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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.

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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.

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BHR Reports Third Quarter Results

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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

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BHR Reports Third Quarter Results

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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.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

			September 30, 2025						December 31, 2024
ASSETS
Investments in hotel properties, gross			$	2,126,129					$	2,252,574
Accumulated depreciation			(447,087)						(473,888)
Investments in hotel properties, net			1,679,042						1,778,686
Cash and cash equivalents			116,278						135,465
Restricted cash			47,682						49,592
Investment in securities (amortized cost of $17,279 and $42,279, respectively)			17,277						41,535
Accounts receivable, net of allowance of $179 and $459, respectively			32,819						31,754
Inventories			4,629						4,664
Note receivable			8,747						8,283
Prepaid expenses			5,441						5,116
Deposit paid to Ashford Inc.			17,000						—
Deferred costs, net			75						75
Investment in OpenKey			145						145
Derivative assets			164						356
Other assets			19,688						19,538
Operating lease right-of-use assets			34,359						34,852
Intangible assets, net			2,841						3,125
Due from third-party hotel managers			23,129						22,873
Total assets			$	2,009,316					$	2,136,059
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net			$	1,164,671					$	1,210,018
Accounts payable and accrued expenses			150,127						143,566
Dividends and distributions payable			8,553						9,255
Due to Ashford Inc., net			2,638						4,267
Due to related parties, net			331						1,055
Due to third-party hotel managers			1,775						1,476
Operating lease liabilities			20,007						19,984
Other liabilities			25,187						24,268
Total liabilities			1,373,289						1,413,889
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			65,426						65,426
Series E redeemable preferred stock, $0.01 par value, 12,697,673 and 14,910,521 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			308,547						352,502
Series M redeemable preferred stock, $0.01 par value, 1,404,544 and 1,476,621 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			35,127						36,916
Redeemable noncontrolling interests in operating partnership			18,942						29,964
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2025 and December 31, 2024			16						16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			682						665
Additional paid-in capital			727,027						718,536
Accumulated other comprehensive income (loss)			(2)						(684)
Accumulated deficit			(515,837)						(477,804)
Total stockholders' equity of the Company			211,886						240,729
Noncontrolling interest in consolidated entities			(3,901)						(3,367)
Total equity			207,985						237,362
Total liabilities and equity			$	2,009,316					$	2,136,059

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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

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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.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2025

(dollars in thousands)

(unaudited)

Lender						Hotels						Current Maturity						Final Maturity (8)						Interest Rate						Fixed-Rate Debt						Floating-Rate Debt						Total Debt						TTM Hotel Net Income						TTM Hotel Net Income Debt Yield						Comparable TTM Hotel EBITDA (9)						Comparable TTM Hotel EBITDA Debt Yield
Credit Agricole						Park Hyatt Beaver Creek Resort & Spa						February 2026						February 2027						SOFR (1) + 2.86%						$	—					$	70,500		(2)			$	70,500					$	(8)					—		%				$	11,679					16.6		%
Convertible Senior Notes						N/A						June 2026						June 2026						4.50%						86,250						—						86,250						N/A						N/A						N/A						N/A
BAML						The Ritz-Carlton Lake Tahoe						July 2026						July 2026						SOFR (1) + 3.25%						—						43,413						43,413						(4,129)						(9.5)		%				10,647						24.5		%
BAML						See footnote						August 2026						August 2029						SOFR (1) + 3.24%						—						407,000			(3)			407,000						37,809						9.3		%				61,781						15.2		%
Aareal Capital Corporation						Capital Hilton						December 2026						December 2028						SOFR (1) + 3.75%						—						110,600			(4)			110,600						(12,146)						(11.0)		%				17,440						15.8		%
JPMorgan Chase						See footnote						March 2027						March 2030						SOFR (1) + 2.57%						—						274,630			(5)			274,630						65,169						23.7		%				47,155						17.2		%
Aareal Capital Corporation						Four Seasons Resort Scottsdale						August 2028						August 2030						SOFR (1) + 3.00%						—						180,000			(6)			180,000						2,276						1.3		%				26,250						14.6		%
Unencumbered Hotel						Cameo Beverly Hills																								—						—						—						(6,483)						N/A						(2,285)						N/A
Total																														$	86,250					$	1,086,143					$	1,172,393					$	82,488					7.0		%				$	172,667					14.7		%
Percentage																														7.4		%				92.6		%				100.0		%
Weighted average interest rate (7)																														4.50		%				7.07		%				6.88		%

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

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

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

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

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

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

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

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

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

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

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

8

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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.

9

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

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

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

NOTES:

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

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

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

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

NOTES:

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

(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

10

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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.

11

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

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

NOTES:

(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

12

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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)		%

13

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						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)		%

14

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						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		%				—		%

15

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						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		%

16

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						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.

17

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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)		%

18

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						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		%

19

---

						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)		%				—		%

20

---

						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)		%

21

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						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

22

---

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

23

---

						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

24

---

						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					$	—

25

---

						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

26

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						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

27

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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.

28

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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.

29

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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.

30

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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

31

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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

32

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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

33

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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

34

---

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.

35

---

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

36

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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.

37

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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

38

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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.

39

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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

40

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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

41

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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