Equibles

8-K

Braemar Hotels & Resorts Inc. (BHR)

8-K 2025-11-04 For: 2025-11-04
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Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

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

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

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

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company    ☐

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

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

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

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

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

ITEM 8.01     OTHER EVENTS.

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

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits

Exhibit Number         Description

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

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

SIGNATURES

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

BRAEMAR HOTELS & RESORTS INC.
Dated: November 4, 2025 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer

Document

EXHIBIT 99.1

braemara59.jpg

NEWS RELEASE

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

BRAEMAR HOTELS & RESORTS REPORTS

THIRD QUARTER 2025 RESULTS

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

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

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

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

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

•Adjusted EBITDAre was $16.4 million for the quarter.

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

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

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

•Capex invested during the quarter was $21.5 million.

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

BHR Reports Third Quarter Results

Page 2

November 4, 2025

RECENT OPERATING HIGHLIGHTS

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

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

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

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

INITIATION OF SALE PROCESS

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

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

CAPITAL STRUCTURE

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

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

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

BHR Reports Third Quarter Results

Page 3

November 4, 2025

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

DIVIDENDS

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

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

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

INVESTOR CONFERENCE CALL AND SIMULCAST

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

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

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should

BHR Reports Third Quarter Results

Page 4

November 4, 2025

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, 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 2,126,129 $ 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 17,279 and 42,279, respectively) 41,535
Accounts receivable, net of allowance of 179 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 2,009,316 $ 2,136,059
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net 1,164,671 $ 1,210,018
Accounts payable and accrued expenses 143,566
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 September 30, 2025 and December 31, 2024, respectively 65,426
Series E redeemable preferred stock, 0.01 par value, 12,697,673 and 14,910,521 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 352,502
Series M redeemable preferred stock, 0.01 par value, 1,404,544 and 1,476,621 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 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 September 30, 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 September 30, 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 2,009,316 $ 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 Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
REVENUE
Rooms $ 85,701 $ 92,427 $ 331,617 $ 347,206
Food and beverage 36,637 34,781 133,996 135,891
Other 21,218 21,190 72,840 71,967
Total hotel revenue 143,556 148,398 538,453 555,064
EXPENSES
Hotel operating expenses:
Rooms 24,728 25,548 80,232 81,288
Food and beverage 30,685 31,998 106,662 109,379
Other expenses 51,766 51,300 168,587 169,531
Management fees 4,440 4,869 16,891 17,913
Total hotel operating expenses 111,619 113,715 372,372 378,111
Property taxes, insurance and other 8,211 9,985 26,568 30,740
Depreciation and amortization 23,164 25,078 69,919 75,192
Advisory services fee:
Base advisory fee 3,539 3,505 10,592 10,168
Reimbursable expenses 3,825 3,231 10,403 8,457
Incentive fee 476 1,464 746 2,112
Stock/unit-based compensation 75 427 (24) 2,418
Corporate, general and administrative:
Stock/unit-based compensation — — 5 269
Other general and administrative 3,811 8,874 4,402 10,836
Total operating expenses 154,720 166,279 494,983 518,303
Gain (loss) on disposition of assets and hotel properties 40,970 88,210 40,970 88,210
OPERATING INCOME (LOSS) 29,806 70,329 84,440 124,971
Equity in earnings (loss) of unconsolidated entity — (80) — (214)
Interest income 1,494 2,660 4,901 4,528
Other income (expense) — — (1,250) —
Interest expense (22,462) (26,132) (67,831) (77,146)
Amortization of loan costs (2,726) (1,779) (7,545) (4,541)
Write-off of loan costs and exit fees (366) (5,292) (1,833) (6,095)
Gain (loss) on extinguishment of debt (1,553) — (1,553) (22)
Realized and unrealized gain (loss) on derivatives (118) (735) (301) 523
INCOME (LOSS) BEFORE INCOME TAXES 4,075 38,971 9,028 42,004
Income tax (expense) benefit 648 864 (474) (474)
NET INCOME (LOSS) 4,723 39,835 8,554 41,530
(Income) loss attributable to noncontrolling interest in consolidated entities 412 (27,363) 361 (26,317)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 607 124 2,358 1,747
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 5,742 12,596 11,273 16,960
Preferred dividends (8,667) (9,857) (26,928) (30,593)
Deemed dividends on redeemable preferred stock (5,251) (4,151) (11,086) (6,175)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (8,176) $ (1,412) $ (26,741) $ (19,808)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.12) $ (0.02) $ (0.40) $ (0.30)
Weighted average common shares outstanding – basic 68,219 66,522 67,419 66,493
Diluted:
Net income (loss) attributable to common stockholders $ (0.12) $ (0.02) $ (0.40) $ (0.30)
Weighted average common shares outstanding – diluted 68,219 66,522 67,419 66,493
Dividends declared per common share $ 0.05 $ 0.05 $ 0.15 $ 0.15

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
Net income (loss) $ 4,723 $ 39,835 $ 8,554 $ 41,530
Interest expense and amortization of loan costs 25,188 27,911 75,376 81,687
Depreciation and amortization 23,164 25,078 69,919 75,192
Income tax expense (benefit) (648) (864) 474 474
Equity in (earnings) loss of unconsolidated entity — 80 — 214
Company's portion of EBITDA of OpenKey — (76) — (215)
EBITDA 52,427 91,964 154,323 198,882
(Gain) loss on disposition of assets and hotel properties (40,970) (88,210) (40,970) (88,210)
EBITDAre 11,457 3,754 113,353 110,672
Amortization of favorable (unfavorable) contract assets (liabilities) 107 109 321 346
Transaction and conversion costs 1,608 50 2,774 (5,524)
Write-off of loan costs and exit fees 366 5,292 1,833 6,095
Realized and unrealized (gain) loss on derivatives 118 735 301 (523)
Stock/unit-based compensation 75 427 (20) 2,689
Legal, advisory and settlement costs 618 6,539 (3,864) 11,356
Advisory services incentive fee 476 1,464 746 2,112
(Gain) loss on extinguishment of debt 1,553 — 1,553 22
Other (income) expense — — 1,250 —
Severance — 102 — 102
Company's portion of adjustments to EBITDAre of OpenKey — — — 3
Adjusted EBITDAre $ 16,378 $ 18,472 $ 118,247 $ 127,350

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
Net income (loss) $ 4,723 $ 39,835 $ 8,554 $ 41,530
(Income) loss attributable to noncontrolling interest in consolidated entities 412 (27,363) 361 (26,317)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 607 124 2,358 1,747
Preferred dividends (8,667) (9,857) (26,928) (30,593)
Deemed dividends on redeemable preferred stock (5,251) (4,151) (11,086) (6,175)
Net income (loss) attributable to common stockholders (8,176) (1,412) (26,741) (19,808)
Depreciation and amortization on real estate (1) 22,498 24,255 67,864 72,131
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (607) (124) (2,358) (1,747)
Equity in (earnings) loss of unconsolidated entity — 80 — 214
(Gain) loss on disposition of assets and hotel properties (40,988) (61,970) (40,988) (61,970)
Company's portion of FFO of OpenKey — (91) — (253)
FFO available to common stockholders and OP unitholders (27,273) (39,262) (2,223) (11,433)
Deemed dividends on redeemable preferred stock 5,251 4,151 11,086 6,175
Transaction and conversion costs 1,608 50 2,774 (5,524)
Write-off of premiums, loan costs and exit fees 366 5,292 1,833 6,095
Unrealized (gain) loss on derivatives 299 1,746 850 3,698
Stock/unit-based compensation 75 427 (20) 2,689
Legal, advisory and settlement costs 618 6,539 (3,864) 11,356
Interest expense accretion on refundable membership club deposits 135 151 421 466
Amortization of loan costs (1) 2,690 1,741 7,438 4,268
Advisory services incentive fee 476 1,464 746 2,112
(Gain) loss on extinguishment of debt 1,553 — 1,553 22
Other (income) expense — — 1,250 —
Severance — 102 — 102
Company's portion of adjustments to FFO of OpenKey — — — 3
Adjusted FFO available to common stockholders and OP unitholders $ (14,202) $ (17,599) $ 21,844 $ 20,029
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (0.19) $ (0.24) $ 0.30 $ 0.28
Weighted average diluted shares 73,374 73,130 73,553 72,802

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2025

(dollars in thousands)

(unaudited)

Lender Hotels Current<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 $ (8) — % $ 11,679 16.6 %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250 — 86,250 N/A N/A N/A N/A
BAML The Ritz-Carlton Lake Tahoe July 2026 July 2026 SOFR (1) + 3.25% — 43,413 43,413 (4,129) (9.5) % 10,647 24.5 %
BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% — 407,000 (3) 407,000 37,809 9.3 % 61,781 15.2 %
Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% — 110,600 (4) 110,600 (12,146) (11.0) % 17,440 15.8 %
JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) + 2.57% — 274,630 (5) 274,630 65,169 23.7 % 47,155 17.2 %
Aareal Capital Corporation Four Seasons Resort Scottsdale August 2028 August 2030 SOFR (1) + 3.00% — 180,000 (6) 180,000 2,276 1.3 % 26,250 14.6 %
Unencumbered Hotel Cameo Beverly Hills — — — (6,483) N/A (2,285) N/A
Total $ 86,250 $ 1,086,143 $ 1,172,393 $ 82,488 7.0 % $ 172,667 14.7 %
Percentage 7.4 % 92.6 % 100.0 %
Weighted average interest rate (7) 4.50 % 7.07 % 6.88 %

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

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

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

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

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

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2025

(dollars in thousands)

(unaudited)

Lender Hotels 2025 2026 2027 2028 2029 Thereafter Total
BAML The Ritz-Carlton Lake Tahoe $ — $ 43,413 $ — $ — $ — $ — $ 43,413
Convertible Senior Notes N/A — 86,250 — — — — 86,250
Credit Agricole Park Hyatt Beaver Creek Resort & Spa — — 70,500 — — — 70,500
Aareal Capital Corporation Capital Hilton — — — 106,600 — — 106,600
BAML See footnote 1 — — — — 407,000 — 407,000
JPMorgan Chase See footnote 2 — — — — — 274,630 274,630
Aareal Capital Corporation Four Seasons Resort Scottsdale — — — — 174,000 174,000
Principal due in future periods $ — $ 129,663 $ 70,500 $ 106,600 $ 407,000 $ 448,630 $ 1,162,393
Scheduled amortization payments remaining — — 2,000 2,750 3,000 2,250 10,000
Total indebtedness $ — $ 129,663 $ 72,500 $ 109,350 $ 410,000 $ 450,880 $ 1,172,393

