Braemar Hotels & Resorts Inc. (BHR) Balance Sheet
BHR balance sheet, 2025
December 31, 2025 · U.S. dollars$1.86B assets = $1.34B liabilities + $525.1M equity
Both columns are drawn to the same scale: what BHR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BHR financial health
Descriptive bands, not a rating. Fiscal 2025.
BHR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.26B2016 | $1.86B2025 | +4.5%/yr | |
| Total liabilities | $828.1M2016 | $1.34B2025 | +5.5%/yr | |
| Shareholders’ equity | $428.9M2016 | $504.0M2025 | +1.8%/yr | |
| Cash & short-term investments | $126.8M2016 | $124.4M2025 | −0.2%/yr | |
| Total debt | $1.33B2016 | $1.17B2025 | −1.4%/yr | |
| Net cash (debt) | −$1.20B2016 | −$1.05B2025 | +$153.9M | |
| Working capital | $148.4M2016 | $87.7M2025 | −$60.7M | |
| Book value per share | $13.752016 | $7.452025 | −6.6%/yr | |
| Current ratio | 3.542016 | 2.182025 | −1.36 | |
| Debt / equity | 3.102016 | 2.332025 | −0.77 | |
| Shares outstanding | 31.2M2016 | 67.6M2025 | +9.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BHR assets
BHR liabilities and equity
BHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BHR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $124.4M | $135.8M | $88.4M | $261.5M | $216.0M | $78.6M | $72.0M | $182.6M | $137.5M | $126.8M |
| Cash & equivalents | $124.4M | $135.5M | $85.6M | $261.5M | $216.0M | $78.6M | $72.0M | $182.6M | $137.5M | $126.8M |
| Short-term investments | — | — | $2.8M | $2.33B | $139,000 | — | $54,000 | $169,000 | $134,000 | $1.1M |
| Receivables | $32.8M | $31.8M | $56.9M | $79.0M | $52.9M | $13.6M | $36.2M | $17.7M | $36.2M | $37.0M |
| Inventory | $4.7M | $4.7M | $5.0M | $5.2M | $3.1M | $2.6M | $2.8M | $1.9M | $1.4M | $1.5M |
| Other current assets | $0 | $85.9M | $90.8M | $61.2M | $51.7M | $52.2M | $63.4M | $80.3M | $51.5M | $41.5M |
| Total current assets | $161.9M | $258.1M | $241.2M | $407.0M | $323.8M | $146.9M | $174.4M | $282.4M | $226.6M | $206.8M |
| Property, plant & equipment (net) | $30.7M | $1.81B | $78.4M | $79.4M | $80.5M | $1.51B | $82.6M | $1.30B | $1.15B | $1.01B |
| Goodwill & intangible assets | $2.7M | $3.1M | $3.5M | $3.9M | $4.3M | $4.6M | $5.0M | $27.7M | $22.5M | $22.8M |
| Long-term investments | $89,000 | $41.7M | $1.7M | $1.7M | $1.7M | $1.7M | $2.5M | $2.5M | $18.7M | $9.6M |
| Other non-current assets | $1.67B | $19.6M | $1.90B | $1.91B | $1.47B | $14.9M | $1.49B | $23.9M | $10.1M | $3.3M |
| Total assets | $1.86B | $2.14B | $2.23B | $2.40B | $1.88B | $1.67B | $1.76B | $1.64B | $1.42B | $1.26B |
| Liabilities | ||||||||||
| Accounts payable | $142.1M | $84.9M | $100.5M | $134.0M | $96.3M | $61.6M | $94.9M | $64.1M | $56.8M | $44.8M |
| Short-term debt | $74.3M | $294.4M | $3.4M | $60.7M | $546.0M | $42.5M | $502.5M | $366.6M | $200.1M | $566.1M |
