BHR Braemar Hotels & Resorts Inc. Common Stock
$2.06
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$2–$3
14% of range
Analyst Rating
HOLD
9 analysts
Price Target
$2
+21% upside
P/E (TTM)
-2.7
ROE
—
Net Profit Margin
—
BHR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.06
Market Cap
—
P/E (TTM)
-2.7
EPS (TTM)
$-1.07
Revenue (TTM)
$704M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$2 – $3
BHR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$704M
2016-12-31
→
2025-12-31
EPS
$-1.07
2016-12-31
→
2025-12-31
Free Cash Flow
—
2022-12-31
→
2022-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BHR
Peer Median
P/E (TTM)
-2.7
43.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BHR
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BHR
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BHR
Peer Median
Revenue YoY
-3.4%
—
Revenue CAGR 3Y
1.7%
—
Revenue CAGR 5Y
25.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BHR
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Dec. 31, 2025 | $0.0500 |
| Sept. 30, 2025 | $0.0500 |
| June 30, 2025 | $0.0500 |
| March 31, 2025 | $0.0500 |
| Dec. 31, 2024 | $0.0500 |
| Sept. 30, 2024 | $0.0500 |
| June 28, 2024 | $0.0500 |
| March 27, 2024 | $0.0500 |
| Dec. 28, 2023 | $0.0500 |
| Sept. 28, 2023 | $0.0500 |
| June 29, 2023 | $0.0500 |
| March 30, 2023 | $0.0500 |
| Dec. 29, 2022 | $0.0500 |
| Sept. 29, 2022 | $0.0100 |
| June 29, 2022 | $0.0100 |
| March 30, 2022 | $0.0100 |
| Dec. 30, 2019 | $0.1600 |
| Sept. 27, 2019 | $0.1584 |
| June 27, 2019 | $0.1584 |
| March 28, 2019 | $0.1584 |
BHR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
9 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 4 44.4%
- Sell 4 44.4%
- Strong Sell 1 11.1%
12-Month Price Target
1 analysts · 2026-08-16
Low
$2.50
High
$2.50
Median target
$2.50
+21.4%
Mean target
$2.50
+21.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.27%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.13 | $-0.44 | 0.57% |
| March 31, 2026 | $0.52 | $-0.16 | 0.68% |
| Dec. 31, 2025 | $-0.63 | $-0.52 | -0.11% |
| Sept. 30, 2025 | $-0.12 | $-0.67 | 0.55% |
| June 30, 2025 | $-0.22 | $-0.37 | 0.15% |
| March 31, 2025 | $-0.04 | $-0.11 | 0.07% |
| Dec. 31, 2024 | $-0.47 | $-0.41 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BHR | — | -2.7 | -3.4% | — | — | — |
| XHR | $1.30B | 22.1 | 3.8% | 5.9% | 5.3% | — |
| RLJ | $1.13B | 745.0 | -1.4% | 2.1% | 1.3% | — |
| SVC | $309M | -1.5 | -4.3% | -11.2% | -30.1% | — |
| INN | $530M | -22.1 | -0.32% | -1.6% | -1.3% | — |
| CLDT | $325M | 48.6 | -7.0% | 5.1% | 2.0% | — |
| AHT | $28M | -0.1 | -5.8% | -16.3% | 34.4% | — |
| HST | $12.19B | 16.1 | 7.6% | 12.5% | 11.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $704M | $728M | $739M | $670M | $428M | $227M | $488M | $431M | $414M | $406M | $350M | $307M | |
| Cost of Revenue | · | · | · | · | · | · | $324M | $273M | $272M | $263M | · | · | |
| SG&A Expense | $12M | $14M | $14M | $18M | $9M | $7M | $5M | $4M | $8M | $14M | $5M | $3M | |
| Operating Expenses | $714M | $688M | $678M | $601M | $427M | $317M | $448M | $381M | $375M | $359M | $304M | $264M | |
| Operating Income | $72M | $129M | $62M | $68M | $1M | $-80M | $64M | $66M | $63M | $74M | $46M | $44M | |
| Interest Income | $6M | $7M | $6M | $3M | $48.0K | $176.0K | $1M | $2M | $690.0K | $167.0K | $34.0K | $27.0K | |
| Pretax Income | $-26M | $21M | $-28M | $23M | $-32M | $-129M | $3M | $5M | $28M | $26M | $-4M | $5M | |
| Income Tax | $2M | $842.0K | $3M | $4M | $1M | $-4M | $2M | $2M | $-522.0K | $2M | $263.0K | $1M | |
| Net Income | $-22M | $-2M | $-27M | $18M | $-27M | $-105M | $371.0K | $1M | $23M | $19M | $-7M | $2M | |
| EPS (Basic) | $-1.07 | $-0.77 | $-1.13 | $-0.15 | $-0.76 | $-3.39 | $-0.32 | $-0.19 | $0.52 | $0.57 | $-0.34 | $0.08 | |
| EPS (Diluted) | $-1.07 | $-0.77 | $-1.13 | $-0.15 | $-0.76 | $-3.39 | $-0.32 | $-0.19 | $0.51 | $0.55 | $-0.34 | $0.07 | |
