X0306 4 2020-09-28 0 0001574085 Braemar Hotels & Resorts Inc. BHR 0001591372 Carter Stefani D 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 18300 D LTIP Units 0 2020-09-28 4 A 0 2135 2.46 A Common Stock 18783 D Common Partnership Units 0 Common Stock 6400 D Fully vested special long-term incentive partnership units ("LTIP Units") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 4 discussing the convertibility of Common Partnership Units. The LTIP Units were issued to the Reporting Person under the Issuer's 2013 Equity Incentive Plan in lieu of certain cash retainer fees and were fully vested upon grant. Neither the Common Partnership Units nor vested LTIP Units have an expiration date. Common Partnership Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis. Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 4 discussing the convertibility of the Common Partnership Units. /s/ Stefani D. Carter 2020-09-30