Braemar Hotels & Resorts Inc. (BHR)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Blackrock, Inc.	9,177,791	$22,852,700	0%
2.	Zazove Associates LlcBOND	18,140,000	$17,068,430	1.46%
3.	Vanguard Group Inc	3,461,364	$8,618,796	0%
4.	Infrastructure Capital Advisors, Llc	413,881	$5,384,592	0.4%
5.	Zazove Associates Llc	2,088,686	$5,200,828	0.45%