8-K - BHR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): February 26, 2026

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland	001-35972	46-2488594
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas		75254
(Address of principal executive offices)		(Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BHR	New York Stock Exchange
Preferred Stock, Series B	BHR-PB	New York Stock Exchange
Preferred Stock, Series D	BHR-PD	New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 26, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01 OTHER EVENTS.

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Fourth Quarter 2025 Earnings Press Release of the Company, dated February 26, 2026

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

SIGNATURES

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

	BRAEMAR HOTELS & RESORTS INC.
Dated: February 26, 2026	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

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

BRAEMAR HOTELS & RESORTS REPORTS

FOURTH QUARTER AND FULL YEAR 2025 RESULTS

DALLAS – February 26, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

•Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579.

•Comparable RevPAR for all hotels totaled $340, relatively flat over the prior year quarter. Comparable ADR increased 5.4% over the prior year quarter to $559 and Comparable Occupancy decreased 5.2% over the prior year quarter to 60.8%.

•For hotels not under renovation, Comparable RevPAR increased 2.6% on a 3.4% increase in Comparable ADR and a 0.8% decrease in Comparable Occupancy.

•Net loss attributable to common stockholders for the quarter was $(46.0) million or $(0.67) per diluted share.

•Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter.

•Adjusted EBITDAre was $28.8 million for the quarter.

•Comparable Hotel EBITDA was $38.0 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $17.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 46.7% at the end of the fourth quarter.

•Capex invested during the quarter was $23.4 million.

•During the quarter, the Company redeemed approximately $17.7 million of its non-traded preferred stock in cash.

BHR Reports Forth Quarter and Full Year Results

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February 26, 2026

FULL YEAR 2025 FINANCIAL HIGHLIGHTS

•Comparable Total RevPAR for all hotels increased 3.1% over the prior year to $583.

•Comparable RevPAR for all hotels increased 1.0% over the prior year to $347. Comparable ADR increased 3.9% over the prior year to $538 and Comparable Occupancy decreased 2.7% over the prior year to 64.6%.

•For the year, net loss attributable to common stockholders was $(72.7) million or $(1.07) per diluted share compared to a net loss of $(50.9) million or $(0.77) per diluted share in the prior year.

•For the year, AFFO per diluted share was $0.28 compared to $0.21 in the prior year.

•Adjusted EBITDAre for the year was $147.0 million.

•Comparable Hotel EBITDA for the year was $164.2 million compared to $159.3 million in the prior year.

•Capex invested during the year was $77.9 million.

RECENT OPERATING HIGHLIGHTS

•In August 2025, the Company announced that it had initiated a process for the sale of the Company.

•During the quarter, the Company completed the sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key).

•During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand.

•During the quarter, the Company completed renovations of Hotel Yountville in Napa Valley and Park Hyatt Beaver Creek.

INITIATION OF SALE PROCESS

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

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

CAPITAL STRUCTURE

As of December 31, 2025, the Company had total assets of $1.9 billion and $1.1 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.7%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 14% of the Company’s consolidated debt is effectively fixed and approximately 86% is effectively floating.

During the quarter, the Company closed on the previously announced sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key). The sale price represented a 5.2% capitalization rate on net operating income for the trailing 12 months ended September 30, 2025.

BHR Reports Forth Quarter and Full Year Results

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February 26, 2026

During the quarter, the Company acquired the minority interest owned by its joint venture partner in the Capital Hilton for $14.5 million.

During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand. One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.

DIVIDENDS

Subsequent to quarter end, the Company updated its preferred equity securities dividend declaration process to align the dividend cycles of its different preferred stock share classes in conjunction with the Company’s previously announced Company sale process. The dividend calculation rates remain unchanged and continue to follow the respective Articles Supplementary for each series of the Company’s preferred stock.

As announced on February 2, 2026, given the Company’s Series B and Series D preferred stock are pari passu with its Series E and Series M preferred stock with respect to distributions, they must receive equitable treatment regarding dividend declarations. To manage this consistently, the Company moved from declaring Series B and Series D dividends at the start of the quarter to “reserving” them on a monthly basis alongside its other Series E and Series M monthly dividend declarations. This ensures all parity requirements with respect to distributions across all of its series of preferred stock are met while maintaining the actual quarterly payment of its Series B and Series D preferred stock on or near the 15th of the month following quarter-end. This also gives the Company flexibility in the event that it has a strategic transaction that requires a redemption or conversion of the preferred equity securities outstanding during the middle of a quarter.

Additionally, regarding the Company’s common equity dividend policy, the Board has not declared a policy for 2026 in light of the fact that there is an ongoing Company sale process, which could result in the Company’s assets being sold in more than one transaction with net proceeds being distributed to shareholders after satisfying the Company’s other obligations.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

“I’m pleased with Braemar’s solid fourth quarter performance, highlighted by comparable total revenue growth of 1.8%,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Renovations at a few properties significantly impacted our portfolio results. For hotels not under renovation, comparable total revenues increased 4.2% and comparable Hotel EBITDA increased 6.4% over the prior year period. Our resort portfolio again performed well, benefiting from a return to a more normalized growth trajectory. Resorts delivered a solid fourth quarter with comparable RevPAR growth of 4.1% and strong fourth quarter comparable EBITDA growth of 6.0% over the prior year period.” Mr. Stockton concluded, “We’re also very pleased to have recently completed the conversion of our Cameo Beverly Hills to Hilton’s luxury LXR brand. This transformation honors the property’s storied history while aligning with the expectations of today’s luxury traveler. Lastly, and in the context of evaluating all

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February 26, 2026

potential options to create shareholder value, we have appointed real estate broker co-advisors to evaluate the potential for individual asset sales in conjunction with the Company Sale Process.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Friday, February 27, 2026, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 6, 2026, by dialing (609) 800-9909 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Friday, February 27, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

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

* * * * *

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

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

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

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations,

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February 26, 2026

plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

		December 31, 2024
ASSETS
Investments in hotel properties, gross	1,902,328	$	2,252,574
Accumulated depreciation		(473,888)
Investments in hotel properties, net		1,778,686
Cash and cash equivalents		135,465
Restricted cash		49,592
Investment in securities (amortized cost of 0 and 42,279, respectively)		41,535
Accounts receivable, net of allowance of 113 and 459, respectively		31,754
Inventories		4,664
Note receivable		8,283
Prepaid expenses		5,116
Deposit paid to Ashford Inc.		—
Deferred costs, net		75
Investment in OpenKey		145
Derivative assets		356
Other assets		19,538
Operating lease right-of-use assets		34,852
Intangible assets, net		3,125
Due from third-party hotel managers		22,873
Total assets	1,861,732	$	2,136,059
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	1,103,450	$	1,210,018
Accounts payable and accrued expenses		143,566
Redeemable preferred stock redemptions payable		—
Dividends and distributions payable		9,255
Due to Ashford Inc., net		4,267
Due to related parties, net		1,055
Due to third-party hotel managers		1,476
Operating lease liabilities		19,984
Other liabilities		24,268
Total liabilities		1,413,889
5.50% Series B cumulative convertible preferred stock, 0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		65,426
Series E redeemable preferred stock, 0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		352,502
Series M redeemable preferred stock, 0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		36,916
Redeemable noncontrolling interests in operating partnership		29,964
Equity:
Preferred stock, 0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024		16
Common stock, 0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		665
Additional paid-in capital		718,536
Accumulated other comprehensive income (loss)		(684)
Accumulated deficit		(477,804)
Total stockholders' equity of the Company		240,729
Noncontrolling interest in consolidated entities		(3,367)
Total equity		237,362
Total liabilities and equity	1,861,732	$	2,136,059

All values are in US Dollars.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
REVENUE
Rooms	$	97,373	$	105,155	$	428,990	$	452,361
Food and beverage	45,542		45,359		179,538		181,250
Other	22,647		22,826		95,487		94,793
Total hotel revenue	165,562		173,340		704,015		728,404
EXPENSES
Hotel operating expenses:
Rooms	24,135		25,177		104,367		106,465
Food and beverage	35,184		36,522		141,846		145,901
Other expenses	55,390		56,333		223,977		225,864
Management fees	5,104		5,587		21,995		23,500
Total hotel operating expenses	119,813		123,619		492,185		501,730
Property taxes, insurance and other	7,685		11,768		34,253		42,508
Depreciation and amortization	22,659		23,541		92,578		98,733
Impairment charges	54,492		—		54,492		—
Advisory services fee:
Base advisory fee	3,698		3,670		14,290		13,838
Reimbursable expenses	3,536		3,163		13,939		11,620
Incentive fee	662		623		1,408		2,735
Stock/unit-based compensation	(427)		(124)		(451)		2,294
Corporate, general and administrative:
Stock/unit-based compensation	—		46		5		315
Other general and administrative	7,347		3,210		11,749		14,046
Total operating expenses	219,465		169,516		714,448		687,819
Gain (loss) on disposition of assets and hotel properties	41,827		(45)		82,797		88,165
OPERATING INCOME (LOSS)	(12,076)		3,779		72,364		128,750
Equity in earnings (loss) of unconsolidated entity	(56)		(1,394)		(56)		(1,608)
Interest income	1,345		2,607		6,246		7,135
Other income (expense)	(322)		—		(1,572)		—
Interest expense	(20,530)		(24,591)		(88,361)		(101,737)
Amortization of loan costs	(2,633)		(1,846)		(10,178)		(6,387)
Write-off of loan costs and exit fees	—		(16)		(1,833)		(6,111)
Gain (loss) on extinguishment of debt	(1,133)		—		(2,686)		(22)
Realized and unrealized gain (loss) on derivatives	(54)		62		(355)		585
INCOME (LOSS) BEFORE INCOME TAXES	(35,459)		(21,399)		(26,431)		20,605
Income tax (expense) benefit	(1,505)		(368)		(1,979)		(842)
NET INCOME (LOSS)	(36,964)		(21,767)		(28,410)		19,763
(Income) loss attributable to noncontrolling interest in consolidated entities	(36)		389		325		(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3,409		2,725		5,767		4,472
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(33,591)		(18,653)		(22,318)		(1,693)
Preferred dividends	(8,345)		(9,702)		(35,273)		(40,295)
Deemed dividends on redeemable preferred stock	(4,026)		(2,783)		(15,112)		(8,958)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(45,962)	$	(31,138)	$	(72,703)	$	(50,946)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.67)	$	(0.47)	$	(1.07)	$	(0.77)
Weighted average common shares outstanding – basic	68,219		66,523		67,621		66,500
Diluted:
Net income (loss) attributable to common stockholders	$	(0.67)	$	(0.47)	$	(1.07)	$	(0.77)
Weighted average common shares outstanding – diluted	73,279		66,523		67,621		66,500
Dividends declared per common share	$	0.05	$	0.05	$	0.20	$	0.20

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(36,964)	$	(21,767)	$	(28,410)	$	19,763
Interest expense and amortization of loan costs	23,163		26,437		98,539		108,124
Depreciation and amortization	22,659		23,541		92,578		98,733
Income tax expense (benefit)	1,505		368		1,979		842
Equity in (earnings) loss of unconsolidated entity	56		1,394		56		1,608
Company's portion of EBITDA of OpenKey	—		(53)		—		(268)
EBITDA	10,419		29,920		164,742		228,802
Impairment charges on real estate	54,492		—		54,492		—
(Gain) loss on disposition of assets and hotel properties	(41,827)		45		(82,797)		(88,165)
EBITDAre	23,084		29,965		136,437		140,637
Amortization of favorable (unfavorable) contract assets (liabilities)	107		107		428		453
Transaction and conversion costs	4,728		1,077		7,502		(4,447)
Write-off of loan costs and exit fees	—		16		1,833		6,111
Realized and unrealized (gain) loss on derivatives	54		(62)		355		(585)
Stock/unit-based compensation	(426)		(78)		(446)		2,611
Legal, advisory and settlement costs	726		1,320		(3,138)		12,676
Advisory services incentive fee	(746)		(2,112)		—		—
(Gain) loss on extinguishment of debt	1,133		—		2,686		22
Other (income) expense	322		—		1,572		—
(Gain) loss on insurance settlements	(196)		(8)		(196)		(8)
Severance	—		—		—		102
Company's portion of adjustments to EBITDAre of OpenKey	—		—		—		3
Adjusted EBITDAre	$	28,786	$	30,225	$	147,033	$	157,575

