ブレイマーホテルズ&リゾーツの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 4, 2025

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland

001-35972

46-2488594

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS employer identification number)

14185 Dallas Parkway

Suite 1200

Dallas

Texas

75254

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

BHR

New York Stock Exchange

Preferred Stock, Series B

BHR-PB

New York Stock Exchange

Preferred Stock, Series D

BHR-PD

New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 4, 2025, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01 OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Third Quarter 2025 Earnings Press Release of the Company, dated November 4, 2025

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	BRAEMAR HOTELS & RESORTS INC.

Dated: November 4, 2025	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

EX-99.1 2 bhr2025q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

NEWS RELEASE


Contact:	Deric Eubanks	Allison Beach	Joe Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	(972) 490-9600	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

THIRD QUARTER 2025 RESULTS

DALLAS – November 4, 2025 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2025 with the third quarter ended September 30, 2024 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 1.4% over the prior year quarter to $257. Comparable ADR increased 4.7% over the prior year quarter to $401 and Comparable Occupancy decreased 3.2% over the prior year quarter to 64.3%.

•Net loss attributable to common stockholders for the quarter was $(8.2) million or $(0.12) per diluted share.

•Adjusted funds from operations (AFFO) was $(0.19) per diluted share for the quarter.

•Adjusted EBITDAre was $16.4 million for the quarter.

•Comparable Hotel EBITDA was $21.4 million for the quarter, reflecting an increase of 15.1% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $116.3 million and restricted cash of $47.7 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $23.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 43.2% at the end of the third quarter.

•Capex invested during the quarter was $21.5 million.

•During the quarter, the Company redeemed approximately $18.5 million of its non-traded preferred stock in cash.

BHR Reports Third Quarter Results

Page 2

November 4, 2025

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company announced that it is initiating a process for the sale of the Company. The Company, together with its financial advisor, initiated the sale process immediately, including soliciting interest from potential buyers and coordinating customary information sharing.

•During the quarter, the Company successfully refinanced the existing mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North.

•During the quarter, the Company closed on the previously announced sale of the 369-room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key).

•Subsequent to quarter end, the Company entered into a definitive agreement to sell the 410-room The Clancy in San Francisco for $115 million ($280,487 per key).

INITIATION OF SALE PROCESS

In August 2025, the Company announced that it is initiating a process for the sale of the Company. The Board of Directors of the Company formed a Special Committee comprised solely of independent and disinterested directors to explore a range of strategic alternatives, aimed at maximizing both near- and long-term shareholder value. After reviewing various strategic options to maximize value for shareholders, the Board has determined that it is in the best interests of the Company and its shareholders to pursue a sale of the Company. The Company has engaged Robert W. Baird & Co. Inc. as its financial advisor.

There is no deadline or definitive timetable set for completion of the sale process and there can be no assurance that this process will result in a sale of the Company. Braemar does not expect to disclose or provide an update concerning developments related to this process unless and until the Board of Directors has approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required by law or otherwise deemed appropriate.

CAPITAL STRUCTURE

As of September 30, 2025, the Company had total assets of $2.0 billion and $1.2 billion of loans of which $27.7 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton. The Company’s total combined loans had a blended average interest rate of 6.9%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 13% of the Company’s consolidated debt is effectively fixed and approximately 87% is effectively floating.

During the quarter, the Company successfully refinanced the existing mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North. The previous loan had a balance of $140 million with an interest rate of SOFR + 3.75% and a final maturity in December 2028. The new non-recourse loan has a balance of $180 million and bears interest at a floating rate of SOFR + 3.00%. The lender is Aareal Capital Corporation. The new loan has a three-year initial term with two, one-year extension options, subject to the satisfaction of certain conditions.

During the quarter, the Company closed on the previously announced sale of the 369-room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key). Including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31, 2025. In conjunction with the sale, the Company paid down approximately $88.4 million of debt and retained approximately $50.8 million of net proceeds after payment of transfer taxes and transaction costs.

BHR Reports Third Quarter Results

Page 3

November 4, 2025

Subsequent to quarter end, the Company entered into a definitive agreement to sell the 410-room The Clancy in San Francisco for $115 million ($280,487 per key) and has received a $3.5 million non-refundable earnest money deposit. The sale price represents a 5.0% capitalization rate on net operating income for the trailing 12 months ended August 2025.

DIVIDENDS

On October 14, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2025. This dividend, which equates to an annual rate of $0.20 per share, will be paid on January 15, 2026, to stockholders of record as of December 31, 2025. The Board of Directors will review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.

“I’m pleased with Braemar’s solid third quarter performance, highlighted by comparable RevPAR growth of approximately 1.4% and comparable total revenue growth of 3.9%,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Our property managers were able to generate strong flow-through on this revenue growth resulting in approximately 15% growth in comparable Hotel EBITDA. As we’ve noted previously, our resorts have resumed a more normalized growth trajectory, with the resort portfolio delivering solid comparable RevPAR growth of 5.5% over the prior year period.” Mr. Stockton added, “To date, we have now redeemed approximately $125 million of our non-traded preferred stock and have no remaining debt maturities in 2025.” Mr. Stockton concluded, “With the recent sale of the upper-upscale Marriott Seattle Waterfront and our announced agreement to sell The Clancy, we’re strategically refining our portfolio with a singular focus: maximizing shareholder value. The divestiture of The Clancy represents another important step toward positioning the Company for a potential future sale that delivers the best possible outcome for our investors.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Wednesday, November 5, 2025, at 12:00 p.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Wednesday, November 12, 2025, by dialing (609) 800-9909 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2025 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Wednesday, November 5, 2025, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.

BHR Reports Third Quarter Results

Page 4

November 4, 2025

Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	September 30, 2025		December 31, 2024
ASSETS
Investments in hotel properties, gross	$	2,126,129	$	2,252,574
Accumulated depreciation	(447,087)		(473,888)
Investments in hotel properties, net	1,679,042		1,778,686
Cash and cash equivalents	116,278		135,465
Restricted cash	47,682		49,592
Investment in securities (amortized cost of $17,279 and $42,279, respectively)	17,277		41,535
Accounts receivable, net of allowance of $179 and $459, respectively	32,819		31,754

Inventories	4,629		4,664
Note receivable	8,747		8,283
Prepaid expenses	5,441		5,116
Deposit paid to Ashford Inc.	17,000		—
Deferred costs, net	75		75
Investment in OpenKey	145		145
Derivative assets	164		356
Other assets	19,688		19,538
Operating lease right-of-use assets	34,359		34,852
Intangible assets, net	2,841		3,125


Due from third-party hotel managers	23,129		22,873

Total assets	$	2,009,316	$	2,136,059

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,164,671	$	1,210,018
Accounts payable and accrued expenses	150,127		143,566
Dividends and distributions payable	8,553		9,255

Due to Ashford Inc., net	2,638		4,267
Due to related parties, net	331		1,055
Due to third-party hotel managers	1,775		1,476
Operating lease liabilities	20,007		19,984


Other liabilities	25,187		24,268

Total liabilities	1,373,289		1,413,889

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	65,426		65,426
Series E redeemable preferred stock, $0.01 par value, 12,697,673 and 14,910,521 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	308,547		352,502
Series M redeemable preferred stock, $0.01 par value, 1,404,544 and 1,476,621 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	35,127		36,916
Redeemable noncontrolling interests in operating partnership	18,942		29,964
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2025 and December 31, 2024	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	682		665
Additional paid-in capital	727,027		718,536
Accumulated other comprehensive income (loss)	(2)		(684)
Accumulated deficit	(515,837)		(477,804)
Total stockholders' equity of the Company	211,886		240,729
Noncontrolling interest in consolidated entities	(3,901)		(3,367)
Total equity	207,985		237,362
Total liabilities and equity	$	2,009,316	$	2,136,059

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
REVENUE
Rooms	$	85,701	$	92,427	$	331,617	$	347,206
Food and beverage	36,637		34,781		133,996		135,891
Other	21,218		21,190		72,840		71,967
Total hotel revenue	143,556		148,398		538,453		555,064


EXPENSES
Hotel operating expenses:
Rooms	24,728		25,548		80,232		81,288
Food and beverage	30,685		31,998		106,662		109,379
Other expenses	51,766		51,300		168,587		169,531
Management fees	4,440		4,869		16,891		17,913
Total hotel operating expenses	111,619		113,715		372,372		378,111
Property taxes, insurance and other	8,211		9,985		26,568		30,740
Depreciation and amortization	23,164		25,078		69,919		75,192

Advisory services fee:
Base advisory fee	3,539		3,505		10,592		10,168
Reimbursable expenses	3,825		3,231		10,403		8,457
Incentive fee	476		1,464		746		2,112
Stock/unit-based compensation	75		427		(24)		2,418


Corporate, general and administrative:
Stock/unit-based compensation	—		—		5		269
Other general and administrative	3,811		8,874		4,402		10,836
Total operating expenses	154,720		166,279		494,983		518,303
Gain (loss) on disposition of assets and hotel properties	40,970		88,210		40,970		88,210
OPERATING INCOME (LOSS)	29,806		70,329		84,440		124,971
Equity in earnings (loss) of unconsolidated entity	—		(80)		—		(214)
Interest income	1,494		2,660		4,901		4,528
Other income (expense)	—		—		(1,250)		—
Interest expense	(22,462)		(26,132)		(67,831)		(77,146)
Amortization of loan costs	(2,726)		(1,779)		(7,545)		(4,541)
Write-off of loan costs and exit fees	(366)		(5,292)		(1,833)		(6,095)
Gain (loss) on extinguishment of debt	(1,553)		—		(1,553)		(22)
Realized and unrealized gain (loss) on derivatives	(118)		(735)		(301)		523
INCOME (LOSS) BEFORE INCOME TAXES	4,075		38,971		9,028		42,004
Income tax (expense) benefit	648		864		(474)		(474)
NET INCOME (LOSS)	4,723		39,835		8,554		41,530
(Income) loss attributable to noncontrolling interest in consolidated entities	412		(27,363)		361		(26,317)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	607		124		2,358		1,747
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	5,742		12,596		11,273		16,960
Preferred dividends	(8,667)		(9,857)		(26,928)		(30,593)
Deemed dividends on redeemable preferred stock	(5,251)		(4,151)		(11,086)		(6,175)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(8,176)	$	(1,412)	$	(26,741)	$	(19,808)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.12)	$	(0.02)	$	(0.40)	$	(0.30)
Weighted average common shares outstanding – basic	68,219		66,522		67,419		66,493
Diluted:
Net income (loss) attributable to common stockholders	$	(0.12)	$	(0.02)	$	(0.40)	$	(0.30)
Weighted average common shares outstanding – diluted	68,219		66,522		67,419		66,493
Dividends declared per common share	$	0.05	$	0.05	$	0.15	$	0.15

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	4,723	$	39,835	$	8,554	$	41,530

Interest expense and amortization of loan costs	25,188		27,911		75,376		81,687
Depreciation and amortization	23,164		25,078		69,919		75,192
Income tax expense (benefit)	(648)		(864)		474		474
Equity in (earnings) loss of unconsolidated entity	—		80		—		214
Company's portion of EBITDA of OpenKey	—		(76)		—		(215)
EBITDA	52,427		91,964		154,323		198,882

(Gain) loss on disposition of assets and hotel properties	(40,970)		(88,210)		(40,970)		(88,210)

EBITDAre	11,457		3,754		113,353		110,672
Amortization of favorable (unfavorable) contract assets (liabilities)	107		109		321		346
Transaction and conversion costs	1,608		50		2,774		(5,524)
Write-off of loan costs and exit fees	366		5,292		1,833		6,095
Realized and unrealized (gain) loss on derivatives	118		735		301		(523)
Stock/unit-based compensation	75		427		(20)		2,689
Legal, advisory and settlement costs	618		6,539		(3,864)		11,356
Advisory services incentive fee	476		1,464		746		2,112
(Gain) loss on extinguishment of debt	1,553		—		1,553		22
Other (income) expense	—		—		1,250		—

Severance	—		102		—		102

Company's portion of adjustments to EBITDAre of OpenKey	—		—		—		3
Adjusted EBITDAre	$	16,378	$	18,472	$	118,247	$	127,350

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	4,723	$	39,835	$	8,554	$	41,530
(Income) loss attributable to noncontrolling interest in consolidated entities	412		(27,363)		361		(26,317)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	607		124		2,358		1,747
Preferred dividends	(8,667)		(9,857)		(26,928)		(30,593)
Deemed dividends on redeemable preferred stock	(5,251)		(4,151)		(11,086)		(6,175)

Net income (loss) attributable to common stockholders	(8,176)		(1,412)		(26,741)		(19,808)
Depreciation and amortization on real estate (1)	22,498		24,255		67,864		72,131
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(607)		(124)		(2,358)		(1,747)
Equity in (earnings) loss of unconsolidated entity	—		80		—		214

(Gain) loss on disposition of assets and hotel properties	(40,988)		(61,970)		(40,988)		(61,970)
Company's portion of FFO of OpenKey	—		(91)		—		(253)
FFO available to common stockholders and OP unitholders	(27,273)		(39,262)		(2,223)		(11,433)
Deemed dividends on redeemable preferred stock	5,251		4,151		11,086		6,175

Transaction and conversion costs	1,608		50		2,774		(5,524)
Write-off of premiums, loan costs and exit fees	366		5,292		1,833		6,095
Unrealized (gain) loss on derivatives	299		1,746		850		3,698
Stock/unit-based compensation	75		427		(20)		2,689
Legal, advisory and settlement costs	618		6,539		(3,864)		11,356
Interest expense accretion on refundable membership club deposits	135		151		421		466
Amortization of loan costs (1)	2,690		1,741		7,438		4,268
Advisory services incentive fee	476		1,464		746		2,112
(Gain) loss on extinguishment of debt	1,553		—		1,553		22
Other (income) expense	—		—		1,250		—

Severance	—		102		—		102


Company's portion of adjustments to FFO of OpenKey	—		—		—		3
Adjusted FFO available to common stockholders and OP unitholders	$	(14,202)	$	(17,599)	$	21,844	$	20,029
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.19)	$	(0.24)	$	0.30	$	0.28
Weighted average diluted shares	73,374		73,130		73,553		72,802

(1) Net of adjustment for noncontrolling interest in consolidated entities.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2025

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (8)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (9)		Comparable TTM Hotel EBITDA Debt Yield
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2026	February 2027	SOFR (1) + 2.86%	$	—		$	70,500		(2)	$	70,500		$	(8)	—	%	$	11,679	16.6	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
BAML	The Ritz-Carlton Lake Tahoe	July 2026	July 2026	SOFR (1) + 3.25%	—			43,413				43,413			(4,129)		(9.5)	%	10,647		24.5	%
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	—			407,000			(3)	407,000			37,809		9.3	%	61,781		15.2	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(4)	110,600			(12,146)		(11.0)	%	17,440		15.8	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.57%	—			274,630			(5)	274,630			65,169		23.7	%	47,155		17.2	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%	—			180,000			(6)	180,000			2,276		1.3	%	26,250		14.6	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(6,483)		N/A		(2,285)		N/A





Total					$	86,250		$	1,086,143			$	1,172,393		$	82,488	7.0	%	$	172,667	14.7	%
Percentage					7.4		%	92.6		%		100.0		%
Weighted average interest rate (7)					4.50		%	7.07		%		6.88		%

All indebtedness is non-recourse with the exception of the convertible senior notes.

