Braemar Hotels & Resorts Inc. disclosed an opinion from Robert A. Stanger & Co., Inc. on the liquidation value of its non-traded Series E Redeemable Preferred Stock and Series M Redeemable Preferred Stock as of December 31, 2025, estimating $25.00 per share, matching the stated liquidation preference. This assists broker-dealers in complying with FINRA Rule 2331(c)(1)(B) for customer account statements.
Key takeaways
Stanger estimated liquidation value of Series E Preferred Stock and Series M Preferred Stock at $25.00 per share as of December 31, 2025.
Valuation equals per share liquidation preference in articles supplementary for both series.
Valuation used market capitalization at 52-week low/high/closing, analyst target prices, direct capitalization analysis, and third-party appraisals.
All methods showed adequate preferred stock coverage ratio and equity value exceeding total preferred liquidation preference.
Stanger provided prior valuations, including as of December 31, 2024, and other services to Company and affiliates.
Consent from Stanger dated March 26, 2026, for use in Form 8-K and referenced registration statements.