X0202 SCHEDULE 13G/A 0000919574-25-007064 0001621802 XXXXXXXX LIVE 10 5.50% Series B Cumulative Convertible Preferred Stock 03/31/2026 0001574085 Braemar Hotels & Resorts Inc. 10482B200 14185 DALLAS PARKWAY, SUITE 1100 DALLAS TX 75254 Rule 13d-1(b) Infrastructure Capital Advisors, LLC b NY 0.00 0.00 0.00 0.00 0.00 N 0.0 IA OO Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I b DE 0.00 601124.00 0.00 601124.00 601124.00 N 19.52 IV OO Jay Hatfield b X1 0.00 0.00 0.00 0.00 0.00 N 0.0 HC IN Braemar Hotels & Resorts Inc. 14185 DALLAS PARKWAY, SUITE 1100, DALLAS, TX, 75254 Infrastructure Capital Advisors, LLC Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I Jay Hatfield 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 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 N IV IA HC Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0 Infrastructure Capital Advisors, LLC - 0.0% Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 19.52% Jay Hatfield - 0.0% Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0 Jay Hatfield - 0 Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0 Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0 Jay Hatfield - 0 Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0 Y N 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. N Please see Exhibit B attached hereto. Y Y N 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. Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification Infrastructure Capital Advisors, LLC /s/ Samuel Caffrey-Agoglia 05/15/2026 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I /s/ Samuel Caffrey-Agoglia 05/15/2026 Jay Hatfield /s/ Jay Hatfield 05/15/2026 * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.