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				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(36,964)	$	(21,767)	$	(28,410)	$	19,763
(Income) loss attributable to noncontrolling interest in consolidated entities	(36)		389		325		(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3,409		2,725		5,767		4,472
Preferred dividends	(8,345)		(9,702)		(35,273)		(40,295)
Deemed dividends on redeemable preferred stock	(4,026)		(2,783)		(15,112)		(8,958)
Net income (loss) attributable to common stockholders	(45,962)		(31,138)		(72,703)		(50,946)
Depreciation and amortization on real estate (1)	22,659		22,813		90,523		94,944
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(3,409)		(2,725)		(5,767)		(4,472)
Equity in (earnings) loss of unconsolidated entity	56		1,394		56		1,608
Impairment charges on real estate	54,492		—		54,492		—
(Gain) loss on disposition of assets and hotel properties	(41,827)		45		(82,815)		(61,925)
Company's portion of FFO of OpenKey	—		(69)		—		(322)
FFO available to common stockholders and OP unitholders	(13,991)		(9,680)		(16,214)		(21,113)
Deemed dividends on redeemable preferred stock	4,026		2,783		15,112		8,958
Transaction and conversion costs	4,728		1,077		7,502		(4,447)
Write-off of premiums, loan costs and exit fees	—		16		1,833		6,111
Unrealized (gain) loss on derivatives	121		373		971		4,071
Stock/unit-based compensation	(426)		(78)		(446)		2,611
Legal, advisory and settlement costs	726		1,320		(3,138)		12,676
Interest expense accretion on refundable membership club deposits	136		150		557		616
Amortization of loan costs (1)	2,633		1,812		10,071		6,080
Advisory services incentive fee	(746)		(2,112)		—		—
(Gain) loss on extinguishment of debt	1,133		—		2,686		22
Other (income) expense	322		—		1,572		—
(Gain) loss on insurance settlements	(196)		(8)		(196)		(8)
Severance	—		—		—		102
Company's portion of adjustments to FFO of OpenKey	—		—		—		3
Adjusted FFO available to common stockholders and OP unitholders	$	(1,534)	$	(4,347)	$	20,310	$	15,682
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.02)	$	(0.06)	$	0.28	$	0.21
Weighted average diluted shares	73,280		73,383		73,487		72,947

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2025

(dollars in thousands)

(unaudited)

Lender	Hotels	Current<br>Maturity	Final<br><br>Maturity (8)	Interest Rate	Fixed-Rate<br>Debt			Floating-Rate<br>Debt				Total<br>Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (9)		Comparable TTM Hotel EBITDA<br>Debt Yield
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2026	February 2027	SOFR (1) + 2.86%	$	—		$	70,500		(2)	$	70,500		$	(1,483)	(2.1)	%	$	10,759	15.3	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
BAML	The Ritz-Carlton Lake Tahoe	July 2026	July 2026	SOFR (1) + 3.25%	—			43,413				43,413			(6,851)		(15.8)	%	8,548		19.7	%
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	—			407,000			(3)	407,000			17,262		4.2	%	63,801		15.7	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(4)	110,600			(4,722)		(4.3)	%	16,862		15.2	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.83%	—			209,902			(5)	209,902			(12,279)		(5.8)	%	40,209		19.2	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%	—			180,000			(6)	180,000			3,492		1.9	%	28,020		15.6	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(8,424)		N/A		(3,964)		N/A
Total					$	86,250		$	1,021,415			$	1,107,665		$	(13,005)	(1.2)	%	$	164,235	14.8	%
Percentage					7.8		%	92.2		%		100.0		%
Weighted average interest rate (7)					4.50		%	6.83		%		6.65		%

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

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

(1) SOFR rate was 3.69% at December 31, 2025.

(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in February 2026.

(3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

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

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

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

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

(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

December 31, 2025

(dollars in thousands)

(unaudited)

Lender	Hotels	2026		2027		2028		2029		2030		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	43,413	$	—	$	—	$	—	$	—	$	—	$	43,413
Convertible Senior Notes	N/A	86,250		—		—		—		—		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		70,500		—		—		—		—		70,500
Aareal Capital Corporation	Capital Hilton	—		—		106,600		—		—		—		106,600
BAML	See footnote 1	—		—		—		407,000		—		—		407,000
JPMorgan Chase	See footnote 2	—		—		—		—		209,902		—		209,902
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		174,000		—		174,000
Principal due in future periods		$	129,663	$	70,500	$	106,600	$	407,000	$	383,902	$	—	$	1,097,665
Scheduled amortization payments remaining		—		2,000		2,750		3,000		2,250		—		10,000
Total indebtedness		$	129,663	$	72,500	$	109,350	$	410,000	$	386,152	$	—	$	1,107,665

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	99,711		$	(4,296)		$	95,415		$	107,449		$	(12,053)		$	95,396		(7.20)	%	0.02	%
	RevPAR	$	337.50		$	(291.44)		$	339.92		$	304.94		$	(168.16)		$	339.86		10.68	%	0.02	%
	Occupancy	61.36		%	(72.62)		%	60.77		%	63.54		%	(61.46)		%	64.07		%	(3.43)	%	(5.15)	%
	ADR	$	549.99		$	(401.34)		$	559.32		$	479.92		$	(273.59)		$	530.45		14.60	%	5.44	%	ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	436,807		$	(50,276)		$	386,531		$	459,466		$	(75,837)		$	383,629		(4.93)	%	0.76	%
	RevPAR	$	330.73		$	(242.76)		$	347.09		$	310.52		$	(208.85)		$	343.59		6.51	%	1.02	%
	Occupancy	65.94		%	(73.40)		%	64.56		%	67.63		%	(71.51)		%	66.37		%	(2.50)	%	(2.73)	%
	ADR	$	501.54		$	(330.74)		$	537.65		$	459.13		$	(292.05)		$	517.68		9.24	%	3.86	%

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

ALL HOTELS<br><br>NOT UNDER RENOVATION:
	Three Months Ended December 31,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
		Rooms revenue (in thousands)	$	91,434		$	(4,296)		$	87,138		$	96,985		$	(12,051)		$	84,934		(5.72)	%	2.59	%
		RevPAR	$	355.55		$	(291.44)		$	359.45		$	308.78		$	(168.16)		$	350.36		15.15	%	2.59	%
		Occupancy	65.36		%	(72.62)		%	64.92		%	64.52		%	(61.46)		%	65.43		%	1.30	%	(0.78)	%
		ADR	$	543.96		$	(401.34)		$	553.66		$	478.57		$	(273.59)		$	535.50		13.66	%	3.39	%	ALL HOTELS<br><br>NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Year Ended December 31,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
		Rooms revenue (in thousands)	$	396,082		$	(50,275)		$	345,807		$	414,439		$	(75,837)		$	338,602		(4.43)	%	2.13	%
		RevPAR	$	338.86		$	(242.76)		$	359.55		$	312.22		$	(208.85)		$	351.15		8.53	%	2.39	%
		Occupancy	67.97		%	(73.40)		%	66.80		%	68.43		%	(71.51)		%	67.26		%	(0.67)	%	(0.68)	%
		ADR	$	498.55		$	(330.74)		$	538.26		$	456.29		$	(292.05)		$	522.05		9.26	%	3.11	%

NOTES:

(1) The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

	Three Months Ended								Year Ended
	December 31,								December 31,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	167,475		$	175,217		(4.42)	%	$	710,412		$	734,217		(3.24)	%
Non-comparable adjustments	(5,032)			(15,581)					(61,324)			(103,066)
Comparable total hotel revenue	$	162,443		$	159,636		1.76	%	$	649,088		$	631,151		2.84	%
Hotel net income (loss)	$	(6,496)		$	(3,126)		(107.81)	%	$	80,080		$	124,976		(35.92)	%
Non-comparable adjustments	(42,907)			946					(93,085)			(98,471)
Comparable hotel net income (loss)	$	(49,403)		$	(2,180)		(2,166.19)	%	$	(13,005)		$	26,505		(149.07)	%
Hotel net income (loss) margin	(3.88)		%	(1.78)		%	(2.10)	%	11.27		%	17.02		%	(5.75)	%
Comparable hotel net income margin	(30.41)		%	(1.37)		%	(29.04)	%	(2.00)		%	4.20		%	(6.20)	%
Hotel EBITDA	$	39,640		$	41,030		(3.39)	%	$	183,736		$	188,137		(2.34)	%
Non-comparable adjustments	(1,631)			(2,609)					(19,501)			(28,833)
Comparable hotel EBITDA	$	38,009		$	38,421		(1.07)	%	$	164,235		$	159,304		3.10	%
Hotel EBITDA margin	23.67		%	23.42		%	0.25	%	25.86		%	25.62		%	0.24	%
Comparable hotel EBITDA margin	23.40		%	24.07		%	(0.67)	%	25.30		%	25.24		%	0.06	%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	10		$	(2,357)		100.43	%	$	(430)		$	22,471		(101.91)	%
Hotel net income (loss) attributable to the Company and OP unitholders	$	(6,506)		$	(769)		(746.07)	%	$	80,510		$	102,505		(21.46)	%
Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(48,930)		$	148		(33,052.92)	%	$	(11,824)		$	27,761		(142.59)	%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	857		$	940		(8.81)	%	$	4,594		$	7,016		(34.52)	%
Hotel EBITDA attributable to the Company and OP unitholders	$	38,783		$	40,091		(3.26)	%	$	179,142		$	181,121		(1.09)	%
Comparable hotel EBITDA attributable to the Company and OP unitholders	$	37,201		$	37,468		(0.71)	%	$	160,020		$	154,565		3.53	%

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

		Three Months Ended									Year Ended
December 31,									December 31,
		2025			2024			% Variance			2025			2024			% Variance
	Total hotel revenue	$	153,515		$	158,099		(2.90)		%	$	641,200		$	658,460		(2.62)	%
	Non-comparable adjustments	(5,032)			(15,581)						(61,324)			(103,065)
	Comparable total hotel revenue	$	148,483		$	142,518		4.19		%	$	579,876		$	555,395		4.41	%
	Hotel net income (loss)	$	15,227		$	(515)		3,056.70		%	$	105,082		$	127,680		(17.70)	%
	Non-comparable adjustments	(42,908)			946						(93,086)			(98,471)
	Comparable hotel net income (loss)	$	(27,681)		$	431		(6,522.51)		%	$	11,996		$	29,209		(58.93)	%
	Hotel net income (loss) margin	9.92		%	(0.33)		%	10.25		%	16.39		%	19.39		%	(3.00)	%
	Comparable hotel net income margin	(18.64)		%	0.30		%	(18.94)		%	2.07		%	5.26		%	(3.19)	%
	Hotel EBITDA	$	40,185		$	38,838		3.47		%	$	173,884		$	173,576		0.18	%
	Non-comparable adjustments	(1,631)			(2,609)						(19,501)			(28,833)
	Comparable hotel EBITDA	$	38,554		$	36,229		6.42		%	$	154,383		$	144,743		6.66	%
	Hotel EBITDA margin	26.18		%	24.57		%	1.61		%	27.12		%	26.36		%	0.76	%
	Comparable hotel EBITDA margin	25.97		%	25.42		%	0.55		%	26.62		%	26.06		%	0.56	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	10		$	(2,357)		100.43		%	$	(430)		$	22,471		(101.91)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	15,217		$	1,842		726.10		%	$	105,512		$	105,209		0.29	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(27,208)		$	2,759		(1,086.00)		%	$	13,177		$	30,465		(56.75)	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	857		$	940		(8.81)		%	$	4,594		$	7,016		(34.52)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	39,328		$	37,899		3.77		%	$	169,290		$	166,560		1.64	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	37,746		$	35,276		7.00		%	$	150,168		$	140,004		7.26	%

