National Treasure, with jockey John Velazquez, edges out Blazing Sevens, with jockey Irad Ortiz Jr., to win the148th running of the Preakness Stakes horse race at Pimlico Race Course, Saturday, May 20, 2023, in Baltimore.

Bob Baffert choked back tears and his voice cracked while trying to juggle the feelings of one of his horses winning the Preakness Stakes and another being euthanized on the same track.

"This business is twists and turns, the ups and downs," he said. "To win this — losing that horse today really hurt. ... It's been a very emotional day."