Braemar Hotels & Resorts Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-7.38	-1.69	-27.02	17.76	-26.66	-105.26
Depreciation & Amortization	93.89	99.19	93.75	78.6	74.27	74.21
Other Amortization	11.89	13	5.68	-0.67	1.76	3.92
Gain (Loss) on Sale of Assets	-40.93	-88.17	-	-	-	-
Gain (Loss) on Sale of Investments	1.25	-	-	-	-	-
Stock-Based Compensation	-0.1	2.61	9.24	11.29	10.18	7.89
Income (Loss) on Equity Investments	1.39	1.61	0.25	0.33	0.25	0.22
Change in Accounts Receivable	-6.36	6.26	11.26	-9.09	-11.04	4.06
Change in Accounts Payable	7.79	8.45	0.05	1.65	35.98	-10.5
Change in Other Net Operating Assets	-15.37	6.23	-4.38	12.85	-13.82	3.07
Other Operating Activities	-6.6	19.01	-5.04	-4.07	-7.41	-28.61
Operating Cash Flow	39.09	66.82	84.71	109.48	63.95	-50.29
Operating Cash Flow Growth	-45.62%	-21.12%	-22.63%	71.20%	-	-
Acquisition of Real Estate Assets	-75.83	-70.6	-77.11	-403.59	-43.26	-25.55
Sale of Real Estate Assets	139.28	155.58	-	-	1.82	-
Net Sale / Acq. of Real Estate Assets	63.45	84.99	-77.11	-403.59	-41.44	-25.55
Investment in Marketable & Equity Securities	23.75	-42.36	-0.24	-0.33	-0.23	-0.03
Other Investing Activities	2.14	-7.12	0.36	1.7	-	9.04
Investing Cash Flow	89.34	35.51	-77.07	-402.22	-41.68	-16.54
Long-Term Debt Issued	-	234	370.6	170.5	83.23	109.32
Long-Term Debt Repaid	-	-184.1	-534.31	-68.5	-84.22	-47.82
Net Debt Issued (Repaid)	-50.55	49.9	-163.71	102	-0.99	61.5
Issuance of Common Stock	-	-	-	-	102.46	13.26
Repurchase of Common Stock	-0.78	-0.37	-19.31	-7.41	-0.38	-0.26
Preferred Stock Issued	-	-	97.86	278.62	36.86	0.47
Preferred Share Repurchases	-68.46	-45.6	-9.82	-0.5	-	-
Common & Preferred Dividends Paid	-48.44	-51.56	-52.56	-20.76	-9.09	-16.15
Total Dividends Paid	-48.44	-51.56	-52.56	-20.76	-9.09	-16.15
Other Financing Activities	-13.38	-36.14	-9.31	-6.89	-0.91	-9.22
Net Cash Flow	-53.18	18.55	-149.19	52.32	150.22	-17.23
Cash Interest Paid	92.16	102.54	91.58	48.9	31.64	27.9
Cash Income Tax Paid	-	-0.73	3.42	1.24	-0.01	0.14
Levered Free Cash Flow	46.83	95.16	86.76	113.86	59.67	-10.32
Unlevered Free Cash Flow	102.39	153.56	142.14	147.23	78.45	16.4
Change in Working Capital	-14.45	20.95	6.93	5.42	11.12	-3.37

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.