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NEWS RELEASE


Contact:	Justin Coe	Joe Calabrese
	Chief Accounting Officer	Financial Relations Board
	(972) 490-9600	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

SECOND QUARTER 2026 RESULTS

DALLAS – August 5, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable Total RevPAR for all hotels increased 10.6% over the prior year quarter to $652.

•Comparable RevPAR for all hotels totaled $396, an increase of 12.3% over the prior year quarter and the highest second quarter RevPAR result in the Company's history. Comparable ADR increased 13.1% over the prior year quarter to $545 and Comparable Occupancy decreased 0.7% over the prior year quarter to 72.6%.

•Net loss attributable to common stockholders for the quarter was $0.7 million or ($0.01) per diluted share.

•Adjusted funds from operations (AFFO) was $0.13 per diluted share for the quarter.

•Adjusted EBITDAre was $37.8 million for the quarter.

•Comparable Hotel EBITDA was $48.4 million for the quarter, up 14.2% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $93.9 million and restricted cash of $52.6 million. The vast majority of the restricted cash is comprised of manager-held reserves. At the end of the quarter, there was also $13.9 million due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 43.5% at the end of the second quarter.

•Capex invested during the quarter was $5.8 million.

•During the quarter, the Company redeemed approximately $16.3 million of its non-traded preferred stock in cash.

BHR Reports Second Quarter Results

Page 2

August 5, 2026

RECENT OPERATING HIGHLIGHTS

•Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 38.4% over the prior year quarter.

•The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,658, an increase of approximately 28.4% over the prior year quarter, with Hotel EBITDA of approximately $7.0 million, an increase of 97.2% over the prior year quarter.

•On May 26, 2026, the Company closed on the previously announced sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026.

•On June 29, 2026, the Company announced that it has extended its $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms.

•Subsequent to quarter end, the Company announced on July 14, 2026 that it closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on July 13, 2026, the Company entered into a definitive agreement to sell the Pier House Resort & Spa for $190.0 million ($1.3 million per key) and received a $6.0 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments. The Company provides no assurances that the sale will be completed on these terms or at all.

CAPITAL STRUCTURE

As of June 30, 2026, the Company had total assets of $1.7 billion and $1.0 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.82%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company’s debt was effectively floating rate.

DIVIDENDS

On July 24, 2026, the Company announced that its Board of Directors declared the following cash dividends:

•Series B (5.5% Cumulative Convertible Preferred Stock): $0.3438 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.

•Series D (8.25% Cumulative Preferred Stock): $0.5156 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.

•Series E Redeemable Preferred Stock: $0.15625 per share, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).

BHR Reports Second Quarter Results

Page 3

August 5, 2026

•Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).

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 extremely pleased with our record-breaking second quarter performance, highlighted by comparable RevPAR growth of approximately 12.3%, comparable Hotel EBITDA growth of 14.2% and 93 basis points of margin expansion to 28.6%. This Hotel EBITDA growth is particularly notable given the challenging snow year at our Ritz-Carlton Lake Tahoe property. The remainder of our luxury portfolio delivered exceptional property-level performance during the quarter, led by comparable RevPAR growth of 38.4% at Cameo Beverly Hills, 28.4% at The Ritz-Carlton Reserve Dorado Beach, and 20.6% at The Ritz-Carlton, St. Thomas,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Our top-line growth this quarter was driven primarily by rate, as comparable ADR increased 13.1% while occupancy remained essentially flat, reflecting the pricing power of our luxury portfolio in supply-constrained U.S. and Caribbean markets.”

“Additionally, with the recent closings of four property sales and our announced agreement to sell Pier House Resort & Spa, we continue to make meaningful progress on our management spin-out and transition to a self-managed REIT. We look forward to providing additional updates in the near future.”

NON-GAAP MEASURES

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

BHR Reports Second Quarter Results

Page 4

August 5, 2026

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

About Braemar Hotels & Resorts

Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance.

