Form 8-K

8-K — Braemar Hotels & Resorts Inc.

Accession: 0001574085-26-000081

Filed: 2026-05-12

Period: 2026-05-12

CIK: 0001574085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bhr-20260512.htm (Primary)

EX-99.1 (bhr-investorpresentation.htm)

GRAPHIC (bhr-investorpresentation001.jpg)

GRAPHIC (bhr-investorpresentation002.jpg)

GRAPHIC (bhr-investorpresentation003.jpg)

GRAPHIC (bhr-investorpresentation004.jpg)

GRAPHIC (bhr-investorpresentation005.jpg)

GRAPHIC (bhr-investorpresentation006.jpg)

GRAPHIC (bhr-investorpresentation007.jpg)

GRAPHIC (bhr-investorpresentation008.jpg)

GRAPHIC (bhr-investorpresentation009.jpg)

GRAPHIC (bhr-investorpresentation010.jpg)

GRAPHIC (bhr-investorpresentation011.jpg)

GRAPHIC (bhr-investorpresentation012.jpg)

GRAPHIC (bhr-investorpresentation013.jpg)

GRAPHIC (bhr-investorpresentation014.jpg)

GRAPHIC (bhr-investorpresentation015.jpg)

GRAPHIC (bhr-investorpresentation016.jpg)

GRAPHIC (bhr-investorpresentation017.jpg)

GRAPHIC (bhr-investorpresentation018.jpg)

GRAPHIC (bhr-investorpresentation019.jpg)

GRAPHIC (bhr-investorpresentation020.jpg)

GRAPHIC (bhr-investorpresentation021.jpg)

GRAPHIC (bhr-investorpresentation022.jpg)

GRAPHIC (bhr-investorpresentation023.jpg)

GRAPHIC (bhr-investorpresentation024.jpg)

GRAPHIC (bhr-investorpresentation025.jpg)

GRAPHIC (bhr-investorpresentation026.jpg)

GRAPHIC (bhr-investorpresentation027.jpg)

GRAPHIC (bhr-investorpresentation028.jpg)

GRAPHIC (bhr-investorpresentation029.jpg)

GRAPHIC (bhr-investorpresentation030.jpg)

GRAPHIC (bhr-investorpresentation031.jpg)

GRAPHIC (bhr-investorpresentation032.jpg)

GRAPHIC (bhr-investorpresentation033.jpg)

GRAPHIC (bhr-investorpresentation034.jpg)

GRAPHIC (bhr-investorpresentation035.jpg)

GRAPHIC (bhr-investorpresentation036.jpg)

GRAPHIC (bhr-investorpresentation037.jpg)

GRAPHIC (bhr-investorpresentation038.jpg)

GRAPHIC (bhr-investorpresentation039.jpg)

GRAPHIC (bhr-investorpresentation040.jpg)

GRAPHIC (bhr-investorpresentation041.jpg)

GRAPHIC (bhr-investorpresentation042.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhr-20260512.htm · Sequence: 1

bhr-20260512

0001574085false00015740852026-05-122026-05-120001574085us-gaap:CommonStockMember2026-05-122026-05-120001574085us-gaap:SeriesBPreferredStockMember2026-05-122026-05-120001574085us-gaap:SeriesDPreferredStockMember2026-05-122026-05-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): May 12, 2026

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland 001-35972 46-2488594

(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)

14185 Dallas Parkway

Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock BHR New York Stock Exchange

Preferred Stock, Series B BHR-PB New York Stock Exchange

Preferred Stock, Series D BHR-PD New York Stock Exchange

ITEM 7.01 REGULATION FD DISCLOSURE

On May 12, 2026, Braemar Hotels & Resorts Inc. released an investor presentation.

The investor presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number Description

99.1 First Quarter 2026 Investor Presentation

101 Inline Interactive Data Files

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRAEMAR HOTELS & RESORTS INC.