The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.

(1) SOFR rate was 4.13% at September 30, 2025.

(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in February 2025.

(3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Braemar holds a tranche of CMBS that has a par value of $17.2 million and a rate of SOFR +5.20%, which results in an effective interest rate on this mortgage loan of SOFR + 3.15%.

(4) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.

(5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy and The Notary Hotel.

(6) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.

(7) The weighted average interest rates are adjusted for in-the-money interest rate caps and the CMBS tranche.

(8) The final maturity date assumes all available extension options will be exercised.

(9) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2025

(dollars in thousands)

(unaudited)


Lender	Hotels	2025		2026		2027		2028		2029		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	—	$	43,413	$	—	$	—	$	—	$	—	$	43,413
Convertible Senior Notes	N/A	—		86,250		—		—		—		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		—		70,500		—		—		—		70,500
Aareal Capital Corporation	Capital Hilton	—		—		—		106,600		—		—		106,600
BAML	See footnote 1	—		—		—		—		407,000		—		407,000
JPMorgan Chase	See footnote 2	—		—		—		—		—		274,630		274,630
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—				—		174,000		174,000






Principal due in future periods		$	—	$	129,663	$	70,500	$	106,600	$	407,000	$	448,630	$	1,162,393
Scheduled amortization payments remaining		—		—		2,000		2,750		3,000		2,250		10,000
Total indebtedness		$	—	$	129,663	$	72,500	$	109,350	$	410,000	$	450,880	$	1,172,393

The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.

(1) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

(2) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy and The Notary Hotel.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	86,955		$	(4,982)		$	81,973		$	93,477		$	(12,598)		$	80,879		(6.98)	%	1.35	%
	RevPAR	$	261.88		$	(365.41)		$	257.45		$	260.62		$	(312.97)		$	254.00		0.48	%	1.36	%
	Occupancy	65.24		%	(88.50)		%	64.25		%	68.50		%	(85.57)		%	66.34		%	(4.76)	%	(3.15)	%
	ADR	$	401.39		$	(412.89)		$	400.72		$	380.47		$	(365.75)		$	382.87		5.50	%	4.66	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	337,095		$	(18,443)		$	318,652		$	352,019		$	(39,970)		$	312,049		(4.24)	%	2.12	%
	RevPAR	$	328.78		$	(229.32)		$	337.25		$	312.27		$	(223.15)		$	329.11		5.29	%	2.47	%
	Occupancy	67.26		%	(74.90)		%	66.61		%	68.91		%	(76.88)		%	67.41		%	(2.39)	%	(1.19)	%
	ADR	$	488.80		$	(306.18)		$	506.27		$	453.14		$	(290.26)		$	488.24		7.87	%	3.69	%

NOTES:

(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at September 30, 2025, were owned as of the beginning of each of the periods presented.

(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	78,987		$	(4,982)		$	74,005		$	84,149		$	(12,598)		$	71,551		(6.13)	%	3.43	%
	RevPAR	$	268.87		$	(365.41)		$	264.17		$	262.64		$	(312.97)		$	255.41		2.37	%	3.43	%
	Occupancy	66.96		%	(88.50)		%	65.91		%	69.03		%	(85.57)		%	66.66		%	(3.00)	%	(1.13)	%
	ADR	$	401.54		$	(412.89)		$	400.80		$	380.46		$	(365.75)		$	383.17		5.54	%	4.60	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	304,648		$	(18,443)		$	286,205		$	317,454		$	(39,970)		$	277,484		(4.03)	%	3.14	%
	RevPAR	$	334.15		$	(229.32)		$	344.29		$	313.29		$	(223.15)		$	332.64		6.66	%	3.50	%
	Occupancy	68.70		%	(74.90)		%	68.10		%	69.64		%	(76.88)		%	68.08		%	(1.35)	%	0.03	%
	ADR	$	486.37		$	(306.18)		$	505.54		$	449.90		$	(290.26)		$	488.60		8.11	%	3.47	%

NOTES:

(1) The above comparable information assumes the 11 hotel properties owned and included in the Company's operations at September 30, 2025, and not under renovation during the three months ended September 30, 2025, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025			2024			% Variance		2025			2024			% Variance
	Total hotel revenue	$	144,585		$	149,255		(3.13)	%	$	542,935		$	559,000		(2.87)	%
	Non-comparable adjustments	(6,133)			(15,932)					(23,768)			(58,454)
	Comparable total hotel revenue	$	138,452		$	133,323		3.85	%	$	519,167		$	500,546		3.72	%

	Hotel net income (loss)	$	33,765		$	77,832		(56.62)	%	$	86,576		$	128,102		(32.42)	%
	Non-comparable adjustments	(44,303)			(91,790)					(46,863)			(100,607)
	Comparable hotel net income (loss)	$	(10,538)		$	(13,958)		24.50	%	$	39,713		$	27,495		44.44	%
	Hotel net income (loss) margin	23.35		%	52.15		%	(28.80)	%	15.95		%	22.92		%	(6.97)	%
	Comparable hotel net income margin	(7.61)		%	(10.47)		%	2.86	%	7.65		%	5.49		%	2.16	%

	Hotel EBITDA	$	25,562		$	25,050		2.04	%	$	144,096		$	147,107		(2.05)	%
	Non-comparable adjustments	(4,145)			(6,440)					(10,189)			(20,830)
	Comparable hotel EBITDA	$	21,417		$	18,610		15.08	%	$	133,907		$	126,277		6.04	%
	Hotel EBITDA margin	17.68		%	16.78		%	0.90	%	26.54		%	26.32		%	0.22	%
	Comparable hotel EBITDA margin	15.47		%	13.96		%	1.51	%	25.79		%	25.23		%	0.56	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	(452)		$	22,091		(102.04)	%	$	(439)		$	24,828		(101.77)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	34,217		$	55,741		(38.62)	%	$	87,015		$	103,274		(15.74)	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(9,789)		$	(13,959)		29.87	%	$	40,421		$	26,422		52.98	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	937		$	890		5.34	%	$	3,737		$	6,076		(38.49)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	24,625		$	24,160		1.92	%	$	140,359		$	141,032		(0.48)	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	20,826		$	17,819		16.88	%	$	130,500		$	122,490		6.54	%

NOTES:

(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025			2024			% Variance		2025			2024			% Variance
	Total hotel revenue	$	128,719		$	132,071		(2.54)	%	$	487,685		$	500,359		(2.53)	%
	Non-comparable adjustments	(6,133)			(15,932)					(23,768)			(58,454)
	Comparable total hotel revenue	$	122,586		$	116,139		5.55	%	$	463,917		$	441,905		4.98	%

	Hotel net income (loss)	$	36,613		$	79,282		(53.82)	%	$	89,856		$	128,195		(29.91)	%
	Non-comparable adjustments	(44,303)			(91,790)					(46,863)			(100,607)
	Comparable hotel net income (loss)	$	(7,690)		$	(12,508)		38.52	%	$	42,993		$	27,588		55.84	%
	Hotel net income (loss) margin	28.44		%	60.03		%	(31.59)	%	18.43		%	25.62		%	(7.19)	%
	Comparable hotel net income margin	(6.27)		%	(10.77)		%	4.50	%	9.27		%	6.24		%	3.03	%

	Hotel EBITDA	$	23,422		$	22,558		3.83	%	$	133,699		$	134,738		(0.77)	%
	Non-comparable adjustments	(4,145)			(6,440)					(10,189)			(20,830)
	Comparable hotel EBITDA	$	19,277		$	16,118		19.60	%	$	123,510		$	113,908		8.43	%
	Hotel EBITDA margin	18.20		%	17.08		%	1.12	%	27.42		%	26.93		%	0.49	%
	Comparable hotel EBITDA margin	15.73		%	13.88		%	1.85	%	26.62		%	25.78		%	0.84	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	(452)		$	22,091		(102.04)	%	$	(439)		$	24,828		(101.77)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	37,065		$	57,191		(35.19)	%	$	90,295		$	103,367		(12.65)	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(6,941)		$	(12,509)		44.51	%	$	43,701		$	26,515		64.82	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	937		$	890		5.34	%	$	3,738		$	6,076		(38.48)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	22,485		$	21,668		3.77	%	$	129,961		$	128,663		1.01	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	18,686		$	15,327		21.92	%	$	120,103		$	110,121		9.06	%

NOTES:

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(5) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	8,631		$	—		$	8,631		$	9,712		$	—		$	9,712		(11.13)	%	(11.13)	%
	Total hotel revenue	$	14,062		$	—		$	14,062		$	14,256		$	—		$	14,256		(1.36)	%	(1.36)	%
	Hotel net income (loss)	$	(2,996)		$	—		$	(2,996)		$	3		$	—		$	3		(99,966.67)	%	(99,966.67)	%
	Hotel net income (loss) margin	(21.31)		%				(21.31)		%	0.02		%				0.02		%	(21.33)	%	(21.33)	%
	Hotel EBITDA	$	2,363		$	—		$	2,363		$	3,163		$	—		$	3,163		(25.29)	%	(25.29)	%
	Hotel EBITDA margin	16.80		%				16.80		%	22.19		%				22.19		%	(5.39)	%	(5.39)	%
	Selected Operating Information:
	RevPAR	$	167.83		$	—		$	167.83		$	188.84		$	—		$	188.84		(11.13)	%	(11.13)	%
	Occupancy	73.20		%	—		%	73.20		%	80.08		%	—		%	80.08		%	(8.59)	%	(8.59)	%
	ADR	$	229.28		$	—		$	229.28		$	235.81		$	—		$	235.81		(2.77)	%	(2.77)	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	1,374		$	(1,374)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	2,049		$	(2,049)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	1,190		$	(1,190)		$	—		$	88,360		$	(88,360)		$	—		(98.65)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	4,312.35		%				—		%	(4,312.35)	%	—	%
	Hotel EBITDA	$	1,386		$	(1,386)		$	—		$	397		$	(397)		$	—		249.12	%	—	%
	Hotel EBITDA margin	—		%				—		%	19.38		%				—		%	(19.38)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	218.00		$	218.00		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	84.31		%	84.31		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	258.56		$	258.56		$	—		(100.00)	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	8,940		$	—		$	8,940		$	9,037		$	—		$	9,037		(1.07)	%	(1.07)	%
	Total hotel revenue	$	11,587		$	—		$	11,587		$	11,671		$	—		$	11,671		(0.72)	%	(0.72)	%
	Hotel net income (loss)	$	1,512		$	—		$	1,512		$	2,065		$	—		$	2,065		(26.78)	%	(26.78)	%
	Hotel net income (loss) margin	13.05		%				13.05		%	17.69		%				17.69		%	(4.64)	%	(4.64)	%
	Hotel EBITDA	$	2,706		$	—		$	2,706		$	3,201		$	—		$	3,201		(15.46)	%	(15.46)	%
	Hotel EBITDA margin	23.35		%				23.35		%	27.43		%				27.43		%	(4.08)	%	(4.08)	%
	Selected Operating Information:
	RevPAR	$	234.16		$	—		$	234.16		$	236.70		$	—		$	236.70		(1.07)	%	(1.07)	%
	Occupancy	79.53		%	—		%	79.53		%	82.23		%	—		%	82.23		%	(3.28)	%	(3.28)	%
	ADR	$	294.42		$	—		$	294.42		$	287.84		$	—		$	287.84		2.29	%	2.29	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	4,843		$	—		$	4,843		$	4,673		$	—		$	4,673		3.64	%	3.64	%
	Total hotel revenue	$	6,433		$	—		$	6,433		$	6,216		$	—		$	6,216		3.49	%	3.49	%
	Hotel net income (loss)	$	1,167		$	—		$	1,167		$	1,022		$	—		$	1,022		14.19	%	14.19	%
	Hotel net income (loss) margin	18.14		%				18.14		%	16.44		%				16.44		%	1.70	%	1.70	%
	Hotel EBITDA	$	2,058		$	—		$	2,058		$	1,883		$	—		$	1,883		9.29	%	9.29	%
	Hotel EBITDA margin	31.99		%				31.99		%	30.29		%				30.29		%	1.70	%	1.70	%
	Selected Operating Information:
	RevPAR	$	809.88		$	—		$	809.88		$	781.57		$	—		$	781.57		3.62	%	3.62	%
	Occupancy	79.03		%	—		%	79.03		%	73.81		%	—		%	73.81		%	7.07	%	7.07	%
	ADR	$	1,024.77		$	—		$	1,024.77		$	1,058.85		$	—		$	1,058.85		(3.22)	%	(3.22)	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	3,782		$	—		$	3,782		$	3,701		$	—		$	3,701		2.19	%	2.19	%
	Total hotel revenue	$	5,418		$	—		$	5,418		$	5,133		$	—		$	5,133		5.55	%	5.55	%
	Hotel net income (loss)	$	1,140		$	—		$	1,140		$	13		$	—		$	13		8,669.23	%	8,669.23	%
	Hotel net income (loss) margin	21.04		%				21.04		%	0.25		%				0.25		%	20.79	%	20.79	%
	Hotel EBITDA	$	1,586		$	—		$	1,586		$	1,311		$	—		$	1,311		20.98	%	20.98	%
	Hotel EBITDA margin	29.27		%				29.27		%	25.54		%				25.54		%	3.73	%	3.73	%
	Selected Operating Information:
	RevPAR	$	289.50		$	—		$	289.50		$	283.27		$	—		$	283.27		2.20	%	2.20	%
	Occupancy	69.40		%	—		%	69.40		%	64.80		%	—		%	64.80		%	7.10	%	7.10	%
	ADR	$	417.11		$	—		$	417.11		$	437.17		$	—		$	437.17		(4.59)	%	(4.59)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,181		$	—		$	3,181		$	3,340		$	—		$	3,340		(4.76)	%	(4.76)	%
	Total hotel revenue	$	4,061		$	—		$	4,061		$	4,315		$	—		$	4,315		(5.89)	%	(5.89)	%
	Hotel net income (loss)	$	537		$	—		$	537		$	994		$	—		$	994		(45.98)	%	(45.98)	%
	Hotel net income (loss) margin	13.22		%				13.22		%	23.04		%				23.04		%	(9.82)	%	(9.82)	%
	Hotel EBITDA	$	1,205		$	—		$	1,205		$	1,433		$	—		$	1,433		(15.91)	%	(15.91)	%
	Hotel EBITDA margin	29.67		%				29.67		%	33.21		%				33.21		%	(3.54)	%	(3.54)	%
	Selected Operating Information:
	RevPAR	$	432.15		$	—		$	432.15		$	453.83		$	—		$	453.83		(4.78)	%	(4.78)	%
	Occupancy	66.28		%	—		%	66.28		%	70.23		%	—		%	70.23		%	(5.62)	%	(5.62)	%
	ADR	$	652.04		$	—		$	652.04		$	646.19		$	—		$	646.19		0.91	%	0.91	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	2,915		$	—		$	2,915		$	3,591		$	—		$	3,591		(18.82)	%	(18.82)	%
	Total hotel revenue	$	9,438		$	—		$	9,438		$	9,614		$	—		$	9,614		(1.83)	%	(1.83)	%
	Hotel net income (loss)	$	(1,134)		$	—		$	(1,134)		$	(1,102)		$	—		$	(1,102)		(2.90)	%	(2.90)	%
	Hotel net income (loss) margin	(12.02)		%				(12.02)		%	(11.46)		%				(11.46)		%	(0.56)	%	(0.56)	%
	Hotel EBITDA	$	2,042		$	—		$	2,042		$	1,597		$	—		$	1,597		27.86	%	27.86	%
	Hotel EBITDA margin	21.64		%				21.64		%	16.61		%				16.61		%	5.03	%	5.03	%
	Selected Operating Information:
	RevPAR	$	164.20		$	—		$	164.20		$	202.27		$	—		$	202.27		(18.82)	%	(18.82)	%
	Occupancy	45.53		%	—		%	45.53		%	58.55		%	—		%	58.55		%	(22.24)	%	(22.24)	%
	ADR	$	360.60		$	—		$	360.60		$	345.47		$	—		$	345.47		4.38	%	4.38	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,050		$	—		$	6,050		$	7,334		$	—		$	7,334		(17.51)	%	(17.51)	%
	Total hotel revenue	$	8,109		$	—		$	8,109		$	9,251		$	—		$	9,251		(12.34)	%	(12.34)	%
	Hotel net income (loss)	$	896		$	—		$	896		$	1,851		$	—		$	1,851		(51.59)	%	(51.59)	%
	Hotel net income (loss) margin	11.05		%				11.05		%	20.01		%				20.01		%	(8.96)	%	(8.96)	%
	Hotel EBITDA	$	2,248		$	—		$	2,248		$	3,232		$	—		$	3,232		(30.45)	%	(30.45)	%
	Hotel EBITDA margin	27.72		%				27.72		%	34.94		%				34.94		%	(7.22)	%	(7.22)	%
	Selected Operating Information:
	RevPAR	$	131.78		$	—		$	131.78		$	159.76		$	—		$	159.76		(17.51)	%	(17.51)	%
	Occupancy	61.59		%	—		%	61.59		%	70.21		%	—		%	70.21		%	(12.28)	%	(12.28)	%
	ADR	$	213.96		$	—		$	213.96		$	227.55		$	—		$	227.55		(5.97)	%	(5.97)	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	8,881		$	—		$	8,881		$	7,285		$	—		$	7,285		21.91	%	21.91	%
	Total hotel revenue	$	10,504		$	—		$	10,504		$	8,944		$	—		$	8,944		17.44	%	17.44	%
	Hotel net income (loss)	$	853		$	—		$	853		$	(650)		$	—		$	(650)		231.23	%	231.23	%
	Hotel net income (loss) margin	8.12		%				8.12		%	(7.27)		%				(7.27)		%	15.39	%	15.39	%
	Hotel EBITDA	$	2,156		$	—		$	2,156		$	1,273		$	—		$	1,273		69.36	%	69.36	%
	Hotel EBITDA margin	20.53		%				20.53		%	14.23		%				14.23		%	6.30	%	6.30	%
	Selected Operating Information:
	RevPAR	$	235.44		$	—		$	235.44		$	193.12		$	—		$	193.12		21.91	%	21.91	%
	Occupancy	74.91		%	—		%	74.91		%	68.59		%	—		%	68.59		%	9.21	%	9.21	%
	ADR	$	314.30		$	—		$	314.30		$	281.56		$	—		$	281.56		11.63	%	11.63	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	5,952		$	—		$	5,952		$	6,143		$	—		$	6,143		(3.11)	%	(3.11)	%
	Total hotel revenue	$	15,906		$	—		$	15,906		$	15,119		$	—		$	15,119		5.21	%	5.21	%
	Hotel net income (loss)	$	(1,211)		$	—		$	(1,211)		$	(26)		$	—		$	(26)		(4,557.69)	%	(4,557.69)	%
	Hotel net income (loss) margin	(7.61)		%				(7.61)		%	(0.17)		%				(0.17)		%	(7.44)	%	(7.44)	%
	Hotel EBITDA	$	1,673		$	—		$	1,673		$	1,350		$	—		$	1,350		23.93	%	23.93	%
	Hotel EBITDA margin	10.52		%				10.52		%	8.93		%				8.93		%	1.59	%	1.59	%
	Selected Operating Information:
	RevPAR	$	234.39		$	—		$	234.39		$	241.92		$	—		$	241.92		(3.11)	%	(3.11)	%
	Occupancy	53.09		%	—		%	53.09		%	51.65		%	—		%	51.65		%	2.79	%	2.79	%
	ADR	$	441.52		$	—		$	441.52		$	468.42		$	—		$	468.42		(5.74)	%	(5.74)	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	7,738		$	—		$	7,738		$	6,229		$	—		$	6,229		24.23	%	24.23	%
	Total hotel revenue	$	16,254		$	—		$	16,254		$	12,268		$	—		$	12,268		32.49	%	32.49	%
	Hotel net income (loss)	$	(48)		$	—		$	(48)		$	(2,638)		$	—		$	(2,638)		98.18	%	98.18	%
	Hotel net income (loss) margin	(0.30)		%				(0.30)		%	(21.50)		%				(21.50)		%	21.20	%	21.20	%
	Hotel EBITDA	$	3,641		$	—		$	3,641		$	757		$	—		$	757		380.98	%	380.98	%
	Hotel EBITDA margin	22.40		%				22.40		%	6.17		%				6.17		%	16.23	%	16.23	%
	Selected Operating Information:
	RevPAR	$	459.61		$	—		$	459.61		$	369.97		$	—		$	369.97		24.23	%	24.23	%
	Occupancy	67.30		%	—		%	67.30		%	55.39		%	—		%	55.39		%	21.50	%	21.50	%
	ADR	$	682.91		$	—		$	682.91		$	667.96		$	—		$	667.96		2.24	%	2.24	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	4,982		$	(4,982)		$	—		$	11,224		$	(11,224)		$	—		(55.61)	%	—	%
	Total hotel revenue	$	6,133		$	(6,133)		$	—		$	13,883		$	(13,883)		$	—		(55.82)	%	—	%
	Hotel net income (loss)	$	43,113		$	(43,113)		$	—		$	3,430		$	(3,430)		$	—		1,156.94	%	—	%
	Hotel net income (loss) margin	702.97		%				—		%	24.71		%				—		%	678.26	%	—	%
	Hotel EBITDA	$	2,759		$	(2,759)		$	—		$	6,043		$	(6,043)		$	—		(54.34)	%	—	%
	Hotel EBITDA margin	44.99		%				—		%	43.53		%				—		%	1.46	%	—	%
	Selected Operating Information:
	RevPAR	$	365.41		$	365.41		$	—		$	330.61		$	330.61		$	—		10.53	%	—	%
	Occupancy	88.50		%	88.50		%	—		%	85.80		%	85.80		%	—		%	3.15	%	—	%
	ADR	$	412.89		$	412.89		$	—		$	385.31		$	385.31		$	—		7.16	%	—	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	6,117		$	—		$	6,117		$	6,709		$	—		$	6,709		(8.82)	%	(8.82)	%
	Total hotel revenue	$	10,241		$	—		$	10,241		$	12,736		$	—		$	12,736		(19.59)	%	(19.59)	%
	Hotel net income (loss)	$	(1,731)		$	—		$	(1,731)		$	(3,620)		$	—		$	(3,620)		52.18	%	52.18	%
	Hotel net income (loss) margin	(16.90)		%				(16.90)		%	(28.42)		%				(28.42)		%	11.52	%	11.52	%
	Hotel EBITDA	$	(458)		$	—		$	(458)		$	956		$	—		$	956		(147.91)	%	(147.91)	%
	Hotel EBITDA margin	(4.47)		%				(4.47)		%	7.51		%				7.51		%	(11.98)	%	(11.98)	%
	Selected Operating Information:
	RevPAR	$	369.38		$	—		$	369.38		$	405.12		$	—		$	405.12		(8.82)	%	(8.82)	%
	Occupancy	46.55		%	—		%	46.55		%	55.45		%	—		%	55.45		%	(16.05)	%	(16.05)	%
	ADR	$	793.47		$	—		$	793.47		$	730.57		$	—		$	730.57		8.61	%	8.61	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	1,872		$	—		$	1,872		$	2,395		$	—		$	2,395		(21.84)	%	(21.84)	%
	Total hotel revenue	$	2,365		$	—		$	2,365		$	3,255		$	—		$	3,255		(27.34)	%	(27.34)	%
	Hotel net income (loss)	$	(2,251)		$	—		$	(2,251)		$	(1,342)		$	—		$	(1,342)		(67.73)	%	(67.73)	%
	Hotel net income (loss) margin	(95.18)		%				(95.18)		%	(41.23)		%				(41.23)		%	(53.95)	%	(53.95)	%
	Hotel EBITDA	$	(1,107)		$	—		$	(1,107)		$	(538)		$	—		$	(538)		(105.76)	%	(105.76)	%
	Hotel EBITDA margin	(46.81)		%				(46.81)		%	(16.53)		%				(16.53)		%	(30.28)	%	(30.28)	%
	Selected Operating Information:
	RevPAR	$	142.30		$	—		$	142.30		$	182.03		$	—		$	182.03		(21.83)	%	(21.83)	%
	Occupancy	52.91		%	—		%	52.91		%	67.95		%	—		%	67.95		%	(22.13)	%	(22.13)	%
	ADR	$	268.94		$	—		$	268.94		$	267.90		$	—		$	267.90		0.39	%	0.39	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	8,735		$	—		$	8,735		$	7,258		$	—		$	7,258		20.35	%	20.35	%
	Total hotel revenue	$	14,677		$	—		$	14,677		$	12,628		$	—		$	12,628		16.23	%	16.23	%
	Hotel net income (loss)	$	(1,650)		$	—		$	(1,650)		$	(3,554)		$	—		$	(3,554)		53.57	%	53.57	%
	Hotel net income (loss) margin	(11.24)		%				(11.24)		%	(28.14)		%				(28.14)		%	16.90	%	16.90	%
	Hotel EBITDA	$	348		$	—		$	348		$	(50)		$	—		$	(50)		796.00	%	796.00	%
	Hotel EBITDA margin	2.37		%				2.37		%	(0.40)		%				(0.40)		%	2.77	%	2.77	%
	Selected Operating Information:
	RevPAR	$	895.75		$	—		$	895.75		$	744.23		$	—		$	744.23		20.36	%	20.36	%
	Occupancy	57.05		%	—		%	57.05		%	49.60		%	—		%	49.60		%	15.02	%	15.02	%
	ADR	$	1,569.98		$	—		$	1,569.98		$	1,500.45		$	—		$	1,500.45		4.63	%	4.63	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	4,336		$	—		$	4,336		$	3,472		$	—		$	3,472		24.88	%	24.88	%
	Total hotel revenue	$	9,397		$	—		$	9,397		$	7,917		$	—		$	7,917		18.69	%	18.69	%
	Hotel net income (loss)	$	(5,622)		$	—		$	(5,622)		$	(6,974)		$	—		$	(6,974)		19.39	%	19.39	%
	Hotel net income (loss) margin	(59.83)		%				(59.83)		%	(88.09)		%				(88.09)		%	28.26	%	28.26	%
	Hotel EBITDA	$	956		$	—		$	956		$	(958)		$	—		$	(958)		199.79	%	199.79	%
	Hotel EBITDA margin	10.17		%				10.17		%	(12.10)		%				(12.10)		%	22.27	%	22.27	%
	Selected Operating Information:
	RevPAR	$	224.43		$	—		$	224.43		$	179.67		$	—		$	179.67		24.91	%	24.91	%
	Occupancy	42.57		%	—		%	42.57		%	34.75		%	—		%	34.75		%	22.50	%	22.50	%
	ADR	$	527.18		$	—		$	527.18		$	517.08		$	—		$	517.08		1.95	%	1.95	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	47,599		$	—		$	47,599		$	46,490		$	(1,374)		$	45,116		2.39	%	5.50	%
	Total hotel revenue	$	91,825		$	—		$	91,825		$	87,995		$	(2,049)		$	85,946		4.35	%	6.84	%
	Hotel net income (loss)	$	(7,362)		$	(1,190)		$	(8,552)		$	72,475		$	(88,360)		$	(15,885)		(110.16)	%	46.16	%
	Hotel net income (loss) margin	(8.02)		%				(9.31)		%	82.36		%				(18.48)		%	(90.38)	%	9.17	%
	Hotel EBITDA	$	14,437		$	(1,386)		$	13,051		$	8,676		$	(397)		$	8,279		66.40	%	57.64	%
	Hotel EBITDA margin	15.72		%				14.21		%	9.86		%				9.63		%	5.86	%	4.58	%
	Selected Operating Information:
	RevPAR	$	360.55		$	—		$	360.55		$	336.09		$	218.00		$	341.73		7.28	%	5.51	%
	Occupancy	55.34		%	—		%	55.34		%	55.62		%	84.31		%	54.25		%	(0.50)	%	2.01	%
	ADR	$	651.46		$	—		$	651.46		$	604.30		$	258.56		$	629.96		7.80	%	3.41	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	39,356		$	(4,982)		$	34,374		$	46,987		$	(11,224)		$	35,763		(16.24)	%	(3.88)	%
	Total hotel revenue	$	52,760		$	(6,133)		$	46,627		$	61,260		$	(13,883)		$	47,377		(13.88)	%	(1.58)	%
	Hotel net income (loss)	$	41,127		$	(43,113)		$	(1,986)		$	5,357		$	(3,430)		$	1,927		667.72	%	(203.06)	%
	Hotel net income (loss) margin	77.95		%				(4.26)		%	8.74		%				4.07		%	69.21	%	(8.33)	%
	Hotel EBITDA	$	11,125		$	(2,759)		$	8,366		$	16,374		$	(6,043)		$	10,331		(32.06)	%	(19.02)	%
	Hotel EBITDA margin	21.09		%				17.94		%	26.73		%				21.81		%	(5.64)	%	(3.87)	%
	Selected Operating Information:
	RevPAR	$	196.76		$	365.41		$	184.42		$	213.24		$	330.61		$	191.87		(7.73)	%	(3.88)	%
	Occupancy	71.78		%	88.50		%	70.55		%	76.59		%	85.80		%	74.91		%	(6.28)	%	(5.82)	%
	ADR	$	274.13		$	412.89		$	261.40		$	278.43		$	385.31		$	256.13		(1.54)	%	2.06	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	86,955		$	(4,982)		$	81,973		$	93,477		$	(12,598)		$	80,879		(6.98)	%	1.35	%
	Total hotel revenue	$	144,585		$	(6,133)		$	138,452		$	149,255		$	(15,932)		$	133,323		(3.13)	%	3.85	%
	Hotel net income (loss)	$	33,765		$	(44,303)		$	(10,538)		$	77,832		$	(91,790)		$	(13,958)		(56.62)	%	24.50	%
	Hotel net income (loss) margin	23.35		%				(7.61)		%	52.15		%				(10.47)		%	(28.80)	%	2.86	%
	Hotel EBITDA	$	25,562		$	(4,145)		$	21,417		$	25,050		$	(6,440)		$	18,610		2.04	%	15.08	%
	Hotel EBITDA margin	17.68		%				15.47		%	16.78		%				13.96		%	0.90	%	1.51	%
	Selected Operating Information:
	RevPAR	$	261.88		$	(365.41)		$	257.45		$	260.62		$	(312.97)		$	254.00		0.48	%	1.36	%
	Occupancy	65.24		%	(88.50)		%	64.25		%	68.50		%	(85.57)		%	66.34		%	(4.76)	%	(3.15)	%
	ADR	$	401.39		$	(412.89)		$	400.72		$	380.47		$	(365.75)		$	382.87		5.50	%	4.66	%