Forward-Looking Statements

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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. 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. These and other risk factors are more fully discussed in the Company's filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	June 30, 2026		December 31, 2025
ASSETS
Investments in hotel properties, gross	$	1,402,848	$	1,902,328
Accumulated depreciation	(304,522)		(344,061)
Investments in hotel properties, net	1,098,326		1,558,267
Cash and cash equivalents	93,865		124,354
Restricted cash	52,604		42,479

Accounts receivable, net of allowance of $136 and $113, respectively	27,671		32,843

Inventories	3,278		4,741
Note receivable	9,197		8,896
Prepaid expenses	4,342		6,987
Deposit paid to Ashford Inc.	17,000		17,000
Deferred costs, net	73		75
Investment in OpenKey	—		89
Derivative assets	373		56
Other assets	9,912		15,368
Operating lease right-of-use assets	330		30,743
Intangible assets, net	—		2,746


Due from third-party hotel managers	13,884		17,088
Assets held for sale	327,886		—
Total assets	$	1,658,741	$	1,861,732

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	745,918	$	1,103,450
Accounts payable and accrued expenses	98,222		142,123
Redeemable preferred stock redemptions payable	54,760		30,864
Dividends and distributions payable	3,807		7,672

Due to Ashford Inc., net	680		5,148
Due to related parties, net	199		257
Due to third-party hotel managers	657		1,467
Operating lease liabilities	383		20,058


Other liabilities	7,500		25,572
Liabilities associated with assets held for sale	268,178		—
Total liabilities	1,180,304		1,336,611

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	65,426		65,426
Series E redeemable preferred stock, $0.01 par value, 8,637,450 and 10,818,280 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	215,936		265,695
Series M redeemable preferred stock, $0.01 par value, 1,312,137 and 1,368,091 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	32,820		34,217
Redeemable noncontrolling interests in operating partnership	15,197		19,005
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	687		682
Additional paid-in capital	707,922		706,488

Accumulated deficit	(561,597)		(568,503)
Total stockholders' equity of the Company	147,028		138,683
Noncontrolling interest in consolidated entities	2,030		2,095
Total equity	149,058		140,778
Total liabilities and equity	$	1,658,741	$	1,861,732

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
REVENUE
Rooms	$	102,183	$	109,824	$	230,984	$	245,916
Food and beverage	45,322		45,571		97,664		97,359
Other	23,521		23,682		51,361		51,622
Total hotel revenue	171,026		179,077		380,009		394,897


EXPENSES
Hotel operating expenses:
Rooms	24,218		27,285		49,096		55,504
Food and beverage	34,897		35,767		73,807		75,977
Other expenses	52,924		56,445		112,802		116,821
Management fees	5,138		5,541		11,332		12,451
Total hotel operating expenses	117,177		125,038		247,037		260,753
Property taxes, insurance and other	7,507		7,892		12,159		18,357
Depreciation and amortization	21,433		23,360		44,012		46,755

Advisory services fee:
Base advisory fee	3,789		3,477		7,557		7,053
Reimbursable expenses	3,491		3,577		7,127		6,578
Incentive fee	—		188		—		270
Stock/unit-based compensation	—		(51)		—		(99)


Corporate, general and administrative:
Stock/unit-based compensation	—		5		—		5
Other general and administrative	4,413		(2,303)		9,280		591
Total operating expenses	157,810		161,183		327,172		340,263
Gain (loss) on disposition of assets and hotel property	17,395		—		17,398		—
OPERATING INCOME (LOSS)	30,611		17,894		70,235		54,634
Equity in earnings (loss) of unconsolidated entity	—		—		(31)		—
Interest income	774		1,519		1,584		3,407
Other income (expense)	—		(1,250)		—		(1,250)
Interest expense	(18,072)		(22,674)		(36,858)		(45,369)
Amortization of loan costs	(2,441)		(2,687)		(4,850)		(4,819)
Write-off of loan costs and exit fees	(1,484)		(3)		(1,489)		(1,467)

