8-K - BHR - Equibles

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 6, 2024

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 6, 2024, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. 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 2024 Earnings Press Release of the Company, dated November 6, 2024

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 6, 2024	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Laken Avonne Rapier	Joseph Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	LRapier@ashfordinc.com	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

THIRD QUARTER 2024 RESULTS

DALLAS – November 6, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2024. 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, 2024, 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, 2024 with the third quarter ended September 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 1.6% over the prior year quarter to $261. Comparable ADR decreased 3.8% over the prior year quarter to $383 and Comparable Occupancy increased 2.3% over the prior year quarter to 68.2%.

•Net loss attributable to common stockholders for the quarter was $(1.4) million or $(0.02) per diluted share.

•Adjusted funds from operations (AFFO) was $(0.24) per diluted share for the quarter.

•Adjusted EBITDAre was $18.5 million for the quarter.

•Comparable Hotel EBITDA was $24.7 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $168.7 million and restricted cash of $48.5 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 $19.9 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 41.0% at the end of the third quarter.

•Capex invested during the quarter was $15.6 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company announced it closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). This hotel was owned by a joint venture in which the Company had a 75% ownership interest.

•During the quarter, the Company announced that it closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final

BHR Reports Third Quarter Results

Page 2

November 6, 2024

maturity to 2029. As part of this refinancing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR + 5.20%.

CAPITAL STRUCTURE

As of September 30, 2024, the Company had total assets of $2.2 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 7.6%, 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 23% of the Company’s consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represented a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024.

During the quarter, the Company closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2029. The loan is interest only and provides for a floating interest rate of SOFR + 3.24%. As part of this financing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR +5.20%, which lowered its net spread on the $364.8 million remaining loan amount to SOFR + 3.01%. The loan is secured by five hotels: Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, and The Ritz-Carlton St. Thomas. The new loan refinanced the $80.0 million loan secured by the Pier House Resort & Spa which had an interest rate of SOFR + 3.60% and had a final maturity date in September 2026, the $42.5 million loan secured by The Ritz-Carlton St. Thomas which had an interest rate of SOFR + 4.35% and had a final maturity date in August 2026, and the $200.0 million Corporate Term Loan and Credit Facility secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel & Spa which had an interest rate of SOFR + 3.10% and had a final maturity date in July 2027.

DIVIDENDS

On October 7, 2024, 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, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on January 15, 2025, to stockholders of record as of December 31, 2024. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. 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.

“We’re very pleased with the strong third quarter performance of our urban hotels, which reported a RevPAR increase of 6% over the prior year period,” noted Richard J. Stockton, Braemar’s President and

BHR Reports Third Quarter Results

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November 6, 2024

Chief Executive Officer. “Additionally, we continue to make meaningful progress executing against our recently announced shareholder value creation plan. Demonstrating our focus on maximizing value for our investors, this includes our recent sale of the Hilton La Jolla Torrey Pines at a very attractive cap rate, the continued evaluation of additional potential asset sales, and approximately $50 million of redeemed non-traded preferred to date.” Mr. Stockton continued, “Our asset management and risk management teams did a remarkable job protecting our assets during the recent storms, and we’re pleased to report that our uninsured losses from those storms are only expected to be approximately $3 million, and we had minimal operational impact in the third quarter. Looking ahead, we believe our portfolio is well-positioned to outperform in both the near-term and long-term.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, November 7, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Thursday, November 14, 2024, 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 2024 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 Thursday, November 7, 2024, beginning at 11:00 a.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. 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

BHR Reports Third Quarter Results

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November 6, 2024

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)

		December 31, 2023
ASSETS
Investments in hotel properties, gross	2,270,981	$	2,382,716
Accumulated depreciation		(498,508)
Investments in hotel properties, net		1,884,208
Cash and cash equivalents		85,599
Restricted cash		80,904
Investment in securities		—
Accounts receivable, net of allowance of 443 and 237, respectively		39,199
Inventories		5,003
Note receivable		—
Prepaid expenses		9,938
Deferred costs, net		75
Investment in OpenKey		1,674
Derivative assets		2,847
Other assets		17,751
Operating lease right-of-use assets		78,383
Intangible assets, net		3,504
Due from third-party hotel managers		17,739
Total assets	2,177,667	$	2,226,824
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	1,208,013	$	1,162,444
Accounts payable and accrued expenses		149,867
Dividends and distributions payable		9,158
Due to Ashford Inc., net		1,471
Due to related parties, net		603
Due to third-party hotel managers		1,608
Operating lease liabilities		60,379
Derivative liabilities		12
Other liabilities		22,756
Total liabilities		1,408,298
5.50% Series B Cumulative Convertible Preferred Stock, 0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2024 and December 31, 2023		65,426
Series E Redeemable Preferred Stock, 0.01 par value, 15,138,572 and 16,316,315 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		377,035
Series M Redeemable Preferred Stock, 0.01 par value, 1,596,286 and 1,832,805 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		45,623
Redeemable noncontrolling interests in operating partnership		32,395
Equity:
Preferred stock, 0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at September 30, 2024 and December 31, 2023		16
Common stock, 0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		666
Additional paid-in capital		718,498
Accumulated other comprehensive income (loss)		—
Accumulated deficit		(412,199)
Total stockholders' equity of the Company		306,981
Noncontrolling interest in consolidated entities		(8,934)
Total equity		298,047
Total liabilities and equity	2,177,667	$	2,226,824

All values are in US Dollars.

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,
	2024		2023		2024		2023
REVENUE
Rooms	$	92,427	$	100,738	$	347,206	$	355,402
Food and beverage	34,781		38,537		135,891		138,541
Other	21,190		20,526		71,967		67,866
Total hotel revenue	148,398		159,801		555,064		561,809
EXPENSES
Hotel operating expenses:
Rooms	25,548		25,899		81,288		79,962
Food and beverage	31,998		32,750		109,379		108,854
Other expenses	51,300		52,725		169,531		171,317
Management fees	4,869		5,076		17,913		17,661
Total hotel operating expenses	113,715		116,450		378,111		377,794
Property taxes, insurance and other	9,985		10,471		30,740		27,983
Depreciation and amortization	25,078		22,703		75,192		67,791
Advisory services fee:
Base advisory fee	3,505		3,393		10,168		10,700
Reimbursable expenses	3,231		2,028		8,457		6,092
Incentive fee	1,464		—		2,112		—
Stock/unit-based compensation	427		1,599		2,418		6,391
Corporate, general and administrative:
Stock/unit-based compensation	—		27		269		455
Other general and administrative	8,874		2,479		10,836		8,767
Total operating expenses	166,279		159,150		518,303		505,973
Gain (loss) on disposition of assets and hotel property	88,210		—		88,210		—
OPERATING INCOME (LOSS)	70,329		651		124,971		55,836
Equity in earnings (loss) of unconsolidated entity	(80)		(60)		(214)		(208)
Interest income	2,660		986		4,528		5,389
Other income (expense)	—		293		—		293
Interest expense	(26,132)		(22,425)		(77,146)		(67,451)
Amortization of loan costs	(1,779)		(881)		(4,541)		(2,328)
Write-off of loan costs and exit fees	(5,292)		(2,588)		(6,095)		(2,848)
Gain (loss) on extinguishment of debt	—		—		(22)		2,318
Realized and unrealized gain (loss) on derivatives	(735)		223		523		918
INCOME (LOSS) BEFORE INCOME TAXES	38,971		(23,801)		42,004		(8,081)
Income tax (expense) benefit	864		1,190		(474)		(1,064)
NET INCOME (LOSS)	39,835		(22,611)		41,530		(9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities	(27,363)		(1,773)		(26,317)		(1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	124		2,354		1,747		3,018
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	12,596		(22,030)		16,960		(7,842)
Preferred dividends	(9,857)		(10,582)		(30,593)		(31,809)
Deemed dividends on redeemable preferred stock	(4,151)		(516)		(6,175)		(3,271)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(1,412)	$	(33,128)	$	(19,808)	$	(42,922)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.02)	$	(0.50)	$	(0.30)	$	(0.63)
Weighted average common shares outstanding – basic	66,522		65,825		66,493		68,010
Diluted:
Net income (loss) attributable to common stockholders	$	(0.02)	$	(0.50)	$	(0.30)	$	(0.63)
Weighted average common shares outstanding – diluted	66,522		65,825		66,493		68,010
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,
	2024		2023		2024		2023
Net income (loss)	$	39,835	$	(22,611)	$	41,530	$	(9,145)
Interest expense and amortization of loan costs	27,911		23,306		81,687		69,779
Depreciation and amortization	25,078		22,703		75,192		67,791
Income tax expense (benefit)	(864)		(1,190)		474		1,064
Equity in (earnings) loss of unconsolidated entity	80		60		214		208
Company's portion of EBITDA of OpenKey	(76)		(63)		(215)		(220)
EBITDA	91,964		22,205		198,882		129,477
(Gain) loss on disposition of assets and hotel property	(88,210)		—		(88,210)		—
EBITDAre	3,754		22,205		110,672		129,477
Amortization of favorable (unfavorable) contract assets (liabilities)	109		119		346		356
Transaction and conversion costs	50		978		(5,524)		3,229
Write-off of loan costs and exit fees	5,292		2,588		6,095		2,848
Realized and unrealized (gain) loss on derivatives	735		(223)		(523)		(918)
Stock/unit-based compensation	427		1,627		2,689		6,854
Legal, advisory and settlement costs	6,539		—		11,356		81
Advisory services incentive fee	1,464		—		2,112		—
(Gain) loss on extinguishment of debt	—		—		22		(2,318)
Other (income) loss	—		(293)		—		(293)
Severance	102		—		102		—
Company's portion of adjustments to EBITDAre of OpenKey	—		—		3		—
Adjusted EBITDAre	$	18,472	$	27,001	$	127,350	$	139,316

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,
	2024		2023		2024		2023
Net income (loss)	$	39,835	$	(22,611)	$	41,530	$	(9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities	(27,363)		(1,773)		(26,317)		(1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	124		2,354		1,747		3,018
Preferred dividends	(9,857)		(10,582)		(30,593)		(31,809)
Deemed dividends on redeemable preferred stock	(4,151)		(516)		(6,175)		(3,271)
Net income (loss) attributable to common stockholders	(1,412)		(33,128)		(19,808)		(42,922)
Depreciation and amortization on real estate (1)	24,255		21,886		72,131		65,434
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(124)		(2,354)		(1,747)		(3,018)
Equity in (earnings) loss of unconsolidated entity	80		60		214		208
(Gain) loss on disposition of assets and hotel property (1)	(61,970)		—		(61,970)		—
Company's portion of FFO of OpenKey	(91)		(71)		(253)		(234)
FFO available to common stockholders and OP unitholders	(39,262)		(13,607)		(11,433)		19,468
Deemed dividends on redeemable preferred stock	4,151		516		6,175		3,271
Transaction and conversion costs	50		978		(5,524)		3,229
Write-off of premiums, loan costs and exit fees	5,292		2,588		6,095		2,848
Unrealized (gain) loss on derivatives	1,746		1,790		3,698		5,244
Stock/unit-based compensation	427		1,627		2,689		6,854
Legal, advisory and settlement costs	6,539		—		11,356		81
Interest expense accretion on refundable membership club deposits	151		165		466		507
Amortization of loan costs (1)	1,741		858		4,268		2,258
Advisory services incentive fee	1,464		—		2,112		—
(Gain) loss on extinguishment of debt	—		—		22		(2,318)
Other (income) loss	—		(293)		—		(293)
Severance	102		—		102		—
Company's portion of adjustments to FFO of OpenKey	—		—		3		—
Adjusted FFO available to common stockholders and OP unitholders	$	(17,599)	$	(5,378)	$	20,029	$	41,149
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.24)	$	(0.08)	$	0.28	$	0.56
Weighted average diluted shares	73,130		71,482		72,802		73,844

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2024

(dollars in thousands)

(unaudited)

Lender	Hotels	Current<br>Maturity	Final<br><br>Maturity (9)	Interest Rate	Fixed-Rate<br>Debt			Floating-Rate<br>Debt				Total<br>Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (10)		Comparable TTM Hotel EBITDA<br>Debt Yield
BAML	The Ritz-Carlton Lake Tahoe	January 2025	January 2026	SOFR (1) + 3.60%	$	—		$	53,413		(2)	$	53,413		$	(11,401)	(21.3)	%	$	2,508	4.7	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2025	February 2027	SOFR (1) + 2.86%	—			70,500			(3)	70,500			1,346		1.9	%	12,361		17.5	%
BAML	See footnote	June 2025	June 2025	SOFR (1) + 2.66%	—			293,180			(4)	293,180			10,200		3.5	%	39,184		13.4	%
Macquarie CAF LLC	The Ritz-Carlton Reserve Dorado Beach	March 2026	March 2026	SOFR (1) + 4.75%	—			62,000				62,000			7,599		12.3	%	18,911		30.5	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	—			407,000			(5)	407,000			31,692		7.8	%	65,969		16.2	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	December 2026	December 2028	SOFR (1) + 3.75%	—			140,000			(6)	140,000			(562)		(0.4)	%	23,196		16.6	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(7)	110,600			4,183		3.8	%	17,921		16.2	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(5,946)		N/A		(1,286)		N/A
Total					$	86,250		$	1,136,693			$	1,222,943		$	37,111	3.0	%	$	178,764	14.6	%
Percentage					7.1		%	92.9		%		100.0		%
Weighted average interest rate (8)					4.50		%	7.88		%		7.63		%

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

(1) SOFR rate was 4.85% at September 30, 2024.

