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Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Schedule of 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:
June 30, 2025December 31, 2024
Redeemable noncontrolling interests in Braemar OP (in thousands)$17,994 $29,964 
Adjustments to redeemable noncontrolling interests (1) (in thousands)
$536 $1,324 
Ownership percentage of operating partnership8.51 %8.05 %
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(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):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$1,489 $1,919 $1,751 $1,623 
Distributions declared to holders of common units, LTIP units and Performance LTIP units$271 $368 615 734 
The following table presents the common units redeemed/exchanged for common stock (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Units redeemed/exchanged
1,465 — 1,922 $— 
Fair value of common units redeemed (1)
$3,516 $— $4,897 — 
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(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units for the three and six months ended June 30, 2025 was $7.0 million and $9.3 million, respectively.
The following table presents the common units redeemed for cash (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Units redeemed
— — 35 — 
Fair value of common units redeemed
$— $— $92 $—