Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 163

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 163
---
 $369 886 1,103 

In June 2025, the Company exchanged approximately 1.5 million LTIP and Performance LTIP units for fully vested shares of the Company's common stock which resulted in no adjustments to equity-based compensation expense because the estimated fair value of the units immediately before the exchange was equal to the estimated fair value of the common stock immediately after the exchange. The exchange was accounted for in the same manner as a redemption by the holder of common units that was settled by the Company in shares of the Company's common stock, in which the greater of the historical cost or fair value of the underlying LTIP or Performance LTIP units as of the exchange date was reclassified from mezzanine equity to permanent equity. 

20

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

The following table presents the common units redeemed/exchanged for common stock (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Units redeemed/exchanged— — 1,922 $— Fair value of common units redeemed (1)$— $— $4,897 — ____________________________________

(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units for the nine months ended September 30, 2025 was $9.3 million. 

The following table presents the common units redeemed for cash (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Units redeemed1 — 36 — Fair value of common units redeemed$2 $— $94 $— 

12. Equity and Stock-Based Compensation

Common Stock Dividends—The following table summarizes the common stock dividends declared during the period (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Common stock dividends declared$3,430 $3,348 $10,232 $10,040 

Stock Repurchases—On May 3, 2024, the board of directors approved a new share repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share,