BHR eHgtg7Kme0WKA1S0cjbe7A DEFA14A as filed: Nov 4, 2026

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Braemar Hotels & Resorts Inc.

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NEWS RELEASE

Contact:	Justin Coe	Joe Calabrese
	Chief Accounting Officer	Financial Relations Board
	(888) 517-7456	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS THIRD QUARTER 2026 RESULTS

DALLAS, November 4, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2026. 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, 2026 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, 2026 with the third quarter ended September 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS

Q3 HOTEL FINANCIAL HIGHLIGHTS

· RevPAR: Comparable RevPAR for all hotels totaled $284, an increase of 14.4% over the prior year quarter, which is the second-highest Q3 comparable RevPAR in the Company’s history, trailing only the post-pandemic recovery in 2022. Comparable ADR increased 8.6% over the prior year quarter to $419, and Comparable Occupancy increased 5.3% over the prior year quarter to 67.9%. Comparable RevPAR for all hotels excluding the Four Seasons Resort Scottsdale, which was sold in October 2026, totaled $290, an increase of 15.9% over the prior year quarter, with ADR of $411 and occupancy of 70.6%.

· Total RevPAR: Comparable Total RevPAR for all hotels increased 10.0% over the prior year quarter to $452, with comparable total hotel revenue up 9.9% to $95.2 million.

· Urban Properties: Comparable RevPAR increased 23.3% to $211, and Comparable Hotel EBITDA increased 63.2% to $10.1 million, with Comparable Hotel EBITDA margin expanding 706 basis points to 24.3%.

· Resort Properties: Comparable RevPAR increased 5.9% to $457, with Comparable ADR up 8.4% to $889.

· Year-to-Date: Comparable RevPAR for the nine months ended September 30, 2026 increased 10.0% to $366. Comparable Hotel EBITDA was $93.0 million, up 14.9%, with Comparable Hotel EBITDA margin expanding 158 basis points to 26.0%.

· Comparable Hotel EBITDA: $12.9 million for the quarter, up 20.7% over the prior year quarter. Comparable Hotel EBITDA margin expanded 122 basis points to 13.6%. Comparable Hotel EBITDA for all hotels excluding the Four Seasons Resort Scottsdale, which was sold in October 2026, totaled $14.0 million, an increase of 43.8% over the prior year quarter.

Braemar Hotels & Resorts Reports Third Quarter 2026 Results
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November 4, 2026

Q3 FINANCIAL RESULTS

· Net loss: Net loss attributable to common stockholders for the quarter was $240.9 million or ($3.51) per diluted share, compared with a net loss of $8.2 million or ($0.12) per diluted share in the prior year quarter, primarily due to the $480.0 million termination fee payable to our external advisor recorded during the quarter.

· Adjusted EBITDAre: $3.9 million for the quarter, compared with $16.4 million in the prior year quarter, which included hotels that have since been sold. Due to the portfolio’s seasonality, the third quarter is traditionally the Company’s lowest-earning quarter of the year.

· Adjusted funds from operations (AFFO): ($0.25) per diluted share for the quarter, compared with ($0.19) in the prior year quarter.

BALANCE SHEET & CAPITAL ALLOCATION

· Cash: The Company ended the quarter with cash and cash equivalents of $78.9 million and restricted cash of $39.6 million. The vast majority of the restricted cash consists of manager-held reserves. At the end of the quarter, there was also $16.5 million 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.

· Leverage: Net debt to gross assets was 33.3% at the end of the third quarter. All of the Company’s $624.4 million of indebtedness is non-recourse, and the trailing twelve-month Comparable Hotel EBITDA debt yield was 19.0%.

· Capital investments: Capex invested during the quarter was $5.0 million.

· Preferred redemptions: During the quarter, the Company redeemed approximately $5.0 million of its non-traded preferred stock in cash. Redeemable preferred stock redemptions payable totaled $63.5 million as of September 30, 2026.

· Refinancing: On October 30, 2026, the Company refinanced its mortgage loan for the Ritz-Carlton Lake Tahoe, which had an existing outstanding balance of $43.4 million, a floating interest rate of SOFR + 3.25% and a final maturity date in January 2027. The new loan totals $60.0 million with an additional $15.0 million available to be drawn in the future subject to certain conditions, has a three-year initial term with two one-year extension options and provides for a floating interest rate of SOFR + 2.65%. With this financing now in place, the Company’s next hard debt maturity is not until December 2028.

Braemar Hotels & Resorts Reports Third Quarter 2026 Results

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November 4, 2026

RECENT OPERATING HIGHLIGHTS

Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 82.8% over the prior year quarter.

The Notary Hotel delivered RevPAR of $176, an increase of approximately 33.9% over the prior year quarter, with Hotel EBITDA of approximately $3.9 million, an increase of 72.5% over the prior year quarter.

Sofitel Chicago Magnificent Mile delivered RevPAR of $276, an increase of approximately 18.0% over the prior year quarter, with Hotel EBITDA of approximately $4.7 million, an increase of 75.2% over the prior year quarter, and Hotel EBITDA margin expansion of 1,159 basis points to 34.9%.

The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,025, an increase of approximately 14.4% over the prior year quarter.

On July 14, 2026, the Company closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on August 12, 2026, the Company closed on the sale of the Pier House Resort & Spa for $190.0 million ($1.3 million per key), subject to customary prorations and adjustments.

Subsequent to quarter end, on October 28, 2026, the Company closed on the previously announced sale of the Four Seasons Resort Scottsdale at Troon North for $372 million ($1.8 million per key), subject to customary prorations and adjustments. The sale price represents a 5.8% capitalization rate on net operating income for the trailing 12 months ended September 2026, including anticipated capital expenditures of $23 million. This investment generated an unlevered return of approximately 15%, significantly above our 10% minimum target.

“Our luxury portfolio delivered another quarter of double-digit RevPAR and Hotel EBITDA growth. Comparable RevPAR surged 14.4%—our strongest growth since the post-pandemic recovery in 2022 and another near-record result for the quarter—and comparable Hotel EBITDA increased 20.7%,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Growth was broad-based, with comparable ADR up 8.6% and comparable occupancy up 5.3%. We converted that top-line strength into strong profitability, with comparable Hotel EBITDA margin expanding 122 basis points, showcasing the earnings power of our resilient portfolio.

“With the closing of the sale of Four Seasons Resort Scottsdale, the final sale needed to complete our transition to self-management and pay the remaining fees owed to our external advisor, we remain on track to complete our transition to a self-managed REIT in mid-November. We are also excited about recently announcing that the Company’s Board of Directors intends to nominate seven new highly qualified and independent leaders for election at the Company’s 2026 Annual Meeting of Stockholders. We look forward to updating shareholders in the coming weeks as we continue to execute on our path to value creation for shareholders.”

Braemar Hotels & Resorts Reports Third Quarter 2026 Results

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November 4, 2026

CAPITAL STRUCTURE

As of September 30, 2026, the Company had total assets of $1.2 billion and $624 million of loans. The Company’s total combined loans had a blended average interest rate of 7.25%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company’s debt was effectively floating rate.

DIVIDENDS

On October 16, 2026, the Company announced that its Board of Directors declared the following cash dividends:

Series B 5.5% Cumulative Convertible Preferred Stock: $0.3438 per share, payable January 15, 2027 to stockholders of record as of December 30, 2026.

Series D 8.25% Cumulative Preferred Stock: $0.5156 per share, payable January 15, 2027 to stockholders of record as of December 31, 2026.

Series E Redeemable Preferred Stock: $0.15625 per share, payable on November 16, 2026 (to stockholders of record as of October 30, 2026), December 15, 2026 (to stockholders of record as of November 30, 2026) and January 15, 2027 (to stockholders of record as of December 31, 2026).

Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on November 16, 2026 (to stockholders of record as of October 30, 2026), December 15, 2026 (to stockholders of record as of November 30, 2026) and January 15, 2027 (to stockholders of record as of December 31, 2026).

The Board of Directors reviews the Company’s dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

Braemar Hotels & Resorts Reports Third Quarter 2026 Results

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November 4, 2026

NON-GAAP MEASURES

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.

About Braemar Hotels & Resorts

Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean.

Forward-Looking Statements

Certain statements and assumptions in this communication 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 communication 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 nomination of the director candidates; our ability to complete the previously announced shareholder value creation plan on a timely basis, if at all; potential risks related to actions or proposals from activist stockholders; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the U.S. Securities and Exchange Commission (the “SEC”).

The forward-looking statements included in this communication are only made as of the date of this communication. 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 Reports Third Quarter 2026 Results

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November 4, 2026

IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS

CERTAIN INFORMATION REGARDING PARTICIPANTS

Braemar and its directors and certain of its executive officers will be deemed to be “participants” (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders by Braemar in connection with the matters to be considered at Braemar’s 2026 Annual Meeting of Stockholders. Information regarding the names of Braemar’s executive officers and directors and their respective interests in Braemar by security holdings or otherwise is set forth (i) in Braemar’s proxy statement for the 2025 Annual Meeting of Stockholders, which was filed with the SEC on October 30, 2025 (the “2025 Proxy Statement”), which is available here, including under the headings “SUMMARY”, “PROPOSAL NUMBER ONE-ELECTION OF DIRECTORS”, “CORPORATE GOVERNANCE”, “BOARD OF DIRECTORS AND COMMITTEES”, “EXECUTIVE OFFICERS”, “EXECUTIVE COMPENSATION”, “PROPOSAL NUMBER TWO-ADVISORY APPROVAL OF EXECUTIVE COMPENSATION”, “SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS” and “CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS” and (ii) under Item 1.01 “ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT” in the Current Reports on Form 8-K filed by Braemar with the SEC on December 23, 2025 (available here), on March 17, 2026 (available here), on April 3, 2026 (available here) and on May 22, 2026 (available here), under Item 5.02 “DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS” in the Current Reports on Form 8-K filed by Braemar with the SEC on February 25, 2026 (available here), on February 27, 2026 (available here), on March 6, 2026 (available here), on March 17, 2026 (available here) and on May 28, 2026 (available here), under Item 5.07 “SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS” in the Current Report on Form 8-K filed by Braemar with the SEC on December 16, 2025 (available here) and under Item 8.01 “OTHER EVENTS” in the Current Report on Form 8-K filed by Braemar with the SEC on June 1, 2026 (available here). To the extent holdings of such persons in the Company’s securities have changed since the amounts described in the 2025 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, by Jim A. Plohg on December 22, 2025 (available here), by Jim A. Plohg on January 14, 2026 (available here), by Monty J. Bennett on February 26, 2026 (available here), by Richard J. Stockton on February 26, 2026 (available here) and by Eric Batis on June 1, 2026 (available here). Additional information can also be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026 (available here), as amended by the Amendment No. 1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (available here). Details concerning the nominees of Braemar’s Board of Directors for election at the 2026 Annual Meeting will be included in the Proxy Statement (defined below). These documents, including the definitive Proxy Statement (and any amendments or supplements thereto) and other documents filed by the Company with the SEC, are or will be available free of charge at the SEC’s website at www.sec.gov. Copies of the documents filed by Braemar are also available free of charge by accessing the “SEC Filings” section of the Company’s website at www.braemar.q4ir.com/investor/financials-sec-filings/sec-filings/. Further information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement.

Braemar Hotels & Resorts Reports Third Quarter 2026 Results

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November 4, 2026

IMPORTANT INFORMATION AND WHERE TO FIND IT

Braemar Hotels & Resorts Inc. (the “Company” or “Braemar”) intends to file a proxy statement and GOLD proxy card and other relevant documents with the SEC in connection with its solicitation of proxies from the Company’s stockholders for Braemar’s 2026 Annual Meeting of Stockholders (the “Proxy Statement”). This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other document that Braemar may file with the SEC in connection with any solicitation by Braemar. BRAEMAR STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY BRAEMAR AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain copies of these documents and other documents filed with the SEC by Braemar free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Braemar are also available free of charge by accessing the “SEC Filings” section of the Company’s website at www.braemar.q4ir.com/investor/financials-sec-filings/sec-filings/.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

	September 30, 2026			December 31, 2025
ASSETS
Investments in hotel properties, gross	$	1,015,612		$	1,902,328
Accumulated depreciation		(263,144	)		(344,061	)
Investments in hotel properties, net		752,468			1,558,267
Cash and cash equivalents		78,862			124,354
Restricted cash		39,571			42,479
Accounts receivable, net of allowance of $117 and $113, respectively		24,120			32,843
Inventories		2,356			4,741
Note receivable		9,359			8,896
Prepaid expenses		4,130			6,987
Deposit paid to Ashford Inc.		—			17,000
Deferred costs, net		73			75
Investment in OpenKey		—			89
Derivative assets		379			56
Other assets		24,254			15,368
Operating lease right-of-use assets		310			30,743
Intangible assets, net		—			2,746
Due from third-party hotel managers		16,508			17,088
Assets held for sale		275,310			—
Total assets	$	1,227,700		$	1,861,732

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	442,957		$	1,103,450
Accounts payable and accrued expenses		107,949			142,123
Redeemable preferred stock redemptions payable		63,480			30,864
Dividends and distributions payable		3,780			7,672
Due to Ashford Inc., net		179,333			5,148
Due to related parties, net		—			257
Due to third-party hotel managers		408			1,467
Operating lease liabilities		365			20,058
Other liabilities		12,278			25,572
Liabilities associated with assets held for sale		210,483			—
Total liabilities		1,021,033			1,336,611

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2026 and December 31, 2025		65,426			65,426
Series E redeemable preferred stock, $0.01 par value, 8,150,132 and 10,818,280 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		203,764			265,695
Series M redeemable preferred stock, $0.01 par value, 1,269,981 and 1,368,091 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		31,766			34,217
Redeemable noncontrolling interests in operating partnership		11,173			19,005
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2026 and December 31, 2025		16			16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		687			682
Additional paid-in capital		707,922			706,488
Accumulated deficit		(814,087	)		(568,503	)
Total stockholders' equity (deficit) of the Company		(105,462	)		138,683
Noncontrolling interest in consolidated entities		—			2,095
Total equity (deficit)		(105,462	)		140,778
Total liabilities and equity (deficit)	$	1,227,700		$	1,861,732

