Braemar Hotels & Resorts ... (BHR)

The total Delta Exposure (DEX) for BHR across all expirations shows 854.92 net shares that market makers must hedge, with 1,365.55 from calls and 510.63 from puts. The put-call delta ratio of 0.37 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 16, 26 with 733.88 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.