Schedule 13G/A: 452,287 Shares of BHR 5.50% Series B Reported

Rhea-AI Filing Summary

Braemar Hotels & Resorts Inc.'s 5.50% Series B Cumulative Convertible Preferred Stock is reported in a Schedule 13G/A showing that Virtus InfraCap U.S. Preferred Stock ETF beneficially holds 452,287 shares, representing 14.69% of the class. The filing lists Infrastructure Capital Advisors, LLC as the investment adviser and discloses that all reported shares are held in client accounts; no other named reporting person (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) reports beneficial ownership of the class. The reporting persons disclaim beneficial ownership except for pecuniary interests and state the securities are held in the ordinary course of business and not to influence control of the issuer.

Positive

• Clear disclosure of beneficial ownership for the 5.50% Series B preferred, including exact share count and percentage
• Classification as passive ownership under Schedule 13G/A with certifications that shares are held in the ordinary course of business

Negative

• Concentration risk: One reporting ETF holds 14.69% of the preferred class, which could affect liquidity or trading in that security
• Limited transparency on underlying clients: Shares are held in advisor client accounts and the filing does not identify underlying holders other than the ETF, reducing visibility into ultimate beneficial owners

Insights

Financial Analyst

TL;DR: A single ETF holds a meaningful 14.69% stake in the preferred class, disclosed under passive Schedule 13G rules.

The filing shows concentration of the 5.50% Series B preferred in an ETF managed by Infrastructure Capital Advisors, with 452,287 shares (14.69%). This is a sizable passive stake for a preferred class and may affect liquidity and trading dynamics for that series, but the report explicitly states the position is held in the ordinary course of business and not to influence control. No voting or dispositive sole powers are reported for the adviser or individuals, indicating shared control consistent with ETF ownership.

Corporate Governance Expert

TL;DR: Disclosure is routine; no activist intent or control claim is asserted despite material percentage ownership.

The Schedule 13G/A classification and accompanying certifications indicate passive ownership rather than an attempt to change issuer control. The reporting persons include an investment adviser and ETFs; signatures and joint filing agreement are present. From a governance standpoint, the absence of sole voting or dispositive power and the explicit disclaimer reduce immediate regulatory or governance concerns, though a 14.69% holding in a preferred series is notable for issuer capital structure monitoring.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Braemar Hotels & Resorts Inc.

(Name of Issuer)

5.50% Series B Cumulative Convertible Preferred Stock

(Title of Class of Securities)

10482B200

(CUSIP Number)

06/30/2025

(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)

0.0 %

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 452,287.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 452,287.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

452,287.00

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)

14.69 %

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)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 10482B200

1

Names of Reporting Persons

InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust

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 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)

IV, OO

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 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
(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 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust 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 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - Delaware
(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 - 452,287 Jay Hatfield - 0 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 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 - 14.69% Jay Hatfield - 0.0% InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 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 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 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 - 452,287 Jay Hatfield - 0 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 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 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 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 - 452,287 Jay Hatfield - 0 InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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.
	Not Applicable
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:	08/14/2025

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:	08/14/2025

Jay Hatfield

Signature:	/s/ Jay Hatfield
Name/Title:	Jay Hatfield
Date:	08/14/2025

InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust

Signature:	/s/ Samuel Caffrey-Agoglia
Name/Title:	Samuel Caffrey-Agoglia/General Counsel and Chief Compliance Officer
Date:	08/14/2025

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

FAQ

Who reported ownership of Braemar Hotels & Resorts (BHR) 5.50% Series B preferred?

The filing shows Virtus InfraCap U.S. Preferred Stock ETF (managed by Infrastructure Capital Advisors, LLC) beneficially holds 452,287 shares of the 5.50% Series B preferred.

What percentage of the Series B preferred does the reporting person own?

The reported amount represents 14.69% of the 5.50% Series B Cumulative Convertible Preferred Stock class.

Do the reporting persons claim control or activist intent?

No. The Schedule 13G/A classification and the certification state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Does any reporting person have sole voting or dispositive power over the shares?

No. The filing reports 0 shares with sole voting or sole dispositive power and shows shared voting and dispositive power for the ETF's 452,287 shares.

Are other reporting persons disclosed as owning shares?

Infrastructure Capital Advisors, LLC, Jay Hatfield, and InfraCap Equity Income Fund ETF each report 0 beneficially owned shares of this class in the filing.