# Braemar Hotels & Resorts Inc. (BHR)

> Source: Nexqual · https://nexqual.com/BHR · data as of 2026-10-23 17:23 UTC · cite as "Nexqual, Braemar Hotels & Resorts Inc. (BHR), nexqual.com/BHR" · informational, not investment advice.

**Price:** USD 1.39 (-3.15% today) · US market open, as of October 23, 2026 at 17:23 UTC; quotes may be delayed. Prev close 1.43 · day 1.36–1.42 · 52w 1.18–3.19 · market cap $102M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $689M, net income -$3.1M (-0.5% margin), free cash flow -$17.3M (SEC filings).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (2 analysts), mean target USD 2 (range 2–2).
- Total return with dividends: 1Y -48.9% vs S&P 500 +14.4%; 5Y -65.6% vs S&P 500 +77.0%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate $104M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $428M | $670M | $739M | $728M | $704M | $689M |
| Operating income | $1.4M | $68.4M | $61.7M | $129M | $72.4M | $88.0M |
| Net income | -$26.7M | $17.8M | -$27.0M | -$1.7M | -$22.3M | -$3.1M |
| EPS (diluted) | -$0.76 | -$0.15 | -$1.13 | -$0.77 | -$1.07 | — |
| Free cash flow | $46.3M | -$245M | $84.7M | -$3.8M | -$37.1M | -$17.3M |
| Operating margin | 0.3% | 10.2% | 8.3% | 17.7% | 10.3% | 12.8% |
| Net margin | -6.2% | 2.7% | -3.7% | -0.2% | -3.2% | -0.5% |
| Revenue growth | +88.4% | +56.6% | +10.4% | -1.5% | -3.3% | — |
| Cash + short-term investments | $216M | $262M | $85.6M | $135M | $124M | — |
| Total debt | $1.17B | $1.33B | $1.16B | $1.21B | $1.10B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/EBITDA 4.2x · EV/Sales 1.1x · P/B 0.7x · FCF yield -16.97% · Earnings yield -3.06% · Dividend yield (paid, TTM) 40.83% · Net debt $652M · EV $754M

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 2 analysts; mean target USD 2 (low 2, high 2).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Baird | Target lowered | Neutral | $2.5 → $2 |
| 2026-07-28 | Baird | Target raised | Neutral | $2 → $2.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -48.9% | -65.6% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -49.0% | -19.2% |
| Volatility (annualized) | 50.3% | 54.1% |
| Max drawdown | -61.5% (Feb 2026→Oct 2026) | -76.0% (Apr 2022→Oct 2026) |

## Peers (REIT - Hotel & Motel)
CLDT (Chatham Lodging Trust (REIT)) USD 14.16 -0.63% · INN (Summit Hotel Properties, Inc.) USD 6.95 -1.21% · SVC (Service Properties Trust) USD 6.16 -1.05% · RLJ (RLJ Lodging Trust) USD 12.11 -0.25% · XHR (Xenia Hotels & Resorts, Inc.) USD 19.43 -0.37% · PEB (Pebblebrook Hotel Trust) USD 20.45 -1.06%

## More
Full page: https://nexqual.com/BHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BHR's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1574085/000157408526000038/bhr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Ashford | "We have agreed to indemnify and hold harmless Ashford LLC (including its partners, directors, officers, stockholders, managers, members, agents, employees and each other person or entity, if any, controlling Ashford LLC)…" |
| Partner | Hilton Worldwide Holdings Inc. (HLT) | "exclusively owned and controlled by the applicable manager (or its affiliates) and the management agreement with Marriott (or its affiliates), Hilton (or its affiliates), Four Seasons and Hyatt, grants the applicable man…" |
| Partner | Premier Project Management | "In certain cases of early termination of the master project management agreement with respect to one or more of the hotels, we must pay Premier termination fees, plus any amounts otherwise due to Premier pursuant to the …" |
| Partner | Advisory Agreement | "Pursuant to the Advisory Agreement Limited Waiver, the Company, the Operating Partnership, TRS and the Advisor waive the operation of any provision in our advisory agreement that would otherwise limit the ability of the …" |

Other companies that name BHR in their own reports (relationship from BHR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ASHFORD HOSPITALITY TRUST INC (AHT-PF) | 10-K 2026-03-23 | "In connection with the spin-off of Braemar, which was completed in November 2013, we represented in the Separation and Distribution Agreement with Braemar that we have no knowledge of any fact or circ…" |
| related | Wheeler Real Estate Investment Trust, Inc. (WHLR) | 10-K 2026-03-05 | "Ms. Carter currently serves as the Lead Director, the Chair of the Nominating and Corporate Governance Committee, and as a Member of the Related Party Transactions Committee of Braemar Hotels & Resort…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total hotel revenue | $171.0M | 100.0% | -4.5% |
| — Rooms (part of Total hotel revenue) | $102.2M | 59.7% | -7.0% |
| — Food and beverage (part of Total hotel revenue) | $45.3M | 26.5% | -0.5% |
| — Other (part of Total hotel revenue) | $23.5M | 13.8% | -0.7% |
| Total revenue | $171.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Florida | $36.6M | 21.4% | +14.3% |
| USVI | $25.3M | 14.8% | +44.6% |
| California | $22.7M | 13.3% | -3.8% |
| Puerto Rico | $21.0M | 12.3% | +9.8% |
| Washington, D.C. | $19.2M | 11.2% | +4.2% |
| Arizona | $18.6M | 10.9% | -3.7% |
| Pennsylvania | $12.7M | 7.4% | +15.7% |
| Illinois | $12.3M | 7.2% | +5.8% |
| Sold hotel properties | $2.7M | 1.6% | -89.7% |
| Total revenue | $171.0M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments."
- "(8) The final maturity date assumes all available extension options will be exercised."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | — | — | — | $103.6M | — |
| Next quarter (ends 2026-12-31) | — | — | — | $104.0M | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $587.7M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $403.6M | — |