On June 11, 2024, Blackwells Capital LLC announced that it responded to a press release issued by Braemar Hotels & Resorts Inc stating that Jason Aintabi, Chief Investment Officer of Blackwells, accuses Bennett of his poor management of REITs, and shareholder value extraction. Blackwells reject Bennett's claims, stating that he has a history of using smear tactics and personal attacks against shareholders who criticize him or highlight his questionable external advisory agreement with Ashford Inc. Blackwells' responses include: (1) Bennett has labeled the Blackwells nominees as handpicked. However, Blackwells asserts that its nominees are independent, highly qualified, outraged by the governance of the Company, and willing to defend shareholders.

The increasing fees paid to Ashford Inc. reveal why Bennett desperately tries to keep skilled, independent directors out of the boardroom; (2) Bennett claims that Blackwells intends to take over the Company?s Board of Directors without paying a control premium. Blackwells stated that either Bennett does not understand how proxy contests work or he is deliberately misleading shareholders. Blackwells wants independent directors to examine the questionable Advisory Agreement and understand how Bennett has increased his fee stream by 600% while shareholders have suffered a 90% decline in share price.

The current Board members are clearly not interested in investigating this issue; (3) Bennett has stated that Blackwells has a history of running misguided, unsuccessful efforts. Blackwells stated that it has created tens of billions of dollars in value for fellow shareholders in its public campaigns, while Bennett has turned every REIT he has managed into illiquid, mismanaged, and debt-ridden disasters. Additionally, Blackwells urged the Company?s shareholders to vote for the Blackwells nominees and proposals, and against the Company's executive compensation resolution.