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 86,955 $ (4,982) $ 81,973 $ 93,477 $ (12,598) $ 80,879 (6.98) % 1.35 %
RevPAR $ 261.88 $ (365.41) $ 257.45 $ 260.62 $ (312.97) $ 254.00 0.48 % 1.36 %
Occupancy 65.24 % (88.50) % 64.25 % 68.50 % (85.57) % 66.34 % (4.76) % (3.15) %
ADR $ 401.39 $ (412.89) $ 400.72 $ 380.47 $ (365.75) $ 382.87 5.50 % 4.66 % ALL HOTELS:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 337,095 $ (18,443) $ 318,652 $ 352,019 $ (39,970) $ 312,049 (4.24) % 2.12 %
RevPAR $ 328.78 $ (229.32) $ 337.25 $ 312.27 $ (223.15) $ 329.11 5.29 % 2.47 %
Occupancy 67.26 % (74.90) % 66.61 % 68.91 % (76.88) % 67.41 % (2.39) % (1.19) %
ADR $ 488.80 $ (306.18) $ 506.27 $ 453.14 $ (290.26) $ 488.24 7.87 % 3.69 %

NOTES:

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

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

ALL HOTELS<br><br>NOT UNDER RENOVATION:
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 78,987 $ (4,982) $ 74,005 $ 84,149 $ (12,598) $ 71,551 (6.13) % 3.43 %
RevPAR $ 268.87 $ (365.41) $ 264.17 $ 262.64 $ (312.97) $ 255.41 2.37 % 3.43 %
Occupancy 66.96 % (88.50) % 65.91 % 69.03 % (85.57) % 66.66 % (3.00) % (1.13) %
ADR $ 401.54 $ (412.89) $ 400.80 $ 380.46 $ (365.75) $ 383.17 5.54 % 4.60 % ALL HOTELS<br><br>NOT UNDER RENOVATION:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 304,648 $ (18,443) $ 286,205 $ 317,454 $ (39,970) $ 277,484 (4.03) % 3.14 %
RevPAR $ 334.15 $ (229.32) $ 344.29 $ 313.29 $ (223.15) $ 332.64 6.66 % 3.50 %
Occupancy 68.70 % (74.90) % 68.10 % 69.64 % (76.88) % 68.08 % (1.35) % 0.03 %
ADR $ 486.37 $ (306.18) $ 505.54 $ 449.90 $ (290.26) $ 488.60 8.11 % 3.47 %

NOTES:

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

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

(3)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS: Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 % Variance 2025 2024 % Variance
Total hotel revenue $ 144,585 $ 149,255 (3.13) % $ 542,935 $ 559,000 (2.87) %
Non-comparable adjustments (6,133) (15,932) (23,768) (58,454)
Comparable total hotel revenue $ 138,452 $ 133,323 3.85 % $ 519,167 $ 500,546 3.72 %
Hotel net income (loss) $ 33,765 $ 77,832 (56.62) % $ 86,576 $ 128,102 (32.42) %
Non-comparable adjustments (44,303) (91,790) (46,863) (100,607)
Comparable hotel net income (loss) $ (10,538) $ (13,958) 24.50 % $ 39,713 $ 27,495 44.44 %
Hotel net income (loss) margin 23.35 % 52.15 % (28.80) % 15.95 % 22.92 % (6.97) %
Comparable hotel net income margin (7.61) % (10.47) % 2.86 % 7.65 % 5.49 % 2.16 %
Hotel EBITDA $ 25,562 $ 25,050 2.04 % $ 144,096 $ 147,107 (2.05) %
Non-comparable adjustments (4,145) (6,440) (10,189) (20,830)
Comparable hotel EBITDA $ 21,417 $ 18,610 15.08 % $ 133,907 $ 126,277 6.04 %
Hotel EBITDA margin 17.68 % 16.78 % 0.90 % 26.54 % 26.32 % 0.22 %
Comparable hotel EBITDA margin 15.47 % 13.96 % 1.51 % 25.79 % 25.23 % 0.56 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ (452) $ 22,091 (102.04) % $ (439) $ 24,828 (101.77) %
Hotel net income (loss) attributable to the Company and OP unitholders $ 34,217 $ 55,741 (38.62) % $ 87,015 $ 103,274 (15.74) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ (9,789) $ (13,959) 29.87 % $ 40,421 $ 26,422 52.98 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 937 $ 890 5.34 % $ 3,737 $ 6,076 (38.49) %
Hotel EBITDA attributable to the Company and OP unitholders $ 24,625 $ 24,160 1.92 % $ 140,359 $ 141,032 (0.48) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 20,826 $ 17,819 16.88 % $ 130,500 $ 122,490 6.54 %

NOTES:

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS<br>     NOT UNDER RENOVATION: Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 % Variance 2025 2024 % Variance
Total hotel revenue $ 128,719 $ 132,071 (2.54) % $ 487,685 $ 500,359 (2.53) %
Non-comparable adjustments (6,133) (15,932) (23,768) (58,454)
Comparable total hotel revenue $ 122,586 $ 116,139 5.55 % $ 463,917 $ 441,905 4.98 %
Hotel net income (loss) $ 36,613 $ 79,282 (53.82) % $ 89,856 $ 128,195 (29.91) %
Non-comparable adjustments (44,303) (91,790) (46,863) (100,607)
Comparable hotel net income (loss) $ (7,690) $ (12,508) 38.52 % $ 42,993 $ 27,588 55.84 %
Hotel net income (loss) margin 28.44 % 60.03 % (31.59) % 18.43 % 25.62 % (7.19) %
Comparable hotel net income margin (6.27) % (10.77) % 4.50 % 9.27 % 6.24 % 3.03 %
Hotel EBITDA $ 23,422 $ 22,558 3.83 % $ 133,699 $ 134,738 (0.77) %
Non-comparable adjustments (4,145) (6,440) (10,189) (20,830)
Comparable hotel EBITDA $ 19,277 $ 16,118 19.60 % $ 123,510 $ 113,908 8.43 %
Hotel EBITDA margin 18.20 % 17.08 % 1.12 % 27.42 % 26.93 % 0.49 %
Comparable hotel EBITDA margin 15.73 % 13.88 % 1.85 % 26.62 % 25.78 % 0.84 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ (452) $ 22,091 (102.04) % $ (439) $ 24,828 (101.77) %
Hotel net income (loss) attributable to the Company and OP unitholders $ 37,065 $ 57,191 (35.19) % $ 90,295 $ 103,367 (12.65) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ (6,941) $ (12,509) 44.51 % $ 43,701 $ 26,515 64.82 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 937 $ 890 5.34 % $ 3,738 $ 6,076 (38.48) %
Hotel EBITDA attributable to the Company and OP unitholders $ 22,485 $ 21,668 3.77 % $ 129,961 $ 128,663 1.01 %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 18,686 $ 15,327 21.92 % $ 120,103 $ 110,121 9.06 %

NOTES:

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

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

(3)    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.

