Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 252

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 252
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urchased any common stock pursuant to this program.

We repurchased approximately 170,000, 83,000 and 262,000 shares of our common stock in 2024, 2023 and 2022, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan.

Noncontrolling Interest in Consolidated Entities—A partner has a noncontrolling ownership interest of 25% in one hotel property with a total carrying value of $(3.4) million and two hotel properties with a total carrying value of $(8.9) million at December 31, 2024 and 2023, respectively. The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands):Year Ended December 31,202420232022(Income) loss from consolidated entities attributable to noncontrolling interests$(25,928)$(1,619)$(2,063)

15. Redeemable Preferred Stock

5.50% Series B Cumulative Convertible Preferred StockEach share of our 5.50% Series B Cumulative Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) is convertible at any time, at the option of the holder, into a number of whole shares of common stock at a conversion price of $18.70 (which represents a conversion rate of 1.3372 shares of our common stock, subject to certain adjustments). The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. Holders of the Series B Convertible Preferred Stock have no voting rights, subject to certain exceptions. The Series B Convertible Preferred Stock dividend for all issued and outstanding shares is set at $1.375 per annum per share.The Company may, at its option, cause the Series B Convertible Preferred Stock to be converted in whole or in part, on a pro-rata basis, into fully paid and nonassessable shares of the Company’s common stock at the conversion price, provided that the “Closing Bid Price” (as defined in the Articles Supplementary) of the Company’s common stock shall have equaled or exceeded 110% of the conversion price for the immediately preceding 45 consecutive trading days ending three days prior to the date of notice of conversion.Additionally, the Series B Convertible Preferred Stock contains cash redemption features that consist of: 1) an optional redemption in