| Shares (Basic) | 67,621,000 | 66,500,000 | 65,989,000 | 69,687,000 | 52,684,000 | 33,998,000 | 32,289,000 | 31,944,000 | 30,473,000 | 26,648,000 | 25,888,000 | 24,473,000 | |
| Shares (Diluted) | 67,621,000 | 66,500,000 | 65,989,000 | 69,687,000 | 52,684,000 | 33,998,000 | 32,289,000 | 31,944,000 | 34,706,000 | 31,195,000 | 25,888,000 | 33,325,000 | |
| EBITDA | · | · | · | $68M | $1M | $-80M | $64M | · | · | · | $46M | $44M |
Balance Sheet 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $124M | $135M | $86M | $262M | $216M | $79M | $72M | $183M | $138M | $127M | $105M | $171M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Inventory | $5M | $5M | $5M | $5M | $3M | $3M | $3M | $2M | $1M | $1M | $1M | $696.0K | |
| PP&E (Net) | $1.56B | $1.78B | $1.88B | $1.88B | $1.45B | $1.42B | $1.48B | $1.30B | $1.15B | $1.01B | $1.09B | $990M | |
| PP&E (Gross) | $1.90B | $2.25B | $2.38B | $2.33B | $1.85B | $1.78B | $1.79B | $1.56B | $1.40B | $1.26B | $1.32B | $1.18B | |
| Accum. Depreciation | $344M | $474M | $499M | $440M | $399M | $360M | $310M | $263M | $257M | $244M | $224M | $189M | |
| Intangibles | $3M | $3M | $4M | $4M | $4M | $5M | $5M | $28M | $23M | $23M | $23M | $3M | |
| Total Assets | $1.86B | $2.14B | $2.23B | $2.40B | $1.88B | $1.67B | $1.76B | $1.64B | $1.42B | $1.26B | $1.35B | $1.23B | |
| Total Liabilities | $1.34B | $1.41B | $1.41B | $1.57B | $1.36B | $1.28B | $1.25B | $1.09B | $895M | $828M | $896M | $802M | |
| Long-term Debt | $1.10B | $1.21B | $1.16B | $1.33B | $1.17B | $1.13B | $1.06B | $986M | $821M | $765M | $836M | $762M | |
| Common Stock | $682.0K | $665.0K | $666.0K | $699.0K | $653.0K | $382.0K | $329.0K | $325.0K | $321.0K | $260.0K | $285.0K | $245.0K | |
| Paid-in Capital | $706M | $719M | $718M | $734M | $707M | $542M | $520M | $513M | $470M | $402M | $438M | $377M | |
| Retained Earnings | $-569M | $-478M | $-412M | $-325M | $-309M | $-266M | $-151M | $-115M | $-89M | $-93M | $-100M | $-98M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $16M | |
| AOCI | $0 | $-684.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $139M | $241M | $307M | $410M | $399M | $276M | $369M | $397M | $381M | $309M | $339M | $279M | |
| Liabilities + Equity | $1.86B | $2.14B | $2.23B | $2.40B | $1.88B | $1.67B | $1.76B | $1.64B | $1.42B | $1.26B | $1.35B | $1.23B | |
| Shares Outstanding | 68,219,432 | 66,608,000 | 66,636,000 | 69,919,000 | 65,365,470 | 38,274,770 | 32,885,217 | 32,511,660 | 32,120,210 | 26,021,552 | 28,471,775 | 24,464,163 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $93M | $99M | $93M | $78M | $74M | $73M | $70M | $57M | $52M | $46M | $44M | $41M | |
| Stock-based Comp | $-446.0K | $3M | $9M | $11M | $10M | $8M | $8M | $7M | $-1M | $4M | $4M | $2M | |
| Deferred Tax | $1M | $-96.0K | $1M | $51.0K | $-174.0K | $-956.0K | $764.0K | $-807.0K | $615.0K | $1M | $-1M | $-42.0K | |
| Amort. of Intangibles | · | · | · | · | · | · | $651.0K | $194.0K | $180.0K | $314.0K | $199.0K | $89.0K | |
| Operating Cash Flow | $41M | $67M | $85M | $109M | $64M | $-50M | $66M | $71M | $71M | $59M | $9M | $55M | |
| CapEx | · | · | $0 | $354M | $18M | $0 | · | · | · | · | · | · | |
| Investing Cash Flow | $210M | $36M | $-77M | $-402M | $-42M | $-17M | $-226M | $-167M | $-174M | $103M | $-179M | $-213M | |
| Debt Issued | $403M | $234M | $371M | $170M | $83M | $109M | $330M | $575M | $524M | $0 | $152M | $82M | |
| Net Debt Issued | · | · | · | $170M | $83M | $109M | $330M | · | · | · | $152M | $82M | |
| Stock Issued | · | · | $0 | $0 | $102M | $13M | $0 | $0 | $66M | $0 | $3M | $144M | |
| Stock Repurchased | $778.0K | $369.0K | $19M | $7M | $376.0K | $263.0K | $384.0K | $323.0K | $395.0K | $39M | $9M | $15M | |
| Net Stock Activity | · | · | · | $-7M | $102M | $13M | $-384.0K | · | · | · | $-6M | $128M | |
| Dividends Paid | $47M | $52M | $53M | $21M | $9M | $16M | $33M | $30M | $27M | $17M | $12M | $6M | |
| Financing Cash Flow | $-269M | $-84M | $-157M | $345M | $128M | $50M | $32M | $169M | $124M | $-136M | $107M | $186M | |
| Net Change in Cash | $-18M | $19M | $-149M | $52M | $150M | $-17M | $-128M | $73M | · | $22M | $-66M | $28M | |
