Zazove Associates discloses 8.05% Braemar (BHR) Series B preferred position

Rhea-AI Filing Summary

Zazove Associates, LLC, together with Zazove Associates, Inc. and Gene T. Pretti as reporting persons, reports beneficial ownership of 247,866 shares of Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock, representing 8.05% of that class. All reported shares are held with shared voting and dispositive power; none are held with sole voting or dispositive power. Zazove Associates, LLC is registered as an investment adviser and has discretionary authority over client accounts that hold these preferred shares, and no single account holds more than 5% of any class of Braemar’s equity securities. Zazove Associates, Inc. and Gene T. Pretti report no current beneficial ownership of this security.

Key Figures

Beneficial ownership: 247,866 shares Percent of class: 8.05% Shared voting power: 247,866 shares +1 more

4 metrics

Beneficial ownership 247,866 shares 5.50% Series B Cumulative Convertible Preferred Stock reported by Zazove Associates, LLC

Percent of class 8.05% Portion of Braemar 5.50% Series B preferred stock beneficially owned

Shared voting power 247,866 shares Shares over which reporting persons share power to vote or direct the vote

Shared dispositive power 247,866 shares Shares over which reporting persons share power to dispose or direct disposition

Key Terms

Cumulative Convertible Preferred Stock, beneficially owned, dispositive power, investment advisor, +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: 247886"

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.

dispositive power financial

"Shared Dispositive Power 247,866.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment advisor financial

"Zazove Associates, LLC is registered as an investment advisor under Section 203"

An investment advisor is a person or firm that provides personalized guidance on buying, selling and managing investments and often oversees client portfolios for a fee. For investors this matters because the advisor shapes risk, costs and long-term returns, and is typically required by law to act in the client’s best interests — think of them as a financial coach or GPS that helps navigate choices and avoid costly detours.

discretionary authority financial

"and has discretionary authority with regard to certain accounts that hold the Preferred Securities"

FAQ

What stake in Braemar Hotels & Resorts Inc. (BHR) does Zazove Associates LLC report?

Zazove Associates LLC reports beneficial ownership of 247,866 shares of Braemar’s 5.50% Series B Cumulative Convertible Preferred Stock, representing 8.05% of that class, all held with shared voting and dispositive power through client accounts.

Which Braemar (BHR) security is covered in this Schedule 13G filing?

The filing covers Braemar Hotels & Resorts Inc.’s 5.50% Series B Cumulative Convertible Preferred Stock, identified by CUSIP 10482B200, rather than the company’s common stock or other securities.

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

The reporting persons are Zazove Associates, LLC, Zazove Associates, Inc., and Gene T. Pretti. Zazove Associates, LLC is the investment adviser with discretionary authority over accounts holding the preferred shares reported.

What voting and dispositive powers over Braemar (BHR) preferred shares are reported?

The reporting persons indicate 0 shares with sole voting or dispositive power and 247,866 shares with shared voting and shared dispositive power in Braemar’s 5.50% Series B preferred stock class.

Does any single client of Zazove Associates LLC hold over 5% of a Braemar (BHR) class?

No. The filing states that while Zazove Associates LLC has discretionary authority over certain accounts, no single account has more than 5% of any class of Braemar’s equity securities, including the preferred shares.

Where are the Braemar (BHR) Schedule 13G reporting persons based?

The principal business address for the reporting persons is 1001 Tahoe Blvd., Incline Village, NV 89451, while Braemar Hotels & Resorts Inc.’s principal executive offices are in Dallas, Texas.

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Available on EDGAR 08/14/2026 - 08:30 PM Accepted by SEC EDGAR 08/14/2026 - 08:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Braemar Hotels & Resorts Inc.

(Name of Issuer)

5.50% Series B Cumulative Convertible Preferred Stock

(Title of Class of Securities)

10482B200

(CUSIP Number)

07/31/2026

(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

ZAZOVE ASSOCIATES 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 247,866.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 247,866.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

247,866.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 10482B200

1

Names of Reporting Persons

Zazove Associates, Inc.

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

ILLINOIS

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, CO

SCHEDULE 13G

CUSIP Number(s): 10482B200

1

Names of Reporting Persons

Gene T. Pretti

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

NEVADA

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, TEXAS, 75254
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by Zazove Associates, LLC, a Delaware limited liability company; Zazove Associates, Inc., an Illinois corporation and Gene T. Pretti (referred to collectively as the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The principal address of the Reporting Persons is 1001 Tahoe Blvd., Incline Village, NV 89451
(c)	Citizenship: Zazove Associates, LLC is organized under the laws of Delaware. Zazove Associates, Inc. is organized under the laws of Illinois. Gene T. Pretti is a citizen of the United States.
(d)	Title of class of securities: 5.50% Series B Cumulative Convertible Preferred Stock
(e)	CUSIP Number(s): 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: 247886
(b)	Percent of class: 8.05%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 247886
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 247886
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. Zazove Associates, LLC is registered as an investment advisor under Section 203 of the Investment Advisors Act of 1940 (15 USC 80b-3) and has discretionary authority with regard to certain accounts that hold the Preferred Securities. No single account has a more than 5% interest of any class of the Issuer's equity securities.
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.

ZAZOVE ASSOCIATES LLC

Signature:	Lamiaa Dukaj
Name/Title:	CCO
Date:	08/14/2026

Zazove Associates, Inc.

Signature:	Robert Ryan Shelby
Name/Title:	Secretary
Date:	08/14/2026

Gene T. Pretti

Signature:	Gene T Pretti
Name/Title:	Self
Date:	08/14/2026