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,
	2026			2025			2026			2025
REVENUE
Rooms	$	63,147		$	85,701		$	294,131		$	331,617
Food and beverage		25,983			36,637			123,647			133,996
Other		12,448			21,218			63,809			72,840
Total hotel revenue		101,578			143,556			481,587			538,453
EXPENSES
Hotel operating expenses:
Rooms		18,665			24,728			67,761			80,232
Food and beverage		24,268			30,685			98,075			106,662
Other expenses		38,356			51,766			151,158			168,587
Management fees		3,103			4,440			14,435			16,891
Total hotel operating expenses		84,392			111,619			331,429			372,372
Property taxes, insurance and other		4,677			8,211			16,836			26,568
Depreciation and amortization		16,611			23,164			60,623			69,919
Advisory services fee:
Base advisory fee		4,030			3,539			11,587			10,592
Reimbursable expenses		3,468			3,825			10,595			10,403
Incentive fee		—			476			—			746
Stock/unit-based compensation		—			75			—			(24	)
Corporate, general and administrative:
Stock/unit-based compensation		—			—			—			5
Other general and administrative		12,139			3,811			21,419			4,402
Termination fee		480,000			—			480,000			—
Total operating expenses		605,317			154,720			932,489			494,983
Gain (loss) on disposition of assets and hotel properties		259,927			40,970			277,325			40,970
OPERATING INCOME (LOSS)		(243,812	)		29,806			(173,577	)		84,440
Equity in earnings (loss) of unconsolidated entity		—			—			(31	)		—
Interest income		841			1,494			2,425			4,901
Other income (expense)		—			—			—			(1,250	)
Interest expense		(14,525	)		(22,462	)		(51,383	)		(67,831	)
Amortization of loan costs		(1,678	)		(2,726	)		(6,528	)		(7,545	)
Write-off of loan costs and exit fees		(20	)		(366	)		(1,509	)		(1,833	)
Gain (loss) on extinguishment of debt		—			(1,553	)		—			(1,553	)
Realized and unrealized gain (loss) on derivatives		54			(118	)		337			(301	)
INCOME (LOSS) BEFORE INCOME TAXES		(259,140	)		4,075			(230,266	)		9,028
Income tax (expense) benefit		9,756			648			5,858			(474	)
NET INCOME (LOSS)		(249,384	)		4,723			(224,408	)		8,554
(Income) loss attributable to noncontrolling interest in consolidated entities		7			412			72			361
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		16,104			607			15,805			2,358
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		(233,273	)		5,742			(208,531	)		11,273
Preferred dividends		(7,594	)		(8,667	)		(23,375	)		(26,928	)
Deemed dividends on redeemable preferred stock		—			(5,251	)		(4,771	)		(11,086	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(240,867	)	$	(8,176	)	$	(236,677	)	$	(26,741	)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(3.51	)	$	(0.12	)	$	(3.45	)	$	(0.40	)
Weighted average common shares outstanding – basic		68,679			68,219			68,598			67,419
Diluted:
Net income (loss) attributable to common stockholders	$	(3.51	)	$	(0.12	)	$	(3.45	)	$	(0.40	)
Weighted average common shares outstanding – diluted		68,679			68,219			68,598			67,419
Dividends declared per common share	$	—		$	0.05		$	—		$	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,
	2026			2025			2026			2025
Net income (loss)	$	(249,384	)	$	4,723		$	(224,408	)	$	8,554
Interest expense and amortization of loan costs		16,203			25,188			57,911			75,376
Depreciation and amortization		16,611			23,164			60,623			69,919
Income tax expense (benefit)		(9,756	)		(648	)		(5,858	)		474
Equity in (earnings) loss of unconsolidated entity		—			—			31			—
EBITDA		(226,326	)		52,427			(111,701	)		154,323
(Gain) loss on disposition of assets and hotel properties		(259,927	)		(40,970	)		(277,325	)		(40,970	)
EBITDAre		(486,253	)		11,457			(389,026	)		113,353
Amortization of favorable (unfavorable) contract assets (liabilities)		36			107			250			321
Transaction and conversion costs		3,900			1,608			7,719			2,774
Write-off of loan costs and exit fees		20			366			1,509			1,833
Realized and unrealized (gain) loss on derivatives		(54	)		118			(337	)		301
Stock/unit-based compensation		—			75			—			(20	)
Legal, advisory and settlement costs		5,866			618			7,178			(3,864	)
Advisory services incentive fee		—			476			—			746
(Gain) loss on extinguishment of debt		—			1,553			—			1,553
Other (income) expense		—			—			—			1,250
Severance		365			—			913			—
Termination fee		480,000			—			480,000			—
Adjusted EBITDAre	$	3,880		$	16,378		$	108,206		$	118,247

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,
	2026			2025			2026			2025
Net income (loss)	$	(249,384	)	$	4,723		$	(224,408	)	$	8,554
(Income) loss attributable to noncontrolling interest in consolidated entities		7			412			72			361
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		16,104			607			15,805			2,358
Preferred dividends		(7,594	)		(8,667	)		(23,375	)		(26,928	)
Deemed dividends on redeemable preferred stock		—			(5,251	)		(4,771	)		(11,086	)
Net income (loss) attributable to common stockholders		(240,867	)		(8,176	)		(236,677	)		(26,741	)
Depreciation and amortization on real estate ⁽¹⁾		16,611			22,498			60,623			67,864
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		(16,104	)		(607	)		(15,805	)		(2,358	)
Equity in (earnings) loss of unconsolidated entity		—			—			31			—
(Gain) loss on disposition of assets and hotel properties		(259,927	)		(40,988	)		(277,325	)		(40,988	)
FFO available to common stockholders and OP unitholders		(500,287	)		(27,273	)		(469,153	)		(2,223	)
Deemed dividends on redeemable preferred stock		—			5,251			4,771			11,086
Transaction and conversion costs		3,900			1,608			7,719			2,774
Write-off of premiums, loan costs and exit fees		20			366			1,509			1,833
Unrealized (gain) loss on derivatives		(53	)		299			(326	)		850
Stock/unit-based compensation		—			75			—			(20	)
Legal, advisory and settlement costs		5,866			618			7,178			(3,864	)
Interest expense accretion on refundable membership club deposits		17			135			272			421
Amortization of loan costs ⁽¹⁾		1,678			2,690			6,528			7,438
Advisory services incentive fee		—			476			—			746
(Gain) loss on extinguishment of debt		—			1,553			—			1,553
Other (income) expense		—			—			—			1,250
Severance		365			—			913			—
Termination fee, net of related income tax benefit		469,825			—			469,825			—
Adjusted FFO available to common stockholders and OP unitholders	$	(18,669	)	$	(14,202	)	$	29,236		$	21,844
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.25	)	$	(0.19	)	$	0.40		$	0.30
Weighted average diluted shares		73,271			73,374			73,272			73,553

⁽¹⁾Net of adjustment for noncontrolling interest in consolidated entities in 2025.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2026

(dollars in thousands)

(unaudited)

Lender	Hotels	Current Maturity	Final Maturity ⁽⁸⁾	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt			Total Debt			TTM Hotel Net Income			TTM Hotel Net Income Debt Yield			Comparable TTM Hotel EBITDA ⁽⁹⁾			Comparable TTM Hotel EBITDA Debt Yield
BAML	The Ritz-Carlton Lake Tahoe	October 2026	January 2027	SOFR (1) + 3.25%	$	—		$	43,413	(2)	$	43,413		$	(7,563	)		(17.4	)%	$	7,972			18.4	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%		—			110,600	(3)		110,600			(4,419	)		(4.0	)%		15,388			13.9	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.83%		—			209,902	(4)		209,902			1,622			0.8	%		53,277			25.4	%
BAML	See footnote	August 2027	August 2029	SOFR (1) + 4.91%		—			80,499	(5)		80,499			19,964			24.8	%		18,822			23.4	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%		—			180,000	(6)		180,000			1,428			0.8	%		26,271			14.6	%
Unencumbered Hotel	Cameo Beverly Hills					—			—			—			(10,638	)		N/A			(3,310	)		N/A
Total					$	—		$	624,414		$	624,414		$	394			0.1	%	$	118,420			19.0	%
Percentage						—	%		100.0	%		100.0	%
Weighted average interest rate ⁽⁷⁾						—	%		7.25	%		7.25	%

All indebtedness is non-recourse.

⁽¹⁾

SOFR rate was 3.91% at September 30, 2026.

⁽²⁾

This mortgage loan has one three-month extension option subject to satisfaction of certain conditions. On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.

⁽³⁾

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%.

⁽⁴⁾

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

⁽⁵⁾

This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension option was exercised in August 2026. This mortgage loan is secured by The Ritz-Carlton St. Thomas.

⁽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%. As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

⁽⁷⁾

The weighted average interest rates are adjusted for in-the-money interest rate caps.

⁽⁸⁾

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

⁽⁹⁾

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2026

(dollars in thousands)

(unaudited)

Lender	Hotels	2026		2027		2028		2029		2030		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe. See footnote 3.	$	—	$	43,413	$	—	$	—	$	—	$	—	$	43,413
Aareal Capital Corporation	Capital Hilton		—		—		106,600		—		—		—		106,600
BAML	See footnote 1		—		—		—		80,499		—		—		80,499
JPMorgan Chase	See footnote 2		—		—		—		—		209,902		—		209,902
Aareal Capital Corporation	Four Seasons Resort Scottsdale. See footnote 4.		—		—		—		—		174,000		—		174,000
Due at maturity		$	—	$	43,413	$	106,600	$	80,499	$	383,902	$	—	$	614,414
Amortization payments:
Aareal Capital Corporation	Capital Hilton		—		2,000		2,000		—		—		—		4,000
Aareal Capital Corporation	Four Seasons Resort Scottsdale		—		—		750		3,000		2,250		—		6,000
Total indebtedness		$	—	$	45,413	$	109,350	$	83,499	$	386,152	$	—	$	624,414

⁽¹⁾

This mortgage loan is secured by The Ritz-Carlton St. Thomas.

⁽²⁾

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

⁽³⁾

On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.

⁽⁴⁾

As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

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
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
Rooms revenue (in thousands)	$	64,511		$	(4,625	)	$	59,886		$	86,955		$	(34,536	)	$	52,419			(25.81	)%		14.24	%
RevPAR	$	290.72		$	(415.41	)	$	284.13		$	261.88		$	(285.64	)	$	248.27			11.01	%		14.44	%
Occupancy		68.49	%		(79.81	)%		67.89	%		65.24	%		(66.63	)%		64.45	%		4.98	%		5.34	%
ADR	$	424.46		$	(520.51	)	$	418.50		$	401.39		$	(428.71	)	$	385.22			5.75	%		8.64	%

ALL HOTELS:

	Nine Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
Rooms revenue (in thousands)	$	300,086		$	(70,773	)	$	229,313		$	337,095		$	(128,495	)	$	208,600			(10.98	)%		9.93	%
RevPAR	$	391.27		$	(501.86	)	$	366.36		$	328.78		$	(322.25	)	$	332.94			19.01	%		10.04	%
Occupancy		67.89	%		(71.02	)%		67.19	%		67.26	%		(67.95	)%		66.83	%		0.94	%		0.54	%
ADR	$	576.33		$	(706.65	)	$	545.30		$	488.80		$	(474.25	)	$	498.21			17.91	%		9.45	%

NOTES:

(1)

The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, 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.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2026			2025			% Variance			2026			2025			% Variance
Total hotel revenue	$	102,697		$	144,585			(28.97	)%	$	486,459		$	542,935			(10.40	)%
Non-comparable adjustments		(7,461	)		(57,893	)					(128,854	)		(211,548	)
Comparable total hotel revenue	$	95,236		$	86,692			9.86	%	$	357,605		$	331,387			7.91	%

Hotel net income (loss)	$	258,085		$	33,765			664.36	%	$	337,071		$	86,576			289.34	%
Non-comparable adjustments		(259,857	)		(45,655	)					(307,022	)		(73,880	)
Comparable hotel net income (loss)	$	(1,772	)	$	(11,890	)		85.10	%	$	30,049		$	12,696			136.68	%
Hotel net income (loss) margin		251.31	%		23.35	%		227.96	%		69.29	%		15.95	%		53.34	%
Comparable hotel net income margin		(1.86	)%		(13.72	)%		11.86	%		8.40	%		3.83	%		4.57	%

Hotel EBITDA	$	14,696		$	25,562			(42.51	)%	$	138,111		$	144,096			(4.15	)%
Non-comparable adjustments		(1,783	)		(14,865	)					(45,148	)		(63,175	)
Comparable hotel EBITDA	$	12,913		$	10,697			20.72	%	$	92,963		$	80,921			14.88	%
Hotel EBITDA margin		14.31	%		17.68	%		(3.37	)%		28.39	%		26.54	%		1.85	%
Comparable hotel EBITDA margin		13.56	%		12.34	%		1.22	%		26.00	%		24.42	%		1.58	%

Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	—		$	(452	)		100.00	%	$	—		$	(439	)		100.00	%
Hotel net income (loss) attributable to the Company and OP unitholders	$	258,085		$	34,217			654.27	%	$	337,071		$	87,015			287.37	%
Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(1,772	)	$	(11,141	)		84.09	%	$	30,049		$	13,404			124.18	%

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	937			(100.00	)%	$	—		$	3,737			(100.00	)%
Hotel EBITDA attributable to the Company and OP unitholders	$	14,696		$	24,625			(40.32	)%	$	138,111		$	140,359			(1.60	)%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	12,913		$	10,106			27.77	%	$	92,963		$	77,514			19.93	%

NOTES:

(1)

(2)

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.

