# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001213900-25-125506
**Filing Date:** 2025-12
**Character Count:** 25253
**Document Hash:** 590f95b3995fe1d505b7052c3617f07f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-125506.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001213900-25-125506

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braemar Hotels & Resorts Inc.
- **CENTRAL INDEX KEY:** 0001574085
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 462488594
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87737
- **FILM NUMBER:** 251602029

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** (972) 490-9600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ashford Hospitality Prime, Inc.
- **DATE OF NAME CHANGE:** 20130410
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackwells Capital LLC
- **CENTRAL INDEX KEY:** 0001720183

**ORGANIZATION NAME:**
- **EIN:** 815196117
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 800 THIRD AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-792-6096

**MAIL ADDRESS:**
- **STREET 1:** 800 THIRD AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Exhibit 99.2

**Exhibit 99.2**

**<u>Blackwells Capital LLC</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Transaction Type | &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Date | &nbsp;&nbsp;Quantity | &nbsp;&nbsp;Price Per Share or Contract |
| &nbsp;&nbsp;Sale | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;$2.91 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Call Option (Exercise Price $2.50, Expiration December 19, 2025) | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;(590) contracts<br> relating to<br> (59000) shares | &nbsp;&nbsp;$0.40 |
| &nbsp;&nbsp;Exercise of Call Options | &nbsp;&nbsp;Call Option (Exercise Price $2.50, Expiration December 19, 2025) | &nbsp;&nbsp;12/1/2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$2.50 |
| &nbsp;&nbsp;Exercise of Call Options | &nbsp;&nbsp;Call Option (Exercise Price $2.50, Expiration December 19, 2025) | &nbsp;&nbsp;12/3/2025 | &nbsp;&nbsp;565000 | &nbsp;&nbsp;$2.50 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/3/2025 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;$2.69 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/5/2025 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.72 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$2.55 |
| &nbsp;&nbsp;Sale | &nbsp;&nbsp;Put Option (Exercise Price $2.50, Expiration January 16, 2026) | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;(1000) contracts<br> relating to<br> (100000) shares | &nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;$2.83 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/22/2025 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.90 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/23/2025 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$2.86 |

---

The price reported in the "Price Per Share or Contract" column above excludes commissions and fees and reflects the weighted average purchase price on a per share basis.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Braemar Hotels & Resorts Inc.**

*(Name of Issuer)*

**Common Stock, $0.01 par value per share**

*(Title of Class of Securities)*

**10482B101**

*(CUSIP Number)*

**Blackwells Capital LLC**<br>Attention: Jason Aintabi<br>400 Park Avenue, 4th Floor<br>New York NY 10022<br>(212) 792-6096

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/23/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Blackwells Capital LLC** | Name of reporting person<br>**Blackwells Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1735000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1735000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1735000.00** | Aggregate amount beneficially owned by each reporting person<br>**1735000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.5%** | Percent of class represented by amount in Row (11)<br>**2.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer (as defined below) outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on November 7, 2025.

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Jason Aintabi** | Name of reporting person<br>**Jason Aintabi** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4735000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4735000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 7, 2025.

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BW Coinvest Management I LLC** | Name of reporting person<br>**BW Coinvest Management I LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3000000.00** | Aggregate amount beneficially owned by each reporting person<br>**3000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.4%** | Percent of class represented by amount in Row (11)<br>**4.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 7, 2025.

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Blackwells Asset Management LLC** | Name of reporting person<br>**Blackwells Asset Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3000000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3000000.00** | Aggregate amount beneficially owned by each reporting person<br>**3000000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.4%** | Percent of class represented by amount in Row (11)<br>**4.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 7, 2025.

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Vandewater Capital Holdings, LLC** | Name of reporting person<br>**Vandewater Capital Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4735000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4735000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 7, 2025.