(2) This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.

(3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.

(4) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(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 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 $42.2 million and a rate of SOFR +5.20%, which results in an effective interest rate on this mortgage loan of SOFR + 3.01%.

(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) 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%.

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

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

(10) 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, 2024

(dollars in thousands)

(unaudited)

Lender	Hotels	2024		2025		2026		2027		2028		Thereafter		Total
BAML	See footnote 1	$	—	$	293,180	$	—	$	—	$	—	$	—	$	293,180
BAML	The Ritz-Carlton Lake Tahoe	—		—		53,413		—		—		—		53,413
Macquarie CAF LLC	The Ritz-Carlton Reserve Dorado Beach	—		—		62,000		—		—		—		62,000
Convertible Senior Notes	N/A	—		—		86,250		—		—		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		—		—		70,500		—		—		70,500
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		136,000		—		136,000
Aareal Capital Corporation	Capital Hilton	—		—		—		—		106,600		—		106,600
BAML	See footnote 2	—		—		—		—		—		407,000		407,000
Principal due in future periods		$	—	$	293,180	$	201,663	$	70,500	$	242,600	$	407,000	$	1,214,943
Scheduled amortization payments remaining		—		—		—		4,000		4,000		—		8,000
Total indebtedness		$	—	$	293,180	$	201,663	$	74,500	$	246,600	$	407,000	$	1,222,943

(1) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(2) 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 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
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	93,477		$	(1,374)		$	92,103		$	101,832		$	(8,448)		$	93,384		(8.20)	%	(1.37)	%
	RevPAR	$	260.62		$	(218.00)		$	261.38		$	262.60		$	(233.05)		$	265.65		(0.75)	%	(1.61)	%
	Occupancy	68.50		%	(84.31)		%	68.22		%	68.37		%	(84.34)		%	66.72		%	0.19	%	2.25	%
	ADR	$	380.47		$	(258.56)		$	383.17		$	384.10		$	(276.32)		$	398.15		(0.95)	%	(3.76)	%	ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
	Rooms revenue (in thousands)	$	352,019		$	(15,501)		$	336,518		$	360,258		$	(22,352)		$	337,906		(2.29)	%	(0.41)	%
	RevPAR	$	312.27		$	(198.71)		$	320.71		$	313.10		$	(207.80)		$	323.96		(0.27)	%	(1.00)	%
	Occupancy	68.91		%	(79.05)		%	68.16		%	68.06		%	(80.53)		%	66.77		%	1.25	%	2.08	%
	ADR	$	453.14		$	(251.37)		$	470.54		$	460.07		$	(258.05)		$	485.19		(1.51)	%	(3.02)	%

NOTES:

(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, 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<br><br>NOT UNDER RENOVATION:
	Three Months Ended September 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	80,539		$	(1,374)		$	79,165		$	87,996		$	(8,448)		$	79,548		(8.47)	%	(0.48)	%
		RevPAR	$	247.61		$	(218.00)		$	248.19		$	248.31		$	(233.05)		$	250.05		(0.28)	%	(0.74)	%
		Occupancy	69.84		%	(84.31)		%	69.56		%	69.78		%	(84.34)		%	68.13		%	0.09	%	2.10	%
		ADR	$	354.52		$	(258.56)		$	356.82		$	355.82		$	(276.32)		$	367.03		(0.37)	%	(2.78)	%	ALL HOTELS<br><br>NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Nine Months Ended September 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2024			2024			2024			2023			2023			2023			% Variance		% Variance
		Rooms revenue (in thousands)	$	294,977		$	(15,501)		$	279,476		$	299,673		$	(22,352)		$	277,321		(1.57)	%	0.78	%
		RevPAR	$	286.99		$	(198.71)		$	294.24		$	285.00		$	(207.80)		$	293.79		0.70	%	0.15	%
		Occupancy	69.77		%	(79.05)		%	69.00		%	68.56		%	(80.53)		%	67.19		%	1.76	%	2.69	%
		ADR	$	411.36		$	(251.37)		$	426.41		$	415.71		$	(258.05)		$	437.24		(1.05)	%	(2.48)	%

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2024			2023			% Variance		2024			2023			% Variance
Total hotel revenue	$	149,255		$	160,697		(7.12)	%	$	559,000		$	565,782		(1.20)	%
Non-comparable adjustments	(2,049)			(13,688)					(27,901)			(37,969)
Comparable total hotel revenue	$	147,206		$	147,009		0.13	%	$	531,099		$	527,813		0.62	%
Hotel net income (loss)	$	77,832		$	788		9,777.16	%	$	128,102		$	56,684		125.99	%
Non-comparable adjustments	(88,360)			(3,935)					(95,020)			(9,922)
Comparable hotel net income (loss)	$	(10,528)		$	(3,147)		(234.54)	%	$	33,082		$	46,762		(29.25)	%
Hotel net income (loss) margin	52.15		%	0.49		%	51.66	%	22.92		%	10.02		%	12.90	%
Comparable hotel net income margin	(7.15)		%	(2.14)		%	(5.01)	%	6.23		%	8.86		%	(2.63)	%
Hotel EBITDA	$	25,050		$	34,867		(28.16)	%	$	147,107		$	161,323		(8.81)	%
Non-comparable adjustments	(397)			(4,983)					(9,155)			(12,985)
Comparable hotel EBITDA	$	24,653		$	29,884		(17.50)	%	$	137,952		$	148,338		(7.00)	%
Hotel EBITDA margin	16.78		%	21.70		%	(4.92)	%	26.32		%	28.51		%	(2.19)	%
Comparable hotel EBITDA margin	16.75		%	20.33		%	(3.58)	%	25.97		%	28.10		%	(2.13)	%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	22,091		$	830		2,561.57	%	$	24,828		$	3,741		563.67	%
Hotel net income (loss) attributable to the Company and OP unitholders	$	55,741		$	(42)		132,816.67	%	$	103,274		$	52,943		95.07	%
Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(10,529)		$	(2,993)		(251.76)	%	$	32,009		$	45,502		(29.65)	%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	890		$	1,849		(51.88)	%	$	6,076		$	6,410		(5.21)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	24,160		$	33,018		(26.83)	%	$	141,032		$	154,914		(8.96)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	23,863		$	29,281		(18.50)	%	$	134,165		$	145,175		(7.58)	%

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)

		Three Months Ended									Nine Months Ended
September 30,									September 30,
		2024			2023			% Variance			2024			2023			% Variance
	Total hotel revenue	$	124,251		$	134,899		(7.89)		%	$	463,125		$	464,987		(0.40)	%
	Non-comparable adjustments	(2,049)			(13,688)						(27,901)			(37,969)
	Comparable total hotel revenue	$	122,202		$	121,211		0.82		%	$	435,224		$	427,018		1.92	%
	Hotel net income (loss)	$	84,092		$	2,681		3,036.59		%	$	127,192		$	48,009		164.93	%
	Non-comparable adjustments	(88,360)			(3,935)						(95,020)			(9,922)
	Comparable hotel net income (loss)	$	(4,268)		$	(1,254)		(240.35)		%	$	32,172		$	38,087		(15.53)	%
	Hotel net income (loss) margin	67.68		%	1.99		%	65.69		%	27.46		%	10.32		%	17.14	%
	Comparable hotel net income margin	(3.49)		%	(1.03)		%	(2.46)		%	7.39		%	8.92		%	(1.53)	%
	Hotel EBITDA	$	23,337		$	31,015		(24.76)		%	$	126,336		$	135,628		(6.85)	%
	Non-comparable adjustments	(397)			(4,983)						(9,155)			(12,985)
	Comparable hotel EBITDA	$	22,940		$	26,032		(11.88)		%	$	117,181		$	122,643		(4.45)	%
	Hotel EBITDA margin	18.78		%	22.99		%	(4.21)		%	27.28		%	29.17		%	(1.89)	%
	Comparable hotel EBITDA margin	18.77		%	21.48		%	(2.71)		%	26.92		%	28.72		%	(1.80)	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	22,091		$	830		2,561.57		%	$	24,828		$	3,741		563.67	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	62,001		$	1,851		3,249.59		%	$	102,364		$	44,268		131.24	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(4,269)		$	(1,100)		(288.02)		%	$	31,099		$	36,827		(15.55)	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	890		$	1,849		(51.88)		%	$	6,076		$	6,410		(5.21)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	22,447		$	29,166		(23.04)		%	$	120,261		$	129,219		(6.93)	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	22,149		$	25,429		(12.90)		%	$	113,394		$	119,480		(5.09)	%

NOTES:

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

(5) Excluded hotels under renovation:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas

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
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	9,712		$	—		$	9,712		$	8,264		$	—		$	8,264		17.52	%	17.52	%
	Total hotel revenue	$	14,256		$	—		$	14,256		$	12,535		$	—		$	12,535		13.73	%	13.73	%
	Hotel net income (loss)	$	3		$	—		$	3		$	(616)		$	—		$	(616)		100.49	%	100.49	%
	Hotel net income (loss) margin	0.02		%				0.02		%	(4.91)		%				(4.91)		%	4.93	%	4.93	%
	Hotel EBITDA	$	3,163		$	—		$	3,163		$	2,413		$	—		$	2,413		31.08	%	31.08	%
	Hotel EBITDA margin	22.19		%				22.19		%	19.25		%				19.25		%	2.94	%	2.94	%
	Selected Operating Information:
	RevPAR	$	188.84		$	—		$	188.84		$	163.33		$	—		$	163.33		15.62	%	15.62	%
	Occupancy	80.08		%	—		%	80.08		%	73.80		%	—		%	73.80		%	8.51	%	8.51	%
	ADR	$	235.81		$	—		$	235.81		$	221.30		$	—		$	221.30		6.56	%	6.56	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	1,374		$	(1,374)		$	—		$	8,448		$	(8,448)		$	—		(83.74)	%	—	%
	Total hotel revenue	$	2,049		$	(2,049)		$	—		$	13,688		$	(13,688)		$	—		(85.03)	%	—	%
	Hotel net income (loss)	$	88,360		$	(88,360)		$	—		$	3,935		$	(3,935)		$	—		2,145.49	%	—	%
	Hotel net income (loss) margin	4,312.35		%				—		%	28.75		%				—		%	4,283.60	%	—	%
	Hotel EBITDA	$	397		$	(397)		$	—		$	4,983		$	(4,983)		$	—		(92.03)	%	—	%
	Hotel EBITDA margin	19.38		%				—		%	36.40		%				—		%	(17.02)	%	—	%
	Selected Operating Information:
	RevPAR	$	218.00		$	218.00		$	—		$	233.05		$	233.05		$	—		(6.46)	%	—	%
	Occupancy	84.31		%	84.31		%	—		%	84.34		%	84.34		%	—		%	(0.04)	%	—	%
	ADR	$	258.56		$	258.56		$	—		$	276.32		$	276.32		$	—		(6.43)	%	—	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	9,037		$	—		$	9,037		$	7,735		$	—		$	7,735		16.83	%	16.83	%
	Total hotel revenue	$	11,671		$	—		$	11,671		$	10,135		$	—		$	10,135		15.16	%	15.16	%
	Hotel net income (loss)	$	2,065		$	—		$	2,065		$	2,147		$	—		$	2,147		(3.82)	%	(3.82)	%
	Hotel net income (loss) margin	17.69		%				17.69		%	21.18		%				21.18		%	(3.49)	%	(3.49)	%
	Hotel EBITDA	$	3,201		$	—		$	3,201		$	3,244		$	—		$	3,244		(1.33)	%	(1.33)	%
	Hotel EBITDA margin	27.43		%				27.43		%	32.01		%				32.01		%	(4.58)	%	(4.58)	%
	Selected Operating Information:
	RevPAR	$	236.70		$	—		$	236.70		$	202.60		$	—		$	202.60		16.83	%	16.83	%
	Occupancy	82.23		%	—		%	82.23		%	78.28		%	—		%	78.28		%	5.05	%	5.05	%
	ADR	$	287.84		$	—		$	287.84		$	258.83		$	—		$	258.83		11.21	%	11.21	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	4,673		$	—		$	4,673		$	5,205		$	—		$	5,205		(10.22)	%	(10.22)	%
	Total hotel revenue	$	6,216		$	—		$	6,216		$	6,903		$	—		$	6,903		(9.95)	%	(9.95)	%
	Hotel net income (loss)	$	1,022		$	—		$	1,022		$	1,463		$	—		$	1,463		(30.14)	%	(30.14)	%
	Hotel net income (loss) margin	16.44		%				16.44		%	21.19		%				21.19		%	(4.75)	%	(4.75)	%
	Hotel EBITDA	$	1,883		$	—		$	1,883		$	2,493		$	—		$	2,493		(24.47)	%	(24.47)	%
	Hotel EBITDA margin	30.29		%				30.29		%	36.11		%				36.11		%	(5.82)	%	(5.82)	%
	Selected Operating Information:
	RevPAR	$	781.57		$	—		$	781.57		$	870.52		$	—		$	870.52		(10.22)	%	(10.22)	%
	Occupancy	73.81		%	—		%	73.81		%	80.32		%	—		%	80.32		%	(8.11)	%	(8.11)	%
	ADR	$	1,058.85		$	—		$	1,058.85		$	1,083.84		$	—		$	1,083.84		(2.31)	%	(2.31)	%
		Three Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	3,701		$	—		$	3,701		$	4,471		$	—		$	4,471		(17.22)	%	(17.22)	%
	Total hotel revenue	$	5,133		$	—		$	5,133		$	5,920		$	—		$	5,920		(13.29)	%	(13.29)	%
	Hotel net income (loss)	$	13		$	—		$	13		$	28		$	—		$	28		(53.57)	%	(53.57)	%
	Hotel net income (loss) margin	0.25		%				0.25		%	0.47		%				0.47		%	(0.22)	%	(0.22)	%
	Hotel EBITDA	$	1,311		$	—		$	1,311		$	2,115		$	—		$	2,115		(38.01)	%	(38.01)	%
	Hotel EBITDA margin	25.54		%				25.54		%	35.73		%				35.73		%	(10.19)	%	(10.19)	%
	Selected Operating Information:
	RevPAR	$	283.27		$	—		$	283.27		$	342.24		$	—		$	342.24		(17.23)	%	(17.23)	%
	Occupancy	64.80		%	—		%	64.80		%	69.52		%	—		%	69.52		%	(6.79)	%	(6.79)	%
	ADR	$	437.17		$	—		$	437.17		$	492.30		$	—		$	492.30		(11.20)	%	(11.20)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,340		$	—		$	3,340		$	3,987		$	—		$	3,987		(16.23)	%	(16.23)	%
	Total hotel revenue	$	4,315		$	—		$	4,315		$	4,927		$	—		$	4,927		(12.42)	%	(12.42)	%
	Hotel net income (loss)	$	994		$	—		$	994		$	1,234		$	—		$	1,234		(19.45)	%	(19.45)	%
	Hotel net income (loss) margin	23.04		%				23.04		%	25.05		%				25.05		%	(2.01)	%	(2.01)	%
	Hotel EBITDA	$	1,433		$	—		$	1,433		$	2,106		$	—		$	2,106		(31.96)	%	(31.96)	%
	Hotel EBITDA margin	33.21		%				33.21		%	42.74		%				42.74		%	(9.53)	%	(9.53)	%
	Selected Operating Information:
	RevPAR	$	453.83		$	—		$	453.83		$	541.67		$	—		$	541.67		(16.22)	%	(16.22)	%
	Occupancy	70.23		%	—		%	70.23		%	77.24		%	—		%	77.24		%	(9.08)	%	(9.08)	%
	ADR	$	646.19		$	—		$	646.19		$	701.26		$	—		$	701.26		(7.85)	%	(7.85)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	3,591		$	—		$	3,591		$	3,466		$	—		$	3,466		3.61	%	3.61	%
	Total hotel revenue	$	9,614		$	—		$	9,614		$	9,555		$	—		$	9,555		0.62	%	0.62	%
	Hotel net income (loss)	$	(1,102)		$	—		$	(1,102)		$	(1,255)		$	—		$	(1,255)		12.19	%	12.19	%
	Hotel net income (loss) margin	(11.46)		%				(11.46)		%	(13.13)		%				(13.13)		%	1.67	%	1.67	%
	Hotel EBITDA	$	1,597		$	—		$	1,597		$	1,551		$	—		$	1,551		2.97	%	2.97	%
	Hotel EBITDA margin	16.61		%				16.61		%	16.23		%				16.23		%	0.38	%	0.38	%
	Selected Operating Information:
	RevPAR	$	202.27		$	—		$	202.27		$	195.21		$	—		$	195.21		3.62	%	3.62	%
	Occupancy	58.55		%	—		%	58.55		%	56.03		%	—		%	56.03		%	4.50	%	4.50	%
	ADR	$	345.47		$	—		$	345.47		$	348.43		$	—		$	348.43		(0.85)	%	(0.85)	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	7,334		$	—		$	7,334		$	6,373		$	—		$	6,373		15.08	%	15.08	%
	Total hotel revenue	$	9,251		$	—		$	9,251		$	7,936		$	—		$	7,936		16.57	%	16.57	%
	Hotel net income (loss)	$	1,851		$	—		$	1,851		$	376		$	—		$	376		392.29	%	392.29	%
	Hotel net income (loss) margin	20.01		%				20.01		%	4.74		%				4.74		%	15.27	%	15.27	%
	Hotel EBITDA	$	3,232		$	—		$	3,232		$	2,349		$	—		$	2,349		37.59	%	37.59	%
	Hotel EBITDA margin	34.94		%				34.94		%	29.60		%				29.60		%	5.34	%	5.34	%
	Selected Operating Information:
	RevPAR	$	159.76		$	—		$	159.76		$	138.82		$	—		$	138.82		15.08	%	15.08	%
	Occupancy	70.21		%	—		%	70.21		%	62.23		%	—		%	62.23		%	12.82	%	12.82	%
	ADR	$	227.55		$	—		$	227.55		$	223.07		$	—		$	223.07		2.01	%	2.01	%
		Three Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	7,285		$	—		$	7,285		$	8,656		$	—		$	8,656		(15.84)	%	(15.84)	%
	Total hotel revenue	$	8,944		$	—		$	8,944		$	10,274		$	—		$	10,274		(12.95)	%	(12.95)	%
	Hotel net income (loss)	$	(650)		$	—		$	(650)		$	356		$	—		$	356		(282.58)	%	(282.58)	%
	Hotel net income (loss) margin	(7.27)		%				(7.27)		%	3.47		%				3.47		%	(10.74)	%	(10.74)	%
	Hotel EBITDA	$	1,273		$	—		$	1,273		$	2,734		$	—		$	2,734		(53.44)	%	(53.44)	%
	Hotel EBITDA margin	14.23		%				14.23		%	26.61		%				26.61		%	(12.38)	%	(12.38)	%
	Selected Operating Information:
	RevPAR	$	193.12		$	—		$	193.12		$	229.48		$	—		$	229.48		(15.84)	%	(15.84)	%
	Occupancy	68.59		%	—		%	68.59		%	78.08		%	—		%	78.08		%	(12.15)	%	(12.15)	%
	ADR	$	281.56		$	—		$	281.56		$	293.92		$	—		$	293.92		(4.21)	%	(4.21)	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	6,143		$	—		$	6,143		$	5,877		$	—		$	5,877		4.53	%	4.53	%
	Total hotel revenue	$	15,119		$	—		$	15,119		$	14,095		$	—		$	14,095		7.26	%	7.26	%
	Hotel net income (loss)	$	(26)		$	—		$	(26)		$	(1,281)		$	—		$	(1,281)		97.97	%	97.97	%
	Hotel net income (loss) margin	(0.17)		%				(0.17)		%	(9.09)		%				(9.09)		%	8.92	%	8.92	%
	Hotel EBITDA	$	1,350		$	—		$	1,350		$	1,123		$	—		$	1,123		20.21	%	20.21	%
	Hotel EBITDA margin	8.93		%				8.93		%	7.97		%				7.97		%	0.96	%	0.96	%
	Selected Operating Information:
	RevPAR	$	241.92		$	—		$	241.92		$	231.45		$	—		$	231.45		4.52	%	4.52	%
	Occupancy	51.65		%	—		%	51.65		%	51.44		%	—		%	51.44		%	0.41	%	0.41	%
	ADR	$	468.42		$	—		$	468.42		$	449.93		$	—		$	449.93		4.11	%	4.11	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	6,229		$	—		$	6,229		$	5,549		$	—		$	5,549		12.25	%	12.25	%
	Total hotel revenue	$	12,268		$	—		$	12,268		$	11,912		$	—		$	11,912		2.99	%	2.99	%
	Hotel net income (loss)	$	(2,638)		$	—		$	(2,638)		$	(1,234)		$	—		$	(1,234)		(113.78)	%	(113.78)	%
	Hotel net income (loss) margin	(21.50)		%				(21.50)		%	(10.36)		%				(10.36)		%	(11.14)	%	(11.14)	%
	Hotel EBITDA	$	757		$	—		$	757		$	1,317		$	—		$	1,317		(42.52)	%	(42.52)	%
	Hotel EBITDA margin	6.17		%				6.17		%	11.06		%				11.06		%	(4.89)	%	(4.89)	%
	Selected Operating Information:
	RevPAR	$	369.97		$	—		$	369.97		$	329.61		$	—		$	329.61		12.24	%	12.24	%
	Occupancy	55.39		%	—		%	55.39		%	46.12		%	—		%	46.12		%	20.10	%	20.10	%
	ADR	$	667.96		$	—		$	667.96		$	714.75		$	—		$	714.75		(6.55)	%	(6.55)	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	11,224		$	—		$	11,224		$	10,454		$	—		$	10,454		7.37	%	7.37	%
	Total hotel revenue	$	13,883		$	—		$	13,883		$	12,263		$	—		$	12,263		13.21	%	13.21	%
	Hotel net income (loss)	$	3,430		$	—		$	3,430		$	4,044		$	—		$	4,044		(15.18)	%	(15.18)	%
	Hotel net income (loss) margin	24.71		%				24.71		%	32.98		%				32.98		%	(8.27)	%	(8.27)	%
	Hotel EBITDA	$	6,043		$	—		$	6,043		$	5,592		$	—		$	5,592		8.07	%	8.07	%
	Hotel EBITDA margin	43.53		%				43.53		%	45.60		%				45.60		%	(2.07)	%	(2.07)	%
	Selected Operating Information:
	RevPAR	$	330.61		$	—		$	330.61		$	307.94		$	—		$	307.94		7.36	%	7.36	%
	Occupancy	85.80		%	—		%	85.80		%	82.05		%	—		%	82.05		%	4.57	%	4.57	%
	ADR	$	385.31		$	—		$	385.31		$	375.29		$	—		$	375.29		2.67	%	2.67	%
		Three Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	6,709		$	—		$	6,709		$	8,287		$	—		$	8,287		(19.04)	%	(19.04)	%
	Total hotel revenue	$	12,736		$	—		$	12,736		$	13,886		$	—		$	13,886		(8.28)	%	(8.28)	%
	Hotel net income (loss)	$	(3,620)		$	—		$	(3,620)		$	(659)		$	—		$	(659)		(449.32)	%	(449.32)	%
	Hotel net income (loss) margin	(28.42)		%				(28.42)		%	(4.75)		%				(4.75)		%	(23.67)	%	(23.67)	%
	Hotel EBITDA	$	956		$	—		$	956		$	2,535		$	—		$	2,535		(62.29)	%	(62.29)	%
	Hotel EBITDA margin	7.51		%				7.51		%	18.26		%				18.26		%	(10.75)	%	(10.75)	%
	Selected Operating Information:
	RevPAR	$	405.12		$	—		$	405.12		$	500.41		$	—		$	500.41		(19.04)	%	(19.04)	%
	Occupancy	55.45		%	—		%	55.45		%	60.69		%	—		%	60.69		%	(8.63)	%	(8.63)	%
	ADR	$	730.57		$	—		$	730.57		$	824.48		$	—		$	824.48		(11.39)	%	(11.39)	%
CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	2,395		$	—		$	2,395		$	2,679		$	—		$	2,679		(10.60)	%	(10.60)	%
	Total hotel revenue	$	3,255		$	—		$	3,255		$	3,613		$	—		$	3,613		(9.91)	%	(9.91)	%
	Hotel net income (loss)	$	(1,342)		$	—		$	(1,342)		$	(1,272)		$	—		$	(1,272)		(5.50)	%	(5.50)	%
	Hotel net income (loss) margin	(41.23)		%				(41.23)		%	(35.21)		%				(35.21)		%	(6.02)	%	(6.02)	%
	Hotel EBITDA	$	(538)		$	—		$	(538)		$	(141)		$	—		$	(141)		(281.56)	%	(281.56)	%
	Hotel EBITDA margin	(16.53)		%				(16.53)		%	(3.90)		%				(3.90)		%	(12.63)	%	(12.63)	%
	Selected Operating Information:
	RevPAR	$	182.03		$	—		$	182.03		$	203.60		$	—		$	203.60		(10.59)	%	(10.59)	%
	Occupancy	67.95		%	—		%	67.95		%	65.56		%	—		%	65.56		%	3.65	%	3.65	%
	ADR	$	267.90		$	—		$	267.90		$	310.55		$	—		$	310.55		(13.73)	%	(13.73)	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	7,258		$	—		$	7,258		$	8,840		$	—		$	8,840		(17.90)	%	(17.90)	%
	Total hotel revenue	$	12,628		$	—		$	12,628		$	14,832		$	—		$	14,832		(14.86)	%	(14.86)	%
	Hotel net income (loss)	$	(3,554)		$	—		$	(3,554)		$	(570)		$	—		$	(570)		(523.51)	%	(523.51)	%
	Hotel net income (loss) margin	(28.14)		%				(28.14)		%	(3.84)		%				(3.84)		%	(24.30)	%	(24.30)	%
	Hotel EBITDA	$	(50)		$	—		$	(50)		$	1,043		$	—		$	1,043		(104.79)	%	(104.79)	%
	Hotel EBITDA margin	(0.40)		%				(0.40)		%	7.03		%				7.03		%	(7.43)	%	(7.43)	%
	Selected Operating Information:
	RevPAR	$	744.23		$	—		$	744.23		$	906.44		$	—		$	906.44		(17.90)	%	(17.90)	%
	Occupancy	49.60		%	—		%	49.60		%	57.75		%	—		%	57.75		%	(14.11)	%	(14.11)	%
	ADR	$	1,500.45		$	—		$	1,500.45		$	1,569.53		$	—		$	1,569.53		(4.40)	%	(4.40)	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	3,472		$	—		$	3,472		$	3,541		$	—		$	3,541		(1.95)	%	(1.95)	%
	Total hotel revenue	$	7,917		$	—		$	7,917		$	8,223		$	—		$	8,223		(3.72)	%	(3.72)	%
	Hotel net income (loss)	$	(6,974)		$	—		$	(6,974)		$	(5,908)		$	—		$	(5,908)		(18.04)	%	(18.04)	%
	Hotel net income (loss) margin	(88.09)		%				(88.09)		%	(71.85)		%				(71.85)		%	(16.24)	%	(16.24)	%
	Hotel EBITDA	$	(958)		$	—		$	(958)		$	(590)		$	—		$	(590)		(62.37)	%	(62.37)	%
	Hotel EBITDA margin	(12.10)		%				(12.10)		%	(7.17)		%				(7.17)		%	(4.93)	%	(4.93)	%
	Selected Operating Information:
	RevPAR	$	179.67		$	—		$	179.67		$	183.29		$	—		$	183.29		(1.98)	%	(1.98)	%
	Occupancy	34.75		%	—		%	34.75		%	35.14		%	—		%	35.14		%	(1.11)	%	(1.11)	%
	ADR	$	517.08		$	—		$	517.08		$	521.52		$	—		$	521.52		(0.85)	%	(0.85)	%
		Three Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	46,490		$	(1,374)		$	45,116		$	57,671		$	(8,448)		$	49,223		(19.39)	%	(8.34)	%
	Total hotel revenue	$	87,995		$	(2,049)		$	85,946		$	103,941		$	(13,688)		$	90,253		(15.34)	%	(4.77)	%
	Hotel net income (loss)	$	72,475		$	(88,360)		$	(15,885)		$	(4,247)		$	(3,935)		$	(8,182)		1,806.50	%	(94.15)	%
	Hotel net income (loss) margin	82.36		%				(18.48)		%	(4.09)		%				(9.07)		%	86.45	%	(9.41)	%
	Hotel EBITDA	$	8,676		$	(397)		$	8,279		$	18,676		$	(4,983)		$	13,693		(53.54)	%	(39.54)	%
	Hotel EBITDA margin	9.86		%				9.63		%	17.97		%				15.17		%	(8.11)	%	(5.54)	%
	Selected Operating Information:
	RevPAR	$	336.09		$	218.00		$	341.73		$	342.73		$	233.05		$	372.85		(1.94)	%	(8.35)	%
	Occupancy	55.62		%	84.31		%	54.25		%	61.44		%	84.34		%	55.16		%	(9.47)	%	(1.65)	%
	ADR	$	604.30		$	258.56		$	629.96		$	557.81		$	276.32		$	675.99		8.33	%	(6.81)	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	46,987		$	—		$	46,987		$	44,161		$	—		$	44,161		6.40	%	6.40	%
	Total hotel revenue	$	61,260		$	—		$	61,260		$	56,756		$	—		$	56,756		7.94	%	7.94	%
	Hotel net income (loss)	$	5,357		$	—		$	5,357		$	5,035		$	—		$	5,035		6.40	%	6.40	%
	Hotel net income (loss) margin	8.74		%				8.74		%	8.87		%				8.87		%	(0.13)	%	(0.13)	%
	Hotel EBITDA	$	16,374		$	—		$	16,374		$	16,191		$	—		$	16,191		1.13	%	1.13	%
	Hotel EBITDA margin	26.73		%				26.73		%	28.53		%				28.53		%	(1.80)	%	(1.80)	%
	Selected Operating Information:
	RevPAR	$	213.24		$	—		$	213.24		$	201.18		$	—		$	201.18		5.99	%	5.99	%
	Occupancy	76.59		%	—		%	76.59		%	73.68		%	—		%	73.68		%	3.95	%	3.95	%
	ADR	$	278.43		$	—		$	278.43		$	273.05		$	—		$	273.05		1.97	%	1.97	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	93,477		$	(1,374)		$	92,103		$	101,832		$	(8,448)		$	93,384		(8.20)	%	(1.37)	%
	Total hotel revenue	$	149,255		$	(2,049)		$	147,206		$	160,697		$	(13,688)		$	147,009		(7.12)	%	0.13	%
	Hotel net income (loss)	$	77,832		$	(88,360)		$	(10,528)		$	788		$	(3,935)		$	(3,147)		9,777.16	%	(234.54)	%
	Hotel net income (loss) margin	52.15		%				(7.15)		%	0.49		%				(2.14)		%	51.66	%	(5.01)	%
	Hotel EBITDA	$	25,050		$	(397)		$	24,653		$	34,867		$	(4,983)		$	29,884		(28.16)	%	(17.50)	%
	Hotel EBITDA margin	16.78		%				16.75		%	21.70		%				20.33		%	(4.92)	%	(3.58)	%
	Selected Operating Information:
	RevPAR	$	260.62		$	(218.00)		$	261.38		$	262.60		$	(233.05)		$	265.65		(0.75)	%	(1.61)	%
	Occupancy	68.50		%	(84.31)		%	68.22		%	68.37		%	(84.34)		%	66.72		%	0.19	%	2.25	%
	ADR	$	380.47		$	(258.56)		$	383.17		$	384.10		$	(276.32)		$	398.15		(0.95)	%	(3.76)	%

