Braemar Hotels & Resorts Inc. has filed an 8-K report with the SEC on March 26, 2026, detailing the opinion of the liquidation value of its Series E and Series M Preferred Stocks as of December 31, 2025. The report indicates that the estimated liquidation value for both series of preferred stock is $25.00 per share, which aligns with the liquidation preference stated in the articles supplementary for these securities. This valuation was conducted by Robert A. Stanger & Co., Inc., a firm specializing in valuation services for real estate assets and non-traded REITs. The report outlines several methodologies used to arrive at this valuation, including market capitalization analysis, analyst target prices, direct capitalization analysis, and third-party appraisals. Stanger's analysis concluded that the preferred stock coverage ratio was adequate as of the valuation date, indicating that the company's equity value exceeded the total liquidation preference for all outstanding preferred securities. The filing also includes information about the company's incorporation in Maryland and its registration with the SEC under file number 001-35972. This report is significant for investors and stakeholders as it provides clarity on the company's financial standing and the value of its preferred stocks amidst ongoing market conditions.

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