Bennett Monty J 4

What Happened

• Monty J. Bennett, a director of Braemar Hotels & Resorts, had partnership units redeemed and received 123,477 shares of Braemar common stock on Feb 24, 2026. The Form 4 shows an acquisition of 123,477 shares (no price reported) in connection with the redemption/conversion of 123,477.15 Common Partnership Units.
• The filing also shows the disposition/forfeiture of Performance LTIP Units: the table reports a derivative disposition of ~352,590 units (no price), while Footnote 2 states 352,950 Performance LTIP Units were forfeited because certain performance criteria for the 2023 award were not met. These were LTIP/partnership unit transactions rather than open-market trades.

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (filed within the normal 2-business-day window).
• Price: Not applicable / not reported (transactions were redemptions/conversions and forfeitures, not open-market cash sales/purchases).
• Shares issued: 123,477 shares of common stock issued to Bennett in redemption of 123,477.15 Common Partnership Units (rounded per footnote).
• LTIP forfeiture: Footnote indicates 352,950 Performance LTIP Units forfeited for failure to meet performance criteria; the table shows a derivative disposition of 352,590 — the filing gives both figures (see footnotes).
• Holdings after transaction: The Form 4 does not list a clear post-transaction common-stock total for Bennett on the face of the table; Footnote 5 notes aggregate Common Partnership Units held directly or indirectly but does not state a specific total in the provided excerpt.
• Relevant footnotes: F1–F3 explain the nature of Performance LTIP Units as special LTIP partnership units with performance vesting; F4–F7 explain that Common Partnership Units are redeemable for cash or, at issuer’s option, 1-for-1 for common stock; F6–F7 describe the specific redemption/issuance for the 123,477 share transaction; F8 notes a pecuniary interest disclosure related to Ashford Financial Corporation.
• Filing timeliness: Reported on Feb 26, 2026 for transactions dated Feb 24, 2026 — appears timely under Form 4 reporting rules.

Context

• These were not open-market buys or sales by the director. The activity reflects corporate LTIP/common partnership unit mechanics: (a) issuance of common shares in connection with a redemption/conversion of partnership units, and (b) forfeiture of performance-based LTIP units that did not vest. Such derivative/unit transactions are part of compensation and unit-conversion/redemption processes and do not necessarily reflect a market trade or cash proceeds to the insider.