| Taxes Paid | $616.0K | $-728.0K | $3M | $1M | $-14.0K | $140.0K | $-11.0K | $2M | $803.0K | $380.0K | $2M | $874.0K | |
| Free Cash Flow | · | · | · | $-245M | · | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | 10.2% | 0.34% | -35.2% | 13.2% | · | · | · | 13.2% | 14.2% | |
| Net Margin | · | · | · | 2.6% | -6.2% | -46.4% | 0.08% | · | · | · | -1.9% | 0.63% | |
| Pretax Margin | · | · | · | 3.5% | -7.4% | -56.9% | 0.61% | · | · | · | -1.3% | 1.5% | |
| EBITDA Margin | · | · | · | 10.2% | 0.34% | -35.2% | 13.2% | · | · | · | 13.2% | 14.2% | |
| ROA | · | · | · | 0.83% | -1.5% | -6.1% | 0.02% | · | · | · | -0.52% | 0.18% | |
| ROE | · | · | · | 4.4% | -7.9% | -35.9% | 0.10% | · | · | · | -2.2% | 0.91% | |
| ROIC | · | · | · | 13.8% | 0.38% | -27.9% | 7.0% | · | · | · | 14.4% | 12.0% |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.3 | 0.2 | 0.1 | 0.3 | · | · | · | 0.3 | 0.3 | |
| Inventory Turnover | · | · | · | · | · | · | 139.0 | · | · | · | · | · |
Growth Rates 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -3.4% | -1.5% | 10.4% | 56.6% | 88.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 1.7% | 19.4% | 48.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 25.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 24.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $704M | $728M | $739M | $670M | $428M | $227M | $488M | $431M | $414M | $406M | $350M | $307M | |
| Net Income TTM | $-22M | $-2M | $-27M | $18M | $-27M | $-105M | $371.0K | $1M | $23M | $19M | $-7M | $2M | |
| Market Cap | · | · | · | $287M | $333M | $176M | $294M | · | · | · | $409M | $416M | |
| P/E | -2.7 | -3.9 | -2.2 | -27.4 | -6.7 | -1.4 | -27.9 | -46.5 | 18.9 | 24.6 | -42.2 | 242.7 | |
| P/S | · | · | · | 0.4 | 0.8 | 0.8 | 0.6 | · | · | · | 1.2 | 1.4 | |
| P/B | · | · | · | 0.7 | 0.8 | 0.6 | 0.8 | · | · | · | 1.2 | 1.5 | |
| P / Tangible Book | 1.4 | 0.8 | 0.5 | 0.7 | 0.8 | 0.6 | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | 2.6 | 5.2 | -3.5 | 4.4 | · | · | · | 43.5 | 7.6 | |
| P / FCF | · | · | · | -1.2 | · | · | · | · | · | · | · | · | |
| Dividend Yield | · | · | · | 7.2% | 2.7% | 9.2% | 11.4% | · | · | · | 2.9% | 1.5% | |
| Earnings Yield | -37.3% | -25.7% | -45.2% | -3.6% | -14.9% | -73.5% | -3.6% | -2.1% | 5.3% | 4.1% | -2.4% | 0.41% | |
| Payout Ratio | · | · | · | 116.9% | -34.1% | -15.3% | 9005.1% | · | · | · | -176.1% | 330.2% | |
| Annual Payout | $47M | $52M | $53M | $21M | $9M | $16M | $33M | $30M | $27M | $17M | $12M | $6M |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $171M | $209M | $166M | $144M | $179M | $216M | $173M | $148M | $188M | $219M | $178M | $160M | $187M | $215M | $172M | $161M | |
| SG&A Expense | · | $5M | · | · | · | $3M | · | · | · | · | $4M | $3M | $4M | $3M | $4M | $8M | |
| Operating Expenses | $158M | $169M | $219M | $155M | $161M | $179M | $170M | $166M | $175M | $177M | $172M | $159M | $169M | $178M | $160M | $158M | |
| Operating Income | $31M | $40M | $-12M | $30M | $18M | $37M | $4M | $70M | $12M | $42M | $6M | $651.0K | $17M | $38M | $12M | $3M | |
| Interest Income | $774.0K | $810.0K | $1M | $1M | $2M | $2M | $3M | $3M | $1M | $796.0K | $1M | $986.0K | $2M | $2M | $2M | $745.0K | |
| Pretax Income | $9M | $19M | $-35M | $4M | $-7M | $12M | $-21M | $39M | $-14M | $17M | $-20M | $-24M | $-3M | $19M | $-4M | $-8M | |
| Income Tax | $2M | $1M | $2M | $-648.0K | $-345.0K | $1M | $368.0K | $-864.0K | $-114.0K | $1M | $2M | $-1M | $-75.0K | $2M | $260.0K | $95.0K | |
| Net Income | $7M | $18M | $-34M | $6M | $-5M | $11M | $-19M | $13M | $-12M | $16M | $-19M | $-22M | $-2M | $16M | $-3M | $-8M | |
| EPS (Basic) | $-0.01 | $0.07 | $-0.67 | $-0.12 | $-0.24 | $-0.04 | $-0.47 | $-0.02 | $-0.33 | $0.05 | $-0.48 | $-0.50 | $-0.20 | $0.05 | $-0.22 | $-0.24 | |
| EPS (Diluted) | $-0.01 | $0.07 | $-0.67 | $-0.12 | $-0.24 | $-0.04 | $-0.47 | $-0.02 | $-0.33 | $0.05 | $-0.48 | $-0.50 | $-0.20 | $0.05 | $-0.18 | $-0.24 | |
