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Braemar Hotels & Resorts (BHR)
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Braemar Hotels & Resorts Balance Sheet 2025-2011 | BHR
Brief balance sheet overview of Braemar Hotels & Resorts
This overview follows the five latest available annual observations between 2021 and 2025.
Assets ended near their starting level at $1.9 billion versus $1.9 billion. This was preservation of scale rather than expansion.
Liabilities followed the scale of the balance sheet: -1.4% versus -0.9% for assets. Leverage did not change materially.
Equity covers only 7.4% of assets versus 20.3% initially. The loss-absorbing cushion is limited.
Net debt exceeds equity by 7.06x. The burden makes the balance sheet sensitive to earnings, rates and cash flow.
The cash share moved from 11.5% to 6.7%. A higher figure generally provides more room in an adverse scenario.
Retained earnings are negative at -$568.5 million. This reduces the formal capital cushion, although large shareholder returns may have contributed.
Overall assessment
Braemar Hotels & Resorts has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet Braemar Hotels & Resorts
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
979 M | 1.07 B | 1.08 B | 1.07 B | 957 M | 1.01 B | 986 M | 803 M | 683 M | 638 M | 731 M | 594 M | 478 M | 550 M | - |
Long Term Debt |
1.1 B | 1.21 B | 1.16 B | 1.33 B | 1.17 B | 1.09 B | 556 M | 986 M | 621 M | 199 M | 756 M | 765 M | 622 M | 571 M | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 783 M | 1.17 B | 779 M | 329 M | 885 M | 920 M | 787 M | 576 M | - |
Total Liabilities |
1.34 B | 1.41 B | 1.41 B | 1.57 B | 1.36 B | 1.41 B | 1.4 B | 1.24 B | 1.05 B | 954 M | 1.02 B | 955 M | 819 M | 595 M | - |
Deferred Revenue |
59.4 M | 58.7 M | 49.4 M | 46 M | 31.8 M | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-569 M | -478 M | -412 M | -325 M | -309 M | -266 M | -151 M | -115 M | -88.8 M | -93.3 M | -99.8 M | -96.4 M | -101 M | -32.5 M | - |
Total Assets |
1.86 B | 2.14 B | 2.23 B | 2.4 B | 1.88 B | 1.67 B | 1.76 B | 1.64 B | 1.42 B | 1.26 B | 1.35 B | 1.23 B | 962 M | 847 M | - |
Cash and Cash Equivalents |
124 M | 135 M | 85.6 M | 262 M | 216 M | 78.6 M | 72 M | 183 M | 138 M | 127 M | 105 M | 171 M | 144 M | 20.3 M | - |
Book Value |
525 M | 722 M | 819 M | 826 M | 524 M | 261 M | 363 M | 392 M | 377 M | 303 M | 333 M | 274 M | 143 M | 252 M | - |
Total Shareholders Equity |
139 M | 241 M | 307 M | 410 M | 382 M | 261 M | 369 M | 397 M | 381 M | 309 M | 339 M | 279 M | 143 M | 252 M | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Braemar Hotels & Resorts
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
746 M | 1.11 B | 1.16 B | 1.21 B | 1.2 B | 1.21 B | - | 1.13 B | 1.22 B | 1.16 B | 1.18 B | 1.14 B | 1.28 B | 1.33 B | 1.24 B | - | 1.24 B | 1.17 B | 1.17 B | 1.14 B | 1.12 B | 1.13 B | 1.13 B | 1.13 B | 1.13 B | 1.06 B | 1.06 B | 1.06 B | 1.06 B | 986 M | 986 M | 986 M | 986 M | 821 M | 821 M | 821 M | 821 M | 765 M | 765 M | 765 M | 765 M | 836 M | 836 M | 836 M | 836 M | 762 M | 765 M | 765 M | 765 M | 622 M | 622 M | 622 M | 622 M | - | - | - | - | - | - | - | - |
Total Liabilities |