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: Hilton La Jolla Torrey Pines, 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
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	32,355		$	—		$	32,355		$	28,474		$	—		$	28,474		13.63	%	13.63	%
	Total hotel revenue	$	49,679		$	—		$	49,679		$	44,813		$	—		$	44,813		10.86	%	10.86	%
	Hotel net income (loss)	$	4,291		$	—		$	4,291		$	5,042		$	—		$	5,042		(14.89)	%	(14.89)	%
	Hotel net income (loss) margin	8.64		%				8.64		%	11.25		%				11.25		%	(2.61)	%	(2.61)	%
	Hotel EBITDA	$	15,147		$	—		$	15,147		$	12,653		$	—		$	12,653		19.71	%	19.71	%
	Hotel EBITDA margin	30.49		%				30.49		%	28.24		%				28.24		%	2.25	%	2.25	%
	Selected Operating Information:
	RevPAR	$	211.44		$	—		$	211.44		$	189.64		$	—		$	189.64		11.50	%	11.50	%
	Occupancy	80.45		%	—		%	80.45		%	75.74		%	—		%	75.74		%	6.22	%	6.22	%
	ADR	$	262.81		$	—		$	262.81		$	250.37		$	—		$	250.37		4.97	%	4.97	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	15,501		$	(15,501)		$	—		$	22,352		$	(22,352)		$	—		(30.65)	%	—	%
	Total hotel revenue	$	27,901		$	(27,901)		$	—		$	37,969		$	(37,969)		$	—		(26.52)	%	—	%
	Hotel net income (loss)	$	95,020		$	(95,020)		$	—		$	9,922		$	(9,922)		$	—		857.67	%	—	%
	Hotel net income (loss) margin	340.56		%				—		%	26.13		%				—		%	314.43	%	—	%
	Hotel EBITDA	$	9,155		$	(9,155)		$	—		$	12,985		$	(12,985)		$	—		(29.50)	%	—	%
	Hotel EBITDA margin	32.81		%				—		%	34.20		%				—		%	(1.39)	%	—	%
	Selected Operating Information:
	RevPAR	$	198.71		$	198.71		$	—		$	207.80		$	207.80		$	—		(4.37)	%	—	%
	Occupancy	79.05		%	79.05		%	—		%	80.53		%	80.53		%	—		%	(1.84)	%	—	%
	ADR	$	251.37		$	251.37		$	—		$	258.05		$	258.05		$	—		(2.59)	%	—	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	20,758		$	—		$	20,758		$	19,039		$	—		$	19,039		9.03	%	9.03	%
	Total hotel revenue	$	27,746		$	—		$	27,746		$	25,136		$	—		$	25,136		10.38	%	10.38	%
	Hotel net income (loss)	$	1,965		$	—		$	1,965		$	3,114		$	—		$	3,114		(36.90)	%	(36.90)	%
	Hotel net income (loss) margin	7.08		%				7.08		%	12.39		%				12.39		%	(5.31)	%	(5.31)	%
	Hotel EBITDA	$	5,386		$	—		$	5,386		$	6,662		$	—		$	6,662		(19.15)	%	(19.15)	%
	Hotel EBITDA margin	19.41		%				19.41		%	26.50		%				26.50		%	(7.09)	%	(7.09)	%
	Selected Operating Information:
	RevPAR	$	182.55		$	—		$	182.55		$	168.05		$	—		$	168.05		8.63	%	8.63	%
	Occupancy	71.69		%	—		%	71.69		%	69.31		%	—		%	69.31		%	3.43	%	3.43	%
	ADR	$	254.65		$	—		$	254.65		$	242.48		$	—		$	242.48		5.02	%	5.02	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	11,201		$	—		$	11,201		$	12,640		$	—		$	12,640		(11.38)	%	(11.38)	%
	Total hotel revenue	$	15,148		$	—		$	15,148		$	16,964		$	—		$	16,964		(10.71)	%	(10.71)	%
	Hotel net income (loss)	$	832		$	—		$	832		$	923		$	—		$	923		(9.86)	%	(9.86)	%
	Hotel net income (loss) margin	5.49		%				5.49		%	5.44		%				5.44		%	0.05	%	0.05	%
	Hotel EBITDA	$	3,254		$	—		$	3,254		$	4,857		$	—		$	4,857		(33.00)	%	(33.00)	%
	Hotel EBITDA margin	21.48		%				21.48		%	28.63		%				28.63		%	(7.15)	%	(7.15)	%
	Selected Operating Information:
	RevPAR	$	628.94		$	—		$	628.94		$	712.34		$	—		$	712.34		(11.71)	%	(11.71)	%
	Occupancy	62.71		%	—		%	62.71		%	67.53		%	—		%	67.53		%	(7.14)	%	(7.14)	%
	ADR	$	1,002.90		$	—		$	1,002.90		$	1,054.77		$	—		$	1,054.77		(4.92)	%	(4.92)	%
		Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	17,148		$	—		$	17,148		$	18,388		$	—		$	18,388		(6.74)	%	(6.74)	%
	Total hotel revenue	$	22,159		$	—		$	22,159		$	23,263		$	—		$	23,263		(4.75)	%	(4.75)	%
	Hotel net income (loss)	$	3,882		$	—		$	3,882		$	5,551		$	—		$	5,551		(30.07)	%	(30.07)	%
	Hotel net income (loss) margin	17.52		%				17.52		%	23.86		%				23.86		%	(6.34)	%	(6.34)	%
	Hotel EBITDA	$	10,025		$	—		$	10,025		$	11,648		$	—		$	11,648		(13.93)	%	(13.93)	%
	Hotel EBITDA margin	45.24		%				45.24		%	50.07		%				50.07		%	(4.83)	%	(4.83)	%
	Selected Operating Information:
	RevPAR	$	440.72		$	—		$	440.72		$	474.34		$	—		$	474.34		(7.09)	%	(7.09)	%
	Occupancy	71.05		%	—		%	71.05		%	74.13		%	—		%	74.13		%	(4.15)	%	(4.15)	%
	ADR	$	620.30		$	—		$	620.30		$	639.85		$	—		$	639.85		(3.06)	%	(3.06)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	8,484		$	—		$	8,484		$	9,293		$	—		$	9,293		(8.71)	%	(8.71)	%
	Total hotel revenue	$	11,039		$	—		$	11,039		$	11,522		$	—		$	11,522		(4.19)	%	(4.19)	%
	Hotel net income (loss)	$	1,533		$	—		$	1,533		$	250		$	—		$	250		513.20	%	513.20	%
	Hotel net income (loss) margin	13.89		%				13.89		%	2.17		%				2.17		%	11.72	%	11.72	%
	Hotel EBITDA	$	2,851		$	—		$	2,851		$	3,844		$	—		$	3,844		(25.83)	%	(25.83)	%
	Hotel EBITDA margin	25.83		%				25.83		%	33.36		%				33.36		%	(7.53)	%	(7.53)	%
	Selected Operating Information:
	RevPAR	$	387.07		$	—		$	387.07		$	425.51		$	—		$	425.51		(9.03)	%	(9.03)	%
	Occupancy	61.62		%	—		%	61.62		%	61.59		%	—		%	61.59		%	0.05	%	0.05	%
	ADR	$	628.15		$	—		$	628.15		$	690.83		$	—		$	690.83		(9.07)	%	(9.07)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	18,684		$	—		$	18,684		$	19,673		$	—		$	19,673		(5.03)	%	(5.03)	%
	Total hotel revenue	$	37,591		$	—		$	37,591		$	38,606		$	—		$	38,606		(2.63)	%	(2.63)	%
	Hotel net income (loss)	$	2,459		$	—		$	2,459		$	2,201		$	—		$	2,201		11.72	%	11.72	%
	Hotel net income (loss) margin	6.54		%				6.54		%	5.70		%				5.70		%	0.84	%	0.84	%
	Hotel EBITDA	$	10,530		$	—		$	10,530		$	10,442		$	—		$	10,442		0.84	%	0.84	%
	Hotel EBITDA margin	28.01		%				28.01		%	27.05		%				27.05		%	0.96	%	0.96	%
	Selected Operating Information:
	RevPAR	$	353.32		$	—		$	353.32		$	374.04		$	—		$	374.04		(5.54)	%	(5.54)	%
	Occupancy	58.38		%	—		%	58.38		%	56.94		%	—		%	56.94		%	2.53	%	2.53	%
	ADR	$	605.25		$	—		$	605.25		$	656.94		$	—		$	656.94		(7.87)	%	(7.87)	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	20,472		$	—		$	20,472		$	18,536		$	—		$	18,536		10.44	%	10.44	%
	Total hotel revenue	$	25,913		$	—		$	25,913		$	23,376		$	—		$	23,376		10.85	%	10.85	%
	Hotel net income (loss)	$	3,270		$	—		$	3,270		$	406		$	—		$	406		705.42	%	705.42	%
	Hotel net income (loss) margin	12.62		%				12.62		%	1.74		%				1.74		%	10.88	%	10.88	%
	Hotel EBITDA	$	7,924		$	—		$	7,924		$	6,629		$	—		$	6,629		19.54	%	19.54	%
	Hotel EBITDA margin	30.58		%				30.58		%	28.36		%				28.36		%	2.22	%	2.22	%
	Selected Operating Information:
	RevPAR	$	149.73		$	—		$	149.73		$	136.06		$	—		$	136.06		10.05	%	10.05	%
	Occupancy	66.16		%	—		%	66.16		%	61.15		%	—		%	61.15		%	8.19	%	8.19	%
	ADR	$	226.31		$	—		$	226.31		$	222.51		$	—		$	222.51		1.71	%	1.71	%
		Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	23,816		$	—		$	23,816		$	25,123		$	—		$	25,123		(5.20)	%	(5.20)	%
	Total hotel revenue	$	29,030		$	—		$	29,030		$	29,814		$	—		$	29,814		(2.63)	%	(2.63)	%
	Hotel net income (loss)	$	(1,190)		$	—		$	(1,190)		$	242		$	—		$	242		(591.74)	%	(591.74)	%
	Hotel net income (loss) margin	(4.10)		%				(4.10)		%	0.81		%				0.81		%	(4.91)	%	(4.91)	%
	Hotel EBITDA	$	5,394		$	—		$	5,394		$	7,579		$	—		$	7,579		(28.83)	%	(28.83)	%
	Hotel EBITDA margin	18.58		%				18.58		%	25.42		%				25.42		%	(6.84)	%	(6.84)	%
	Selected Operating Information:
	RevPAR	$	212.00		$	—		$	212.00		$	224.45		$	—		$	224.45		(5.55)	%	(5.55)	%
	Occupancy	69.36		%	—		%	69.36		%	72.35		%	—		%	72.35		%	(4.13)	%	(4.13)	%
	ADR	$	305.64		$	—		$	305.64		$	310.22		$	—		$	310.22		(1.48)	%	(1.48)	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	29,668		$	—		$	29,668		$	28,899		$	—		$	28,899		2.66	%	2.66	%
	Total hotel revenue	$	67,867		$	—		$	67,867		$	65,156		$	—		$	65,156		4.16	%	4.16	%
	Hotel net income (loss)	$	12,695		$	—		$	12,695		$	8,063		$	—		$	8,063		57.45	%	57.45	%
	Hotel net income (loss) margin	18.71		%				18.71		%	12.37		%				12.37		%	6.34	%	6.34	%
	Hotel EBITDA	$	17,785		$	—		$	17,785		$	17,249		$	—		$	17,249		3.11	%	3.11	%
	Hotel EBITDA margin	26.21		%				26.21		%	26.47		%				26.47		%	(0.26)	%	(0.26)	%
	Selected Operating Information:
	RevPAR	$	392.30		$	—		$	392.30		$	383.54		$	—		$	383.54		2.28	%	2.28	%
	Occupancy	66.20		%	—		%	66.20		%	63.35		%	—		%	63.35		%	4.50	%	4.50	%
	ADR	$	592.61		$	—		$	592.61		$	605.38		$	—		$	605.38		(2.11)	%	(2.11)	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	21,657		$	—		$	21,657		$	22,822		$	—		$	22,822		(5.10)	%	(5.10)	%
	Total hotel revenue	$	37,837		$	—		$	37,837		$	41,600		$	—		$	41,600		(9.05)	%	(9.05)	%
	Hotel net income (loss)	$	(6,767)		$	—		$	(6,767)		$	(56)		$	—		$	(56)		(11,983.93)	%	(11,983.93)	%
	Hotel net income (loss) margin	(17.88)		%				(17.88)		%	(0.13)		%				(0.13)		%	(17.75)	%	(17.75)	%
	Hotel EBITDA	$	3,737		$	—		$	3,737		$	7,311		$	—		$	7,311		(48.89)	%	(48.89)	%
	Hotel EBITDA margin	9.88		%				9.88		%	17.57		%				17.57		%	(7.69)	%	(7.69)	%
	Selected Operating Information:
	RevPAR	$	431.91		$	—		$	431.91		$	456.81		$	—		$	456.81		(5.45)	%	(5.45)	%
	Occupancy	52.62		%	—		%	52.62		%	55.32		%	—		%	55.32		%	(4.88)	%	(4.88)	%
	ADR	$	820.74		$	—		$	820.74		$	825.75		$	—		$	825.75		(0.61)	%	(0.61)	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	24,469		$	—		$	24,469		$	22,868		$	—		$	22,868		7.00	%	7.00	%
	Total hotel revenue	$	30,553		$	—		$	30,553		$	27,537		$	—		$	27,537		10.95	%	10.95	%
	Hotel net income (loss)	$	5,587		$	—		$	5,587		$	6,142		$	—		$	6,142		(9.04)	%	(9.04)	%
	Hotel net income (loss) margin	18.29		%				18.29		%	22.30		%				22.30		%	(4.01)	%	(4.01)	%
	Hotel EBITDA	$	11,675		$	—		$	11,675		$	10,917		$	—		$	10,917		6.94	%	6.94	%
	Hotel EBITDA margin	38.21		%				38.21		%	39.64		%				39.64		%	(1.43)	%	(1.43)	%
	Selected Operating Information:
	RevPAR	$	242.01		$	—		$	242.01		$	227.01		$	—		$	227.01		6.61	%	6.61	%
	Occupancy	75.21		%	—		%	75.21		%	73.28		%	—		%	73.28		%	2.63	%	2.63	%
	ADR	$	321.80		$	—		$	321.80		$	309.79		$	—		$	309.79		3.88	%	3.88	%
		Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	35,385		$	—		$	35,385		$	37,763		$	—		$	37,763		(6.30)	%	(6.30)	%
	Total hotel revenue	$	58,038		$	—		$	58,038		$	59,195		$	—		$	59,195		(1.95)	%	(1.95)	%
	Hotel net income (loss)	$	7,677		$	—		$	7,677		$	8,731		$	—		$	8,731		(12.07)	%	(12.07)	%
	Hotel net income (loss) margin	13.23		%				13.23		%	14.75		%				14.75		%	(1.52)	%	(1.52)	%
	Hotel EBITDA	$	17,034		$	—		$	17,034		$	18,384		$	—		$	18,384		(7.34)	%	(7.34)	%
	Hotel EBITDA margin	29.35		%				29.35		%	31.06		%				31.06		%	(1.71)	%	(1.71)	%
	Selected Operating Information:
	RevPAR	$	717.46		$	—		$	717.46		$	768.48		$	—		$	768.48		(6.64)	%	(6.64)	%
	Occupancy	67.66		%	—		%	67.66		%	70.29		%	—		%	70.29		%	(3.74)	%	(3.74)	%
	ADR	$	1,060.35		$	—		$	1,060.35		$	1,093.34		$	—		$	1,093.34		(3.02)	%	(3.02)	%
CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	7,396		$	—		$	7,396		$	9,180		$	—		$	9,180		(19.43)	%	(19.43)	%
	Total hotel revenue	$	10,011		$	—		$	10,011		$	12,789		$	—		$	12,789		(21.72)	%	(21.72)	%
	Hotel net income (loss)	$	(4,084)		$	—		$	(4,084)		$	(2,360)		$	—		$	(2,360)		(73.05)	%	(73.05)	%
	Hotel net income (loss) margin	(40.80)		%				(40.80)		%	(18.45)		%				(18.45)		%	(22.35)	%	(22.35)	%
	Hotel EBITDA	$	(1,012)		$	—		$	(1,012)		$	1,261		$	—		$	1,261		(180.25)	%	(180.25)	%
	Hotel EBITDA margin	(10.11)		%				(10.11)		%	9.86		%				9.86		%	(19.97)	%	(19.97)	%
	Selected Operating Information:
	RevPAR	$	188.76		$	—		$	188.76		$	235.14		$	—		$	235.14		(19.72)	%	(19.72)	%
	Occupancy	68.51		%	—		%	68.51		%	73.49		%	—		%	73.49		%	(6.78)	%	(6.78)	%
	ADR	$	275.50		$	—		$	275.50		$	319.96		$	—		$	319.96		(13.90)	%	(13.90)	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	38,705		$	—		$	38,705		$	39,586		$	—		$	39,586		(2.23)	%	(2.23)	%
	Total hotel revenue	$	58,645		$	—		$	58,645		$	61,293		$	—		$	61,293		(4.32)	%	(4.32)	%
	Hotel net income (loss)	$	3,679		$	—		$	3,679		$	9,560		$	—		$	9,560		(61.52)	%	(61.52)	%
	Hotel net income (loss) margin	6.27		%				6.27		%	15.60		%				15.60		%	(9.33)	%	(9.33)	%
	Hotel EBITDA	$	13,129		$	—		$	13,129		$	15,142		$	—		$	15,142		(13.29)	%	(13.29)	%
	Hotel EBITDA margin	22.39		%				22.39		%	24.70						24.70		%	(2.31)	%	(2.31)	%
	Selected Operating Information:
	RevPAR	$	1,332.62		$	—		$	1,332.62		$	1,367.97		$	—		$	1,367.97		(2.58)	%	(2.58)	%
	Occupancy	56.26		%	—		%	56.26		%	59.37		%	—		%	59.37		%	(5.24)	%	(5.24)	%
	ADR	$	2,368.56		$	—		$	2,368.56		$	2,304.20		$	—		$	2,304.20		2.79	%	2.79	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	26,320		$	—		$	26,320		$	25,622		$	—		$	25,622		2.72	%	2.72	%
	Total hotel revenue	$	49,843		$	—		$	49,843		$	46,749		$	—		$	46,749		6.62	%	6.62	%
	Hotel net income (loss)	$	(2,747)		$	—		$	(2,747)		$	(1,047)		$	—		$	(1,047)		(162.37)	%	(162.37)	%
	Hotel net income (loss) margin	(5.51)		%				(5.51)		%	(2.24)		%				(2.24)		%	(3.27)	%	(3.27)	%
	Hotel EBITDA	$	15,093		$	—		$	15,093		$	13,760		$	—		$	13,760		9.69	%	9.69	%
	Hotel EBITDA margin	30.28		%				30.28		%	29.43						29.43		%	0.85	%	0.85	%
	Selected Operating Information:
	RevPAR	$	457.41		$	—		$	457.41		$	446.93		$	—		$	446.93		2.34	%	2.34	%
	Occupancy	52.01		%	—		%	52.01		%	45.67		%	—		%	45.67		%	13.88	%	13.88	%
	ADR	$	879.49		$	—		$	879.49		$	978.66		$	—		$	978.66		(10.13)	%	(10.13)	%
		Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2024			2024			2024			2023			2023			2023			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	222,753		$	(15,501)		$	207,252		$	237,038		$	(22,352)		$	214,686		(6.03)	%	(3.46)	%
	Total hotel revenue	$	386,068		$	(27,901)		$	358,167		$	402,317		$	(37,969)		$	364,348		(4.04)	%	(1.70)	%
	Hotel net income (loss)	$	118,262		$	(95,020)		$	23,242		$	44,098		$	(9,922)		$	34,176		168.18	%	(31.99)	%
	Hotel net income (loss) margin	30.63		%				6.49		%	10.96		%				9.38		%	19.67	%	(2.89)	%
	Hotel EBITDA	$	102,593		$	(9,155)		$	93,438		$	115,622		$	(12,985)		$	102,637		(11.27)	%	(8.96)	%
	Hotel EBITDA margin	26.57		%				26.09		%	28.74		%				28.17		%	(2.17)	%	(2.08)	%
	Selected Operating Information:
	RevPAR	$	472.73		$	198.71		$	527.10		$	474.81		$	207.80		$	548.14		(0.44)	%	(3.84)	%
	Occupancy	63.87		%	79.05		%	60.86		%	64.90		%	80.53		%	60.61		%	(1.59)	%	0.41	%
	ADR	$	740.18		$	251.37		$	866.15		$	731.58		$	258.05		$	904.35		1.18	%	(4.22)	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	129,266		$	—		$	129,266		$	123,220		$	—		$	123,220		4.91	%	4.91	%
	Total hotel revenue	$	172,932		$	—		$	172,932		$	163,465		$	—		$	163,465		5.79	%	5.79	%
	Hotel net income (loss)	$	9,840		$	—		$	9,840		$	12,586		$	—		$	12,586		(21.82)	%	(21.82)	%
	Hotel net income (loss) margin	5.69		%				5.69		%	7.70		%				7.70		%	(2.01)	%	(2.01)	%
	Hotel EBITDA	$	44,514		$	—		$	44,514		$	45,701		$	—		$	45,701		(2.60)	%	(2.60)	%
	Hotel EBITDA margin	25.74		%				25.74		%	27.96		%				27.96		%	(2.22)	%	(2.22)	%
	Selected Operating Information:
	RevPAR	$	197.02		$	—		$	197.02		$	189.17		$	—		$	189.17		4.15	%	4.15	%
	Occupancy	72.54		%	—		%	72.54		%	70.47		%	—		%	70.47		%	2.94	%	2.94	%
	ADR	$	271.63		$	—		$	271.63		$	268.43		$	—		$	268.43		1.19	%	1.19	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	352,019		$	(15,501)		$	336,518		$	360,258		$	(22,352)		$	337,906		(2.29)	%	(0.41)	%
	Total hotel revenue	$	559,000		$	(27,901)		$	531,099		$	565,782		$	(37,969)		$	527,813		(1.20)	%	0.62	%
	Hotel net income (loss)	$	128,102		$	(95,020)		$	33,082		$	56,684		$	(9,922)		$	46,762		125.99	%	(29.25)	%
	Hotel net income (loss) margin	22.92		%				6.23		%	10.02		%				8.86		%	12.90	%	(2.63)	%
	Hotel EBITDA	$	147,107		$	(9,155)		$	137,952		$	161,323		$	(12,985)		$	148,338		(8.81)	%	(7.00)	%
	Hotel EBITDA margin	26.32		%				25.97		%	28.51		%				28.10		%	(2.19)	%	(2.13)	%
	Selected Operating Information:
	RevPAR	$	312.27		$	(198.71)		$	320.71		$	313.10		$	(207.80)		$	323.96		(0.27)	%	(1.00)	%
	Occupancy	68.91		%	(79.05)		%	68.16		%	68.06		%	(80.53)		%	66.77		%	1.25	%	2.08	%
	ADR	$	453.14		$	(251.37)		$	470.54		$	460.07		$	(258.05)		$	485.19		(1.51)	%	(3.02)	%

