X0202 SCHEDULE 13D/A 0001765296 XXXXXXXX LIVE 10 Common Stock 06/15/2026 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 15, 2026, the Reporting Persons issued a press release regarding an open letter (the "June 15, 2026 letter") the Reporting Persons sent to the outside members of the Board of the Issuer. In the June 15, 2026 letter, the Reporting Persons expressed their objection to the Board's decision to sell three hotel properties, which triggered a $480 million fee payable to Ashford, an entity controlled by Braemar's Chair, Monty Bennett. Additionally, the Reporting Persons expressed their intent to pursue all available legal avenues to address what they view as Mr. Bennett's brazen self-dealing. The Reporting Persons further reiterated their intent to nominate candidates for election to the Board at the 2026 Annual Meeting and called on the remaining outside directors to promptly call the 2026 Annual Meeting and allow shareholders to elect directors of their choosing. The foregoing summary of the June 15, 2026 letter does not purport to be complete and is subject to, and qualified in its entirety by, the June 15, 2026 letter, a copy of which is attached here as Exhibit 10 and incorporated herein by reference. Press Release, issued June 15, 2026, containing an Open Letter to the Outside Members of the Board of the Issuer Al Shams Investments LTD /s/ Mark Crockwell 06/15/2026 Wafic Rida Said /s/ Mark Crockwell 06/15/2026