BHR: Virtus InfraCap ETF Reports 19.52% Preferred Stake

Braemar Hotels & Resorts Inc. reports Schedule 13G/A ownership details for its 5.50% Series B Cumulative Convertible Preferred Stock (CUSIP 10482B200).

Rhea-AI Filing Summary

Braemar Hotels & Resorts Inc. reports Schedule 13G/A ownership details for its 5.50% Series B Cumulative Convertible Preferred Stock (CUSIP 10482B200). The filing shows Virtus InfraCap U.S. Preferred Stock ETF holds 601,124 shares, representing 19.52% of that class as reported.

The shares are reported as held in accounts of Infrastructure Capital Advisors, LLC clients; Infrastructure Capital Advisors disclaims beneficial ownership except for its pecuniary interest. The filing is signed on 05/15/2026.

Insights

Institutional Ownership Analyst

Largest disclosed holder controls a near-20% stake in the preferred series.

The excerpt identifies Virtus InfraCap U.S. Preferred Stock ETF as holding 601,124 shares of the 5.50% Series B Cumulative Convertible Preferred Stock, equal to 19.52% of that class. This position is reported with shared voting and dispositive power of the same share count.

Because the shares are held in client accounts of Infrastructure Capital Advisors, LLC, the filing notes a disclaimer of beneficial ownership by the advisor. Subsequent filings or proxy disclosures would be needed to trace underlying retail/investor composition.

Securities Compliance Counsel

Schedule 13G/A filing records passive ownership reporting and includes standard disclaimers.

The filing lists the reporting persons, citizenship, class title, and CUSIP (10482B200), and states that shares are held in accounts of the advisor's clients. The signature block includes attestations dated 05/15/2026.

Disclosure emphasizes that the reporting persons disclaim beneficial ownership except to the extent of pecuniary interest; this is a routine compliance disclosure for passive holdings above reporting thresholds.

Key Figures

Shares held by Virtus InfraCap ETF: 601,124 shares Percent of class: 19.52% CUSIP: 10482B200 +1 more

4 metrics

Shares held by Virtus InfraCap ETF 601,124 shares 5.50% Series B Cumulative Convertible Preferred Stock

Percent of class 19.52% of the Series B preferred class

CUSIP 10482B200 Identifies the Series B preferred class

Filing signature date 05/15/2026 Signature by General Counsel and reporting persons

Key Terms

Schedule 13G/A, beneficially owned, shared dispositive power

3 terms

Schedule 13G/A regulatory

"Item 1. Name of issuer: Braemar Hotels & Resorts Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned regulatory

"Item 4. Ownership (a) Amount beneficially owned: Infrastructure Capital Advisors, LLC - 0"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power financial

"Item 4. (iv) Shared power to dispose or to direct the disposition of: 601,124"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Virtus InfraCap ETF hold in BHR preferred shares?

Direct answer: The filing shows Virtus InfraCap U.S. Preferred Stock ETF holds 601,124 shares, equal to 19.52% of the 5.50% Series B preferred class. Context: These shares are reported as held in accounts managed by Infrastructure Capital Advisors, LLC and appear as shared voting/dispositive power.

What class and CUSIP are reported for Braemar (BHR)?

Direct answer: The reported class is 5.50% Series B Cumulative Convertible Preferred Stock with CUSIP 10482B200. Context: The filing lists issuer name, principal office address, reporting persons, and ownership percentages tied to that CUSIP.

Who filed the Schedule 13G/A for BHR and when was it signed?

Direct answer: The filing names Infrastructure Capital Advisors, LLC, Virtus InfraCap U.S. Preferred Stock ETF, and Jay Hatfield as reporting persons and is signed on 05/15/2026. Context: Signatures include a General Counsel attestation and a disclaimer of beneficial ownership by the advisor.

Does Infrastructure Capital Advisors claim beneficial ownership of the reported shares?

Direct answer: The filing states Infrastructure Capital Advisors disclaims beneficial ownership except to the extent of its pecuniary interest. Context: It reports the shares are held in client accounts and identifies Virtus InfraCap ETF as a client with a >5% position.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 12:49 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

Braemar Hotels & Resorts Inc.

(Name of Issuer)

5.50% Series B Cumulative Convertible Preferred Stock

(Title of Class of Securities)

10482B200

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 10482B200

1

Names of Reporting Persons

Infrastructure Capital Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 10482B200

1

Names of Reporting Persons

Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 601,124.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 601,124.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

601,124.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.52 %

12

Type of Reporting Person (See Instructions)

IV, OO

SCHEDULE 13G

CUSIP Number(s): 10482B200

1

Names of Reporting Persons

Jay Hatfield

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Braemar Hotels & Resorts Inc.
(b)	Address of issuer's principal executive offices: 14185 DALLAS PARKWAY, SUITE 1100, DALLAS, TX, 75254
Item 2.
(a)	Name of person filing: Infrastructure Capital Advisors, LLC Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I Jay Hatfield
(b)	Address or principal business office or, if none, residence: Infrastructure Capital Advisors, LLC 1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I 1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019 Jay Hatfield 1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019
(c)	Citizenship: Infrastructure Capital Advisors, LLC - New York Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - Delaware Jay Hatfield - United States
(d)	Title of class of securities: 5.50% Series B Cumulative Convertible Preferred Stock
(e)	CUSIP No.: 10482B200
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0
(b)	Percent of class: Infrastructure Capital Advisors, LLC - 0.0% Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 19.52% Jay Hatfield - 0.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0 Jay Hatfield - 0
	(ii) Shared power to vote or to direct the vote: Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0
	(iii) Sole power to dispose or to direct the disposition of: Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0 Jay Hatfield - 0
	(iv) Shared power to dispose or to direct the disposition of: Infrastructure Capital Advisors, LLC - 0 Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 601,124 Jay Hatfield - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the shares of the 5.50% Series B Cumulative Convertible Preferred Stock reported in this Schedule 13G are held in the accounts of Infrastructure Capital Advisors, LLC's clients, none of which, other than Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I, individually owns more than 5% of the 5.50% Series B Cumulative Convertible Preferred Stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Infrastructure Capital Advisors, LLC

Signature:	/s/ Samuel Caffrey-Agoglia
Name/Title:	Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:	05/15/2026

Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I

Signature:	/s/ Samuel Caffrey-Agoglia
Name/Title:	Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:	05/15/2026

Jay Hatfield

Signature:	/s/ Jay Hatfield
Name/Title:	Jay Hatfield
Date:	05/15/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification