Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 159

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 159
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. 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.

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

The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):June 30, 2025December 31, 2024Series E Preferred Stock$320,585 $352,502 Cumulative adjustments to Series E Preferred Stock (1)$27,933 $22,098 ________(1)    Reflects the excess of the redemption value over the accumulated carrying value.The following table summarizes dividends declared (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Series E Preferred Stock$6,354 $7,570 $12,970 $15,170 The redemption activities of Series E Preferred Stock is summarized below (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Series E Preferred Stock shares redeemed548 53 1,581 239 Redemption amount, net of redemption fees$13,574 $1,249 $39,275 $5,652 Series M Redeemable Preferred StockOn April 2, 2021, the Company entered into equity distribution agreements with certain sales agents to sell, from time to time, shares of the Series M Redeemable Preferred Stock (the “Series M Preferred Stock”). Pursuant to such equity distribution agreements, the Company offered a maximum of 20,000,000 shares of the Series M Preferred Stock (par value $0.01) in a primary offering at a price of $25.00 per share (or “Stated Value”). On February 21, 2023, the Company announced the closing of its Series M Preferred Stock offering. The Company is also offering a maximum of 8,000,000 shares of Series M Preferred Stock pursuant to the DRIP at $25.00 per share. The Series M Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series B Convertible Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock) and with any future parity