In our view, continued public escalation by Brancous at this stage does not serve the interests of Braemar’s shareholders, and we do not believe it reflects the views of the Company’s shareholder base as a whole. The transition to self-management is underway, asset sales intended to fund the separation from Ashford Inc. are progressing, and a reconstituted, independent Board is being assembled. We believe the more constructive path for all shareholders, including Brancous, is to allow this process to conclude, and to assess whether further steps, including a proposed special dividend, are warranted once momentum can be evaluated.