Braemar director reports unit forfeiture, OP unit redemption
Braemar Hotels & Resorts director Monty J. Bennett reported mostly non-cash changes in indirect equity interests on February 24, 2026.
Rhea-AI Filing Summary
Braemar Hotels & Resorts director Monty J. Bennett reported mostly non-cash changes in indirect equity interests on February 24, 2026. A Texas Yarrow LLC vehicle forfeited 352,950 Performance LTIP Units (2023) after certain performance criteria for that award were not met, resulting in a disposition of those units back to the issuer’s operating partnership.
On the same date, the issuer redeemed 123,477.15 Common Partnership Units held through Ashford Financial Corporation in exchange for 123,477 shares of Braemar common stock on a one-for-one basis, rounding down fractional units. Bennett reports only his pecuniary interest in the Ashford Financial Corporation shares and disclaims any interest in its other Braemar securities.
Positive
- None.
Negative
- None.
Insider Trade Summary
10 transactions reported
Mixed
10 txns
Insider
Bennett Monty J
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Performance LTIP Units (2023) | 352,590 | $0.00 | $0.00 |
| Other | Common Partnership Units | 123,477.15 | $0.00 | $0.00 |
| Other | Common Stock | 123,477 | $0.00 | $0.00 |
| holding | Common Partnership Units | -- | -- | -- |
| holding | Common Partnership Units | -- | -- | -- |
| holding | Common Partnership Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Series E Redeemable Preferred Stock | -- | -- | -- |
Holdings After Transaction:
Performance LTIP Units (2023) — 0 contracts (Indirect, By Texas Yarrow LLC - 2023 PS);
Common Partnership Units — 0 contracts (Indirect, By Ashford Financial Corporation);
Common Stock — 123,477 shares (Indirect, By Ashford Financial Corporation);
Common Partnership Units — 56,745 contracts (Indirect, By Texas Yarrow 2021 PS);
Common Partnership Units — 454,310 contracts (Indirect, By Texas Yarrow LLC - 2022 PS);
Common Partnership Units — 3,200 contracts (Indirect, By Spouse);
Common Stock — 445,764 shares (Indirect, By Texas Yarrow 2021 PS);
Common Stock — 14,152 shares (Direct);
Common Stock — 267 shares (Indirect, By Spouse);
Series E Redeemable Preferred Stock — 44,444 shares (Indirect, By MJB Investments, LP)
Footnotes (8)
- F1. Each performance LTIP Unit ("Performance LTIP Unit") award represented a special long-term incentive partnership unit ("LTIP Unit") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"), subject to performance-based vesting criteria.
- F2. Represents 352,950 Performance LTIP Units that were forfeited due to certain performance criteria of the 2023 Performance LTIP Unit award not being met.
- F3. Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.
- F4. Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"). Common Partnership Units are redeemable for cash or, at the option of the Issuer, redeemable for shares of the Issuer's common stock on a 1-for-1 basis.
- F5. Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 4 discussing the convertibility of the Common Partnership Units.
- F6. Represents Common Partnership Units redeemed by the Issuer on February 24, 2026 for 123,477 shares of the Issuer's common stock. Such transaction is further reflected in Table I above (see also footnote 7).
- F7. Represents shares of common stock issued by the Issuer in connection with the Issuer's redemption of 123,477.15 Common Partnership Units of the Subsidiary. Such Common Partnership Units were redeemable, at the option of the Issuer, for 123,477 shares of the Issuer's common stock on a one-for-one basis, while rounding down fractional Common Partnership Units.
- F8. Reflects only the Reporting Person's pecuniary interest in the aggregate number of shares of common stock held directly by Ashford Financial Corporation. The Reporting Person hereby disclaims any interest in all other securities of the Issuer held directly by Ashford Financial Corporation.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Braemar Hotels & Resorts (BHR) director Monty J. Bennett report in this Form 4?
Monty J. Bennett reported a forfeiture of Performance LTIP Units and a redemption of Common Partnership Units into common stock, all through affiliated entities, reflecting non-cash changes in his indirect economic exposure to Braemar.
How many Performance LTIP Units were forfeited in the Braemar (BHR) filing?
The filing shows 352,950 Performance LTIP Units from the 2023 award were forfeited. These units did not meet specified performance criteria, so they were returned to Braemar’s operating partnership rather than converting into an ongoing equity interest.
What happened to the Common Partnership Units reported for Braemar (BHR)?
Ashford Financial Corporation redeemed 123,477.15 Common Partnership Units with Braemar. In exchange, Braemar issued 123,477 shares of common stock on a one-for-one basis, rounding down the fractional partnership units involved in the transaction.
Were the Braemar (BHR) transactions direct trades by Monty J. Bennett?
No. The transactions involved entities associated with Bennett, including Texas Yarrow LLC and Ashford Financial Corporation. The Form 4 reports his indirect pecuniary interests rather than direct personal trades in Braemar’s securities.
What is the conversion rate between Braemar (BHR) Common Partnership Units and common stock?
Common Partnership Units in Braemar’s operating partnership are redeemable for cash or, at Braemar’s option, for shares of its common stock on a one-for-one basis, as illustrated by the 123,477.15 units redeemed for 123,477 common shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