(5)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 8,631 $ — $ 8,631 $ 9,712 $ — $ 9,712 (11.13) % (11.13) %
Total hotel revenue $ 14,062 $ — $ 14,062 $ 14,256 $ — $ 14,256 (1.36) % (1.36) %
Hotel net income (loss) $ (2,996) $ — $ (2,996) $ 3 $ — $ 3 (99,966.67) % (99,966.67) %
Hotel net income (loss) margin (21.31) % (21.31) % 0.02 % 0.02 % (21.33) % (21.33) %
Hotel EBITDA $ 2,363 $ — $ 2,363 $ 3,163 $ — $ 3,163 (25.29) % (25.29) %
Hotel EBITDA margin 16.80 % 16.80 % 22.19 % 22.19 % (5.39) % (5.39) %
Selected Operating Information:
RevPAR $ 167.83 $ — $ 167.83 $ 188.84 $ — $ 188.84 (11.13) % (11.13) %
Occupancy 73.20 % — % 73.20 % 80.08 % — % 80.08 % (8.59) % (8.59) %
ADR $ 229.28 $ — $ 229.28 $ 235.81 $ — $ 235.81 (2.77) % (2.77) %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ — $ — $ — $ 1,374 $ (1,374) $ — (100.00) % — %
Total hotel revenue $ — $ — $ — $ 2,049 $ (2,049) $ — (100.00) % — %
Hotel net income (loss) $ 1,190 $ (1,190) $ — $ 88,360 $ (88,360) $ — (98.65) % — %
Hotel net income (loss) margin — % — % 4,312.35 % — % (4,312.35) % — %
Hotel EBITDA $ 1,386 $ (1,386) $ — $ 397 $ (397) $ — 249.12 % — %
Hotel EBITDA margin — % — % 19.38 % — % (19.38) % — %
Selected Operating Information:
RevPAR $ — $ — $ — $ 218.00 $ 218.00 $ — (100.00) % — %
Occupancy — % — % — % 84.31 % 84.31 % — % (100.00) % — %
ADR $ — $ — $ — $ 258.56 $ 258.56 $ — (100.00) % — %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 8,940 $ — $ 8,940 $ 9,037 $ — $ 9,037 (1.07) % (1.07) %
Total hotel revenue $ 11,587 $ — $ 11,587 $ 11,671 $ — $ 11,671 (0.72) % (0.72) %
Hotel net income (loss) $ 1,512 $ — $ 1,512 $ 2,065 $ — $ 2,065 (26.78) % (26.78) %
Hotel net income (loss) margin 13.05 % 13.05 % 17.69 % 17.69 % (4.64) % (4.64) %
Hotel EBITDA $ 2,706 $ — $ 2,706 $ 3,201 $ — $ 3,201 (15.46) % (15.46) %
Hotel EBITDA margin 23.35 % 23.35 % 27.43 % 27.43 % (4.08) % (4.08) %
Selected Operating Information:
RevPAR $ 234.16 $ — $ 234.16 $ 236.70 $ — $ 236.70 (1.07) % (1.07) %
Occupancy 79.53 % — % 79.53 % 82.23 % — % 82.23 % (3.28) % (3.28) %
ADR $ 294.42 $ — $ 294.42 $ 287.84 $ — $ 287.84 2.29 % 2.29 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 4,843 $ — $ 4,843 $ 4,673 $ — $ 4,673 3.64 % 3.64 %
Total hotel revenue $ 6,433 $ — $ 6,433 $ 6,216 $ — $ 6,216 3.49 % 3.49 %
Hotel net income (loss) $ 1,167 $ — $ 1,167 $ 1,022 $ — $ 1,022 14.19 % 14.19 %
Hotel net income (loss) margin 18.14 % 18.14 % 16.44 % 16.44 % 1.70 % 1.70 %
Hotel EBITDA $ 2,058 $ — $ 2,058 $ 1,883 $ — $ 1,883 9.29 % 9.29 %
Hotel EBITDA margin 31.99 % 31.99 % 30.29 % 30.29 % 1.70 % 1.70 %
Selected Operating Information:
RevPAR $ 809.88 $ — $ 809.88 $ 781.57 $ — $ 781.57 3.62 % 3.62 %
Occupancy 79.03 % — % 79.03 % 73.81 % — % 73.81 % 7.07 % 7.07 %
ADR $ 1,024.77 $ — $ 1,024.77 $ 1,058.85 $ — $ 1,058.85 (3.22) % (3.22) %
Three Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 3,782 $ — $ 3,782 $ 3,701 $ — $ 3,701 2.19 % 2.19 %
Total hotel revenue $ 5,418 $ — $ 5,418 $ 5,133 $ — $ 5,133 5.55 % 5.55 %
Hotel net income (loss) $ 1,140 $ — $ 1,140 $ 13 $ — $ 13 8,669.23 % 8,669.23 %
Hotel net income (loss) margin 21.04 % 21.04 % 0.25 % 0.25 % 20.79 % 20.79 %
Hotel EBITDA $ 1,586 $ — $ 1,586 $ 1,311 $ — $ 1,311 20.98 % 20.98 %
Hotel EBITDA margin 29.27 % 29.27 % 25.54 % 25.54 % 3.73 % 3.73 %
Selected Operating Information:
RevPAR $ 289.50 $ — $ 289.50 $ 283.27 $ — $ 283.27 2.20 % 2.20 %
Occupancy 69.40 % — % 69.40 % 64.80 % — % 64.80 % 7.10 % 7.10 %
ADR $ 417.11 $ — $ 417.11 $ 437.17 $ — $ 437.17 (4.59) % (4.59) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 3,181 $ — $ 3,181 $ 3,340 $ — $ 3,340 (4.76) % (4.76) %
Total hotel revenue $ 4,061 $ — $ 4,061 $ 4,315 $ — $ 4,315 (5.89) % (5.89) %
Hotel net income (loss) $ 537 $ — $ 537 $ 994 $ — $ 994 (45.98) % (45.98) %
Hotel net income (loss) margin 13.22 % 13.22 % 23.04 % 23.04 % (9.82) % (9.82) %
Hotel EBITDA $ 1,205 $ — $ 1,205 $ 1,433 $ — $ 1,433 (15.91) % (15.91) %
Hotel EBITDA margin 29.67 % 29.67 % 33.21 % 33.21 % (3.54) % (3.54) %
Selected Operating Information:
RevPAR $ 432.15 $ — $ 432.15 $ 453.83 $ — $ 453.83 (4.78) % (4.78) %
Occupancy 66.28 % — % 66.28 % 70.23 % — % 70.23 % (5.62) % (5.62) %
ADR $ 652.04 $ — $ 652.04 $ 646.19 $ — $ 646.19 0.91 % 0.91 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 2,915 $ — $ 2,915 $ 3,591 $ — $ 3,591 (18.82) % (18.82) %
Total hotel revenue $ 9,438 $ — $ 9,438 $ 9,614 $ — $ 9,614 (1.83) % (1.83) %
Hotel net income (loss) $ (1,134) $ — $ (1,134) $ (1,102) $ — $ (1,102) (2.90) % (2.90) %
Hotel net income (loss) margin (12.02) % (12.02) % (11.46) % (11.46) % (0.56) % (0.56) %
Hotel EBITDA $ 2,042 $ — $ 2,042 $ 1,597 $ — $ 1,597 27.86 % 27.86 %
Hotel EBITDA margin 21.64 % 21.64 % 16.61 % 16.61 % 5.03 % 5.03 %
Selected Operating Information:
RevPAR $ 164.20 $ — $ 164.20 $ 202.27 $ — $ 202.27 (18.82) % (18.82) %
Occupancy 45.53 % — % 45.53 % 58.55 % — % 58.55 % (22.24) % (22.24) %
ADR $ 360.60 $ — $ 360.60 $ 345.47 $ — $ 345.47 4.38 % 4.38 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 6,050 $ — $ 6,050 $ 7,334 $ — $ 7,334 (17.51) % (17.51) %
Total hotel revenue $ 8,109 $ — $ 8,109 $ 9,251 $ — $ 9,251 (12.34) % (12.34) %
Hotel net income (loss) $ 896 $ — $ 896 $ 1,851 $ — $ 1,851 (51.59) % (51.59) %
Hotel net income (loss) margin 11.05 % 11.05 % 20.01 % 20.01 % (8.96) % (8.96) %
Hotel EBITDA $ 2,248 $ — $ 2,248 $ 3,232 $ — $ 3,232 (30.45) % (30.45) %
Hotel EBITDA margin 27.72 % 27.72 % 34.94 % 34.94 % (7.22) % (7.22) %
Selected Operating Information:
RevPAR $ 131.78 $ — $ 131.78 $ 159.76 $ — $ 159.76 (17.51) % (17.51) %
Occupancy 61.59 % — % 61.59 % 70.21 % — % 70.21 % (12.28) % (12.28) %
ADR $ 213.96 $ — $ 213.96 $ 227.55 $ — $ 227.55 (5.97) % (5.97) %
Three Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
THE CLANCY
Selected Financial Information:
Rooms revenue $ 8,881 $ — $ 8,881 $ 7,285 $ — $ 7,285 21.91 % 21.91 %
Total hotel revenue $ 10,504 $ — $ 10,504 $ 8,944 $ — $ 8,944 17.44 % 17.44 %
Hotel net income (loss) $ 853 $ — $ 853 $ (650) $ — $ (650) 231.23 % 231.23 %
Hotel net income (loss) margin 8.12 % 8.12 % (7.27) % (7.27) % 15.39 % 15.39 %
Hotel EBITDA $ 2,156 $ — $ 2,156 $ 1,273 $ — $ 1,273 69.36 % 69.36 %
Hotel EBITDA margin 20.53 % 20.53 % 14.23 % 14.23 % 6.30 % 6.30 %
Selected Operating Information:
RevPAR $ 235.44 $ — $ 235.44 $ 193.12 $ — $ 193.12 21.91 % 21.91 %
Occupancy 74.91 % — % 74.91 % 68.59 % — % 68.59 % 9.21 % 9.21 %
ADR $ 314.30 $ — $ 314.30 $ 281.56 $ — $ 281.56 11.63 % 11.63 %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 5,952 $ — $ 5,952 $ 6,143 $ — $ 6,143 (3.11) % (3.11) %
Total hotel revenue $ 15,906 $ — $ 15,906 $ 15,119 $ — $ 15,119 5.21 % 5.21 %
Hotel net income (loss) $ (1,211) $ — $ (1,211) $ (26) $ — $ (26) (4,557.69) % (4,557.69) %
Hotel net income (loss) margin (7.61) % (7.61) % (0.17) % (0.17) % (7.44) % (7.44) %
Hotel EBITDA $ 1,673 $ — $ 1,673 $ 1,350 $ — $ 1,350 23.93 % 23.93 %
Hotel EBITDA margin 10.52 % 10.52 % 8.93 % 8.93 % 1.59 % 1.59 %
Selected Operating Information:
RevPAR $ 234.39 $ — $ 234.39 $ 241.92 $ — $ 241.92 (3.11) % (3.11) %
Occupancy 53.09 % — % 53.09 % 51.65 % — % 51.65 % 2.79 % 2.79 %
ADR $ 441.52 $ — $ 441.52 $ 468.42 $ — $ 468.42 (5.74) % (5.74) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 7,738 $ — $ 7,738 $ 6,229 $ — $ 6,229 24.23 % 24.23 %
Total hotel revenue $ 16,254 $ — $ 16,254 $ 12,268 $ — $ 12,268 32.49 % 32.49 %
Hotel net income (loss) $ (48) $ — $ (48) $ (2,638) $ — $ (2,638) 98.18 % 98.18 %
Hotel net income (loss) margin (0.30) % (0.30) % (21.50) % (21.50) % 21.20 % 21.20 %
Hotel EBITDA $ 3,641 $ — $ 3,641 $ 757 $ — $ 757 380.98 % 380.98 %
Hotel EBITDA margin 22.40 % 22.40 % 6.17 % 6.17 % 16.23 % 16.23 %
Selected Operating Information:
RevPAR $ 459.61 $ — $ 459.61 $ 369.97 $ — $ 369.97 24.23 % 24.23 %
Occupancy 67.30 % — % 67.30 % 55.39 % — % 55.39 % 21.50 % 21.50 %
ADR $ 682.91 $ — $ 682.91 $ 667.96 $ — $ 667.96 2.24 % 2.24 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 4,982 $ (4,982) $ — $ 11,224 $ (11,224) $ — (55.61) % — %
Total hotel revenue $ 6,133 $ (6,133) $ — $ 13,883 $ (13,883) $ — (55.82) % — %
Hotel net income (loss) $ 43,113 $ (43,113) $ — $ 3,430 $ (3,430) $ — 1,156.94 % — %
Hotel net income (loss) margin 702.97 % — % 24.71 % — % 678.26 % — %
Hotel EBITDA $ 2,759 $ (2,759) $ — $ 6,043 $ (6,043) $ — (54.34) % — %
Hotel EBITDA margin 44.99 % — % 43.53 % — % 1.46 % — %
Selected Operating Information:
RevPAR $ 365.41 $ 365.41 $ — $ 330.61 $ 330.61 $ — 10.53 % — %
Occupancy 88.50 % 88.50 % — % 85.80 % 85.80 % — % 3.15 % — %
ADR $ 412.89 $ 412.89 $ — $ 385.31 $ 385.31 $ — 7.16 % — %
Three Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 6,117 $ — $ 6,117 $ 6,709 $ — $ 6,709 (8.82) % (8.82) %
Total hotel revenue $ 10,241 $ — $ 10,241 $ 12,736 $ — $ 12,736 (19.59) % (19.59) %
Hotel net income (loss) $ (1,731) $ — $ (1,731) $ (3,620) $ — $ (3,620) 52.18 % 52.18 %
Hotel net income (loss) margin (16.90) % (16.90) % (28.42) % (28.42) % 11.52 % 11.52 %
Hotel EBITDA $ (458) $ — $ (458) $ 956 $ — $ 956 (147.91) % (147.91) %
Hotel EBITDA margin (4.47) % (4.47) % 7.51 % 7.51 % (11.98) % (11.98) %
Selected Operating Information:
RevPAR $ 369.38 $ — $ 369.38 $ 405.12 $ — $ 405.12 (8.82) % (8.82) %
Occupancy 46.55 % — % 46.55 % 55.45 % — % 55.45 % (16.05) % (16.05) %
ADR $ 793.47 $ — $ 793.47 $ 730.57 $ — $ 730.57 8.61 % 8.61 %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 1,872 $ — $ 1,872 $ 2,395 $ — $ 2,395 (21.84) % (21.84) %
Total hotel revenue $ 2,365 $ — $ 2,365 $ 3,255 $ — $ 3,255 (27.34) % (27.34) %
Hotel net income (loss) $ (2,251) $ — $ (2,251) $ (1,342) $ — $ (1,342) (67.73) % (67.73) %
Hotel net income (loss) margin (95.18) % (95.18) % (41.23) % (41.23) % (53.95) % (53.95) %
Hotel EBITDA $ (1,107) $ — $ (1,107) $ (538) $ — $ (538) (105.76) % (105.76) %
Hotel EBITDA margin (46.81) % (46.81) % (16.53) % (16.53) % (30.28) % (30.28) %
Selected Operating Information:
RevPAR $ 142.30 $ — $ 142.30 $ 182.03 $ — $ 182.03 (21.83) % (21.83) %
Occupancy 52.91 % — % 52.91 % 67.95 % — % 67.95 % (22.13) % (22.13) %
ADR $ 268.94 $ — $ 268.94 $ 267.90 $ — $ 267.90 0.39 % 0.39 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 8,735 $ — $ 8,735 $ 7,258 $ — $ 7,258 20.35 % 20.35 %
Total hotel revenue $ 14,677 $ — $ 14,677 $ 12,628 $ — $ 12,628 16.23 % 16.23 %
Hotel net income (loss) $ (1,650) $ — $ (1,650) $ (3,554) $ — $ (3,554) 53.57 % 53.57 %
Hotel net income (loss) margin (11.24) % (11.24) % (28.14) % (28.14) % 16.90 % 16.90 %
Hotel EBITDA $ 348 $ — $ 348 $ (50) $ — $ (50) 796.00 % 796.00 %
Hotel EBITDA margin 2.37 % 2.37 % (0.40) % (0.40) % 2.77 % 2.77 %
Selected Operating Information:
RevPAR $ 895.75 $ — $ 895.75 $ 744.23 $ — $ 744.23 20.36 % 20.36 %
Occupancy 57.05 % — % 57.05 % 49.60 % — % 49.60 % 15.02 % 15.02 %
ADR $ 1,569.98 $ — $ 1,569.98 $ 1,500.45 $ — $ 1,500.45 4.63 % 4.63 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 4,336 $ — $ 4,336 $ 3,472 $ — $ 3,472 24.88 % 24.88 %
Total hotel revenue $ 9,397 $ — $ 9,397 $ 7,917 $ — $ 7,917 18.69 % 18.69 %
Hotel net income (loss) $ (5,622) $ — $ (5,622) $ (6,974) $ — $ (6,974) 19.39 % 19.39 %
Hotel net income (loss) margin (59.83) % (59.83) % (88.09) % (88.09) % 28.26 % 28.26 %
Hotel EBITDA $ 956 $ — $ 956 $ (958) $ — $ (958) 199.79 % 199.79 %
Hotel EBITDA margin 10.17 % 10.17 % (12.10) % (12.10) % 22.27 % 22.27 %
Selected Operating Information:
RevPAR $ 224.43 $ — $ 224.43 $ 179.67 $ — $ 179.67 24.91 % 24.91 %
Occupancy 42.57 % — % 42.57 % 34.75 % — % 34.75 % 22.50 % 22.50 %
ADR $ 527.18 $ — $ 527.18 $ 517.08 $ — $ 517.08 1.95 % 1.95 %
Three Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 47,599 $ — $ 47,599 $ 46,490 $ (1,374) $ 45,116 2.39 % 5.50 %
Total hotel revenue $ 91,825 $ — $ 91,825 $ 87,995 $ (2,049) $ 85,946 4.35 % 6.84 %
Hotel net income (loss) $ (7,362) $ (1,190) $ (8,552) $ 72,475 $ (88,360) $ (15,885) (110.16) % 46.16 %
Hotel net income (loss) margin (8.02) % (9.31) % 82.36 % (18.48) % (90.38) % 9.17 %
Hotel EBITDA $ 14,437 $ (1,386) $ 13,051 $ 8,676 $ (397) $ 8,279 66.40 % 57.64 %
Hotel EBITDA margin 15.72 % 14.21 % 9.86 % 9.63 % 5.86 % 4.58 %
Selected Operating Information:
RevPAR $ 360.55 $ — $ 360.55 $ 336.09 $ 218.00 $ 341.73 7.28 % 5.51 %
Occupancy 55.34 % — % 55.34 % 55.62 % 84.31 % 54.25 % (0.50) % 2.01 %
ADR $ 651.46 $ — $ 651.46 $ 604.30 $ 258.56 $ 629.96 7.80 % 3.41 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 39,356 $ (4,982) $ 34,374 $ 46,987 $ (11,224) $ 35,763 (16.24) % (3.88) %
Total hotel revenue $ 52,760 $ (6,133) $ 46,627 $ 61,260 $ (13,883) $ 47,377 (13.88) % (1.58) %
Hotel net income (loss) $ 41,127 $ (43,113) $ (1,986) $ 5,357 $ (3,430) $ 1,927 667.72 % (203.06) %
Hotel net income (loss) margin 77.95 % (4.26) % 8.74 % 4.07 % 69.21 % (8.33) %
Hotel EBITDA $ 11,125 $ (2,759) $ 8,366 $ 16,374 $ (6,043) $ 10,331 (32.06) % (19.02) %
Hotel EBITDA margin 21.09 % 17.94 % 26.73 % 21.81 % (5.64) % (3.87) %
Selected Operating Information:
RevPAR $ 196.76 $ 365.41 $ 184.42 $ 213.24 $ 330.61 $ 191.87 (7.73) % (3.88) %
Occupancy 71.78 % 88.50 % 70.55 % 76.59 % 85.80 % 74.91 % (6.28) % (5.82) %
ADR $ 274.13 $ 412.89 $ 261.40 $ 278.43 $ 385.31 $ 256.13 (1.54) % 2.06 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 86,955 $ (4,982) $ 81,973 $ 93,477 $ (12,598) $ 80,879 (6.98) % 1.35 %
Total hotel revenue $ 144,585 $ (6,133) $ 138,452 $ 149,255 $ (15,932) $ 133,323 (3.13) % 3.85 %
Hotel net income (loss) $ 33,765 $ (44,303) $ (10,538) $ 77,832 $ (91,790) $ (13,958) (56.62) % 24.50 %
Hotel net income (loss) margin 23.35 % (7.61) % 52.15 % (10.47) % (28.80) % 2.86 %
Hotel EBITDA $ 25,562 $ (4,145) $ 21,417 $ 25,050 $ (6,440) $ 18,610 2.04 % 15.08 %
Hotel EBITDA margin 17.68 % 15.47 % 16.78 % 13.96 % 0.90 % 1.51 %
Selected Operating Information:
RevPAR $ 261.88 $ (365.41) $ 257.45 $ 260.62 $ (312.97) $ 254.00 0.48 % 1.36 %
Occupancy 65.24 % (88.50) % 64.25 % 68.50 % (85.57) % 66.34 % (4.76) % (3.15) %
ADR $ 401.39 $ (412.89) $ 400.72 $ 380.47 $ (365.75) $ 382.87 5.50 % 4.66 %

