On March 22, 2024, Blackwells Capital LLC announced that it has filed a preliminary proxy statement with Securities and Exchange Commission, urging the shareholders of Braemar Hotels & Resorts Inc to vote for 1) its board nominees Michael Cricenti, Jennifer M. Hill, Betsy L McCoy and Steven J Pully to the Company board, 2) a proposal to urge the Board to amend the Corporation?s 5th Amended and Restated Bylaws, as amended to remove the Overreaching Advance Notice Provision, 3) proposal to urge the Board to amend the Bylaws to preclude any current or former employee, director, officer, or control person of the Corporation or and Ashford?s affiliates from serving as the Corporation?s chairman of the Board, 4) proposal to require the Board to disclose all extraordinary transaction proposals made by stockholders, affiliates and third parties during the two most recently completed calendar years and the terms of those proposed transactions, 5) proposal to require the Board to disclose all compensation paid by the Corporation to members of the Bennett family, The Dallas Express and employees, directors or agents of The Dallas Express, including Louis Darrouzet, at the 2024 annual meeting of shareholders of the Company. In addition, Blackwells Capital recommended the shareholders of the Company to withhold vote against the Company board nominees.