[SCHEDULE 13G/A] Braemar Hotels & Resorts Inc. SEC Filing
Braemar Hotels & Resorts Inc.'s 5.50% Series B Cumulative Convertible Preferred Stock is reported in a Schedule 13G/A showing that Virtus InfraCap U.S. Preferred Stock ETF beneficially holds 452,287 shares, representing 14.69% of the class. The filing lists Infrastructure Capital Advisors, LLC as the investment adviser and discloses that all reported shares are held in client accounts; no other named reporting person (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) reports beneficial ownership of the class. The reporting persons disclaim beneficial ownership except for pecuniary interests and state the securities are held in the ordinary course of business and not to influence control of the issuer.
Nel Schedule 13G/A si segnala che il Virtus InfraCap U.S. Preferred Stock ETF detiene beneficiariamente 452,287 azioni della Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, corrispondenti al 14,69% della classe. La dichiarazione indica Infrastructure Capital Advisors, LLC come consulente d'investimento e precisa che tutte le azioni riportate sono detenute in conti di clienti; nessun altro soggetto segnalante nominato (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) rivendica la propriet脿 beneficiaria della classe. I soggetti segnalanti rinunciano alla propriet脿 beneficiaria eccetto per interessi pecuniari e dichiarano che i titoli sono detenuti nell'ordinaria attivit脿 di gestione e non per influenzare il controllo dell'emittente.
En un Schedule 13G/A se informa que Virtus InfraCap U.S. Preferred Stock ETF posee beneficiariamente 452.287 acciones de la Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, lo que representa el 14,69% de la clase. La presentaci贸n nombra a Infrastructure Capital Advisors, LLC como asesora de inversi贸n y aclara que todas las acciones declaradas est谩n en cuentas de clientes; ninguna otra persona informante nombrada (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) reporta propiedad beneficiaria de la clase. Los informantes renuncian a la propiedad beneficiaria salvo por intereses pecuniarios y declaran que los valores se mantienen en el curso ordinario del negocio y no para influir en el control del emisor.
Schedule 13G/A 氤搓碃靹滌棎 霐半ゴ氅� Virtus InfraCap U.S. Preferred Stock ETF電� Braemar Hotels & Resorts Inc.鞚� 5.50% Series B 雸勳爜 鞝勴櫂鞖办劆欤茧ゼ 452,287欤� 鞙犾澋靻岇湢頃橁碃 鞛堨溂氅�, 鞚措姅 頃措嫻 韥措灅鞀れ潣 14.69%鞐� 頃措嫻頃╇媹雼�. 鞝滌稖靹滌棎電� 韴瀽鞛愲靷 Infrastructure Capital Advisors, LLC臧� 旮办灛霅橃柎 鞛堦碃, 氤搓碃霅� 氇摖 欤检嫕鞚� 瓿犼皾 瓿勳鞐� 氤搓磤霅橃柎 鞛堧嫟瓿� 氚濏灆雼堧嫟. 雼るジ 氇呾嫓霅� 氤搓碃鞛�(Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) 欷� 雸勱惮霃� 頃措嫻 韥措灅鞀れ潣 鞙犾澋靻岇湢毳� 氤搓碃頃橃 鞎婌晿鞀惦媹雼�. 氤搓碃鞛愲摛鞚� 旮堨爠鞝� 鞚挫澋鞚� 鞝滌櫢頃� 鞙犾澋靻岇湢毳� 攵�鞚疙晿氅�, 歃濌秾鞚� 鞐呺鞚� 韱奠儊鞝� 氩旍渼 雮挫棎靹� 氤挫湢霅橁碃 鞛堨溂氅� 氚滍枆鞚胳潣 歆�氚办棎 鞓來枼鞚� 氙胳箻霠る姅 氇╈爜鞚� 鞎勲媹霛缄碃 氇呾嫓頄堨姷雼堧嫟.