| Shares (Basic) | 68,679,000 | 68,432,000 | -134,621,000 | 68,219,000 | 67,279,000 | 66,744,000 | -132,978,000 | 66,522,000 | 66,501,000 | 66,455,000 | -132,140,000 | 65,825,000 | 65,806,000 | 66,498,000 | -137,887,000 | 70,956,000 | |
| Shares (Diluted) | 68,679,000 | 100,289,000 | -134,621,000 | 68,219,000 | 67,279,000 | 66,744,000 | -335,039,000 | 66,522,000 | 66,501,000 | 268,516,000 | -138,120,000 | 65,825,000 | 65,806,000 | 72,478,000 | -198,833,000 | 70,956,000 | |
| EBITDA | $31M | $40M | · | $30M | $18M | $37M | · | $70M | $12M | $42M | · | $651.0K | $17M | $38M | · | $3M |
Balance Sheet 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $94M | $93M | $124M | $116M | $80M | $82M | $135M | $169M | $115M | $137M | $86M | $149M | $128M | $281M | $262M | $359M | |
| Inventory | $3M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | |
| PP&E (Net) | $1.10B | $1.54B | $1.56B | $1.68B | $1.78B | $1.77B | $1.78B | $1.79B | $1.80B | $1.88B | · | $1.88B | $1.89B | $1.88B | · | $1.62B | |
| PP&E (Gross) | $1.40B | $1.91B | $1.90B | $2.13B | $2.27B | $2.26B | $2.25B | $2.27B | $2.27B | $2.39B | · | $2.37B | $2.36B | $2.34B | · | $2.06B | |
| Accum. Depreciation | $305M | $362M | $344M | $447M | $495M | $488M | $474M | $481M | $470M | $512M | · | $483M | $470M | $455M | · | $431M | |
| Intangibles | $0 | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $4M | $4M | $4M | · | $4M | |
| Total Assets | $1.66B | $1.85B | $1.86B | $2.01B | $2.06B | $2.10B | $2.14B | $2.18B | $2.21B | $2.28B | · | $2.27B | $2.26B | $2.41B | · | $2.21B | |
| Total Liabilities | $1.18B | $1.35B | $1.34B | $1.37B | $1.40B | $1.40B | $1.41B | $1.41B | $1.43B | $1.47B | · | $1.42B | $1.37B | $1.50B | · | $1.46B | |
| Long-term Debt | $746M | $1.11B | $1.10B | $1.16B | $1.21B | $1.20B | $1.21B | $1.21B | $1.13B | $1.22B | · | $1.18B | $1.14B | $1.28B | · | $1.24B | |
| Common Stock | $687.0K | $687.0K | $682.0K | $682.0K | $682.0K | $669.0K | $665.0K | $665.0K | $665.0K | $664.0K | · | $659.0K | $659.0K | $659.0K | · | $714.0K | |
| Paid-in Capital | $708M | $708M | $706M | $727M | $727M | $721M | $719M | $719M | $719M | $719M | · | $718M | $717M | $716M | · | $739M | |
| Retained Earnings | $-562M | $-562M | $-569M | $-516M | $-502M | $-483M | $-478M | $-442M | $-437M | $-412M | · | $-378M | $-341M | $-325M | · | $-308M | |
| AOCI | · | · | $0 | $-2.0K | $-135.0K | $95.0K | $-684.0K | $-723.0K | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $147M | $147M | $139M | $212M | $225M | $239M | $241M | $277M | $282M | $307M | · | $341M | $376M | $392M | · | $432M | |
| Liabilities + Equity | $1.66B | $1.85B | $1.86B | $2.01B | $2.06B | $2.10B | $2.14B | $2.18B | $2.21B | $2.28B | · | $2.27B | $2.26B | $2.41B | · | $2.21B | |
| Shares Outstanding | 68,679,318 | 68,679,318 | 68,219,432 | 68,219,432 | 68,219,432 | 67,046,523 | 66,607,823 | 66,522,206 | 66,522,206 | 66,477,431 | 66,636,000 | 65,993,893 | 65,993,893 | 65,949,691 | · | 71,456,351 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $21M | $23M | $23M | $23M | $23M | $23M | $24M | $25M | $25M | $25M | $25M | $23M | $23M | $23M | $21M | $20M | |
| Stock-based Comp | $0 | $0 | $-426.0K | $75.0K | $-47.0K | $-48.0K | $-78.0K | $427.0K | $1M | $1M | $2M | $2M | $3M | $2M | $2M | $3M | |
| Operating Cash Flow | $21M | $22M | $8M | $-6M | $23M | $15M | $7M | $9.0K | $24M | $36M | $12M | $11M | $20M | $42M | $5M | $24M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $0 | |
| Investing Cash Flow | $164M | $-12M | $103M | $118M | $3M | $-14M | $-17M | $91M | $-16M | $-23M | $-21M | $-19M | $-17M | $-19M | $-279M | $-17M | |
| Debt Issued | $0 | $0 | $0 | $40M | $0 | $363M | $0 | $172M | $0 | $62M | $135M | $236M | $0 | $0 | $100M | $0 | |
| Net Debt Issued | · | $0 | · | · | · | $363M | · | · | · | $62M | · | · | · | $0 | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | $0 | |
| Stock Repurchased | · | · | $0 | $727.0K | · | · | $0 | $0 | $369.0K | $0 | $-1.0K | $2.0K | $354.0K | $19M | $6M | $760.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-19M | · | · | |
