Key Summary: On March 22, 2024, Blackwells Capital launched a proxy campaign seeking four Board seats and governance reforms, including greater disclosure and limits on insider influence, later escalating its criticism of management and filing litigation. In July 2024, Blackwells reached a cooperation agreement with Braemar, withdrawing its campaign in exchange for an independent director addition and share purchase. Separately, Al Shams repeatedly criticized Braemar’s governance, Ashford-related conflicts and the proposed hotel sales, pursued legal action and investigations, and ultimately announced on September 8, 2026 plans to nominate five independent directors for majority Board control. On September 14, 2026, Al Shams Investments, nominated five independent candidates for election to the Board at the November 13, 2026 annual meeting. Separately, investor Bob Ghassemieh sought board representation, later joined the board under a cooperation agreement, and subsequently became involved in disputes and litigation with the company.