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Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
Redeemable noncontrolling interests in Braemar OP (in thousands)$15,925 $19,005 
Adjustments to redeemable noncontrolling interests (1) (in thousands)
$3,125 $5,830 
Ownership percentage of operating partnership6.61 %6.91 %
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(1)    Reflects the excess of the redemption value over the accumulated historical cost.
We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands):
Three Months Ended March 31,
20262025
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$(347)$262 
Distributions declared to holders of common units, LTIP units and Performance LTIP units— 344 
The following table presents the common units redeemed/exchanged for common stock (in thousands):
Three Months Ended March 31,
20262025
Units redeemed/exchanged
460 457 
Fair value of common units redeemed (1)
$1,391 $1,381 
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(1)    The redemption value is the greater of accumulated historical cost or fair value. The accumulated historical cost of the converted units for the three months ended March 31, 2026 and 2025 was $722,000 and $2.3 million, respectively.
The following table presents the common units redeemed for cash (in thousands):
Three Months Ended March 31,
20262025
Units redeemed
— 35 
Fair value of common units redeemed
$— $92 
Schedule of Dividends Declared and Redemption Value Adjustment of Preferred Stock
The following table summarizes dividends declared (in thousands):
Three Months Ended March 31,
20262025
Series B Convertible Preferred Stock$1,058 $1,058 
The redemption value adjustment of Series E Preferred Stock classified as mezzanine equity is summarized below (in thousands):
March 31, 2026December 31, 2025
Series E Preferred Stock$239,042 $265,695 
Cumulative adjustments to Series E Preferred Stock (1)
$41,973 $37,210 
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(1)    Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Three Months Ended March 31,
20262025
Series E Preferred Stock$5,422 $6,616 
The redemption value adjustment of Series M Preferred Stock classified as mezzanine equity is summarized below (in thousands):
March 31, 2026December 31, 2025
Series M Preferred Stock$33,450 $34,217 
Cumulative adjustments to Series M Preferred Stock (1)
$1,794 $1,794 
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(1)    Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Three Months Ended March 31,
20262025
Series M Preferred Stock$735 $770