| Dividends Paid | $7M | $11M | $11M | $12M | $12M | $12M | $13M | $13M | $13M | $13M | $13M | $13M | $14M | $13M | $8M | $6M | |
| Financing Cash Flow | $-182M | $-28M | $-109M | $-84M | $-26M | $-50M | $-22M | $-55M | $-47M | $40M | $-31M | $24M | $-155M | $5M | $176M | $106M | |
| Net Change in Cash | $3M | $-18M | $3M | $28M | $-546.0K | $-49M | $-32M | $36M | $-38M | $53M | $-40M | $15M | $-153M | $29M | $-97M | $114M | |
| Taxes Paid | $495.0K | $-178.0K | $1.0K | $152.0K | $583.0K | $-120.0K | $-1M | $233.0K | $302.0K | $-183.0K | $295.0K | $209.0K | $3M | $0 | $30.0K | $2M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $42M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.9% | 19.0% | · | 20.8% | 10.0% | 17.0% | · | 47.4% | 6.5% | 19.4% | · | 0.41% | 9.3% | 17.6% | · | 1.9% | |
| Net Margin | 4.1% | 8.5% | · | 4.0% | -3.0% | 5.1% | · | 8.5% | -6.2% | 7.3% | · | -13.8% | -0.99% | 7.4% | · | -5.0% | |
| Pretax Margin | 5.5% | 9.3% | · | 2.8% | -4.0% | 5.6% | · | 26.3% | -7.4% | 7.7% | · | -14.9% | -1.7% | 8.8% | · | -5.1% | |
| EBITDA Margin | 17.9% | 19.0% | · | 20.8% | 10.0% | 17.0% | · | 47.4% | 6.5% | 19.4% | · | 0.41% | 9.3% | 17.6% | · | 1.9% | |
| ROA | 0.38% | 0.90% | · | 0.27% | -0.26% | 0.50% | · | 0.57% | -0.52% | 0.68% | · | -0.98% | -0.08% | 0.72% | · | -0.40% | |
| ROE | 3.8% | 9.2% | · | 2.4% | -2.1% | 4.0% | · | 4.1% | -3.5% | 4.6% | · | -5.7% | -0.45% | 3.9% | · | -1.9% | |
| ROIC | 15.3% | 25.0% | · | 16.3% | 7.6% | 13.5% | · | 26.0% | 4.3% | 12.6% | · | 0.18% | 4.5% | 8.5% | · | 0.73% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $703M | $747M | · | $687M | $731M | $771M | · | $715M | $753M | $781M | · | $723M | $738M | $713M | · | $614M | |
| Net Income TTM | $25M | $29M | · | $24M | $7M | $28M | · | $-5M | $-20M | $8M | · | $-16M | $21M | $37M | · | $14M | |
| Market Cap | $148M | $162M | · | $186M | $167M | $167M | · | $206M | $170M | $133M | · | $183M | $265M | $255M | · | $307M | |
| P/E | -7.2 | -7.2 | · | -6.5 | -3.9 | -7.3 | · | -3.9 | -2.6 | -3.3 | · | -3.1 | -14.9 | 48.2 | · | -35.8 | |
| P/S | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | |
| P/B | 1.0 | 1.1 | · | 0.9 | 0.7 | 0.7 | · | 0.7 | 0.6 | 0.4 | · | 0.5 | 0.7 | 0.7 | · | 0.7 | |
| P / Tangible Book | 1.0 | 1.1 | · | 0.9 | 0.8 | 0.7 | · | 0.8 | 0.6 | 0.4 | · | 0.5 | 0.7 | 0.7 | · | 0.7 | |
| P / Cash Flow | · | 7.4 | · | · | · | 11.0 | · | · | · | 3.7 | · | · | · | 6.0 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | 6.0 | · | · | |
| Earnings Yield | -13.9% | -14.0% | · | -15.4% | -25.7% | -13.7% | · | -25.9% | -38.4% | -30.0% | · | -32.1% | -6.7% | 2.1% | · | -2.8% | |
| Payout Ratio | · | 62.9% | · | · | · | 111.0% | · | · | · | 82.4% | · | · | · | 78.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $704M | $728M | $739M | $670M | $428M |
| Operating Margin % | — | — | — | 10.2% | 0.34% |
| Net Income | $-22M | $-2M | $-27M | $18M | $-27M |
| Diluted EPS | $-1.07 | $-0.77 | $-1.13 | $-0.15 | $-0.76 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $-245M | — |
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Institutional owners (13F) 138 filers · $50.1M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 21 (-1 vs prior Q) | 20 (+3 vs prior Q) | 46 (+2 vs prior Q) | 33 (-4 vs prior Q) | -1.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $8,798,691 | 3,065,746 | 17.58% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,912,235 | 2,737,146 | 11.81% | Shares |
| ZAZOVE ASSOCIATES LLC | $4,788,839 | 2,217,055 | 9.57% | Shares |
| STATE STREET CORP | $2,835,380 | 1,312,676 | 5.66% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,777,881 | 1,285,659 | 5.55% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $2,468,817 | 1,142,971 | 4.93% | Shares |
