SCHEDULE 13D

Braemar Hotels & Resorts Inc

Common Stock, $0.01 par value per share · CUSIP: 10482B101

Event date: 2025-11-11

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Blackwells Capital LLCReported CIK 0001720183

  Shares: 969,500.00 · Class: 1.4%

• Jason Aintabi

  Shares: 3,969,500.00 · Class: 5.8%

• BW Coinvest Management I LLC

  Shares: 3,000,000.00 · Class: 4.4%

• Blackwells Asset Management LLC

  Shares: 3,000,000.00 · Class: 4.4%

• Vandewater Capital Holdings, LLC

  Shares: 3,969,500.00 · Class: 5.8%

• Blackwells Holding Co. LLC

  Shares: 3,969,500.00 · Class: 5.8%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.