Braemar Hotels & Resorts Inc.

For Q4 2025, Braemar reported net loss attributable to common stockholders of $46.0 million, or $0.67 per diluted share, and AFFO per diluted share of negative $0.02. Adjusted EBITDAre was $28.8 million. Comparable RevPAR was flat at $340, comparable total revenue increased 1.8%, resort RevPAR increased 4.1% to $536, and resort hotel EBITDA increased 6% to $32.5 million. For full year 2025, net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, AFFO per diluted share was $0.28, and Adjusted EBITDAre was $147.0 million. Full-year comparable total revenue grew 2.8%, comparable hotel EBITDA grew 3.1%, portfolio RevPAR rose 1%, and hotel EBITDA grew 3.1%. At quarter end, the company had $1.9 billion of total assets, $1.1 billion of loans, cash and cash equivalents of $124.4 million, restricted cash of $42.5 million, a blended average interest rate of 6.7%, and approximately 46.7% net debt to gross assets. Looking ahead, management said 2026 common dividends have not been declared because of the ongoing sale process, and capex is expected to be between $25 million and $35 million in 2026.

Richard Stockton emphasized that the company had formally initiated a sale process in August and engaged Robert W. Baird as financial adviser, with no deadline or assurance of a transaction. He also said the board appointed co-advisers to evaluate individual asset sales and that updates would come when next steps or a specific transaction are approved. On operations, he sounded constructive, saying resort assets are returning to normalized growth and that completed renovations should support stronger future performance.

Deric Eubanks walked through the quarter’s financial results, including a $46.0 million net loss to common stockholders and negative $0.02 AFFO per diluted share, plus full-year AFFO of $0.28 per diluted share. He said the company ended with $124.4 million of cash and cash equivalents, $42.5 million of restricted cash, and $17.1 million due from third-party hotel managers, while total loans were $1.1 billion with a 6.7% blended average interest rate. He also noted that roughly 14% of debt is effectively fixed and 86% floating, net debt to gross assets was 46.7%, and the board has not set a 2026 common dividend policy because of the sale process; he also highlighted that $149.0 million of non-traded preferred stock has been redeemed, about 32% of the original capital raise.

There was no analyst Q&A on the call. Management did not receive questions, so the only additional color was the prepared commentary around the sale process, dividend policy, debt structure, and 2026 capex plans. The key concern implicitly addressed was how the company would handle preferred and common dividends during an active sale process, and management said it adjusted preferred dividend declarations to maintain parity treatment and flexibility.