SCHEDULE 13G/A

BRAEMAR HOTELS & RESORTS INC.

5.50% Series B Cumulative Convertible Preferred Stock · CUSIP: 10482B200

Event date: 2025-12-31

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

• Infrastructure Capital Advisors, LLC

  Shares: 0.00 · Class: 0%

• Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I

  Shares: 543,025.00 · Class: 17.64%

• Jay Hatfield

  Shares: 0.00 · Class: 0%

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