Dated: May 12, 2026 By: /s/ Jim Plohg

Jim Plohg

Executive Vice President, General Counsel & Secretary

EX-99.1

Filename: bhr-investorpresentation.htm · Sequence: 2

bhr-investorpresentation

1st Quarter 2026 Earnings Update

Company Presentation | May 2026 2 Forward Looking Statements and Non-GAAP Measures In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our business and investment strategy, our understanding of our competition, current market trends and opportunities, projected operating results, and projected capital expenditures. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated including, without limitation: the Risk Factors discussed in our most recent Annual Report on Form 10-K; rising interest rates and inflation; macroeconomic conditions, such as a prolonged period of weak economic growth and volatility in the capital and financial markets; uncertainty in the business sector and market volatility; general and economic business conditions affecting the lodging and travel industry; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy, the degree and nature of our competition, legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the “Code”), and related rules, regulations and interpretations governing the taxation of REITs; and limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes. These and other risk factors are more fully discussed in the company's filings with the Securities and Exchange Commission. EBITDA is defined as net income (loss) before interest expense and amortization of loan costs, depreciation and amortization, income taxes, equity in (earnings) loss of unconsolidated entity and after the Company’s portion of EBITDA of OpenKey. In addition, we excluded impairment on real estate, (gain) loss on insurance settlement and disposition of assets and Company’s portion of EBITDA of OpenKey from EBITDA to calculate EBITDA for real estate, or EBITDAre, as defined by NAREIT. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price or debt amount. A capitalization rate is determined by dividing the property's net operating income by the purchase price. Net operating income is the property's Hotel EBITDA minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. EBITDA, FFO, AFFO, CAD and other terms are non-GAAP measures, reconciliations of which have been provided in prior earnings releases and filings with the SEC or in the appendix to this presentation. The calculation of implied equity value is derived from an estimated blended capitalization rate (“Cap Rate”) for the entire portfolio using the capitalization rate method. The estimated Cap Rate is based on recent Cap Rates of publically traded peers involving a similar blend of asset types found in the portfolio, which is then applied to Net Operating Income (“NOI”) of the company’s assets to calculate a Total Enterprise Value (“TEV”) of the company. From the TEV, we deduct debt and preferred equity and then add back working capital to derive an equity value. The capitalization rate method is one of several valuation methods for estimating asset value and implied equity value. Among the limitations of using the capitalization rate method for determining an implied equity value are that it does not take into account the potential change or variability in future cash flows, potential significant future capital expenditures, the intended hold period of the asset, or a change in the future risk profile of an asset. This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Braemar Hotels & Resorts Inc. or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security. Prior to investing in Braemar, potential investors should carefully review Braemar’s periodic filings with the Securities and Exchange Commission, including, but not limited to, Braemar’s most current Form 10-K, Form 10-Q and Form 8-K’s, including the risk factors included therein.

Company Presentation | May 2026 3 $233 $660 2013 TTM Q1'26 +183% $962 $1,849 2013 2026 +92% 8 13 1905 1905 +5 Total Assets (1)(2) Hotel EBITDA (1)(2)(3) (1) As of 3/31/26 (2) In millions (3) 2026 Hotel Rev and Hotel EBITDA figures are comparable Number of Hotels(1) Total Hotel Rev (1)(2)(3)(5) Company Fact Sheet Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio NYSE: BHR $172.9MM EQUITY MARKET CAP(1) $1.6B ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT 2026 Luxury Hotels Drive TTM Q1’26 Hotel EBITDA(1)(3)(4) Resorts Drive TTM Q1’26 Hotel EBITDA(1)(3) (4) In thousands (5) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels 2013 Urban, 19% Resort, 81% $78 $173 2013 TTM Q1'26 +122% Luxury $146,596 Upper Upscale $26,700 $- $50,000 $100,000 $150,000 $200,000

Ritz-Carlton Reserve Dorado Beach Discussion Topics Industry Update Recent Results & Developments Liability Management 18 16 9 5 Appendix

Industry Update Cameo Beverly Hills

Company Presentation | May 2026 6 Industry RevPAR Continues to Exceed 2019 Source: Lodging Analytics Research & Consulting Q1 2026 U.S. KPIs, Indexed to 2019 87 95 96 96 95 92 0 20 40 60 80 100 120 2021 2022 2023 2024 2025 2026 Occupancy Index 95 114 119 121 122 126 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 ADR Index 83 108 114 116 116 116 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 RevPAR Index