Realized and unrealized gain (loss) on derivatives	35		15		283		(183)
INCOME (LOSS) BEFORE INCOME TAXES	9,423		(7,186)		28,874		4,953
Income tax (expense) benefit	(2,481)		345		(3,898)		(1,122)
NET INCOME (LOSS)	6,942		(6,841)		24,976		3,831
(Income) loss attributable to noncontrolling interest in consolidated entities	48		(115)		65		(51)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	48		1,489		(299)		1,751
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	7,038		(5,467)		24,742		5,531
Preferred dividends	(7,741)		(8,992)		(15,781)		(18,261)
Deemed dividends on redeemable preferred stock	(8)		(1,559)		(4,771)		(5,835)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(711)	$	(16,018)	$	4,190	$	(18,565)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.01)	$	(0.24)	$	0.06	$	(0.28)
Weighted average common shares outstanding – basic	68,679		67,279		68,556		67,013
Diluted:
Net income (loss) attributable to common stockholders	$	(0.01)	$	(0.24)	$	0.06	$	(0.28)
Weighted average common shares outstanding – diluted	68,679		67,279		68,556		67,013
Dividends declared per common share	$	—	$	0.05	$	—	$	0.10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income (loss)	$	6,942	$	(6,841)	$	24,976	$	3,831

Interest expense and amortization of loan costs	20,513		25,361		41,708		50,188
Depreciation and amortization	21,433		23,360		44,012		46,755
Income tax expense (benefit)	2,481		(345)		3,898		1,122
Equity in (earnings) loss of unconsolidated entity	—		—		31		—

EBITDA	51,369		41,535		114,625		101,896

(Gain) loss on disposition of assets and hotel property	(17,395)		—		(17,398)		—

EBITDAre	33,974		41,535		97,227		101,896
Amortization of favorable (unfavorable) contract assets (liabilities)	107		107		214		214
Transaction and conversion costs	1,144		471		3,819		1,166
Write-off of loan costs and exit fees	1,484		3		1,489		1,467
Realized and unrealized (gain) loss on derivatives	(35)		(15)		(283)		183
Stock/unit-based compensation	—		(47)		—		(95)
Legal, advisory and settlement costs	808		(4,626)		1,312		(4,482)
Advisory services incentive fee	—		188		—		270

Other (income) expense	—		1,250		—		1,250

Severance	311		—		548		—


Adjusted EBITDAre	$	37,793	$	38,866	$	104,326	$	101,869

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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income (loss)	$	6,942	$	(6,841)	$	24,976	$	3,831
(Income) loss attributable to noncontrolling interest in consolidated entities	48		(115)		65		(51)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	48		1,489		(299)		1,751
Preferred dividends	(7,741)		(8,992)		(15,781)		(18,261)
Deemed dividends on redeemable preferred stock	(8)		(1,559)		(4,771)		(5,835)

Net income (loss) attributable to common stockholders	(711)		(16,018)		4,190		(18,565)
Depreciation and amortization on real estate (1)	21,433		22,690		44,012		45,366
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(48)		(1,489)		299		(1,751)
Equity in (earnings) loss of unconsolidated entity	—		—		31		—

(Gain) loss on disposition of assets and hotel property	(17,395)		—		(17,398)		—

FFO available to common stockholders and OP unitholders	3,279		5,183		31,134		25,050
Deemed dividends on redeemable preferred stock	8		1,559		4,771		5,835

Transaction and conversion costs	1,144		471		3,819		1,166
Write-off of premiums, loan costs and exit fees	1,484		3		1,489		1,467
Unrealized (gain) loss on derivatives	(33)		165		(273)		551
Stock/unit-based compensation	—		(47)		—		(95)
Legal, advisory and settlement costs	808		(4,626)		1,312		(4,482)
Interest expense accretion on refundable membership club deposits	120		135		255		286
Amortization of loan costs (1)	2,441		2,651		4,850		4,748
Advisory services incentive fee	—		188		—		270