Un Schedule 13G/A indique que Virtus InfraCap U.S. Preferred Stock ETF d茅tient b茅n茅ficiairement 452 287 actions de la Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, soit 14,69% de la cat茅gorie. Le d茅p么t mentionne Infrastructure Capital Advisors, LLC comme conseiller en investissement et pr茅cise que toutes les actions d茅clar茅es sont d茅tenues dans des comptes clients聽; aucune des autres personnes d茅clarantes nomm茅es (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) ne revendique la propri茅t茅 b茅n茅ficiaire de la cat茅gorie. Les d茅clarants d茅clinent toute propri茅t茅 b茅n茅ficiaire sauf pour des int茅r锚ts p茅cuniaires et d茅clarent que les titres sont d茅tenus dans le cours normal des affaires et non pour influencer le contr么le de l'茅metteur.
In einer Schedule 13G/A wird angegeben, dass der Virtus InfraCap U.S. Preferred Stock ETF wirtschaftlich 452.287 Aktien der Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock h盲lt, was 14,69% der Klasse entspricht. Die Einreichung nennt Infrastructure Capital Advisors, LLC als Anlageberater und stellt klar, dass alle gemeldeten Aktien in Kundenkonten gehalten werden; keine der anderen genannten meldenden Personen (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) meldet eine wirtschaftliche Eigent眉merschaft an dieser Klasse. Die meldenden Personen lehnen wirtschaftliches Eigentum au脽er f眉r pecuni盲re Interessen ab und geben an, dass die Wertpapiere im ordentlichen Gesch盲ftsgang gehalten werden und nicht zur Beeinflussung der Kontrolle des Emittenten dienen.
- Clear disclosure of beneficial ownership for the 5.50% Series B preferred, including exact share count and percentage
- Classification as passive ownership under Schedule 13G/A with certifications that shares are held in the ordinary course of business
- Concentration risk: One reporting ETF holds 14.69% of the preferred class, which could affect liquidity or trading in that security
- Limited transparency on underlying clients: Shares are held in advisor client accounts and the filing does not identify underlying holders other than the ETF, reducing visibility into ultimate beneficial owners
Insights
TL;DR: A single ETF holds a meaningful 14.69% stake in the preferred class, disclosed under passive Schedule 13G rules.
The filing shows concentration of the 5.50% Series B preferred in an ETF managed by Infrastructure Capital Advisors, with 452,287 shares (14.69%). This is a sizable passive stake for a preferred class and may affect liquidity and trading dynamics for that series, but the report explicitly states the position is held in the ordinary course of business and not to influence control. No voting or dispositive sole powers are reported for the adviser or individuals, indicating shared control consistent with ETF ownership.
TL;DR: Disclosure is routine; no activist intent or control claim is asserted despite material percentage ownership.
The Schedule 13G/A classification and accompanying certifications indicate passive ownership rather than an attempt to change issuer control. The reporting persons include an investment adviser and ETFs; signatures and joint filing agreement are present. From a governance standpoint, the absence of sole voting or dispositive power and the explicit disclaimer reduce immediate regulatory or governance concerns, though a 14.69% holding in a preferred series is notable for issuer capital structure monitoring.
Nel Schedule 13G/A si segnala che il Virtus InfraCap U.S. Preferred Stock ETF detiene beneficiariamente 452,287 azioni della Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, corrispondenti al 14,69% della classe. La dichiarazione indica Infrastructure Capital Advisors, LLC come consulente d'investimento e precisa che tutte le azioni riportate sono detenute in conti di clienti; nessun altro soggetto segnalante nominato (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) rivendica la propriet脿 beneficiaria della classe. I soggetti segnalanti rinunciano alla propriet脿 beneficiaria eccetto per interessi pecuniari e dichiarano che i titoli sono detenuti nell'ordinaria attivit脿 di gestione e non per influenzare il controllo dell'emittente.
En un Schedule 13G/A se informa que Virtus InfraCap U.S. Preferred Stock ETF posee beneficiariamente 452.287 acciones de la Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, lo que representa el 14,69% de la clase. La presentaci贸n nombra a Infrastructure Capital Advisors, LLC como asesora de inversi贸n y aclara que todas las acciones declaradas est谩n en cuentas de clientes; ninguna otra persona informante nombrada (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) reporta propiedad beneficiaria de la clase. Los informantes renuncian a la propiedad beneficiaria salvo por intereses pecuniarios y declaran que los valores se mantienen en el curso ordinario del negocio y no para influir en el control del emisor.
