{"data":{"id":"sw_2e18fc0100087b322317","slug":"braemar-hotels-8-25-series-d-preferred-falls-4-4-in-a-session-yield-tops-12-7","title":"Braemar Hotels' 8.25% Series D Preferred Falls 4.4% in a Session, Yield Tops 12.7%","subheadline":"BHR-D shares closed at $16.23 after a single-day drop, pushing the current yield on the cumulative preferred past 12.7% and widening its discount to par.","summary":"Braemar Hotels & Resorts' 8.25% Series D preferred stock fell 4.4% in one session to $16.23, lifting its current yield above 12.7% and its discount to par beyond 35%, as the REIT also faces a board nomination challenge.","body":"Shares of Braemar Hotels & Resorts' 8.25% Series D Cumulative Preferred Stock fell 4.42% in a single session, closing at $16.23 on September 29, down from a previous close of $16.98. The move first stood out in data tracked on Preferred Stock AI, a Madison Labs research site, which lists the security's current yield at 12.71% against its $25 liquidation preference and $2.0625 annual dividend. Trading volume for the session came in at 753,467 shares, and the stock ranged between an intraday high of $16.85 and a low of $16.22, both well below its 52-week high of $21.25 and closer to its 52-week low of $15.41.\n\nThe Series D preferred, issued in November 2018 with 1.6 million shares plus a 240,000-share overallotment, carries a fixed 8.25% coupon on par value, paid quarterly on January 15, April 15, July 15 and October 15. According to the prospectus filed with the Securities and Exchange Commission, proceeds from the original offering were earmarked to help finance Braemar's acquisition of the Ritz-Carlton property or for general corporate purposes. The stock has been callable by the company since November 20, 2023, meaning it now trades in a \"post call\" window where Braemar has discretion to redeem it at par at any time, a status reflected in the listing's yield-to-call field, which shows as not applicable given the shares are already callable.\n\nFor income-focused investors, the arithmetic behind the session's move is straightforward. A $16.23 close against a $25 par value represents a discount to par of roughly 35%, per the metrics tracked for the issue, meaning holders who bought at that level would be paid the full $25 liquidation preference if Braemar ever exercises its call option, a gap of more than $8.77 per share. That dynamic cuts both ways: the discount is why the current yield sits well above the 8.25% stated coupon, but it also reflects market pricing that treats near-term redemption as uncertain, since Braemar has held the right to call the shares for nearly three years without doing so.\n\nThe dividend itself remains cumulative, meaning any missed payments would have to be made up before common shareholders could receive distributions, and the most recent ex-dividend date recorded was June 30, 2026, with a per share payment of $0.5156. Braemar is a Maryland-based, externally advised REIT that owns interests in 13 hotel properties totaling 3,028 rooms across six states, Washington D.C., Puerto Rico and the U.S. Virgin Islands, with a strategy focused on luxury and resort assets generating revenue per available room at roughly twice the national average, which the company estimated near $200 as of year-end 2025. The portfolio is externally managed by Ashford Hospitality Advisors LLC, a subsidiary of Ashford Inc.\n\nThe price decline in the preferred shares came against a backdrop of corporate governance news at the REIT level. Al Shams Investments notified Braemar in early September that it intended to nominate a majority slate of independent director candidates, and on September 14 the firm formally nominated five candidates ahead of the company's nomination deadline, according to a press release distributed via PR Newswire. Braemar has also scheduled its third quarter 2026 financial results for release on November 4, 2026. Whether either development has any bearing on the preferred's trading pattern has not been established by either party, and the preferred and common shares can move independently based on factors specific to the fixed income instrument, including interest rate expectations and credit perceptions tied to Braemar's balance sheet.\n\nBraemar's common stock, by contrast, closed unchanged at $1.68 on the same session, within its own 52 week range of $1.64 to $3.19, underscoring that the preferred's move was not mirrored in the underlying equity that day. Broader capital markets showed a mixed tone on the session, with major technology names such as Meta Platforms and Applied Materials posting gains while Apple and Medtronic declined, and digital assets including Bitcoin and Ethereum trading modestly lower, a backdrop that offers general market context rather than a direct explanation for moves in a single REIT preferred issue.\n\nInvestors watching the security going forward are likely to focus on several concrete dates and disclosures: Braemar's November 4 earnings release, any developments in the board nomination process involving Al Shams Investments, and whether the company exercises its now-standing option to call the Series D shares at par, which would directly affect holders currently paying less than $25 for a security redeemable at that price. The cumulative dividend feature also means any future preferred payment would need to be tracked against the company's stated quarterly schedule and its financial capacity to sustain distributions across its preferred stack, which includes other series carrying different coupons.","source":{"name":"Preferred Stock AI","slug":"preferredstock-ai"},"category":"Preferred Stocks","article_type":"News","license":"Free to republish, in full or in part, with attribution to Capital Data Wire and a link to the original article. No fees, registration, or permission required.","quality_score":85,"human_reviewed":false,"original_url":"https://preferredstock.ai/symbol/BHR-P-D","featured_image":null,"published_at":"2026-09-30T11:25:36.125086+00:00","updated_at":"2026-09-30T11:25:36.125086+00:00","is_demo":false,"attribution":"Via Capital Data Wire. Discovered via Preferred Stock AI.","attribution_html":"Via Capital Data Wire. Discovered via <a href=\"https://preferredstock.ai/symbol/BHR-P-D\">Preferred Stock AI</a>."},"meta":{"demo_data":false}}