| LANDMARK INVESTMENT PARTNERS, L.P. | $1,987,655 | 988,883 | 3.97% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,526,040 | 706,500 | 3.05% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,086,324 | 502,928 | 2.17% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,036,800 | 480,000 | 2.07% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $941,371 | 435,820 | 1.88% | Shares |
| IRONWOOD INVESTMENT MANAGEMENT LLC | $931,919 | 431,444 | 1.86% | Shares |
| D. E. Shaw & Co., Inc. | $916,514 | 424,312 | 1.83% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $878,690 | 406,801 | 1.76% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $862,546 | 399,327 | 1.72% | Shares |
| PRUDENTIAL FINANCIAL INC | $613,237 | 283,906 | 1.22% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $560,639 | 259,555 | 1.12% | Shares |
| Catalyst Funds Management Pty Ltd | $537,797 | 248,980 | 1.07% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $431,691 | 199,857 | 0.86% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $425,502 | 196,992 | 0.85% | Shares |
| Worth Venture Partners, LLC | $410,832 | 190,200 | 0.82% | Shares |
| CastleKnight Management LP | $405,907 | 187,920 | 0.81% | Shares |
| Simplify Asset Management Inc. | $395,280 | 183,000 | 0.79% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $380,648 | 176,226 | 0.76% | Shares |
| Rangeley Capital, LLC | $351,145 | 162,567 | 0.70% | Shares |
| PFG Investments, LLC | $320,336 | 148,304 | 0.64% | Shares |
| State of New Jersey Common Pension Fund D | $319,669 | 147,995 | 0.64% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $311,543 | 144,233 | 0.62% | Shares |
| BARCLAYS PLC | $302,212 | 139,913 | 0.60% | Shares |
| CITADEL ADVISORS LLC | $289,172 | 133,876 | 0.58% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $288,807 | 133,707 | 0.58% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $283,824 | 131,400 | 0.57% | Shares |
| Point72 Asset Management, L.P. | $254,029 | 117,606 | 0.51% | Shares |
| ALLIANCEBERNSTEIN L.P. | $228,802 | 96,950 | 0.46% | Shares |
| HSBC HOLDINGS PLC | $228,416 | 107,490 | 0.46% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $227,260 | 105,213 | 0.45% | Shares |
| Orvieto Partners, L.P. | $214,661 | 99,380 | 0.43% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $214,253 | 99,191 | 0.43% | Shares |
| BlackRock, Inc. | $195,223 | 90,381 | 0.39% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $192,456 | 89,100 | 0.38% | Shares |
| AMERIPRISE FINANCIAL INC | $172,558 | 79,888 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $171,409 | 79,356 | 0.34% | Shares |
| Asset Management One Co., Ltd. | $171,194 | 72,540 | 0.34% | Shares |
| RHUMBLINE ADVISERS | $169,371 | 78,416 | 0.34% | Shares |
| MORGAN STANLEY | $158,103 | 73,196 | 0.32% | Shares |
| NOESIS CAPITAL MANGEMENT CORP | $151,200 | 70,000 | 0.30% | Shares |
| Sowell Financial Services LLC | $150,982 | 69,899 | 0.30% | Shares |
| ALGERT GLOBAL LLC | $144,644 | 66,965 | 0.29% | Shares |
| GOLDMAN SACHS GROUP INC | $122,468 | 56,698 | 0.24% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $118,333 | 54,784 | 0.24% | Shares |
| WELLS FARGO & COMPANY/MN | $106,743 | 49,418 | 0.21% | Shares |
| Bank of New York Mellon Corp | $105,544 | 48,863 | 0.21% | Shares |
| GatePass Capital, LLC | $103,680 | 48,000 | 0.21% | Shares |
| DEUTSCHE BANK AG\ | $103,566 | 47,947 | 0.21% | Shares |
| CITIGROUP INC | $98,716 | 45,702 | 0.20% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $98,390 | 45,551 | 0.20% | Shares |
| FJ Capital Management LLC | $97,019 | 44,916 | 0.19% | Shares |
| Cubist Systematic Strategies, LLC | $90,027 | 32,977 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $69,768 | 32,300 | 0.14% | Put option |
| WMS Partners, LLC | $69,762 | 23,254 | 0.14% | Shares |
| Russell Investments Group, Ltd. | $66,283 | 30,687 | 0.13% | Shares |
| LPL Financial LLC | $62,675 | 29,016 | 0.13% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $58,704 | 27,178 | 0.12% | Shares |
| NJ State Employees Deferred Compensation Plan | $58,149 | 21,300 | 0.12% | Shares |
| Sessa Capital IM, L.P. | $56,054 | 25,951 | 0.11% | Shares |
| IEQ CAPITAL, LLC | $54,432 | 25,200 | 0.11% | Shares |
