---
schema_version: "secwatch.filing_event.v1"
accession: "0001574085-23-000009"
form_type: "8-K"
ticker: "BHR"
cik: "0001574085"
company_name: "Braemar Hotels & Resorts Inc."
filed_at: "2023-02-01T23:59:59+00:00"
generated_at: "2026-06-20T03:45:44.512909+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Braemar Hotels restates Q3 2022 results; missed $4.8M preferred stock adjustment, EPS cut from $0.11 to $0.04

## Summary
- Audit committee concluded Q3 2022 financials misstated; non-cash redemption value adjustment for Series E and M preferred stock omitted.
- For nine months ended Sept 30, 2022: net income to common stockholders revised from $7.6M to $2.8M; EPS from $0.11 to $0.04.
- For three months ended Sept 30, 2022: net loss increased from $14.1M to $16.7M; loss per share from $(0.20) to $(0.24).
- Company expects to report a material weakness in internal control over financial reporting in its Form 10-Q/A.
- Deemed dividend adjustment was $2.6M for Q3 and $4.8M YTD; AFFO and Adjusted EBITDAre unaffected.

## SEC filing metadata
- accession: 0001574085-23-000009
- form_type: 8-K
- ticker: BHR
- cik: 0001574085
- company_name: Braemar Hotels & Resorts Inc.
- filed_at: 2023-02-01T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574085/000157408523000009/0001574085-23-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574085/000157408523000009/bhr-20230201.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001574085-23-000009
- JSON: https://secwatch.observer/filing/0001574085-23-000009.json
- Plain text: https://secwatch.observer/filing/0001574085-23-000009.txt

## Key facts
- Auditor Changes
  Braemar Hotels & Resorts Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: lidated statements of equity for the three and nine months ended September 30, 2022, in the line item entitled “redemption value adjustment - preferred stock.” The effect of correcting this misstatement will result in a restatement of the Company’s condensed consolidated statement of operations for the nine months ended September 30, 2022 as shown in the table below (amounts in thousands except per share amounts): As Originally Reported Adjustment As Restated Condensed Consolidated Statement of Operations Deemed dividend on redeemable preferred stock $ — $ (4,802) $ (4,802) Net income (loss) attributable to common stockholders $ 7,594 $ (4,802) $ 2,792 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ 0.11 $ (0.07) $ 0.04 Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ 0.11 $ (0.07) $ 0.04 The
  evidence_url: https://www.sec.gov/Archives/edgar/data/1574085/000157408523000009/0001574085-23-000009-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.