Braemar Hotels: Series E and M Preferred liquidation value reaffirmed at $25/share

Braemar Hotels & Resorts Inc.

Stanger opined liquidation value of $25.00/share for Series E and Series M Preferred as of Dec 31, 2025.
The estimated value equals the per share liquidation preference set in the articles supplementary.
Valuation based on market capitalization, analyst targets, direct capitalization, and third-party appraisals.
Disclosure made to assist broker-dealers with FINRA Rule 2331(c)(1)(B) customer account statement requirements.

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