NOTES:

(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills

(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	32,255		$	—		$	32,255		$	32,355		$	—		$	32,355		(0.31)	%	(0.31)	%
	Total hotel revenue	$	49,814		$	—		$	49,814		$	49,679		$	—		$	49,679		0.27	%	0.27	%
	Hotel net income (loss)	$	(2,832)		$	—		$	(2,832)		$	4,291		$	—		$	4,291		(166.00)	%	(166.00)	%
	Hotel net income (loss) margin	(5.69)		%				(5.69)		%	8.64		%				8.64		%	(14.33)	%	(14.33)	%
	Hotel EBITDA	$	13,630		$	—		$	13,630		$	15,147		$	—		$	15,147		(10.02)	%	(10.02)	%
	Hotel EBITDA margin	27.36		%				27.36		%	30.49		%				30.49		%	(3.13)	%	(3.13)	%
	Selected Operating Information:
	RevPAR	$	211.36		$	—		$	211.36		$	211.44		$	—		$	211.44		(0.04)	%	(0.04)	%
	Occupancy	76.21		%	—		%	76.21		%	80.45		%	—		%	80.45		%	(5.27)	%	(5.27)	%
	ADR	$	277.33		$	—		$	277.33		$	262.81		$	—		$	262.81		5.52	%	5.52	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	15,501		$	(15,501)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	27,901		$	(27,901)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	1,076		$	(1,076)		$	—		$	95,020		$	(95,020)		$	—		(98.87)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	340.56		%				—		%	(340.56)	%	—	%
	Hotel EBITDA	$	1,316		$	(1,316)		$	—		$	9,155		$	(9,155)		$	—		(85.63)	%	—	%
	Hotel EBITDA margin	—		%				—		%	32.81		%				—		%	(32.81)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	198.71		$	198.71		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	79.05		%	79.05		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	251.37		$	251.37		$	—		(100.00)	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	20,587		$	—		$	20,587		$	20,758		$	—		$	20,758		(0.82)	%	(0.82)	%
	Total hotel revenue	$	27,525		$	—		$	27,525		$	27,746		$	—		$	27,746		(0.80)	%	(0.80)	%
	Hotel net income (loss)	$	1,727		$	—		$	1,727		$	1,965		$	—		$	1,965		(12.11)	%	(12.11)	%
	Hotel net income (loss) margin	6.27		%				6.27		%	7.08		%				7.08		%	(0.81)	%	(0.81)	%
	Hotel EBITDA	$	5,214		$	—		$	5,214		$	5,386		$	—		$	5,386		(3.19)	%	(3.19)	%
	Hotel EBITDA margin	18.94		%				18.94		%	19.41		%				19.41		%	(0.47)	%	(0.47)	%
	Selected Operating Information:
	RevPAR	$	181.71		$	—		$	181.71		$	182.55		$	—		$	182.55		(0.46)	%	(0.46)	%
	Occupancy	69.30		%	—		%	69.30		%	71.69		%	—		%	71.69		%	(3.33)	%	(3.33)	%
	ADR	$	262.22		$	—		$	262.22		$	254.65		$	—		$	254.65		2.97	%	2.97	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	11,411		$	—		$	11,411		$	11,201		$	—		$	11,201		1.87	%	1.87	%
	Total hotel revenue	$	15,644		$	—		$	15,644		$	15,148		$	—		$	15,148		3.27	%	3.27	%
	Hotel net income (loss)	$	898		$	—		$	898		$	832		$	—		$	832		7.93	%	7.93	%
	Hotel net income (loss) margin	5.74		%				5.74		%	5.49		%				5.49		%	0.25	%	0.25	%
	Hotel EBITDA	$	3,567		$	—		$	3,567		$	3,254		$	—		$	3,254		9.62	%	9.62	%
	Hotel EBITDA margin	22.80		%				22.80		%	21.48		%				21.48		%	1.32	%	1.32	%
	Selected Operating Information:
	RevPAR	$	643.04		$	—		$	643.04		$	628.94		$	—		$	628.94		2.24	%	2.24	%
	Occupancy	66.64		%	—		%	66.64		%	62.71		%	—		%	62.71		%	6.27	%	6.27	%
	ADR	$	964.97		$	—		$	964.97		$	1,002.90		$	—		$	1,002.90		(3.78)	%	(3.78)	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	17,254		$	—		$	17,254		$	17,148		$	—		$	17,148		0.62	%	0.62	%
	Total hotel revenue	$	22,835		$	—		$	22,835		$	22,159		$	—		$	22,159		3.05	%	3.05	%
	Hotel net income (loss)	$	9,183		$	—		$	9,183		$	3,882		$	—		$	3,882		136.55	%	136.55	%
	Hotel net income (loss) margin	40.21		%				40.21		%	17.52		%				17.52		%	22.69	%	22.69	%
	Hotel EBITDA	$	10,542		$	—		$	10,542		$	10,025		$	—		$	10,025		5.16	%	5.16	%
	Hotel EBITDA margin	46.17		%				46.17		%	45.24		%				45.24		%	0.93	%	0.93	%
	Selected Operating Information:
	RevPAR	$	445.08		$	—		$	445.08		$	440.72		$	—		$	440.72		0.99	%	0.99	%
	Occupancy	73.51		%	—		%	73.51		%	71.05		%	—		%	71.05		%	3.46	%	3.46	%
	ADR	$	605.48		$	—		$	605.48		$	620.30		$	—		$	620.30		(2.39)	%	(2.39)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	7,577		$	—		$	7,577		$	8,484		$	—		$	8,484		(10.69)	%	(10.69)	%
	Total hotel revenue	$	10,098		$	—		$	10,098		$	11,039		$	—		$	11,039		(8.52)	%	(8.52)	%
	Hotel net income (loss)	$	258		$	—		$	258		$	1,533		$	—		$	1,533		(83.17)	%	(83.17)	%
	Hotel net income (loss) margin	2.55		%				2.55		%	13.89		%				13.89		%	(11.34)	%	(11.34)	%
	Hotel EBITDA	$	2,092		$	—		$	2,092		$	2,851		$	—		$	2,851		(26.62)	%	(26.62)	%
	Hotel EBITDA margin	20.72		%				20.72		%	25.83		%				25.83		%	(5.11)	%	(5.11)	%
	Selected Operating Information:
	RevPAR	$	346.91		$	—		$	346.91		$	387.07		$	—		$	387.07		(10.38)	%	(10.38)	%
	Occupancy	54.78		%	—		%	54.78		%	61.62		%	—		%	61.62		%	(11.10)	%	(11.10)	%
	ADR	$	633.34		$	—		$	633.34		$	628.15		$	—		$	628.15		0.83	%	0.83	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	18,210		$	—		$	18,210		$	18,684		$	—		$	18,684		(2.54)	%	(2.54)	%
	Total hotel revenue	$	36,356		$	—		$	36,356		$	37,591		$	—		$	37,591		(3.29)	%	(3.29)	%
	Hotel net income (loss)	$	1,251		$	—		$	1,251		$	2,459		$	—		$	2,459		(49.13)	%	(49.13)	%
	Hotel net income (loss) margin	3.44		%				3.44		%	6.54		%				6.54		%	(3.10)	%	(3.10)	%
	Hotel EBITDA	$	10,117		$	—		$	10,117		$	10,530		$	—		$	10,530		(3.92)	%	(3.92)	%
	Hotel EBITDA margin	27.83		%				27.83		%	28.01		%				28.01		%	(0.18)	%	(0.18)	%
	Selected Operating Information:
	RevPAR	$	345.60		$	—		$	345.60		$	353.32		$	—		$	353.32		(2.18)	%	(2.18)	%
	Occupancy	50.80		%	—		%	50.80		%	58.38		%	—		%	58.38		%	(12.98)	%	(12.98)	%
	ADR	$	680.27		$	—		$	680.27		$	605.25		$	—		$	605.25		12.39	%	12.39	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	20,085		$	—		$	20,085		$	20,472		$	—		$	20,472		(1.89)	%	(1.89)	%
	Total hotel revenue	$	26,747		$	—		$	26,747		$	25,913		$	—		$	25,913		3.22	%	3.22	%
	Hotel net income (loss)	$	4,109		$	—		$	4,109		$	3,270		$	—		$	3,270		25.66	%	25.66	%
	Hotel net income (loss) margin	15.36		%				15.36		%	12.62		%				12.62		%	2.74	%	2.74	%
	Hotel EBITDA	$	8,093		$	—		$	8,093		$	7,924		$	—		$	7,924		2.13	%	2.13	%
	Hotel EBITDA margin	30.26		%				30.26		%	30.58		%				30.58		%	(0.32)	%	(0.32)	%
	Selected Operating Information:
	RevPAR	$	147.44		$	—		$	147.44		$	149.73		$	—		$	149.73		(1.53)	%	(1.53)	%
	Occupancy	65.12		%	—		%	65.12		%	66.16		%	—		%	66.16		%	(1.57)	%	(1.57)	%
	ADR	$	226.42		$	—		$	226.42		$	226.31		$	—		$	226.31		0.05	%	0.05	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	27,536		$	—		$	27,536		$	23,816		$	—		$	23,816		15.62	%	15.62	%
	Total hotel revenue	$	32,524		$	—		$	32,524		$	29,030		$	—		$	29,030		12.04	%	12.04	%
	Hotel net income (loss)	$	3,315		$	—		$	3,315		$	(1,190)		$	—		$	(1,190)		378.57	%	378.57	%
	Hotel net income (loss) margin	10.19		%				10.19		%	(4.10)		%				(4.10)		%	14.29	%	14.29	%
	Hotel EBITDA	$	7,681		$	—		$	7,681		$	5,394		$	—		$	5,394		42.40	%	42.40	%
	Hotel EBITDA margin	23.62		%				23.62		%	18.58		%				18.58		%	5.04	%	5.04	%
	Selected Operating Information:
	RevPAR	$	246.01		$	—		$	246.01		$	212.00		$	—		$	212.00		16.04	%	16.04	%
	Occupancy	72.43		%	—		%	72.43		%	69.36		%	—		%	69.36		%	4.43	%	4.43	%
	ADR	$	339.67		$	—		$	339.67		$	305.64		$	—		$	305.64		11.13	%	11.13	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	28,064		$	—		$	28,064		$	29,668		$	—		$	29,668		(5.41)	%	(5.41)	%
	Total hotel revenue	$	70,323		$	—		$	70,323		$	67,867		$	—		$	67,867		3.62	%	3.62	%
	Hotel net income (loss)	$	12,112		$	—		$	12,112		$	12,695		$	—		$	12,695		(4.59)	%	(4.59)	%
	Hotel net income (loss) margin	17.22		%				17.22		%	18.71		%				18.71		%	(1.49)	%	(1.49)	%
	Hotel EBITDA	$	18,987		$	—		$	18,987		$	17,785		$	—		$	17,785		6.76	%	6.76	%
	Hotel EBITDA margin	27.00		%				27.00		%	26.21		%				26.21		%	0.79	%	0.79	%
	Selected Operating Information:
	RevPAR	$	372.46		$	—		$	372.46		$	392.30		$	—		$	392.30		(5.06)	%	(5.06)	%
	Occupancy	67.14		%	—		%	67.14		%	66.20		%	—		%	66.20		%	1.42	%	1.42	%
	ADR	$	554.77		$	—		$	554.77		$	592.61		$	—		$	592.61		(6.39)	%	(6.39)	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	24,331		$	—		$	24,331		$	21,657		$	—		$	21,657		12.35	%	12.35	%
	Total hotel revenue	$	46,325		$	—		$	46,325		$	37,837		$	—		$	37,837		22.43	%	22.43	%
	Hotel net income (loss)	$	(1,811)		$	—		$	(1,811)		$	(6,767)		$	—		$	(6,767)		73.24	%	73.24	%
	Hotel net income (loss) margin	(3.91)		%				(3.91)		%	(17.88)		%				(17.88)		%	13.97	%	13.97	%
	Hotel EBITDA	$	9,297		$	—		$	9,297		$	3,737		$	—		$	3,737		148.78	%	148.78	%
	Hotel EBITDA margin	20.07		%				20.07		%	9.88		%				9.88		%	10.19	%	10.19	%
	Selected Operating Information:
	RevPAR	$	487.01		$	—		$	487.01		$	431.91		$	—		$	431.91		12.76	%	12.76	%
	Occupancy	57.62		%	—		%	57.62		%	52.62		%	—		%	52.62		%	9.50	%	9.50	%
	ADR	$	845.16		$	—		$	845.16		$	820.74		$	—		$	820.74		2.98	%	2.98	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	18,443		$	(18,443)		$	—		$	24,469		$	(24,469)		$	—		(24.63)	%	—	%
	Total hotel revenue	$	23,768		$	(23,768)		$	—		$	30,553		$	(30,553)		$	—		(22.21)	%	—	%
	Hotel net income (loss)	$	45,787		$	(45,787)		$	—		$	5,587		$	(5,587)		$	—		719.53	%	—	%
	Hotel net income (loss) margin	192.64		%				—		%	18.29		%				—		%	174.35	%	—	%
	Hotel EBITDA	$	8,873		$	(8,873)		$	—		$	11,675		$	(11,675)		$	—		(24.00)	%	—	%
	Hotel EBITDA margin	37.33		%				—		%	38.21		%				—		%	(0.88)	%	—	%
	Selected Operating Information:
	RevPAR	$	229.32		$	229.32		$	—		$	242.01		$	242.01		$	—		(5.24)	%	—	%
	Occupancy	74.90		%	74.90		%	—		%	75.21		%	75.21		%	—		%	(0.41)	%	—	%
	ADR	$	306.18		$	306.18		$	—		$	321.80		$	321.80		$	—		(4.85)	%	—	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	32,632		$	—		$	32,632		$	35,385		$	—		$	35,385		(7.78)	%	(7.78)	%
	Total hotel revenue	$	52,103		$	—		$	52,103		$	58,038		$	—		$	58,038		(10.23)	%	(10.23)	%
	Hotel net income (loss)	$	9,283		$	—		$	9,283		$	7,677		$	—		$	7,677		20.92	%	20.92	%
	Hotel net income (loss) margin	17.82		%				17.82		%	13.23		%				13.23		%	4.59	%	4.59	%
	Hotel EBITDA	$	13,004		$	—		$	13,004		$	17,034		$	—		$	17,034		(23.66)	%	(23.66)	%
	Hotel EBITDA margin	24.96		%				24.96		%	29.35		%				29.35		%	(4.39)	%	(4.39)	%
	Selected Operating Information:
	RevPAR	$	664.06		$	—		$	664.06		$	717.46		$	—		$	717.46		(7.44)	%	(7.44)	%
	Occupancy	61.82		%	—		%	61.82		%	67.66		%	—		%	67.66		%	(8.63)	%	(8.63)	%
	ADR	$	1,074.24		$	—		$	1,074.24		$	1,060.35		$	—		$	1,060.35		1.31	%	1.31	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	6,660		$	—		$	6,660		$	7,396		$	—		$	7,396		(9.95)	%	(9.95)	%
	Total hotel revenue	$	8,795		$	—		$	8,795		$	10,011		$	—		$	10,011		(12.15)	%	(12.15)	%
	Hotel net income (loss)	$	(4,789)		$	—		$	(4,789)		$	(4,084)		$	—		$	(4,084)		(17.26)	%	(17.26)	%
	Hotel net income (loss) margin	(54.45)		%				(54.45)		%	(40.80)		%				(40.80)		%	(13.65)	%	(13.65)	%
	Hotel EBITDA	$	(1,812)		$	—		$	(1,812)		$	(1,012)		$	—		$	(1,012)		(79.05)	%	(79.05)	%
	Hotel EBITDA margin	(20.60)		%				(20.60)		%	(10.11)		%				(10.11)		%	(10.49)	%	(10.49)	%
	Selected Operating Information:
	RevPAR	$	170.62		$	—		$	170.62		$	188.76		$	—		$	188.76		(9.61)	%	(9.61)	%
	Occupancy	62.85		%	—		%	62.85		%	68.51		%	—		%	68.51		%	(8.26)	%	(8.26)	%
	ADR	$	271.49		$	—		$	271.49		$	275.50		$	—		$	275.50		(1.46)	%	(1.46)	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	43,668		$	—		$	43,668		$	38,705		$	—		$	38,705		12.82	%	12.82	%
	Total hotel revenue	$	65,516		$	—		$	65,516		$	58,645		$	—		$	58,645		11.72	%	11.72	%
	Hotel net income (loss)	$	7,028		$	—		$	7,028		$	3,679		$	—		$	3,679		91.03	%	91.03	%
	Hotel net income (loss) margin	10.73		%				10.73		%	6.27		%				6.27		%	4.46	%	4.46	%
	Hotel EBITDA	$	15,438		$	—		$	15,438		$	13,129		$	—		$	13,129		17.59	%	17.59	%
	Hotel EBITDA margin	23.56		%				23.56		%	22.39						22.39		%	1.17	%	1.17	%
	Selected Operating Information:
	RevPAR	$	1,509.07		$	—		$	1,509.07		$	1,332.62		$	—		$	1,332.62		13.24	%	13.24	%
	Occupancy	63.43		%	—		%	63.43		%	56.26		%	—		%	56.26		%	12.74	%	12.74	%
	ADR	$	2,379.28		$	—		$	2,379.28		$	2,368.56		$	—		$	2,368.56		0.45	%	0.45	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	28,382		$	—		$	28,382		$	26,320		$	—		$	26,320		7.83	%	7.83	%
	Total hotel revenue	$	54,562		$	—		$	54,562		$	49,843		$	—		$	49,843		9.47	%	9.47	%
	Hotel net income (loss)	$	(19)		$	—		$	(19)		$	(2,747)		$	—		$	(2,747)		99.31	%	99.31	%
	Hotel net income (loss) margin	(0.03)		%				(0.03)		%	(5.51)		%				(5.51)		%	5.48	%	5.48	%
	Hotel EBITDA	$	18,057		$	—		$	18,057		$	15,093		$	—		$	15,093		19.64	%	19.64	%
	Hotel EBITDA margin	33.09		%				33.09		%	30.28						30.28		%	2.81	%	2.81	%
	Selected Operating Information:
	RevPAR	$	495.06		$	—		$	495.06		$	457.41		$	—		$	457.41		8.23	%	8.23	%
	Occupancy	57.78		%	—		%	57.78		%	52.01		%	—		%	52.01		%	11.09	%	11.09	%
	ADR	$	856.84		$	—		$	856.84		$	879.49		$	—		$	879.49		(2.58)	%	(2.58)	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	211,529		$	—		$	211,529		$	222,753		$	(15,501)		$	207,252		(5.04)	%	2.06	%
	Total hotel revenue	$	373,762		$	—		$	373,762		$	386,068		$	(27,901)		$	358,167		(3.19)	%	4.35	%
	Hotel net income (loss)	$	39,260		$	(1,077)		$	38,184		$	118,262		$	(95,020)		$	23,242		(66.80)	%	64.29	%
	Hotel net income (loss) margin	10.50		%				10.22		%	30.63		%				6.49		%	(20.13)	%	3.73	%
	Hotel EBITDA	$	102,417		$	(1,316)		$	101,101		$	102,593		$	(9,155)		$	93,438		(0.17)	%	8.20	%
	Hotel EBITDA margin	27.40		%				27.05		%	26.57		%				26.09		%	0.83	%	0.96	%
	Selected Operating Information:
	RevPAR	$	539.95		$	—		$	539.95		$	472.73		$	198.71		$	527.10		14.22	%	2.44	%
	Occupancy	61.33		%	—		%	61.33		%	63.87		%	79.05		%	60.86		%	(3.98)	%	0.77	%
	ADR	$	880.34		$	—		$	880.34		$	740.18		$	251.37		$	866.15		18.94	%	1.64	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	125,566		$	(18,443)		$	107,123		$	129,266		$	(24,469)		$	104,797		(2.86)	%	2.22	%
	Total hotel revenue	$	169,173		$	(23,768)		$	145,405		$	172,932		$	(30,553)		$	142,379		(2.17)	%	2.13	%
	Hotel net income (loss)	$	47,317		$	(45,787)		$	1,530		$	9,840		$	(5,587)		$	4,253		380.86	%	(64.03)	%
	Hotel net income (loss) margin	27.97		%				1.05		%	5.69		%				2.99		%	22.28	%	(1.94)	%
	Hotel EBITDA	$	41,679		$	(8,873)		$	32,806		$	44,514		$	(11,675)		$	32,839		(6.37)	%	(0.10)	%
	Hotel EBITDA margin	24.64		%				22.56		%	25.74		%				23.06		%	(1.10)	%	(0.50)	%
	Selected Operating Information:
	RevPAR	$	198.20		$	229.32		$	193.68		$	197.02		$	242.01		$	188.83		0.60	%	2.57	%
	Occupancy	70.93		%	74.90		%	70.35		%	72.54		%	75.21		%	72.05		%	(2.22)	%	(2.36)	%
	ADR	$	279.43		$	306.18		$	275.29		$	271.63		$	321.80		$	262.09		2.87	%	5.04	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	337,095		$	(18,443)		$	318,652		$	352,019		$	(39,970)		$	312,049		(4.24)	%	2.12	%
	Total hotel revenue	$	542,935		$	(23,768)		$	519,167		$	559,000		$	(58,454)		$	500,546		(2.87)	%	3.72	%
	Hotel net income (loss)	$	86,576		$	(46,863)		$	39,713		$	128,102		$	(100,607)		$	27,495		(32.42)	%	44.44	%
	Hotel net income (loss) margin	15.95		%				7.65		%	22.92		%				5.49		%	(6.97)	%	2.16	%
	Hotel EBITDA	$	144,096		$	(10,189)		$	133,907		$	147,107		$	(20,830)		$	126,277		(2.05)	%	6.04	%
	Hotel EBITDA margin	26.54		%				25.79		%	26.32		%				25.23		%	0.22	%	0.56	%
	Selected Operating Information:
	RevPAR	$	328.78		$	(229.32)		$	337.25		$	312.27		$	(223.15)		$	329.11		5.29	%	2.47	%
	Occupancy	67.26		%	(74.90)		%	66.61		%	68.91		%	(76.88)		%	67.41		%	(2.39)	%	(1.19)	%
	ADR	$	488.80		$	(306.18)		$	506.27		$	453.14		$	(290.26)		$	488.24		7.87	%	3.69	%

NOTES:

(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills

(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2025			2025			2025
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	42,065		$	—		$	42,065
	Total hotel revenue	$	65,269		$	—		$	65,269
	Hotel net income	$	(12,146)		$	—		$	(12,146)
	Hotel net income margin	(18.61)		%				(18.61)		%
	Hotel EBITDA	$	17,440		$	—		$	17,440
	Hotel EBITDA margin	26.72		%				26.72		%
	Selected Operating Information:
	RevPAR	$	206.16		$	—		$	206.16
	Occupancy	75.46		%	—		%	75.46		%
	ADR	$	273.20		$	—		$	273.20

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—
	Total hotel revenue	$	—		$	—		$	—
	Hotel net income	$	962		$	(962)		$	—
	Hotel net income margin							—		%
	Hotel EBITDA	$	1,265		$	(1,265)		$	—
	Hotel EBITDA margin							—		%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—
	Occupancy	—		%	—		%	—		%
	ADR	$	—		$	—		$	—

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	27,777		$	—		$	27,777
	Total hotel revenue	$	37,347		$	—		$	37,347
	Hotel net income	$	940		$	—		$	940
	Hotel net income margin	2.52		%				2.52		%
	Hotel EBITDA	$	5,570		$	—		$	5,570
	Hotel EBITDA margin	14.91		%				14.91		%
	Selected Operating Information:
	RevPAR	$	183.38		$	—		$	183.38
	Occupancy	70.75		%	—		%	70.75		%
	ADR	$	259.19		$	—		$	259.19

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	14,948		$	—		$	14,948
	Total hotel revenue	$	20,637		$	—		$	20,637
	Hotel net income	$	942		$	—		$	942
	Hotel net income margin	4.56		%				4.56		%
	Hotel EBITDA	$	4,749		$	—		$	4,749
	Hotel EBITDA margin	23.01		%				23.01		%
	Selected Operating Information:
	RevPAR	$	630.04		$	—		$	630.04
	Occupancy	63.89		%	—		%	63.89		%
	ADR	$	986.13		$	—		$	986.13


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2025			2025			2025
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	23,151		$	—		$	23,151
	Total hotel revenue	$	30,556		$	—		$	30,556
	Hotel net income	$	12,204		$	—		$	12,204
	Hotel net income margin	39.94		%				39.94		%
	Hotel EBITDA	$	14,121		$	—		$	14,121
	Hotel EBITDA margin	46.21		%				46.21		%
	Selected Operating Information:
	RevPAR	$	446.68		$	—		$	446.68
	Occupancy	73.20		%	—		%	73.20		%
	ADR	$	610.21		$	—		$	610.21

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	10,439		$	—		$	10,439
	Total hotel revenue	$	13,769		$	—		$	13,769
	Hotel net income	$	600		$	—		$	600
	Hotel net income margin	4.36		%				4.36		%
	Hotel EBITDA	$	3,195		$	—		$	3,195
	Hotel EBITDA margin	23.20		%				23.20		%
	Selected Operating Information:
	RevPAR	$	357.50		$	—		$	357.50
	Occupancy	54.63		%	—		%	54.63		%
	ADR	$	654.36		$	—		$	654.36

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	23,592		$	—		$	23,592
	Total hotel revenue	$	46,672		$	—		$	46,672
	Hotel net income	$	(8)		$	—		$	(8)
	Hotel net income margin	(0.02)		%				(0.02)		%
	Hotel EBITDA	$	11,679		$	—		$	11,679
	Hotel EBITDA margin	25.02		%				25.02		%
	Selected Operating Information:
	RevPAR	$	334.91		$	—		$	334.91
	Occupancy	50.84		%	—		%	50.84		%
	ADR	$	658.73		$	—		$	658.73

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	28,255		$	—		$	28,255
	Total hotel revenue	$	37,290		$	—		$	37,290
	Hotel net income	$	6,848		$	—		$	6,848
	Hotel net income margin	18.36		%				18.36		%
	Hotel EBITDA	$	12,118		$	—		$	12,118
	Hotel EBITDA margin	32.50		%				32.50		%
	Selected Operating Information:
	RevPAR	$	155.13		$	—		$	155.13
	Occupancy	66.22		%	—		%	66.22		%
	ADR	$	234.28		$	—		$	234.28


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2025			2025			2025
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	33,741		$	—		$	33,741
	Total hotel revenue	$	39,883		$	—		$	39,883
	Hotel net income	$	1,898		$	—		$	1,898
	Hotel net income margin	4.76		%				4.76		%
	Hotel EBITDA	$	8,020		$	—		$	8,020
	Hotel EBITDA margin	20.11		%				20.11		%
	Selected Operating Information:
	RevPAR	$	225.46		$	—		$	225.46
	Occupancy	68.57		%	—		%	68.57		%
	ADR	$	328.80		$	—		$	328.80

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	35,003		$	—		$	35,003
	Total hotel revenue	$	89,219		$	—		$	89,219
	Hotel net income	$	13,145		$	—		$	13,145
	Hotel net income margin	14.73		%				14.73		%
	Hotel EBITDA	$	23,126		$	—		$	23,126
	Hotel EBITDA margin	25.92		%				25.92		%
	Selected Operating Information:
	RevPAR	$	347.46		$	—		$	347.46
	Occupancy	63.15		%	—		%	63.15		%
	ADR	$	550.23		$	—		$	550.23

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	31,706		$	—		$	31,706
	Total hotel revenue	$	59,232		$	—		$	59,232
	Hotel net income	$	(4,129)		$	—		$	(4,129)
	Hotel net income margin	(6.97)		%				(6.97)		%
	Hotel EBITDA	$	10,647		$	—		$	10,647
	Hotel EBITDA margin	17.98		%				17.98		%
	Selected Operating Information:
	RevPAR	$	474.68		$	—		$	474.68
	Occupancy	55.90		%	—		%	55.90		%
	ADR	$	849.13		$	—		$	849.13

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	24,291		$	(24,291)		$	—
	Total hotel revenue	$	31,990		$	(31,990)		$	—
	Hotel net income	$	46,372		$	(46,372)		$	—
	Hotel net income margin	144.96		%				—		%
	Hotel EBITDA	$	11,194		$	(11,194)		$	—
	Hotel EBITDA margin	34.99		%				—		%
	Selected Operating Information:
	RevPAR	$	212.39		$	212.39		$	—
	Occupancy	72.34		%	72.34		%	—		%
	ADR	$	293.61		$	293.61		$	—


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2025			2025			2025
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	42,290		$	—		$	42,290
	Total hotel revenue	$	68,441		$	—		$	68,441
	Hotel net income	$	10,918		$	—		$	10,918
	Hotel net income margin	15.95		%				15.95		%
	Hotel EBITDA	$	16,590		$	—		$	16,590
	Hotel EBITDA margin	24.24		%				24.24		%
	Selected Operating Information:
	RevPAR	$	643.66		$	—		$	643.66
	Occupancy	59.41		%	—		%	59.41		%
	ADR	$	1,083.49		$	—		$	1,083.49

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	8,878		$	—		$	8,878
	Total hotel revenue	$	11,924		$	—		$	11,924
	Hotel net income	$	(6,482)		$	—		$	(6,482)
	Hotel net income margin	(54.36)		%				(54.36)		%
	Hotel EBITDA	$	(2,285)		$	—		$	(2,285)
	Hotel EBITDA margin	(19.16)		%				(19.16)		%
	Selected Operating Information:
	RevPAR	$	170.10		$	—		$	170.10
	Occupancy	62.71		%	—		%	62.71		%
	ADR	$	271.24		$	—		$	271.24

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	59,642		$	—		$	59,642
	Total hotel revenue	$	89,092		$	—		$	89,092
	Hotel net income	$	9,111		$	—		$	9,111
	Hotel net income margin	10.23		%				10.23		%
	Hotel EBITDA	$	21,447		$	—		$	21,447
	Hotel EBITDA margin	24.07		%				24.07		%
	Selected Operating Information:
	RevPAR	$	1,541.55		$	—		$	1,541.55
	Occupancy	62.90		%	—		%	62.90		%
	ADR	$	2,450.70		$	—		$	2,450.70

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	38,766		$	—		$	38,766
	Total hotel revenue	$	76,833		$	—		$	76,833
	Hotel net income (loss)	$	2,275		$	—		$	2,275
	Hotel net income (loss) margin	2.96		%				2.96		%
	Hotel EBITDA	$	26,250		$	—		$	26,250
	Hotel EBITDA margin	34.17		%				34.17		%
	Selected Operating Information:
	RevPAR	$	505.76		$	—		$	505.76
	Occupancy	58.08		%	—		%	58.08		%
	ADR	$	870.76		$	—		$	870.76


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2025			2025			2025
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	279,537		$	—		$	279,537
	Total hotel revenue	$	494,451		$	—		$	494,451
	Hotel net income	$	46,020		$	(962)		$	45,058
	Hotel net income margin	9.31		%				9.11		%
	Hotel EBITDA	$	133,069		$	(1,265)		$	131,804
	Hotel EBITDA margin	26.91		%				26.66		%
	Selected Operating Information:
	RevPAR	$	533.70		$	—		$	533.70
	Occupancy	59.89		%	—		%	59.89		%
	ADR	$	891.07		$	—		$	891.07

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	165,007		$	(24,291)		$	140,716
	Total hotel revenue	$	223,703		$	(31,990)		$	191,713
	Hotel net income	$	37,430		$	(46,372)		$	(8,942)
	Hotel net income margin	16.73		%				(4.66)		%
	Hotel EBITDA	$	52,057		$	(11,194)		$	40,863
	Hotel EBITDA margin	23.27		%				21.31		%
	Selected Operating Information:
	RevPAR	$	190.29		$	—		$	190.29
	Occupancy	69.92		%	—		%	69.92		%
	ADR	$	272.13		$	—		$	272.13

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	444,544		$	(24,291)		$	420,253
	Total hotel revenue	$	718,154		$	(31,990)		$	686,164
	Hotel net income	$	83,450		$	(47,334)		$	36,116
	Hotel net income margin	11.62		%				5.26		%
	Hotel EBITDA	$	185,126		$	(12,459)		$	172,667
	Hotel EBITDA margin	25.78		%				25.16		%
	Selected Operating Information:
	RevPAR	$	351.90		$	—		$	332.67
	Occupancy	65.77		%	—		%	65.77		%
	ADR	$	535.08		$	—		$	505.84

NOTES:

(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills

(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025			2025			2025		2025			2025			2025		2025			2024			2024		2024
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	144,585		$	(6,133)	$	138,452		$	179,943		$	(11,339)	$	168,604		$	218,409		$	(6,296)	$	212,113		$	175,217		$	(8,222)	$	166,995
Hotel net income (loss)	$	33,765		$	(44,303)	$	(10,538)		$	16,054		$	(3,020)	$	13,034		$	36,757		$	460	$	37,217		$	(3,126)		$	(471)	$	(3,597)
Hotel net income (loss) margin	23.35		%			(7.61)		%	8.92		%			7.73		%	16.83		%			17.55		%	(1.78)		%			(2.15)		%
Hotel EBITDA	$	25,562		$	(4,145)	$	21,417		$	47,793		$	(4,729)	$	43,064		$	70,741		$	(1,315)	$	69,426		$	41,030		$	(2,270)	$	38,760
Hotel EBITDA margin	17.68		%			15.47		%	26.56		%			25.54		%	32.39		%			32.73		%	23.42		%			23.21		%

Hotel net income (loss) % of total TTM	40.5		%			(29.2)		%	19.2		%			36.1		%	44.0		%			103.1		%	(3.7)		%			(10.0)		%
EBITDA % of total TTM	13.8		%			12.4		%	25.8		%			24.9		%	38.2		%			40.3		%	22.2		%			22.4		%

JV interests in Hotel net income (loss)	$	(452)		$	(297)	$	(749)		$	100		$	4	$	104		$	(88)		$	25	$	(63)		$	(2,357)		$	29	$	(2,328)
JV interests in EBITDA	$	937		$	(346)	$	591		$	1,516		$	3	$	1,519		$	1,284		$	14	$	1,298		$	940		$	13	$	953

	Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025
	TTM			TTM		TTM
Total hotel revenue	$	718,154		$	(31,990)	$	686,164
Hotel net income (loss)	$	83,450		$	(47,334)	$	36,116
Hotel net income (loss) margin	11.62		%			5.26		%
Hotel EBITDA	$	185,126		$	(12,459)	$	172,667
Hotel EBITDA margin	25.78		%			25.16		%

Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

JV interests in Hotel net income (loss)	$	(2,797)		$	(239)	$	(3,036)
JV interests in EBITDA	$	4,677		$	(316)	$	4,361

NOTES:

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2025

(in thousands, except share price)

(unaudited)



	September 30, 2025
Common stock shares outstanding	68,219
Partnership units outstanding (common stock equivalents)	5,415
Combined common stock shares and partnership units outstanding	73,634
Common stock price	$	2.73
Market capitalization	$	201,021
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	317,442
Series M redeemable preferred stock	$	35,114
Indebtedness	$	1,172,393
Joint venture partner's share of consolidated indebtedness	$	(27,650)
Net working capital (see below)	$	(94,381)
Total enterprise value (TEV)	$	1,720,889






Cash and cash equivalents	$	113,757
Restricted cash	$	47,133
Accounts receivable, net	$	32,133

Investment in securities	$	17,277
Prepaid expenses	$	22,251

Due from third-party hotel managers, net	$	21,354

Total current assets	$	253,905

Accounts payable, net & accrued expenses	$	148,046
Dividends and distributions payable	$	8,553
Due to affiliates, net	$	2,925

Total current liabilities	$	159,524

Net working capital*	$	94,381

* Includes the Company's pro rata share of net working capital in Hilton joint venture.

The table does not include $5.4 million of indebtedness and approximately $1 million in cash related to the consolidation of a joint venture.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Cameo Beverly Hills

143

Hotel Yountville

Park Hyatt Beaver Creek

193

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2025		2025		2025		2024		September 30, 2025
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	33,765	$	16,054	$	36,757	$	(3,126)	$	83,450
Non-property adjustments	(40,584)		(23)		869		188		(39,550)
Interest income	(400)		(381)		(348)		(352)		(1,481)
Interest expense	7,693		7,381		8,385		17,229		40,688
Amortization of loan costs	529		461		588		559		2,137
Depreciation and amortization	23,164		23,360		23,395		23,541		93,460
Income tax expense (benefit)	(1)		(210)		526		440		755
Non-hotel EBITDA ownership expense	1,396		1,151		569		2,551		5,667
Hotel EBITDA including amounts attributable to noncontrolling interest	25,562		47,793		70,741		41,030		185,126
Non-comparable adjustments	(4,145)		(4,729)		(1,315)		(2,270)		(12,459)
Comparable hotel EBITDA	$	21,417	$	43,064	$	69,426	$	38,760	$	172,667

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,996)	$	1,190	$	1,512	$	1,167	$	1,140	$	537	$	(1,134)	$	896	$	853	$	(1,211)	$	(48)	$	43,113	$	(1,731)	$	(2,251)	$	(1,650)	$	(5,622)	$	33,765	$	(29,042)	$	4,723
Non-property adjustments	22		73		—		—		—		—		—		—		—		—		—		(41,043)		—		—		—		364		(40,584)		40,584		—
Interest income	(52)		(1)		(24)		—		—		—		—		(34)		(75)		(39)		(3)		(11)		(96)		—		(10)		(55)		(400)		400		—
Interest expense	2,282		—		—		—		—		—		1,295		—		—		135		840		8		—		—		—		3,133		7,693		14,769		22,462
Amortization of loan cost	147		—		—		—		35		—		—		—		—		—		38		—		—		—		—		309		529		2,197		2,726
Depreciation and amortization	2,819		—		1,095		766		401		656		1,859		1,380		1,372		2,308		2,487		672		1,384		1,106		2,069		2,790		23,164		—		23,164
Income tax expense (benefit)	73		—		—		—		—		—		—		5		—		—		—		—		(19)		—		(60)		—		(1)		(647)		(648)
Non-hotel EBITDA ownership expense	68		124		123		125		10		12		22		1		6		480		327		20		4		38		(1)		37		1,396		(1,396)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,363		1,386		2,706		2,058		1,586		1,205		2,042		2,248		2,156		1,673		3,641		2,759		(458)		(1,107)		348		956		25,562		26,865		52,427
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(590)		(347)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(937)		937		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	1,773	$	1,039	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	2,156	$	1,673	$	3,641	$	2,759	$	(458)	$	(1,107)	$	348	$	956	$	24,625	$	27,802	$	52,427
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		—		—		—		(2,759)		—		—		—		—		(4,145)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	2,156	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	21,417
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363	$	1,386	$	2,706	$	2,058	$	1,586	$	—	$	—	$	2,248	$	2,156	$	1,673	$	3,641	$	2,759	$	(458)	$	—	$	348	$	956	$	23,422
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		—		—		—		(2,759)		—		—		—		—		(4,145)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	—	$	—	$	2,248	$	2,156	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	19,277
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,386	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	14,437
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,386)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	13,051
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	2,156	$	—	$	—	$	2,759	$	—	$	(1,107)	$	—	$	—	$	11,125
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(2,759)		—		—		—		—		(2,759)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	2,156	$	—	$	—	$	—	$	—	$	(1,107)	$	—	$	—	$	8,366

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	2,363	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,363
JPMorgan Chase (see footnote 3)	—		—		2,706		—		—		—		—		2,248		2,156		—		—		—		—		—		348		—		7,458
BAML (see foonote 4)	—		—		—		2,058		1,586		1,205		—		—		—		1,673		—		—		(458)		—		—		—		6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,042		—		—		—		—		—		—		—		—		—		2,042
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		3,641		—		—		—		—		—		3,641
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		956		956





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(1,107)		—		—		(1,107)
Total	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	2,156	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	21,417

NOTES:

(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

(5) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	418	$	(18)	$	3,772	$	886	$	2,921	$	733	$	(4,702)	$	2,803	$	1,022	$	4,621	$	(3,021)	$	3,038	$	3,115	$	(1,161)	$	1,460	$	167	$	16,054	$	(22,895)	$	(6,841)
Non-property adjustments	(23)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(23)		23		—
Interest income	(37)		(5)		(2)		—		—		—		—		(30)		(71)		(42)		(5)		(30)		(96)		—		(9)		(54)		(381)		381		—
Interest expense	2,257		—		—		—		—		—		1,281		—		—		135		831		20		—		—		—		2,857		7,381		15,293		22,674
Amortization of loan cost	143		—		—		—		34		—		—		—		—		—		31		—		—		—		—		253		461		2,226		2,687
Depreciation and amortization	2,835		—		1,106		734		401		596		1,588		1,339		1,547		2,023		2,562		1,715		1,359		833		2,004		2,718		23,360		—		23,360
Income tax expense (benefit)	(47)		—		—		—		—		—		—		6		—		—		—		—		(231)		—		62		—		(210)		(135)		(345)
Non-hotel EBITDA ownership expense	530		11		37		108		15		—		2		21		3		24		266		(2)		2		105		27		2		1,151		(1,151)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,076		(12)		4,913		1,728		3,371		1,329		(1,831)		4,139		2,501		6,761		664		4,741		4,149		(223)		3,544		5,943		47,793		(6,258)		41,535
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,520)		4		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,516)		1,516		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	4,556	$	(8)	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	2,501	$	6,761	$	664	$	4,741	$	4,149	$	(223)	$	3,544	$	5,943	$	46,277	$	(4,742)	$	41,535
Non-comparable adjustments	—		12		—		—		—		—		—		—		—		—		—		(4,741)		—		—		—		—		(4,729)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	2,501	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	43,064




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(12)	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,646
Non-comparable adjustments	—		12		—		—		—		—		—		—		—		—		—		—		—		—		—		—		12
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	2,501	$	—	$	—	$	4,741	$	—	$	(223)	$	—	$	—	$	22,147
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(4,741)		—		—		—		—		(4,741)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	2,501	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	17,406

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	6,076	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,076
JPMorgan Chase (see footnote 3)	—		—		4,913		—		—		—		—		4,139		2,501		—		—		—		—		—		3,544		—		15,097
BAML (see foonote 4)	—		—		—		1,728		3,371		1,329		—		—		—		6,761		—		—		4,149		—		—		—		17,338
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(1,831)		—		—		—		—		—		—		—		—		—		(1,831)
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		664		—		—		—		—		—		664
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,943		5,943





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(223)		—		—		(223)
Total	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	2,501	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	43,064

NOTES:

(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(254)	$	(96)	$	(3,557)	$	(1,155)	$	5,122	$	(1,012)	$	7,087	$	410	$	1,440	$	8,702	$	1,258	$	(364)	$	7,899	$	(1,377)	$	7,218	$	5,436	$	36,757	$	(26,085)	$	10,672
Non-property adjustments	3		—		—		—		—		—		—		—		—		—		—		—		—		—		866		—		869		(869)		—
Interest income	(36)		(4)		(1)		—		—		—		—		(27)		(64)		(28)		(7)		(27)		(96)		—		(8)		(50)		(348)		348		—
Interest expense	2,233		—		—		—		—		—		1,267		—		—		151		856		20		—		—		1,031		2,827		8,385		14,310		22,695
Amortization of loan cost	140		—		—		—		34		—		—		—		—		—		31		—		—		—		135		248		588		1,544		2,132
Depreciation and amortization	3,028		—		1,117		738		407		567		1,516		1,290		1,646		1,978		2,567		1,732		1,388		734		1,994		2,693		23,395		—		23,395
Income tax expense (benefit)	97		—		—		—		—		—		—		5		—		—		—		—		119		—		305		—		526		941		1,467
Non-hotel EBITDA ownership expense	(20)		42		36		198		22		3		36		28		2		(250)		287		12		3		161		5		4		569		(569)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,191		(58)		(2,405)		(219)		5,585		(442)		9,906		1,706		3,024		10,553		4,992		1,373		9,313		(482)		11,546		11,158		70,741		(10,380)		60,361
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,298)		14		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,284)		1,284		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	3,893	$	(44)	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	3,024	$	10,553	$	4,992	$	1,373	$	9,313	$	(482)	$	11,546	$	11,158	$	69,457	$	(9,096)	$	60,361
Non-comparable adjustments	—		58		—		—		—		—		—		—		—		—		—		(1,373)		—		—		—		—		(1,315)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	3,024	$	10,553	$	4,992	$	—	$	9,313	$	(482)	$	11,546	$	11,158	$	69,426




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(58)	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,334
Non-comparable adjustments	—		58		—		—		—		—		—		—		—		—		—		—		—		—		—		—		58
Comparable hotel EBITDA	$	—	$	—	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	3,024	$	—	$	—	$	1,373	$	—	$	(482)	$	—	$	—	$	8,407
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(1,373)		—		—		—		—		(1,373)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	3,024	$	—	$	—	$	—	$	—	$	(482)	$	—	$	—	$	7,034

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended March 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	5,191	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,191
JPMorgan Chase (see footnote 3)	—		—		(2,405)		—		—		—		—		1,706		3,024		—		—		—		—		—		11,546		—		13,871
BAML (see foonote 4)	—		—		—		(219)		5,585		(442)		—		—		—		10,553		—		—		9,313		—		—		—		24,790
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		9,906		—		—		—		—		—		—		—		—		—		9,906
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		4,992		—		—		—		—		—		4,992
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		11,158		11,158





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(482)		—		—		(482)
Total	$	5,191	$	—	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	3,024	$	10,553	$	4,992	$	—	$	9,313	$	(482)	$	11,546	$	11,158	$	69,426

NOTES:

(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(9,314)	$	(114)	$	(787)	$	44	$	3,021	$	342	$	(1,259)	$	2,739	$	(1,417)	$	1,033	$	(2,318)	$	585	$	1,635	$	(1,694)	$	2,083	$	2,295	$	(3,126)	$	(18,641)	$	(21,767)
Non-property adjustments	151		45		—		—		—		—		—		—		—		—		—		(8)		—		—		—		—		188		(188)		—
Interest income	(44)		(8)		—		—		—		—		—		(25)		(65)		(12)		(5)		(25)		(105)		—		(8)		(55)		(352)		352		—
Interest expense	10,049		—		—		—		—		—		1,361		—		—		151		1,132		20		—		—		1,496		3,020		17,229		7,362		24,591
Amortization of loan cost	46		—		—		—		33		—		—		—		—		—		40		—		—		—		198		242		559		1,287		1,846
Depreciation and amortization	3,066		—		1,121		675		445		519		1,420		1,346		1,815		1,964		2,254		1,739		1,889		702		1,896		2,690		23,541		—		23,541
Income tax expense (benefit)	(15)		(2)		—		—		—		—		—		(42)		—		—		—		—		162		—		337		—		440		(72)		368
Non-hotel EBITDA ownership expense	(129)		28		22		463		80		242		40		7		6		1,003		247		10		5		519		7		1		2,551		(2,551)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,810		(51)		356		1,182		3,579		1,103		1,562		4,025		339		4,139		1,350		2,321		3,586		(473)		6,009		8,193		41,030		(12,451)		28,579
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(953)		13		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(940)		940		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		1,394		1,394
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(53)		(53)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,857	$	(38)	$	356	$	1,182	$	3,579	$	1,103	$	1,562	$	4,025	$	339	$	4,139	$	1,350	$	2,321	$	3,586	$	(473)	$	6,009	$	8,193	$	40,090	$	(10,170)	$	29,920
Non-comparable adjustments	—		51		—		—		—		—		—		—		—		—		—		(2,321)		—		—		—		—		(2,270)
Comparable hotel EBITDA	$	3,810	$	—	$	356	$	1,182	$	3,579	$	1,103	$	1,562	$	4,025	$	339	$	4,139	$	1,350	$	—	$	3,586	$	(473)	$	6,009	$	8,193	$	38,760