NOTES:

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 32,255 $ — $ 32,255 $ 32,355 $ — $ 32,355 (0.31) % (0.31) %
Total hotel revenue $ 49,814 $ — $ 49,814 $ 49,679 $ — $ 49,679 0.27 % 0.27 %
Hotel net income (loss) $ (2,832) $ — $ (2,832) $ 4,291 $ — $ 4,291 (166.00) % (166.00) %
Hotel net income (loss) margin (5.69) % (5.69) % 8.64 % 8.64 % (14.33) % (14.33) %
Hotel EBITDA $ 13,630 $ — $ 13,630 $ 15,147 $ — $ 15,147 (10.02) % (10.02) %
Hotel EBITDA margin 27.36 % 27.36 % 30.49 % 30.49 % (3.13) % (3.13) %
Selected Operating Information:
RevPAR $ 211.36 $ — $ 211.36 $ 211.44 $ — $ 211.44 (0.04) % (0.04) %
Occupancy 76.21 % — % 76.21 % 80.45 % — % 80.45 % (5.27) % (5.27) %
ADR $ 277.33 $ — $ 277.33 $ 262.81 $ — $ 262.81 5.52 % 5.52 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ — $ — $ — $ 15,501 $ (15,501) $ — (100.00) % — %
Total hotel revenue $ — $ — $ — $ 27,901 $ (27,901) $ — (100.00) % — %
Hotel net income (loss) $ 1,076 $ (1,076) $ — $ 95,020 $ (95,020) $ — (98.87) % — %
Hotel net income (loss) margin — % — % 340.56 % — % (340.56) % — %
Hotel EBITDA $ 1,316 $ (1,316) $ — $ 9,155 $ (9,155) $ — (85.63) % — %
Hotel EBITDA margin — % — % 32.81 % — % (32.81) % — %
Selected Operating Information:
RevPAR $ — $ — $ — $ 198.71 $ 198.71 $ — (100.00) % — %
Occupancy — % — % — % 79.05 % 79.05 % — % (100.00) % — %
ADR $ — $ — $ — $ 251.37 $ 251.37 $ — (100.00) % — %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 20,587 $ — $ 20,587 $ 20,758 $ — $ 20,758 (0.82) % (0.82) %
Total hotel revenue $ 27,525 $ — $ 27,525 $ 27,746 $ — $ 27,746 (0.80) % (0.80) %
Hotel net income (loss) $ 1,727 $ — $ 1,727 $ 1,965 $ — $ 1,965 (12.11) % (12.11) %
Hotel net income (loss) margin 6.27 % 6.27 % 7.08 % 7.08 % (0.81) % (0.81) %
Hotel EBITDA $ 5,214 $ — $ 5,214 $ 5,386 $ — $ 5,386 (3.19) % (3.19) %
Hotel EBITDA margin 18.94 % 18.94 % 19.41 % 19.41 % (0.47) % (0.47) %
Selected Operating Information:
RevPAR $ 181.71 $ — $ 181.71 $ 182.55 $ — $ 182.55 (0.46) % (0.46) %
Occupancy 69.30 % — % 69.30 % 71.69 % — % 71.69 % (3.33) % (3.33) %
ADR $ 262.22 $ — $ 262.22 $ 254.65 $ — $ 254.65 2.97 % 2.97 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 11,411 $ — $ 11,411 $ 11,201 $ — $ 11,201 1.87 % 1.87 %
Total hotel revenue $ 15,644 $ — $ 15,644 $ 15,148 $ — $ 15,148 3.27 % 3.27 %
Hotel net income (loss) $ 898 $ — $ 898 $ 832 $ — $ 832 7.93 % 7.93 %
Hotel net income (loss) margin 5.74 % 5.74 % 5.49 % 5.49 % 0.25 % 0.25 %
Hotel EBITDA $ 3,567 $ — $ 3,567 $ 3,254 $ — $ 3,254 9.62 % 9.62 %
Hotel EBITDA margin 22.80 % 22.80 % 21.48 % 21.48 % 1.32 % 1.32 %
Selected Operating Information:
RevPAR $ 643.04 $ — $ 643.04 $ 628.94 $ — $ 628.94 2.24 % 2.24 %
Occupancy 66.64 % — % 66.64 % 62.71 % — % 62.71 % 6.27 % 6.27 %
ADR $ 964.97 $ — $ 964.97 $ 1,002.90 $ — $ 1,002.90 (3.78) % (3.78) %
Nine Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 17,254 $ — $ 17,254 $ 17,148 $ — $ 17,148 0.62 % 0.62 %
Total hotel revenue $ 22,835 $ — $ 22,835 $ 22,159 $ — $ 22,159 3.05 % 3.05 %
Hotel net income (loss) $ 9,183 $ — $ 9,183 $ 3,882 $ — $ 3,882 136.55 % 136.55 %
Hotel net income (loss) margin 40.21 % 40.21 % 17.52 % 17.52 % 22.69 % 22.69 %
Hotel EBITDA $ 10,542 $ — $ 10,542 $ 10,025 $ — $ 10,025 5.16 % 5.16 %
Hotel EBITDA margin 46.17 % 46.17 % 45.24 % 45.24 % 0.93 % 0.93 %
Selected Operating Information:
RevPAR $ 445.08 $ — $ 445.08 $ 440.72 $ — $ 440.72 0.99 % 0.99 %
Occupancy 73.51 % — % 73.51 % 71.05 % — % 71.05 % 3.46 % 3.46 %
ADR $ 605.48 $ — $ 605.48 $ 620.30 $ — $ 620.30 (2.39) % (2.39) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 7,577 $ — $ 7,577 $ 8,484 $ — $ 8,484 (10.69) % (10.69) %
Total hotel revenue $ 10,098 $ — $ 10,098 $ 11,039 $ — $ 11,039 (8.52) % (8.52) %
Hotel net income (loss) $ 258 $ — $ 258 $ 1,533 $ — $ 1,533 (83.17) % (83.17) %
Hotel net income (loss) margin 2.55 % 2.55 % 13.89 % 13.89 % (11.34) % (11.34) %
Hotel EBITDA $ 2,092 $ — $ 2,092 $ 2,851 $ — $ 2,851 (26.62) % (26.62) %
Hotel EBITDA margin 20.72 % 20.72 % 25.83 % 25.83 % (5.11) % (5.11) %
Selected Operating Information:
RevPAR $ 346.91 $ — $ 346.91 $ 387.07 $ — $ 387.07 (10.38) % (10.38) %
Occupancy 54.78 % — % 54.78 % 61.62 % — % 61.62 % (11.10) % (11.10) %
ADR $ 633.34 $ — $ 633.34 $ 628.15 $ — $ 628.15 0.83 % 0.83 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 18,210 $ — $ 18,210 $ 18,684 $ — $ 18,684 (2.54) % (2.54) %
Total hotel revenue $ 36,356 $ — $ 36,356 $ 37,591 $ — $ 37,591 (3.29) % (3.29) %
Hotel net income (loss) $ 1,251 $ — $ 1,251 $ 2,459 $ — $ 2,459 (49.13) % (49.13) %
Hotel net income (loss) margin 3.44 % 3.44 % 6.54 % 6.54 % (3.10) % (3.10) %
Hotel EBITDA $ 10,117 $ — $ 10,117 $ 10,530 $ — $ 10,530 (3.92) % (3.92) %
Hotel EBITDA margin 27.83 % 27.83 % 28.01 % 28.01 % (0.18) % (0.18) %
Selected Operating Information:
RevPAR $ 345.60 $ — $ 345.60 $ 353.32 $ — $ 353.32 (2.18) % (2.18) %
Occupancy 50.80 % — % 50.80 % 58.38 % — % 58.38 % (12.98) % (12.98) %
ADR $ 680.27 $ — $ 680.27 $ 605.25 $ — $ 605.25 12.39 % 12.39 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 20,085 $ — $ 20,085 $ 20,472 $ — $ 20,472 (1.89) % (1.89) %
Total hotel revenue $ 26,747 $ — $ 26,747 $ 25,913 $ — $ 25,913 3.22 % 3.22 %
Hotel net income (loss) $ 4,109 $ — $ 4,109 $ 3,270 $ — $ 3,270 25.66 % 25.66 %
Hotel net income (loss) margin 15.36 % 15.36 % 12.62 % 12.62 % 2.74 % 2.74 %
Hotel EBITDA $ 8,093 $ — $ 8,093 $ 7,924 $ — $ 7,924 2.13 % 2.13 %
Hotel EBITDA margin 30.26 % 30.26 % 30.58 % 30.58 % (0.32) % (0.32) %
Selected Operating Information:
RevPAR $ 147.44 $ — $ 147.44 $ 149.73 $ — $ 149.73 (1.53) % (1.53) %
Occupancy 65.12 % — % 65.12 % 66.16 % — % 66.16 % (1.57) % (1.57) %
ADR $ 226.42 $ — $ 226.42 $ 226.31 $ — $ 226.31 0.05 % 0.05 %
Nine Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
THE CLANCY
Selected Financial Information:
Rooms revenue $ 27,536 $ — $ 27,536 $ 23,816 $ — $ 23,816 15.62 % 15.62 %
Total hotel revenue $ 32,524 $ — $ 32,524 $ 29,030 $ — $ 29,030 12.04 % 12.04 %
Hotel net income (loss) $ 3,315 $ — $ 3,315 $ (1,190) $ — $ (1,190) 378.57 % 378.57 %
Hotel net income (loss) margin 10.19 % 10.19 % (4.10) % (4.10) % 14.29 % 14.29 %
Hotel EBITDA $ 7,681 $ — $ 7,681 $ 5,394 $ — $ 5,394 42.40 % 42.40 %
Hotel EBITDA margin 23.62 % 23.62 % 18.58 % 18.58 % 5.04 % 5.04 %
Selected Operating Information:
RevPAR $ 246.01 $ — $ 246.01 $ 212.00 $ — $ 212.00 16.04 % 16.04 %
Occupancy 72.43 % — % 72.43 % 69.36 % — % 69.36 % 4.43 % 4.43 %
ADR $ 339.67 $ — $ 339.67 $ 305.64 $ — $ 305.64 11.13 % 11.13 %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 28,064 $ — $ 28,064 $ 29,668 $ — $ 29,668 (5.41) % (5.41) %
Total hotel revenue $ 70,323 $ — $ 70,323 $ 67,867 $ — $ 67,867 3.62 % 3.62 %
Hotel net income (loss) $ 12,112 $ — $ 12,112 $ 12,695 $ — $ 12,695 (4.59) % (4.59) %
Hotel net income (loss) margin 17.22 % 17.22 % 18.71 % 18.71 % (1.49) % (1.49) %
Hotel EBITDA $ 18,987 $ — $ 18,987 $ 17,785 $ — $ 17,785 6.76 % 6.76 %
Hotel EBITDA margin 27.00 % 27.00 % 26.21 % 26.21 % 0.79 % 0.79 %
Selected Operating Information:
