Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 259

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 259
---
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Dividends are payable on a monthly basis and in arrears on the 15th day of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year.The Company has a DRIP that allows participating holders to have their Series M Preferred Stock dividend distributions automatically reinvested in additional shares of the Series M Preferred Stock at a price of $25.00 per share.The issuance activity of Series M Preferred Stock is summarized below (in thousands):Year Ended December 31,202420232022Series M Preferred Stock shares issued (1)— 531 1,402 Net proceeds (1)$— $12,869 $34,009 __________________(1)Exclusive of shares issued under the DRIP.The Series M Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside the Company’s control. As such, the Series M Preferred Stock is classified outside of permanent equity.At the date of issuance, the carrying amount of the Series M Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):December 31, 2024December 31, 2023Series M Preferred Stock$36,916 $45,623 Cumulative adjustments to Series M Preferred Stock (1)$1,794 $1,597 __________________(1)    Reflects the excess of the redemption value over the accumulated carrying value.The following table summarizes dividends declared (in thousands):Year Ended December 31,202420232022Series M Preferred Stock$3,434 $3,888 $1,276 The redemption activities of Series M Preferred Stock is summarized below (in thousands):Year Ended December 31,202420232022Series M Preferred Stock shares redeemed362 137 5 Redemption amount, net of redemption fees$9,047 $3,395 $134 

16. Stock-Based Compensation

Under the 2013 Equity Incentive Plan, as amended, we