insurance and other	34,253		2,049		—			32,204
Depreciation and amortization	92,578		1,589		—			90,989
Impairment charges	54,492		—		—			54,492
Advisory services fee	29,186		—		—			29,186


Corporate general and administrative	11,754		—		—			11,754
Total expenses	714,448		18,266		—			696,182
Gain (loss) on disposition of assets and hotel property	82,797		—		108,622		(C) (i)	191,419
OPERATING INCOME (LOSS)	72,364		12,572		108,622			168,414
Equity in earnings (loss) of unconsolidated entity	(56)		—		—			(56)
Interest income	6,246		—		—			6,246
Other income (expense)	(1,572)		—		—			(1,572)
Interest expense and amortization of premiums and loan costs	(98,539)		(8,065)		—			(90,474)
Write-off of premiums, loan costs and exit fees	(1,833)		—		—			(1,833)
Gain (loss) on extinguishment of debt	(2,686)		—		(78)		(C) (ii)	(2,764)
Realized and unrealized gain (loss) on derivatives	(355)		—		—			(355)
INCOME (LOSS) BEFORE INCOME TAXES	(26,431)		4,507		108,544			77,606
Income tax (expense) benefit	(1,979)		—		2		(C) (iii)	(1,977)
NET INCOME (LOSS)	(28,410)		4,507		108,546			75,629
(Income) loss attributable to noncontrolling interest in consolidated entities	325		—		—			325
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,767		—		(7,189)		(C) (iv)	(1,422)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(22,318)		4,507		101,357			74,532
Preferred dividends	(35,273)		—		—			(35,273)
Deemed dividends on preferred stock	(15,112)		—		—			(15,112)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS	$	(72,703)	$	4,507	$	101,357		$	24,147
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders	$	(1.07)						$	0.36
Weighted average common shares outstanding—basic	67,621							67,621
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders	$	(1.07)						$	0.32
Weighted average common shares outstanding—diluted	67,621							103,226


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
REVENUE
Rooms	$	230,984	$	14,905	$	—		$	216,079
Food and beverage	97,664		2,554		—			95,110
Other	51,361		1,916		—			49,445
Total hotel revenue	380,009		19,375		—			360,634


EXPENSES
Hotel operating expenses:
Rooms	49,096		1,693		—			47,403
Food and beverage	73,807		1,707		—			72,100
Other expenses	112,802		3,728		—			109,074
Management fees	11,332		581		—			10,751
Total hotel operating expenses	247,037		7,709		—			239,328
Property taxes, insurance and other	12,159		968		—			11,191
Depreciation and amortization	44,012		735		—			43,277

Advisory services fee	14,684		—		—			14,684


Corporate general and administrative	9,280		—		—			9,280
Total expenses	327,172		9,412		—			317,760
Gain (loss) on disposition of assets and hotel property	17,398		—		—			17,398
OPERATING INCOME (LOSS)	70,235		9,963		—			60,272
Equity in earnings (loss) of unconsolidated entity	(31)		—		—			(31)
Interest income	1,584		—		—			1,584

Interest expense and amortization of premiums and loan costs	(41,708)		(3,714)		—			(37,994)
Write-off of premiums, loan costs and exit fees	(1,489)		—		—			(1,489)

Realized and unrealized gain (loss) on derivatives	283		—		—			283
INCOME (LOSS) BEFORE INCOME TAXES	28,874		6,249		—			22,625
Income tax (expense) benefit	(3,898)		—		222		(C) (iii)	(3,676)
NET INCOME (LOSS)	24,976		6,249		222			18,949
(Income) loss attributable to noncontrolling interest in consolidated entities	65		—		—			65
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(299)		—		378		(C) (iv)	79
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	24,742		6,249		600			19,093
Preferred dividends	(15,781)		—		—			(15,781)
Deemed dividends on preferred stock	(4,771)		—		—			(4,771)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS	$	4,190	$	6,249	$	600		$	(1,459)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders	$	0.06						$	(0.02)
Weighted average common shares outstanding—basic	68,556							68,556
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders	$	0.06						$	(0.02)
Weighted average common shares outstanding—diluted	68,556							68,556