(3)

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)

	Three Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue	$	9,387		$	—		$	9,387		$	8,631		$	—		$	8,631			8.76	%		8.76	%
Total hotel revenue	$	13,308		$	—		$	13,308		$	14,062		$	—		$	14,062			(5.36	)%		(5.36	)%
Hotel net income (loss)	$	(2,937	)	$	—		$	(2,937	)	$	(2,996	)	$	—		$	(2,996	)		1.97	%		1.97	%
Hotel net income (loss) margin		(22.07	)%					(22.07	)%		(21.31	)%					(21.31	)%		(0.76	)%		(0.76	)%
Hotel EBITDA	$	1,876		$	—		$	1,876		$	2,363		$	—		$	2,363			(20.61	)%		(20.61	)%
Hotel EBITDA margin		14.10	%					14.10	%		16.80	%					16.80	%		(2.70	)%		(2.70	)%
Selected Operating Information:
RevPAR	$	182.52		$	—		$	182.52		$	167.83		$	—		$	167.83			8.75	%		8.75	%
Occupancy		72.80	%		—	%		72.80	%		73.20	%		—	%		73.20	%		(0.55	)%		(0.55	)%
ADR	$	250.70		$	—		$	250.70		$	229.28		$	—		$	229.28			9.34	%		9.34	%

HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Hotel net income (loss)	$	6		$	(6	)	$	—		$	1,190		$	(1,190	)	$	—			(99.50	)%		—	%
Hotel net income (loss) margin		—	%					—	%		—	%					—	%		—	%		—	%
Hotel EBITDA	$	6		$	(6	)	$	—		$	1,386		$	(1,386	)	$	—			(99.57	)%		—	%
Hotel EBITDA margin		—	%					—	%		—	%					—	%		—	%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Occupancy		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
ADR	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%

SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue	$	10,551		$	—		$	10,551		$	8,940		$	—		$	8,940			18.02	%		18.02	%
Total hotel revenue	$	13,566		$	—		$	13,566		$	11,587		$	—		$	11,587			17.08	%		17.08	%
Hotel net income (loss)	$	3,472		$	—		$	3,472		$	1,512		$	—		$	1,512			129.63	%		129.63	%
Hotel net income (loss) margin		25.59	%					25.59	%		13.05	%					13.05	%		12.54	%		12.54	%
Hotel EBITDA	$	4,740		$	—		$	4,740		$	2,706		$	—		$	2,706			75.17	%		75.17	%
Hotel EBITDA margin		34.94	%					34.94	%		23.35	%					23.35	%		11.59	%		11.59	%
Selected Operating Information:
RevPAR	$	276.34		$	—		$	276.34		$	234.16		$	—		$	234.16			18.01	%		18.01	%
Occupancy		81.43	%		—	%		81.43	%		79.53	%		—	%		79.53	%		2.39	%		2.39	%
ADR	$	339.35		$	—		$	339.35		$	294.42		$	—		$	294.42			15.26	%		15.26	%

BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue	$	719		$	(719	)	$	—		$	4,843		$	(4,843	)	$	—			(85.15	)%		—	%
Total hotel revenue	$	923		$	(923	)	$	—		$	6,433		$	(6,433	)	$	—			(85.65	)%		—	%
Hotel net income (loss)	$	13,469		$	(13,469	)	$	—		$	1,167		$	(1,167	)	$	—			1,054.16	%		—	%
Hotel net income (loss) margin		1,459.26	%					—	%		18.14	%					—	%		1,441.12	%		—	%
Hotel EBITDA	$	(19	)	$	19		$	—		$	2,058		$	(2,058	)	$	—			(100.92	)%		—	%
Hotel EBITDA margin		(2.06	)%					—	%		31.99	%					—	%		(34.05	)%		—	%
Selected Operating Information:
RevPAR	$	850.67		$	850.67		$	—		$	809.88		$	809.88		$	—			5.04	%		—	%
Occupancy		83.91	%		83.91	%		—	%		79.03	%		79.03	%		—	%		6.17	%		—	%
ADR	$	1,013.84		$	1,013.84		$	—		$	1,024.77		$	1,024.77		$	—			(1.07	)%		—	%

	Three Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue	$	2,293		$	(2,293	)	$	—		$	3,782		$	(3,782	)	$	—			(39.37	)%		—	%
Total hotel revenue	$	3,235		$	(3,235	)	$	—		$	5,418		$	(5,418	)	$	—			(40.29	)%		—	%
Hotel net income (loss)	$	109,568		$	(109,568	)	$	—		$	1,140		$	(1,140	)	$	—			9,511.23	%		—	%
Hotel net income (loss) margin		3,386.96	%					—	%		21.04	%					—	%		3,365.92	%		—	%
Hotel EBITDA	$	1,016		$	(1,016	)	$	—		$	1,586		$	(1,586	)	$	—			(35.94	)%		—	%
Hotel EBITDA margin		31.41	%					—	%		29.27	%					—	%		2.14	%		—	%
Selected Operating Information:
RevPAR	$	384.49		$	384.49		$	—		$	289.50		$	289.50		$	—			32.81	%		—	%
Occupancy		88.65	%		88.65	%		—	%		69.40	%		69.40	%		—	%		27.74	%		—	%
ADR	$	433.72		$	433.72		$	—		$	417.11		$	417.11		$	—			3.98	%		—	%

HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue	$	331		$	(331	)	$	—		$	3,181		$	(3,181	)	$	—			(89.59	)%		—	%
Total hotel revenue	$	432		$	(432	)	$	—		$	4,061		$	(4,061	)	$	—			(89.36	)%		—	%
Hotel net income (loss)	$	(6,495	)	$	6,495		$	—		$	537		$	(537	)	$	—			(1,309.50	)%		—	%
Hotel net income (loss) margin		(1,503.47	)%					—	%		13.22	%					—	%		(1,516.69	)%		—	%
Hotel EBITDA	$	(60	)	$	60		$	—		$	1,205		$	(1,205	)	$	—			(104.98	)%		—	%
Hotel EBITDA margin		(13.89	)%					—	%		29.67	%					—	%		(43.56	)%		—	%
Selected Operating Information:
RevPAR	$	318.17		$	318.17		$	—		$	432.15		$	432.15		$	—			(26.38	)%		—	%
Occupancy		53.46	%		53.46	%		—	%		66.28	%		66.28	%		—	%		(19.34	)%		—	%
ADR	$	595.14		$	595.14		$	—		$	652.04		$	652.04		$	—			(8.73	)%		—	%

PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	2,915		$	(2,915	)	$	—			(100.00	)%		—	%
Total hotel revenue	$	1		$	(1	)	$	—		$	9,438		$	(9,438	)	$	—			(99.99	)%		—	%
Hotel net income (loss)	$	(103	)	$	103		$	—		$	(1,134	)	$	1,134		$	—			90.92	%		—	%
Hotel net income (loss) margin		(10,300.00	)%					—	%		(12.02	)%					—	%		(10,287.98	)%		—	%
Hotel EBITDA	$	356		$	(356	)	$	—		$	2,042		$	(2,042	)	$	—			(82.57	)%		—	%
Hotel EBITDA margin		35,600.00	%					—	%		21.64	%					—	%		35,578.36	%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	164.20		$	164.20		$	—			—	%		—	%
Occupancy		—	%		—	%		—	%		45.53	%		45.53	%		—	%		—	%		—	%
ADR	$	—		$	—		$	—		$	360.60		$	360.60		$	—			—	%		—	%

THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue	$	8,099		$	—		$	8,099		$	6,050		$	—		$	6,050			33.87	%		33.87	%
Total hotel revenue	$	10,941		$	—		$	10,941		$	8,109		$	—		$	8,109			34.92	%		34.92	%
Hotel net income (loss)	$	2,656		$	—		$	2,656		$	896		$	—		$	896			196.43	%		196.43	%
Hotel net income (loss) margin		24.28	%					24.28	%		11.05	%					11.05	%		13.23	%		13.23	%
Hotel EBITDA	$	3,878		$	—		$	3,878		$	2,248		$	—		$	2,248			72.51	%		72.51	%
Hotel EBITDA margin		35.44	%					35.44	%		27.72	%					27.72	%		7.72	%		7.72	%
Selected Operating Information:
RevPAR	$	176.42		$	—		$	176.42		$	131.78		$	—		$	131.78			33.87	%		33.87	%
Occupancy		71.42	%		—	%		71.42	%		61.59	%		—	%		61.59	%		15.96	%		15.96	%
ADR	$	247.01		$	—		$	247.01		$	213.96		$	—		$	213.96			15.45	%		15.45	%

	Three Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	8,881		$	(8,881	)	$	—			(100.00	)%		—	%
Total hotel revenue	$	—		$	—		$	—		$	10,504		$	(10,504	)	$	—			(100.00	)%		—	%
Hotel net income (loss)	$	(57	)	$	57		$	—		$	853		$	(853	)	$	—			(106.68	)%		—	%
Hotel net income (loss) margin		—	%					—	%		8.12	%					—	%		(8.12	)%		—	%
Hotel EBITDA	$	—		$	—		$	—		$	2,156		$	(2,156	)	$	—			(100.00	)%		—	%
Hotel EBITDA margin		—	%					—	%		20.53	%					—	%		(20.53	)%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	235.44		$	235.44		$	—			(100.00	)%		—	%
Occupancy		—	%		—	%		—	%		74.91	%		74.91	%		—	%		(100.00	)%		—	%
ADR	$	—		$	—		$	—		$	314.30		$	314.30		$	—			(100.00	)%		—	%

THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue	$	1,282		$	(1,282	)	$	—		$	5,952		$	(5,952	)	$	—			(78.46	)%		—	%
Total hotel revenue	$	2,870		$	(2,870	)	$	—		$	15,906		$	(15,906	)	$	—			(81.96	)%		—	%
Hotel net income (loss)	$	143,447		$	(143,447	)	$	—		$	(1,211	)	$	1,211		$	—			11,945.33	%		—	%
Hotel net income (loss) margin		4,998.15	%					—	%		(7.61	)%					—	%		5,005.76	%		—	%
Hotel EBITDA	$	462		$	(462	)	$	—		$	1,673		$	(1,673	)	$	—			(72.38	)%		—	%
Hotel EBITDA margin		16.10	%					—	%		10.52	%					—	%		5.58	%		—	%
Selected Operating Information:
RevPAR	$	390.39		$	390.39		$	—		$	234.39		$	234.39		$	—			66.56	%		—	%
Occupancy		71.05	%		71.05	%		—	%		53.09	%		53.09	%		—	%		33.83	%		—	%
ADR	$	549.46		$	549.46		$	—		$	441.52		$	441.52		$	—			24.45	%		—	%

THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue	$	8,295		$	—		$	8,295		$	7,738		$	—		$	7,738			7.20	%		7.20	%
Total hotel revenue	$	16,540		$	—		$	16,540		$	16,254		$	—		$	16,254			1.76	%		1.76	%
Hotel net income (loss)	$	230		$	—		$	230		$	(48	)	$	—		$	(48	)		579.17	%		579.17	%
Hotel net income (loss) margin		1.39	%					1.39	%		(0.30	)%					(0.30	)%		1.69	%		1.69	%
Hotel EBITDA	$	4,060		$	—		$	4,060		$	3,641		$	—		$	3,641			11.51	%		11.51	%
Hotel EBITDA margin		24.55	%					24.55	%		22.40	%					22.40	%		2.15	%		2.15	%
Selected Operating Information:
RevPAR	$	492.72		$	—		$	492.72		$	459.61		$	—		$	459.61			7.20	%		7.20	%
Occupancy		63.63	%		—	%		63.63	%		67.30	%		—	%		67.30	%		(5.45	)%		(5.45	)%
ADR	$	774.40		$	—		$	774.40		$	682.91		$	—		$	682.91			13.40	%		13.40	%

MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	4,982		$	(4,982	)	$	—			(100.00	)%		—	%
Total hotel revenue	$	—		$	—		$	—		$	6,133		$	(6,133	)	$	—			(100.00	)%		—	%
Hotel net income (loss)	$	22		$	(22	)	$	—		$	43,113		$	(43,113	)	$	—			(99.95	)%		—	%
Hotel net income (loss) margin		—	%					—	%		702.97	%					—	%		(702.97	)%		—	%
Hotel EBITDA	$	22		$	(22	)	$	—		$	2,759		$	(2,759	)	$	—			(99.20	)%		—	%
Hotel EBITDA margin		—	%					—	%		44.99	%					—	%		(44.99	)%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	365.41		$	365.41		$	—			(100.00	)%		—	%
Occupancy		—	%		—	%		—	%		88.50	%		88.50	%		—	%		(100.00	)%		—	%
ADR	$	—		$	—		$	—		$	412.89		$	412.89		$	—			(100.00	)%		—	%

	Three Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue	$	5,959		$	—		$	5,959		$	6,117		$	—		$	6,117			(2.58	)%		(2.58	)%
Total hotel revenue	$	11,264		$	—		$	11,264		$	10,241		$	—		$	10,241			9.99	%		9.99	%
Hotel net income (loss)	$	5,682		$	—		$	5,682		$	(1,731	)	$	—		$	(1,731	)		428.25	%		428.25	%
Hotel net income (loss) margin		50.44	%					50.44	%		(16.90	)%					(16.90	)%		67.34	%		67.34	%
Hotel EBITDA	$	(913	)	$	—		$	(913	)	$	(458	)	$	—		$	(458	)		(99.34	)%		(99.34	)%
Hotel EBITDA margin		(8.11	)%					(8.11	)%		(4.47	)%					(4.47	)%		(3.64	)%		(3.64	)%
Selected Operating Information:
RevPAR	$	359.87		$	—		$	359.87		$	369.38		$	—		$	369.38			(2.57	)%		(2.57	)%
Occupancy		47.71	%		—	%		47.71	%		46.55	%		—	%		46.55	%		2.49	%		2.49	%
ADR	$	754.36		$	—		$	754.36		$	793.47		$	—		$	793.47			(4.93	)%		(4.93	)%

CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue	$	3,327		$	—		$	3,327		$	1,872		$	—		$	1,872			77.72	%		77.72	%
Total hotel revenue	$	3,975		$	—		$	3,975		$	2,365		$	—		$	2,365			68.08	%		68.08	%
Hotel net income (loss)	$	(2,050	)	$	—		$	(2,050	)	$	(2,251	)	$	—		$	(2,251	)		8.93	%		8.93	%
Hotel net income (loss) margin		(51.57	)%					(51.57	)%		(95.18	)%					(95.18	)%		43.61	%		43.61	%
Hotel EBITDA	$	(359	)	$	—		$	(359	)	$	(1,107	)	$	—		$	(1,107	)		67.57	%		67.57	%
Hotel EBITDA margin		(9.03	)%					(9.03	)%		(46.81	)%					(46.81	)%		37.78	%		37.78	%
Selected Operating Information:
RevPAR	$	260.14		$	—		$	260.14		$	142.30		$	—		$	142.30			82.81	%		82.81	%
Occupancy		75.74	%		—	%		75.74	%		52.91	%		—	%		52.91	%		43.15	%		43.15	%
ADR	$	343.45		$	—		$	343.45		$	268.94		$	—		$	268.94			27.71	%		27.71	%

THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue	$	9,995		$	—		$	9,995		$	8,735		$	—		$	8,735			14.42	%		14.42	%
Total hotel revenue	$	16,301		$	—		$	16,301		$	14,677		$	—		$	14,677			11.06	%		11.06	%
Hotel net income (loss)	$	(1,543	)	$	—		$	(1,543	)	$	(1,650	)	$	—		$	(1,650	)		6.48	%		6.48	%
Hotel net income (loss) margin		(9.47	)%					(9.47	)%		(11.24	)%					(11.24	)%		1.77	%		1.77	%
Hotel EBITDA	$	720		$	—		$	720		$	348		$	—		$	348			106.90	%		106.90	%
Hotel EBITDA margin		4.42	%					4.42	%		2.37	%					2.37	%		2.05	%		2.05	%
Selected Operating Information:
RevPAR	$	1,024.93		$	—		$	1,024.93		$	895.75		$	—		$	895.75			14.42	%		14.42	%
Occupancy		57.10	%		—	%		57.10	%		57.05	%		—	%		57.05	%		0.09	%		0.09	%
ADR	$	1,795.10		$	—		$	1,795.10		$	1,569.98		$	—		$	1,569.98			14.34	%		14.34	%

FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue	$	4,273		$	—		$	4,273		$	4,336		$	—		$	4,336			(1.45	)%		(1.45	)%
Total hotel revenue	$	9,341		$	—		$	9,341		$	9,397		$	—		$	9,397			(0.60	)%		(0.60	)%
Hotel net income (loss)	$	(7,282	)	$	—		$	(7,282	)	$	(5,622	)	$	—		$	(5,622	)		(29.53	)%		(29.53	)%
Hotel net income (loss) margin		(77.96	)%					(77.96	)%		(59.83	)%					(59.83	)%		(18.13	)%		(18.13	)%
Hotel EBITDA	$	(1,089	)	$	—		$	(1,089	)	$	956		$	—		$	956			(213.91	)%		(213.91	)%
Hotel EBITDA margin		(11.66	)%					(11.66	)%		10.17	%					10.17	%		(21.83	)%		(21.83	)%
Selected Operating Information:
RevPAR	$	221.18		$	—		$	221.18		$	224.43		$	—		$	224.43			(1.45	)%		(1.45	)%
Occupancy		40.94	%		—	%		40.94	%		42.57	%		—	%		42.57	%		(3.83	)%		(3.83	)%
ADR	$	540.22		$	—		$	540.22		$	527.18		$	—		$	527.18			2.47	%		2.47	%

	Three Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	33,147		$	(4,625	)	$	28,522		$	47,599		$	(20,673	)	$	26,926			(30.36	)%		5.93	%
Total hotel revenue	$	60,907		$	(7,461	)	$	53,446		$	91,825		$	(41,256	)	$	50,569			(33.67	)%		5.69	%
Hotel net income (loss)	$	256,979		$	(259,892	)	$	(2,913	)	$	(7,362	)	$	(1,689	)	$	(9,051	)		3,590.61	%		67.82	%
Hotel net income (loss) margin		421.92	%					(5.45	)%		(8.02	)%					(17.90	)%		429.94	%		12.45	%
Hotel EBITDA	$	4,539		$	(1,761	)	$	2,778		$	14,437		$	(9,950	)	$	4,487			(68.56	)%		(38.09	)%
Hotel EBITDA margin		7.45	%					5.20	%		15.72	%					8.87	%		(8.27	)%		(3.67	)%
Selected Operating Information:
RevPAR	$	450.37		$	415.41		$	456.60		$	360.55		$	297.23		$	431.04			24.91	%		5.93	%
Occupancy		55.67	%		(79.81	)%		51.37	%		55.34	%		57.85	%		52.55	%		0.60	%		(2.25	)%
ADR	$	808.97		$	(520.51	)	$	888.85		$	651.46		$	513.79		$	820.20			24.18	%		8.37	%

URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	31,364		$	—		$	31,364		$	39,356		$	(13,863	)	$	25,493			(20.31	)%		23.03	%
Total hotel revenue	$	41,790		$	—		$	41,790		$	52,760		$	(16,637	)	$	36,123			(20.79	)%		15.69	%
Hotel net income (loss)	$	1,106		$	35		$	1,141		$	41,127		$	(43,966	)	$	(2,839	)		(97.31	)%		140.19	%
Hotel net income (loss) margin		2.65	%					2.73	%		77.95	%					(7.86	)%		(75.30	)%		10.59	%
Hotel EBITDA	$	10,157		$	(22	)	$	10,135		$	11,125		$	(4,915	)	$	6,210			(8.70	)%		63.20	%
Hotel EBITDA margin		24.30	%					24.25	%		21.09	%					17.19	%		3.21	%		7.06	%
Selected Operating Information:
RevPAR	$	211.48		$	—		$	211.48		$	196.76		$	269.95		$	171.47			7.48	%		23.33	%
Occupancy		74.85	%		—	%		74.85	%		71.78	%		78.52	%		69.45	%		4.28	%		7.78	%
ADR	$	282.53		$	—		$	282.53		$	274.13		$	343.81		$	246.92			3.06	%		14.42	%

BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	64,511		$	(4,625	)	$	59,886		$	86,955		$	(34,536	)	$	52,419			(25.81	)%		14.24	%
Total hotel revenue	$	102,697		$	(7,461	)	$	95,236		$	144,585		$	(57,893	)	$	86,692			(28.97	)%		9.86	%
Hotel net income (loss)	$	258,085		$	(259,857	)	$	(1,772	)	$	33,765		$	(45,655	)	$	(11,890	)		664.36	%		85.10	%
Hotel net income (loss) margin		251.31	%					(1.86	)%		23.35	%					(13.72	)%		227.96	%		11.86	%
Hotel EBITDA	$	14,696		$	(1,783	)	$	12,913		$	25,562		$	(14,865	)	$	10,697			(42.51	)%		20.72	%
Hotel EBITDA margin		14.31	%					13.56	%		17.68	%					12.34	%		(3.37	)%		1.22	%
Selected Operating Information:
RevPAR	$	290.72		$	(415.41	)	$	284.13		$	261.88		$	(285.64	)	$	248.27			11.01	%		14.44	%
Occupancy		68.49	%		(79.81	)%		67.89	%		65.24	%		(66.63	)%		64.45	%		4.98	%		5.34	%
ADR	$	424.46		$	(520.51	)	$	418.50		$	401.39		$	(428.71	)	$	385.22			5.75	%		8.64	%

NOTES:

(1)

(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)

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

(4)

Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills.

(5)

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
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue	$	31,910		$	—		$	31,910		$	32,255		$	—		$	32,255			(1.07	)%		(1.07	)%
Total hotel revenue	$	48,410		$	—		$	48,410		$	49,814		$	—		$	49,814			(2.82	)%		(2.82	)%
Hotel net income (loss)	$	(2,529	)	$	—		$	(2,529	)	$	(2,832	)	$	—		$	(2,832	)		10.70	%		10.70	%
Hotel net income (loss) margin		(5.22	)%					(5.22	)%		(5.69	)%					(5.69	)%		0.47	%		0.47	%
Hotel EBITDA	$	12,156		$	—		$	12,156		$	13,630		$	—		$	13,630			(10.81	)%		(10.81	)%
Hotel EBITDA margin		25.11	%					25.11	%		27.36	%					27.36	%		(2.25	)%		(2.25	)%
Selected Operating Information:
RevPAR	$	209.10		$	—		$	209.10		$	211.36		$	—		$	211.36			(1.07	)%		(1.07	)%
Occupancy		75.69	%		—	%		75.69	%		76.21	%		—	%		76.21	%		(0.68	)%		(0.68	)%
ADR	$	276.24		$	—		$	276.24		$	277.33		$	—		$	277.33			(0.39	)%		(0.39	)%

HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Hotel net income (loss)	$	6		$	(6	)	$	—		$	1,076		$	(1,076	)	$	—			(99.44	)%		—	%
Hotel net income (loss) margin		—	%					—	%		—	%					—	%		—	%		—	%
Hotel EBITDA	$	6		$	(6	)	$	—		$	1,316		$	(1,316	)	$	—			(99.54	)%		—	%
Hotel EBITDA margin		—	%					—	%		—	%					—	%		—	%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%
Occupancy		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
ADR	$	—		$	—		$	—		$	—		$	—		$	—			—	%		—	%

SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue	$	23,190		$	—		$	23,190		$	20,587		$	—		$	20,587			12.64	%		12.64	%
Total hotel revenue	$	30,307		$	—		$	30,307		$	27,525		$	—		$	27,525			10.11	%		10.11	%
Hotel net income (loss)	$	6,303		$	—		$	6,303		$	1,727		$	—		$	1,727			264.97	%		264.97	%
Hotel net income (loss) margin		20.80	%					20.80	%		6.27	%					6.27	%		14.53	%		14.53	%
Hotel EBITDA	$	9,947		$	—		$	9,947		$	5,214		$	—		$	5,214			90.77	%		90.77	%
Hotel EBITDA margin		32.82	%					32.82	%		18.94	%					18.94	%		13.88	%		13.88	%
Selected Operating Information:
RevPAR	$	204.68		$	—		$	204.68		$	181.71		$	—		$	181.71			12.64	%		12.64	%
Occupancy		70.01	%		—	%		70.01	%		69.30	%		—	%		69.30	%		1.02	%		1.02	%
ADR	$	292.35		$	—		$	292.35		$	262.22		$	—		$	262.22			11.49	%		11.49	%

BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue	$	7,955		$	(7,955	)	$	—		$	11,411		$	(11,411	)	$	—			(30.29	)%		—	%
Total hotel revenue	$	11,009		$	(11,009	)	$	—		$	15,644		$	(15,644	)	$	—			(29.63	)%		—	%
Hotel net income (loss)	$	14,031		$	(14,031	)	$	—		$	898		$	(898	)	$	—			1,462.47	%		—	%
Hotel net income (loss) margin		127.45	%					—	%		5.74	%					—	%		121.71	%		—	%
Hotel EBITDA	$	2,342		$	(2,342	)	$	—		$	3,567		$	(3,567	)	$	—			(34.34	)%		—	%
Hotel EBITDA margin		21.27	%					—	%		22.80	%					—	%		(1.53	)%		—	%
Selected Operating Information:
RevPAR	$	630.88		$	630.88		$	—		$	643.04		$	643.04		$	—			(1.89	)%		—	%
Occupancy		59.85	%		59.85	%		—	%		66.64	%		66.64	%		—	%		(10.19	)%		—	%
ADR	$	1,054.11		$	1,054.11		$	—		$	964.97		$	964.97		$	—			9.24	%		—	%

	Nine Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue	$	17,198		$	(17,198	)	$	—		$	17,254		$	(17,254	)	$	—			(0.32	)%		—	%
Total hotel revenue	$	22,609		$	(22,609	)	$	—		$	22,835		$	(22,835	)	$	—			(0.99	)%		—	%
Hotel net income (loss)	$	119,531		$	(119,531	)	$	—		$	9,183		$	(9,183	)	$	—			1,201.66	%		—	%
Hotel net income (loss) margin		528.69	%					—	%		40.21	%					—	%		488.48	%		—	%
Hotel EBITDA	$	11,728		$	(11,728	)	$	—		$	10,542		$	(10,542	)	$	—			11.25	%		—	%
Hotel EBITDA margin		51.87	%					—	%		46.17	%					—	%		5.70	%		—	%
Selected Operating Information:
RevPAR	$	543.11		$	543.11		$	—		$	445.08		$	445.08		$	—			22.03	%		—	%
Occupancy		84.72	%		84.72	%		—	%		73.51	%		73.51	%		—	%		15.25	%		—	%
ADR	$	641.06		$	641.06		$	—		$	605.48		$	605.48		$	—			5.88	%		—	%

HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue	$	5,196		$	(5,196	)	$	—		$	7,577		$	(7,577	)	$	—			(31.42	)%		—	%
Total hotel revenue	$	6,923		$	(6,923	)	$	—		$	10,098		$	(10,098	)	$	—			(31.44	)%		—	%
Hotel net income (loss)	$	(6,589	)	$	6,589		$	—		$	258		$	(258	)	$	—			(2,653.88	)%		—	%
Hotel net income (loss) margin		(95.18	)%					—	%		2.55	%					—	%		(97.73	)%		—	%
Hotel EBITDA	$	1,381		$	(1,381	)	$	—		$	2,092		$	(2,092	)	$	—			(33.99	)%		—	%
Hotel EBITDA margin		19.95	%					—	%		20.72	%					—	%		(0.77	)%		—	%
Selected Operating Information:
RevPAR	$	334.79		$	334.79		$	—		$	346.91		$	346.91		$	—			(3.49	)%		—	%
Occupancy		50.25	%		50.25	%		—	%		54.78	%		54.78	%		—	%		(8.27	)%		—	%
ADR	$	666.22		$	666.22		$	—		$	633.34		$	633.34		$	—			5.19	%		—	%

PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue	$	13,801		$	(13,801	)	$	—		$	18,210		$	(18,210	)	$	—			(24.21	)%		—	%
Total hotel revenue	$	24,504		$	(24,504	)	$	—		$	36,356		$	(36,356	)	$	—			(32.60	)%		—	%
Hotel net income (loss)	$	20,147		$	(20,147	)	$	—		$	1,251		$	(1,251	)	$	—			1,510.47	%		—	%
Hotel net income (loss) margin		82.22	%					—	%		3.44	%					—	%		78.78	%		—	%
Hotel EBITDA	$	8,810		$	(8,810	)	$	—		$	10,117		$	(10,117	)	$	—			(12.92	)%		—	%
Hotel EBITDA margin		35.95	%					—	%		27.83	%					—	%		8.12	%		—	%
Selected Operating Information:
RevPAR	$	493.15		$	493.15		$	—		$	345.60		$	345.60		$	—			42.69	%		—	%
Occupancy		57.77	%		57.77	%		—	%		50.80	%		50.80	%		—	%		13.72	%		—	%
ADR	$	853.69		$	853.69		$	—		$	680.27		$	680.27		$	—			25.49	%		—	%

THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue	$	23,497		$	—		$	23,497		$	20,085		$	—		$	20,085			16.99	%		16.99	%
Total hotel revenue	$	31,581		$	—		$	31,581		$	26,747		$	—		$	26,747			18.07	%		18.07	%
Hotel net income (loss)	$	6,780		$	—		$	6,780		$	4,109		$	—		$	4,109			65.00	%		65.00	%
Hotel net income (loss) margin		21.47	%					21.47	%		15.36	%					15.36	%		6.11	%		6.11	%
Hotel EBITDA	$	10,684		$	—		$	10,684		$	8,093		$	—		$	8,093			32.02	%		32.02	%
Hotel EBITDA margin		33.83	%					33.83	%		30.26	%					30.26	%		3.57	%		3.57	%
Selected Operating Information:
RevPAR	$	172.48		$	—		$	172.48		$	147.44		$	—		$	147.44			16.98	%		16.98	%
Occupancy		68.22	%		—	%		68.22	%		65.12	%		—	%		65.12	%		4.76	%		4.76	%
ADR	$	252.85		$	—		$	252.85		$	226.42		$	—		$	226.42			11.67	%		11.67	%