NOTES:

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

(5) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	9,274		$	—		$	9,274		$	9,810		$	—		$	9,810		(5.46)	%	(5.46)	%
	Total hotel revenue	$	14,766		$	—		$	14,766		$	15,455		$	—		$	15,455		(4.46)	%	(4.46)	%
	Hotel net income (loss)	$	(1,890)		$	—		$	(1,890)		$	(9,314)		$	—		$	(9,314)		79.71	%	79.71	%
	Hotel net income (loss) margin	(12.80)		%				(12.80)		%	(60.27)		%				(60.27)		%	47.47	%	47.47	%
	Hotel EBITDA	$	3,232		$	—		$	3,232		$	3,810		$	—		$	3,810		(15.17)	%	(15.17)	%
	Hotel EBITDA margin	21.89		%				21.89		%	24.65		%				24.65		%	(2.76)	%	(2.76)	%
	Selected Operating Information:
	RevPAR	$	180.33		$	—		$	180.33		$	190.75		$	—		$	190.75		(5.46)	%	(5.46)	%
	Occupancy	68.71		%	—		%	68.71		%	73.23		%	—		%	73.23		%	(6.17)	%	(6.17)	%
	ADR	$	262.45		$	—		$	262.45		$	260.46		$	—		$	260.46		0.76	%	0.76	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Hotel net income (loss)	$	40		$	(40)		$	—		$	(114)		$	114		$	—		135.09	%	—	%
	Hotel net income (loss) margin	—		%				—		%	—		%				—		%	—	%	—	%
	Hotel EBITDA	$	74		$	(74)		$	—		$	(51)		$	51		$	—		245.10	%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,097		$	—		$	7,097		$	7,191		$	—		$	7,191		(1.31)	%	(1.31)	%
	Total hotel revenue	$	9,995		$	—		$	9,995		$	9,822		$	—		$	9,822		1.76	%	1.76	%
	Hotel net income (loss)	$	(30,388)		$	—		$	(30,388)		$	(787)		$	—		$	(787)		(3,761.25)	%	(3,761.25)	%
	Hotel net income (loss) margin	(304.03)		%				(304.03)		%	(8.01)		%				(8.01)		%	(296.02)	%	(296.02)	%
	Hotel EBITDA	$	1,006		$	—		$	1,006		$	356		$	—		$	356		182.58	%	182.58	%
	Hotel EBITDA margin	10.07		%				10.07		%	3.62		%				3.62		%	6.45	%	6.45	%
	Selected Operating Information:
	RevPAR	$	185.88		$	—		$	185.88		$	188.34		$	—		$	188.34		(1.31)	%	(1.31)	%
	Occupancy	71.40		%	—		%	71.40		%	75.06		%	—		%	75.06		%	(4.88)	%	(4.88)	%
	ADR	$	260.33		$	—		$	260.33		$	250.92		$	—		$	250.92		3.75	%	3.75	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	3,963		$	—		$	3,963		$	3,537		$	—		$	3,537		12.04	%	12.04	%
	Total hotel revenue	$	5,458		$	—		$	5,458		$	4,993		$	—		$	4,993		9.31	%	9.31	%
	Hotel net income (loss)	$	(8,458)		$	—		$	(8,458)		$	44		$	—		$	44		(19,322.73)	%	(19,322.73)	%
	Hotel net income (loss) margin	(154.97)		%				(154.97)		%	0.88		%				0.88		%	(155.85)	%	(155.85)	%
	Hotel EBITDA	$	1,134		$	—		$	1,134		$	1,182		$	—		$	1,182		(4.06)	%	(4.06)	%
	Hotel EBITDA margin	20.78		%				20.78		%	23.67		%				23.67		%	(2.89)	%	(2.89)	%
	Selected Operating Information:
	RevPAR	$	662.69		$	—		$	662.69		$	591.46		$	—		$	591.46		12.04	%	12.04	%
	Occupancy	68.66		%	—		%	68.66		%	55.74		%	—		%	55.74		%	23.18	%	23.18	%
	ADR	$	965.14		$	—		$	965.14		$	1,061.18		$	—		$	1,061.18		(9.05)	%	(9.05)	%
		Three Months Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	6,078		$	—		$	6,078		$	5,897		$	—		$	5,897		3.07	%	3.07	%
	Total hotel revenue	$	8,002		$	—		$	8,002		$	7,721		$	—		$	7,721		3.64	%	3.64	%
	Hotel net income (loss)	$	3,286		$	—		$	3,286		$	3,021		$	—		$	3,021		8.77	%	8.77	%
	Hotel net income (loss) margin	41.06		%				41.06		%	39.13		%				39.13		%	1.93	%	1.93	%
	Hotel EBITDA	$	3,685		$	—		$	3,685		$	3,579		$	—		$	3,579		2.96	%	2.96	%
	Hotel EBITDA margin	46.05		%				46.05		%	46.35		%				46.35		%	(0.30)	%	(0.30)	%
	Selected Operating Information:
	RevPAR	$	465.22		$	—		$	465.22		$	451.42		$	—		$	451.42		3.06	%	3.06	%
	Occupancy	75.83		%	—		%	75.83		%	72.29		%	—		%	72.29		%	4.90	%	4.90	%
	ADR	$	613.47		$	—		$	613.47		$	624.46		$	—		$	624.46		(1.76)	%	(1.76)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	2,549		$	—		$	2,549		$	2,862		$	—		$	2,862		(10.94)	%	(10.94)	%
	Total hotel revenue	$	3,438		$	—		$	3,438		$	3,672		$	—		$	3,672		(6.37)	%	(6.37)	%
	Hotel net income (loss)	$	(15,353)		$	—		$	(15,353)		$	342		$	—		$	342		(4,589.18)	%	(4,589.18)	%
	Hotel net income (loss) margin	(446.57)		%				(446.57)		%	9.31		%				9.31		%	(455.88)	%	(455.88)	%
	Hotel EBITDA	$	965		$	—		$	965		$	1,103		$	—		$	1,103		(12.51)	%	(12.51)	%
	Hotel EBITDA margin	28.07		%				28.07		%	30.04		%				30.04		%	(1.97)	%	(1.97)	%
	Selected Operating Information:
	RevPAR	$	346.28		$	—		$	346.28		$	388.91		$	—		$	388.91		(10.96)	%	(10.96)	%
	Occupancy	53.06		%	—		%	53.06		%	54.21		%	—		%	54.21		%	(2.12)	%	(2.12)	%
	ADR	$	652.65		$	—		$	652.65		$	717.39		$	—		$	717.39		(9.02)	%	(9.02)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	4,694		$	—		$	4,694		$	5,383		$	—		$	5,383		(12.80)	%	(12.80)	%
	Total hotel revenue	$	9,137		$	—		$	9,137		$	10,316		$	—		$	10,316		(11.43)	%	(11.43)	%
	Hotel net income (loss)	$	(2,734)		$	—		$	(2,734)		$	(1,259)		$	—		$	(1,259)		(117.16)	%	(117.16)	%
	Hotel net income (loss) margin	(29.92)		%				(29.92)		%	(12.20)		%				(12.20)		%	(17.72)	%	(17.72)	%
	Hotel EBITDA	$	642		$	—		$	642		$	1,562		$	—		$	1,562		(58.90)	%	(58.90)	%
	Hotel EBITDA margin	7.03		%				7.03		%	15.14		%				15.14		%	(8.11)	%	(8.11)	%
	Selected Operating Information:
	RevPAR	$	264.35		$	—		$	264.35		$	303.17		$	—		$	303.17		(12.80)	%	(12.80)	%
	Occupancy	35.84		%	—		%	35.84		%	50.95		%	—		%	50.95		%	(29.66)	%	(29.66)	%
	ADR	$	737.68		$	—		$	737.68		$	595.01		$	—		$	595.01		23.98	%	23.98	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	7,210		$	—		$	7,210		$	8,170		$	—		$	8,170		(11.75)	%	(11.75)	%
	Total hotel revenue	$	9,773		$	—		$	9,773		$	10,543		$	—		$	10,543		(7.30)	%	(7.30)	%
	Hotel net income (loss)	$	1,946		$	—		$	1,946		$	2,739		$	—		$	2,739		(28.95)	%	(28.95)	%
	Hotel net income (loss) margin	19.91		%				19.91		%	25.98		%				25.98		%	(6.07)	%	(6.07)	%
	Hotel EBITDA	$	3,390		$	—		$	3,390		$	4,025		$	—		$	4,025		(15.78)	%	(15.78)	%
	Hotel EBITDA margin	34.69		%				34.69		%	38.18		%				38.18		%	(3.49)	%	(3.49)	%
	Selected Operating Information:
	RevPAR	$	157.05		$	—		$	157.05		$	177.96		$	—		$	177.96		(11.75)	%	(11.75)	%
	Occupancy	65.29		%	—		%	65.29		%	69.48		%	—		%	69.48		%	(6.03)	%	(6.03)	%
	ADR	$	240.55		$	—		$	240.55		$	256.13		$	—		$	256.13		(6.08)	%	(6.08)	%
		Three Months Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	4,296		$	(4,296)		$	—		$	6,204		$	(6,204)		$	—		(30.75)	%	—	%
	Total hotel revenue	$	5,032		$	(5,032)		$	—		$	7,359		$	(7,359)		$	—		(31.62)	%	—	%
	Hotel net income (loss)	$	42,776		$	(42,776)		$	—		$	(1,417)		$	1,417		$	—		3,118.77	%	—	%
	Hotel net income (loss) margin	850.08		%				—		%	(19.26)		%				—		%	869.34	%	—	%
	Hotel EBITDA	$	1,557		$	(1,557)		$	—		$	339		$	(339)		$	—		359.29	%	—	%
	Hotel EBITDA margin	30.94		%				—		%	4.61		%				—		%	26.33	%	—	%
	Selected Operating Information:
	RevPAR	$	291.44		$	291.44		$	—		$	164.47		$	164.47		$	—		77.20	%	—	%
	Occupancy	72.62		%	72.62		%	—		%	57.13		%	57.13		%	—		%	27.11	%	—	%
	ADR	$	401.34		$	401.34		$	—		$	287.90		$	287.90		$	—		39.40	%	—	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	8,707		$	—		$	8,707		$	6,939		$	—		$	6,939		25.48	%	25.48	%
	Total hotel revenue	$	23,603		$	—		$	23,603		$	18,896		$	—		$	18,896		24.91	%	24.91	%
	Hotel net income (loss)	$	3,511		$	—		$	3,511		$	1,033		$	—		$	1,033		239.88	%	239.88	%
	Hotel net income (loss) margin	14.88		%				14.88		%	5.47		%				5.47		%	9.41	%	9.41	%
	Hotel EBITDA	$	6,126		$	—		$	6,126		$	4,139		$	—		$	4,139		48.01	%	48.01	%
	Hotel EBITDA margin	25.95		%				25.95		%	21.90		%				21.90		%	4.05	%	4.05	%
	Selected Operating Information:
	RevPAR	$	342.88		$	—		$	342.88		$	273.27		$	—		$	273.27		25.47	%	25.47	%
	Occupancy	62.15		%	—		%	62.15		%	51.31		%	—		%	51.31		%	21.13	%	21.13	%
	ADR	$	551.71		$	—		$	551.71		$	532.61		$	—		$	532.61		3.59	%	3.59	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	5,977		$	—		$	5,977		$	7,376		$	—		$	7,376		(18.97)	%	(18.97)	%
	Total hotel revenue	$	10,746		$	—		$	10,746		$	12,908		$	—		$	12,908		(16.75)	%	(16.75)	%
	Hotel net income (loss)	$	(5,040)		$	—		$	(5,040)		$	(2,318)		$	—		$	(2,318)		(117.43)	%	(117.43)	%
	Hotel net income (loss) margin	(46.90)		%				(46.90)		%	(17.96)		%				(17.96)		%	(28.94)	%	(28.94)	%
	Hotel EBITDA	$	(749)		$	—		$	(749)		$	1,350		$	—		$	1,350		(155.48)	%	(155.48)	%
	Hotel EBITDA margin	(6.97)		%				(6.97)		%	10.46		%				10.46		%	(17.43)	%	(17.43)	%
	Selected Operating Information:
	RevPAR	$	355.04		$	—		$	355.04		$	438.10		$	—		$	438.10		(18.96)	%	(18.96)	%
	Occupancy	38.45		%	—		%	38.45		%	50.80		%	—		%	50.80		%	(24.31)	%	(24.31)	%
	ADR	$	923.44		$	—		$	923.44		$	862.48		$	—		$	862.48		7.07	%	7.07	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	5,849		$	(5,849)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	8,222		$	(8,222)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	91		$	(91)		$	—		$	585		$	(585)		$	—		(84.44)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	7.12		%				—		%	(7.12)	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	2,321		$	(2,321)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	28.23		%				—		%	(28.23)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	172.29		$	172.29		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	66.28		%	66.28		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	259.95		$	259.95		$	—		(100.00)	%	—	%
		Three Months Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	9,577		$	—		$	9,577		$	9,657		$	—		$	9,657		(0.83)	%	(0.83)	%
	Total hotel revenue	$	15,825		$	—		$	15,825		$	16,337		$	—		$	16,337		(3.13)	%	(3.13)	%
	Hotel net income (loss)	$	2,542		$	—		$	2,542		$	1,635		$	—		$	1,635		55.47	%	55.47	%
	Hotel net income (loss) margin	16.06		%				16.06		%	10.01		%				10.01		%	6.05	%	6.05	%
	Hotel EBITDA	$	3,699		$	—		$	3,699		$	3,586		$	—		$	3,586		3.15	%	3.15	%
	Hotel EBITDA margin	23.37		%				23.37		%	21.95		%				21.95		%	1.42	%	1.42	%
	Selected Operating Information:
	RevPAR	$	578.32		$	—		$	578.32		$	583.13		$	—		$	583.13		(0.82)	%	(0.82)	%
	Occupancy	56.97		%	—		%	56.97		%	52.25		%	—		%	52.25		%	9.03	%	9.03	%
	ADR	$	1,015.15		$	—		$	1,015.15		$	1,115.98		$	—		$	1,115.98		(9.04)	%	(9.04)	%
CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	1,033		$	—		$	1,033		$	2,217		$	—		$	2,217		(53.41)	%	(53.41)	%
	Total hotel revenue	$	1,384		$	—		$	1,384		$	3,128		$	—		$	3,128		(55.75)	%	(55.75)	%
	Hotel net income (loss)	$	(3,635)		$	—		$	(3,635)		$	(1,694)		$	—		$	(1,694)		(114.58)	%	(114.58)	%
	Hotel net income (loss) margin	(262.64)		%				(262.64)		%	(54.16)		%				(54.16)		%	(208.48)	%	(208.48)	%
	Hotel EBITDA	$	(2,152)		$	—		$	(2,152)		$	(473)		$	—		$	(473)		(354.97)	%	(354.97)	%
	Hotel EBITDA margin	(155.49)		%				(155.49)		%	(15.12)		%				(15.12)		%	(140.37)	%	(140.37)	%
	Selected Operating Information:
	RevPAR	$	78.53		$	—		$	78.53		$	168.53		$	—		$	168.53		(53.40)	%	(53.40)	%
	Occupancy	22.31		%	—		%	22.31		%	62.31		%	—		%	62.31		%	(64.20)	%	(64.20)	%
	ADR	$	352.01		$	—		$	352.01		$	270.49		$	—		$	270.49		30.14	%	30.14	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	17,609		$	—		$	17,609		$	15,973		$	—		$	15,973		10.24	%	10.24	%
	Total hotel revenue	$	25,606		$	—		$	25,606		$	23,575		$	—		$	23,575		8.62	%	8.62	%
	Hotel net income (loss)	$	3,299		$	—		$	3,299		$	2,083		$	—		$	2,083		58.38	%	58.38	%
	Hotel net income (loss) margin	12.88		%				12.88		%	8.84		%				8.84		%	4.04	%	4.04	%
	Hotel EBITDA	$	7,068		$	—		$	7,068		$	6,009		$	—		$	6,009		17.62	%	17.62	%
	Hotel EBITDA margin	27.60		%				27.60		%	25.49		%				25.49		%	2.11	%	2.11	%
	Selected Operating Information:
	RevPAR	$	1,805.64		$	—		$	1,805.64		$	1,637.96		$	—		$	1,637.96		10.24	%	10.24	%
	Occupancy	62.35		%	—		%	62.35		%	61.35		%	—		%	61.35		%	1.63	%	1.63	%
	ADR	$	2,896.15		$	—		$	2,896.15		$	2,669.79		$	—		$	2,669.79		8.48	%	8.48	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	11,647		$	—		$	11,647		$	10,384		$	—		$	10,384		12.16	%	12.16	%
	Total hotel revenue	$	24,710		$	—		$	24,710		$	22,270		$	—		$	22,270		10.96	%	10.96	%
	Hotel net income (loss)	$	3,511		$	—		$	3,511		$	2,295		$	—		$	2,295		52.98	%	52.98	%
	Hotel net income (loss) margin	14.21		%				14.21		%	10.31		%				10.31		%	3.90	%	3.90	%
	Hotel EBITDA	$	9,963		$	—		$	9,963		$	8,193		$	—		$	8,193		21.60	%	21.60	%
	Hotel EBITDA margin	40.32		%				40.32		%	36.79		%				36.79		%	3.53	%	3.53	%
	Selected Operating Information:
	RevPAR	$	602.82		$	—		$	602.82		$	537.49		$	—		$	537.49		12.15	%	12.15	%
	Occupancy	67.45		%	—		%	67.45		%	58.99		%	—		%	58.99		%	14.34	%	14.34	%
	ADR	$	893.76		$	—		$	893.76		$	911.22		$	—		$	911.22		(1.92)	%	(1.92)	%
		Three Months Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	70,801		$	—		$	70,801		$	68,008		$	—		$	68,008		4.11	%	4.11	%
	Total hotel revenue	$	126,525		$	—		$	126,525		$	120,688		$	—		$	120,688		4.84	%	4.84	%
	Hotel net income (loss)	$	(15,396)		$	(40)		$	(15,436)		$	6,762		$	114		$	6,876		(327.68)	%	(324.49)	%
	Hotel net income (loss) margin	(12.17)		%				(12.20)		%	5.60		%				5.70		%	(17.77)	%	(17.90)	%
	Hotel EBITDA	$	32,607		$	(74)		$	32,533		$	30,652		$	51		$	30,703		6.38	%	5.96	%
	Hotel EBITDA margin	25.77		%				25.71		%	25.40		%				25.44		%	0.37	%	0.27	%
	Selected Operating Information:
	RevPAR	$	536.27		$	—		$	536.27		$	515.13		$	—		$	515.14		4.10	%	4.10	%
	Occupancy	56.87		%	—		%	56.87		%	55.62		%	—		%	55.62		%	2.25	%	2.25	%
	ADR	$	942.98		$	—		$	942.98		$	926.20		$	—		$	926.22		1.81	%	1.81	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	28,910		$	(4,296)		$	24,614		$	39,441		$	(12,053)		$	27,388		(26.70)	%	(10.13)	%
	Total hotel revenue	$	40,950		$	(5,032)		$	35,918		$	54,529		$	(15,581)		$	38,948		(24.90)	%	(7.78)	%
	Hotel net income (loss)	$	8,900		$	(42,867)		$	(33,967)		$	(9,888)		$	832		$	(9,056)		190.01	%	(275.08)	%
	Hotel net income (loss) margin	21.73		%				(94.57)		%	(18.13)		%				(23.25)		%	39.86	%	(71.32)	%
	Hotel EBITDA	$	7,033		$	(1,557)		$	5,476		$	10,378		$	(2,660)		$	7,718		(32.23)	%	(29.05)	%
	Hotel EBITDA margin	17.17		%				15.25		%	19.03		%				19.82		%	(1.86)	%	(4.57)	%
	Selected Operating Information:
	RevPAR	$	176.92		$	291.44		$	165.56		$	179.00		$	168.17		$	184.21		(1.16)	%	(10.12)	%
	Occupancy	65.00		%	72.62		%	64.24		%	68.29		%	61.46		%	71.58		%	(4.82)	%	(10.25)	%
	ADR	$	272.20		$	401.34		$	257.72		$	262.13		$	273.62		$	257.37		3.84	%	0.14	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	99,711		$	(4,296)		$	95,415		$	107,449		$	(12,053)		$	95,396		(7.20)	%	0.02	%
	Total hotel revenue	$	167,475		$	(5,032)		$	162,443		$	175,217		$	(15,581)		$	159,636		(4.42)	%	1.76	%
	Hotel net income (loss)	$	(6,496)		$	(42,907)		$	(49,403)		$	(3,126)		$	946		$	(2,180)		(107.81)	%	(2,166.19)	%
	Hotel net income (loss) margin	(3.88)		%				(30.41)		%	(1.78)		%				(1.37)		%	(2.10)	%	(29.04)	%
	Hotel EBITDA	$	39,640		$	(1,631)		$	38,009		$	41,030		$	(2,609)		$	38,421		(3.39)	%	(1.07)	%
	Hotel EBITDA margin	23.67		%				23.40		%	23.42		%				24.07		%	0.25	%	(0.67)	%
	Selected Operating Information:
	RevPAR	$	337.50		$	(291.44)		$	339.92		$	304.94		$	(168.16)		$	339.86		10.68	%	0.02	%
	Occupancy	61.36		%	(72.62)		%	60.77		%	63.54		%	(61.46)		%	64.07		%	(3.43)	%	(5.15)	%
	ADR	$	549.99		$	(401.34)		$	559.32		$	479.92		$	(273.59)		$	530.45		14.60	%	5.44	%