| Invesco Ltd. | $50,939 | 23,583 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $50,913 | 23,571 | 0.10% | Shares |
| HB Wealth Management, LLC | $49,082 | 22,723 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $47,777 | 22,119 | 0.10% | Shares |
| JBF Capital, Inc. | $47,222 | 21,862 | 0.09% | Shares |
| Resona Asset Management Co.,Ltd. | $47,215 | 23,869 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $46,449 | 21,504 | 0.09% | Shares |
| Daiwa Securities Group Inc. | $44,248 | 20,485 | 0.09% | Shares |
| Quinn Opportunity Partners LLC | $43,200 | 20,000 | 0.09% | Shares |
| TWO SIGMA ADVISERS, LP | $41,853 | 14,583 | 0.08% | Shares |
| NEUBERGER BERMAN GROUP LLC | $40,511 | 18,755 | 0.08% | Shares |
| Police & Firemen's Retirement System of New Jersey | $39,636 | 18,350 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $38,768 | 17,948 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $37,638 | 17,425 | 0.08% | Shares |
| Mariner, LLC | $35,264 | 16,326 | 0.07% | Shares |
| MARSHALL WACE, LLP | $33,460 | 15,491 | 0.07% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $30,180 | 13,972 | 0.06% | Shares |
| UBS Group AG | $29,328 | 13,578 | 0.06% | Shares |
| STRS OHIO | $27,432 | 12,700 | 0.05% | Shares |
| Beverly Hills Private Wealth, LLC | $24,043 | 11,131 | 0.05% | Shares |
| TWO SIGMA INVESTMENTS, LP | $23,723 | 10,983 | 0.05% | Shares |
| NORTHERN TRUST CORP | $20,673 | 9,571 | 0.04% | Shares |
| Tower Research Capital LLC (TRC) | $20,604 | 9,539 | 0.04% | Shares |
| Nuveen Asset Management, LLC | $20,313 | 6,771 | 0.04% | Shares |
| Cerity Partners LLC | $18,125 | 8,391 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $17,926 | 8,299 | 0.04% | Shares |
| SIMPLEX TRADING, LLC | $16,504 | 7,641 | 0.03% | Shares |
| CWM, LLC | $16,459 | 6,974 | 0.03% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $15,036 | 6,961 | 0.03% | Shares |
| Legal & General Group Plc | $14,755 | 6,847 | 0.03% | Shares |
| Nuveen, LLC | $14,625 | 6,771 | 0.03% | Shares |
| FMR LLC | $13,848 | 6,411 | 0.03% | Shares |
| Ameritas Investment Partners, Inc. | $11,208 | 5,189 | 0.02% | Shares |
| Arax Advisory Partners | $8,191 | 3,792 | 0.02% | Shares |
Company insiders 29 insiders · 10 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Richard J Stockton | CEO and President | Feb. 24, 2026 D | 16,152 | 2 | 0 | $125,733 |
| Deric S Eubanks | CFO and Treasurer | Feb. 24, 2026 D | 289,999 | 0 | 0 | $0 |
| David J Kimichik | CFO and Treasurer | April 7, 2014 A | — | 0 | 0 | $0 |
| Jeremy Welter | Chief Operating Officer | July 15, 2022 M | 452,249 | 0 | 0 | $0 |
| David A Brooks | COO, General Counsel and Sec. | March 14, 2018 A | 165,626 | 0 | 0 | $0 |
| Justin Coe | Chief Accounting Officer | June 13, 2025 D | 9,066 | 0 | 0 | $0 |
| Alex Rose | Exec. VP, GC and Secretary | Feb. 26, 2025 M | 61,373 | 0 | 0 | $0 |
| Mark Nunneley | Former Chief Accounting Officer | March 6, 2024 M | 434,822 | 0 | 0 | $0 |
| Robert G. Haiman | Exec VP, GC and Secretary | May 11, 2021 A | 118,134 | 0 | 0 | $0 |
| Robison J Hays III | Chief Strategy Officer | March 11, 2020 A | 39,921 | 0 | 0 | $0 |
| Montgomery J Bennett | Director | Feb. 24, 2026 J | 123,477 | 0 | 0 | $0 |
| Stefani D Carter | Director | June 18, 2025 D | 62,833 | 0 | 0 | $0 |
| Kellie Sirna | Director | June 13, 2025 D | 1,799 | 0 | 0 | $0 |
| Mary Candace Evans | Director | June 13, 2025 D | 36,099 | 0 | 0 | $0 |
| Rebeca M Johnson | Director | June 13, 2025 D | 29,850 | 0 | 0 | $0 |
| Matthew D Rinaldi | Director | May 8, 2025 S | 0 | 0 | 0 | $0 |
| Rebecca Musser | Director | Dec. 30, 2024 A | 5,561 | 0 | 0 | $0 |
| Jay H Shah | Director | Dec. 23, 2024 A | — | 0 | 0 | $0 |
| Abteen Vaziri | Director | Nov. 13, 2024 S | 10,230 | 0 | 0 | $0 |
| Kenneth Hopkins Fearn Jr. | Director | May 15, 2024 A | 85,551 | 0 | 0 | $0 |
| Curtis B Mcwilliams | Director | May 11, 2021 A | 50,608 | 0 | 0 | $0 |
| Darrouzet Sarah Zubiate | Director | June 12, 2017 A | 267 | 0 | 0 | $0 |
