Braemar Hotels & Resorts operates as a real estate investment trust (REIT), primarily dedicating its resources to the acquisition and development of ...
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a self-managed real estate investment trust specializing in luxury hotels and resorts. The company was founded in 2013 as a spin-off from Ashford Hospitality Trust and was originally named Ashford Prime, later rebranded to Braemar Hotels & Resorts in 2018. Headquartered in ...Braemar Hotels & Resorts Inc. (NYSE: BHR) is a self-managed real estate investment trust specializing in luxury hotels and resorts. The company was founded in 2013 as a spin-off from Ashford Hospitality Trust and was originally named Ashford Prime, later rebranded to Braemar Hotels & Resorts in 2018. Headquartered in Dallas, Texas, the company focuses on acquiring full-service, high-end properties with strong brand recognition and high revenue per available room (RevPAR). Their portfolio includes upscale hotels and resorts in prime locations, often operated under prestigious brand names like Ritz-Carlton, Four Seasons, and Marriott. As a REIT, Braemar is required to distribute a majority of its taxable income to shareholders in the form of dividends, and it aims to provide attractive risk-adjusted returns through a combination of property appreciation and income. The company is led by CEO Richard J. Stockton, who has been in the role since 2016, and its day-to-day management is overseen by an external advisor affiliated with Ashford Inc. In recent years, Braemar has undergone a strategic review and announced a plan to become a self-managed REIT while remaining publicly traded, indicating a shift towards internal management. Financially, the company has a market capitalization of around $139 million, with a stock price of $2.03 as of the latest data. They have a debt-to-equity ratio of 1.737, indicating significant leverage, and their trailing twelve-month revenue is approximately $689 million. The company's EBITDA margin is around 25.8%, suggesting healthy operating profitability despite the challenges of the hospitality sector. They pay a dividend yield of 4.9%, with a payout ratio of 23.6%, reflecting a sustainable dividend policy. Braemar's portfolio includes properties such as the Bardessono Hotel and Spa in Napa Valley, the Driskill Hotel in Austin, and the Marriott Seattle Waterfront, among others. With a continued focus on luxury and high-end properties, Braemar aims to benefit from the recovery in travel and tourism, while also pursuing strategic acquisitions and dispositions to optimize its portfolio. The company's employee count is 82, which is relatively small due to its REIT structure, with many property-level staff employed by the hotel operators. Braemar's future strategy involves strengthening its balance sheet, reducing leverage, and exploring opportunities for growth in the luxury segment.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$704.0M
-3.3%
-18.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-22.3M
-1218.3%
-60.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-1.1%
-105.4%
-85.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+6.1%
-65.4%
-59.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-3.2%
-1263.9%
-51.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-37.1M
-155.6%
+53.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-5.3%
-157.5%
+87.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
233.0%
+31.8%
-28.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.18x
+283.5%
+6.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Regina: Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Braemar Hotels & Resorts Inc. fourth quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. To ask a question, press star then the number 1 on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the conference over to Allison Beach, Director of Public Relations. Please go ahead.
Allison Beach: Good morning, and welcome to today's call to review results for Braemar Hotels & Resorts Inc. for the fourth quarter and full year 2025, and to update you on recent developments. On the call today will be Richard Stockton, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Christopher Nixon, Executive Vice President and Head of Asset Management. The results, as well as the notice of accessibility of this conference call on a listen-only basis over the Internet, were distributed yesterday in a press release. At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them. Statements made during this call do not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus, which can be found at www.sec.gov. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, have been filed on Form 8-Ks with the SEC on 02/26/2026, and may also be accessed through the company's website at www.bhrreit.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. Also, unless otherwise stated, all reported results discussed in this call compare the fourth quarter and full year ended 12/31/2025 with the fourth quarter and full year ended 12/31/2024. I will now turn the call over to Richard Stockton. Please go ahead, Richard.
Richard Stockton: Good morning. Welcome to our 2025 fourth quarter and full year earnings conference call. Before I begin, I …