NOTES:

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

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

(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)

		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	41,529		$	—		$	41,529		$	42,164		$	—		$	42,164		(1.51)	%	(1.51)	%
	Total hotel revenue	$	64,579		$	—		$	64,579		$	65,134		$	—		$	65,134		(0.85)	%	(0.85)	%
	Hotel net income (loss)	$	(4,722)		$	—		$	(4,722)		$	(5,023)		$	—		$	(5,023)		5.99	%	5.99	%
	Hotel net income (loss) margin	(7.31)		%				(7.31)		%	(7.71)		%				(7.71)		%	0.40	%	0.40	%
	Hotel EBITDA	$	16,862		$	—		$	16,862		$	18,957		$	—		$	18,957		(11.05)	%	(11.05)	%
	Hotel EBITDA margin	26.11		%				26.11		%	29.10		%				29.10		%	(2.99)	%	(2.99)	%
	Selected Operating Information:
	RevPAR	$	203.54		$	—		$	203.54		$	206.23		$	—		$	206.23		(1.30)	%	(1.30)	%
	Occupancy	74.32		%	—		%	74.32		%	78.64		%	—		%	78.64		%	(5.49)	%	(5.49)	%
	ADR	$	273.86		$	—		$	273.86		$	262.26		$	—		$	262.26		4.42	%	4.42	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	15,500		$	(15,500)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	27,901		$	(27,901)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	1,116		$	(1,116)		$	—		$	94,906		$	(94,906)		$	—		(98.82)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	340.15		%				—		%	(340.15)	%	—	%
	Hotel EBITDA	$	1,390		$	(1,390)		$	—		$	9,104		$	(9,104)		$	—		(84.73)	%	—	%
	Hotel EBITDA margin	—		%				—		%	32.63		%				—		%	(32.63)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	198.69		$	198.69		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	79.05		%	79.05		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	251.35		$	251.35		$	—		(100.00)	%	—	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	27,684		$	—		$	27,684		$	27,949		$	—		$	27,949		(0.95)	%	(0.95)	%
	Total hotel revenue	$	37,520		$	—		$	37,520		$	37,568		$	—		$	37,568		(0.13)	%	(0.13)	%
	Hotel net income (loss)	$	(28,661)		$	—		$	(28,661)		$	1,178		$	—		$	1,178		(2,533.02)	%	(2,533.02)	%
	Hotel net income (loss) margin	(76.39)		%				(76.39)		%	3.14		%				3.14		%	(79.53)	%	(79.53)	%
	Hotel EBITDA	$	6,220		$	—		$	6,220		$	5,742		$	—		$	5,742		8.32	%	8.32	%
	Hotel EBITDA margin	16.58		%				16.58		%	15.28		%				15.28		%	1.30	%	1.30	%
	Selected Operating Information:
	RevPAR	$	182.76		$	—		$	182.76		$	184.01		$	—		$	184.01		(0.68)	%	(0.68)	%
	Occupancy	69.83		%	—		%	69.83		%	72.54		%	—		%	72.54		%	(3.74)	%	(3.74)	%
	ADR	$	261.73		$	—		$	261.73		$	253.68		$	—		$	253.68		3.17	%	3.17	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	15,374		$	—		$	15,374		$	14,738		$	—		$	14,738		4.32	%	4.32	%
	Total hotel revenue	$	21,102		$	—		$	21,102		$	20,140		$	—		$	20,140		4.78	%	4.78	%
	Hotel net income (loss)	$	(7,560)		$	—		$	(7,560)		$	876		$	—		$	876		(963.01)	%	(963.01)	%
	Hotel net income (loss) margin	(35.83)		%				(35.83)		%	4.35		%				4.35		%	(40.18)	%	(40.18)	%
	Hotel EBITDA	$	4,701		$	—		$	4,701		$	4,436		$	—		$	4,436		5.97	%	5.97	%
	Hotel EBITDA margin	22.28		%				22.28		%	22.03		%				22.03		%	0.25	%	0.25	%
	Selected Operating Information:
	RevPAR	$	648.00		$	—		$	648.00		$	619.52		$	—		$	619.52		4.60	%	4.60	%
	Occupancy	67.15		%	—		%	67.15		%	60.96		%	—		%	60.96		%	10.15	%	10.15	%
	ADR	$	965.02		$	—		$	965.02		$	1,016.30		$	—		$	1,016.30		(5.05)	%	(5.05)	%
		Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	23,332		$	—		$	23,332		$	23,045		$	—		$	23,045		1.25	%	1.25	%
	Total hotel revenue	$	30,837		$	—		$	30,837		$	29,880		$	—		$	29,880		3.20	%	3.20	%
	Hotel net income (loss)	$	12,469		$	—		$	12,469		$	6,903		$	—		$	6,903		80.63	%	80.63	%
	Hotel net income (loss) margin	40.44		%				40.44		%	23.10		%				23.10		%	17.34	%	17.34	%
	Hotel EBITDA	$	14,227		$	—		$	14,227		$	13,604		$	—		$	13,604		4.58	%	4.58	%
	Hotel EBITDA margin	46.14		%				46.14		%	45.53		%				45.53		%	0.61	%	0.61	%
	Selected Operating Information:
	RevPAR	$	450.15		$	—		$	450.15		$	443.41		$	—		$	443.41		1.52	%	1.52	%
	Occupancy	74.09		%	—		%	74.09		%	71.36		%	—		%	71.36		%	3.83	%	3.83	%
	ADR	$	607.54		$	—		$	607.54		$	621.36		$	—		$	621.36		(2.22)	%	(2.22)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	10,125		$	—		$	10,125		$	11,347		$	—		$	11,347		(10.77)	%	(10.77)	%
	Total hotel revenue	$	13,536		$	—		$	13,536		$	14,711		$	—		$	14,711		(7.99)	%	(7.99)	%
	Hotel net income (loss)	$	(15,095)		$	—		$	(15,095)		$	1,875		$	—		$	1,875		(905.07)	%	(905.07)	%
	Hotel net income (loss) margin	(111.52)		%				(111.52)		%	12.75		%				12.75		%	(124.27)	%	(124.27)	%
	Hotel EBITDA	$	3,057		$	—		$	3,057		$	3,954		$	—		$	3,954		(22.69)	%	(22.69)	%
	Hotel EBITDA margin	22.58		%				22.58		%	26.88		%				26.88		%	(4.30)	%	(4.30)	%
	Selected Operating Information:
	RevPAR	$	346.75		$	—		$	346.75		$	387.53		$	—		$	387.53		(10.52)	%	(10.52)	%
	Occupancy	54.34		%	—		%	54.34		%	59.76		%	—		%	59.76		%	(9.07)	%	(9.07)	%
	ADR	$	638.09		$	—		$	638.09		$	648.50		$	—		$	648.50		(1.61)	%	(1.61)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	22,903		$	—		$	22,903		$	24,067		$	—		$	24,067		(4.84)	%	(4.84)	%
	Total hotel revenue	$	45,493		$	—		$	45,493		$	47,907		$	—		$	47,907		(5.04)	%	(5.04)	%
	Hotel net income (loss)	$	(1,483)		$	—		$	(1,483)		$	1,200		$	—		$	1,200		(223.58)	%	(223.58)	%
	Hotel net income (loss) margin	(3.26)		%				(3.26)		%	2.50		%				2.50		%	(5.76)	%	(5.76)	%
	Hotel EBITDA	$	10,759		$	—		$	10,759		$	12,092		$	—		$	12,092		(11.02)	%	(11.02)	%
	Hotel EBITDA margin	23.65		%				23.65		%	25.24		%				25.24		%	(1.59)	%	(1.59)	%
	Selected Operating Information:
	RevPAR	$	325.12		$	—		$	325.12		$	340.71		$	—		$	340.71		(4.58)	%	(4.58)	%
	Occupancy	47.03		%	—		%	47.03		%	56.51		%	—		%	56.51		%	(16.78)	%	(16.78)	%
	ADR	$	691.30		$	—		$	691.30		$	602.93		$	—		$	602.93		14.66	%	14.66	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	27,295		$	—		$	27,295		$	28,642		$	—		$	28,642		(4.70)	%	(4.70)	%
	Total hotel revenue	$	36,519		$	—		$	36,519		$	36,455		$	—		$	36,455		0.18	%	0.18	%
	Hotel net income (loss)	$	6,055		$	—		$	6,055		$	6,009		$	—		$	6,009		0.77	%	0.77	%
	Hotel net income (loss) margin	16.58		%				16.58		%	16.48		%				16.48		%	0.10	%	0.10	%
	Hotel EBITDA	$	11,483		$	—		$	11,483		$	11,949		$	—		$	11,949		(3.90)	%	(3.90)	%
	Hotel EBITDA margin	31.44		%				31.44		%	32.78		%				32.78		%	(1.34)	%	(1.34)	%
	Selected Operating Information:
	RevPAR	$	149.86		$	—		$	149.86		$	156.83		$	—		$	156.83		(4.44)	%	(4.44)	%
	Occupancy	65.16		%	—		%	65.16		%	66.99		%	—		%	66.99		%	(2.73)	%	(2.73)	%
	ADR	$	229.99		$	—		$	229.99		$	234.09		$	—		$	234.09		(1.75)	%	(1.75)	%
		Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	31,833		$	(31,833)		$	—		$	30,020		$	(30,020)		$	—		6.04	%	—	%
	Total hotel revenue	$	37,556		$	(37,556)		$	—		$	36,389		$	(36,389)		$	—		3.21	%	—	%
	Hotel net income (loss)	$	46,091		$	(46,091)		$	—		$	(2,607)		$	2,607		$	—		1,867.97	%	—	%
	Hotel net income (loss) margin	122.73		%				—		%	(7.16)		%				—		%	129.89	%	—	%
	Hotel EBITDA	$	9,238		$	(9,238)		$	—		$	5,733		$	(5,733)		$	—		61.14	%	—	%
	Hotel EBITDA margin	24.60		%				—		%	15.75		%				—		%	8.85	%	—	%
	Selected Operating Information:
	RevPAR	$	251.30		$	251.30		$	—		$	200.05		$	200.05		$	200.05		25.62	%	(100.00)	%
	Occupancy	72.45		%	72.45		%	—		%	66.29		%	66.29		%	66.29		%	9.29	%	(100.00)	%
	ADR	$	346.86		$	346.86		$	—		$	301.79		$	301.79		$	301.79		14.93	%	(100.00)	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	36,771		$	—		$	36,771		$	36,607		$	—		$	36,607		0.45	%	0.45	%
	Total hotel revenue	$	93,926		$	—		$	93,926		$	86,764		$	—		$	86,764		8.25	%	8.25	%
	Hotel net income (loss)	$	15,623		$	—		$	15,623		$	13,728		$	—		$	13,728		13.80	%	13.80	%
	Hotel net income (loss) margin	16.63		%				16.63		%	15.82		%				15.82		%	0.81	%	0.81	%
	Hotel EBITDA	$	25,113		$	—		$	25,113		$	21,924		$	—		$	21,924		14.55	%	14.55	%
	Hotel EBITDA margin	26.74		%				26.74		%	25.27		%				25.27		%	1.47	%	1.47	%
	Selected Operating Information:
	RevPAR	$	365.00		$	—		$	365.00		$	362.38		$	—		$	362.38		0.72	%	0.72	%
	Occupancy	65.88		%	—		%	65.88		%	62.46		%	—		%	62.46		%	5.48	%	5.48	%
	ADR	$	554.04		$	—		$	554.04		$	580.22		$	—		$	580.22		(4.51)	%	(4.51)	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	30,308		$	—		$	30,308		$	29,033		$	—		$	29,033		4.39	%	4.39	%
	Total hotel revenue	$	57,073		$	—		$	57,073		$	50,745		$	—		$	50,745		12.47	%	12.47	%
	Hotel net income (loss)	$	(6,851)		$	—		$	(6,851)		$	(9,085)		$	—		$	(9,085)		24.59	%	24.59	%
	Hotel net income (loss) margin	(12.00)		%				(12.00)		%	(17.90)		%				(17.90)		%	5.90	%	5.90	%
	Hotel EBITDA	$	8,548		$	—		$	8,548		$	5,087		$	—		$	5,087		68.04	%	68.04	%
	Hotel EBITDA margin	14.98		%				14.98		%	10.02		%				10.02		%	4.96	%	4.96	%
	Selected Operating Information:
	RevPAR	$	453.75		$	—		$	453.75		$	433.47		$	—		$	433.47		4.68	%	4.68	%
	Occupancy	52.79		%	—		%	52.79		%	52.16		%	—		%	52.16		%	1.21	%	1.21	%
	ADR	$	859.53		$	—		$	859.53		$	830.96		$	—		$	830.96		3.44	%	3.44	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	18,443		$	(18,443)		$	—		$	30,317		$	(30,317)		$	—		(39.17)	%	—	%
	Total hotel revenue	$	23,768		$	(23,768)		$	—		$	38,776		$	(38,776)		$	—		(38.70)	%	—	%
	Hotel net income (loss)	$	45,878		$	(45,878)		$	—		$	6,172		$	(6,172)		$	—		643.32	%	—	%
	Hotel net income (loss) margin	193.02		%				—		%	15.92		%				—		%	177.10	%	—	%
	Hotel EBITDA	$	8,873		$	(8,873)		$	—		$	13,996		$	(13,996)		$	—		(36.60)	%	—	%
	Hotel EBITDA margin	37.33		%				—		%	36.09		%				—		%	1.24	%	—	%
	Selected Operating Information:
	RevPAR	$	229.32		$	229.32		$	—		$	224.48		$	224.48		$	—		2.16	%	—	%
	Occupancy	74.90		%	74.90		%	—		%	72.96		%	72.96		%	—		%	2.66	%	—	%
	ADR	$	306.18		$	306.18		$	—		$	307.67		$	307.67		$	—		(0.48)	%	—	%
		Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	42,209		$	—		$	42,209		$	45,042		$	—		$	45,042		(6.29)	%	(6.29)	%
	Total hotel revenue	$	67,928		$	—		$	67,928		$	74,375		$	—		$	74,375		(8.67)	%	(8.67)	%
	Hotel net income (loss)	$	11,825		$	—		$	11,825		$	9,312		$	—		$	9,312		26.99	%	26.99	%
	Hotel net income (loss) margin	17.41		%				17.41		%	12.52		%				12.52		%	4.89	%	4.89	%
	Hotel EBITDA	$	16,703		$	—		$	16,703		$	20,620		$	—		$	20,620		(19.00)	%	(19.00)	%
	Hotel EBITDA margin	24.59		%				24.59		%	27.72		%				27.72		%	(3.13)	%	(3.13)	%
	Selected Operating Information:
	RevPAR	$	642.45		$	—		$	642.45		$	683.69		$	—		$	683.69		(6.03)	%	(6.03)	%
	Occupancy	60.60		%	—		%	60.60		%	63.79		%	—		%	63.79		%	(5.00)	%	(5.00)	%
	ADR	$	1,060.23		$	—		$	1,060.23		$	1,071.81		$	—		$	1,071.81		(1.08)	%	(1.08)	%
CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	7,694		$	—		$	7,694		$	9,613		$	—		$	9,613		(19.96)	%	(19.96)	%
	Total hotel revenue	$	10,180		$	—		$	10,180		$	13,139		$	—		$	13,139		(22.52)	%	(22.52)	%
	Hotel net income (loss)	$	(8,424)		$	—		$	(8,424)		$	(5,778)		$	—		$	(5,778)		(45.79)	%	(45.79)	%
	Hotel net income (loss) margin	(82.75)		%				(82.75)		%	(43.98)		%				(43.98)		%	(38.77)	%	(38.77)	%
	Hotel EBITDA	$	(3,964)		$	—		$	(3,964)		$	(1,485)		$	—		$	(1,485)		(166.94)	%	(166.94)	%
	Hotel EBITDA margin	(38.94)		%				(38.94)		%	(11.30)		%				(11.30)		%	(27.64)	%	(27.64)	%
	Selected Operating Information:
	RevPAR	$	147.41		$	—		$	147.41		$	183.67		$	—		$	183.67		(19.74)	%	(19.74)	%
	Occupancy	52.63		%	—		%	52.63		%	66.95		%	—		%	66.95		%	(21.39)	%	(21.39)	%
	ADR	$	280.09		$	—		$	280.09		$	274.33		$	—		$	274.33		2.10	%	2.10	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	61,278		$	—		$	61,278		$	54,678		$	—		$	54,678		12.07	%	12.07	%
	Total hotel revenue	$	91,123		$	—		$	91,123		$	82,220		$	—		$	82,220		10.83	%	10.83	%
	Hotel net income (loss)	$	10,327		$	—		$	10,327		$	5,762		$	—		$	5,762		79.23	%	79.23	%
	Hotel net income (loss) margin	11.33		%				11.33		%	7.01		%				7.01		%	4.32	%	4.32	%
	Hotel EBITDA	$	22,506		$	—		$	22,506		$	19,138		$	—		$	19,138		17.60	%	17.60	%
	Hotel EBITDA margin	24.70		%				24.70		%	23.28						23.28		%	1.42	%	1.42	%
	Selected Operating Information:
	RevPAR	$	1,583.82		$	—		$	1,583.82		$	1,409.37		$	—		$	1,409.37		12.38	%	12.38	%
	Occupancy	63.15		%	—		%	63.15		%	57.54		%	—		%	57.54		%	9.75	%	9.75	%
	ADR	$	2,507.90		$	—		$	2,507.90		$	2,449.29		$	—		$	2,449.29		2.39	%	2.39	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	40,029		$	—		$	40,029		$	36,704		$	—		$	36,704		9.06	%	9.06	%
	Total hotel revenue	$	79,272		$	—		$	79,272		$	72,113		$	—		$	72,113		9.93	%	9.93	%
	Hotel net income (loss)	$	3,492		$	—		$	3,492		$	(452)		$	—		$	(452)		872.57	%	872.57	%
	Hotel net income (loss) margin	4.41		%				4.41		%	(0.63)		%				(0.63)		%	5.04	%	5.04	%
	Hotel EBITDA	$	28,020		$	—		$	28,020		$	23,286		$	—		$	23,286		20.33	%	20.33	%
	Hotel EBITDA margin	35.35		%				35.35		%	32.29						32.29		%	3.06	%	3.06	%
	Selected Operating Information:
	RevPAR	$	522.22		$	—		$	522.22		$	477.54		$	—		$	477.54		9.36	%	9.36	%
	Occupancy	60.22		%	—		%	60.22		%	53.76		%	—		%	53.76		%	12.02	%	12.02	%
	ADR	$	867.26		$	—		$	867.26		$	888.24		$	—		$	888.24		(2.36)	%	(2.36)	%
		Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	282,329		$	—		$	282,329		$	290,761		$	(15,500)		$	275,261		(2.90)	%	2.57	%
	Total hotel revenue	$	500,290		$	—		$	500,290		$	506,756		$	(27,901)		$	478,855		(1.28)	%	4.48	%
	Hotel net income (loss)	$	23,863		$	(1,116)		$	22,747		$	125,025		$	(94,906)		$	30,119		(80.91)	%	(24.48)	%
	Hotel net income (loss) margin	4.77		%				4.55		%	24.67		%				6.29		%	(19.90)	%	(1.74)	%
	Hotel EBITDA	$	135,024		$	(1,390)		$	133,634		$	133,245		$	(9,104)		$	124,141		1.34	%	7.65	%
	Hotel EBITDA margin	26.99		%				26.71		%	26.29		%				25.92		%	0.70	%	0.79	%
	Selected Operating Information:
	RevPAR	$	539.02		$	—		$	539.02		$	482.01		$	198.69		$	524.10		11.83	%	2.85	%
	Occupancy	60.21		%	—		%	60.21		%	62.06		%	79.05		%	59.54		%	(2.98)	%	1.13	%
	ADR	$	895.25		$	—		$	895.25		$	776.66		$	251.35		$	880.26		15.27	%	1.70	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	154,478		$	(50,276)		$	104,202		$	168,705		$	(60,337)		$	108,368		(8.43)	%	(3.84)	%
	Total hotel revenue	$	210,122		$	(61,324)		$	148,798		$	227,461		$	(75,165)		$	152,296		(7.62)	%	(2.30)	%
	Hotel net income (loss)	$	56,217		$	(91,969)		$	(35,752)		$	(49)		$	(3,565)		$	(3,614)		114,828.57	%	(889.26)	%
	Hotel net income (loss) margin	26.75		%				(24.03)		%	(0.02)		%				(2.37)		%	26.77	%	(21.66)	%
	Hotel EBITDA	$	48,712		$	(18,111)		$	30,601		$	54,892		$	(19,729)		$	35,163		(11.26)	%	(12.97)	%
	Hotel EBITDA margin	23.18		%				20.57		%	24.13		%				23.09		%	(0.95)	%	(2.52)	%
	Selected Operating Information:
	RevPAR	$	193.84		$	242.76		$	176.66		$	192.49		$	211.62		$	183.27		0.70	%	(3.61)	%
	Occupancy	69.71		%	73.40		%	68.42		%	71.47		%	69.45		%	72.44		%	(2.46)	%	(5.55)	%
	ADR	$	278.05		$	330.74		$	258.20		$	269.34		$	304.72		$	252.99		3.23	%	2.06	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	436,807		$	(50,276)		$	386,531		$	459,466		$	(75,837)		$	383,629		(4.93)	%	0.76	%
	Total hotel revenue	$	710,412		$	(61,324)		$	649,088		$	734,217		$	(103,066)		$	631,151		(3.24)	%	2.84	%
	Hotel net income (loss)	$	80,080		$	(93,085)		$	(13,005)		$	124,976		$	(98,471)		$	26,505		(35.92)	%	(149.07)	%
	Hotel net income (loss) margin	11.27		%				(2.00)		%	17.02		%				4.20		%	(5.75)	%	(6.20)	%
	Hotel EBITDA	$	183,736		$	(19,501)		$	164,235		$	188,137		$	(28,833)		$	159,304		(2.34)	%	3.10	%
	Hotel EBITDA margin	25.86		%				25.30		%	25.62		%				25.24		%	0.24	%	0.06	%
	Selected Operating Information:
	RevPAR	$	330.73		$	(242.76)		$	347.09		$	310.52		$	(208.85)		$	343.59		6.51	%	1.02	%
	Occupancy	65.94		%	(73.40)		%	64.56		%	67.63		%	(71.51)		%	66.37		%	(2.50)	%	(2.73)	%
	ADR	$	501.54		$	(330.74)		$	537.65		$	459.13		$	(292.05)		$	517.68		9.24	%	3.86	%

NOTES:

(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
	2025			2025		2025			2025			2025		2025			2025			2025		2025			2025			2025		2025
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	167,475		$	(5,032)	$	162,443		$	144,585		$	(16,637)	$	127,948		$	179,943		$	(22,052)	$	157,891		$	218,409		$	(17,603)	$	200,806
Hotel net income (loss)	$	(6,496)		$	(42,907)	$	(49,403)		$	33,765		$	(45,155)	$	(11,390)		$	16,054		$	(4,042)	$	12,012		$	36,757		$	(981)	$	35,776
Hotel net income (loss) margin	(3.88)		%			(30.41)		%	23.35		%			(8.90)		%	8.92		%			7.61		%	16.83		%			17.82		%
Hotel EBITDA	$	39,640		$	(1,631)	$	38,009		$	25,562		$	(6,301)	$	19,261		$	47,793		$	(7,230)	$	40,563		$	70,741		$	(4,339)	$	66,402
Hotel EBITDA margin	23.67		%			23.40		%	17.68		%			15.05		%	26.56		%			25.69		%	32.39		%			33.07		%
Hotel net income (loss) % of total TTM	(8.1)		%			379.9		%	42.2		%			87.6		%	20.0		%			(92.4)		%	45.9		%			(275.1)		%
EBITDA % of total TTM	21.6		%			23.1		%	13.9		%			11.7		%	26.0		%			24.7		%	38.5		%			40.5		%
JV interests in Hotel net income (loss)	$	10		$	(21)	$	(11)		$	(452)		$	(297)	$	(749)		$	100		$	4	$	104		$	(88)		$	25	$	(63)
JV interests in EBITDA	$	857		$	(18)	$	839		$	937		$	(346)	$	591		$	1,516		$	3	$	1,519		$	1,284		$	14	$	1,298
	Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025
	TTM			TTM		TTM
Total hotel revenue	$	710,412		$	(61,324)	$	649,088
Hotel net income (loss)	$	80,080		$	(93,085)	$	(13,005)
Hotel net income (loss) margin	11.27		%			(2.00)		%
Hotel EBITDA	$	183,736		$	(19,501)	$	164,235
Hotel EBITDA margin	25.86		%			25.30		%
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)	$	(430)		$	(289)	$	(719)
JV interests in EBITDA	$	4,594		$	(347)	$	4,247

NOTES:

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

December 31, 2025

(in thousands, except share price)

(unaudited)

	December 31, 2025
Common stock shares outstanding	68,219
Partnership units outstanding (common stock equivalents)	5,052
Combined common stock shares and partnership units outstanding	73,271
Common stock price	$	2.87
Market capitalization	$	210,288
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	270,457
Series M redeemable preferred stock	$	34,202
Indebtedness	$	1,107,665
Net working capital (see below)	$	(41,324)
Total enterprise value (TEV)	$	1,698,238
Cash and cash equivalents	$	123,610
Restricted cash	$	42,479
Accounts receivable, net	$	32,843
Inventory	$	4,741
Prepaid expenses	$	6,987
Due from third-party hotel managers, net	$	15,621
Total current assets	$	226,281
Accounts payable, net & accrued expenses	$	141,016
Redeemable preferred stock redemptions payable	$	30,864
Dividends and distributions payable	$	7,672
Due to affiliates, net	$	5,405
Total current liabilities	$	184,957
Net working capital *	$	41,324