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Blackwells Holding Co. LLC** | Name of reporting person<br>**Blackwells Holding Co. LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4735000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4735000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | Aggregate amount beneficially owned by each reporting person<br>**4735000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class represented by amount in Row (11) is based on 68,219,432 shares of the Common Stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 7, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 par value per share

**(b) Name of Issuer:**
Braemar Hotels & Resorts Inc.

**(c) Address of Issuer's Principal Executive Offices:**
14185 Dallas Parkway, Suite 1200, Dallas, TX, 75254

The following constitutes Amendment No. 1 to ("Amendment No. 1") to the Schedule 13D originally filed with the SEC on November 18, 2025 (the "Schedule 13D"). This Amendment No. 1 amends and supplements the Schedule 13D as specifically set forth herein. Except as set forth herein, the Schedule 13D is unmodified. All capitalized terms contained herein, but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

**Item 4. Purpose of Transaction**

No amendment to this Item is being made.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The fourth, fifth, sixth and seventh paragraphs of Item 5(a) of the Schedule 13D are hereby superseded by the following paragraphs:

As of the date hereof, Blackwells Capital beneficially owned 1,735,000 Shares, constituting approximately 2.5% of the Shares outstanding.

As of the date hereof, Blackwells Holding Co. beneficially owned 4,735,000 Shares, constituting approximately 6.9% of the Shares outstanding, consisting of (i) 1,735,000 Shares beneficially owned directly by Blackwells Capital, which Blackwells Holding Co., as the sole member of Blackwells Capital, may be deemed to beneficially own, and (ii) the 3,000,000 Shares beneficially owned in the aggregate by Blackwells Asset Management, which Blackwells Holding Co., as the sole member of Blackwells Asset Management, may be deemed to beneficially own.

As of the date hereof, Vandewater beneficially owned 4,735,000 Shares, constituting approximately 6.9% of the Shares outstanding, consisting of 4,735,000 Shares beneficially owned in the aggregate by Blackwells Holding Co., which Vandewater, as the sole member of Blackwells Holding Co., may be deemed to beneficially own.

As of the date hereof, Mr. Aintabi beneficially owned 4,735,000 Shares, constituting approximately 6.9% of the Shares outstanding, consisting of 4,735,000 Shares, which Mr. Aintabi, as owner and managing partner of Vandewater, may be deemed to beneficially own.

**(b)**
Blackwells Capital
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 1,735,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,735,000

Mr. Aintabi
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 4,735,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 4,735,000

BW Coinvest
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,000,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,000,000

Blackwells Asset Management
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,000,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,000,000

Vandewater
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 4,735,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 4,735,000

Blackwells Holding Co.
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 4,735,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 4,735,000

**(c)**
Exhibit 99.2 sets forth all transactions in securities of the Issuer by the Reporting Persons since the filing of the Schedule 13D by the Reporting Persons on November 18, 2025. All such transactions were effected in the open market.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The first paragraph of Item 5(a) of the Schedule 13D are hereby superseded by the following paragraph:

As previously disclosed, Mr. Aintabi, Vandewater, Blackwells Holding Co. and Blackwells Capital previously beneficially owned call options for 531,000 Shares with a strike price of $2.50 and which were to expire on December 19, 2025. On November 24, 2025, Blackwells purchased call options for an additional 59,000 Shares with a strike price of $2.50 and which were to expire on December 19, 2025. On December 1, 2025 and December 3, 2025, Blackwells Capital exercised certain of these call options and thereby acquired an aggregate of 25,000 Shares and 565,000 Shares, respectively. On December 8, 2025, Blackwells Capital sold put option contracts for 100,000 Shares with a strike price of $2.50 and which expire on January 16, 2026.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Blackwells Capital LLC

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi, as Chief Investment Officer of Blackwells Capital LLC

**Date:** 12/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Jason Aintabi

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi

**Date:** 12/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BW Coinvest Management I LLC

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi, as President & Secretary of BW Coinvest Management I LLC

**Date:** 12/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Blackwells Asset Management LLC

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi, as Chief Executive Officer, President and Secretary of Blackwells Asset Management LLC

**Date:** 12/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Vandewater Capital Holdings, LLC

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi, as President and Secretary of Vandewater Capital Holdings, LLC

**Date:** 12/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Blackwells Holding Co. LLC

**Signature:** /s/ Jason Aintabi

**Name/Title:** Jason Aintabi, as Chief Executive Officer, President and Secretary of Blackwells Holding Co. LLC

**Date:** 12/23/2025