# EDGAR Filing Document

**Accession Number:** 0001621802
**File Stem:** 0000919574-25-004885
**Filing Date:** 2025-8
**Character Count:** 16871
**Document Hash:** 7679cc24b6b051a71536a88c0ae3b271
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-25-004885.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000919574-25-004885

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87737
- **FILM NUMBER:** 251218071

**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:** INFRASTRUCTURE CAPITAL ADVISORS, LLC
- **CENTRAL INDEX KEY:** 0001621802

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1325 AVENUE OF THE AMERICAS
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-763-8336

**MAIL ADDRESS:**
- **STREET 1:** 1325 AVENUE OF THE AMERICAS
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Ex-99

<u>Exhibit A</u>

<u>JOINT FILING AGREEMENT</u>

The undersigned agree that this Schedule 13G Amendment No. 7 dated August 14, 2025 relating to the 5.50% Series B Cumulative Convertible Preferred Stock, of Braemar Hotels & Resorts Inc. shall be filed on behalf of the undersigned.

---

| |
|:---|
| &nbsp;&nbsp; INFRASTRUCTURE CAPITAL ADVISORS, LLC<br>By: /s/ Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: General Counsel and Chief Compliance Officer |

---

---

| |
|:---|
| &nbsp;&nbsp; VIRTUS INFRACAP U.S. PREFERRED STOCK ETF, A SERIES OF ETFIS SERIES TRUST I<br>By: /s/ Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: General Counsel and Chief Compliance Officer |

---

&nbsp;&nbsp; JAY HATFIELD<br>By: /s/ Jay Hatfield<br>

---

| |
|:---|
| &nbsp;&nbsp; INFRACAP EQUITY INCOME FUND ETF, A SERIES OF SERIES PORTFOLIOS TRUST<br>By: /s/ Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Samuel Caffrey-Agoglia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: General Counsel and Chief Compliance Officer |

---

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**Issuer:** Braemar Hotels & Resorts Inc.

**Title of Class of Securities:** 5.50% Series B Cumulative Convertible Preferred Stock

**CUSIP Number:** 10482B200

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Infrastructure Capital Advisors, LLC | Names of Reporting Persons<br>Infrastructure Capital Advisors, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>NY | Citizenship or Place of Organization<br>NY |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, OO | Type of Reporting Person (See Instructions)<br>IA, OO |

---

| 1. | Names of Reporting Persons<br>Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I | Names of Reporting Persons<br>Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>452287.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>452287.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>452287.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>452287.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>14.69% | Percent of Class Represented by Amount in Row (9)<br>14.69% |
| 12. | Type of Reporting Person (See Instructions)<br>IV, OO | Type of Reporting Person (See Instructions)<br>IV, OO |

---

| 1. | Names of Reporting Persons<br>Jay Hatfield | Names of Reporting Persons<br>Jay Hatfield |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

| 1. | Names of Reporting Persons<br>InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust | Names of Reporting Persons<br>InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>0.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.0% | Percent of Class Represented by Amount in Row (9)<br>0.0% |
| 12. | Type of Reporting Person (See Instructions)<br>IV, OO | Type of Reporting Person (See Instructions)<br>IV, OO |

---

**Item 1(a). Name of Issuer:**
Braemar Hotels & Resorts Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
14185 DALLAS PARKWAY, SUITE 1100, DALLAS, TX, 75254

**Item 2(a). Name of Person Filing:**
Infrastructure Capital Advisors, LLC
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
Jay Hatfield
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust

**Item 2(b). Address of Principal Business Office:**
Infrastructure Capital Advisors, LLC
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019

Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019

Jay Hatfield
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019

InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019

**Item 2(c). Citizenship:**
Infrastructure Capital Advisors, LLC - New York
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - Delaware
Jay Hatfield - United States
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - Delaware

**Item 2(d). Title of Class of Securities:**
5.50% Series B Cumulative Convertible Preferred Stock

**Item 2(e). CUSIP Number:**
10482B200

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 452,287
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0

**(b) Percent of class:**

Infrastructure Capital Advisors, LLC - 0.0%
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 14.69%
Jay Hatfield - 0.0%
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0.0%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0

**(ii) Shared power to vote or to direct the vote:**

Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 452,287
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0

**(iii) Sole power to dispose or to direct the disposition of:**

Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0

**(iv) Shared power to dispose or to direct the disposition of:**

Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 452,287
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

All of the shares of the 5.50% Series B Cumulative Convertible Preferred Stock reported in this Schedule 13G are held in the accounts of Infrastructure Capital Advisors, LLC's clients, none of which, other than Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I, individually owns more than 5% of the 5.50% Series B Cumulative Convertible Preferred Stock.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### 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.

**Infrastructure Capital Advisors, LLC**

**Date:** 08/14/2025

**By:** /s/ Samuel Caffrey-Agoglia

**Name & Title:** Samuel Caffrey-Agoglia/General Counsel and Chief Compliance Officer

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

**Date:** 08/14/2025

**By:** /s/ Samuel Caffrey-Agoglia

**Name & Title:** Samuel Caffrey-Agoglia/General Counsel and Chief Compliance Officer

**Jay Hatfield**

**Date:** 08/14/2025

**By:** /s/ Jay Hatfield

**Name & Title:** Jay Hatfield

**InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust**

**Date:** 08/14/2025

**By:** /s/ Samuel Caffrey-Agoglia

**Name & Title:** Samuel Caffrey-Agoglia/General Counsel and Chief Compliance Officer