Abteen Vaziri - 16 Oct 2023 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Abteen Vaziri
Issuer symbol: BHR
Transactions as of: 16 Oct 2023
Net transactions value: -$3,712
Form type: 4
Filing time: 17 Oct 2023, 20:14:53 UTC
Previous filing: 12 May 2023
Next filing: 17 May 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHR	Common Stock	Sale	$3,712	-1,321	-100%	$2.81	0	16 Oct 2023	Held in 401(k) account
holding	BHR	Common Stock						12,012	16 Oct 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BHR	LTIP Units						32,173	16 Oct 2023	Common Stock		$0.000000	Direct	F1, F2
holding	BHR	Common Partnership Units						34,928	16 Oct 2023	Common Stock		$0.000000	Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Fully vested special long-term incentive partnership units ("LTIP Units") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 3 discussing the convertibility of Common Partnership Units.
F2	Neither the Common Partnership Units nor vested LTIP Units have an expiration date.
F3	Common Partnership Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.