Amendment to Schedule 13D Filing for Braemar Hotels & Resorts Inc. by Blackwells Capital LLC

This filing is an amendment to the Schedule 13D originally filed on November 18, 2025, by Blackwells Capital LLC and related entities concerning their beneficial ownership of Braemar Hotels & Resorts Inc. common stock. As of December 23, 2025, Blackwells Capital LLC beneficially owns 1,735,000 shares, representing approximately 2.5% of the outstanding shares. The filing details transactions in securities, including purchases and sales of common stock and options, executed in the open market. Funds for these transactions were primarily working capital and personal funds. The filing also updates the beneficial ownership percentages for Blackwells Holding Co. LLC, Vandewater, and Mr. Aintabi, which now stand at approximately 6.9% each due to their direct and indirect ownership through various entities. This amendment supersedes previous disclosures regarding share ownership and transactions.