BRAEMAR HOTELS & RESORTS INC

Ticker: BHR CUSIP: 10482B101 Class: Common Stock

Arrow Investment Advisors, LLC's Holding History (CIK: 0001378410)

Note: Option positions (PUT/CALL) are excluded.

Q1 2019

Shares 41,859 Value ($000) $511 Avg Close — Range —

Q4 2018

Shares 36,781 Value ($000) $328 Avg Close — Range —

Q3 2018

Shares 40,786 Value ($000) $480 Avg Close — Range —

Q2 2018

Shares 47,580 Value ($000) $543 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2019	41,859	$511	—	—
Q4 2018	36,781	$328	—	—
Q3 2018	40,786	$480	—	—
Q2 2018	47,580	$543	—	—