# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001213900-25-112094
**Filing Date:** 2025-11
**Character Count:** 32499
**Document Hash:** 5ea8efc4a3ec7d2c4157ffe6e1352bb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-112094.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001213900-25-112094

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87737
- **FILM NUMBER:** 251494605

**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

**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 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the Common Stock, $0.01 par value per share, of Braemar Hotels & Resorts Inc., a Maryland corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Date: November 18, 2025

---

| | |
|:---|:---|
| **Blackwells Capital LLC** | **Blackwells Capital LLC** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| Title: | Chief Investment Officer |
| **Jason Aintabi** | **Jason Aintabi** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| **BW Coinvest Management I LLC,** | **BW Coinvest Management I LLC,** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| Title: | President & Secretary |
| **Blackwells Asset Management LLC** | **Blackwells Asset Management LLC** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| Title: | Chief Executive Officer, President & Secretary |
| **Vandewater Capital Holdings, LLC** | **Vandewater Capital Holdings, LLC** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| Title: | President & Secretary |
| **Blackwells Holding Co. LLC** | **Blackwells Holding Co. LLC** |
| By: | /s/ Jason Aintabi |
| Name: | Jason Aintabi |
| Title: | President & Secretary |

---

## 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;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;40000 | &nbsp;&nbsp;$3.00 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;3737 | &nbsp;&nbsp;$2.87 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;2600 | &nbsp;&nbsp;$2.87 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;68663 | &nbsp;&nbsp;$2.87 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$2.70 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/07/2025 | &nbsp;&nbsp;562 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;9438 | &nbsp;&nbsp;$2.65 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;15000 | &nbsp;&nbsp;$2.65 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/10/2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/10/2025 | &nbsp;&nbsp;12581 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/10/2025 | &nbsp;&nbsp;12419 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/13/2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$2.53 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;35000 | &nbsp;&nbsp;$2.52 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp;Call Option (Exercise Price $2.50, Expiration<br> December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(30) contracts relating to (3000) shares | &nbsp;&nbsp;$0.40 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp; Call Option (Exercise Price $2.50, Expiration<br> December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(800) contracts relating to (80000) shares | &nbsp;&nbsp;$0.44 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp; Call Option (Exercise Price $2.50, Expiration December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(2000) contracts relating to (200000) shares | &nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp; Call Option (Exercise Price $2.50, Expiration<br> December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(170) contracts relating to (17000) shares | &nbsp;&nbsp;$0.43 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp; Call Option (Exercise Price $2.50, Expiration<br> December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(2000) contracts relating to (200000) shares | &nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;&nbsp;&nbsp; Call Option (Exercise Price $2.50, Expiration<br> December 19, 2025) | &nbsp;&nbsp;11/11/2025 | &nbsp;&nbsp;(310) contracts relating to (31,000 shares) | &nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;Purchase | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;28500 | &nbsp;&nbsp;$2.63 |

---

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. Each option is subject to a 100 contract multiplier.

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**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)*

**11/11/2025**

*(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>**969500.00** |
| 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>**969500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**969500.00** | Aggregate amount beneficially owned by each reporting person<br>**969500.00** | |
| 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>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Aggregate amount beneficially owned represented in Row (11) includes 531,000 shares of the Common Stock underlying American-style exchange-traded call options described in Items 5 and 6 below.

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>**3969500.00** |
| 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>**3969500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | |
| 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>**5.8%** | Percent of class represented by amount in Row (11)<br>**5.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Aggregate amount beneficially owned represented in Row (11) includes 531,000 shares of the Common Stock underlying American-style exchange-traded call options described in Items 5 and 6 below.

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>**3969500.00** |
| 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>**3969500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | |
| 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>**5.8%** | Percent of class represented by amount in Row (11)<br>**5.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Aggregate amount beneficially owned represented in Row (11) includes 531,000 shares of the Common Stock underlying American-style exchange-traded call options described in Items 5 and 6 below.

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>**3969500.00** |
| 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>**3969500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | Aggregate amount beneficially owned by each reporting person<br>**3969500.00** | |
| 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>**5.8%** | Percent of class represented by amount in Row (11)<br>**5.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Aggregate amount beneficially owned represented in Row (11) includes 531,000 shares of the Common Stock underlying American-style exchange-traded call options described in Items 5 and 6 below.

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

**Item 4. Purpose of Transaction**

As previously announced, on July 2, 2024, Braemar Hotels & Resorts Inc. (the "Issuer") entered into a Cooperation Agreement (the "Cooperation Agreement") with Blackwells Capital and certain other parties thereto regarding the withdrawal of the Blackwells Capital proxy campaign involving the Issuer that was ongoing at the time, the dismissal of pending litigation involving the parties, the terms of certain "standstill" restrictions applicable to Blackwells Capital and its affiliates, and certain other matters. Concurrently with the entry into the Cooperation Agreement, certain of the parties thereto also entered into a Share Ownership Agreement (the "Share Ownership Agreement") and a Loan Agreement (the "Loan Agreement" and together with the Cooperation Agreement and the Share Ownership Agreement, the "Transaction Agreements"), pursuant to which Blackwells Capital or its affiliates agreed to purchase 3,500,000 shares of the Company's common stock in the open market, financed in part by the Issuer. The Loan Agreement, the Cooperation Agreement and the Share Ownership Agreement are set forth as Exhibits 99.3, 99.4 and 99.5, respectively, and incorporated herein by reference.

The Reporting Persons purchased the Shares and the options to purchase Shares based on their belief that the Shares and options to purchase Shares, when purchased, were undervalued and represented an attractive investment opportunity. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.

Depending on various factors including, without limitation, the Company's financial position and investment strategy, the price levels of the Shares and the options to purchase Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate and to the extent permitted by the terms of the Transaction Agreements including, without limitation, engaging in communications with management and the board of directors of the Issuer, discussing with the Issuer the potential repayment of the Loan Agreement and the terms thereof, purchasing additional Shares or options to purchase Shares, selling some or all of their Shares or options to purchase Shares, entering into financial instruments or other agreements that increase or decrease the Reporting Persons' economic or beneficial exposure with respect to their investment in the Issuer, engaging in short selling of or any hedging or similar transaction with respect to the Shares or options to purchase Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

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

**(a)**
The aggregate percentage of Shares reported by each Reporting Person named here is based on 68,219,432 Shares 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.

As of the date hereof, BW Coinvest beneficially owned 3,000,000 Shares, constituting approximately 4.4% of the Shares outstanding.

As of the date hereof, Blackwells Asset Management beneficially owned 3,000,000 Shares, constituting approximately 4.4% of the Shares outstanding, consisting of 3,000,000 Shares beneficially owned directly by BW Coinvest, which Blackwells Asset Management, as the sole member of BW Coinvest, may be deemed to beneficially own.

As of the date hereof, Blackwells Capital beneficially owned 969,500 Shares, constituting approximately 1.4% of the Shares outstanding, consisting of 438,500 Shares and options to purchase 531,000 Shares owned directly by Blackwells Capital.

As of the date hereof, Blackwells Holding Co. beneficially owned 3,969,500 Shares, constituting approximately 5.8% of the Shares outstanding, consisting of (i) 969,500 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 3,969,500 Shares, constituting approximately 5.8% of the Shares outstanding, consisting of 3,969,500 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 3,969,500 Shares, constituting approximately 5.8% of the Shares outstanding, consisting of 3,969,500 Shares, which Mr. Aintabi, as owner and managing partner of Vandewater, may be deemed to beneficially own.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
Blackwells Capital

1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 969,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 969,500

Mr. Aintabi
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,969,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,969,500

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: 3,969,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,969,500

Blackwells Holding Co.
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,969,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,969,500

**(c)**
Exhibit 99.2 sets forth all transactions in securities of the Issuer by the Reporting Persons during the past 60 days. All such transactions were effected in the open market.

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

Mr. Aintabi, Vandewater, Blackwells Holding Co. and Blackwells Capital beneficially own call options for 531,000 Shares with a strike price of $2.50 and which expire on December 19, 2025.

On November 18, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Other than described herein, there are no contracts, arrangements, understanding or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

### 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:** 11/18/2025

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:** 11/18/2025

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:** 11/18/2025

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:** 11/18/2025

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:** 11/18/2025

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:** 11/18/2025