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
		2024			2024			2024
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	40,496		$	—		$	40,496
	Total hotel revenue	$	62,582		$	—		$	62,582
	Hotel net income	$	4,183		$	—		$	4,183
	Hotel net income margin	10.33		%				10.33		%
	Hotel EBITDA	$	17,921		$	—		$	17,921
	Hotel EBITDA margin	28.64		%				28.64		%
	Selected Operating Information:
	RevPAR	$	198.88		$	—		$	198.88
	Occupancy	76.50		%	—		%	76.50		%
	ADR	$	259.95		$	—		$	259.95
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	21,884		$	(21,884)		$	—
	Total hotel revenue	$	40,647		$	(40,647)		$	—
	Hotel net income	$	97,934		$	(97,934)		$	—
	Hotel net income margin	447.51		%				—		%
	Hotel EBITDA	$	13,459		$	(13,459)		$	—
	Hotel EBITDA margin	33.11		%				—		%
	Selected Operating Information:
	RevPAR	$	191.54		$	(191.54)		$	—
	Occupancy	77.29		%	(77.29)		%	—		%
	ADR	$	247.82		$	(247.82)		$	—
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	27,231		$	—		$	27,231
	Total hotel revenue	$	36,527		$	—		$	36,527
	Hotel net income	$	2,243		$	—		$	2,243
	Hotel net income margin	8.24		%				8.24		%
	Hotel EBITDA	$	6,907		$	—		$	6,907
	Hotel EBITDA margin	18.91		%				18.91		%
	Selected Operating Information:
	RevPAR	$	179.28		$	—		$	179.28
	Occupancy	72.08		%	—		%	72.08		%
	ADR	$	248.71		$	—		$	248.71
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	14,990		$	—		$	14,990
	Total hotel revenue	$	20,343		$	—		$	20,343
	Hotel net income	$	1,337		$	—		$	1,337
	Hotel net income margin	8.92		%				8.92		%
	Hotel EBITDA	$	4,464		$	—		$	4,464
	Hotel EBITDA margin	21.94		%				21.94		%
	Selected Operating Information:
	RevPAR	$	630.10		$	—		$	630.10
	Occupancy	62.61		%	—		%	62.61		%
	ADR	$	1,006.32		$	—		$	1,006.32
		TTM Ended September 30,
---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable
		2024			2024			2024
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	22,928		$	—		$	22,928
	Total hotel revenue	$	29,537		$	—		$	29,537
	Hotel net income	$	5,130		$	—		$	5,130
	Hotel net income margin	22.37		%				22.37		%
	Hotel EBITDA	$	13,388		$	—		$	13,388
	Hotel EBITDA margin	45.33		%				45.33		%
	Selected Operating Information:
	RevPAR	$	441.15		$	—		$	441.15
	Occupancy	70.36		%	—		%	70.36		%
	ADR	$	626.98		$	—		$	626.98
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	11,516		$	—		$	11,516
	Total hotel revenue	$	14,813		$	—		$	14,813
	Hotel net income	$	2,154		$	—		$	2,154
	Hotel net income margin	18.70		%				18.70		%
	Hotel EBITDA	$	3,922		$	—		$	3,922
	Hotel EBITDA margin	26.48		%				26.48		%
	Selected Operating Information:
	RevPAR	$	393.33		$	—		$	393.33
	Occupancy	60.80		%	—		%	60.80		%
	ADR	$	646.94		$	—		$	646.94
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	24,362		$	—		$	24,362
	Total hotel revenue	$	48,320		$	—		$	48,320
	Hotel net income	$	1,346		$	—		$	1,346
	Hotel net income margin	5.52		%				5.52		%
	Hotel EBITDA	$	12,361		$	—		$	12,361
	Hotel EBITDA margin	25.58		%				25.58		%
	Selected Operating Information:
	RevPAR	$	344.90		$	—		$	344.90
	Occupancy	56.89		%	—		%	56.89		%
	ADR	$	606.28		$	—		$	606.28
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	28,158		$	—		$	28,158
	Total hotel revenue	$	35,654		$	—		$	35,654
	Hotel net income	$	4,935		$	—		$	4,935
	Hotel net income margin	17.53		%				17.53		%
	Hotel EBITDA	$	11,612		$	—		$	11,612
	Hotel EBITDA margin	32.57		%				32.57		%
	Selected Operating Information:
	RevPAR	$	154.18		$	—		$	154.18
	Occupancy	66.18		%	—		%	66.18		%
	ADR	$	232.96		$	—		$	232.96
		TTM Ended September 30,
---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable
		2024			2024			2024
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	31,460		$	—		$	31,460
	Total hotel revenue	$	37,970		$	—		$	37,970
	Hotel net income	$	(1,894)		$	—		$	(1,894)
	Hotel net income margin	(6.02)		%				(6.02)		%
	Hotel EBITDA	$	7,091		$	—		$	7,091
	Hotel EBITDA margin	18.68		%				18.68		%
	Selected Operating Information:
	RevPAR	$	209.64		$	—		$	209.64
	Occupancy	68.58		%	—		%	68.58		%
	ADR	$	305.69		$	—		$	305.69
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	38,047		$	—		$	38,047
	Total hotel revenue	$	88,231		$	—		$	88,231
	Hotel net income	$	15,803		$	—		$	15,803
	Hotel net income margin	41.54		%				41.54		%
	Hotel EBITDA	$	22,917		$	—		$	22,917
	Hotel EBITDA margin	25.97		%				25.97		%
	Selected Operating Information:
	RevPAR	$	376.64		$	—		$	376.64
	Occupancy	65.11		%	—		%	65.11		%
	ADR	$	578.45		$	—		$	578.45
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	26,632		$	—		$	26,632
	Total hotel revenue	$	46,519		$	—		$	46,519
	Hotel net income	$	(11,401)		$	—		$	(11,401)
	Hotel net income margin	(42.81)		%				(42.81)		%
	Hotel EBITDA	$	2,508		$	—		$	2,508
	Hotel EBITDA margin	5.39		%				5.39		%
	Selected Operating Information:
	RevPAR	$	397.62		$	—		$	397.62
	Occupancy	47.98		%	—		%	47.98		%
	ADR	$	828.68		$	—		$	828.68
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	30,011		$	—		$	30,011
	Total hotel revenue	$	37,645		$	—		$	37,645
	Hotel net income	$	4,916		$	—		$	4,916
	Hotel net income margin	16.38		%				16.38		%
	Hotel EBITDA	$	13,574		$	—		$	13,574
	Hotel EBITDA margin	36.06		%				36.06		%
	Selected Operating Information:
	RevPAR	$	222.22		$	—		$	222.22
	Occupancy	72.14		%	—		%	72.14		%
	ADR	$	308.02		$	—		$	308.02
		TTM Ended September 30,
---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable
		2024			2024			2024
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	45,593		$	—		$	45,593
	Total hotel revenue	$	74,237		$	—		$	74,237
	Hotel net income	$	7,268		$	—		$	7,268
	Hotel net income margin	15.94		%				15.94		%
	Hotel EBITDA	$	21,278		$	—		$	21,278
	Hotel EBITDA margin	28.66		%				28.66		%
	Selected Operating Information:
	RevPAR	$	692.06		$	—		$	692.06
	Occupancy	64.47		%	—		%	64.47		%
	ADR	$	1,073.38		$	—		$	1,073.38
CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	9,943		$	—		$	9,943
	Total hotel revenue	$	13,335		$	—		$	13,335
	Hotel net income	$	(5,946)		$	—		$	(5,946)
	Hotel net income margin	(59.80)		%				(59.80)		%
	Hotel EBITDA	$	(1,286)		$	—		$	(1,286)
	Hotel EBITDA margin	(9.64)		%				(9.64)		%
	Selected Operating Information:
	RevPAR	$	189.99		$	—		$	189.99
	Occupancy	69.06		%	—		%	69.06		%
	ADR	$	275.11		$	—		$	275.11
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	53,831		$	—		$	53,831
	Total hotel revenue	$	81,096		$	—		$	81,096
	Hotel net income	$	7,599		$	—		$	7,599
	Hotel net income margin	14.12		%				14.12		%
	Hotel EBITDA	$	18,911		$	—		$	18,911
	Hotel EBITDA margin	23.32		%				23.32		%
	Selected Operating Information:
	RevPAR	$	1,387.52		$	—		$	1,387.52
	Occupancy	56.68		%	—		%	56.68		%
	ADR	$	2,448.16		$	—		$	2,448.16
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	36,487		$	—		$	36,487
	Total hotel revenue	$	70,760		$	—		$	70,760
	Hotel net income (loss)	$	(562)		$	—		$	(562)
	Hotel net income (loss) margin	(1.54)		%				(1.54)		%
	Hotel EBITDA	$	23,196		$	—		$	23,196
	Hotel EBITDA margin	32.78		%				32.78		%
	Selected Operating Information:
	RevPAR	$	474.71		$	—		$	474.71
	Occupancy	53.01		%	—		%	53.01		%
	ADR	$	895.43		$	—		$	895.43
		TTM Ended September 30,
---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable
		2024			2024			2024
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	296,270		$	(21,884)		$	274,386
	Total hotel revenue	$	514,503		$	(40,647)		$	473,856
	Hotel net income	$	126,608		$	(97,934)		$	28,674
	Hotel net income margin	42.73		%				10.45		%
	Hotel EBITDA	$	136,404		$	(13,459)		$	122,945
	Hotel EBITDA margin	26.51		%				25.95		%
	Selected Operating Information:
	RevPAR	$	463.31		$	—		$	522.43
	Occupancy	62.69		%	—		%	59.51		%
	ADR	$	739.04		$	—		$	877.83
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	167,299		$	—		$	167,299
	Total hotel revenue	$	223,713		$	—		$	223,713
	Hotel net income	$	8,437		$	—		$	8,437
	Hotel net income margin	5.04		%				5.04		%
	Hotel EBITDA	$	55,819		$	—		$	55,819
	Hotel EBITDA margin	24.95		%				24.95		%
	Selected Operating Information:
	RevPAR	$	191.07		$	—		$	191.07
	Occupancy	71.11		%	—		%	71.11		%
	ADR	$	268.70		$	—		$	268.70
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	463,569		$	(21,884)		$	441,685
	Total hotel revenue	$	738,216		$	(40,647)		$	697,569
	Hotel net income	$	135,045		$	(97,934)		$	37,111
	Hotel net income margin	18.29		%				5.32		%
	Hotel EBITDA	$	192,223		$	(13,459)		$	178,764
	Hotel EBITDA margin	26.04		%				25.63		%
	Selected Operating Information:
	RevPAR	$	305.97		$	(191.54)		$	315.31
	Occupancy	67.56		%	(77.29)		%	66.76		%
	ADR	$	452.92		$	(247.82)		$	472.29

