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Indebtedness, net (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Indebtedness, Net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (11) |  | Interest Rate |  | September 30, 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) |  | 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 |  |  |
Term Loan (5) |  | Land |  | March 2026 |  | March 2026 |  | WSJ Prime Rate |  | 5,360 |  |  |  |  | — |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
Mortgage loan (6) |  | The Ritz-Carlton Lake Tahoe |  | July 2026 |  | July 2026 |  | SOFR (1) + 3.25% |  | 43,413 |  |  |  |  | 53,413 |  |  |
Mortgage loan (7) |  | 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 (8) |  | Capital Hilton |  | December 2026 |  | December 2028 |  | SOFR (1) + 3.75% |  | 110,600 |  |  |  |  | 110,600 |  |  |
Mortgage loan (3) (9) |  | The Notary Hotel |  | March 2027 |  | March 2030 |  | SOFR (1) + 2.57% |  | 274,630 |  |  |  |  | — |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton Reserve Dorado Beach |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (10) |  | Four Seasons Resort Scottsdale |  | August 2028 |  | August 2030 |  | SOFR (1) + 3.00% |  | 180,000 |  |  |  |  | 140,000 |  |  |
|  |  |  |  |  |  |  |  |  | 1,177,753 |  |  |  |  | 1,222,943 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (12,631) |  |  |  |  | (11,985) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | (451) |  |  |  |  | (940) |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,164,671 |  |  |  |  | $ | 1,210,018 |  |  |
__________________ (1)SOFR rates were 4.13% and 4.33% at September 30, 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 + 2.57%, has a two-year initial term, and has three one-year extension options, subject to the satisfaction of certain conditions. (4)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in February 2025. (5)On April 4, 2025, we assumed a $5.4 million term loan secured by an eight acre parcel of land. The assumed term loan is interest only, bears interest at WSJ Prime Rate, and matures in March 2026. This term loan has a floor of 4.99%. See note 4. (6)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. On July 25, 2025, we amended this mortgage loan. Terms of the amendment extended the maturity date to July 2026. (7)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 $17.2 million and $42.2 million at September 30, 2025, and December 31, 2024, respectively, and a rate of SOFR + 5.20%. The CMBS is reported as “investment in securities” on the condensed consolidated balance sheet. (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)On August 7, 2025, this mortgage loan was paid down $88.4 million in conjunction with the sale of the Marriott Seattle Waterfront. See note 5. (10)On August 15, 2025, we amended this mortgage loan. Terms of the amendment included increasing the principal balance to $180.0 million, reducing the interest rate to SOFR +3.00%, extending the maturity to August 2028, and adding two, one-year extension options, subject to the satisfaction of certain conditions. (11)The final maturity date assumes all available extension options will be exercised.

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