<SEC-DOCUMENT>0001104659-26-020759.txt : 20260226
<SEC-HEADER>0001104659-26-020759.hdr.sgml : 20260226
<ACCEPTANCE-DATETIME>20260226182601
ACCESSION NUMBER:		0001104659-26-020759
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260224
FILED AS OF DATE:		20260226
DATE AS OF CHANGE:		20260226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bennett Monty J
		CENTRAL INDEX KEY:			0001260654
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		26691376

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER NAME:	
		FORMER CONFORMED NAME:	BENNETT MONTGOMERY J
		DATE OF NAME CHANGE:	20030820

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410
</SEC-HEADER>
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        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
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                    <value>By Texas Yarrow LLC - 2023 PS</value>
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    <footnotes>
        <footnote id="F1">Each performance LTIP Unit (&quot;Performance LTIP Unit&quot;) award represented a special long-term incentive partnership unit (&quot;LTIP Unit&quot;) in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary (&quot;Subsidiary&quot;), subject to performance-based vesting criteria.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="F4">Common Limited Partnership Units of the Subsidiary (&quot;Common Partnership Units&quot;). 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.</footnote>
        <footnote id="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.</footnote>
        <footnote id="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).</footnote>
        <footnote id="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.</footnote>
        <footnote id="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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Monty J. Bennett</signatureName>
        <signatureDate>2026-02-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
