Braemar Hotels & Resorts Inc. (BHR)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Blackrock, Inc.	9,629,854	$28,889,562	0%
2.	Zazove Associates LlcBOND	18,140,000	$17,142,300	1.65%
3.	Vanguard Group Inc	3,467,848	$10,403,544	0%
4.	Zazove Associates Llc	2,088,686	$6,266,058	0.6%
5.	Infrastructure Capital Advisors, Llc	384,453	$5,286,229	0.37%