Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 171

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 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 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):September 30, 2025December 31, 2024Series M Preferred Stock$35,127 $36,916 Cumulative adjustments to Series M Preferred Stock (1)$1,794 $1,794 __________________(1)    Reflects the excess of the redemption value over the accumulated carrying value.The following table summarizes dividends declared (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Series M Preferred Stock$743 $836 $2,268 $2,636 The redemption activities of Series M Preferred Stock is summarized below (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Series M Preferred Stock shares redeemed18 28 77 241 Redemption amount, net of redemption fees$438 $696 $1,909 $6,018 

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)(unaudited)

14. Related Party Transactions

Ashford Inc.Advisory AgreementAshford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty Bennett, also serves as chairman of the board