Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 34

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 34
---
 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 June 30,Six Months Ended June 30,2025202420252024Units redeemed/exchanged1,465 — 1,922 $— Fair value of common units redeemed (1)$3,516 $— $4,897 — ____________________________________(1)    The redemption value is the greater of historical cost or fair value. The historical cost of the converted units for the three and six months ended June 30, 2025 was $7.0 million and $9.3 million, respectively.

The following table presents the common units redeemed for cash (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Units redeemed— — 35 — Fair value of common units redeemed$— $— $92 $— 

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 June 30,Six Months Ended June 30,2025202420252024Common stock dividends declared$3,430 $3,347 $6,802 $6,692 

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, having an aggregate value of up to $50 million. As of June 30, 2025, the Company has not repurchased any common stock pursuant to this program.

Restricted Stock—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.

Performance Stock Units—The compensation committee of the board of directors of the