Virtus InfraCap U.S. Preferred ETF (BHR) reports 17.64% Braemar Series B stake

Rhea-AI Filing Summary

Infrastructure Capital Advisors, LLC, Virtus InfraCap U.S. Preferred Stock ETF and Jay Hatfield report their holdings in Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock. The Virtus InfraCap U.S. Preferred Stock ETF beneficially owns 543,025 shares, representing 17.64% of this preferred class, with shared voting and dispositive power over those shares. Infrastructure Capital Advisors and Jay Hatfield each report zero beneficial ownership. The securities are described as acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Braemar.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Braemar Hotels & Resorts Inc.

(Name of Issuer)

5.50% Series B Cumulative Convertible Preferred Stock

(Title of Class of Securities)

10482B200

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 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 543,025.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 543,025.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

543,025.00

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)

17.64 %

12

Type of Reporting Person (See Instructions)

IV, OO

SCHEDULE 13G

CUSIP No. 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 %

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 - 543,025 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 - 17.64% 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 - 543,025 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 - 543,025 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:	By: /s/ Samuel Caffrey-Agoglia
Name/Title:	Samuel Caffrey-Agoglia / General Counsel and Chief Compliance Officer
Date:	02/17/2026

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

Signature:	By: /s/ Samuel Caffrey-Agoglia
Name/Title:	Samuel Caffrey-Agoglia / General Counsel and Chief Compliance Officer
Date:	02/17/2026

Jay Hatfield

Signature:	By: /s/ Jay Hatfield
Name/Title:	Jay Hatfield
Date:	02/17/2026

Exhibit Information

Material to be Filed as Exhibit: Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification

FAQ

What ownership in Braemar (BHR) preferred stock is reported in this Schedule 13G/A?

The filing reports that Virtus InfraCap U.S. Preferred Stock ETF beneficially owns 543,025 shares of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock, representing 17.64% of that class. Other reporting persons, including Infrastructure Capital Advisors and Jay Hatfield, report zero beneficial ownership.

Who are the reporting persons in the Braemar (BHR) Schedule 13G/A Amendment No. 9?

The Schedule 13G/A lists three reporting persons: Infrastructure Capital Advisors, LLC, Virtus InfraCap U.S. Preferred Stock ETF (a series of ETFis Series Trust I), and Jay Hatfield. Only the ETF reports beneficial ownership of Braemar’s 5.50% Series B preferred shares.

How much of Braemar (BHR) 5.50% Series B preferred does Virtus InfraCap U.S. Preferred Stock ETF control?

The Virtus InfraCap U.S. Preferred Stock ETF reports beneficial ownership of 543,025 Braemar 5.50% Series B preferred shares, or 17.64% of that class. It has shared power to vote and dispose of all 543,025 shares, with no sole voting or dispositive power.

Does Infrastructure Capital Advisors, LLC report owning Braemar (BHR) preferred shares?

Infrastructure Capital Advisors, LLC reports zero Braemar 5.50% Series B preferred shares beneficially owned and a 0.0% stake in that class. It shows no sole or shared voting power and no sole or shared dispositive power over these securities.

What does the Schedule 13G/A say about control intentions regarding Braemar (BHR)?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Braemar. It also notes they are not held in connection with any transaction having that control-related purpose.

Who signed the Braemar (BHR) Schedule 13G/A on behalf of the reporting entities?

Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer, signed for Infrastructure Capital Advisors, LLC and for Virtus InfraCap U.S. Preferred Stock ETF. Jay Hatfield signed in his individual capacity as a separate reporting person on the Schedule 13G/A.