Monty J. Bennett - 24 Feb 2026 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Monty J. Bennett
Issuer symbol: BHR
Transactions as of: 24 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 26 Feb 2026, 18:26:01 UTC
Previous filing: 03 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bennett Monty J	Director	14185 DALLAS PARKWAY SUITE 1200, DALLAS	/s/ Monty J. Bennett	26 Feb 2026	0001260654

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHR	Common Stock	Other		+123,477			123,477	24 Feb 2026	By Ashford Financial Corporation	F7, F8
holding	BHR	Common Stock						445,764	24 Feb 2026	By Texas Yarrow 2021 PS
holding	BHR	Common Stock						14,152	24 Feb 2026	Direct
holding	BHR	Common Stock						267	24 Feb 2026	By Spouse
holding	BHR	Series E Redeemable Preferred Stock						44,444	24 Feb 2026	By MJB Investments, LP

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BHR	Performance LTIP Units (2023)	Disposed to Issuer		-352,590	-100%		0	24 Feb 2026	Common Stock	352,590	$0.000000	By Texas Yarrow LLC - 2023 PS	F1, F2
transaction	BHR	Common Partnership Units	Other		-123,477	-100%		0	24 Feb 2026	Common Stock	123,477	$0.000000	By Ashford Financial Corporation	F3, F4, F5, F6, F7
holding	BHR	Common Partnership Units						56,745	24 Feb 2026	Common Stock	56,745	$0.000000	By Texas Yarrow 2021 PS	F3, F4, F5
holding	BHR	Common Partnership Units						454,310	24 Feb 2026	Common Stock	454,310	$0.000000	By Texas Yarrow LLC - 2022 PS	F3, F4, F5
holding	BHR	Common Partnership Units						3,200	24 Feb 2026	Common Stock	3,200	$0.000000	By Spouse	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each performance LTIP Unit ("Performance LTIP Unit") award represented a special long-term incentive partnership unit ("LTIP Unit") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"), subject to performance-based vesting criteria.
F2	Represents 352,950 Performance LTIP Units that were forfeited due to certain performance criteria of the 2023 Performance LTIP Unit award not being met.
F3	Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.
F4	Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"). Common Partnership Units are redeemable for cash or, at the option of the Issuer, redeemable for shares of the Issuer's common stock on a 1-for-1 basis.
F5	Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 4 discussing the convertibility of the Common Partnership Units.
F6	Represents Common Partnership Units redeemed by the Issuer on February 24, 2026 for 123,477 shares of the Issuer's common stock. Such transaction is further reflected in Table I above (see also footnote 7).
F7	Represents shares of common stock issued by the Issuer in connection with the Issuer's redemption of 123,477.15 Common Partnership Units of the Subsidiary. Such Common Partnership Units were redeemable, at the option of the Issuer, for 123,477 shares of the Issuer's common stock on a one-for-one basis, while rounding down fractional Common Partnership Units.
F8	Reflects only the Reporting Person's pecuniary interest in the aggregate number of shares of common stock held directly by Ashford Financial Corporation. The Reporting Person hereby disclaims any interest in all other securities of the Issuer held directly by Ashford Financial Corporation.