1.18 B | 1.35 B | 1.37 B | 1.4 B | 1.4 B | 1.41 B | - | 1.43 B | 1.47 B | 1.41 B | 1.42 B | 1.37 B | 1.5 B | 1.57 B | 1.46 B | - | 1.45 B | 1.36 B | 1.35 B | 1.31 B | 1.28 B | 1.28 B | 1.28 B | 1.28 B | 1.28 B | 1.25 B | 1.25 B | 1.25 B | 1.25 B | 1.09 B | 1.09 B | 1.09 B | 1.09 B | 895 M | 895 M | 895 M | 895 M | 828 M | 828 M | 828 M | 828 M | 896 M | 896 M | 896 M | 896 M | 802 M | 806 M | 806 M | 806 M | 659 M | 659 M | 659 M | 659 M | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 31.8 M | - | - | - | 16.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-562 M | -562 M | -516 M | -502 M | -483 M | -478 M | - | -437 M | -412 M | -412 M | -378 M | -341 M | -325 M | -325 M | -308 M | - | -303 M | -309 M | -304 M | -296 M | -278 M | -266 M | -266 M | -266 M | -266 M | -151 M | -151 M | -151 M | -151 M | -115 M | -115 M | -115 M | -115 M | -88.8 M | -88.8 M | -88.8 M | -88.8 M | -93.3 M | -93.3 M | -93.3 M | -93.3 M | -99.8 M | -99.8 M | -99.8 M | -99.8 M | -98.2 M | -96.4 M | -96.4 M | -96.4 M | -101 M | -101 M | -101 M | -101 M | - | - | - | - | - | - | - | - |
Total Assets |
1.66 B | 1.85 B | 2.01 B | 2.06 B | 2.1 B | 2.14 B | - | 2.21 B | 2.28 B | 2.23 B | 2.27 B | 2.26 B | 2.41 B | 2.4 B | 2.21 B | - | 2.05 B | 1.88 B | 1.84 B | 1.76 B | 1.68 B | 1.67 B | 1.67 B | 1.67 B | 1.67 B | 1.76 B | 1.76 B | 1.76 B | 1.76 B | 1.64 B | 1.64 B | 1.64 B | 1.64 B | 1.42 B | 1.42 B | 1.42 B | 1.42 B | 1.26 B | 1.26 B | 1.26 B | 1.26 B | 1.35 B | 1.35 B | 1.35 B | 1.35 B | 1.23 B | 1.23 B | 1.23 B | 1.23 B | 962 M | 962 M | 962 M | 962 M | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
93.9 M | 93.4 M | 116 M | 80.2 M | 81.7 M | 135 M | 169 M | 115 M | 137 M | 85.6 M | 149 M | 128 M | 281 M | 262 M | 359 M | 251 M | 185 M | 216 M | 196 M | 158 M | 85.7 M | 78.6 M | 78.6 M | 78.6 M | 78.6 M | 72 M | 72 M | 72 M | 72 M | 183 M | 183 M | 183 M | 183 M | 138 M | 138 M | 138 M | 138 M | 127 M | 127 M | 127 M | 127 M | 105 M | 105 M | 105 M | 105 M | 171 M | 171 M | 171 M | 171 M | 144 M | 144 M | 144 M | 144 M | 20.3 M | - | - | - | 16.5 M | - | - | - |
Book Value |
478 M | 503 M | 636 M | 661 M | 696 M | 722 M | - | 785 M | 815 M | 819 M | 851 M | 892 M | 905 M | 826 M | 755 M | - | 601 M | 524 M | 490 M | 446 M | 402 M | 396 M | 396 M | 396 M | 396 M | 512 M | 512 M | 512 M | 512 M | 543 M | 543 M | 543 M | 543 M | 529 M | 529 M | 529 M | 529 M | 429 M | 429 M | 429 M | 429 M | 457 M | 457 M | 457 M | 457 M | 424 M | 424 M | 424 M | 424 M | 303 M | 303 M | 303 M | 303 M | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
147 M | 147 M | 212 M | 225 M | 239 M | 241 M | 274 M | 282 M | 298 M | 307 M | 341 M | 364 M | 378 M | 410 M | 418 M | 434 M | 418 M | 399 M | 379 M | 367 M | 293 M | 276 M | 276 M | 276 M | 276 M | 369 M | 369 M | 369 M | 369 M | 397 M | 397 M | 397 M | 397 M | 381 M | 381 M | 381 M | 381 M | 309 M | 309 M | 309 M | 309 M | 339 M | 339 M | 339 M | 339 M | 279 M | 279 M | 279 M | 279 M | 146 M | 146 M | 146 M | 146 M | 252 M | - | - | - | 263 M | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Braemar Hotels & Resorts, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Reit hotels
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