X0202 SCHEDULE 13G 0001009012 XXXXXXXX LIVE 5.50% Series B Cumulative Convertible Preferred Stock 07/31/2026 0001574085 Braemar Hotels & Resorts Inc. 10482B200 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 Rule 13d-1(b) ZAZOVE ASSOCIATES LLC DE 0.00 247866.00 0.00 247866.00 247866.00 8.0 IA Zazove Associates, Inc. b IL 0.00 0.00 0.00 0.00 0.00 0.0 HC CO Gene T. Pretti b NV 0.00 0.00 0.00 0.00 0.00 0.0 HC IN Braemar Hotels & Resorts Inc. 14185 DALLAS PARKWAY, SUITE 1100, DALLAS, TEXAS, 75254 This Schedule 13G is being filed by Zazove Associates, LLC, a Delaware limited liability company; Zazove Associates, Inc., an Illinois corporation and Gene T. Pretti (referred to collectively as the "Reporting Persons"). The principal address of the Reporting Persons is 1001 Tahoe Blvd., Incline Village, NV 89451 Zazove Associates, LLC is organized under the laws of Delaware. Zazove Associates, Inc. is organized under the laws of Illinois. Gene T. Pretti is a citizen of the United States. N IA HC 247886 8.05% 0 247886 0 247886 Y N N Zazove Associates, LLC is registered as an investment advisor under Section 203 of the Investment Advisors Act of 1940 (15 USC 80b-3) and has discretionary authority with regard to certain accounts that hold the Preferred Securities. No single account has a more than 5% interest of any class of the Issuer's equity securities. Y 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. ZAZOVE ASSOCIATES LLC Lamiaa Dukaj 08/14/2026 Zazove Associates, Inc. Robert Ryan Shelby 08/14/2026 Gene T. Pretti Gene T Pretti 08/14/2026