The table does not include $5.4 million of indebtedness and approximately $0.7 million in cash related to the consolidation of a joint venture.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2025				2026
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Cameo Beverly Hills	143			x	x
Hotel Yountville	80	x	x	x	x
Park Hyatt Beaver Creek	193		x	x	x
Sofitel Chicago Magnificent Mile	415								x
Total		1	2	3	3	—	—	—	1

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

	2025		2025		2025		2025		December 31, 2025
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	(6,496)	$	33,765	$	16,054	$	36,757	$	80,080
Non-property adjustments	12,472		(40,584)		(23)		869		(27,266)
Interest income	(292)		(400)		(381)		(348)		(1,421)
Interest expense	7,587		7,693		7,381		8,385		31,046
Amortization of loan costs	623		529		461		588		2,201
Depreciation and amortization	22,659		23,164		23,360		23,395		92,578
Income tax expense (benefit)	1,442		(1)		(210)		526		1,757
Non-hotel EBITDA ownership expense	1,645		1,396		1,151		569		4,761
Hotel EBITDA including amounts attributable to noncontrolling interest	39,640		25,562		47,793		70,741		183,736
Non-comparable adjustments	(1,631)		(6,301)		(7,230)		(4,339)		(19,501)
Comparable hotel EBITDA	$	38,009	$	19,261	$	40,563	$	66,402	$	164,235

Exhibit 1

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 Scottsdale Resort		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
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
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)		—		—		—		—		—		—		(1,557)		—		—		—		—		—		—		—		(1,631)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	965	$	642	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,009
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,232	$	74	$	1,006	$	1,134	$	3,685	$	—	$	—	$	3,390	$	1,557	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	40,185
Non-comparable adjustments	—		(74)		—		—		—		—		—		—		(1,557)		—		—		—		—		—		—		—		(1,631)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	—	$	—	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	38,554
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)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(74)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,134	$	3,685	$	965	$	642	$	—	$	—	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	32,533
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

Exhibit 1

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 Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,232	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,232
JPMorgan Chase (see footnote 3)	—		—		1,006		—		—		—		—		3,390		—		—		—		—		—		—		7,068		—		11,464
BAML (see foonote 4)	—		—		—		1,134		3,685		965		—		—		—		6,126		—		—		3,699		—		—		—		15,609
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		642		—		—		—		—		—		—		—		—		—		642
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(749)		—		—		—		—		—		(749)
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		9,963		9,963
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(2,152)		—		—		(2,152)
Total	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	965	$	642	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,009

NOTES:

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

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

(5) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,996)	$	1,190	$	1,512	$	1,167	$	1,140	$	537	$	(1,134)	$	896	$	853	$	(1,211)	$	(48)	$	43,113	$	(1,731)	$	(2,251)	$	(1,650)	$	(5,622)	$	33,765	$	(29,042)	$	4,723
Non-property adjustments	22		73		—		—		—		—		—		—		—		—		—		(41,043)		—		—		—		364		(40,584)		40,584		—
Interest income	(52)		(1)		(24)		—		—		—		—		(34)		(75)		(39)		(3)		(11)		(96)		—		(10)		(55)		(400)		400		—
Interest expense	2,282		—		—		—		—		—		1,295		—		—		135		840		8		—		—		—		3,133		7,693		14,769		22,462
Amortization of loan cost	147		—		—		—		35		—		—		—		—		—		38		—		—		—		—		309		529		2,197		2,726
Depreciation and amortization	2,819		—		1,095		766		401		656		1,859		1,380		1,372		2,308		2,487		672		1,384		1,106		2,069		2,790		23,164		—		23,164
Income tax expense (benefit)	73		—		—		—		—		—		—		5		—		—		—		—		(19)		—		(60)		—		(1)		(647)		(648)
Non-hotel EBITDA ownership expense	68		124		123		125		10		12		22		1		6		480		327		20		4		38		(1)		37		1,396		(1,396)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,363		1,386		2,706		2,058		1,586		1,205		2,042		2,248		2,156		1,673		3,641		2,759		(458)		(1,107)		348		956		25,562		26,865		52,427
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(590)		(347)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(937)		937		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	1,773	$	1,039	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	2,156	$	1,673	$	3,641	$	2,759	$	(458)	$	(1,107)	$	348	$	956	$	24,625	$	27,802	$	52,427
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		(2,156)		—		—		(2,759)		—		—		—		—		(6,301)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	19,261
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,386	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	14,437
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,386)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	13,051
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	2,156	$	—	$	—	$	2,759	$	—	$	(1,107)	$	—	$	—	$	11,125
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,156)		—		—		(2,759)		—		—		—		—		(4,915)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	—	$	—	$	—	$	—	$	—	$	(1,107)	$	—	$	—	$	6,210

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	2,363	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,363
JPMorgan Chase (see footnote 3)	—		—		2,706		—		—		—		—		2,248		—		—		—		—		—		—		348		—		5,302
BAML (see foonote 4)	—		—		—		2,058		1,586		1,205		—		—		—		1,673		—		—		(458)		—		—		—		6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,042		—		—		—		—		—		—		—		—		—		2,042
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		3,641		—		—		—		—		—		3,641
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		956		956
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(1,107)		—		—		(1,107)
Total	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	19,261

NOTES:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	418	$	(18)	$	3,772	$	886	$	2,921	$	733	$	(4,702)	$	2,803	$	1,022	$	4,621	$	(3,021)	$	3,038	$	3,115	$	(1,161)	$	1,460	$	167	$	16,054	$	(22,895)	$	(6,841)
Non-property adjustments	(23)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(23)		23		—
Interest income	(37)		(5)		(2)		—		—		—		—		(30)		(71)		(42)		(5)		(30)		(96)		—		(9)		(54)		(381)		381		—
Interest expense	2,257		—		—		—		—		—		1,281		—		—		135		831		20		—		—		—		2,857		7,381		15,293		22,674
Amortization of loan cost	143		—		—		—		34		—		—		—		—		—		31		—		—		—		—		253		461		2,226		2,687
Depreciation and amortization	2,835		—		1,106		734		401		596		1,588		1,339		1,547		2,023		2,562		1,715		1,359		833		2,004		2,718		23,360		—		23,360
Income tax expense (benefit)	(47)		—		—		—		—		—		—		6		—		—		—		—		(231)		—		62		—		(210)		(135)		(345)
Non-hotel EBITDA ownership expense	530		11		37		108		15		—		2		21		3		24		266		(2)		2		105		27		2		1,151		(1,151)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,076		(12)		4,913		1,728		3,371		1,329		(1,831)		4,139		2,501		6,761		664		4,741		4,149		(223)		3,544		5,943		47,793		(6,258)		41,535
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,520)		4		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,516)		1,516		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	4,556	$	(8)	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	2,501	$	6,761	$	664	$	4,741	$	4,149	$	(223)	$	3,544	$	5,943	$	46,277	$	(4,742)	$	41,535
Non-comparable adjustments	—		12		—		—		—		—		—		—		(2,501)		—		—		(4,741)		—		—		—		—		(7,230)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	—	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	40,563
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(12)	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,646
Non-comparable adjustments	—		12		—		—		—		—		—		—		—		—		—		—		—		—		—		—		12
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	2,501	$	—	$	—	$	4,741	$	—	$	(223)	$	—	$	—	$	22,147
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,501)		—		—		(4,741)		—		—		—		—		(7,242)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	—	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	14,905

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	6,076	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,076
JPMorgan Chase (see footnote 3)	—		—		4,913		—		—		—		—		4,139		—		—		—		—		—		—		3,544		—		12,596
BAML (see foonote 4)	—		—		—		1,728		3,371		1,329		—		—		—		6,761		—		—		4,149		—		—		—		17,338
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(1,831)		—		—		—		—		—		—		—		—		—		(1,831)
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		664		—		—		—		—		—		664
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,943		5,943
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(223)		—		—		(223)
Total	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	—	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	40,563

NOTES:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(254)	$	(96)	$	(3,557)	$	(1,155)	$	5,122	$	(1,012)	$	7,087	$	410	$	1,440	$	8,702	$	1,258	$	(364)	$	7,899	$	(1,377)	$	7,218	$	5,436	$	36,757	$	(26,085)	$	10,672
Non-property adjustments	3		—		—		—		—		—		—		—		—		—		—		—		—		—		866		—		869		(869)		—
Interest income	(36)		(4)		(1)		—		—		—		—		(27)		(64)		(28)		(7)		(27)		(96)		—		(8)		(50)		(348)		348		—
Interest expense	2,233		—		—		—		—		—		1,267		—		—		151		856		20		—		—		1,031		2,827		8,385		14,310		22,695
Amortization of loan cost	140		—		—		—		34		—		—		—		—		—		31		—		—		—		135		248		588		1,544		2,132
Depreciation and amortization	3,028		—		1,117		738		407		567		1,516		1,290		1,646		1,978		2,567		1,732		1,388		734		1,994		2,693		23,395		—		23,395
Income tax expense (benefit)	97		—		—		—		—		—		—		5		—		—		—		—		119		—		305		—		526		941		1,467
Non-hotel EBITDA ownership expense	(20)		42		36		198		22		3		36		28		2		(250)		287		12		3		161		5		4		569		(569)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,191		(58)		(2,405)		(219)		5,585		(442)		9,906		1,706		3,024		10,553		4,992		1,373		9,313		(482)		11,546		11,158		70,741		(10,380)		60,361
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,298)		14		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,284)		1,284		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	3,893	$	(44)	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	3,024	$	10,553	$	4,992	$	1,373	$	9,313	$	(482)	$	11,546	$	11,158	$	69,457	$	(9,096)	$	60,361
Non-comparable adjustments	—		58		—		—		—		—		—		—		(3,024)		—		—		(1,373)		—		—		—		—		(4,339)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	—	$	10,553	$	4,992	$	—	$	9,313	$	(482)	$	11,546	$	11,158	$	66,402
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(58)	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,334
Non-comparable adjustments	—		58		—		—		—		—		—		—		—		—		—		—		—		—		—		—		58
Comparable hotel EBITDA	$	—	$	—	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	3,024	$	—	$	—	$	1,373	$	—	$	(482)	$	—	$	—	$	8,407
Non-comparable adjustments	—		—		—		—		—		—		—		—		(3,024)		—		—		(1,373)		—		—		—		—		(4,397)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	—	$	—	$	—	$	—	$	—	$	(482)	$	—	$	—	$	4,010

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended March 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	5,191	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,191
JPMorgan Chase (see footnote 3)	—		—		(2,405)		—		—		—		—		1,706		—		—		—		—		—		—		11,546		—		10,847
BAML (see foonote 4)	—		—		—		(219)		5,585		(442)		—		—		—		10,553		—		—		9,313		—		—		—		24,790
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		9,906		—		—		—		—		—		—		—		—		—		9,906
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		4,992		—		—		—		—		—		4,992
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		11,158		11,158
Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(482)		—		—		(482)
Total	$	5,191	$	—	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	—	$	10,553	$	4,992	$	—	$	9,313	$	(482)	$	11,546	$	11,158	$	66,402

