secwatch.observer — SEC 8-K summary
======================================

Issuer:     Braemar Hotels & Resorts Inc. (BHR)
CIK:        0001574085
Form:       8-K
Filed at:   2023-02-01T23:59:59+00:00
Accession:  0001574085-23-000009
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1574085/000157408523000009/0001574085-23-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1574085/000157408523000009/bhr-20230201.htm
  HTML page:      https://secwatch.observer/filing/0001574085-23-000009

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer