Deric Eubanks
About Deric Eubanks
Deric S. Eubanks is Chief Financial Officer and Treasurer of Braemar Hotels & Resorts (BHR), serving since June 2014. He is 50, holds a BBA from SMU’s Cox School of Business, and is a CFA charterholder (member of CFA Institute/CFA Society DFW) . In 2024, BHR exceeded budget on revenue ($728.4M vs $636.7M) and Adjusted EBITDAre ($157.6M vs $125.3M), completed planned asset sales/renovations, and maintained liquidity of $207.9M; however, pay-versus-performance shows a FY2024 $100 TSR value of $39.32 and a net loss of $50.9M alongside Adjusted EBITDAre of $157.6M .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Braemar Hotels & Resorts | CFO & Treasurer | Jun 2014–present | Senior finance leadership for externally advised REIT structure . |
| Ashford Inc. (advisor) | CFO | Jun 2014–present | CFO of advisor supporting Braemar and affiliates . |
| Ashford Hospitality Trust | CFO | Jun 2014–present | CFO across Ashford platform companies . |
| Braemar Hotels & Resorts | SVP, Finance | Nov 2013–Jun 2014 | Transition leadership before CFO appointment . |
| Ashford Hospitality Trust | SVP, Finance | Sep 2011–Nov 2013 | Senior finance leadership pre-Braemar spin arrangements . |
| Ashford Hospitality Trust | VP, Investments | Not disclosed | Sourced/underwrote hotel investments (equity, JV, preferred, mezzanine, mortgages, construction loans, B-notes) . |
| ClubCorp | Manager, Financial Analysis | Not disclosed | Underwriting/analysis for golf/resort investments . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Ashford Inc. | Chief Financial Officer | Jun 2014–present | Parallel CFO role at advisor to BHR . |
| Ashford Hospitality Trust | Chief Financial Officer | Jun 2014–present | Parallel CFO role at affiliate REIT . |
| CFA Institute / CFA Society DFW | Member | Not disclosed | CFA charterholder . |
Fixed Compensation
Braemar is externally advised and does not pay base salary or cash bonus to executive officers; compensation is paid by Ashford Inc., while BHR grants equity/deferred cash at its discretion .
Multi-year BHR-reported compensation (NEO SCT amounts):
| Year | Salary (Company) | Stock Awards/LTIPs | All Other Compensation (Deferred cash paid) | Total |
|---|---|---|---|---|
| 2024 | $0 | $0 | $971,325 | $971,325 |
| 2023 | $0 | $419,773 | $588,753 | $1,008,526 |
| 2022 | $0 | $594,684 | $203,949 | $798,633 |
Context on advisor-paid compensation (not allocated per individual): In 2024, Ashford Inc. paid BHR NEOs an aggregate ~$5.4M (salaries ~$2.2M; cash bonuses ~$3.2M); the Company estimates ~30% attributable to BHR services .
Performance Compensation
2024 performance framework and outcomes (used to inform 2025 awards):
| Metric | Target | Actual | Result | Notes |
|---|---|---|---|---|
| Revenue | $636.7M | $728.4M | Achieved | As of 12/31/2024 . |
| Adjusted EBITDAre | $125.3M | $157.6M | Achieved | As of 12/31/2024 . |
| Asset sale (Hilton Torrey Pines and/or Ritz-Carlton Sarasota) | Sale | Hilton Torrey Pines sold (Jul 2024) | Achieved | Closed in July 2024 . |
| Renovations (Capital Hilton, Bardessono, Ritz-Carlton Lake Tahoe) | Complete as scheduled | Completed (CH/Bardessono Q1’24; RCLT Q4’24) | Achieved | As planned . |
| Liquidity | ≥ $50M | $207.9M | Achieved | Includes cash, restricted cash, marketable securities, due from managers, and undrawn credit . |
| Investor/analyst interactions | ≥ 200 | 279 | Achieved | Engagement goal exceeded . |
Award decisions and structure:
- For 2025 grants (for 2024 performance), BHR granted only Deferred Cash Awards (no PSUs/Performance LTIPs); Eubanks’ grant was $1,147,717, vesting 1/12 quarterly over 12 quarters starting March 31, 2025, subject to continued service .
- Committee reduced the total 2025 deferred cash pool versus prior year despite achieving all six 2024 objectives .
Outstanding performance-based equity (Company awards):
| Grant Date | Type | Status at 12/31/2024 | Vest Date | Performance Range | Quantity/Value |
|---|---|---|---|---|---|
| Mar 3, 2023 | PSUs/Performance LTIPs | Unearned/Not Vested | Dec 31, 2025 | 0%–200% of target | 44,374 units at threshold; $133,121 MV at $3.00/sh ref price . |
Awards vested in 2024:
| Type | Number Vested | Value Realized |
|---|---|---|
| Equity awards (common/LTIPs) | 238,530 | $683,421 (includes LTIP units; actual value upon vesting may differ) . |
Additional policy guardrails:
- No stock options are granted; none outstanding for NEOs .
- Clawback policy adopted per Dodd-Frank/SEC/listing rules .
- No perquisites, no pensions, no nonqualified deferred compensation .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common stock equivalents) | 491,729; <1% of common shares outstanding as of Oct 20, 2025 . |
| Company shares outstanding (context) | 68,219,432 common shares outstanding as of Oct 20, 2025 . |
| Unvested/Unearned awards | 44,374 PSUs/Performance LTIPs (threshold) scheduled to vest 12/31/2025; performance 0–200% of target . |
| Service-based unvested | None at 12/31/2024 . |
| Options | None held; Company does not grant options . |
| Stock ownership guidelines | CEO: ≥3x advisor base salary; Other executives: ≥1.5x advisor base salary; 4-year compliance window; common/OP/LTIP units count 1:1 . |
| Compliance status | As of 12/31/2024, each NEO met guidelines or was within the grace period . |
| Hedging/pledging | Prohibited for directors/executives; no margin or pledging; no hedging/short-term speculative trades . |
| Insider trading policy | Comprehensive policy; prohibitions reiterated in governance summary . |
Employment Terms
Braemar is externally advised; employment agreements are with Ashford Inc. The following reflects accelerated vesting values of BHR equity/deferred cash upon specified events (based on $3.00/share and target/max assumptions noted by the Company) :
| Scenario | Acceleration Value |
|---|---|
| Change in Control (no termination) | $266,241 . |
| Involuntary termination from Advisor, death, disability, non-renewal | $1,416,190 . |
Additional terms/policies:
- Clawback policy implemented (replaces prior policy) .
- No pensions or nonqualified deferred comp provided by BHR .
- Say-on-pay support: 73% approval at 2024 annual meeting for 2023 executive compensation .
Investment Implications
- Alignment/mix: 2025 moved entirely to deferred cash awards (no new PSUs/LTIPs), vesting over 12 quarters, which reduces direct equity exposure versus prior years; however, unearned 2023 PSUs/LTIPs remain outstanding to 12/31/2025 (0–200% performance) .
- Selling pressure timing: Quarterly vesting of deferred cash through 2027 and a discrete potential equity vesting date (12/31/2025) may create periodic liquidity events around vest dates; the Company prohibits hedging/pledging and enforces ownership retention guidelines, mitigating misalignment risk .
- Pay-for-performance linkage: 2024 objectives were all achieved (revenue, Adjusted EBITDAre, liquidity, asset actions, renovations, IR), yet the committee reduced total awards versus prior year, signaling cost-discipline despite operational outperformance .
- Equity “skin in the game”: Eubanks’ beneficial ownership is <1% of common shares; combined with no options at BHR, equity leverage is modest at the Company level, though legacy PSU/LTIPs provide upside if performance is strong through 2025 .
- Governance and risk: Single-trigger acceleration (CIC without termination) for BHR awards is a noteworthy term; clawback policy in place; no perqs/pensions; say-on-pay at 73% indicates mixed but passing investor support .
- Performance context: Despite 2024 operational beats, pay-versus-performance TSR indicates shareholder value pressure (FY2024 $100 TSR value at $39.32) and a net loss, underscoring ongoing execution risk in the lodging REIT environment .