	Nine Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	27,536		$	(27,536	)	$	—			(100.00	)%		—	%
Total hotel revenue	$	—		$	—		$	—		$	32,524		$	(32,524	)	$	—			(100.00	)%		—	%
Hotel net income (loss)	$	(72	)	$	72		$	—		$	3,315		$	(3,315	)	$	—			(102.17	)%		—	%
Hotel net income (loss) margin		—	%					—	%		10.19	%					—	%		—	%		—	%
Hotel EBITDA	$	—		$	—		$	—		$	7,681		$	(7,681	)	$	—			(100.00	)%		—	%
Hotel EBITDA margin		—	%					—	%		23.62	%					—	%		—	%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	246.01		$	246.01		$	—			—	%		—	%
Occupancy		—	%		—	%		—	%		72.43	%		72.43	%		—	%		—	%		—	%
ADR	$	—		$	—		$	—		$	339.67		$	339.67		$	—			—	%		—	%

THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue	$	26,623		$	(26,623	)	$	—		$	28,064		$	(28,064	)	$	—			(5.13	)%		—	%
Total hotel revenue	$	63,809		$	(63,809	)	$	—		$	70,323		$	(70,323	)	$	—			(9.26	)%		—	%
Hotel net income (loss)	$	159,915		$	(159,915	)	$	—		$	12,112		$	(12,112	)	$	—			1,220.30	%		—	%
Hotel net income (loss) margin		250.62	%					—	%		17.22	%					—	%		233.40	%		—	%
Hotel EBITDA	$	20,828		$	(20,828	)	$	—		$	18,987		$	(18,987	)	$	—			9.70	%		—	%
Hotel EBITDA margin		32.64	%					—	%		27.00	%					—	%		5.64	%		—	%
Selected Operating Information:
RevPAR	$	500.04		$	500.04		$	—		$	372.46		$	372.46		$	—			34.25	%		—	%
Occupancy		78.54	%		78.54	%		—	%		67.14	%		67.14	%		—	%		16.98	%		—	%
ADR	$	636.71		$	636.71		$	—		$	554.77		$	554.77		$	—			14.77	%		—	%

THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue	$	24,481		$	—		$	24,481		$	24,331		$	—		$	24,331			0.62	%		0.62	%
Total hotel revenue	$	44,190		$	—		$	44,190		$	46,325		$	—		$	46,325			(4.61	)%		(4.61	)%
Hotel net income (loss)	$	(2,523	)	$	—		$	(2,523	)	$	(1,811	)	$	—		$	(1,811	)		(39.32	)%		(39.32	)%
Hotel net income (loss) margin		(5.71	)%					(5.71	)%		(3.91	)%					(3.91	)%		(1.80	)%		(1.80	)%
Hotel EBITDA	$	8,721		$	—		$	8,721		$	9,297		$	—		$	9,297			(6.20	)%		(6.20	)%
Hotel EBITDA margin		19.74	%					19.74	%		20.07	%					20.07	%		(0.33	)%		(0.33	)%
Selected Operating Information:
RevPAR	$	490.01		$	—		$	490.01		$	487.01		$	—		$	487.01			0.62	%		0.62	%
Occupancy		51.92	%		—	%		51.92	%		57.62	%		—	%		57.62	%		(9.89	)%		(9.89	)%
ADR	$	943.85		$	—		$	943.85		$	845.16		$	—		$	845.16			11.68	%		11.68	%

MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—		$	18,443		$	(18,443	)	$	—			(100.00	)%		—	%
Total hotel revenue	$	—		$	—		$	—		$	23,768		$	(23,768	)	$	—			(100.00	)%		—	%
Hotel net income (loss)	$	53		$	(53	)	$	—		$	45,787		$	(45,787	)	$	—			(99.88	)%		—	%
Hotel net income (loss) margin		—	%					—	%		192.64	%					—	%		—	%		—	%
Hotel EBITDA	$	53		$	(53	)	$	—		$	8,873		$	(8,873	)	$	—			(99.40	)%		—	%
Hotel EBITDA margin		—	%					—	%		37.33	%					—	%		—	%		—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—		$	229.32		$	229.32		$	—			—	%		—	%
Occupancy		—	%		—	%		—	%		74.90	%		74.90	%		—	%		—	%		—	%
ADR	$	—		$	—		$	—		$	306.18		$	306.18		$	—			—	%		—	%

	Nine Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue	$	36,916		$	—		$	36,916		$	32,632		$	—		$	32,632			13.13	%		13.13	%
Total hotel revenue	$	59,950		$	—		$	59,950		$	52,103		$	—		$	52,103			15.06	%		15.06	%
Hotel net income (loss)	$	17,422		$	—		$	17,422		$	9,283		$	—		$	9,283			87.68	%		87.68	%
Hotel net income (loss) margin		29.06	%					29.06	%		17.82	%					17.82	%		11.24	%		11.24	%
Hotel EBITDA	$	15,123		$	—		$	15,123		$	13,004		$	—		$	13,004			16.29	%		16.29	%
Hotel EBITDA margin		25.23	%					25.23	%		24.96	%					24.96	%		0.27	%		0.27	%
Selected Operating Information:
RevPAR	$	751.24		$	—		$	751.24		$	664.06		$	—		$	664.06			13.13	%		13.13	%
Occupancy		65.17	%		—	%		65.17	%		61.82	%		—	%		61.82	%		5.42	%		5.42	%
ADR	$	1,152.69		$	—		$	1,152.69		$	1,074.24		$	—		$	1,074.24			7.30	%		7.30	%

CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue	$	8,914		$	—		$	8,914		$	6,660		$	—		$	6,660			33.84	%		33.84	%
Total hotel revenue	$	10,925		$	—		$	10,925		$	8,795		$	—		$	8,795			24.22	%		24.22	%
Hotel net income (loss)	$	(7,003	)	$	—		$	(7,003	)	$	(4,789	)	$	—		$	(4,789	)		(46.23	)%		(46.23	)%
Hotel net income (loss) margin		(64.10	)%					(64.10	)%		(54.45	)%					(54.45	)%		(9.65	)%		(9.65	)%
Hotel EBITDA	$	(1,158	)	$	—		$	(1,158	)	$	(1,812	)	$	—		$	(1,812	)		36.09	%		36.09	%
Hotel EBITDA margin		(10.60	)%					(10.60	)%		(20.60	)%					(20.60	)%		10.00	%		10.00	%
Selected Operating Information:
RevPAR	$	231.98		$	—		$	231.98		$	170.62		$	—		$	170.62			35.96	%		35.96	%
Occupancy		64.31	%		—	%		64.31	%		62.85	%		—	%		62.85	%		2.32	%		2.32	%
ADR	$	360.74		$	—		$	360.74		$	271.49		$	—		$	271.49			32.87	%		32.87	%

THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue	$	50,451		$	—		$	50,451		$	43,668		$	—		$	43,668			15.53	%		15.53	%
Total hotel revenue	$	76,556		$	—		$	76,556		$	65,516		$	—		$	65,516			16.85	%		16.85	%
Hotel net income (loss)	$	13,682		$	—		$	13,682		$	7,028		$	—		$	7,028			94.68	%		94.68	%
Hotel net income (loss) margin		17.87	%					17.87	%		10.73	%					10.73	%		7.14	%		7.14	%
Hotel EBITDA	$	21,182		$	—		$	21,182		$	15,438		$	—		$	15,438			37.21	%		37.21	%
Hotel EBITDA margin		27.67	%					27.67	%		23.56	%					23.56	%		4.11	%		4.11	%
Selected Operating Information:
RevPAR	$	1,743.43		$	—		$	1,743.43		$	1,509.07		$	—		$	1,509.07			15.53	%		15.53	%
Occupancy		66.47	%		—	%		66.47	%		63.43	%		—	%		63.43	%		4.79	%		4.79	%
ADR	$	2,622.76		$	—		$	2,622.76		$	2,379.28		$	—		$	2,379.28			10.23	%		10.23	%

FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue	$	29,954		$	—		$	29,954		$	28,382		$	—		$	28,382			5.54	%		5.54	%
Total hotel revenue	$	55,686		$	—		$	55,686		$	54,562		$	—		$	54,562			2.06	%		2.06	%
Hotel net income (loss)	$	(2,083	)	$	—		$	(2,083	)	$	(19	)	$	—		$	(19	)		(10,863.16	)%		(10,863.16	)%
Hotel net income (loss) margin		(3.74	)%					(3.74	)%		(0.03	)%					(0.03	)%		(3.71	)%		(3.71	)%
Hotel EBITDA	$	16,308		$	—		$	16,308		$	18,057		$	—		$	18,057			(9.69	)%		(9.69	)%
Hotel EBITDA margin		29.29	%					29.29	%		33.09	%					33.09	%		(3.80	)%		(3.80	)%
Selected Operating Information:
RevPAR	$	522.49		$	—		$	522.49		$	495.06		$	—		$	495.06			5.54	%		5.54	%
Occupancy		53.82	%		—	%		53.82	%		57.78	%		—	%		57.78	%		(6.85	)%		(6.85	)%
ADR	$	970.83		$	—		$	970.83		$	856.84		$	—		$	856.84			13.30	%		13.30	%

	Nine Months Ended September 30,
	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual			Comparable
	2026			2026			2026			2025			2025			2025			% Variance			% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	212,575		$	(70,773	)	$	141,802		$	211,529		$	(82,516	)	$	129,013			0.49	%		9.91	%
Total hotel revenue	$	365,236		$	(128,854	)	$	236,382		$	373,762		$	(155,256	)	$	218,506			(2.28	)%		8.18	%
Hotel net income (loss)	$	333,537		$	(307,040	)	$	26,497		$	39,260		$	(24,778	)	$	14,482			749.56	%		82.97	%
Hotel net income (loss) margin		91.32	%					11.21	%		10.50	%					6.63	%		80.82	%		4.58	%
Hotel EBITDA	$	106,429		$	(45,095	)	$	61,334		$	102,417		$	(46,621	)	$	55,796			3.92	%		9.93	%
Hotel EBITDA margin		29.14	%					25.95	%		27.40	%					25.54	%		1.74	%		0.41	%
Selected Operating Information:
RevPAR	$	651.29		$	501.86		$	764.98		$	539.95		$	399.80		$	695.99			20.62	%		9.91	%
Occupancy		63.79	%		71.02	%		58.29	%		61.33	%		62.81	%		59.69	%		4.01	%		(2.35	)%
ADR	$	1,020.99		$	706.65		$	1,312.34		$	880.34		$	636.50		$	1,166.04			15.98	%		12.55	%

URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	87,511		$	—		$	87,511		$	125,566		$	(45,979	)	$	79,587			(30.31	)%		9.96	%
Total hotel revenue	$	121,223		$	—		$	121,223		$	169,173		$	(56,292	)	$	112,881			(28.34	)%		7.39	%
Hotel net income (loss)	$	3,532		$	19		$	3,551		$	47,317		$	(49,102	)	$	(1,785	)		(92.54	)%		298.94	%
Hotel net income (loss) margin		2.91	%					2.93	%		27.97	%					(1.58	)%		(25.06	)%		4.51	%
Hotel EBITDA	$	31,682		$	(53	)	$	31,629		$	41,679		$	(16,554	)	$	25,125			(23.99	)%		25.89	%
Hotel EBITDA margin		26.14	%					26.09	%		24.64	%					22.26	%		1.50	%		3.83	%
Selected Operating Information:
RevPAR	$	198.64		$	—		$	198.64		$	198.20		$	239.03		$	180.40			0.22	%		10.11	%
Occupancy		70.93	%		—	%		70.93	%		70.93	%		73.46	%		69.83	%		—	%		1.58	%
ADR	$	280.05		$	—		$	280.05		$	279.43		$	325.39		$	258.35			0.22	%		8.40	%

BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	300,086		$	(70,773	)	$	229,313		$	337,095		$	(128,495	)	$	208,600			(10.98	)%		9.93	%
Total hotel revenue	$	486,459		$	(128,854	)	$	357,605		$	542,935		$	(211,548	)	$	331,387			(10.40	)%		7.91	%
Hotel net income (loss)	$	337,071		$	(307,022	)	$	30,049		$	86,576		$	(73,880	)	$	12,696			289.34	%		136.68	%
Hotel net income (loss) margin		69.29	%					8.40	%		15.95	%					3.83	%		53.34	%		4.57	%
Hotel EBITDA	$	138,111		$	(45,148	)	$	92,963		$	144,096		$	(63,175	)	$	80,921			(4.15	)%		14.88	%
Hotel EBITDA margin		28.39	%					26.00	%		26.54	%					24.42	%		1.85	%		1.58	%
Selected Operating Information:
RevPAR	$	391.27		$	(501.86	)	$	366.36		$	328.78		$	(322.25	)	$	332.94			19.01	%		10.04	%
Occupancy		67.89	%		(71.02	)%		67.19	%		67.26	%		(67.95	)%		66.83	%		0.94	%		0.54	%
ADR	$	576.33		$	(706.65	)	$	545.30		$	488.80		$	(474.25	)	$	498.21			17.91	%		9.45	%

NOTES:

(1)

(2)

(3)

(4)

Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills.