Other (income) expense	—		1,250		—		1,250

Severance	311		—		548		—



Adjusted FFO available to common stockholders and OP unitholders	$	9,562	$	6,932	$	47,905	$	36,046
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.13	$	0.09	$	0.65	$	0.49
Weighted average diluted shares	73,271		73,571		73,272		73,573

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2026

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (8)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (9)		Comparable TTM Hotel EBITDA Debt Yield
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	$	—		$	407,000		(2)	$	407,000		$	24,069	5.9	%	$	72,589	17.8	%
BAML	The Ritz-Carlton Lake Tahoe	October 2026	January 2027	SOFR (1) + 3.25%	—			43,413			(3)	43,413			(7,841)		(18.1)	%	7,553		17.4	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(4)	110,600			(4,478)		(4.0)	%	15,875		14.4	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.83%	—			209,902			(5)	209,902			(2,205)		(1.1)	%	49,241		23.5	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%	—			180,000			(6)	180,000			3,088		1.7	%	28,316		15.7	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(10,839)		N/A		(4,058)		N/A







Total					$	—		$	950,915			$	950,915		$	1,794	0.2	%	$	169,516	17.8	%
Percentage					—		%	100.0		%		100.0		%
Weighted average interest rate (7)					—		%	6.82		%		6.82		%

All indebtedness is non-recourse.

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

(1) SOFR rate was 3.65% at June 30, 2026.

(2) 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. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.

(3) This mortgage loan has one three-month extension option subject to satisfaction of certain conditions.

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2026

(dollars in thousands)

(unaudited)


Lender	Hotels	2026		2027		2028		2029		2030		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	—	$	43,413	$	—	$	—	$	—	$	—	$	43,413
Aareal Capital Corporation	Capital Hilton	—		—		106,600		—		—		—		106,600
BAML	See footnote 1	—		—		—		407,000		—		—		407,000
JPMorgan Chase	See footnote 2	—		—		—		—		209,902		—		209,902
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		174,000		—		174,000








Due at maturity		$	—	$	43,413	$	106,600	$	407,000	$	383,902	$	—	$	940,915
Amortization payments:
Aareal Capital Corporation	Capital Hilton	—		2,000		2,000		—		—		—		4,000
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		750		3,000		2,250		—		6,000
Total indebtedness		$	—	$	45,413	$	109,350	$	410,000	$	386,152	$	—	$	950,915

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. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	103,543		$	(752)		$	102,791		$	110,883		$	(19,261)		$	91,622		(6.62)	%	12.19	%
	RevPAR	$	382.86		$	(70.84)		$	395.60		$	318.14		$	(217.75)		$	352.29		20.34	%	12.29	%
	Occupancy	70.84		%	(27.53)		%	72.61		%	71.85		%	(68.15)		%	73.10		%	(1.41)	%	(0.67)	%
	ADR	$	540.47		$	(257.34)		$	544.85		$	442.81		$	(319.53)		$	481.90		22.05	%	13.06	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	235,574		$	(13,801)		$	221,773		$	250,139		$	(47,409)		$	202,730		(5.82)	%	9.39	%
	RevPAR	$	432.22		$	(493.15)		$	428.92		$	360.83		$	(269.48)		$	391.90		19.78	%	9.45	%
	Occupancy	67.65		%	(57.77)		%	68.18		%	68.23		%	(68.02)		%	68.31		%	(0.85)	%	(0.19)	%
	ADR	$	638.93		$	(853.69)		$	629.09		$	528.83		$	(396.19)		$	573.75		20.82	%	9.65	%

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026			2025			% Variance		2026			2025			% Variance
	Total hotel revenue	$	172,138		$	179,943		(4.34)	%	$	383,764		$	398,352		(3.66)	%
	Non-comparable adjustments	(2,728)			(26,568)					(24,503)			(66,573)
	Comparable total hotel revenue	$	169,410		$	153,375		10.45	%	$	359,261		$	331,779		8.28	%

	Hotel net income (loss)	$	34,753		$	16,054		116.48	%	$	78,986		$	52,811		49.56	%
	Non-comparable adjustments	(14,670)			660					(20,266)			(7,407)
	Comparable hotel net income (loss)	$	20,083		$	16,714		20.16	%	$	58,720		$	45,404		29.33	%
	Hotel net income (loss) margin	20.19		%	8.92		%	11.27	%	20.58		%	13.26		%	7.32	%
	Comparable hotel net income margin	11.85		%	10.90		%	0.95	%	16.34		%	13.69		%	2.65	%

	Hotel EBITDA	$	47,952		$	47,793		0.33	%	$	123,415		$	118,534		4.12	%
	Non-comparable adjustments	455			(5,399)					(8,485)			(19,645)
	Comparable hotel EBITDA	$	48,407		$	42,394		14.18	%	$	114,930		$	98,889		16.22	%
	Hotel EBITDA margin	27.86		%	26.56		%	1.30	%	32.16		%	29.76		%	2.40	%
	Comparable hotel EBITDA margin	28.57		%	27.64		%	0.93	%	31.99		%	29.81		%	2.18	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	—		$	100		(100.00)	%				$	13		(100.00)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	34,753		$	15,954		117.83	%	$	78,986		$	52,798		49.60	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	20,083		$	16,610		20.91	%	$	58,720		$	45,363		29.44	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	1,516		(100.00)	%				$	2,800		(100.00)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	47,952		$	46,277		3.62	%	$	123,415		$	115,734		6.64	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	48,407		$	40,875		18.43	%	$	114,930		$	96,072		19.63	%