Schedule 13G/A 氤搓碃靹滌棎 霐半ゴ氅� Virtus InfraCap U.S. Preferred Stock ETF電� Braemar Hotels & Resorts Inc.鞚� 5.50% Series B 雸勳爜 鞝勴櫂鞖办劆欤茧ゼ 452,287欤� 鞙犾澋靻岇湢頃橁碃 鞛堨溂氅�, 鞚措姅 頃措嫻 韥措灅鞀れ潣 14.69%鞐� 頃措嫻頃╇媹雼�. 鞝滌稖靹滌棎電� 韴瀽鞛愲靷 Infrastructure Capital Advisors, LLC臧� 旮办灛霅橃柎 鞛堦碃, 氤搓碃霅� 氇摖 欤检嫕鞚� 瓿犼皾 瓿勳鞐� 氤搓磤霅橃柎 鞛堧嫟瓿� 氚濏灆雼堧嫟. 雼るジ 氇呾嫓霅� 氤搓碃鞛�(Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) 欷� 雸勱惮霃� 頃措嫻 韥措灅鞀れ潣 鞙犾澋靻岇湢毳� 氤搓碃頃橃 鞎婌晿鞀惦媹雼�. 氤搓碃鞛愲摛鞚� 旮堨爠鞝� 鞚挫澋鞚� 鞝滌櫢頃� 鞙犾澋靻岇湢毳� 攵�鞚疙晿氅�, 歃濌秾鞚� 鞐呺鞚� 韱奠儊鞝� 氩旍渼 雮挫棎靹� 氤挫湢霅橁碃 鞛堨溂氅� 氚滍枆鞚胳潣 歆�氚办棎 鞓來枼鞚� 氙胳箻霠る姅 氇╈爜鞚� 鞎勲媹霛缄碃 氇呾嫓頄堨姷雼堧嫟.
Un Schedule 13G/A indique que Virtus InfraCap U.S. Preferred Stock ETF d茅tient b茅n茅ficiairement 452 287 actions de la Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock, soit 14,69% de la cat茅gorie. Le d茅p么t mentionne Infrastructure Capital Advisors, LLC comme conseiller en investissement et pr茅cise que toutes les actions d茅clar茅es sont d茅tenues dans des comptes clients聽; aucune des autres personnes d茅clarantes nomm茅es (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) ne revendique la propri茅t茅 b茅n茅ficiaire de la cat茅gorie. Les d茅clarants d茅clinent toute propri茅t茅 b茅n茅ficiaire sauf pour des int茅r锚ts p茅cuniaires et d茅clarent que les titres sont d茅tenus dans le cours normal des affaires et non pour influencer le contr么le de l'茅metteur.
In einer Schedule 13G/A wird angegeben, dass der Virtus InfraCap U.S. Preferred Stock ETF wirtschaftlich 452.287 Aktien der Braemar Hotels & Resorts Inc. 5,50% Series B Cumulative Convertible Preferred Stock h盲lt, was 14,69% der Klasse entspricht. Die Einreichung nennt Infrastructure Capital Advisors, LLC als Anlageberater und stellt klar, dass alle gemeldeten Aktien in Kundenkonten gehalten werden; keine der anderen genannten meldenden Personen (Jay Hatfield, InfraCap Equity Income Fund ETF, Infrastructure Capital Advisors, LLC) meldet eine wirtschaftliche Eigent眉merschaft an dieser Klasse. Die meldenden Personen lehnen wirtschaftliches Eigentum au脽er f眉r pecuni盲re Interessen ab und geben an, dass die Wertpapiere im ordentlichen Gesch盲ftsgang gehalten werden und nicht zur Beeinflussung der Kontrolle des Emittenten dienen.
FAQ
Who reported ownership of Braemar Hotels & Resorts (BHR) 5.50% Series B preferred?
What percentage of the Series B preferred does the reporting person own?
Do the reporting persons claim control or activist intent?
Does any reporting person have sole voting or dispositive power over the shares?
Are other reporting persons disclosed as owning shares?
