Alex Rose - Feb 26, 2025 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Exec. VP, GC and Secretary
Signature: /s/ Alex Rose
Stock symbol: BHR
Transactions as of: Feb 26, 2025
Transactions value $: -$53,141
Form type: 4
Date filed: 2/28/2025, 04:43 PM
Previous filing: Nov 1, 2024
Next filing: Mar 4, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHR	Common Stock	Options Exercise		+70.8K			70.8K	Feb 26, 2025	Direct	F1
transaction	BHR	Common Stock	Award		+10.3K	+14.52%		81.1K	Feb 26, 2025	Direct	F2
transaction	BHR	Common Stock	Tax liability	-$53.1K	-19.8K	-24.35%	$2.69	61.4K	Feb 26, 2025	Direct	F3, F4

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
transaction	BHR	Performance Stock Units (2022)	Award		+30.1K	+74%		70.8K	Feb 26, 2025	Common Stock	70.8K	$0.00	Direct	F1, F5
transaction	BHR	Performance Stock Units (2022)	Options Exercise		-70.8K	-100%		0	Feb 26, 2025	Common Stock	0	$0.00	Direct	F1, F2, F5
holding	BHR	Performance Stock Units (2023)						67.2K	Feb 26, 2025	Common Stock	67.2K	$0.00	Direct	F1, F5

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

Explanation of Responses:

Id	Content
F1	Each performance stock unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.
F2	Represents dividend equivalent rights that accrued on a Performance Stock Unit award pursuant to the dividend reinvestment feature of the award. Each dividend equivalent right is the economic equivalent of one share of the Issuer's common stock and is settled in common stock.
F3	Represents shares of common stock forfeited to the Issuer to satisfy certain tax-withholding obligations of the Reporting Person arising as a result of the award of dividend equivalent rights and the vesting of Performance Stock Units, restricted stock and common stock held by the Reporting Person.
F4	Represents the closing price of the common stock on February 25, 2025, the last trading day before the date of forfeiture.
F5	Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2025 (with respect to the 2023 grant).