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(51)	$	—	$	1,182	$	3,579	$	1,103	$	1,562	$	—	$	—	$	4,139	$	1,350	$	—	$	3,586	$	—	$	6,009	$	8,193	$	30,652
Non-comparable adjustments	—		51		—		—		—		—		—		—		—		—		—		—		—		—		—		—		51
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,182	$	3,579	$	1,103	$	1,562	$	—	$	—	$	4,139	$	1,350	$	—	$	3,586	$	—	$	6,009	$	8,193	$	30,703
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,810	$	—	$	356	$	—	$	—	$	—	$	—	$	4,025	$	339	$	—	$	—	$	2,321	$	—	$	(473)	$	—	$	—	$	10,378
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(2,321)		—		—		—		—		(2,321)
Comparable hotel EBITDA	$	3,810	$	—	$	356	$	—	$	—	$	—	$	—	$	4,025	$	339	$	—	$	—	$	—	$	—	$	(473)	$	—	$	—	$	8,057

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended December 31, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,810	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,810
JPMorgan Chase (see footnote 3)	—		—		356		—		—		—		—		4,025		339		—		—		—		—		—		6,009		—		10,729
BAML (see foonote 4)	—		—		—		1,182		3,579		1,103		—		—		—		4,139		—		—		3,586		—		—		—		13,589
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		1,562		—		—		—		—		—		—		—		—		—		1,562
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		1,350		—		—		—		—		—		1,350
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		8,193		8,193





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(473)		—		—		(473)
Total	$	3,810	$	—	$	356	$	1,182	$	3,579	$	1,103	$	1,562	$	4,025	$	339	$	4,139	$	1,350	$	—	$	3,586	$	(473)	$	6,009	$	8,193	$	38,760

NOTES:

(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	3	$	88,360	$	2,065	$	1,022	$	13	$	994	$	(1,102)	$	1,851	$	(650)	$	(26)	$	(2,638)	$	3,430	$	(3,620)	$	(1,342)	$	(3,554)	$	(6,974)	$	77,832	$	(37,997)	$	39,835
Non-property adjustments	—		(88,160)		—		—		—		—		(50)		—		—		—		—		—		2,086		—		—		—		(86,124)		86,124		—
Interest income	(66)		(55)		1		—		—		—		—		(27)		(70)		(25)		(386)		(34)		(18)		—		(4)		(65)		(749)		749		—
Interest expense	—		—		—		—		709		—		1,471		—		—		151		1,215		20		710		—		1,592		3,238		9,106		17,026		26,132
Amortization of loan cost	—		—		—		—		116		—		—		—		—		—		39		—		—		—		192		237		584		1,195		1,779
Depreciation and amortization	3,287		179		1,130		745		467		444		1,310		1,386		1,991		1,871		2,246		2,612		2,292		671		1,843		2,604		25,078		—		25,078
Income tax expense (benefit)	2		27		—		—		—		—		—		6		—		—		—		—		(494)		—		(123)		—		(582)		(282)		(864)
Non-hotel EBITDA ownership expense	(63)		46		5		116		6		(5)		(32)		16		2		(621)		281		15		—		133		4		2		(95)		95		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,163		397		3,201		1,883		1,311		1,433		1,597		3,232		1,273		1,350		757		6,043		956		(538)		(50)		(958)		25,050		66,910		91,960
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(790)		(100)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(890)		890		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		80		80
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(76)		(76)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,373	$	297	$	3,201	$	1,883	$	1,311	$	1,433	$	1,597	$	3,232	$	1,273	$	1,350	$	757	$	6,043	$	956	$	(538)	$	(50)	$	(958)	$	24,160	$	67,804	$	91,964
Non-comparable adjustments	—		(397)		—		—		—		—		—		—		—		—		—		(6,043)		—		—		—		—		(6,440)
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	1,883	$	1,311	$	1,433	$	1,597	$	3,232	$	1,273	$	1,350	$	757	$	—	$	956	$	(538)	$	(50)	$	(958)	$	18,610
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,163	$	397	$	3,201	$	1,883	$	1,311	$	—	$	—	$	3,232	$	1,273	$	1,350	$	757	$	6,043	$	956	$	—	$	(50)	$	(958)	$	22,558
Non-comparable adjustments	—		(397)		—		—		—		—		—		—		—		—		—		(6,043)		—		—		—		—		(6,440)
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	1,883	$	1,311	$	—	$	—	$	3,232	$	1,273	$	1,350	$	757	$	—	$	956	$	—	$	(50)	$	(958)	$	16,118
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	397	$	—	$	1,883	$	1,311	$	1,433	$	1,597	$	—	$	—	$	1,350	$	757	$	—	$	956	$	—	$	(50)	$	(958)	$	8,676
Non-comparable adjustments	—		(397)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(397)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,883	$	1,311	$	1,433	$	1,597	$	—	$	—	$	1,350	$	757	$	—	$	956	$	—	$	(50)	$	(958)	$	8,279
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,163	$	—	$	3,201	$	—	$	—	$	—	$	—	$	3,232	$	1,273	$	—	$	—	$	6,043	$	—	$	(538)	$	—	$	—	$	16,374
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(6,043)		—		—		—		—		(6,043)
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	—	$	—	$	—	$	—	$	3,232	$	1,273	$	—	$	—	$	—	$	—	$	(538)	$	—	$	—	$	10,331

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,832)	$	1,076	$	1,727	$	898	$	9,183	$	258	$	1,251	$	4,109	$	3,315	$	12,112	$	(1,811)	$	45,787	$	9,283	$	(4,789)	$	7,028	$	(19)	$	86,576	$	(78,022)	$	8,554
Non-property adjustments	2		73		—		—		—		—		—		—		—		—		—		(41,043)		—		—		866		364		(39,738)		39,738		—
Interest income	(125)		(10)		(27)		—		—		—		—		(91)		(210)		(109)		(15)		(68)		(288)		—		(27)		(159)		(1,129)		1,129		—
Interest expense	6,772		—		—		—		—		—		3,843		—		—		421		2,527		48		—		—		1,031		8,817		23,459		44,372		67,831
Amortization of loan cost	430		—		—		—		103		—		—		—		—		—		100		—		—		—		135		810		1,578		5,967		7,545
Depreciation and amortization	8,682		—		3,318		2,238		1,209		1,819		4,963		4,009		4,565		6,309		7,616		4,119		4,131		2,673		6,067		8,201		69,919		—		69,919
Income tax expense (benefit)	123		—		—		—		—		—		—		16		—		—		—		—		(131)		—		307		—		315		159		474
Non-hotel EBITDA ownership expense	578		177		196		431		47		15		60		50		11		254		880		30		9		304		31		43		3,116		(3,116)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	13,630		1,316		5,214		3,567		10,542		2,092		10,117		8,093		7,681		18,987		9,297		8,873		13,004		(1,812)		15,438		18,057		144,096		10,227		154,323
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(3,408)		(329)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(3,737)		3,737		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	10,222	$	987	$	5,214	$	3,567	$	10,542	$	2,092	$	10,117	$	8,093	$	7,681	$	18,987	$	9,297	$	8,873	$	13,004	$	(1,812)	$	15,438	$	18,057	$	140,359	$	13,964	$	154,323
Non-comparable adjustments	—		(1,316)		—		—		—		—		—		—		—		—		—		(8,873)		—		—		—		—		(10,189)
Comparable hotel EBITDA	$	13,630	$	—	$	5,214	$	3,567	$	10,542	$	2,092	$	10,117	$	8,093	$	7,681	$	18,987	$	9,297	$	—	$	13,004	$	(1,812)	$	15,438	$	18,057	$	133,907
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	13,630	$	1,316	$	5,214	$	3,567	$	10,542	$	—	$	—	$	8,093	$	7,681	$	18,987	$	9,297	$	8,873	$	13,004	$	—	$	15,438	$	18,057	$	133,699
Non-comparable adjustments	—		(1,316)		—		—		—		—		—		—		—		—		—		(8,873)		—		—		—		—		(10,189)
Comparable hotel EBITDA	$	13,630	$	—	$	5,214	$	3,567	$	10,542	$	—	$	—	$	8,093	$	7,681	$	18,987	$	9,297	$	—	$	13,004	$	—	$	15,438	$	18,057	$	123,510
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,316	$	—	$	3,567	$	10,542	$	2,092	$	10,117	$	—	$	—	$	18,987	$	9,297	$	—	$	13,004	$	—	$	15,438	$	18,057	$	102,417
Non-comparable adjustments	—		(1,316)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,316)
Comparable hotel EBITDA	$	—	$	—	$	—	$	3,567	$	10,542	$	2,092	$	10,117	$	—	$	—	$	18,987	$	9,297	$	—	$	13,004	$	—	$	15,438	$	18,057	$	101,101
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	13,630	$	—	$	5,214	$	—	$	—	$	—	$	—	$	8,093	$	7,681	$	—	$	—	$	8,873	$	—	$	(1,812)	$	—	$	—	$	41,679
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(8,873)		—		—		—		—		(8,873)
Comparable hotel EBITDA	$	13,630	$	—	$	5,214	$	—	$	—	$	—	$	—	$	8,093	$	7,681	$	—	$	—	$	—	$	—	$	(1,812)	$	—	$	—	$	32,806

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	4,291	$	95,020	$	1,965	$	832	$	3,882	$	1,533	$	2,459	$	3,270	$	(1,190)	$	12,695	$	(6,767)	$	5,587	$	7,677	$	(4,084)	$	3,679	$	(2,747)	$	128,102	$	(86,572)	$	41,530
Non-property adjustments	—		(88,160)		—		—		—		—		(50)		—		—		—		5		—		2,086		—		—		—		(86,119)		86,119		—
Interest income	(152)		(265)		1		—		—		—		—		(63)		(175)		(212)		(239)		(97)		(40)		—		(4)		(195)		(1,441)		1,441		—
Interest expense	—		—		—		—		4,262		—		4,391		—		—		467		3,626		60		2,779		763		3,605		9,664		29,617		47,529		77,146
Amortization of loan cost	—		—		—		—		344		—		69		—		—		—		114		—		—		46		439		695		1,707		2,834		4,541
Depreciation and amortization	10,624		2,328		3,394		2,017		1,505		1,290		3,679		4,637		6,307		5,439		6,214		6,102		6,766		1,919		5,302		7,669		75,192		—		75,192
Income tax expense (benefit)	207		157		—		—		—		—		—		16		—		—		—		—		(71)		—		97		—		406		68		474
Non-hotel EBITDA ownership expense	177		75		26		405		32		28		(18)		64		452		(604)		784		23		(2,163)		344		11		7		(357)		357		—
Hotel EBITDA including amounts attributable to noncontrolling interest	15,147		9,155		5,386		3,254		10,025		2,851		10,530		7,924		5,394		17,785		3,737		11,675		17,034		(1,012)		13,129		15,093		147,107		51,776		198,883
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(3,787)		(2,289)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(6,076)		6,076		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		214		214
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(215)		(215)
Hotel EBITDA attributable to the Company and OP unitholders	$	11,360	$	6,866	$	5,386	$	3,254	$	10,025	$	2,851	$	10,530	$	7,924	$	5,394	$	17,785	$	3,737	$	11,675	$	17,034	$	(1,012)	$	13,129	$	15,093	$	141,031	$	57,851	$	198,882
Non-comparable adjustments	—		(9,155)		—		—		—		—		—		—		—		—		—		(11,675)		—		—		—		—		(20,830)
Comparable hotel EBITDA	$	15,147	$	—	$	5,386	$	3,254	$	10,025	$	2,851	$	10,530	$	7,924	$	5,394	$	17,785	$	3,737	$	—	$	17,034	$	(1,012)	$	13,129	$	15,093	$	126,277
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	15,147	$	9,155	$	5,386	$	3,254	$	10,025	$	—	$	—	$	7,924	$	5,394	$	17,785	$	3,737	$	11,675	$	17,034	$	—	$	13,129	$	15,093	$	134,738
Non-comparable adjustments	—		(9,155)		—		—		—		—		—		—		—		—		—		(11,675)		—		—		—		—		(20,830)
Comparable hotel EBITDA	$	15,147	$	—	$	5,386	$	3,254	$	10,025	$	—	$	—	$	7,924	$	5,394	$	17,785	$	3,737	$	—	$	17,034	$	—	$	13,129	$	15,093	$	113,908
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	9,155	$	—	$	3,254	$	10,025	$	2,851	$	10,530	$	—	$	—	$	17,785	$	3,737	$	—	$	17,034	$	—	$	13,129	$	15,093	$	102,593
Non-comparable adjustments	—		(9,155)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(9,155)
Comparable hotel EBITDA	$	—	$	—	$	—	$	3,254	$	10,025	$	2,851	$	10,530	$	—	$	—	$	17,785	$	3,737	$	—	$	17,034	$	—	$	13,129	$	15,093	$	93,438
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	15,147	$	—	$	5,386	$	—	$	—	$	—	$	—	$	7,924	$	5,394	$	—	$	—	$	11,675	$	—	$	(1,012)	$	—	$	—	$	44,514
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(11,675)		—		—		—		—		(11,675)
Comparable hotel EBITDA	$	15,147	$	—	$	5,386	$	—	$	—	$	—	$	—	$	7,924	$	5,394	$	—	$	—	$	—	$	—	$	(1,012)	$	—	$	—	$	32,839

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek