Tue, Apr 29, 9:20 PM (23 days ago)
**Braemar Hotels & Resorts Inc. (BHR)** filed an amendment to its annual report, focusing on governance, executive compensation, and related transactions. Key points include: **Financial Performance:** - Revenue: $728.4M (vs. budgeted $636.7M). - Adjusted EBITDA: $157.6M (vs. budgeted $125.3M). - Achieved all six business objectives for 2024. **Executive Compensation:** - Total cash compensation for named executives: $5.4M. - Deferred cash awards granted in March 2025: $4.5M. - Equity awards: 101,054 restricted shares granted. **Board and Governance:** - Board composition and independence reviewed. - Committees: Audit, Compensation, Nominating, and Related Party Transactions. - Director compensation includes cash retainers and equity awards. **Related Transactions:** - Advisory fees paid to Ashford Inc.: $30.5M. - Significant transactions with affiliates, including advisory, management, and construction services. **Risk Factors:** - Dependence on Ashford Inc. for management and services. - Potential conflicts of interest with related parties. **Market Position:** - Strategic focus on hotel acquisitions and renovations. - Continued reliance on deferred cash payments for executive compensation. **Future Outlook:** - Continued strategic alignment with stockholder interests. - Focus on long-term incentive compensation and performance-based awards. **Financial Condition:** - Strong liquidity position: $207.9M (vs. target $50M). - Active cash management strategy with Ashford Inc. **Ticker:** BHR