Business: Braemar Hotels & Resorts, Inc., formerly Ashford Hospitality Prime, Inc., 5.50% Series B Cumulative Convertible Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/11/2020 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be 3/30, 6/30, 9/30 & 12/30 respectively (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). In the event that the shares are no longer listed on the NYSE, the AMEX or the Nasdaq exchanges; and that this event does not constitute a Change of Control, the holders can require the issuer to redeem the shares at $25.75 per share (see prospectus for more details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The preferred shares are convertible any time at the holder's option into 1.3228 common shares of Braemar Hotels & Resorts, Inc. (NYSE: BHR), an initial conversion price of $18.90 per common share. On or after 6/11/2020, if the price of the common stock exceeds 110% of the conversion price for 45 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.