(5)

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
	2026			2026			2026
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue	$	41,184		$	—		$	41,184
Total hotel revenue	$	63,176		$	—		$	63,176
Hotel net income	$	(4,419	)	$	—		$	(4,419	)
Hotel net income margin		(6.99	)%					(6.99	)%
Hotel EBITDA	$	15,388		$	—		$	15,388
Hotel EBITDA margin		24.36	%					24.36	%
Selected Operating Information:
RevPAR	$	201.85		$	—		$	201.85
Occupancy		73.93	%		—	%		73.93	%
ADR	$	273.01		$	—		$	273.01

HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—
Total hotel revenue	$	—		$	—		$	—
Hotel net income	$	46		$	(46	)	$	—
Hotel net income margin		—	%					—	%
Hotel EBITDA	$	80		$	(80	)	$	—
Hotel EBITDA margin		—	%					—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—
Occupancy		—	%		—	%		—	%
ADR	$	—		$	—		$	—

SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue	$	30,286		$	—		$	30,286
Total hotel revenue	$	40,302		$	—		$	40,302
Hotel net income	$	(24,085	)	$	—		$	(24,085	)
Hotel net income margin		(59.76	)%					(59.76	)%
Hotel EBITDA	$	10,953		$	—		$	10,953
Hotel EBITDA margin		27.18	%					27.18	%
Selected Operating Information:
RevPAR	$	199.95		$	—		$	199.95
Occupancy		70.36	%		—	%		70.36	%
ADR	$	284.16		$	—		$	284.16

BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue	$	11,918		$	(11,918	)	$	—
Total hotel revenue	$	16,466		$	(16,466	)	$	—
Hotel net income	$	5,573		$	(5,573	)	$	—
Hotel net income margin		33.85	%					—	%
Hotel EBITDA	$	3,476		$	(3,476	)	$	—
Hotel EBITDA margin		21.11	%					—	%
Selected Operating Information:
RevPAR	$	641.11		$	641.11		$	—
Occupancy		62.68	%		62.68	%		—	%
ADR	$	1,022.76		$	1,022.76		$	—

	TTM Ended September 30,
	Actual			Non-comparable Adjustments			Comparable
	2026			2026			2026
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue	$	23,276		$	(23,276	)	$	—
Total hotel revenue	$	30,611		$	(30,611	)	$	—
Hotel net income	$	122,817		$	(122,817	)	$	—
Hotel net income margin		401.22	%					—	%
Hotel EBITDA	$	15,413		$	(15,413	)	$	—
Hotel EBITDA margin		50.35	%					—	%
Selected Operating Information:
RevPAR	$	520.37		$	520.37		$	—
Occupancy		82.13	%		82.13	%		—	%
ADR	$	633.62		$	633.62		$	—

HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue	$	7,745		$	(7,745	)	$	—
Total hotel revenue	$	10,361		$	(10,361	)	$	—
Hotel net income	$	(21,942	)	$	21,942		$	—
Hotel net income margin		(211.77	)%					—	%
Hotel EBITDA	$	2,346		$	(2,346	)	$	—
Hotel EBITDA margin		22.64	%					—	%
Selected Operating Information:
RevPAR	$	338.48		$	338.48		$	—
Occupancy		51.15	%		51.15	%		—	%
ADR	$	661.69		$	661.69		$	—

PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue	$	18,495		$	(18,495	)	$	—
Total hotel revenue	$	33,641		$	(33,641	)	$	—
Hotel net income	$	17,413		$	(17,413	)	$	—
Hotel net income margin		51.76	%					—	%
Hotel EBITDA	$	9,452		$	(9,452	)	$	—
Hotel EBITDA margin		28.10	%					—	%
Selected Operating Information:
RevPAR	$	404.33		$	404.33		$	—
Occupancy		49.25	%		49.25	%		—	%
ADR	$	820.93		$	820.93		$	—

THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue	$	30,707		$	—		$	30,707
Total hotel revenue	$	41,355		$	—		$	41,355
Hotel net income	$	8,726		$	—		$	8,726
Hotel net income margin		21.10	%					21.10	%
Hotel EBITDA	$	14,074		$	—		$	14,074
Hotel EBITDA margin		34.03	%					34.03	%
Selected Operating Information:
RevPAR	$	168.60		$	—		$	168.60
Occupancy		67.48	%		—	%		67.48	%
ADR	$	249.85		$	—		$	249.85

	TTM Ended September 30,
	Actual			Non-comparable Adjustments			Comparable
	2026			2026			2026
THE CLANCY
Selected Financial Information:
Rooms revenue	$	4,296		$	(4,296	)	$	—
Total hotel revenue	$	5,032		$	(5,032	)	$	—
Hotel net income	$	42,704		$	(42,704	)	$	—
Hotel net income margin		848.65	%					—	%
Hotel EBITDA	$	1,557		$	(1,557	)	$	—
Hotel EBITDA margin		30.94	%					—	%
Selected Operating Information:
RevPAR	$	291.44		$	291.44		$	—
Occupancy		72.62	%		72.62	%		—	%
ADR	$	401.34		$	401.34		$	—

THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue	$	35,330		$	(35,330	)	$	—
Total hotel revenue	$	87,413		$	(87,413	)	$	—
Hotel net income	$	163,426		$	(163,426	)	$	—
Hotel net income margin		186.96	%					—	%
Hotel EBITDA	$	26,954		$	(26,954	)	$	—
Hotel EBITDA margin		30.84	%					—	%
Selected Operating Information:
RevPAR	$	449.29		$	449.29		$	—
Occupancy		73.24	%		73.24	%		—	%
ADR	$	613.42		$	613.42		$	—

THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue	$	30,457		$	—		$	30,457
Total hotel revenue	$	54,936		$	—		$	54,936
Hotel net income	$	(7,563	)	$	—		$	(7,563	)
Hotel net income margin		(13.77	)%					(13.77	)%
Hotel EBITDA	$	7,972		$	—		$	7,972
Hotel EBITDA margin		14.51	%					14.51	%
Selected Operating Information:
RevPAR	$	455.99		$	—		$	455.99
Occupancy		48.52	%		—	%		48.52	%
ADR	$	939.77		$	—		$	939.77

MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue	$	—		$	—		$	—
Total hotel revenue	$	—		$	—		$	—
Hotel net income	$	144		$	(144	)	$	—
Hotel net income margin		—	%					—	%
Hotel EBITDA	$	53		$	(53	)	$	—
Hotel EBITDA margin		—	%					—	%
Selected Operating Information:
RevPAR	$	—		$	—		$	—
Occupancy		—	%		—	%		—	%
ADR	$	—		$	—		$	—

	TTM Ended September 30,
	Actual			Non-comparable Adjustments			Comparable
	2026			2026			2026
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue	$	46,493		$	—		$	46,493
Total hotel revenue	$	75,775		$	—		$	75,775
Hotel net income	$	19,964		$	—		$	19,964
Hotel net income margin		26.35	%					26.35	%
Hotel EBITDA	$	18,822		$	—		$	18,822
Hotel EBITDA margin		24.84	%					24.84	%
Selected Operating Information:
RevPAR	$	707.66		$	—		$	707.66
Occupancy		63.11	%		—	%		63.11	%
ADR	$	1,121.39		$	—		$	1,121.39

CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue	$	9,948		$	—		$	9,948
Total hotel revenue	$	12,308		$	—		$	12,308
Hotel net income	$	(10,638	)	$	—		$	(10,638	)
Hotel net income margin		(86.43	)%					(86.43	)%
Hotel EBITDA	$	(3,310	)	$	—		$	(3,310	)
Hotel EBITDA margin		(26.89	)%					(26.89	)%
Selected Operating Information:
RevPAR	$	192.84		$	—		$	192.84
Occupancy		53.60	%		—	%		53.60	%
ADR	$	359.81		$	—		$	359.81

THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue	$	68,060		$	—		$	68,060
Total hotel revenue	$	102,163		$	—		$	102,163
Hotel net income	$	16,981		$	—		$	16,981
Hotel net income margin		16.62	%					16.62	%
Hotel EBITDA	$	28,250		$	—		$	28,250
Hotel EBITDA margin		27.65	%					27.65	%
Selected Operating Information:
RevPAR	$	1,759.11		$	—		$	1,759.11
Occupancy		65.43	%		—	%		65.43	%
ADR	$	2,688.42		$	—		$	2,688.42

FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue	$	41,601		$	—		$	41,601
Total hotel revenue	$	80,397		$	—		$	80,397
Hotel net income (loss)	$	1,428		$	—		$	1,428
Hotel net income (loss) margin		1.78	%					1.78	%
Hotel EBITDA	$	26,271		$	—		$	26,271
Hotel EBITDA margin		32.68	%					32.68	%
Selected Operating Information:
RevPAR	$	542.74		$	—		$	542.74
Occupancy		57.25	%		—	%		57.25	%
ADR	$	947.95		$	—		$	947.95

	TTM Ended September 30,
	Actual			Non-comparable Adjustments			Comparable
	2026			2026			2026
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	283,375		$	(96,764	)	$	186,611
Total hotel revenue	$	491,763		$	(178,492	)	$	313,271
Hotel net income	$	318,143		$	(287,333	)	$	30,810
Hotel net income margin		64.69	%					9.83	%
Hotel EBITDA	$	139,036		$	(57,721	)	$	81,315
Hotel EBITDA margin		28.27	%					25.96	%
Selected Operating Information:
RevPAR	$	618.17		$	459.52		$	752.97
Occupancy		61.80	%		66.59	%		57.73	%
ADR	$	1,000.31		$	690.10		$	1,304.33

URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	116,421		$	(4,296	)	$	112,125
Total hotel revenue	$	162,173		$	(5,032	)	$	157,141
Hotel net income	$	12,432		$	(42,848	)	$	(30,416	)
Hotel net income margin		7.67	%					(19.36	)%
Hotel EBITDA	$	38,715		$	(1,610	)	$	37,105
Hotel EBITDA margin		23.87	%					23.61	%
Selected Operating Information:
RevPAR	$	192.76		$	291.44		$	190.29
Occupancy		69.32	%		72.62	%		69.24	%
ADR	$	278.06		$	401.34		$	274.83

BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue	$	399,796		$	(101,060	)	$	298,736
Total hotel revenue	$	653,936		$	(183,524	)	$	470,412
Hotel net income	$	330,575		$	(330,181	)	$	394
Hotel net income margin		50.55	%					0.08	%
Hotel EBITDA	$	177,751		$	(59,331	)	$	118,420
Hotel EBITDA margin		27.18	%					25.17	%
Selected Operating Information:
RevPAR	$	376.32		$	448.52		$	356.89
Occupancy		66.08	%		66.98	%		65.83	%
ADR	$	569.53		$	669.62		$	542.12

NOTES:

(1)

(2)

(3)

(4)

Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills.

(5)

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
	2026			2026			2026			2026			2026			2026			2026			2026			2026			2025			2025			2025
	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	$	102,697		$	(7,461	)	$	95,236		$	172,138		$	(49,914	)	$	122,224		$	211,626		$	(71,479	)	$	140,147		$	167,475		$	(54,670	)	$	112,805
Hotel net income (loss)	$	258,085		$	(259,857	)	$	(1,772	)	$	34,753		$	(27,402	)	$	7,351		$	44,233		$	(19,763	)	$	24,470		$	(6,496	)	$	(23,159	)	$	(29,655	)
Hotel net income (loss) margin		251.31	%					(1.86	)%		20.19	%					6.01	%		20.90	%					17.46	%		(3.88	)%					(26.29	)%
Hotel EBITDA	$	14,696		$	(1,783	)	$	12,913		$	47,952		$	(15,971	)	$	31,981		$	75,463		$	(27,394	)	$	48,069		$	39,640		$	(14,183	)	$	25,457
Hotel EBITDA margin		14.31	%					13.56	%		27.86	%					26.17	%		35.66	%					34.30	%		23.67	%					22.57	%

Hotel net income (loss) % of total TTM		78.1	%					(449.8	)%		10.5	%					1,865.7	%		13.4	%					6,210.7	%		(2.0	)%					(7,526.6	)%
EBITDA % of total TTM		8.2	%					10.8	%		27.0	%					27.0	%		42.5	%					40.6	%		22.3	%					21.6	%

JV interests in Hotel net income (loss)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	10		$	(21	)	$	(11	)
JV interests in EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	857		$	(18	)	$	839

		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
		TTM			TTM			TTM
Total hotel revenue	$	653,936		$	(183,524	)	$	470,412
Hotel net income (loss)	$	330,575		$	(330,181	)	$	394
Hotel net income (loss) margin		50.55	%					0.08	%
Hotel EBITDA	$	177,751		$	(59,331	)	$	118,420
Hotel EBITDA margin		27.18	%					25.17	%

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)	$	10		$	(21	)	$	(11	)
JV interests in EBITDA	$	857		$	(18	)	$	839

NOTES:

(1)

(2)

(3)

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2026

(in thousands, except share price)

(unaudited)

	September 30, 2026
Common stock shares outstanding		68,679
Partnership units outstanding (common stock equivalents)		4,592
Combined common stock shares and partnership units outstanding		73,271
Common stock price	$	1.67
Market capitalization	$	122,363
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	203,753
Series M redeemable preferred stock	$	31,750
Indebtedness	$	624,414
Net working capital (see below)	$	193,432
Total enterprise value (TEV)	$	1,292,662

Cash and cash equivalents	$	99,479
Restricted cash	$	48,598
Accounts receivable, net	$	26,729
Inventory	$	3,153
Prepaid expenses	$	4,393
Due from third-party hotel managers, net	$	15,881
Total current assets	$	198,233

Accounts payable, net & accrued expenses	$	145,072
Redeemable preferred stock redemptions payable	$	63,480
Dividends and distributions payable	$	3,780
Due to affiliates, net	$	179,333
Total current liabilities	$	391,665

Net working capital	$	(193,432	)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2026

1st
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Rooms

Actual

Estimated

Sofitel Chicago Magnificent Mile

415

Total

(a)

Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2026 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2026			2026			2026			2025			September 30, 2026
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Net income (loss)	$	258,085		$	34,753		$	44,233		$	(6,496	)	$	330,575
Non-property adjustments		(259,922	)		(17,393	)		(46	)		12,472			(264,889	)
Interest income		(257	)		(254	)		(240	)		(292	)		(1,043	)
Interest expense		5,957			6,668			7,103			7,587			27,315
Amortization of loan costs		470			379			390			623			1,862
Depreciation and amortization		16,610			21,433			22,579			22,659			83,281
Income tax expense (benefit)		(7,918	)		1,132			797			1,442			(4,547	)
Non-hotel EBITDA ownership expense		1,671			1,234			647			1,645			5,197
Hotel EBITDA including amounts attributable to noncontrolling interest		14,696			47,952			75,463			39,640			177,751
Non-comparable adjustments		(1,783	)		(15,971	)		(27,394	)		(14,183	)		(59,331	)
Comparable hotel EBITDA	$	12,913		$	31,981		$	48,069		$	25,457		$	118,420

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2026
		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 Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,937	)	$	6		$	3,472		$	13,469		$	109,568		$	(6,495	)	$	(103	)	$	2,656		$	(57	)	$	143,447		$	230		$	22		$	5,682		$	(2,050	)	$	(1,543	)	$	(7,282	)	$	258,085		$	(507,469	)	$	(249,384	)
Non-property adjustments		17			—			—			(13,616	)		(108,742	)		6,337			459			—			54			(144,431	)		—			—			—			—			—			—			(259,922	)		259,922			—
Interest income		(73	)		—			(8	)		—			—			—			—			(37	)		—			(1	)		(1	)		—			(75	)		—			(17	)		(45	)		(257	)		257			—
Interest expense		2,099			—			—			—			—			—			—			—			—			17			769			—			—			—			—			3,072			5,957			8,568			14,525
Amortization of loan cost		162			—			—			—			—			—			—			—			—			—			83			—			—			—			—			225			470			1,208			1,678
Depreciation and amortization		2,695			—			1,127			73			148			98			—			1,243			—			306			2,747			—			1,400			1,666			2,166			2,941			16,610			1			16,611
Income tax expense (benefit)		(87	)		—			—			—			—			—			—			5			—			—			—			—			(7,943	)		—			107			—			(7,918	)		(1,838	)		(9,756	)
Non-hotel EBITDA ownership expense		—			—			149			55			42			—			—			11			3			1,124			232			—			23			25			7			—			1,671			(1,671	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		1,876			6			4,740			(19	)		1,016			(60	)		356			3,878			—			462			4,060			22			(913	)		(359	)		720			(1,089	)		14,696			(241,022	)		(226,326	)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Equity in earnings (loss) of unconsolidated entities		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	1,876		$	6		$	4,740		$	(19	)	$	1,016		$	(60	)	$	356		$	3,878		$	—		$	462		$	4,060		$	22		$	(913	)	$	(359	)	$	720		$	(1,089	)	$	14,696		$	(241,022	)	$	(226,326	)
Non-comparable adjustments		—			(6	)		—			19			(1,016	)		60			(356	)		—			—			(462	)		—			(22	)		—			—			—			—			(1,783	)
Comparable hotel EBITDA	$	1,876		$	—		$	4,740		$	—		$	—		$	—		$	—		$	3,878		$	—		$	—		$	4,060		$	—		$	(913	)	$	(359	)	$	720		$	(1,089	)	$	12,913
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	6		$	—		$	(19	)	$	1,016		$	(60	)	$	356		$	—		$	—		$	462		$	4,060		$	—		$	(913	)	$	—		$	720		$	(1,089	)	$	4,539
Non-comparable adjustments		—			(6	)		—			19			(1,016	)		60			(356	)		—			—			(462	)		—			—			—			—			—			—			(1,761	)
Comparable hotel EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	4,060		$	—		$	(913	)	$	—		$	720		$	(1,089	)	$	2,778
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	1,876		$	—		$	4,740		$	—		$	—		$	—		$	—		$	3,878		$	—		$	—		$	—		$	22		$	—		$	(359	)	$	—		$	—		$	10,157
Non-comparable adjustments		—			—			—			—			—			—			—			—			—			—			—			(22	)		—			—			—			—			(22	)
Comparable hotel EBITDA	$	1,876		$	—		$	4,740		$	—		$	—		$	—		$	—		$	3,878		$	—		$	—		$	—		$	—		$	—		$	(359	)	$	—		$	—		$	10,135

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended September 30, 2026
		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)	$	1,876	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—	$	—		$	1,876
JPMorgan Chase (see footnote 3)		—		—		4,740		—		—		—		—		3,878		—		—		—		—		—			—			720		—			9,338
BAML		—		—		—		—		—		—		—		—		—		—		—		—		(913	)		—			—		—			(913	)
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)		—		—		—		—		—		—		—		—		—		—		4,060		—		—			—			—		—			4,060
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)		—		—		—		—		—		—		—		—		—		—		—		—		—			—			—		(1,089	)		(1,089	)
Unencumbered (Cameo Beverly Hills)		—		—		—		—		—		—		—		—		—		—		—		—		—			(359	)		—		—			(359	)
Total	$	1,876	$	—	$	4,740	$	—	$	—	$	—	$	—	$	3,878	$	—	$	—	$	4,060	$	—	$	(913	)	$	(359	)	$	720	$	(1,089	)	$	12,913

NOTES:

(1)

(2)

(3)

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

(4)

(5)

As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2026
	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 Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	1,633		$	—	$	2,556		$	1,131		$	3,912		$	1,012		$	14,657		$	3,910		$	(18	)	$	6,677		$	(4,772	)	$	31		$	2,178		$	(1,899	)	$	4,482		$	(737	)	$	34,753		$	(27,811	)	$	6,942
Non-property adjustments		2			—		—			—			—			—			(17,398	)		—			3			—			—			—			—			—			—			—			(17,393	)		17,393			—
Interest income		(48	)		—		(3	)		—			—			—			—			(33	)		—			(40	)		(3	)		—			(71	)		—			(15	)		(41	)		(254	)		254			—
Interest expense		2,067			—		—			—			—			—			702			—			—			119			757			—			—			—			—			3,023			6,668			11,402			18,070
Amortization of loan cost		158			—		—			—			—			—			—			—			—			—			—			—			—			—			—			221			379			2,064			2,443
Depreciation and amortization		2,721			—		1,111			784			359			740			1,243			1,331			—			1,881			2,678			—			1,460			2,027			2,194			2,904			21,433			—			21,433
Income tax expense (benefit)		88			—		—			—			—			—			—			6			—			—			—			—			727			—			311			—			1,132			1,349			2,481
Non-hotel EBITDA ownership expense		—			—		167			111			8			12			310			(1	)		15			(280	)		222			—			584			45			17			24			1,234			(1,234	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		6,621			—		3,831			2,026			4,279			1,764			(486	)		5,213			—			8,357			(1,118	)		31			4,878			173			6,989			5,394			47,952			3,417			51,369
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		—			—		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Equity in earnings (loss) of unconsolidated entities		—			—		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	6,621		$	—	$	3,831		$	2,026		$	4,279		$	1,764		$	(486	)	$	5,213		$	—		$	8,357		$	(1,118	)	$	31		$	4,878		$	173		$	6,989		$	5,394		$	47,952		$	3,417		$	51,369
Non-comparable adjustments		—			—		—			(2,026	)		(4,279	)		(1,764	)		486			—			—			(8,357	)		—			(31	)		—			—			—			—			(15,971	)
Comparable hotel EBITDA	$	6,621		$	—	$	3,831		$	—		$	—		$	—		$	—		$	5,213		$	—		$	—		$	(1,118	)	$	—		$	4,878		$	173		$	6,989		$	5,394		$	31,981
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	—	$	—		$	2,026		$	4,279		$	1,764		$	(486	)	$	—		$	—		$	8,357		$	(1,118	)	$	—		$	4,878		$	—		$	6,989		$	5,394		$	32,083
Non-comparable adjustments		—			—		—			(2,026	)		(4,279	)		(1,764	)		486			—			—			(8,357	)		—			—			—			—			—			—			(15,940	)
Comparable hotel EBITDA	$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(1,118	)	$	—		$	4,878		$	—		$	6,989		$	5,394		$	16,143
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,621		$	—	$	3,831		$	—		$	—		$	—		$	—		$	5,213		$	—		$	—		$	—		$	31		$	—		$	173		$	—		$	—		$	15,869
Non-comparable adjustments		—			—		—			—			—			—			—			—			—			—			—			(31	)		—			—			—			—			(31	)
Comparable hotel EBITDA	$	6,621		$	—	$	3,831		$	—		$	—		$	—		$	—		$	5,213		$	—		$	—		$	—		$	—		$	—		$	173		$	—		$	—		$	15,838

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended June 30, 2026
	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)	$	6,621	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	6,621
JPMorgan Chase (see footnote 3)		—		—		3,831		—		—		—		—		5,213		—		—		—			—		—		—		6,989		—		16,033
BAML		—		—		—		—		—		—		—		—		—		—		—			—		4,878		—		—		—		4,878
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)		—		—		—		—		—		—		—		—		—		—		(1,118	)		—		—		—		—		—		(1,118	)
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)		—		—		—		—		—		—		—		—		—		—		—			—		—		—		—		5,394		5,394
Unencumbered (Cameo Beverly Hills)		—		—		—		—		—		—		—		—		—		—		—			—		—		173		—		—		173
Total	$	6,621	$	—	$	3,831	$	—	$	—	$	—	$	—	$	5,213	$	—	$	—	$	(1,118	)	$	—	$	4,878	$	173	$	6,989	$	5,394	$	31,981

NOTES:

(1)

(2)

(3)

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

(4)

(5)

As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2026
	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 Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,225	)	$	—	$	275		$	(569	)	$	6,051		$	(1,106	)	$	5,593		$	214		$	3		$	9,791		$	2,019		$	—	$	9,562		$	(3,054	)	$	10,743		$	5,936		$	44,233		$	(26,199	)	$	18,034
Non-property adjustments		(43	)		—		—			—			—			—			—			—			(3	)		—			—			—		—			—			—			—			(46	)		46			—
Interest income		(42	)		—		(1	)		—			—			—			—			(30	)		—			(45	)		(2	)		—		(70	)		—			(13	)		(37	)		(240	)		240			—
Interest expense		2,055			—		—			—			—			—			1,154			—			—			135			752			—		—			—			—			3,007			7,103			11,683			18,786
Amortization of loan cost		154			—		—			—			—			—			—			—			—			—			20			—		—			—			—			216			390			2,019			2,409
Depreciation and amortization		2,759			—		1,094			787			376			764			2,190			1,404			—			2,143			2,716			—		1,448			1,863			2,154			2,881			22,579			—			22,579
Income tax expense (benefit)		—			—		—			—			—			—			—			4			—			—			—			—		214			—			579			—			797			620			1,417
Non-hotel EBITDA ownership expense		1			—		8			117			6			19			3			1			—			(15	)		274			—		4			219			10			—			647			(647	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		3,659			—		1,376			335			6,433			(323	)		8,940			1,593			—			12,009			5,779			—		11,158			(972	)		13,473			12,003			75,463			(12,238	)		63,225
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		—			—		—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			—			—
Equity in earnings (loss) of unconsolidated entities		—			—		—			—			—			—			—			—			—			—			—			—		—			—			—			—			—			31			31
Hotel EBITDA attributable to the Company and OP unitholders	$	3,659		$	—	$	1,376		$	335		$	6,433		$	(323	)	$	8,940		$	1,593		$	—		$	12,009		$	5,779		$	—	$	11,158		$	(972	)	$	13,473		$	12,003		$	75,463		$	(12,207	)	$	63,256
Non-comparable adjustments		—			—		—			(335	)		(6,433	)		323			(8,940	)		—			—			(12,009	)		—			—		—			—			—			—			(27,394	)
Comparable hotel EBITDA	$	3,659		$	—	$	1,376		$	—		$	—		$	—		$	—		$	1,593		$	—		$	—		$	5,779		$	—	$	11,158		$	(972	)	$	13,473		$	12,003		$	48,069
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	—	$	—		$	335		$	6,433		$	(323	)	$	8,940		$	—		$	—		$	12,009		$	5,779		$	—	$	11,158		$	—		$	13,473		$	12,003		$	69,807
Non-comparable adjustments		—			—		—			(335	)		(6,433	)		323			(8,940	)		—			—			(12,009	)		—			—		—			—			—			—			(27,394	)
Comparable hotel EBITDA	$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5,779		$	—	$	11,158		$	—		$	13,473		$	12,003		$	42,413
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,659		$	—	$	1,376		$	—		$	—		$	—		$	—		$	1,593		$	—		$	—		$	—		$	—	$	—		$	(972	)	$	—		$	—		$	5,656
Non-comparable adjustments		—			—		—			—			—			—			—			—			—			—			—			—		—			—			—			—			—
Comparable hotel EBITDA	$	3,659		$	—	$	1,376		$	—		$	—		$	—		$	—		$	1,593		$	—		$	—		$	—		$	—	$	—		$	(972	)	$	—		$	—		$	5,656

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended March 31, 2026
	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 Resort Scottsdale		Hotel Total
Aareal (Capital Hilton)	$	3,659	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	3,659
JPMorgan Chase (see footnote 3)		—		—		1,376		—		—		—		—		1,593		—		—		—		—		—		—			13,473		—		16,442
BAML		—		—		—		—		—		—		—		—		—		—		—		—		11,158		—			—		—		11,158
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)		—		—		—		—		—		—		—		—		—		—		5,779		—		—		—			—		—		5,779
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)		—		—		—		—		—		—		—		—		—		—		—		—		—		—			—		12,003		12,003
Unencumbered (Cameo Beverly Hills)		—		—		—		—		—		—		—		—		—		—		—		—		—		(972	)		—		—		(972	)
Total	$	3,659	$	—	$	1,376	$	—	$	—	$	—	$	—	$	1,593	$	—	$	—	$	5,779	$	—	$	11,158	$	(972	)	$	13,473	$	12,003	$	48,069

NOTES:

(1)	The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, 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.
(3)	This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)	On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(5)	As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.			Hilton La Jolla Torrey Pines			Sofitel Chicago Magnificent Mile			Bardessono Hotel and Spa			Pier House Resort & Spa			Hotel Yountville			Park Hyatt Beaver Creek Resort & Spa			The Notary Hotel			The Clancy			The Ritz- Carlton Sarasota			The Ritz- Carlton Lake Tahoe			Marriott Seattle Waterfront			The Ritz- Carlton St. Thomas			Cameo Beverly Hills			The Ritz- Carlton Reserve Dorado Beach			Four Seasons Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,890	)	$	40		$	(30,388	)	$	(8,458	)	$	3,286		$	(15,353	)	$	(2,734	)	$	1,946		$	42,776		$	3,511		$	(5,040	)	$	91		$	2,542		$	(3,635	)	$	3,299		$	3,511		$	(6,496	)	$	(30,468	)	$	(36,964	)
Non-property adjustments		3			—			30,256			8,672			—			15,564			—			—			(41,730	)		(129	)		(67	)		(97	)		—			—			—			—			12,472			(12,472	)		—
Interest income		(44	)		(14	)		(3	)		—			—			—			—			(31	)		(25	)		(39	)		(3	)		—			(77	)		—			(10	)		(46	)		(292	)		292			—
Interest expense		2,191			—			—			—			—			—			1,237			—			—			135			804			—			—			—			—			3,220			7,587			12,943			20,530
Amortization of loan cost		150			—			—			—			—			—			—			—			—			—			58			—			—			—			—			415			623			2,010			2,633
Depreciation and amortization		2,805			—			1,084			766			379			721			2,165			1,391			509			2,171			2,772			—			1,448			1,447			2,130			2,871			22,659			—			22,659
Income tax expense (benefit)		8			—			—			—			—			—			—			63			—			—			—			—			(244	)		—			1,615			—			1,442			63			1,505
Non-hotel EBITDA ownership expense		9			48			57			154			20			33			(26	)		21			27			477			727			6			30			36			34			(8	)		1,645			(1,645	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		3,232			74			1,006			1,134			3,685			965			642			3,390			1,557			6,126			(749	)		—			3,699			(2,152	)		7,068			9,963			39,640			(29,277	)		10,363
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		(839	)		(18	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(857	)		857			—
Equity in earnings (loss) of unconsolidated entities		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			56			56
Hotel EBITDA attributable to the Company and OP unitholders	$	2,393		$	56		$	1,006		$	1,134		$	3,685		$	965		$	642		$	3,390		$	1,557		$	6,126		$	(749	)	$	—		$	3,699		$	(2,152	)	$	7,068		$	9,963		$	38,783		$	(28,364	)	$	10,419
Non-comparable adjustments		—			(74	)		—			(1,134	)		(3,685	)		(965	)		(642	)		—			(1,557	)		(6,126	)		—			—			—			—			—			—			(14,183	)
Comparable hotel EBITDA	$	3,232		$	—		$	1,006		$	—		$	—		$	—		$	—		$	3,390		$	—		$	—		$	(749	)	$	—		$	3,699		$	(2,152	)	$	7,068		$	9,963		$	25,457
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	74		$	—		$	1,134		$	3,685		$	965		$	642		$	—		$	—		$	6,126		$	(749	)	$	—		$	3,699		$	—		$	7,068		$	9,963		$	32,607
Non-comparable adjustments		—			(74	)		—			(1,134	)		(3,685	)		(965	)		(642	)		—			—			(6,126	)		—			—			—			—			—			—			(12,626	)
Comparable hotel EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(749	)	$	—		$	3,699		$	—		$	7,068		$	9,963		$	19,981
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,232		$	—		$	1,006		$	—		$	—		$	—		$	—		$	3,390		$	1,557		$	—		$	—		$	—		$	—		$	(2,152	)	$	—		$	—		$	7,033
Non-comparable adjustments		—			—			—			—			—			—			—			—			(1,557	)		—			—			—			—			—			—			—			(1,557	)
Comparable hotel EBITDA	$	3,232		$	—		$	1,006		$	—		$	—		$	—		$	—		$	3,390		$	—		$	—		$	—		$	—		$	—		$	(2,152	)	$	—		$	—		$	5,476

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz- Carlton Sarasota		The Ritz- Carlton Lake Tahoe			Marriott Seattle Waterfront		The Ritz- Carlton St. Thomas		Cameo Beverly Hills			The Ritz- Carlton Reserve Dorado Beach		Four Seasons Resort Scottsdale		Hotel Total
Aareal (Capital Hilton)	$	3,232	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	3,232
JPMorgan Chase (see footnote 3)		—		—		1,006		—		—		—		—		3,390		—		—		—			—		—		—			7,068		—		11,464
BAML		—		—		—		—		—		—		—		—		—		—		—			—		3,699		—			—		—		3,699
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)		—		—		—		—		—		—		—		—		—		—		(749	)		—		—		—			—		—		(749	)
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)		—		—		—		—		—		—		—		—		—		—		—			—		—		—			—		9,963		9,963
Unencumbered (Cameo Beverly Hills)		—		—		—		—		—		—		—		—		—		—		—			—		—		(2,152	)		—		—		(2,152	)
Total	$	3,232	$	—	$	1,006	$	—	$	—	$	—	$	—	$	3,390	$	—	$	—	$	(749	)	$	—	$	3,699	$	(2,152	)	$	7,068	$	9,963	$	25,457

NOTES:

(1)

(2)

(3)

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

(4)

(5)

As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.			Hilton La Jolla Torrey Pines			Sofitel Chicago Magnificent Mile			Bardessono Hotel and Spa			Pier House Resort & Spa			Hotel Yountville			Park Hyatt Beaver Creek Resort & Spa			The Notary Hotel			The Clancy			The Ritz- Carlton Sarasota			The Ritz- Carlton Lake Tahoe			Marriott Seattle Waterfront			The Ritz- Carlton St. Thomas			Cameo Beverly Hills			The Ritz- Carlton Reserve Dorado Beach			Four Seasons Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,996	)	$	1,190		$	1,512		$	1,167		$	1,140		$	537		$	(1,134	)	$	896		$	853		$	(1,211	)	$	(48	)	$	43,113		$	(1,731	)	$	(2,251	)	$	(1,650	)	$	(5,622	)	$	33,765		$	(29,042	)	$	4,723
Non-property adjustments		22			73			—			—			—			—			—			—			—			—			—			(41,043	)		—			—			—			364			(40,584	)		40,584			—
Interest income		(52	)		(1	)		(24	)		—			—			—			—			(34	)		(75	)		(39	)		(3	)		(11	)		(96	)		—			(10	)		(55	)		(400	)		400			—
Interest expense		2,282			—			—			—			—			—			1,295			—			—			135			840			8			—			—			—			3,133			7,693			14,769			22,462
Amortization of loan cost		147			—			—			—			35			—			—			—			—			—			38			—			—			—			—			309			529			2,197			2,726
Depreciation and amortization		2,819			—			1,095			766			401			656			1,859			1,380			1,372			2,308			2,487			672			1,384			1,106			2,069			2,790			23,164			—			23,164
Income tax expense (benefit)		73			—			—			—			—			—			—			5			—			—			—			—			(19	)		—			(60	)		—			(1	)		(647	)		(648	)
Non-hotel EBITDA ownership expense		68			124			123			125			10			12			22			1			6			480			327			20			4			38			(1	)		37			1,396			(1,396	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		2,363			1,386			2,706			2,058			1,586			1,205			2,042			2,248			2,156			1,673			3,641			2,759			(458	)		(1,107	)		348			956			25,562			26,865			52,427
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		(590	)		(347	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(937	)		937			—
Equity in earnings (loss) of unconsolidated entities		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	1,773		$	1,039		$	2,706		$	2,058		$	1,586		$	1,205		$	2,042		$	2,248		$	2,156		$	1,673		$	3,641		$	2,759		$	(458	)	$	(1,107	)	$	348		$	956		$	24,625		$	27,802		$	52,427
Non-comparable adjustments		—			(1,386	)		—			(2,058	)		(1,586	)		(1,205	)		(2,042	)		—			(2,156	)		(1,673	)		—			(2,759	)		—			—			—			—			(14,865	)
Comparable hotel EBITDA	$	2,363		$	—		$	2,706		$	—		$	—		$	—		$	—		$	2,248		$	—		$	—		$	3,641		$	—		$	(458	)	$	(1,107	)	$	348		$	956		$	10,697
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	1,386		$	—		$	2,058		$	1,586		$	1,205		$	2,042		$	—		$	—		$	1,673		$	3,641		$	—		$	(458	)	$	—		$	348		$	956		$	14,437
Non-comparable adjustments		—			(1,386	)		—			(2,058	)		(1,586	)		(1,205	)		(2,042	)		—			—			(1,673	)		—			—			—			—			—			—			(9,950	)
Comparable hotel EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3,641		$	—		$	(458	)	$	—		$	348		$	956		$	4,487
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363		$	—		$	2,706		$	—		$	—		$	—		$	—		$	2,248		$	2,156		$	—		$	—		$	2,759		$	—		$	(1,107	)	$	—		$	—		$	11,125
Non-comparable adjustments		—			—			—			—			—			—			—			—			(2,156	)		—			—			(2,759	)		—			—			—			—			(4,915	)
Comparable hotel EBITDA	$	2,363		$	—		$	2,706		$	—		$	—		$	—		$	—		$	2,248		$	—		$	—		$	—		$	—		$	—		$	(1,107	)	$	—		$	—		$	6,210

NOTES:

(1)

(2)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2026
	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 Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,529	)	$	6		$	6,303		$	14,031		$	119,531		$	(6,589	)	$	20,147		$	6,780		$	(72	)	$	159,915		$	(2,523	)	$	53		$	17,422		$	(7,003	)	$	13,682		$	(2,083	)	$	337,071		$	(561,479	)	$	(224,408	)
Non-property adjustments		(24	)		—			—			(13,616	)		(108,742	)		6,337			(16,939	)		—			54			(144,431	)		—			—			—			—			—			—			(277,361	)		277,361			—
Interest income		(163	)		—			(12	)		—			—			—			—			(100	)		—			(86	)		(6	)		—			(216	)		—			(45	)		(123	)		(751	)		751			—
Interest expense		6,221			—			—			—			—			—			1,856			—			—			271			2,278			—			—			—			—			9,102			19,728			31,655			51,383
Amortization of loan cost		474			—			—			—			—			—			—			—			—			—			103			—			—			—			—			662			1,239			5,289			6,528
Depreciation and amortization		8,175			—			3,332			1,644			883			1,602			3,433			3,978			—			4,330			8,141			—			4,308			5,556			6,514			8,726			60,622			1			60,623
Income tax expense (benefit)		1			—			—			—			—			—			—			15			—			—			—			—			(7,002	)		—			997			—			(5,989	)		131			(5,858	)
Non-hotel EBITDA ownership expense		1			—			324			283			56			31			313			11			18			829			728			—			611			289			34			24			3,552			(3,552	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		12,156			6			9,947			2,342			11,728			1,381			8,810			10,684			—			20,828			8,721			53			15,123			(1,158	)		21,182			16,308			138,111			(249,843	)		(111,732	)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Equity in earnings (loss) of unconsolidated entities		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			31			31
Hotel EBITDA attributable to the Company and OP unitholders	$	12,156		$	6		$	9,947		$	2,342		$	11,728		$	1,381		$	8,810		$	10,684		$	—		$	20,828		$	8,721		$	53		$	15,123		$	(1,158	)	$	21,182		$	16,308		$	138,111		$	(249,812	)	$	(111,701	)
Non-comparable adjustments		—			(6	)		—			(2,342	)		(11,728	)		(1,381	)		(8,810	)		—			—			(20,828	)		—			(53	)		—			—			—			—			(45,148	)
Comparable hotel EBITDA	$	12,156		$	—		$	9,947		$	—		$	—		$	—		$	—		$	10,684		$	—		$	—		$	8,721		$	—		$	15,123		$	(1,158	)	$	21,182		$	16,308		$	92,963
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	6		$	—		$	2,342		$	11,728		$	1,381		$	8,810		$	—		$	—		$	20,828		$	8,721		$	—		$	15,123		$	—		$	21,182		$	16,308		$	106,429
Non-comparable adjustments		—			(6	)		—			(2,342	)		(11,728	)		(1,381	)		(8,810	)		—			—			(20,828	)		—			—			—			—			—			—			(45,095	)
Comparable hotel EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	8,721		$	—		$	15,123		$	—		$	21,182		$	16,308		$	61,334
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	12,156		$	—		$	9,947		$	—		$	—		$	—		$	—		$	10,684		$	—		$	—		$	—		$	53		$	—		$	(1,158	)	$	—		$	—		$	31,682
Non-comparable adjustments		—			—			—			—			—			—			—			—			—			—			—			(53	)		—			—			—			—			(53	)
Comparable hotel EBITDA	$	12,156		$	—		$	9,947		$	—		$	—		$	—		$	—		$	10,684		$	—		$	—		$	—		$	—		$	—		$	(1,158	)	$	—		$	—		$	31,629

NOTES:

(1)

(2)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2025
	Capital Hilton Washington D.C.			Hilton La Jolla Torrey Pines			Sofitel Chicago Magnificent Mile			Bardessono Hotel and Spa			Pier House Resort & Spa			Hotel Yountville			Park Hyatt Beaver Creek Resort & Spa			The Notary Hotel			The Clancy			The Ritz- Carlton Sarasota			The Ritz- Carlton Lake Tahoe			Marriott Seattle Waterfront			The Ritz- Carlton St. Thomas			Cameo Beverly Hills			The Ritz- Carlton Reserve Dorado Beach			Four Seasons Resort Scottsdale			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,832	)	$	1,076		$	1,727		$	898		$	9,183		$	258		$	1,251		$	4,109		$	3,315		$	12,112		$	(1,811	)	$	45,787		$	9,283		$	(4,789	)	$	7,028		$	(19	)	$	86,576		$	(78,022	)	$	8,554
Non-property adjustments		2			73			—			—			—			—			—			—			—			—			—			(41,043	)		—			—			866			364			(39,738	)		39,738			—
Interest income		(125	)		(10	)		(27	)		—			—			—			—			(91	)		(210	)		(109	)		(15	)		(68	)		(288	)		—			(27	)		(159	)		(1,129	)		1,129			—
Interest expense		6,772			—			—			—			—			—			3,843			—			—			421			2,527			48			—			—			1,031			8,817			23,459			44,372			67,831
Amortization of loan cost		430			—			—			—			103			—			—			—			—			—			100			—			—			—			135			810			1,578			5,967			7,545
Depreciation and amortization		8,682			—			3,318			2,238			1,209			1,819			4,963			4,009			4,565			6,309			7,616			4,119			4,131			2,673			6,067			8,201			69,919			—			69,919
Income tax expense (benefit)		123			—			—			—			—			—			—			16			—			—			—			—			(131	)		—			307			—			315			159			474
Non-hotel EBITDA ownership expense		578			177			196			431			47			15			60			50			11			254			880			30			9			304			31			43			3,116			(3,116	)		—
Hotel EBITDA including amounts attributable to noncontrolling interest		13,630			1,316			5,214			3,567			10,542			2,092			10,117			8,093			7,681			18,987			9,297			8,873			13,004			(1,812	)		15,438			18,057			144,096			10,227			154,323
Less: EBITDA adjustments attributable to consolidated noncontrolling interest		(3,408	)		(329	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(3,737	)		3,737			—
Equity in earnings (loss) of unconsolidated entities		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Hotel EBITDA attributable to the Company and OP unitholders	$	10,222		$	987		$	5,214		$	3,567		$	10,542		$	2,092		$	10,117		$	8,093		$	7,681		$	18,987		$	9,297		$	8,873		$	13,004		$	(1,812	)	$	15,438		$	18,057		$	140,359		$	13,964		$	154,323
Non-comparable adjustments		—			(1,316	)		—			(3,567	)		(10,542	)		(2,092	)		(10,117	)		—			(7,681	)		(18,987	)		—			(8,873	)		—			—			—			—			(63,175	)
Comparable hotel EBITDA	$	13,630		$	—		$	5,214		$	—		$	—		$	—		$	—		$	8,093		$	—		$	—		$	9,297		$	—		$	13,004		$	(1,812	)	$	15,438		$	18,057		$	80,921
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—		$	1,316		$	—		$	3,567		$	10,542		$	2,092		$	10,117		$	—		$	—		$	18,987		$	9,297		$	—		$	13,004		$	—		$	15,438		$	18,057		$	102,417
Non-comparable adjustments		—			(1,316	)		—			(3,567	)		(10,542	)		(2,092	)		(10,117	)		—			—			(18,987	)		—			—			—			—			—			—			(46,621	)
Comparable hotel EBITDA	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	9,297		$	—		$	13,004		$	—		$	15,438		$	18,057		$	55,796
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	13,630		$	—		$	5,214		$	—		$	—		$	—		$	—		$	8,093		$	7,681		$	—		$	—		$	8,873		$	—		$	(1,812	)	$	—		$	—		$	41,679
Non-comparable adjustments		—			—			—			—			—			—			—			—			(7,681	)		—			—			(8,873	)		—			—			—			—			(16,554	)
Comparable hotel EBITDA	$	13,630		$	—		$	5,214		$	—		$	—		$	—		$	—		$	8,093		$	—		$	—		$	—		$	—		$	—		$	(1,812	)	$	—		$	—		$	25,125

NOTES:

(1)

(2)