| Lawrence A Cunningham | Director | June 12, 2017 A | 4,000 | 0 | 0 | $0 |
| Daniel B. Silvers | Director | June 12, 2017 A | 4,000 | 0 | 0 | $0 |
| Andrew L Strong | Director | June 10, 2016 A | 12,800 | 0 | 0 | $0 |
| Michael W Murphy | Director | June 10, 2016 A | 20,928 | 0 | 0 | $0 |
| ASHFORD HOSPITALITY LP | 10% owner | July 27, 2015 J | 0 | 0 | 0 | $0 |
| Douglas A Kessler | — | April 27, 2017 A | 122,575 | 0 | 0 | $0 |
| Ashford TRS Corp | — | Nov. 8, 2013 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 13 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Al Shams Investments LTD, Wafic Rida Said ×8 filings | July 23, 2026 | 9.55% | Amendment | — | SEC |
| Ghassemieh Babak, Fred Ghassemieh, Alex Ghassemieh, Fataneh Ghassemieh, Ali Afshari, Mahyar Amirsaleh, Lillian Ghassemieh, Kambiz Ghassemieh, Mahvash Ehsani, Jennifer Gareis, Christina Matthias, Eric Ghassemieh, Gavin Ghassemieh, Sophia Ghassemieh, Lewis Stanton, Farhad Ghassemieh, Cyrus Amirsaleh, Fred Ghassemieh Children's Trust, Feridoon Ghassemieh Descendant's Trust, Trust FBO Feridoon Ghassemieh, Trust FBO Alex Ghassemieh, Bob Ghassemieh 2021 Children's Trust, Lillian Ghassemieh 2021 Children's Trust, Trust FBO Firouzeh Ghassemieh, Alpine Lake Partners, LP, BL PCH LLC, Pacific SHG Ventures, LLC, Morning View Hotels BH I, LLC, Palm Lake GP, LLC ×4 filings | March 17, 2026 | 3.60% | Amendment | — | SEC |
| Blackwells Capital LLC, Jason Aintabi, BW Coinvest Management I LLC, Blackwells Asset Management LLC, Vandewater Capital Holdings, LLC, Blackwells Holding Co. LLC ×2 filings | Dec. 23, 2025 | 6.90% | Amendment | — | SEC |
| Al Shams Investments Limited, Wafic Rida Said ×14 filings | Nov. 12, 2024 | — | Initial filing | Passive investment | SEC |
| Monty J. Bennett ×2 filings | Feb. 27, 2023 | — | Initial filing | — | SEC |
| Auto Services Company, Inc., ASC Holding Company, Inc., Bradley L. Hasselwander ×2 filings | June 24, 2020 | — | Initial filing | — | SEC |
| Braemar Hotels & Resorts Inc., Braemar Hospitality Limited Partnership, Braemar OP General Partner LLC, Ashford TRS Yountville LLC ×4 filings | Nov. 18, 2019 | — | Initial filing | — | SEC |
| Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John Petry ×18 filings | Oct. 3, 2018 | — | Initial filing | — | SEC |
| Raging Capital Management, LLC, William C. Martin ×3 filings | March 6, 2017 | — | Initial filing | — | SEC |
| Weisman Group LLC, Weisman Capital Group LLC, Lyle Weisman, Daniel Weisman, Joseph Malka, 186 Lenox LLC (formerly known as AHP Holdings LLC), Joel Aaronson ×6 filings | March 6, 2017 | — | Initial filing | — | SEC |
| Ashford Hospitality Prime Limited Partnership, Ashford Prime OP General Partner LLC, Ashford Hospitality Prime, Inc. | Aug. 10, 2015 | — | Initial filing | Passive investment | SEC |
| Ashford Hospitality Limited Partnership, Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC | Dec. 4, 2013 | — | Initial filing | Passive investment | SEC |
| Montgomery J. Bennett | Dec. 4, 2013 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 23 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SCAP · Series Portfolios Trust | 3.13% | 259,555 NS | May 31, 2026 | N-PORT |
| RDOG · ALPS ETF Trust | 1.97% | 89,446 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.00% | 422,891 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.01% | 79,567 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.01% | 96,608 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.00% | 24,970 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 2,597 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 2,030 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,048 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,919 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 52 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PFF · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 20, 2026 | Daily |
| USRT · iShares Trust | — | — | Aug. 13, 2026 | Daily |