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
	2024			2024		2024			2024			2024		2024			2024			2024		2024			2023			2023		2023
	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	$	149,255		$	(2,049)	$	147,206		$	188,307		$	(14,112)	$	174,195		$	221,438		$	(11,740)	$	209,698		$	179,216		$	(12,746)	$	166,470
Hotel net income (loss)	$	77,832		$	(88,360)	$	(10,528)		$	14,032		$	(3,957)	$	10,075		$	36,238		$	(2,703)	$	33,535		$	6,943		$	(2,914)	$	4,029
Hotel net income (loss) margin	52.15		%			(7.15)		%	7.45		%			5.78		%	16.36		%			15.99		%	3.87		%			2.42		%
Hotel EBITDA	$	25,050		$	(397)	$	24,653		$	51,078		$	(4,987)	$	46,091		$	70,979		$	(3,771)	$	67,208		$	45,116		$	(4,304)	$	40,812
Hotel EBITDA margin	16.78		%			16.75		%	27.12		%			26.46		%	32.05		%			32.05		%	25.17		%			24.52		%
Hotel net income (loss) % of total TTM	57.6		%			(28.4)		%	10.4		%			27.1		%	26.8		%			90.4		%	5.2		%			10.9		%
EBITDA % of total TTM	13.0		%			13.8		%	26.6		%			25.8		%	36.9		%			37.6		%	23.5		%			22.8		%
JV interests in Hotel net income (loss)	$	22,091		$	(22,090)	$	1		$	2,066		$	(989)	$	1,077		$	671		$	(676)	$	(5)		$	702		$	(728)	$	(26)
JV interests in EBITDA	$	890		$	(100)	$	790		$	3,211		$	(1,246)	$	1,965		$	1,975		$	(943)	$	1,032		$	1,769		$	(1,076)	$	693
	Actual			Non-comparable Adjustments		Comparable
	2024			2024		2024
	TTM			TTM		TTM
Total hotel revenue	$	738,216		$	(40,647)	$	697,569
Hotel net income (loss)	$	135,045		$	(97,934)	$	37,111
Hotel net income (loss) margin	18.29		%			5.32		%
Hotel EBITDA	$	192,223		$	(13,459)	$	178,764
Hotel EBITDA margin	26.04		%			25.63		%
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)	$	25,530		$	(24,483)	$	1,047
JV interests in EBITDA	$	7,845		$	(3,365)	$	4,480