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	13,161		$	—		$	13,161		$	12,819		$	—		$	12,819		2.67	%	2.67	%
	Total hotel revenue	$	19,228		$	—		$	19,228		$	18,445		$	—		$	18,445		4.25	%	4.25	%
	Hotel net income (loss)	$	1,633		$	—		$	1,633		$	418		$	—		$	418		290.67	%	290.67	%
	Hotel net income (loss) margin	8.49		%				8.49		%	2.27		%				2.27		%	6.22	%	6.22	%
	Hotel EBITDA	$	6,621		$	—		$	6,621		$	6,076		$	—		$	6,076		8.97	%	8.97	%
	Hotel EBITDA margin	34.43		%				34.43		%	32.94		%				32.94		%	1.49	%	1.49	%
	Selected Operating Information:
	RevPAR	$	258.72		$	—		$	258.72		$	251.99		$	—		$	251.99		2.67	%	2.67	%
	Occupancy	84.48		%	—		%	84.48		%	84.68		%	—		%	84.68		%	(0.24)	%	(0.24)	%
	ADR	$	306.25		$	—		$	306.25		$	297.60		$	—		$	297.60		2.91	%	2.91	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Hotel net income (loss)	$	—		$	—		$	—		$	(18)		$	18		$	—		100.00	%	—	%
	Hotel net income (loss) margin	—		%				—		%	—		%				—		%	—	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	(12)		$	12		$	—		100.00	%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	9,414		$	—		$	9,414		$	8,511		$	—		$	8,511		10.61	%	10.61	%
	Total hotel revenue	$	12,288		$	—		$	12,288		$	11,620		$	—		$	11,620		5.75	%	5.75	%
	Hotel net income (loss)	$	2,556		$	—		$	2,556		$	3,772		$	—		$	3,772		(32.24)	%	(32.24)	%
	Hotel net income (loss) margin	20.80		%				20.80		%	32.46		%				32.46		%	(11.66)	%	(11.66)	%
	Hotel EBITDA	$	3,831		$	—		$	3,831		$	4,913		$	—		$	4,913		(22.02)	%	(22.02)	%
	Hotel EBITDA margin	31.18		%				31.18		%	42.28		%				42.28		%	(11.10)	%	(11.10)	%
	Selected Operating Information:
	RevPAR	$	249.29		$	—		$	249.29		$	225.38		$	—		$	225.38		10.61	%	10.61	%
	Occupancy	80.83		%	—		%	80.83		%	80.01		%	—		%	80.01		%	1.02	%	1.02	%
	ADR	$	308.43		$	—		$	308.43		$	281.70		$	—		$	281.70		9.49	%	9.49	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	4,491		$	—		$	4,491		$	4,280		$	—		$	4,280		4.93	%	4.93	%
	Total hotel revenue	$	6,094		$	—		$	6,094		$	5,819		$	—		$	5,819		4.73	%	4.73	%
	Hotel net income (loss)	$	1,131		$	—		$	1,131		$	886		$	—		$	886		27.65	%	27.65	%
	Hotel net income (loss) margin	18.56		%				18.56		%	15.23		%				15.23		%	3.33	%	3.33	%
	Hotel EBITDA	$	2,026		$	—		$	2,026		$	1,728		$	—		$	1,728		17.25	%	17.25	%
	Hotel EBITDA margin	33.25		%				33.25		%	29.70		%				29.70		%	3.55	%	3.55	%
	Selected Operating Information:
	RevPAR	$	759.31		$	—		$	759.31		$	723.58		$	—		$	723.58		4.94	%	4.94	%
	Occupancy	66.78		%	—		%	66.78		%	71.83		%	—		%	71.83		%	(7.03)	%	(7.03)	%
	ADR	$	1,137.04		$	—		$	1,137.04		$	1,007.29		$	—		$	1,007.29		12.88	%	12.88	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	6,247		$	—		$	6,247		$	5,618		$	—		$	5,618		11.20	%	11.20	%
	Total hotel revenue	$	8,459		$	—		$	8,459		$	7,491		$	—		$	7,491		12.92	%	12.92	%
	Hotel net income (loss)	$	3,912		$	—		$	3,912		$	2,921		$	—		$	2,921		33.93	%	33.93	%
	Hotel net income (loss) margin	46.25		%				46.25		%	38.99		%				38.99		%	7.26	%	7.26	%
	Hotel EBITDA	$	4,279		$	—		$	4,279		$	3,371		$	—		$	3,371		26.94	%	26.94	%
	Hotel EBITDA margin	50.59		%				50.59		%	45.00		%				45.00		%	5.59	%	5.59	%
	Selected Operating Information:
	RevPAR	$	483.47		$	—		$	483.47		$	434.78		$	—		$	434.78		11.20	%	11.20	%
	Occupancy	79.82		%	—		%	79.82		%	71.46		%	—		%	71.46		%	11.70	%	11.70	%
	ADR	$	605.72		$	—		$	605.72		$	608.43		$	—		$	608.43		(0.45)	%	(0.45)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,447		$	—		$	3,447		$	2,925		$	—		$	2,925		17.85	%	17.85	%
