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Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
Redeemable noncontrolling interests in Braemar OP (in thousands)$18,942 $29,964 
Adjustments to redeemable noncontrolling interests (1) (in thousands)
$2,330 $1,324 
Ownership percentage of operating partnership6.91 %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 September 30,Nine Months Ended September 30,
2025202420252024
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$607 $124 $2,358 $1,747 
Distributions declared to holders of common units, LTIP units and Performance LTIP units$271 $369 886 1,103 
The following table presents the common units redeemed/exchanged for common stock (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Units redeemed/exchanged
— — 1,922 $— 
Fair value of common units redeemed (1)
$— $— $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 nine months ended September 30, 2025 was $9.3 million.
The following table presents the common units redeemed for cash (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Units redeemed
1 — 36 — 
Fair value of common units redeemed
$2 $— $94 $—