v3.25.1
Redeemable Noncontrolling Interests in Operating Partnership (Tables)
3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
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:
March 31, 2025December 31, 2024
Redeemable noncontrolling interests in Braemar OP (in thousands)$26,430 $29,964 
Adjustments to redeemable noncontrolling interests (1) (in thousands)
$165 $1,324 
Ownership percentage of operating partnership9.33 %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 March 31,
20252024
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$262 $(296)
Distributions declared to holders of common units, LTIP units and Performance LTIP units344 366 
The following table presents the common units redeemed for common stock (in thousands):
Three Months Ended March 31,
20252024
Units redeemed
457 $— 
Fair value of common units redeemed (1)
$1,381 — 
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(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $2.3 million.
The following table presents the common units redeemed for cash (in thousands):
Three Months Ended March 31,
20252024
Units redeemed
35 — 
Fair value of common units redeemed
$92 $—