Form 4: Braemar Hotels & Resorts Director Monty J. Bennett Reports Changes in Beneficial Ownership

Director Monty J. Bennett reports changes in beneficial ownership of Braemar Hotels & Resorts Inc. securities, including transactions involving Performance LTIP Units and Common Partnership Units.

Summary

• On February 26, 2025, Monty J. Bennett, a director of Braemar Hotels & Resorts Inc., reported changes in his beneficial ownership of the company's securities.
• The reported transactions involve Performance LTIP Units (Long-Term Incentive Partnership Units) and Common Partnership Units in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary.
• Specifically, 59,275 Performance LTIP Units were forfeited due to unmet performance criteria.
• Additionally, 396,693 Performance LTIP Units were converted.
• Bennett also acquired 57,617 Common Partnership Units through dividend equivalent rights.
• The report details Bennett's direct and indirect ownership of Common Stock, Series E Redeemable Preferred Stock, Performance LTIP Units, and Common Partnership Units through various entities, including his spouse and MJB Investments, LP.
• As of the report, Bennett indirectly holds 352,590 Performance LTIP Units (2023), 396,693 Performance LTIP Units (2022), 734,979 LTIP Units, 56,745 Common Partnership Units, 454,310 Common Partnership Units, 123,477.15 Common Partnership Units, and 3,200 Common Partnership Units.
• The Common Partnership Units are redeemable for cash or shares of Braemar Hotels & Resorts Inc.'s common stock on a 1-for-1 basis.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports transactions and holdings.

Negatives

• 59,275 Performance LTIP Units were forfeited due to the non-achievement of certain performance criteria.

Risks

• The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number, based on the achievement of specified performance metrics, introducing uncertainty in future equity compensation.

Future Outlook

The vesting of Performance LTIP Units is contingent upon continued service and the achievement of specified performance metrics, which will determine the actual number of units that vest between 0% and 200% of the target.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a company insider, which is common in publicly traded companies. It provides transparency to investors regarding the holdings and transactions of key individuals within the company.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership and transactions of a key company director.

Key Dates