Braemar Hotels & Resorts Inc. BHR

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room ("RevPAR") luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP.

We operate in the direct hotel investment segment of the hotel lodging industry. As of March 9, 2026, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands with 3,028 total rooms. The hotel properties in our current portfolio are predominantly located in U.S. urban and resort locations with favorable growth characteristics resulting from multiple demand generators.

Last close 1.41 2026-10-23
Market cap $96.8M 2026-06-30 share count
52-week range 1.18 - 3.19

Valuation FY2025 figures against the last close

P/S0.1x
P/E—
P/FCF—
EV/EBITDA6.5x
Dividend yield48.9%
Diluted EPS-1.07

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $704.0M$728.4M$739.3M$669.6M$427.5M$227.0M$487.6M$431.4M$414.1M$405.9M
Cost of revenue ——————$323.6M$272.6M$271.6M$262.6M
Gross profit ——————$164.0M$158.8M$142.5M$143.3M
SG&A $11.8M$14.4M$13.5M$18.1M$8.7M$6.7M$5.4M$4.2M$8.1M$14.3M
Total operating expenses $714.4M$687.8M$677.7M$601.2M$426.8M$317.0M$448.4M$381.3M$375.2M$358.7M
Operating income $72.4M$128.8M$61.7M$68.4M$1.4M-$79.9M$64.4M$65.8M$62.6M$73.5M
Pre-tax income -$26.4M$20.6M-$27.9M$23.4M-$31.6M-$129.1M$3.0M$5.0M$27.8M$25.9M
Income tax $2.0M$842.0K$2.7M$4.0M$1.3M$4.4M$1.8M$2.4M$522.0K$1.6M
Net income -$22.3M-$1.7M-$27.0M$17.8M-$26.7M-$105.3M$371.0K$1.3M$23.0M$19.3M
EPS, basic -1.07-0.77-1.13-0.15-0.76-3.39-0.32-0.190.520.57
EPS, diluted -1.07-0.77-1.13-0.15-0.76-3.39-0.32-0.190.510.55
Shares, diluted (wtd. avg.) 67.6M66.5M66.0M69.7M52.7M34.0M32.3M31.9M34.7M31.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $124.4M$135.5M$85.6M$261.5M$216.0M$78.6M$72.0M$182.6M$137.5M$126.8M
Inventory $4.7M$4.7M$5.0M$5.2M$3.1M$2.6M$2.8M$1.9M$1.4M$1.5M
Property, plant and equipment $1.56B$1.78B$1.88B$1.88B$1.45B$1.42B$1.48B$1.30B$1.15B$1.01B
Other intangibles $2.7M$3.1M$3.5M$3.9M$4.3M$4.6M$5.0M$27.7M$22.5M$22.8M
Total assets $1.86B$2.14B$2.23B$2.40B$1.88B$1.67B$1.76B$1.64B$1.42B$1.26B
Long-term debt $1.10B$1.21B$1.16B$1.33B$1.17B$1.13B$1.06B$985.9M$821.0M$764.6M
Total liabilities $1.34B$1.41B$1.41B$1.57B$1.36B$1.28B$1.25B$1.09B$894.5M$828.1M
Retained earnings -$568.5M-$477.8M-$412.2M-$324.7M-$309.2M-$266.0M-$150.6M-$115.4M-$88.8M-$93.3M
Total equity $138.7M$240.7M$298.0M$393.8M$382.3M$261.2M$363.3M$392.1M$376.6M$303.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $40.8M$66.8M$84.7M$109.5M$64.0M-$50.3M$66.3M$70.7M$70.6M$58.6M
Depreciation and amortisation $92.1M$98.2M$92.6M$78.0M$73.0M$72.8M$69.5M$56.8M$52.1M$45.7M
Stock-based compensation -$446.0K$2.6M$9.2M$11.3M$10.2M$7.9M$7.9M$7.0M-$1.3M$4.2M
Capital expenditure $77.9M$70.6M$77.1M$49.1M$17.6M$0$136.3M$77.6M$43.0M$23.4M
Investing cash flow $209.6M$35.5M-$77.1M-$402.2M-$41.7M-$16.5M-$226.4M-$166.8M-$173.9M$103.5M
Financing cash flow -$268.6M-$83.8M-$156.8M$345.1M$128.0M$49.6M$32.1M$169.2M$124.0M-$135.6M
Dividends paid $47.3M$51.6M$52.6M$20.8M$9.1M$16.2M$33.4M$30.3M$27.1M$16.9M
Buybacks $778.0K$369.0K$19.3M$7.4M$376.0K$263.0K$384.0K$323.0K$395.0K$39.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001574085-26-000063.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M Revenue, FY2016: 405.9M Gross profit, FY2016: 143.3M Net income, FY2016: 19.3M Revenue, FY2017: 414.1M Gross profit, FY2017: 142.5M Net income, FY2017: 23M Revenue, FY2018: 431.4M Gross profit, FY2018: 158.8M Net income, FY2018: 1.3M Revenue, FY2019: 487.6M Gross profit, FY2019: 164M Net income, FY2019: 371K Revenue, FY2020: 227M Net income, FY2020: -105.3M Revenue, FY2021: 427.5M Net income, FY2021: -26.7M Revenue, FY2022: 669.6M Net income, FY2022: 17.8M Revenue, FY2023: 739.3M Net income, FY2023: -27M Revenue, FY2024: 728.4M Net income, FY2024: -1.7M Revenue, FY2025: 704M Net income, FY2025: -22.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $405.9M $414.1M $431.4M $487.6M $227.0M $427.5M $669.6M $739.3M $728.4M $704.0M
Gross profit $143.3M $142.5M $158.8M $164.0M — — — — — —
Net income $19.3M $23.0M $1.3M $371.0K -$105.3M -$26.7M $17.8M -$27.0M -$1.7M -$22.3M

Recent filings and events

  • Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed Item 2.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • Acquisition or disposal completed Item 2.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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