QUANTUMONLINE.COM SECURITY DESCRIPTION:  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.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Conv Shrs Conv Price	Distribution Dates	15% Tax Rate
NYSE Chart	5.50% $1.375	$25.00 $25.00	6/11/2020 None	NF NR 5/26/2025	1.3228 $18.90	1/15, 4/15, 7/15 & 10/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

Notes:  1/24/2020 -- From the company's news release. In accordance with IRS Code Section 6045B, the Company will post Form 8937, Report of Organizational Actions Affecting Basis of Securities, which may be found in the Corporate Actions section of the company's website (which I could not find on 2/14/2020) . This form provides detailed information on the return of capital portion of the preferred and common share distributions. The Company encourages shareholders to consult with their own tax advisors with respect to the federal, state and local, and foreign income tax effects of these dividends. ALL PREFERRED DISTRIBUTIONS ARE CURRENTLY BEING REPORTED AS RETURN OF CAPITAL AND APPARENTLY SHOULD BE DEDUCTED FROM YOUR INVESTMENT COST BASIS.

Company's Online Information Links

HOME PAGE:     https://www.bhrreit.com/
Company's Investor Relations Information	Go to Investor Relations Information
Company's Online News Releases	Go to News Releases
Online Company Profile	Go to Online Profile

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Company's Email Address Links

Email Address	info@ashfordinc.com
Email Request Form on Website	Go to Email Form

Address and Phone Numbers

Address:   14185 Dallas Parkway, Suite 1100, Dallas, TX 75254
Main Phone Number	972-490-9600
Fax Number	972-490-9605
Investor Relations	972-778-9487
Toll Free Phone Number	Unknown

CEO - Richard J. Stockton

CFO - Deric S. Eubanks