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, 2024

(in thousands, except share price)

(unaudited)

	September 30, 2024
Common stock shares outstanding	66,522
Partnership units outstanding (common stock equivalents)	7,366
Combined common stock shares and partnership units outstanding	73,888
Common stock price	$	3.09
Market capitalization	$	228,314
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	378,464
Series M redeemable preferred stock	$	39,907
Indebtedness	$	1,222,943
Joint venture partner's share of consolidated indebtedness	$	(27,650)
Net working capital (see below)	$	(154,996)
Total enterprise value (TEV)	$	1,803,932
Cash and cash equivalents	$	165,268
Restricted cash	$	48,062
Accounts receivable, net	$	31,413
Investment in securities	$	41,493
Prepaid expenses	$	5,438
Due from third-party hotel managers, net	$	18,549
Total current assets	$	310,223
Accounts payable, net & accrued expenses	$	141,180
Dividends and distributions payable	$	9,271
Due to affiliates, net	$	4,776
Total current liabilities	$	155,227
Net working capital*	$	154,996

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2024
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Estimated
Bardessono Hotel and Spa	65	x
Capital Hilton Washington D.C.	559	x
The Ritz-Carlton Lake Tahoe	170		x	x	x
The Ritz-Carlton St. Thomas	180			x	x
The Ritz-Carlton Sarasota	276	x
Total		3	1	2	2

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2024		2024		2024		2023		September 30, 2024
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	77,832	$	14,032	$	36,238	$	6,943	$	135,045
Non-property adjustments	(86,124)		5		—		249		(85,870)
Interest income	(749)		(359)		(333)		(315)		(1,756)
Interest expense	9,106		10,510		10,001		9,250		38,867
Amortization of loan costs	584		571		552		622		2,329
Depreciation and amortization	25,077		24,694		25,420		25,481		100,672
Income tax expense (benefit)	(582)		322		666		1,587		1,993
Non-hotel EBITDA ownership expense	(94)		1,303		(1,565)		1,299		943
Hotel EBITDA including amounts attributable to noncontrolling interest	25,050		51,078		70,979		45,116		192,223
Non-comparable adjustments	(397)		(4,987)		(3,771)		(4,304)		(13,459)
Comparable hotel EBITDA	$	24,653	$	46,091	$	67,208	$	40,812	$	178,764

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)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(397)
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	1,883	$	1,311	$	1,433	$	1,597	$	3,232	$	1,273	$	1,350	$	757	$	6,043	$	956	$	(538)	$	(50)	$	(958)	$	24,653
ALL HOTELS NOT UNDER RENOVATION:
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	$	—	$	6,043	$	—	$	(538)	$	(50)	$	(958)	$	23,337
Non-comparable adjustments	—		(397)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(397)
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	1,883	$	1,311	$	1,433	$	1,597	$	3,232	$	1,273	$	1,350	$	—	$	6,043	$	—	$	(538)	$	(50)	$	(958)	$	22,940
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	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,163	$	—	$	3,201	$	—	$	—	$	—	$	—	$	3,232	$	1,273	$	—	$	—	$	6,043	$	—	$	(538)	$	—	$	—	$	16,374

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(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 Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,163	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,163
BAML Pool (see footnote 3)	—		—		3,201		—		—		—		—		3,232		1,273		—		—		6,043		—		—		—		—		13,749
BAML (see foonote 4)	—		—		—		1,883		1,311		1,433		—		—		—		1,350		—		—		956		—		—		—		6,933
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		1,597		—		—		—		—		—		—		—		—		—		1,597
BAML	—		—		—		—		—		—		—		—		—		—		757		—		—		—		—		—		757
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(50)		—		(50)
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(958)		(958)
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(538)		—		—		(538)
Total	$	3,163	$	—	$	3,201	$	1,883	$	1,311	$	1,433	$	1,597	$	3,232	$	1,273	$	1,350	$	757	$	6,043	$	956	$	(538)	$	(50)	$	(958)	$	24,653

NOTES:

(3) This mortgage loan is secured by the 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:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 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)	$	4,307	$	3,957	$	2,645	$	1,030	$	832	$	1,005	$	(3,583)	$	2,744	$	(983)	$	3,478	$	(4,662)	$	2,995	$	2,564	$	(936)	$	(583)	$	(778)	$	14,032	$	(27,819)	$	(13,787)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		5		—		—		—		—		—		5		(5)		—
Interest income	(48)		(110)		—		—		—		—		—		(19)		(55)		(93)		76		(34)		(9)		—		—		(67)		(359)		359		—
Interest expense	—		—		—		—		1,779		—		1,459		—		—		151		1,204		20		1,039		68		1,579		3,211		10,510		15,324		25,834
Amortization of loan cost	—		—		—		—		115		—		—		—		—		—		38		—		—		—		186		232		571		880		1,451
Depreciation and amortization	3,200		1,059		1,141		665		521		428		1,170		1,555		2,104		1,872		2,045		1,740		2,247		654		1,749		2,544		24,694		—		24,694
Income tax expense (benefit)	159		66		—		—		—		—		—		5		—		—		—		—		121		—		(29)		—		322		(436)		(114)
Non-hotel EBITDA ownership expense	238		15		15		115		10		8		12		1		394		64		244		16		5		163		3		—		1,303		(1,303)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	7,856		4,987		3,801		1,810		3,257		1,441		(942)		4,286		1,460		5,472		(1,050)		4,737		5,967		(51)		2,905		5,142		51,078		(13,000)		38,078
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,965)		(1,246)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(3,211)		3,211		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		85		85
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(82)		(82)
Hotel EBITDA attributable to the Company and OP unitholders	$	5,891	$	3,741	$	3,801	$	1,810	$	3,257	$	1,441	$	(942)	$	4,286	$	1,460	$	5,472	$	(1,050)	$	4,737	$	5,967	$	(51)	$	2,905	$	5,142	$	47,867	$	(9,786)	$	38,081
Non-comparable adjustments	—		(4,987)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,987)
Comparable hotel EBITDA	$	7,856	$	—	$	3,801	$	1,810	$	3,257	$	1,441	$	(942)	$	4,286	$	1,460	$	5,472	$	(1,050)	$	4,737	$	5,967	$	(51)	$	2,905	$	5,142	$	46,091
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	4,987	$	—	$	1,810	$	3,257	$	1,441	$	(942)	$	—	$	—	$	5,472	$	(1,050)	$	—	$	5,967	$	—	$	2,905	$	5,142	$	28,989
Non-comparable adjustments	—		(4,987)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,987)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,810	$	3,257	$	1,441	$	(942)	$	—	$	—	$	5,472	$	(1,050)	$	—	$	5,967	$	—	$	2,905	$	5,142	$	24,002
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	7,856	$	—	$	3,801	$	—	$	—	$	—	$	—	$	4,286	$	1,460	$	—	$	—	$	4,737	$	—	$	(51)	$	—	$	—	$	22,089
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	7,856	$	—	$	3,801	$	—	$	—	$	—	$	—	$	4,286	$	1,460	$	—	$	—	$	4,737	$	—	$	(51)	$	—	$	—	$	22,089

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended June 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
Aareal (Capital Hilton)	$	7,856	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	7,856
BAML Pool (see footnote 3)	—		—		3,801		—		—		—		—		4,286		1,460		—		—		4,737		—		—		—		—		14,284
BAML (see foonote 4)	—		—		—		1,810		3,257		1,441		—		—		—		5,472		—		—		5,967		—		—		—		17,947
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(942)		—		—		—		—		—		—		—		—		—		(942)
BAML	—		—		—		—		—		—		—		—		—		—		(1,050)		—		—		—		—		—		(1,050)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		2,905		—		2,905
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,142		5,142
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(51)		—		—		(51)
Total	$	7,856	$	—	$	3,801	$	1,810	$	3,257	$	1,441	$	(942)	$	4,286	$	1,460	$	5,472	$	(1,050)	$	4,737	$	5,967	$	(51)	$	2,905	$	5,142	$	46,091

NOTES:

(3) This mortgage loan is secured by the 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, 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)	$	(19)	$	2,703	$	(2,745)	$	(1,220)	$	3,037	$	(466)	$	7,144	$	(1,325)	$	443	$	9,243	$	533	$	(838)	$	8,733	$	(1,806)	$	7,816	$	5,005	$	36,238	$	(20,756)	$	15,482
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Interest income	(38)		(100)		—		—		—		—		—		(17)		(50)		(94)		71		(29)		(13)		—		—		(63)		(333)		333		—
Interest expense	—		—		—		—		1,774		—		1,461		—		—		165		1,207		20		1,030		695		434		3,215		10,001		15,179		25,180
Amortization of loan cost	—		—		—		—		113		—		69		—		—		—		37		—		—		46		61		226		552		759		1,311
Depreciation and amortization	4,137		1,090		1,123		607		517		418		1,199		1,696		2,212		1,696		1,923		1,750		2,227		594		1,710		2,521		25,420		—		25,420
Income tax expense (benefit)	46		64		—		—		—		—		—		5		—		—		—		—		302		—		249		—		666		786		1,452
Non-hotel EBITDA ownership expense	2		14		6		174		16		25		2		47		56		(47)		259		(8)		(2,168)		48		4		5		(1,565)		1,565		—
Hotel EBITDA including amounts attributable to noncontrolling interest	4,128		3,771		(1,616)		(439)		5,457		(23)		9,875		406		2,661		10,963		4,030		895		10,111		(423)		10,274		10,909		70,979		(2,134)		68,845
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,032)		(943)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,975)		1,975		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		49		49
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(57)		(57)
Hotel EBITDA attributable to the Company and OP unitholders	$	3,096	$	2,828	$	(1,616)	$	(439)	$	5,457	$	(23)	$	9,875	$	406	$	2,661	$	10,963	$	4,030	$	895	$	10,111	$	(423)	$	10,274	$	10,909	$	69,004	$	(167)	$	68,837
Non-comparable adjustments	—		(3,771)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(3,771)
Comparable hotel EBITDA	$	4,128	$	—	$	(1,616)	$	(439)	$	5,457	$	(23)	$	9,875	$	406	$	2,661	$	10,963	$	4,030	$	895	$	10,111	$	(423)	$	10,274	$	10,909	$	67,208
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,771	$	—	$	(439)	$	5,457	$	(23)	$	9,875	$	—	$	—	$	10,963	$	4,030	$	—	$	10,111	$	—	$	10,274	$	10,909	$	64,928
Non-comparable adjustments	—		(3,771)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(3,771)
Comparable hotel EBITDA	$	—	$	—	$	—	$	(439)	$	5,457	$	(23)	$	9,875	$	—	$	—	$	10,963	$	4,030	$	—	$	10,111	$	—	$	10,274	$	10,909	$	61,157
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	4,128	$	—	$	(1,616)	$	—	$	—	$	—	$	—	$	406	$	2,661	$	—	$	—	$	895	$	—	$	(423)	$	—	$	—	$	6,051
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	4,128	$	—	$	(1,616)	$	—	$	—	$	—	$	—	$	406	$	2,661	$	—	$	—	$	895	$	—	$	(423)	$	—	$	—	$	6,051

