Braemar Hotels & Resorts Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated April 10, 2024, reports a Regulation FD disclosure regarding the declaration of cash dividends by the Board of Directors for Braemar Hotels & Resorts Inc. The filing covers dividend declarations for the second quarter ending June 30, 2024, and monthly dividends for specific preferred stock series.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The primary financial data disclosed relates to dividend rates and outstanding share counts as of March 31, 2024:
- Series E Redeemable Preferred Stock: 16,162,834 shares outstanding.
- Series M Redeemable Preferred Stock: 1,747,771 shares outstanding.
Material Changes and Dividend Declarations
The Board declared the following dividends, payable on the dates specified to stockholders of record as of the dates listed:
- Common Stock: $0.05 per diluted share (Quarterly). Payable July 15, 2024; Record date June 28, 2024. Annualized rate: $0.20 per share.
- 5.5% Series B Cumulative Convertible Preferred Stock: $0.3438 per diluted share (Quarterly). Payable July 15, 2024; Record date June 28, 2024.
- 8.25% Series D Cumulative Preferred Stock: $0.5156 per diluted share (Quarterly). Payable July 15, 2024; Record date June 28, 2024.
- Series E Redeemable Preferred Stock (Monthly): $0.15625 per share.
- Payment 1: May 15, 2024 (Record: April 30, 2024).
- Payment 2: June 17, 2024 (Record: May 31, 2024).
- Payment 3: July 15, 2024 (Record: June 28, 2024).
- Series M Redeemable Preferred Stock (Monthly):
- CUSIPs 10482B705, 10482B887, 10482B796, 10482B861: $0.17500 per share.
- All remaining CUSIPs: $0.17292 per share.
- Payment Dates: May 15, June 17, and July 15, 2024 (Record dates: April 30, May 31, and June 28, 2024 respectively).
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies beyond the standard disclosure that the information is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the record dates (June 28, 2024 for quarterly dividends; April 30, May 31, and June 28, 2024 for monthly preferred dividends) to ensure eligibility.
- Confirm the payment dates of May 15, June 17, and July 15, 2024 for cash flow planning.
- Review the specific CUSIPs for Series M Preferred Stock to determine the applicable dividend rate ($0.17500 vs. $0.17292).
- Note that this filing does not contain operational or financial performance data for the period.