RevPAR $ 372.46 $ — $ 372.46 $ 392.30 $ — $ 392.30 (5.06) % (5.06) %
Occupancy 67.14 % — % 67.14 % 66.20 % — % 66.20 % 1.42 % 1.42 %
ADR $ 554.77 $ — $ 554.77 $ 592.61 $ — $ 592.61 (6.39) % (6.39) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 24,331 $ — $ 24,331 $ 21,657 $ — $ 21,657 12.35 % 12.35 %
Total hotel revenue $ 46,325 $ — $ 46,325 $ 37,837 $ — $ 37,837 22.43 % 22.43 %
Hotel net income (loss) $ (1,811) $ — $ (1,811) $ (6,767) $ — $ (6,767) 73.24 % 73.24 %
Hotel net income (loss) margin (3.91) % (3.91) % (17.88) % (17.88) % 13.97 % 13.97 %
Hotel EBITDA $ 9,297 $ — $ 9,297 $ 3,737 $ — $ 3,737 148.78 % 148.78 %
Hotel EBITDA margin 20.07 % 20.07 % 9.88 % 9.88 % 10.19 % 10.19 %
Selected Operating Information:
RevPAR $ 487.01 $ — $ 487.01 $ 431.91 $ — $ 431.91 12.76 % 12.76 %
Occupancy 57.62 % — % 57.62 % 52.62 % — % 52.62 % 9.50 % 9.50 %
ADR $ 845.16 $ — $ 845.16 $ 820.74 $ — $ 820.74 2.98 % 2.98 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 18,443 $ (18,443) $ — $ 24,469 $ (24,469) $ — (24.63) % — %
Total hotel revenue $ 23,768 $ (23,768) $ — $ 30,553 $ (30,553) $ — (22.21) % — %
Hotel net income (loss) $ 45,787 $ (45,787) $ — $ 5,587 $ (5,587) $ — 719.53 % — %
Hotel net income (loss) margin 192.64 % — % 18.29 % — % 174.35 % — %
Hotel EBITDA $ 8,873 $ (8,873) $ — $ 11,675 $ (11,675) $ — (24.00) % — %
Hotel EBITDA margin 37.33 % — % 38.21 % — % (0.88) % — %
Selected Operating Information:
RevPAR $ 229.32 $ 229.32 $ — $ 242.01 $ 242.01 $ — (5.24) % — %
Occupancy 74.90 % 74.90 % — % 75.21 % 75.21 % — % (0.41) % — %
ADR $ 306.18 $ 306.18 $ — $ 321.80 $ 321.80 $ — (4.85) % — %
Nine Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 32,632 $ — $ 32,632 $ 35,385 $ — $ 35,385 (7.78) % (7.78) %
Total hotel revenue $ 52,103 $ — $ 52,103 $ 58,038 $ — $ 58,038 (10.23) % (10.23) %
Hotel net income (loss) $ 9,283 $ — $ 9,283 $ 7,677 $ — $ 7,677 20.92 % 20.92 %
Hotel net income (loss) margin 17.82 % 17.82 % 13.23 % 13.23 % 4.59 % 4.59 %
Hotel EBITDA $ 13,004 $ — $ 13,004 $ 17,034 $ — $ 17,034 (23.66) % (23.66) %
Hotel EBITDA margin 24.96 % 24.96 % 29.35 % 29.35 % (4.39) % (4.39) %
Selected Operating Information:
RevPAR $ 664.06 $ — $ 664.06 $ 717.46 $ — $ 717.46 (7.44) % (7.44) %
Occupancy 61.82 % — % 61.82 % 67.66 % — % 67.66 % (8.63) % (8.63) %
ADR $ 1,074.24 $ — $ 1,074.24 $ 1,060.35 $ — $ 1,060.35 1.31 % 1.31 %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 6,660 $ — $ 6,660 $ 7,396 $ — $ 7,396 (9.95) % (9.95) %
Total hotel revenue $ 8,795 $ — $ 8,795 $ 10,011 $ — $ 10,011 (12.15) % (12.15) %
Hotel net income (loss) $ (4,789) $ — $ (4,789) $ (4,084) $ — $ (4,084) (17.26) % (17.26) %
Hotel net income (loss) margin (54.45) % (54.45) % (40.80) % (40.80) % (13.65) % (13.65) %
Hotel EBITDA $ (1,812) $ — $ (1,812) $ (1,012) $ — $ (1,012) (79.05) % (79.05) %
Hotel EBITDA margin (20.60) % (20.60) % (10.11) % (10.11) % (10.49) % (10.49) %
Selected Operating Information:
RevPAR $ 170.62 $ — $ 170.62 $ 188.76 $ — $ 188.76 (9.61) % (9.61) %
Occupancy 62.85 % — % 62.85 % 68.51 % — % 68.51 % (8.26) % (8.26) %
ADR $ 271.49 $ — $ 271.49 $ 275.50 $ — $ 275.50 (1.46) % (1.46) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 43,668 $ — $ 43,668 $ 38,705 $ — $ 38,705 12.82 % 12.82 %
Total hotel revenue $ 65,516 $ — $ 65,516 $ 58,645 $ — $ 58,645 11.72 % 11.72 %
Hotel net income (loss) $ 7,028 $ — $ 7,028 $ 3,679 $ — $ 3,679 91.03 % 91.03 %
Hotel net income (loss) margin 10.73 % 10.73 % 6.27 % 6.27 % 4.46 % 4.46 %
Hotel EBITDA $ 15,438 $ — $ 15,438 $ 13,129 $ — $ 13,129 17.59 % 17.59 %
Hotel EBITDA margin 23.56 % 23.56 % 22.39 22.39 % 1.17 % 1.17 %
Selected Operating Information:
RevPAR $ 1,509.07 $ — $ 1,509.07 $ 1,332.62 $ — $ 1,332.62 13.24 % 13.24 %
Occupancy 63.43 % — % 63.43 % 56.26 % — % 56.26 % 12.74 % 12.74 %
ADR $ 2,379.28 $ — $ 2,379.28 $ 2,368.56 $ — $ 2,368.56 0.45 % 0.45 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 28,382 $ — $ 28,382 $ 26,320 $ — $ 26,320 7.83 % 7.83 %
Total hotel revenue $ 54,562 $ — $ 54,562 $ 49,843 $ — $ 49,843 9.47 % 9.47 %
Hotel net income (loss) $ (19) $ — $ (19) $ (2,747) $ — $ (2,747) 99.31 % 99.31 %
Hotel net income (loss) margin (0.03) % (0.03) % (5.51) % (5.51) % 5.48 % 5.48 %
Hotel EBITDA $ 18,057 $ — $ 18,057 $ 15,093 $ — $ 15,093 19.64 % 19.64 %
Hotel EBITDA margin 33.09 % 33.09 % 30.28 30.28 % 2.81 % 2.81 %
Selected Operating Information:
RevPAR $ 495.06 $ — $ 495.06 $ 457.41 $ — $ 457.41 8.23 % 8.23 %
Occupancy 57.78 % — % 57.78 % 52.01 % — % 52.01 % 11.09 % 11.09 %
ADR $ 856.84 $ — $ 856.84 $ 879.49 $ — $ 879.49 (2.58) % (2.58) %
Nine Months Ended September 30,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 211,529 $ — $ 211,529 $ 222,753 $ (15,501) $ 207,252 (5.04) % 2.06 %
Total hotel revenue $ 373,762 $ — $ 373,762 $ 386,068 $ (27,901) $ 358,167 (3.19) % 4.35 %
Hotel net income (loss) $ 39,260 $ (1,077) $ 38,184 $ 118,262 $ (95,020) $ 23,242 (66.80) % 64.29 %
Hotel net income (loss) margin 10.50 % 10.22 % 30.63 % 6.49 % (20.13) % 3.73 %
Hotel EBITDA $ 102,417 $ (1,316) $ 101,101 $ 102,593 $ (9,155) $ 93,438 (0.17) % 8.20 %
Hotel EBITDA margin 27.40 % 27.05 % 26.57 % 26.09 % 0.83 % 0.96 %
Selected Operating Information:
RevPAR $ 539.95 $ — $ 539.95 $ 472.73 $ 198.71 $ 527.10 14.22 % 2.44 %
Occupancy 61.33 % — % 61.33 % 63.87 % 79.05 % 60.86 % (3.98) % 0.77 %
ADR $ 880.34 $ — $ 880.34 $ 740.18 $ 251.37 $ 866.15 18.94 % 1.64 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 125,566 $ (18,443) $ 107,123 $ 129,266 $ (24,469) $ 104,797 (2.86) % 2.22 %
Total hotel revenue $ 169,173 $ (23,768) $ 145,405 $ 172,932 $ (30,553) $ 142,379 (2.17) % 2.13 %
Hotel net income (loss) $ 47,317 $ (45,787) $ 1,530 $ 9,840 $ (5,587) $ 4,253 380.86 % (64.03) %
Hotel net income (loss) margin 27.97 % 1.05 % 5.69 % 2.99 % 22.28 % (1.94) %
Hotel EBITDA $ 41,679 $ (8,873) $ 32,806 $ 44,514 $ (11,675) $ 32,839 (6.37) % (0.10) %
Hotel EBITDA margin 24.64 % 22.56 % 25.74 % 23.06 % (1.10) % (0.50) %
Selected Operating Information:
RevPAR $ 198.20 $ 229.32 $ 193.68 $ 197.02 $ 242.01 $ 188.83 0.60 % 2.57 %
Occupancy 70.93 % 74.90 % 70.35 % 72.54 % 75.21 % 72.05 % (2.22) % (2.36) %
ADR $ 279.43 $ 306.18 $ 275.29 $ 271.63 $ 321.80 $ 262.09 2.87 % 5.04 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 337,095 $ (18,443) $ 318,652 $ 352,019 $ (39,970) $ 312,049 (4.24) % 2.12 %
Total hotel revenue $ 542,935 $ (23,768) $ 519,167 $ 559,000 $ (58,454) $ 500,546 (2.87) % 3.72 %
Hotel net income (loss) $ 86,576 $ (46,863) $ 39,713 $ 128,102 $ (100,607) $ 27,495 (32.42) % 44.44 %
Hotel net income (loss) margin 15.95 % 7.65 % 22.92 % 5.49 % (6.97) % 2.16 %
Hotel EBITDA $ 144,096 $ (10,189) $ 133,907 $ 147,107 $ (20,830) $ 126,277 (2.05) % 6.04 %
Hotel EBITDA margin 26.54 % 25.79 % 26.32 % 25.23 % 0.22 % 0.56 %
Selected Operating Information:
RevPAR $ 328.78 $ (229.32) $ 337.25 $ 312.27 $ (223.15) $ 329.11 5.29 % 2.47 %
Occupancy 67.26 % (74.90) % 66.61 % 68.91 % (76.88) % 67.41 % (2.39) % (1.19) %
ADR $ 488.80 $ (306.18) $ 506.27 $ 453.14 $ (290.26) $ 488.24 7.87 % 3.69 %

NOTES:

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2025 2025 2025
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 42,065 $ — $ 42,065
Total hotel revenue $ 65,269 $ — $ 65,269
Hotel net income $ (12,146) $ — $ (12,146)
Hotel net income margin (18.61) % (18.61) %
Hotel EBITDA $ 17,440 $ — $ 17,440
Hotel EBITDA margin 26.72 % 26.72 %
Selected Operating Information:
RevPAR $ 206.16 $ — $ 206.16
Occupancy 75.46 % — % 75.46 %
ADR $ 273.20 $ — $ 273.20
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ — $ — $ —
Total hotel revenue $ — $ — $ —
Hotel net income $ 962 $ (962) $ —
Hotel net income margin — %
Hotel EBITDA $ 1,265 $ (1,265) $ —
Hotel EBITDA margin — %
Selected Operating Information:
RevPAR $ — $ — $ —
Occupancy — % — % — %
ADR $ — $ — $ —
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 27,777 $ — $ 27,777
Total hotel revenue $ 37,347 $ — $ 37,347
Hotel net income $ 940 $ — $ 940
Hotel net income margin 2.52 % 2.52 %
Hotel EBITDA $ 5,570 $ — $ 5,570
Hotel EBITDA margin 14.91 % 14.91 %
Selected Operating Information:
RevPAR $ 183.38 $ — $ 183.38
Occupancy 70.75 % — % 70.75 %
ADR $ 259.19 $ — $ 259.19
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 14,948 $ — $ 14,948
Total hotel revenue $ 20,637 $ — $ 20,637
Hotel net income $ 942 $ — $ 942
Hotel net income margin 4.56 % 4.56 %
Hotel EBITDA $ 4,749 $ — $ 4,749
Hotel EBITDA margin 23.01 % 23.01 %
Selected Operating Information:
RevPAR $ 630.04 $ — $ 630.04
Occupancy 63.89 % — % 63.89 %
ADR $ 986.13 $ — $ 986.13
TTM Ended September 30,
--- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable
2025 2025 2025
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 23,151 $ — $ 23,151
Total hotel revenue $ 30,556 $ — $ 30,556
Hotel net income $ 12,204 $ — $ 12,204
Hotel net income margin 39.94 % 39.94 %
Hotel EBITDA $ 14,121 $ — $ 14,121
Hotel EBITDA margin 46.21 % 46.21 %
Selected Operating Information:
RevPAR $ 446.68 $ — $ 446.68
Occupancy 73.20 % — % 73.20 %
ADR $ 610.21 $ — $ 610.21
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 10,439 $ — $ 10,439
Total hotel revenue $ 13,769 $ — $ 13,769
Hotel net income $ 600 $ — $ 600
Hotel net income margin 4.36 % 4.36 %
Hotel EBITDA $ 3,195 $ — $ 3,195
Hotel EBITDA margin 23.20 % 23.20 %
Selected Operating Information:
RevPAR $ 357.50 $ — $ 357.50
Occupancy 54.63 % — % 54.63 %
ADR $ 654.36 $ — $ 654.36
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 23,592 $ — $ 23,592
Total hotel revenue $ 46,672 $ — $ 46,672
Hotel net income $ (8) $ — $ (8)
Hotel net income margin (0.02) % (0.02) %
Hotel EBITDA $ 11,679 $ — $ 11,679
Hotel EBITDA margin 25.02 % 25.02 %
Selected Operating Information:
RevPAR $ 334.91 $ — $ 334.91
Occupancy 50.84 % — % 50.84 %
ADR $ 658.73 $ — $ 658.73
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 28,255 $ — $ 28,255
Total hotel revenue $ 37,290 $ — $ 37,290
Hotel net income $ 6,848 $ — $ 6,848
Hotel net income margin 18.36 % 18.36 %
Hotel EBITDA $ 12,118 $ — $ 12,118
Hotel EBITDA margin 32.50 % 32.50 %
Selected Operating Information:
RevPAR $ 155.13 $ — $ 155.13
Occupancy 66.22 % — % 66.22 %
ADR $ 234.28 $ — $ 234.28
TTM Ended September 30,
--- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable
2025 2025 2025
THE CLANCY
Selected Financial Information:
Rooms revenue $ 33,741 $ — $ 33,741
Total hotel revenue $ 39,883 $ — $ 39,883
Hotel net income $ 1,898 $ — $ 1,898
Hotel net income margin 4.76 % 4.76 %
Hotel EBITDA $ 8,020 $ — $ 8,020
Hotel EBITDA margin 20.11 % 20.11 %
Selected Operating Information:
RevPAR $ 225.46 $ — $ 225.46
Occupancy 68.57 % — % 68.57 %
ADR $ 328.80 $ — $ 328.80
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 35,003 $ — $ 35,003
Total hotel revenue $ 89,219 $ — $ 89,219
Hotel net income $ 13,145 $ — $ 13,145
Hotel net income margin 14.73 % 14.73 %
Hotel EBITDA $ 23,126 $ — $ 23,126
Hotel EBITDA margin 25.92 % 25.92 %
Selected Operating Information:
RevPAR $ 347.46 $ — $ 347.46
Occupancy 63.15 % — % 63.15 %
ADR $ 550.23 $ — $ 550.23
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 31,706 $ — $ 31,706
Total hotel revenue $ 59,232 $ — $ 59,232
Hotel net income $ (4,129) $ — $ (4,129)
Hotel net income margin (6.97) % (6.97) %
Hotel EBITDA $ 10,647 $ — $ 10,647
Hotel EBITDA margin 17.98 % 17.98 %
Selected Operating Information:
RevPAR $ 474.68 $ — $ 474.68
Occupancy 55.90 % — % 55.90 %
ADR $ 849.13 $ — $ 849.13
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 24,291 $ (24,291) $ —
Total hotel revenue $ 31,990 $ (31,990) $ —
Hotel net income $ 46,372 $ (46,372) $ —
Hotel net income margin 144.96 % — %
Hotel EBITDA $ 11,194 $ (11,194) $ —
Hotel EBITDA margin 34.99 % — %
Selected Operating Information:
RevPAR $ 212.39 $ 212.39 $ —
Occupancy 72.34 % 72.34 % — %
ADR $ 293.61 $ 293.61 $ —
TTM Ended September 30,
--- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable
2025 2025 2025
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 42,290 $ — $ 42,290
Total hotel revenue $ 68,441 $ — $ 68,441
Hotel net income $ 10,918 $ — $ 10,918
Hotel net income margin 15.95 % 15.95 %
Hotel EBITDA $ 16,590 $ — $ 16,590
Hotel EBITDA margin 24.24 % 24.24 %
Selected Operating Information:
RevPAR $ 643.66 $ — $ 643.66
Occupancy 59.41 % — % 59.41 %
ADR $ 1,083.49 $ — $ 1,083.49
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 8,878 $ — $ 8,878
Total hotel revenue $ 11,924 $ — $ 11,924
Hotel net income $ (6,482) $ — $ (6,482)
Hotel net income margin (54.36) % (54.36) %
Hotel EBITDA $ (2,285) $ — $ (2,285)
Hotel EBITDA margin (19.16) % (19.16) %
Selected Operating Information:
RevPAR $ 170.10 $ — $ 170.10
Occupancy 62.71 % — % 62.71 %
ADR $ 271.24 $ — $ 271.24
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 59,642 $ — $ 59,642
Total hotel revenue $ 89,092 $ — $ 89,092
Hotel net income $ 9,111 $ — $ 9,111
Hotel net income margin 10.23 % 10.23 %
Hotel EBITDA $ 21,447 $ — $ 21,447
Hotel EBITDA margin 24.07 % 24.07 %
Selected Operating Information:
RevPAR $ 1,541.55 $ — $ 1,541.55
Occupancy 62.90 % — % 62.90 %
ADR $ 2,450.70 $ — $ 2,450.70
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 38,766 $ — $ 38,766
Total hotel revenue $ 76,833 $ — $ 76,833
Hotel net income (loss) $ 2,275 $ — $ 2,275
Hotel net income (loss) margin 2.96 % 2.96 %
Hotel EBITDA $ 26,250 $ — $ 26,250
Hotel EBITDA margin 34.17 % 34.17 %
Selected Operating Information:
RevPAR $ 505.76 $ — $ 505.76
Occupancy 58.08 % — % 58.08 %
ADR $ 870.76 $ — $ 870.76
TTM Ended September 30,
--- --- --- --- --- --- --- --- --- --- ---
Actual Non-comparable Adjustments Comparable
2025 2025 2025
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 279,537 $ — $ 279,537
Total hotel revenue $ 494,451 $ — $ 494,451
Hotel net income $ 46,020 $ (962) $ 45,058
Hotel net income margin 9.31 % 9.11 %
Hotel EBITDA $ 133,069 $ (1,265) $ 131,804
Hotel EBITDA margin 26.91 % 26.66 %
Selected Operating Information:
RevPAR $ 533.70 $ — $ 533.70
Occupancy 59.89 % — % 59.89 %
ADR $ 891.07 $ — $ 891.07
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 165,007 $ (24,291) $ 140,716
Total hotel revenue $ 223,703 $ (31,990) $ 191,713
Hotel net income $ 37,430 $ (46,372) $ (8,942)
Hotel net income margin 16.73 % (4.66) %
Hotel EBITDA $ 52,057 $ (11,194) $ 40,863
Hotel EBITDA margin 23.27 % 21.31 %
Selected Operating Information:
RevPAR $ 190.29 $ — $ 190.29
Occupancy 69.92 % — % 69.92 %
ADR $ 272.13 $ — $ 272.13
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 444,544 $ (24,291) $ 420,253
Total hotel revenue $ 718,154 $ (31,990) $ 686,164
Hotel net income $ 83,450 $ (47,334) $ 36,116
Hotel net income margin 11.62 % 5.26 %
Hotel EBITDA $ 185,126 $ (12,459) $ 172,667
Hotel EBITDA margin 25.78 % 25.16 %
Selected Operating Information:
RevPAR $ 351.90 $ — $ 332.67
Occupancy 65.77 % — % 65.77 %
ADR $ 535.08 $ — $ 505.84

NOTES:

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2025 2025 2025 2025 2025 2025 2025 2025 2025 2024 2024 2024
3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter
Total hotel revenue $ 144,585 $ (6,133) $ 138,452 $ 179,943 $ (11,339) $ 168,604 $ 218,409 $ (6,296) $ 212,113 $ 175,217 $ (8,222) $ 166,995
Hotel net income (loss) $ 33,765 $ (44,303) $ (10,538) $ 16,054 $ (3,020) $ 13,034 $ 36,757 $ 460 $ 37,217 $ (3,126) $ (471) $ (3,597)
Hotel net income (loss) margin 23.35 % (7.61) % 8.92 % 7.73 % 16.83 % 17.55 % (1.78) % (2.15) %
Hotel EBITDA $ 25,562 $ (4,145) $ 21,417 $ 47,793 $ (4,729) $ 43,064 $ 70,741 $ (1,315) $ 69,426 $ 41,030 $ (2,270) $ 38,760
Hotel EBITDA margin 17.68 % 15.47 % 26.56 % 25.54 % 32.39 % 32.73 % 23.42 % 23.21 %
Hotel net income (loss) % of total TTM 40.5 % (29.2) % 19.2 % 36.1 % 44.0 % 103.1 % (3.7) % (10.0) %
EBITDA % of total TTM 13.8 % 12.4 % 25.8 % 24.9 % 38.2 % 40.3 % 22.2 % 22.4 %
JV interests in Hotel net income (loss) $ (452) $ (297) $ (749) $ 100 $ 4 $ 104 $ (88) $ 25 $ (63) $ (2,357) $ 29 $ (2,328)
JV interests in EBITDA $ 937 $ (346) $ 591 $ 1,516 $ 3 $ 1,519 $ 1,284 $ 14 $ 1,298 $ 940 $ 13 $ 953
Actual Non-comparable Adjustments Comparable
2025 2025 2025
TTM TTM TTM
Total hotel revenue $ 718,154 $ (31,990) $ 686,164
Hotel net income (loss) $ 83,450 $ (47,334) $ 36,116
Hotel net income (loss) margin 11.62 % 5.26 %
Hotel EBITDA $ 185,126 $ (12,459) $ 172,667
Hotel EBITDA margin 25.78 % 25.16 %
Hotel net income (loss) % of total TTM 100.0 % 100.0 %
EBITDA % of total TTM 100.0 % 100.0 %
JV interests in Hotel net income (loss) $ (2,797) $ (239) $ (3,036)
JV interests in EBITDA $ 4,677 $ (316) $ 4,361

NOTES:

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

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

(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

TOTAL ENTERPRISE VALUE

September 30, 2025

(in thousands, except share price)

(unaudited)

September 30, 2025
Common stock shares outstanding 68,219
Partnership units outstanding (common stock equivalents) 5,415
Combined common stock shares and partnership units outstanding 73,634
Common stock price $ 2.73
Market capitalization $ 201,021
Series B cumulative convertible preferred stock $ 76,950
Series D cumulative preferred stock $ 40,000
Series E redeemable preferred stock $ 317,442
Series M redeemable preferred stock $ 35,114
Indebtedness $ 1,172,393
Joint venture partner's share of consolidated indebtedness $ (27,650)
Net working capital (see below) $ (94,381)
Total enterprise value (TEV) $ 1,720,889
Cash and cash equivalents $ 113,757
Restricted cash $ 47,133
Accounts receivable, net $ 32,133
Investment in securities $ 17,277
Prepaid expenses $ 22,251
Due from third-party hotel managers, net $ 21,354
Total current assets $ 253,905
Accounts payable, net & accrued expenses $ 148,046
Dividends and distributions payable $ 8,553
Due to affiliates, net $ 2,925
Total current liabilities $ 159,524
Net working capital* $ 94,381