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended March 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)	$	4,128	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,128
BAML Pool (see footnote 3)	—		—		(1,616)		—		—		—		—		406		2,661		—		—		895		—		—		—		—		2,346
BAML (see foonote 4)	—		—		—		(439)		5,457		(23)		—		—		—		10,963		—		—		10,111		—		—		—		26,069
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		9,875		—		—		—		—		—		—		—		—		—		9,875
BAML	—		—		—		—		—		—		—		—		—		—		4,030		—		—		—		—		—		4,030
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		10,274		—		10,274
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		10,909		10,909
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(423)		—		—		(423)
Total	$	4,128	$	—	$	(1,616)	$	(439)	$	5,457	$	(23)	$	9,875	$	406	$	2,661	$	10,963	$	4,030	$	895	$	10,111	$	(423)	$	10,274	$	10,909	$	67,208

NOTES:

(3) This mortgage loan is secured by the 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, 2023
	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)	$	(108)	$	2,914	$	278	$	505	$	1,248	$	621	$	(1,113)	$	1,665	$	(704)	$	3,108	$	(4,634)	$	(671)	$	(409)	$	(1,862)	$	3,920	$	2,185	$	6,943	$	(28,426)	$	(21,483)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		249		—		—		—		—		—		249		(249)		—
Interest income	(40)		(95)		9		—		—		—		—		(16)		(48)		(83)		57		(27)		(13)		—		—		(59)		(315)		315		—
Interest expense	—		—		—		—		1,462		—		1,476		—		—		165		1,139		20		1,018		703		—		3,267		9,250		14,135		23,385
Amortization of loan cost	—		—		—		—		81		4		206		—		—		—		65		—		—		45		—		221		622		433		1,055
Depreciation and amortization	2,751		1,053		1,195		580		561		423		1,258		2,034		2,392		1,924		1,660		2,555		2,274		659		1,679		2,483		25,481		—		25,481
Income tax expense (benefit)	10		45		—		—		—		—		—		(4)		—		—		—		—		1,365		—		171		—		1,587		38		1,625
Non-hotel EBITDA ownership expense	161		387		39		125		11		23		4		9		57		18		235		22		9		181		12		6		1,299		(1,299)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,774		4,304		1,521		1,210		3,363		1,071		1,831		3,688		1,697		5,132		(1,229)		1,899		4,244		(274)		5,782		8,103		45,116		(15,053)		30,063
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(693)		(1,076)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,769)		1,769		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		45		45
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(54)		(54)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,081	$	3,228	$	1,521	$	1,210	$	3,363	$	1,071	$	1,831	$	3,688	$	1,697	$	5,132	$	(1,229)	$	1,899	$	4,244	$	(274)	$	5,782	$	8,103	$	43,347	$	(13,293)	$	30,054
Non-comparable adjustments	—		(4,304)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,304)
Comparable hotel EBITDA	$	2,774	$	—	$	1,521	$	1,210	$	3,363	$	1,071	$	1,831	$	3,688	$	1,697	$	5,132	$	(1,229)	$	1,899	$	4,244	$	(274)	$	5,782	$	8,103	$	40,812
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	4,304	$	—	$	1,210	$	3,363	$	1,071	$	1,831	$	—	$	—	$	5,132	$	(1,229)	$	—	$	4,244	$	—	$	5,782	$	8,103	$	33,811
Non-comparable adjustments	—		(4,304)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,304)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,210	$	3,363	$	1,071	$	1,831	$	—	$	—	$	5,132	$	(1,229)	$	—	$	4,244	$	—	$	5,782	$	8,103	$	29,507
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,774	$	—	$	1,521	$	—	$	—	$	—	$	—	$	3,688	$	1,697	$	—	$	—	$	1,899	$	—	$	(274)	$	—	$	—	$	11,305
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,774	$	—	$	1,521	$	—	$	—	$	—	$	—	$	3,688	$	1,697	$	—	$	—	$	1,899	$	—	$	(274)	$	—	$	—	$	11,305

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended December 31, 2023
	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)	$	2,774	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,774
BAML Pool (see footnote 3)	—		—		1,521		—		—		—		—		3,688		1,697		—		—		1,899		—		—		—		—		8,805
BAML (see foonote 4)	—		—		—		1,210		3,363		1,071		—		—		—		5,132		—		—		4,244		—		—		—		15,020
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		1,831		—		—		—		—		—		—		—		—		—		1,831
BAML	—		—		—		—		—		—		—		—		—		—		(1,229)		—		—		—		—		—		(1,229)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,782		—		5,782
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		8,103		8,103
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(274)		—		—		(274)
Total	$	2,774	$	—	$	1,521	$	1,210	$	3,363	$	1,071	$	1,831	$	3,688	$	1,697	$	5,132	$	(1,229)	$	1,899	$	4,244	$	(274)	$	5,782	$	8,103	$	40,812

NOTES:

(3) This mortgage loan is secured by the 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, 2023
	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)	$	(616)	$	3,935	$	2,147	$	1,463	$	28	$	1,234	$	(1,255)	$	376	$	356	$	(1,281)	$	(1,234)	$	4,044	$	(659)	$	(1,272)	$	(570)	$	(5,908)	$	788	$	(23,399)	$	(22,611)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		(292)		—		495		203		(203)		—
Interest income	(68)		(94)		(3)		—		—		—		—		(12)		(42)		(56)		44		(22)		(12)		—		—		(51)		(316)		316		—
Interest expense	—		—		—		267		1,447		380		1,463		—		—		965		1,008		20		1,010		696		—		2,301		9,557		12,868		22,425
Amortization of loan cost	—		—		—		—		81		12		203		—		—		—		40		—		9		44		—		167		556		325		881
Depreciation and amortization	2,484		1,052		1,121		566		549		421		1,140		1,962		2,403		1,482		1,236		1,536		2,139		528		1,656		2,428		22,703		—		22,703
Income tax expense (benefit)	(35)		67		—		—		—		—		—		5		—		—		—		—		28		—		(52)		—		13		(1,203)		(1,190)
Non-hotel EBITDA ownership expense	648		23		(21)		197		10		59		—		18		17		13		223		14		20		155		9		(22)		1,363		(1,363)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,413		4,983		3,244		2,493		2,115		2,106		1,551		2,349		2,734		1,123		1,317		5,592		2,535		(141)		1,043		(590)		34,867		(12,659)		22,208
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(603)		(1,246)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,849)		1,849		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		60		60
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(63)		(63)
Hotel EBITDA attributable to the Company and OP unitholders	$	1,810	$	3,737	$	3,244	$	2,493	$	2,115	$	2,106	$	1,551	$	2,349	$	2,734	$	1,123	$	1,317	$	5,592	$	2,535	$	(141)	$	1,043	$	(590)	$	33,018	$	(10,813)	$	22,205
Non-comparable adjustments	—		(4,983)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,983)
Comparable hotel EBITDA	$	2,413	$	—	$	3,244	$	2,493	$	2,115	$	2,106	$	1,551	$	2,349	$	2,734	$	1,123	$	1,317	$	5,592	$	2,535	$	(141)	$	1,043	$	(590)	$	29,884
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,413	$	4,983	$	3,244	$	2,493	$	2,115	$	2,106	$	1,551	$	2,349	$	2,734	$	1,123	$	—	$	5,592	$	—	$	(141)	$	1,043	$	(590)	$	31,015
Non-comparable adjustments	—		(4,983)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,983)
Comparable hotel EBITDA	$	2,413	$	—	$	3,244	$	2,493	$	2,115	$	2,106	$	1,551	$	2,349	$	2,734	$	1,123	$	—	$	5,592	$	—	$	(141)	$	1,043	$	(590)	$	26,032
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	4,983	$	—	$	2,493	$	2,115	$	2,106	$	1,551	$	—	$	—	$	1,123	$	1,317	$	—	$	2,535	$	—	$	1,043	$	(590)	$	18,676
Non-comparable adjustments	—		(4,983)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,983)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,493	$	2,115	$	2,106	$	1,551	$	—	$	—	$	1,123	$	1,317	$	—	$	2,535	$	—	$	1,043	$	(590)	$	13,693
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,413	$	—	$	3,244	$	—	$	—	$	—	$	—	$	2,349	$	2,734	$	—	$	—	$	5,592	$	—	$	(141)	$	—	$	—	$	16,191
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,413	$	—	$	3,244	$	—	$	—	$	—	$	—	$	2,349	$	2,734	$	—	$	—	$	5,592	$	—	$	(141)	$	—	$	—	$	16,191

NOTES:

(3) Excluded hotels under renovation:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas

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)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(9,155)
Comparable hotel EBITDA	$	15,147	$	—	$	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	$	137,952
ALL HOTELS NOT UNDER RENOVATION:
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	$	—	$	11,675	$	—	$	(1,012)	$	13,129	$	15,093	$	126,336
Non-comparable adjustments	—		(9,155)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(9,155)
Comparable hotel EBITDA	$	15,147	$	—	$	5,386	$	3,254	$	10,025	$	2,851	$	10,530	$	7,924	$	5,394	$	17,785	$	—	$	11,675	$	—	$	(1,012)	$	13,129	$	15,093	$	117,181
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	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	15,147	$	—	$	5,386	$	—	$	—	$	—	$	—	$	7,924	$	5,394	$	—	$	—	$	11,675	$	—	$	(1,012)	$	—	$	—	$	44,514

NOTES:

(3) Excluded hotels under renovation:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2023
	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)	$	5,042	$	9,922	$	3,114	$	923	$	5,551	$	250	$	2,201	$	406	$	242	$	8,063	$	(56)	$	6,142	$	8,731	$	(2,360)	$	9,560	$	(1,047)	$	56,684	$	(65,829)	$	(9,145)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		(292)		—		495		203		(203)		—
Interest income	(197)		(251)		(9)		—		—		—		—		(25)		(89)		(152)		71		(46)		(31)		—		—		(81)		(810)		810		—
Interest expense	—		—		—		1,756		4,093		2,263		4,163		—		—		4,931		2,863		60		2,874		1,985		281		6,779		32,048		35,403		67,451
Amortization of loan cost	—		—		—		—		240		20		603		—		—		95		118		—		63		131		—		490		1,760		568		2,328
Depreciation and amortization	7,108		3,123		3,502		1,748		1,729		1,220		3,366		6,028		7,393		4,231		3,583		4,697		6,398		1,592		4,930		7,143		67,791		—		67,791
Income tax expense (benefit)	116		128		—		—		—		—		—		14		—		—		—		—		297		—		305		—		860		204		1,064
Non-hotel EBITDA ownership expense	584		63		55		430		35		91		109		206		33		81		732		64		52		205		66		(19)		2,787		(2,787)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	12,653		12,985		6,662		4,857		11,648		3,844		10,442		6,629		7,579		17,249		7,311		10,917		18,384		1,261		15,142		13,760		161,323		(31,834)		129,489
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(3,164)		(3,246)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(6,410)		6,410		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		208		208
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(220)		(220)
Hotel EBITDA attributable to the Company and OP unitholders	$	9,489	$	9,739	$	6,662	$	4,857	$	11,648	$	3,844	$	10,442	$	6,629	$	7,579	$	17,249	$	7,311	$	10,917	$	18,384	$	1,261	$	15,142	$	13,760	$	154,913	$	(25,436)	$	129,477
Non-comparable adjustments	—		(12,985)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(12,985)
Comparable hotel EBITDA	$	12,653	$	—	$	6,662	$	4,857	$	11,648	$	3,844	$	10,442	$	6,629	$	7,579	$	17,249	$	7,311	$	10,917	$	18,384	$	1,261	$	15,142	$	13,760	$	148,338
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	12,653	$	12,985	$	6,662	$	4,857	$	11,648	$	3,844	$	10,442	$	6,629	$	7,579	$	17,249	$	—	$	10,917	$	—	$	1,261	$	15,142	$	13,760	$	135,628
Non-comparable adjustments	—		(12,985)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(12,985)
Comparable hotel EBITDA	$	12,653	$	—	$	6,662	$	4,857	$	11,648	$	3,844	$	10,442	$	6,629	$	7,579	$	17,249	$	—	$	10,917	$	—	$	1,261	$	15,142	$	13,760	$	122,643
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	12,985	$	—	$	4,857	$	11,648	$	3,844	$	10,442	$	—	$	—	$	17,249	$	7,311	$	—	$	18,384	$	—	$	15,142	$	13,760	$	115,622
Non-comparable adjustments	—		(12,985)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(12,985)
Comparable hotel EBITDA	$	—	$	—	$	—	$	4,857	$	11,648	$	3,844	$	10,442	$	—	$	—	$	17,249	$	7,311	$	—	$	18,384	$	—	$	15,142	$	13,760	$	102,637
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	12,653	$	—	$	6,662	$	—	$	—	$	—	$	—	$	6,629	$	7,579	$	—	$	—	$	10,917	$	—	$	1,261	$	—	$	—	$	45,701
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	12,653	$	—	$	6,662	$	—	$	—	$	—	$	—	$	6,629	$	7,579	$	—	$	—	$	10,917	$	—	$	1,261	$	—	$	—	$	45,701

NOTES:

(3) Excluded hotels under renovation:

The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas