Braemar Hotels (BHR) investor discloses 21.90% stake in Series B preferred

Rhea-AI Filing Summary

Braemar Hotels & Resorts Inc. received an updated ownership report for its 5.50% Series B Cumulative Convertible Preferred Stock (CUSIP 10482B200). Virtus InfraCap U.S. Preferred Stock ETF, a series of ETFis Series Trust I, reports beneficial ownership of 674,435 shares, representing 21.90% of this preferred class.

Infrastructure Capital Advisors, LLC and Jay Hatfield are joint filers but each reports 0 shares beneficially owned, with no sole voting or dispositive power. The ETF has shared voting and dispositive power over 674,435 shares, held in client accounts of Infrastructure Capital Advisors, with no other client individually exceeding 5% of the class.

Key Figures

Shares beneficially owned: 674,435 shares Percent of class: 21.90% Sole voting power: 0 shares +3 more

6 metrics

Shares beneficially owned 674,435 shares Virtus InfraCap U.S. Preferred Stock ETF holdings of 5.50% Series B preferred

Percent of class 21.90% Virtus InfraCap U.S. Preferred Stock ETF ownership of Braemar Series B preferred

Sole voting power 0 shares All reporting persons, including the ETF, report no sole voting power

Shared voting power 674,435 shares Virtus InfraCap U.S. Preferred Stock ETF shared power to vote Series B preferred

Shared dispositive power 674,435 shares Virtus InfraCap U.S. Preferred Stock ETF shared power to dispose of Series B preferred

Other reporting persons’ holdings 0 shares Infrastructure Capital Advisors, LLC and Jay Hatfield each report 0 shares and 0.0% of class

Key Terms

Cumulative Convertible Preferred Stock, beneficially owned, shared voting power, shared dispositive power, +1 more

5 terms

Cumulative Convertible Preferred Stock financial

"Title of class of securities: 5.50% Series B Cumulative Convertible Preferred Stock"

A class of preferred shares that pays fixed dividends which accumulate if they are skipped, and that can be converted into common shares at a predetermined rate. Think of it as a hybrid between a savings account that guarantees missed interest later and a ticket that can be exchanged for ordinary ownership; investors care because it provides steady income protection and priority in payouts while also posing potential dilution to common shareholders if converted.

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned"

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 voting power financial

"Shared power to vote or to direct the vote: ... 674,435"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared power to dispose or to direct the disposition of: ... 674,435"

parent holding company or control person financial

"Identification and Classification of the Subsidiary ... by the Parent Holding Company or Control Person"

FAQ

What ownership in Braemar Hotels & Resorts Inc. (BHR) preferred shares is reported?

Virtus InfraCap U.S. Preferred Stock ETF reports 674,435 shares of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock, representing 21.90% of that class. This makes the ETF a significant holder of the Series B preferred shares.

Who are the reporting persons in this Braemar (BHR) Schedule 13G/A amendment?

The reporting persons are Infrastructure Capital Advisors, LLC, Virtus InfraCap U.S. Preferred Stock ETF (a series of ETFis Series Trust I), and Jay Hatfield. They file jointly regarding holdings of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock.

How much voting and dispositive power does the Virtus InfraCap ETF have over BHR’s preferred stock?

The Virtus InfraCap U.S. Preferred Stock ETF has shared voting power over 674,435 shares and shared dispositive power over 674,435 shares of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock, with no sole voting or dispositive power reported.

What do Infrastructure Capital Advisors and Jay Hatfield report owning of BHR’s preferred stock?

Infrastructure Capital Advisors, LLC and Jay Hatfield each report 0 shares beneficially owned of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock and 0.0% of the class, with no sole or shared voting or dispositive power.

Who ultimately holds the Braemar (BHR) Series B preferred shares reported in this filing?

All reported 5.50% Series B Cumulative Convertible Preferred Stock shares are held in client accounts of Infrastructure Capital Advisors, LLC. No client other than the Virtus InfraCap U.S. Preferred Stock ETF individually owns more than 5% of this preferred class.

What is the security and CUSIP covered by this Braemar (BHR) Schedule 13G/A?

The filing covers Braemar Hotels & Resorts Inc.’s 5.50% Series B Cumulative Convertible Preferred Stock, identified by CUSIP 10482B200. The amendment updates beneficial ownership information for this specific preferred stock class.

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Available on EDGAR 08/14/2026 - 04:17 PM Accepted by SEC EDGAR 08/14/2026 - 04:08 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. 11)

Braemar Hotels & Resorts Inc.

(Name of Issuer)

5.50% Series B Cumulative Convertible Preferred Stock

(Title of Class of Securities)

10482B200

(CUSIP Number)

06/30/2026

(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 %

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 674,435.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 674,435.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

674,435.00

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)

21.90 %

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 %

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 - 674,435 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 - 21.90% 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 - 674,435 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 - 674,435 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 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:	______________________________________
Name/Title:	Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:	08/14/2026

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

Signature:	______________________________________
Name/Title:	Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:	08/14/2026

Jay Hatfield

Signature:	______________________________________
Name/Title:	Jay Hatfield
Date:	08/14/2026

Exhibit Information

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