Liquidation: Braemar Hotels & Resorts Inc.

Form Type: 8-K

Filing Date: 2025-03-31

Corporate Action: Liquidation

Type: New

Accession Number: 000157408525000027

Filing Summary: On March 31, 2025, Braemar Hotels & Resorts Inc. filed a Form 8-K detailing an opinion of the liquidation value of its Series E Preferred Stock and Series M Preferred Stock as of December 31, 2024. The company engaged Robert A. Stanger & Co., Inc. to provide this opinion to assist broker-dealers with compliance under FINRA regulations. Stanger estimated the liquidation value for both series at $25.00 per share, equivalent to the per share liquidation preference. The valuation considered market capitalization, analyst target prices, direct capitalization analysis, and third-party appraisals, all indicating an adequate preferred stock coverage ratio. However, Stanger also cautioned that the methodologies used are subject to various assumptions and limitations, and the estimated liquidation values are not audited, thus differing estimates could lead to significant variances.