| Deferred revenue | — | — | −$350.8M | — | −$546.0M | — | — | −$366.6M | −$200.1M | −$566.1M |
| Total current liabilities | $74.3M | $454.0M | $166.1M | $154.3M | $100.6M | $68.7M | $110.1M | $78.5M | $68.4M | $58.4M |
| Long-term debt | $1.13B | $1.21B | $1.16B | $1.33B | $1.17B | $1.13B | $1.06B | $985.9M | $821.0M | $764.6M |
| Lease obligations | $20.1M | $20.0M | $60.4M | $60.7M | $60.9M | $60.9M | $61.1M | — | — | — |
| Other long-term liabilities | $128.0M | $0 | $79.7M | $475.0M | $81.0M | $79.0M | $78.6M | $29.0M | $5.2M | $5.1M |
| Total liabilities | $1.34B | $1.41B | $1.41B | $1.96B | $1.36B | $1.28B | $1.25B | $1.09B | $894.5M | $828.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $682,000 | $665,000 | $666,000 | $699,000 | $653,000 | $382,000 | $329,000 | $325,000 | $470.1M | $402.1M |
| Retained earnings (deficit) | −$568.5M | −$477.8M | −$412.2M | −$324.7M | −$309.2M | −$266.0M | −$150.6M | −$115.4M | −$88.8M | −$93.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | −$683,999 | −$666,000 | $826.0M | $523.9M | $395.8M | $0 | $0 | $0 | $0 |
| Minority interest | $21.1M | $26.6M | $23.5M | −$16.3M | −$16.5M | −$15.1M | −$6.0M | −$5.4M | −$4.8M | −$5.4M |
| Total shareholders' equity | $504.0M | $695.6M | $795.1M | $410.1M | $523.9M | $383.2M | $511.7M | $543.1M | $529.3M | $428.9M |
| Key figures | ||||||||||
| Total debt | $1.17B | $1.23B | $1.22B | $1.39B | $1.72B | $1.19B | $1.56B | $1.35B | $1.02B | $1.33B |
| Net cash (debt) | −$1.05B | −$1.09B | −$1.13B | −$1.13B | −$1.50B | −$1.11B | −$1.49B | −$1.17B | −$883.5M | −$1.20B |
| Working capital | $87.7M | −$195.9M | $75.1M | $252.7M | $223.2M | $78.3M | $64.3M | $203.9M | $158.3M | $148.4M |
| Tangible book value | $501.3M | $692.4M | $791.6M | $406.2M | $519.6M | $378.6M | $506.7M | $515.4M | $506.8M | $406.1M |
| Book value per share | $7.45 | $10.46 | $12.05 | $5.89 | $9.94 | $11.27 | $15.85 | $17.00 | $15.25 | $13.75 |
| Shares outstanding | 67.6M | 66.5M | 66.0M | 69.7M | 52.7M | 34.0M | 32.3M | 31.9M | 34.7M | 31.2M |
| Current ratio | 2.18 | 0.57 | 1.45 | 2.64 | 3.22 | 2.14 | 1.58 | 3.60 | 3.32 | 3.54 |
| Quick ratio | 2.12 | 0.37 | 0.88 | 2.21 | 2.67 | 1.34 | 0.98 | 2.55 | 2.54 | 2.81 |
| Debt / equity | 2.33 | 1.77 | 1.54 | 3.40 | 3.28 | 3.11 | 3.05 | 2.49 | 1.93 | 3.10 |
| Equity / assets | 27.1% | 32.6% | 35.7% | 17.1% | 27.9% | 22.9% | 29.1% | 33.2% | 37.2% | 34.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $97.7M | $92.7M | $124.4M | $116.3M | $80.5M | $81.7M | $135.8M | $168.7M | $114.6M | $137.1M | $166.5M | $149.5M |
| Cash & equivalents | $97.7M | $92.7M | $124.4M | $116.3M | $80.2M | $81.7M | $135.5M | $168.7M | $114.6M | $137.1M | $166.5M | $149.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $2.2M | $3.1M | $2.8M | $4.9M |
| Receivables | $27.7M | $37.0M | $32.8M | $64.7M | $32.7M | $73.8M | $31.8M | $58.2M | $49.9M | $64.8M | $56.9M | $52.2M |
| Inventory | $4.4M | $4.9M | $4.7M | $4.6M | $4.7M | $4.7M | $4.7M | $4.6M | $4.6M | $4.7M | $5.0M | $4.9M |
| Other current assets | $84.5M | $105.6M | $0 | $70.1M | $93.8M | $64.6M | $85.9M | $54.3M | $182.2M | $93.6M | $9.9M | $71.3M |
| Total current assets | $214.2M | $240.3M | $161.9M | $255.7M | $211.7M | $224.7M | $258.1M | $285.7M | $351.3M | $300.1M | $238.4M | $278.0M |
| Property, plant & equipment (net) | $330,000 | $30.6M | $30.7M | $34.4M | $1.81B | $34.7M | $1.81B | $34.2M | $34.3M | $78.1M | $78.4M | $78.7M |
| Goodwill & intangible assets | $0 | $2.7M | $2.7M | $2.8M | $2.9M | $3.0M | $3.1M | $3.2M | $3.3M | $3.4M | $3.5M | $3.6M |
| Long-term investments | $0 | $0 | $89,000 | $17.4M | $17.3M | $42.5M | $41.7M | $43.0M | $1.5M | $1.6M | $1.7M | $1.7M |
| Other non-current assets | $1.44B | $1.58B | $1.67B | $1.70B | $20.4M | $1.79B | $19.6M | $1.81B | $1.82B | $1.90B | $1.90B | $1.91B |
| Total assets | $1.66B | $1.85B | $1.86B | $2.01B | $2.06B | $2.10B | $2.14B | $2.18B | $2.21B | $2.28B | $2.23B | $2.27B |
| Liabilities | ||||||||||||
| Accounts payable | $98.2M | $135.2M | $142.1M | $150.1M | $131.1M | $136.1M | $84.9M | $144.9M | $129.7M | $144.2M | $149.9M | $144.1M |
| Short-term debt | $98.2M | $117.2M | $74.3M | $5.4M | $135.0M | $43.4M | $294.4M | $0 | $120.0M | $96.6M | $582.8M | $401.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$66.6M | $293.2M | −$350.8M | −$401.5M |
| Total current liabilities | $98.2M | $117.2M | $74.3M | $168.8M | $280.1M | $195.8M | $454.0M | $161.2M | $255.7M | $160.0M | $162.7M | $154.6M |
| Long-term debt | $745.9M | $1.11B | $1.13B | $1.16B | $1.21B | $1.20B | $1.21B | $1.21B | $1.13B | $1.22B | $1.16B | $1.18B |
| Lease obligations | $383,000 | $20.1M | $20.1M | $20.0M | $20.0M | $20.0M | $20.0M | $19.1M | $19.1M | $60.3M | $60.4M | $60.5M |
| Other long-term liabilities | $336.2M | $123.3M | $128.0M | $448.9M | $0 | $3.9M | $0 | $503.2M | $523.7M | $567.6M | $83.1M | $83.1M |
| Total liabilities | $1.18B | $1.35B | $1.34B | $1.78B | $1.40B | $1.40B | $1.41B | $1.87B | $1.91B | $1.95B | $1.41B | $1.42B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $687,000 | $687,000 | $682,000 | $682,000 | $682,000 | $669,000 | $665,000 | $665,000 | $665,000 | $664,000 | $666,000 | $659,000 |
| Retained earnings (deficit) | −$561.6M | −$561.6M | −$568.5M | −$515.8M | −$502.4M | −$482.6M | −$477.8M | −$442.2M | −$437.3M | −$412.0M | −$412.2M | −$377.7M |
| Accumulated other comprehensive income | — | — | — | −$2,000 | −$134,999 | $95,000 | −$683,999 | −$723,000 | $0 | −$65.4M | −$666,000 | −$65.4M |
| Minority interest | $17.2M | $18.0M | $21.1M | $15.0M | $14.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $461.2M | $484.9M | $504.0M | $211.9M | $646.7M | $672.7M | $695.6M | $276.9M | $282.3M | $307.3M | $795.1M | $831.3M |
