BRAEMAR HOTELS & RESORTS INC

CUSIP: 10482B200 Class: 5.5 CUM CV PFD B

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (4)

Rangeley Capital, LLC
Value ($000) $255 Shares 17,245
PFG Investments, LLC
Value ($000) $225 Shares 15,165
Advisory Services Network, LLC
Value ($000) $170 Shares 11,500
Kestra Advisory Services, LLC
Value ($000) $110 Shares 7,400

Increased Positions (4)

ZAZOVE ASSOCIATES LLC
Value ($000) $2,147 (+383.0%) Shares 144,113 (+423.8%)
INFRASTRUCTURE CAPITAL ADVISORS, LLC
Value ($000) $8,042 (+5.3%) Shares 543,025 (+9.4%)
Palogic Value Management, L.P.
Value ($000) $1,269 (-7.2%) Shares 85,661 (+1.8%)
WELLS FARGO & COMPANY/MN
Value ($000) $79 (-6.6%) Shares 5,334 (+2.4%)

Decreased Positions (6)

NEXPOINT ASSET MANAGEMENT, L.P.
Value ($000) $5,032 (-40.8%) Shares 339,774 (-35.1%)
BlackRock, Inc.
Value ($000) $3,416 (-14.4%) Shares 230,657 (-6.2%)
Global Retirement Partners, LLC
Value ($000) $44 (-45.3%) Shares 3,000 (-40.0%)
MORGAN STANLEY
Value ($000) $21 (-37.0%) Shares 1,440 (-30.9%)
Janney Montgomery Scott LLC
Value ($000) $1 (-14.1%) Shares 49,371 (-5.7%)
Covestor Ltd
Value ($000) $0 (-75.0%) Shares 88 (-67.3%)