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Redeemable Noncontrolling Interests in Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Compensation Expense

The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands):

																		Year Ended December 31,
Type						Line Item																		2024						2023						2022
Performance LTIP units						Advisory services fee																		$	1,842					$	4,445					$	4,301
LTIP units						Advisory services fee																		209						1,039						1,229
LTIP units						Corporate, general and administrative																		3						14						28
LTIP units - independent directors						Corporate, general and administrative																		154						182						252
Total																								$	2,208					$	5,680					$	5,810

Summary of the Activity of Temporary Equity

A summary of the activity of the units in our operating partnership is as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Units outstanding at beginning of year			7,224						8,283						7,158
LTIP units issued			151						44						44
Performance LTIP units issued			—						353						1,194
Units redeemed for shares of common stock			—						(1,456)						—
Performance LTIP units cancelled			(155)						—						(113)
Units outstanding at end of year			7,220						7,224						8,283
Units convertible/redeemable at end of year			6,244						4,292						5,841

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2024						2023						2022
Series B Convertible Preferred Stock															$	4,233					$	4,233					$	4,233

The issuance activity of the Series E Preferred Stock is summarized below (in thousands):

									Year Ended December 31,
															2024						2023						2022
Series E Preferred Stock shares issued (1)															—						3,798						10,914
Net proceeds (1)															$	—					$	85,444					$	245,575

__________________

(1)Exclusive of shares issued under the DRIP.

The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):

			December 31, 2024						December 31, 2023
Series E Preferred Stock			$	352,502					$	377,035
Cumulative adjustments to Series E Preferred Stock (1)			$	22,098					$	13,337

________

(1)    Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2024						2023						2022
Series E Preferred Stock															$	29,328					$	30,883					$	12,694

The issuance activity of Series M Preferred Stock is summarized below (in thousands):

									Year Ended December 31,
															2024						2023						2022
Series M Preferred Stock shares issued (1)															—						531						1,402
Net proceeds (1)															$	—					$	12,869					$	34,009

__________________

(1)Exclusive of shares issued under the DRIP.

The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):

			December 31, 2024						December 31, 2023
Series M Preferred Stock			$	36,916					$	45,623
Cumulative adjustments to Series M Preferred Stock (1)			$	1,794					$	1,597

__________________

(1)    Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

									Year Ended December 31,
															2024						2023						2022
Series M Preferred Stock															$	3,434					$	3,888					$	1,276

Redeemable Noncontrolling Interest

The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:

			December 31, 2024						December 31, 2023
Redeemable noncontrolling interests in Braemar OP (in thousands)			$	29,964					$	32,395
Adjustments to redeemable noncontrolling interests (1) (in thousands)			$	1,324					$	66
Ownership percentage of operating partnership			8.05		%				6.63		%

____________________________________

(1)    Reflects the excess of the redemption value over the accumulated historical cost.

We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands):

									Year Ended December 31,
															2024						2023						2022
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership															$	4,472					$	5,230					$	476
Distributions declared to holders of common units, LTIP units and Performance LTIP units															1,397						1,444						665
Performance LTIP dividend claw back upon cancellation															—						—						(4)

The following table presents the common units redeemed for cash (in thousands):

									Year Ended December 31,
															2024						2023						2022
Units redeemed															—						1,456						—
Cash value of common units redeemed															$	—					$	7,162		(1)			$	—

____________________________________

(1)    Includes Mr. Monty J. Bennett’s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.

X

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Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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No definition available.

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

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