Braemar Hotels & Resorts Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on July 5, 2022, by Braemar Hotels & Resorts Inc. (BHR). The filing serves as a Regulation FD disclosure announcing the Board of Directors' declaration of cash dividends for various series of preferred stock for the third quarter ending September 30, 2022.
Key Financial Metrics
The filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on dividend declarations and outstanding share counts as of June 30, 2022.
- Series E Redeemable Preferred Stock Outstanding: 4,508,487 shares
- Series M Redeemable Preferred Stock Outstanding: 395,945 shares
Material Changes and Dividend Declarations
The Board declared the following dividends, payable on the dates specified below:
- 5.5% Series B Cumulative Convertible Preferred Stock: $0.3438 per diluted share (Quarterly). Payable October 17, 2022, to stockholders of record as of September 30, 2022.
- 8.25% Series D Cumulative Preferred Stock: $0.5156 per diluted share (Quarterly). Payable October 17, 2022, to stockholders of record as of September 30, 2022.
- Series E Redeemable Preferred Stock: Quarterly rate of $0.4844 per share, paid monthly in installments of $0.1614.
- First payment: August 15, 2022 (Record date: July 29, 2022)
- Second payment: September 15, 2022 (Record date: August 31, 2022)
- Third payment: October 17, 2022 (Record date: September 30, 2022)
- Series M Redeemable Preferred Stock (CUSIP 10482B705): Quarterly rate of $0.5188 per share, paid monthly in installments of $0.1729.
- First payment: August 15, 2022 (Record date: July 29, 2022)
- Second payment: September 15, 2022 (Record date: August 31, 2022)
- Third payment: October 17, 2022 (Record date: September 30, 2022)
- Series M Redeemable Preferred Stock (Remaining CUSIPs): Quarterly rate of $0.5125 per share, paid monthly in installments of $0.1708.
- First payment: August 15, 2022 (Record date: July 29, 2022)
- Second payment: September 15, 2022 (Record date: August 31, 2022)
- Third payment: October 17, 2022 (Record date: September 30, 2022)
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, risk factors, or discussion of unusual items. It is a routine disclosure of dividend obligations.
Investor Verification Checklist
- Verify the record dates for each preferred stock series to ensure eligibility for the upcoming payments.
- Confirm the total cash outflow required for the declared dividends based on the outstanding share counts provided.
- Review the attached press release (Exhibit 99.1) for any additional context regarding the dividend policy.