X0202 SCHEDULE 13D/A 0001765296 XXXXXXXX LIVE 9 Common Stock 06/10/2026 false 0001574085 10482B101 Braemar Hotels & Resorts Inc.

14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254

Mark Crockwell 1 441 298 8104 5B Waterloo Lane Pembroke D0 HM 08 0001765296 N Al Shams Investments LTD AF N D0 0.00 6513000.00 0.00 6513000.00 6513000.00 N 9.55 CO Y Wafic Rida Said PF N Z4 0.00 6513000.00 0.00 6513000.00 6513000.00 N 9.55 IN Common Stock Braemar Hotels & Resorts Inc. 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 Item 4 is hereby amended to add the following: On June 10, 2026, the Reporting Persons issued a press release regarding an open letter (the "June 10, 2026 letter") the Reporting Persons sent to the outside members of the Board. In the June 10, 2026 letter, the Reporting Persons urged the outside directors to resist any efforts by Ashford executives to manipulate the director nomination and election process. The Reporting Persons reiterated their concern that, in the Reporting Persons' view, the current Board has no legitimacy and that shareholders should be given the opportunity to elect new directors at the 2026 Annual Meeting. The Reporting Persons also reiterated that ASIL intends to nominate several candidates for election to the Board at the 2026 Annual Meeting and has been preparing to submit its notice of nominations. The Reporting Persons further expressed their concern that the current form of questionnaire (the "Questionnaire") required to be completed by director nominees under the Issuer's Fifth Amended and Restated Bylaws, as amended (the "Bylaws") differs materially from the form used by the Issuer just one year ago in connection with the 2025 Annual Meeting of Shareholders. The revisions add seven pages and more than 60 questions and sub-questions to an already lengthy document. The Reporting Persons believe that the Questionnaire has the effect of impeding the legitimate exercise of shareholder rights and appears designed to create procedural obstacles to the nomination of director candidates by shareholders. The foregoing summary of the June 10, 2026 letter does not purport to be complete and is subject to, and qualified in its entirety by, the June 10, 2026 letter, a copy of which is attached here as Exhibit 9 and incorporated herein by reference. Press Release, issued June 10, 2026, containing an Open Letter to the Outside Members of the Board of the Issuer Al Shams Investments LTD /s/ Mark Crockwell 06/10/2026 Wafic Rida Said /s/ Mark Crockwell 06/10/2026