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Estimated
Cameo Beverly Hills 143 x x
Hotel Yountville 80 x x x x
Park Hyatt Beaver Creek 193 x x x
Total 1 2 3 3

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

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

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended September 30, 2025
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total
Aareal (Capital Hilton) $ 2,363 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 2,363
JPMorgan Chase (see footnote 3) — — 2,706 — — — — 2,248 2,156 — — — — — 348 — 7,458
BAML (see foonote 4) — — — 2,058 1,586 1,205 — — — 1,673 — — (458) — — — 6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 2,042 — — — — — — — — — 2,042
BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 3,641 — — — — — 3,641
Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 956 956
Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (1,107) — — (1,107)
Total $ 2,363 $ — $ 2,706 $ 2,058 $ 1,586 $ 1,205 $ 2,042 $ 2,248 $ 2,156 $ 1,673 $ 3,641 $ — $ (458) $ (1,107) $ 348 $ 956 $ 21,417

NOTES:

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

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

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

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

(5)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2025
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 418 $ (18) $ 3,772 $ 886 $ 2,921 $ 733 $ (4,702) $ 2,803 $ 1,022 $ 4,621 $ (3,021) $ 3,038 $ 3,115 $ (1,161) $ 1,460 $ 167 $ 16,054 $ (22,895) $ (6,841)
Non-property adjustments (23) — — — — — — — — — — — — — — — (23) 23 —
Interest income (37) (5) (2) — — — — (30) (71) (42) (5) (30) (96) — (9) (54) (381) 381 —
Interest expense 2,257 — — — — — 1,281 — — 135 831 20 — — — 2,857 7,381 15,293 22,674
Amortization of loan cost 143 — — — 34 — — — — — 31 — — — — 253 461 2,226 2,687
Depreciation and amortization 2,835 — 1,106 734 401 596 1,588 1,339 1,547 2,023 2,562 1,715 1,359 833 2,004 2,718 23,360 — 23,360
Income tax expense (benefit) (47) — — — — — — 6 — — — — (231) — 62 — (210) (135) (345)
Non-hotel EBITDA ownership expense 530 11 37 108 15 — 2 21 3 24 266 (2) 2 105 27 2 1,151 (1,151) —
Hotel EBITDA including amounts attributable to noncontrolling interest 6,076 (12) 4,913 1,728 3,371 1,329 (1,831) 4,139 2,501 6,761 664 4,741 4,149 (223) 3,544 5,943 47,793 (6,258) 41,535
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,520) 4 — — — — — — — — — — — — — — (1,516) 1,516 —
Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — —
Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —
Hotel EBITDA attributable to the Company and OP unitholders $ 4,556 $ (8) $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ 2,501 $ 6,761 $ 664 $ 4,741 $ 4,149 $ (223) $ 3,544 $ 5,943 $ 46,277 $ (4,742) $ 41,535
Non-comparable adjustments — 12 — — — — — — — — — (4,741) — — — — (4,729)
Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ 2,501 $ 6,761 $ 664 $ — $ 4,149 $ (223) $ 3,544 $ 5,943 $ 43,064
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (12) $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,646
Non-comparable adjustments — 12 — — — — — — — — — — — — — — 12
Comparable hotel EBITDA $ — $ — $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ 2,501 $ — $ — $ 4,741 $ — $ (223) $ — $ — $ 22,147
Non-comparable adjustments — — — — — — — — — — — (4,741) — — — — (4,741)
Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ 2,501 $ — $ — $ — $ — $ (223) $ — $ — $ 17,406

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended June 30, 2025
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total
Aareal (Capital Hilton) $ 6,076 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 6,076
JPMorgan Chase (see footnote 3) — — 4,913 — — — — 4,139 2,501 — — — — — 3,544 — 15,097
BAML (see foonote 4) — — — 1,728 3,371 1,329 — — — 6,761 — — 4,149 — — — 17,338
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — (1,831) — — — — — — — — — (1,831)
BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 664 — — — — — 664
Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 5,943 5,943
Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (223) — — (223)
Total $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ 2,501 $ 6,761 $ 664 $ — $ 4,149 $ (223) $ 3,544 $ 5,943 $ 43,064

NOTES:

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

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2025
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (254) $ (96) $ (3,557) $ (1,155) $ 5,122 $ (1,012) $ 7,087 $ 410 $ 1,440 $ 8,702 $ 1,258 $ (364) $ 7,899 $ (1,377) $ 7,218 $ 5,436 $ 36,757 $ (26,085) $ 10,672
Non-property adjustments 3 — — — — — — — — — — — — — 866 — 869 (869) —
Interest income (36) (4) (1) — — — — (27) (64) (28) (7) (27) (96) — (8) (50) (348) 348 —
Interest expense 2,233 — — — — — 1,267 — — 151 856 20 — — 1,031 2,827 8,385 14,310 22,695
Amortization of loan cost 140 — — — 34 — — — — — 31 — — — 135 248 588 1,544 2,132
Depreciation and amortization 3,028 — 1,117 738 407 567 1,516 1,290 1,646 1,978 2,567 1,732 1,388 734 1,994 2,693 23,395 — 23,395
Income tax expense (benefit) 97 — — — — — — 5 — — — — 119 — 305 — 526 941 1,467
Non-hotel EBITDA ownership expense (20) 42 36 198 22 3 36 28 2 (250) 287 12 3 161 5 4 569 (569) —
Hotel EBITDA including amounts attributable to noncontrolling interest 5,191 (58) (2,405) (219) 5,585 (442) 9,906 1,706 3,024 10,553 4,992 1,373 9,313 (482) 11,546 11,158 70,741 (10,380) 60,361
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,298) 14 — — — — — — — — — — — — — — (1,284) 1,284 —
Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — —
Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —
Hotel EBITDA attributable to the Company and OP unitholders $ 3,893 $ (44) $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ 1,373 $ 9,313 $ (482) $ 11,546 $ 11,158 $ 69,457 $ (9,096) $ 60,361
Non-comparable adjustments — 58 — — — — — — — — — (1,373) — — — — (1,315)
Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ — $ 9,313 $ (482) $ 11,546 $ 11,158 $ 69,426
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (58) $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,334
Non-comparable adjustments — 58 — — — — — — — — — — — — — — 58
Comparable hotel EBITDA $ — $ — $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ 3,024 $ — $ — $ 1,373 $ — $ (482) $ — $ — $ 8,407
Non-comparable adjustments — — — — — — — — — — — (1,373) — — — — (1,373)
Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ 3,024 $ — $ — $ — $ — $ (482) $ — $ — $ 7,034

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended March 31, 2025
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total
Aareal (Capital Hilton) $ 5,191 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 5,191
JPMorgan Chase (see footnote 3) — — (2,405) — — — — 1,706 3,024 — — — — — 11,546 — 13,871
BAML (see foonote 4) — — — (219) 5,585 (442) — — — 10,553 — — 9,313 — — — 24,790
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 9,906 — — — — — — — — — 9,906
BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 4,992 — — — — — 4,992
Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 11,158 11,158
Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (482) — — (482)
Total $ 5,191 $ — $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ — $ 9,313 $ (482) $ 11,546 $ 11,158 $ 69,426

NOTES:

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

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2024
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (9,314) $ (114) $ (787) $ 44 $ 3,021 $ 342 $ (1,259) $ 2,739 $ (1,417) $ 1,033 $ (2,318) $ 585 $ 1,635 $ (1,694) $ 2,083 $ 2,295 $ (3,126) $ (18,641) $ (21,767)
Non-property adjustments 151 45 — — — — — — — — — (8) — — — — 188 (188) —
Interest income (44) (8) — — — — — (25) (65) (12) (5) (25) (105) — (8) (55) (352) 352 —
Interest expense 10,049 — — — — — 1,361 — — 151 1,132 20 — — 1,496 3,020 17,229 7,362 24,591
Amortization of loan cost 46 — — — 33 — — — — — 40 — — — 198 242 559 1,287 1,846
Depreciation and amortization 3,066 — 1,121 675 445 519 1,420 1,346 1,815 1,964 2,254 1,739 1,889 702 1,896 2,690 23,541 — 23,541
Income tax expense (benefit) (15) (2) — — — — — (42) — — — — 162 — 337 — 440 (72) 368
Non-hotel EBITDA ownership expense (129) 28 22 463 80 242 40 7 6 1,003 247 10 5 519 7 1 2,551 (2,551) —
Hotel EBITDA including amounts attributable to noncontrolling interest 3,810 (51) 356 1,182 3,579 1,103 1,562 4,025 339 4,139 1,350 2,321 3,586 (473) 6,009 8,193 41,030 (12,451) 28,579
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (953) 13 — — — — — — — — — — — — — — (940) 940 —
Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 1,394 1,394
Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — (53) (53)
Hotel EBITDA attributable to the Company and OP unitholders $ 2,857 $ (38) $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ 2,321 $ 3,586 $ (473) $ 6,009 $ 8,193 $ 40,090 $ (10,170) $ 29,920
Non-comparable adjustments — 51 — — — — — — — — — (2,321) — — — — (2,270)
Comparable hotel EBITDA $ 3,810 $ — $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ — $ 3,586 $ (473) $ 6,009 $ 8,193 $ 38,760
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (51) $ — $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ — $ — $ 4,139 $ 1,350 $ — $ 3,586 $ — $ 6,009 $ 8,193 $ 30,652
Non-comparable adjustments — 51 — — — — — — — — — — — — — — 51
Comparable hotel EBITDA $ — $ — $ — $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ — $ — $ 4,139 $ 1,350 $ — $ 3,586 $ — $ 6,009 $ 8,193 $ 30,703
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,810 $ — $ 356 $ — $ — $ — $ — $ 4,025 $ 339 $ — $ — $ 2,321 $ — $ (473) $ — $ — $ 10,378
Non-comparable adjustments — — — — — — — — — — — (2,321) — — — — (2,321)
Comparable hotel EBITDA $ 3,810 $ — $ 356 $ — $ — $ — $ — $ 4,025 $ 339 $ — $ — $ — $ — $ (473) $ — $ — $ 8,057

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended December 31, 2024
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total
Aareal (Capital Hilton) $ 3,810 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,810
JPMorgan Chase (see footnote 3) — — 356 — — — — 4,025 339 — — — — — 6,009 — 10,729
BAML (see foonote 4) — — — 1,182 3,579 1,103 — — — 4,139 — — 3,586 — — — 13,589
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 1,562 — — — — — — — — — 1,562
BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 1,350 — — — — — 1,350
Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 8,193 8,193
Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (473) — — (473)
Total $ 3,810 $ — $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ — $ 3,586 $ (473) $ 6,009 $ 8,193 $ 38,760

NOTES:

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

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

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

NOTES:

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

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

(3)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

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

NOTES:

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

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

(3)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

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

NOTES:

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

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

(3)    Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

42

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