Braemar Hotels & Resorts Inc. (BHR) Form 10-Q — Aug 6, 2026
Braemar Hotels & Resorts returned to profitability in Q2 2026, posting net income of $6.9 million versus a $6.8 million loss a year earlier, with H1 2026 net income of $25.0 million. Total hotel revenue for the quarter was $171.0 million, down about 4.5% year over year, though Hotel Adjusted EBITDA edged up to $48.0 million. The balance sheet is being shrunk through asset sales. Braemar sold the Park Hyatt Beaver Creek in May, closed the sale of The Ritz-Carlton Sarasota, Bardessono, and Hotel Yountville on July 14, 2026, and used proceeds to pay down $232.8 million of mortgage debt, cutting net indebtedness to $745.9 million from $1.10 billion at year-end 2025.
Key figures
- Eps
- -$0.01 Q2 2026 basic/diluted; $0.06 H1 2026 basic/diluted
- Revenue
- $171.0M total hotel revenue Q2 2026; $380.0M H1 2026
- Net Income
- $6.9M Q2 2026 (vs -$6.8M loss Q2 2025); $25.0M H1 2026 (vs $3.8M H1 2025); attributable to common stockholders: -$0.7M Q2, $4.2M H1
- Total Debt
- $745.9M net indebtedness at June 30, 2026 (vs $1.10B at Dec 31, 2025), plus $205.8M of debt associated with assets held for sale
- Revenue Yoy
- -4.5% Q2 2026 vs Q2 2025; -3.8% H1 2026 vs H1 2025
- Total Assets
- $1.66B at June 30, 2026 (vs $1.86B at Dec 31, 2025)
- Cash Position
- $93.9M cash and equivalents at June 30, 2026 (plus $52.6M restricted cash)
- Shares Outstanding
- 68679318
- Hotel count
- 12 hotels / 2,831 rooms as of June 30, 2026
- Assets held for sale
- $327.9M of assets / $268.2M of liabilities at June 30, 2026
- Hotel adjusted ebitda
- $48.0M Q2 2026 (vs $47.8M Q2 2025); $123.4M H1 2026 (vs $118.5M H1 2025)
- Blackwells loan advanced
- $8.1M advanced to fund purchase of 3.5M BHR shares
- Convertible notes repaid
- $86.25M 4.50% Convertible Senior Notes repaid in full June 1, 2026
- Net proceeds hotel sales
- $169.2M in H1 2026 cash flows
- Gain on hotel disposition
- $17.4M recognized in H1 2026
- Mortgage paydown july 2026
- $232.8M paid down July 14, 2026 in conjunction with sales of Bardessono, Hotel Yountville, and The Ritz-Carlton Sarasota
- Company sale fee to ashford
- $480.0M discounted termination fee (vs $574.8M contractual) upon a sale of the company; $17.0M deposit already paid
- Preferred redemptions payable
- $54.8M ($53.4M Series E / $1.3M Series M investor-initiated requests pending)
- Common dividends declared 2026
- 0
Price after filing
Close on the filing date to close N calendar days later (from $2.09). Historical, not a forecast.
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