Company: BHR-PD
Filing Date: 2025-12-08
Form Type: DEFA14A
Source: 0001104659-25-119017
Chunk: 2

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-12-08
Form: DEFA14A
Chunk 2
---
 the fiscal year ended December 31, 2024 are available at
www.bhrreit.com by clicking the "INVESTOR" tab, then the "FINANCIALS & SEC FILINGS" tab and then the
"Annual Meeting Material" link.

<div align='center'>SUPPLEMENTAL DISCLOSURE

TO DEFINITIVE PROXY STATEMENT</div>

Pursuant to the Company’s
Bylaws, the deadline to provide notice of any nominations of individuals for election to the Board was June 2, 2025. On October 17, 2025,
Brancous, LP1 (“”) sent a letter (the “”) purporting to provide notice of
its intention to nominate candidates for election to the Company’s Board of Directors. After reviewing the Brancous Notice, and
consulting with the Company’s outside counsel, the Board’s Nominating and Governance Committee unanimously rejected, and recommended
that the Board reject, the Brancous Notice, because the Brancous Notice was not timely and otherwise failed to comply with the advance
notice provisions under the Company's Bylaws and, as a result, Brancous’ purported nominations were invalid. The Board, based on
the recommendation of the Nominating and Governance Committee and the identified deficiencies of the Brancous Notice, also determined
to reject the Brancous Notice. On October 30, 2025, the Company’s outside counsel wrote to Brancous to advise that the Brancous
Notice was invalid.

On December 3, 2025,
Brancous filed a complaint in the United States District Court for the District of Maryland (the “”),
alleging breach of fiduciary duties and violations of federal securities laws in connection with the Board’s determination to reject
the Brancous Notice, and seeking, among other relief, injunctive relief enjoining the 2025 Annual Meeting, voiding all votes cast for
incumbent Board members, and re-setting the 2025 Annual Meeting to allow shareholders to cast votes in favor of Brancous nominees. On
December 5, 2025, Brancous filed a Motion for Temporary Restraining Order and Preliminary Injunction (the “”),
seeking, among other relief, to enjoin the 2025 Annual Meeting and declare void all votes cast to date. The District Court has scheduled
a hearing on the Motion for December 11, 2025. The Company believes