Company Presentation | May 2026 7 $0 $15 $30 $45 $60 $75 $90 $105 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real RevPAR Stabilizing Real RevPAR Nominal RevPAR $0 $40 $80 $120 $160 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real ADR Stabilized Real ADR Nominal ADR 0% 10% 20% 30% 40% 50% 60% 70% Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Occupancy Stabilized Industry Real RevPAR & ADR Stable Source: STR $96 62% $130 42% $41 $81 Capital Hilton The Notary Hotel

Company Presentation | May 2026 8 … But, Luxury and Upper Upscale RevPAR growth forecasted Source: Lodging Analytics Research & Consulting Q1 2026 -0.2% 3.3% 3.1% 0.3% 3.2% 3.6% 1.2% 2.5% 3.7% 0.3% 2.4% 2.7% -1.2% 1.3% 0.1% -3.6% -1.4% -4.9% -6% -4% -2% 0% 2% 4% 6% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 2026 Forecasted Growth YoY

Recent Results & Developments Sofitel Magnificent Mile

Company Presentation | May 2026 10 Comparable Hotel Operating Results(1) 2026 Q1 2025 Q1 % Variance 2025 ADR(3) $745 $705 5.7% Occupancy(3) 64.5% 64.5% 0% RevPAR(3) $480.8 $455.0 5.7% Total Hotel Revenue(3)(4) $211,626 $200,806 5.4% Hotel EBITDA(4) $75,463 $66,402 13.7% Hotel EBITDA Margin 35.7% 33.1% 2.6% (1) Includes all hotels owned as of March 31, 2026 (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels (3) In thousands (4) Comparable results as reported in Earnings Releases: 2020 as reported on 2/25/2021; 2021 as reported on 2/24/2022; 2022 as reported on 2/22/2023; and 2023 as reported on 2/29/2024 (5) Actual results as reported in Earnings Releases: 2024 as reported on 2/26/2025 and 2025 as reported on 2/26/2026; Results for 2024 include all properties owned during the period, including Torrey Pines through the date of its disposition; and Results for 2025 include the 13 hotels owned as of December 31, 2025, as well as Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy through its disposition date in November 2025. HOTEL EBITDA(4)(5)REVPAR(2)(4)(5) Steady RevPAR Growth & Widening Margins $238 $312 $307 $311 $331 $353 $- $50 $100 $150 $200 $250 $300 $350 $400 2021 2022 2023 2024 2025 TTM Q1'26 $142.5 $221.9 $206.4 $188.1 $183.7 $173.3 $- $50 $100 $150 $200 $250 2021 2022 2023 2024 2025 TTM Q1'26 (In m illi on s)

Company Presentation | May 2026 11 -24.6% -4.8% -1.4%-1.3% 0.0%0.1% 0.8%0.9% 1.3% 1.3% 2.5% 3.1% 5.6% 10.1% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% -12.2% -4.4% -0.8%-0.4% 0.1% 2.7% 4.2% 5.7% 8.3% 8.6% 8.7% 12.4% 18.4% 24.2% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% YoY ADR & Occupancy Growth by Property ADR – Q1 ‘26 YoY Variance Occupancy – Q1 ‘26 YoY Variance Key: Resort Urban Portfolio

Company Presentation | May 2026 12 -13.4% -6.3% -5.6% -3.6% 0.5% 2.9% 5.2% 5.7% 8.8% 10.2% 12.0% 13.9% 14.4% 20.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% YoY RevPAR Growth by Property RevPAR (1)(2) – Q1 ‘26 YoY Variance Key Observations Resort RevPAR in Q1 ‘26 was up 8.0% YoY and up 97.8% vs. Q1 ‘20 Average RevPAR in Q1 ‘26 was up 5.7% YoY and up 81.5% vs. Q1 ‘20 Urban RevPAR in Q1 ‘26 was down -5.6% YoY but up 26.1% vs. Q1 ‘20 Key: Resort Urban Portfolio (1) Same-store data for the current 13 hotel owned as of March 31, 2026 (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels

Company Presentation | May 2026 13 EBITDA Contribution Favored Resorts Hotel Yountville (1) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels (2) In thousands (3) Please refer to slides 20-32 for a reconciliation to the most directly comparable non-GAAP financial metric Quarter Highlights • Resorts posted strong Y-O-Y RevPAR growth of 8.0%, while Urban properties were down • EBITDA contribution favored Resorts versus Urban properties • Ritz-Carlton Reserve Dorado Beach and Ritz-Carlton Sarasota were the top performers by Hotel EBITDA • Bardessono delivered the strongest year-over-year improvement in the quarter, with EBITDA increasing 253% compared to 2025

Company Presentation | May 2026 14 Ritz-Carlton Drives TTM Q1’26 Hotel EBITDA(1)(2) (1) Comparable TTM as of 3/31/26, see appendix for a reconciliation of TTM hotel net income (loss) to hotel TTM EBITDA; In thousands (2) Marriott Seattle waterfront sold in Q3’25 and The Clancy sold in Q4’25 Transient Demand Drives TTM Q1’26 Revenue(1)(2) High Exposure to Luxury Hotels and Resorts Ritz-Carlton: Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, and Ritz-Carlton Reserve Dorado Beach; Independent: Bardessono, Pier House, Hotel Yountville, and Cameo Beverly Hills; Park Hyatt: Park Hyatt Beaver Creek; Marriott / Autograph: The Notary; Hilton: Cameo Beverly Hills and Capital Hilton; Sofitel: Sofitel Chicago Magnificent Mile; Four Seasons: Four Seasons Scottsdale Luxury: Sofitel Chicago Magnificent Mile, Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Ritz-Carlton Reserve Dorado Beach, Bardessono, Pier House, Hotel Yountville, Cameo Beverly Hills, Park Hyatt Beaver Creek, and Four Seasons Scottsdale; Upper Upscale: Capital Hilton, and The Notary Park Hyatt Beaver Creek Transient, 73.9% Group, 23.5% Contract, 2.6% Ritz-Carlton $78,885 Four Seasons $28,865 Independent $23,506 Autograph $11,370 Hilton $10,876 Sofitel $10,001 Park Hyatt $9,793 $- $15,000 $30,000 $45,000 $60,000 $75,000 $90,000

Company Presentation | May 2026 15 HIGHEST QUARTERLY AFFO/SHARE IN 5 YEARS(1)(2)HIGHER ADJUSTED EBITDARE(1)(2) Quarter Highlights Full Year Highlights Company Results Steady (1) Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively (2) 2024 Adjusted EBITDAre, 2024 AFFO, and 2025 Adjusted EBITDAre includes the results of the 15 hotels owned in 2024 and the first two quarters of 2025, the results of Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy in November 2025 • Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter, reflecting an increase on 30.0% over the prior year quarter. • Comparable Total RevPAR for all hotels increased 5.4% over the prior year quarter to $771. • Net debt to gross assets was 43.4% at the end of the first quarter. • Capex invested during the quarter was $12.1 million. • Comparable Hotel EBITDA was $75.5 million for the quarter, reflecting an increase of 13.7% over the prior year quarter. • During the quarter, the Company redeemed approximately $17.0 million of its non-traded preferred stock in cash. $87.5 $172.4 $176.7 $157.6 $147.0 $150.6 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2021 2022 2023 2024 2025 TTM Q1'26 (In m illi on s) $0.20 $0.49 $0.44 $0.42 $0.40 $0.52 $0.22 $0.43 $0.20 $0.10 $0.09 $0.17 $0.16 ($0.08) ($0.24) ($0.19) $0.25 $0.16 $0.04 ($0.06) ($0.02) $(0.40) $(0.20) $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2021 2022 2023 2024 2025 2026 (In m illi on s) Q1 Q2 Q3 Q4

Liability Management Four Seasons Scottsdale

Company Presentation | May 2026 17 Manageable Debt Maturity Profile Maturity Schedule(1) (1) Percentages reflect each year’s maturing debt as a % of total gross assets $72.5 $109.4 $410.0 $386.2 $86.3 $43.4 7.0% 3.9% 5.9% 22.2% 20.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 2026 2027 2028 2029 2030 (in m ill io ns ) Other 2021 Convertible Notes RCLT Mortgage Loan % of Gross Assets

Company Presentation | May 2026 18 Final Conclusions Stable industry performance favoring Luxury and Upper Upscale hotels Improving EBITDA margins Resort’s performance continues to lead the way for Braemar’s portfolio Properly functioning and improving lodging debt capital markets

Appendix Ritz-Carlton Lake Tahoe

Company Presentation | May 2026 20 Indebtedness

Company Presentation | May 2026 21 Indebtedness

Company Presentation | May 2026 22 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 23 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 24 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 25 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 26 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 27 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 28 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 29 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 30 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 31 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel

Company Presentation | May 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA

Company Presentation | May 2026 34 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Company Presentation | May 2026 35 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Company Presentation | May 2026 36 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Company Presentation | May 2026 37 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Company Presentation | May 2026 38 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Company Presentation | May 2026 39 Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.

Company Presentation | May 2026 40 Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.

Company Presentation | May 2026 41 Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.

Company Presentation | May 2026 42 Reconciliation of Net Income (Loss) to Adjusted FFO Q2 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.

GRAPHIC

Filename: bhr-investorpresentation001.jpg · Sequence: 7

Binary file (256074 bytes)

Download bhr-investorpresentation001.jpg

GRAPHIC

Filename: bhr-investorpresentation002.jpg · Sequence: 8

Binary file (386300 bytes)

Download bhr-investorpresentation002.jpg

GRAPHIC

Filename: bhr-investorpresentation003.jpg · Sequence: 9

Binary file (159116 bytes)

Download bhr-investorpresentation003.jpg

GRAPHIC

Filename: bhr-investorpresentation004.jpg · Sequence: 10

Binary file (164758 bytes)

Download bhr-investorpresentation004.jpg

GRAPHIC

Filename: bhr-investorpresentation005.jpg · Sequence: 11

Binary file (130687 bytes)

Download bhr-investorpresentation005.jpg

GRAPHIC

Filename: bhr-investorpresentation006.jpg · Sequence: 12

Binary file (136912 bytes)

Download bhr-investorpresentation006.jpg

GRAPHIC

Filename: bhr-investorpresentation007.jpg · Sequence: 13

Binary file (150242 bytes)

Download bhr-investorpresentation007.jpg

GRAPHIC

Filename: bhr-investorpresentation008.jpg · Sequence: 14

Binary file (101481 bytes)

Download bhr-investorpresentation008.jpg

GRAPHIC

Filename: bhr-investorpresentation009.jpg · Sequence: 15

Binary file (130762 bytes)

Download bhr-investorpresentation009.jpg

GRAPHIC

Filename: bhr-investorpresentation010.jpg · Sequence: 16

Binary file (164289 bytes)

Download bhr-investorpresentation010.jpg

GRAPHIC

Filename: bhr-investorpresentation011.jpg · Sequence: 17

Binary file (162079 bytes)

Download bhr-investorpresentation011.jpg

GRAPHIC

Filename: bhr-investorpresentation012.jpg · Sequence: 18

Binary file (166251 bytes)

Download bhr-investorpresentation012.jpg

GRAPHIC

Filename: bhr-investorpresentation013.jpg · Sequence: 19

Binary file (205840 bytes)

Download bhr-investorpresentation013.jpg

GRAPHIC

Filename: bhr-investorpresentation014.jpg · Sequence: 20

Binary file (173227 bytes)

Download bhr-investorpresentation014.jpg

GRAPHIC

Filename: bhr-investorpresentation015.jpg · Sequence: 21

Binary file (179491 bytes)

Download bhr-investorpresentation015.jpg

GRAPHIC

Filename: bhr-investorpresentation016.jpg · Sequence: 22

Binary file (128394 bytes)

Download bhr-investorpresentation016.jpg

GRAPHIC

Filename: bhr-investorpresentation017.jpg · Sequence: 23

Binary file (98230 bytes)

Download bhr-investorpresentation017.jpg

GRAPHIC

Filename: bhr-investorpresentation018.jpg · Sequence: 24

Binary file (173161 bytes)

Download bhr-investorpresentation018.jpg

GRAPHIC

Filename: bhr-investorpresentation019.jpg · Sequence: 25

Binary file (163244 bytes)

Download bhr-investorpresentation019.jpg

GRAPHIC

Filename: bhr-investorpresentation020.jpg · Sequence: 26

Binary file (167303 bytes)

Download bhr-investorpresentation020.jpg

GRAPHIC

Filename: bhr-investorpresentation021.jpg · Sequence: 27

Binary file (162757 bytes)

Download bhr-investorpresentation021.jpg

GRAPHIC

Filename: bhr-investorpresentation022.jpg · Sequence: 28

Binary file (139165 bytes)