NOTES:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(9,314)	$	(114)	$	(787)	$	44	$	3,021	$	342	$	(1,259)	$	2,739	$	(1,417)	$	1,033	$	(2,318)	$	585	$	1,635	$	(1,694)	$	2,083	$	2,295	$	(3,126)	$	(18,641)	$	(21,767)
Non-property adjustments	151		45		—		—		—		—		—		—		—		—		—		(8)		—		—		—		—		188		(188)		—
Interest income	(44)		(8)		—		—		—		—		—		(25)		(65)		(12)		(5)		(25)		(105)		—		(8)		(55)		(352)		352		—
Interest expense	10,049		—		—		—		—		—		1,361		—		—		151		1,132		20		—		—		1,496		3,020		17,229		7,362		24,591
Amortization of loan cost	46		—		—		—		33		—		—		—		—		—		40		—		—		—		198		242		559		1,287		1,846
Depreciation and amortization	3,066		—		1,121		675		445		519		1,420		1,346		1,815		1,964		2,254		1,739		1,889		702		1,896		2,690		23,541		—		23,541
Income tax expense (benefit)	(15)		(2)		—		—		—		—		—		(42)		—		—		—		—		162		—		337		—		440		(72)		368
Non-hotel EBITDA ownership expense	(129)		28		22		463		80		242		40		7		6		1,003		247		10		5		519		7		1		2,551		(2,551)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,810		(51)		356		1,182		3,579		1,103		1,562		4,025		339		4,139		1,350		2,321		3,586		(473)		6,009		8,193		41,030		(12,451)		28,579
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(953)		13		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(940)		940		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		1,394		1,394
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(53)		(53)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,857	$	(38)	$	356	$	1,182	$	3,579	$	1,103	$	1,562	$	4,025	$	339	$	4,139	$	1,350	$	2,321	$	3,586	$	(473)	$	6,009	$	8,193	$	40,090	$	(10,170)	$	29,920
Non-comparable adjustments	—		51		—		—		—		—		—		—		(339)		—		—		(2,321)		—		—		—		—		(2,609)
Comparable hotel EBITDA	$	3,810	$	—	$	356	$	1,182	$	3,579	$	1,103	$	1,562	$	4,025	$	—	$	4,139	$	1,350	$	—	$	3,586	$	(473)	$	6,009	$	8,193	$	38,421
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,810	$	(51)	$	356	$	1,182	$	3,579	$	—	$	—	$	4,025	$	339	$	4,139	$	1,350	$	2,321	$	3,586	$	—	$	6,009	$	8,193	$	38,838
Non-comparable adjustments	—		51		—		—		—		—		—		—		(339)		—		—		(2,321)		—		—		—		—		(2,609)
Comparable hotel EBITDA	$	3,810	$	—	$	356	$	1,182	$	3,579	$	—	$	—	$	4,025	$	—	$	4,139	$	1,350	$	—	$	3,586	$	—	$	6,009	$	8,193	$	36,229
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(51)	$	—	$	1,182	$	3,579	$	1,103	$	1,562	$	—	$	—	$	4,139	$	1,350	$	—	$	3,586	$	—	$	6,009	$	8,193	$	30,652
Non-comparable adjustments	—		51		—		—		—		—		—		—		—		—		—		—		—		—		—		—		51
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,182	$	3,579	$	1,103	$	1,562	$	—	$	—	$	4,139	$	1,350	$	—	$	3,586	$	—	$	6,009	$	8,193	$	30,703
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,810	$	—	$	356	$	—	$	—	$	—	$	—	$	4,025	$	339	$	—	$	—	$	2,321	$	—	$	(473)	$	—	$	—	$	10,378
Non-comparable adjustments	—		—		—		—		—		—		—		—		(339)		—		—		(2,321)		—		—		—		—		(2,660)
Comparable hotel EBITDA	$	3,810	$	—	$	356	$	—	$	—	$	—	$	—	$	4,025	$	—	$	—	$	—	$	—	$	—	$	(473)	$	—	$	—	$	7,718

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year 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 Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(4,722)	$	1,116	$	(28,661)	$	(7,560)	$	12,469	$	(15,095)	$	(1,483)	$	6,055	$	46,091	$	15,623	$	(6,851)	$	45,878	$	11,825	$	(8,424)	$	10,327	$	3,492	$	80,080	$	(108,490)	$	(28,410)
Non-property adjustments	5		73		30,256		8,672		—		15,564		—		—		(41,730)		(129)		(67)		(41,140)		—		—		866		364		(27,266)		27,266		—
Interest income	(169)		(24)		(30)		—		—		—		—		(122)		(235)		(148)		(18)		(68)		(365)		—		(37)		(205)		(1,421)		1,421		—
Interest expense	8,963		—		—		—		—		—		5,080		—		—		556		3,331		48		—		—		1,031		12,037		31,046		57,315		88,361
Amortization of loan cost	580		—		—		—		103		—		—		—		—		—		158		—		—		—		135		1,225		2,201		7,977		10,178
Depreciation and amortization	11,487		—		4,402		3,004		1,588		2,540		7,128		5,400		5,074		8,480		10,388		4,119		5,579		4,120		8,197		11,072		92,578		—		92,578
Income tax expense (benefit)	131		—		—		—		—		—		—		79		—		—		—		—		(375)		—		1,922		—		1,757		222		1,979
Non-hotel EBITDA ownership expense	587		225		253		585		67		48		34		71		38		731		1,607		36		39		340		65		35		4,761		(4,761)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	16,862		1,390		6,220		4,701		14,227		3,057		10,759		11,483		9,238		25,113		8,548		8,873		16,703		(3,964)		22,506		28,020		183,736		(19,050)		164,686
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(4,247)		(347)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(4,594)		4,594		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		56		56
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	12,615	$	1,043	$	6,220	$	4,701	$	14,227	$	3,057	$	10,759	$	11,483	$	9,238	$	25,113	$	8,548	$	8,873	$	16,703	$	(3,964)	$	22,506	$	28,020	$	179,142	$	(14,400)	$	164,742
Non-comparable adjustments	—		(1,390)		—		—		—		—		—		—		(9,238)		—		—		(8,873)		—		—		—		—		(19,501)
Comparable hotel EBITDA	$	16,862	$	—	$	6,220	$	4,701	$	14,227	$	3,057	$	10,759	$	11,483	$	—	$	25,113	$	8,548	$	—	$	16,703	$	(3,964)	$	22,506	$	28,020	$	164,235
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	16,862	$	1,390	$	6,220	$	4,701	$	14,227	$	—	$	—	$	11,483	$	9,238	$	25,113	$	8,548	$	8,873	$	16,703	$	—	$	22,506	$	28,020	$	173,884
Non-comparable adjustments	—		(1,390)		—		—		—		—		—		—		(9,238)		—		—		(8,873)		—		—		—		—		(19,501)
Comparable hotel EBITDA	$	16,862	$	—	$	6,220	$	4,701	$	14,227	$	—	$	—	$	11,483	$	—	$	25,113	$	8,548	$	—	$	16,703	$	—	$	22,506	$	28,020	$	154,383
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,390	$	—	$	4,701	$	14,227	$	3,057	$	10,759	$	—	$	—	$	25,113	$	8,548	$	—	$	16,703	$	—	$	22,506	$	28,020	$	135,024
Non-comparable adjustments	—		(1,390)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,390)
Comparable hotel EBITDA	$	—	$	—	$	—	$	4,701	$	14,227	$	3,057	$	10,759	$	—	$	—	$	25,113	$	8,548	$	—	$	16,703	$	—	$	22,506	$	28,020	$	133,634
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	16,862	$	—	$	6,220	$	—	$	—	$	—	$	—	$	11,483	$	9,238	$	—	$	—	$	8,873	$	—	$	(3,964)	$	—	$	—	$	48,712
Non-comparable adjustments	—		—		—		—		—		—		—		—		(9,238)		—		—		(8,873)		—		—		—		—		(18,111)
Comparable hotel EBITDA	$	16,862	$	—	$	6,220	$	—	$	—	$	—	$	—	$	11,483	$	—	$	—	$	—	$	—	$	—	$	(3,964)	$	—	$	—	$	30,601

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2024
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(5,023)	$	94,906	$	1,178	$	876	$	6,903	$	1,875	$	1,200	$	6,009	$	(2,607)	$	13,728	$	(9,085)	$	6,172	$	9,312	$	(5,778)	$	5,762	$	(452)	$	124,976	$	(105,213)	$	19,763
Non-property adjustments	151		(88,115)		—		—		—		—		(50)		—		—		—		5		(8)		2,086		—		—		—		(85,931)		85,931		—
Interest income	(196)		(273)		1		—		—		—		—		(88)		(240)		(224)		(244)		(122)		(145)		—		(12)		(250)		(1,793)		1,793		—
Interest expense	10,049		—		—		—		4,262		—		5,752		—		—		618		4,758		80		2,779		763		5,101		12,684		46,846		54,891		101,737
Amortization of loan cost	46		—		—		—		377		—		69		—		—		—		154		—		—		46		637		937		2,266		4,121		6,387
Depreciation and amortization	13,690		2,328		4,515		2,692		1,950		1,809		5,099		5,983		8,122		7,403		8,468		7,841		8,655		2,621		7,198		10,359		98,733		—		98,733
Income tax expense (benefit)	192		155		—		—		—		—		—		(26)		—		—		—		—		91		—		434		—		846		(4)		842
Non-hotel EBITDA ownership expense	48		103		48		868		112		270		22		71		458		399		1,031		33		(2,158)		863		18		8		2,194		(2,194)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	18,957		9,104		5,742		4,436		13,604		3,954		12,092		11,949		5,733		21,924		5,087		13,996		20,620		(1,485)		19,138		23,286		188,137		39,325		227,462
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(4,740)		(2,276)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(7,016)		7,016		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		1,608		1,608
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(268)		(268)
Hotel EBITDA attributable to the Company and OP unitholders	$	14,217	$	6,828	$	5,742	$	4,436	$	13,604	$	3,954	$	12,092	$	11,949	$	5,733	$	21,924	$	5,087	$	13,996	$	20,620	$	(1,485)	$	19,138	$	23,286	$	181,121	$	47,681	$	228,802
Non-comparable adjustments	—		(9,104)		—		—		—		—		—		—		(5,733)		—		—		(13,996)		—		—		—		—		(28,833)
Comparable hotel EBITDA	$	18,957	$	—	$	5,742	$	4,436	$	13,604	$	3,954	$	12,092	$	11,949	$	—	$	21,924	$	5,087	$	—	$	20,620	$	(1,485)	$	19,138	$	23,286	$	159,304
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	18,957	$	9,104	$	5,742	$	4,436	$	13,604	$	—	$	—	$	11,949	$	5,733	$	21,924	$	5,087	$	13,996	$	20,620	$	—	$	19,138	$	23,286	$	173,576
Non-comparable adjustments	—		(9,104)		—		—		—		—		—		—		(5,733)		—		—		(13,996)		—		—		—		—		(28,833)
Comparable hotel EBITDA	$	18,957	$	—	$	5,742	$	4,436	$	13,604	$	—	$	—	$	11,949	$	—	$	21,924	$	5,087	$	—	$	20,620	$	—	$	19,138	$	23,286	$	144,743
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	9,104	$	—	$	4,436	$	13,604	$	3,954	$	12,092	$	—	$	—	$	21,924	$	5,087	$	—	$	20,620	$	—	$	19,138	$	23,286	$	133,245
Non-comparable adjustments	—		(9,104)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(9,104)
Comparable hotel EBITDA	$	—	$	—	$	—	$	4,436	$	13,604	$	3,954	$	12,092	$	—	$	—	$	21,924	$	5,087	$	—	$	20,620	$	—	$	19,138	$	23,286	$	124,141
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	18,957	$	—	$	5,742	$	—	$	—	$	—	$	—	$	11,949	$	5,733	$	—	$	—	$	13,996	$	—	$	(1,485)	$	—	$	—	$	54,892
Non-comparable adjustments	—		—		—		—		—		—		—		—		(5,733)		—		—		(13,996)		—		—		—		—		(19,729)
Comparable hotel EBITDA	$	18,957	$	—	$	5,742	$	—	$	—	$	—	$	—	$	11,949	$	—	$	—	$	—	$	—	$	—	$	(1,485)	$	—	$	—	$	35,163

NOTES:

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek