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v3.25.1

Indebtedness, net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (9) |  | Interest Rate |  | March 31, 2025 |  | December 31, 2024
Mortgage loan (2) (3) |  | The Notary Hotel |  | June 2025 |  | June 2025 |  | SOFR (1) + 2.66% |  | $ | — |  |  |  |  | $ | 293,180 |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (4) |  | The Ritz-Carlton Lake Tahoe |  | July 2025 |  | January 2026 |  | SOFR (1) + 3.25% |  | 43,413 |  |  |  |  | 53,413 |  |  |
Mortgage loan (5) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2026 |  | February 2027 |  | SOFR (1) + 2.86% |  | 70,500 |  |  |  |  | 70,500 |  |  |
Mortgage loan (3) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2026 |  | March 2026 |  | SOFR (1) + 4.75% |  | — |  |  |  |  | 62,000 |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
Mortgage loan (6) |  | Bardessono Hotel & Spa |  | August 2026 |  | August 2029 |  | SOFR (1) + 3.24% |  | 407,000 |  |  |  |  | 407,000 |  |  |
|  | Hotel Yountville |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton Sarasota |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pier House Resort & Spa |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton St. Thomas |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (7) |  | Four Seasons Resort Scottsdale |  | December 2026 |  | December 2028 |  | SOFR (1) + 3.75% |  | 140,000 |  |  |  |  | 140,000 |  |  |
Mortgage loan (8) |  | Capital Hilton |  | December 2026 |  | December 2028 |  | SOFR (1) + 3.75% |  | 110,600 |  |  |  |  | 110,600 |  |  |
Mortgage loan (3) |  | The Notary Hotel |  | March 2027 |  | March 2030 |  | SOFR (1) + 2.52% |  | 363,000 |  |  |  |  | — |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton Reserve Dorado Beach |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 1,220,763 |  |  |  |  | 1,222,943 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (17,316) |  |  |  |  | (11,985) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | (779) |  |  |  |  | (940) |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,202,668 |  |  |  |  | $ | 1,210,018 |  |  |
__________________ (1)SOFR rates were 4.32% and 4.33% at March 31, 2025 and December 31, 2024, respectively. (2)This mortgage loan had five one-year extension options, subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. (3)On March 7, 2025, we refinanced two mortgage loans into a new $363.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.52%, has a two-year initial term, and has three one-year extension options, subject to the satisfaction of certain conditions. (4)On January 14, 2025, we amended this mortgage loan. Terms of the amendment included a $10.0 million principal pay-down, current maturity date extension to July 2025, interest rate reduction to SOFR + 3.25%, and one six-month extension option subject to satisfaction of certain conditions. (5)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in February 2025. (6)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. Braemar holds a tranche of Commercial Mortgage-Backed Securities (“CMBS”), which is secured by the five hotel properties that serve as collateral for the new mortgage loan and has a par value of $42.2 million and a rate of SOFR + 5.20%. The CMBS is reported as “investment in securities” on the condensed consolidated balance sheet. (7)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. (8)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%. (9)The final maturity date assumes all available extension options will be exercised.

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