Download bhr-investorpresentation022.jpg

GRAPHIC

Filename: bhr-investorpresentation023.jpg · Sequence: 29

Binary file (184450 bytes)

Download bhr-investorpresentation023.jpg

GRAPHIC

Filename: bhr-investorpresentation024.jpg · Sequence: 30

Binary file (204489 bytes)

Download bhr-investorpresentation024.jpg

GRAPHIC

Filename: bhr-investorpresentation025.jpg · Sequence: 31

Binary file (205808 bytes)

Download bhr-investorpresentation025.jpg

GRAPHIC

Filename: bhr-investorpresentation026.jpg · Sequence: 32

Binary file (189552 bytes)

Download bhr-investorpresentation026.jpg

GRAPHIC

Filename: bhr-investorpresentation027.jpg · Sequence: 33

Binary file (196536 bytes)

Download bhr-investorpresentation027.jpg

GRAPHIC

Filename: bhr-investorpresentation028.jpg · Sequence: 34

Binary file (200288 bytes)

Download bhr-investorpresentation028.jpg

GRAPHIC

Filename: bhr-investorpresentation029.jpg · Sequence: 35

Binary file (207337 bytes)

Download bhr-investorpresentation029.jpg

GRAPHIC

Filename: bhr-investorpresentation030.jpg · Sequence: 36

Binary file (196786 bytes)

Download bhr-investorpresentation030.jpg

GRAPHIC

Filename: bhr-investorpresentation031.jpg · Sequence: 37

Binary file (173107 bytes)

Download bhr-investorpresentation031.jpg

GRAPHIC

Filename: bhr-investorpresentation032.jpg · Sequence: 38

Binary file (175694 bytes)

Download bhr-investorpresentation032.jpg

GRAPHIC

Filename: bhr-investorpresentation033.jpg · Sequence: 39

Binary file (92768 bytes)

Download bhr-investorpresentation033.jpg

GRAPHIC

Filename: bhr-investorpresentation034.jpg · Sequence: 40

Binary file (163078 bytes)

Download bhr-investorpresentation034.jpg

GRAPHIC

Filename: bhr-investorpresentation035.jpg · Sequence: 41

Binary file (175872 bytes)

Download bhr-investorpresentation035.jpg

GRAPHIC

Filename: bhr-investorpresentation036.jpg · Sequence: 42

Binary file (151757 bytes)

Download bhr-investorpresentation036.jpg

GRAPHIC

Filename: bhr-investorpresentation037.jpg · Sequence: 43

Binary file (170246 bytes)

Download bhr-investorpresentation037.jpg

GRAPHIC

Filename: bhr-investorpresentation038.jpg · Sequence: 44

Binary file (135250 bytes)

Download bhr-investorpresentation038.jpg

GRAPHIC

Filename: bhr-investorpresentation039.jpg · Sequence: 45

Binary file (206017 bytes)

Download bhr-investorpresentation039.jpg

GRAPHIC

Filename: bhr-investorpresentation040.jpg · Sequence: 46

Binary file (212520 bytes)

Download bhr-investorpresentation040.jpg

GRAPHIC

Filename: bhr-investorpresentation041.jpg · Sequence: 47

Binary file (214145 bytes)

Download bhr-investorpresentation041.jpg

GRAPHIC

Filename: bhr-investorpresentation042.jpg · Sequence: 48

Binary file (209912 bytes)

Download bhr-investorpresentation042.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 50

v3.26.1

Cover Page Cover Page

May 12, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

May 12, 2026

Entity Registrant Name

BRAEMAR HOTELS & RESORTS INC.

Entity Incorporation, State or Country Code

Entity File Number

001-35972

Entity Tax Identification Number

46-2488594

Entity Address, Address Line One

14185 Dallas Parkway

Entity Address, Address Line Two

Suite 1200

Entity Address, City or Town

Dallas

Entity Address, State or Province

Entity Address, Postal Zip Code

75254

City Area Code

972

Local Phone Number

490-9600

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001574085

Amendment Flag

false

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

BHR

Security Exchange Name

NYSE

Series B Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series B

Trading Symbol

BHR-PB

Security Exchange Name

NYSE

Series D Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series D

Trading Symbol

BHR-PD

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: