Company: BHR-PD
Filing Date: 2025-04-29
Form Type: 10-K/A
Source: 0001574085-25-000040
Chunk: 41

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-04-29
Form: 10-K/A
Chunk 41
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 March 31, 2025, Mr. Monty J. Bennett may be deemed to beneficially own approximately 2,915,598 shares of Ashford Inc.'s common stock. This amount includes common stock, common units in Ashford Inc.'s operating company that are redeemable for cash or, at the option of Ashford Inc., for shares of Ashford Inc.'s common stock on a one-for-one basis, and vested LTIPs achieving parity with the common units. This amount also includes approximately 2,177,726 shares of Ashford Inc.'s common stock issuable in the aggregate upon conversion of 9,279,300 shares of Ashford Inc.'s Series D Cumulative Convertible Preferred Stock (the " Series D Convertible Preferred Stock "), along with all unpaid accrued and accumulated dividends thereon, beneficially owned by Mr. Monty J. Bennett as of such date, each of which shares of Series D Convertible Preferred Stock is convertible into shares of Ashford Inc. common stock at a conversion ratio equal to the liquidation price of a share of Series D Convertible Preferred Stock (which is $25) divided by $117.50. In accordance with SEC rules, Mr. Monty J. Bennett may be deemed to beneficially own approximately 75.3% of Ashford Inc.'s common stock. Additionally, Mr. Monty J. Bennett acquired the right to direct the vote with respect to approximately 590,000 common shares, effective March 25, 2025.

As of March 31, 2025, Mr. Monty J. Bennett's father, Mr. Archie Bennett, Jr., is deemed to beneficially own approximately 2,349,838 shares of Ashford Inc.'s common stock. This amount includes common stock and common units in Ashford Inc.'s operating company redeemable for cash or, at the option of Ashford Inc., into shares of Ashford Inc.'s common stock on a one-for-one basis. This amount also includes approximately 2,224,664 shares of Ashford Inc.'s common stock issuable in the aggregate upon conversion of 9,479,300 shares of Ashford Inc.'s Series D Convertible Preferred Stock, along with all unpaid accrued and accumulated dividends thereon, beneficially owned by Mr. Archie Bennett, Jr. as of such date. In accordance with SEC rules, Mr. Archie Bennett, Jr. may be deemed to beneficially own approximately 60.8% of Ash