| Key figures | ||||||||||||
| Total debt | $801.1M | $1.17B | $1.17B | $1.18B | $1.23B | $1.22B | $1.23B | $1.23B | $1.15B | $1.28B | $1.22B | $1.58B |
| Net cash (debt) | −$703.4M | −$1.08B | −$1.05B | −$1.07B | −$1.15B | −$1.14B | −$1.09B | −$1.06B | −$1.03B | −$1.15B | −$1.06B | −$1.43B |
| Working capital | $116.0M | $123.0M | $87.7M | $86.9M | −$68.4M | $28.9M | −$195.9M | $124.6M | $95.6M | $140.2M | $75.7M | $123.3M |
| Tangible book value | $461.2M | $482.3M | $501.3M | $209.0M | $643.7M | $669.7M | $692.4M | $273.7M | $279.0M | $303.9M | $791.6M | $827.7M |
| Book value per share | $6.72 | $7.17 | $6.88 | $3.11 | $9.65 | $10.08 | $10.46 | $4.16 | $4.24 | $4.62 | $12.08 | $12.63 |
| Shares outstanding | 68.7M | 67.6M | 73.3M | 68.2M | 67.0M | 66.7M | 66.5M | 66.5M | 66.5M | 66.5M | 65.8M | 65.8M |
| Current ratio | 2.18 | 2.05 | 2.18 | 1.52 | 0.76 | 1.15 | 0.57 | 1.77 | 1.37 | 1.88 | 1.47 | 1.80 |
| Quick ratio | 1.28 | 1.11 | 2.12 | 1.07 | 0.40 | 0.79 | 0.37 | 1.41 | 0.64 | 1.26 | 1.37 | 1.30 |
| Debt / equity | 1.74 | 2.42 | 2.33 | 5.59 | 1.90 | 1.82 | 1.77 | 4.43 | 4.07 | 4.18 | 1.54 | 1.90 |
| Equity / assets | 27.8% | 26.2% | 27.1% | 10.5% | 31.3% | 32.1% | 32.6% | 12.7% | 12.8% | 13.5% | 35.7% | 36.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
BHR financial position
At the end of fiscal 2025 (December 31, 2025), Braemar Hotels & Resorts had total assets of $1.9 billion (down 12.8% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $504.0 million. It held $124.4 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.1 billion. Its current ratio was 2.18. In the latest quarter (ended June 30, 2026) total assets were $1.7 billion and equity $461.2 million.
Related: BHR income statement, BHR cash flow statement, BHR key metrics. See the BHR stock overview for the latest quote and news.
BHR balance sheet FAQ
What are Braemar Hotels & Resorts's total assets?
Braemar Hotels & Resorts reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Braemar Hotels & Resorts have?
Braemar Hotels & Resorts had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.33.
How much cash does Braemar Hotels & Resorts have?
Braemar Hotels & Resorts held $124.4 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.1 billion.
What is Braemar Hotels & Resorts's book value?
Braemar Hotels & Resorts's shareholders' equity (book value) was $504.0 million at the end of fiscal 2025, or $7.45 per share.
What is Braemar Hotels & Resorts's current ratio?
Braemar Hotels & Resorts had current assets of $161.9 million and current liabilities of $74.3 million, a current ratio of 2.18 (it can cover its short-term obligations).
How much goodwill does Braemar Hotels & Resorts have?
Braemar Hotels & Resorts carried $2.7 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.