Exhibit 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the Common Stock, $0.01 par value per share, of Braemar Hotels & Resorts Inc., a Maryland corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Date: November 18, 2025

	Blackwells Capital LLC

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi
	Title:	Chief Investment Officer

	Jason Aintabi

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi

	BW Coinvest Management I LLC,

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi
	Title:	President & Secretary

	Blackwells Asset Management LLC

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi
	Title:	Chief Executive Officer, President & Secretary

	Vandewater Capital Holdings, LLC

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi
	Title:	President & Secretary

	Blackwells Holding Co. LLC

	By:	/s/ Jason Aintabi
	Name:	Jason Aintabi
	Title:	President & Secretary

Braemar Hotels & Resorts Inc. SCHEDULE 13D