	Total hotel revenue	$	4,498		$	—		$	4,498		$	4,061		$	—		$	4,061		10.76	%	10.76	%
	Hotel net income (loss)	$	1,012		$	—		$	1,012		$	733		$	—		$	733		38.06	%	38.06	%
	Hotel net income (loss) margin	22.50		%				22.50		%	18.05		%				18.05		%	4.45	%	4.45	%
	Hotel EBITDA	$	1,764		$	—		$	1,764		$	1,329		$	—		$	1,329		32.73	%	32.73	%
	Hotel EBITDA margin	39.22		%				39.22		%	32.73		%				32.73		%	6.49	%	6.49	%
	Selected Operating Information:
	RevPAR	$	473.50		$	—		$	473.50		$	401.78		$	—		$	401.78		17.85	%	17.85	%
	Occupancy	64.24		%	—		%	64.24		%	62.36		%	—		%	62.36		%	3.01	%	3.01	%
	ADR	$	737.03		$	—		$	737.03		$	644.27		$	—		$	644.27		14.40	%	14.40	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	752		$	(752)		$	—		$	1,471		$	(1,471)		$	—		(48.88)	%	—	%
	Total hotel revenue	$	2,728		$	(2,728)		$	—		$	4,516		$	(4,516)		$	—		(39.59)	%	—	%
	Hotel net income (loss)	$	14,657		$	(14,657)		$	—		$	(4,702)		$	4,702		$	—		411.72	%	—	%
	Hotel net income (loss) margin	537.28		%				—		%	(104.12)		%				—		%	641.40	%	—	%
	Hotel EBITDA	$	(486)		$	486		$	—		$	(1,831)		$	1,831		$	—		73.46	%	—	%
	Hotel EBITDA margin	(17.82)		%				—		%	(40.54)		%				—		%	22.72	%	—	%
	Selected Operating Information:
	RevPAR	$	70.84		$	70.84		$	70.84		$	83.72		$	83.72		$	83.72		(15.38)	%	(15.38)	%
	Occupancy	27.53		%	27.53		%	27.53		%	27.17		%	27.17		%	27.17		%	1.32	%	1.32	%
	ADR	$	257.34		$	257.34		$	257.34		$	308.20		$	308.20		$	308.20		(16.50)	%	(16.50)	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	9,641		$	—		$	9,641		$	8,565		$	—		$	8,565		12.56	%	12.56	%
	Total hotel revenue	$	12,676		$	—		$	12,676		$	10,956		$	—		$	10,956		15.70	%	15.70	%
	Hotel net income (loss)	$	3,910		$	—		$	3,910		$	2,803		$	—		$	2,803		39.49	%	39.49	%
	Hotel net income (loss) margin	30.85		%				30.85		%	25.58		%				25.58		%	5.27	%	5.27	%
	Hotel EBITDA	$	5,213		$	—		$	5,213		$	4,139		$	—		$	4,139		25.95	%	25.95	%
	Hotel EBITDA margin	41.12		%				41.12		%	37.78		%				37.78		%	3.34	%	3.34	%
	Selected Operating Information:
	RevPAR	$	212.32		$	—		$	212.32		$	188.61		$	—		$	188.61		12.57	%	12.57	%
	Occupancy	73.89		%	—		%	73.89		%	75.95		%	—		%	75.95		%	(2.71)	%	(2.71)	%
	ADR	$	287.34		$	—		$	287.34		$	248.35		$	—		$	248.35		15.70	%	15.70	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	8,911		$	(8,911)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	10,713		$	(10,713)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	(18)		$	18		$	—		$	1,022		$	(1,022)		$	—		(101.76)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	9.54		%				—		%	(9.54)	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	2,501		$	(2,501)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	23.35		%				—		%	(23.35)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	238.83		$	238.83		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	74.47		%	74.47		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	320.71		$	320.71		$	—		(100.00)	%	—	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	11,283		$	—		$	11,283		$	9,555		$	—		$	9,555		18.08	%	18.08	%
	Total hotel revenue	$	28,134		$	—		$	28,134		$	24,533		$	—		$	24,533		14.68	%	14.68	%
	Hotel net income (loss)	$	6,677		$	—		$	6,677		$	4,621		$	—		$	4,621		44.49	%	44.49	%
	Hotel net income (loss) margin	23.73		%				23.73		%	18.84		%				18.84		%	4.89	%	4.89	%
	Hotel EBITDA	$	8,357		$	—		$	8,357		$	6,761		$	—		$	6,761		23.61	%	23.61	%
	Hotel EBITDA margin	29.70		%				29.70		%	27.56		%				27.56		%	2.14	%	2.14	%
	Selected Operating Information:
	RevPAR	$	449.23		$	—		$	449.23		$	380.44		$	—		$	380.44		18.08	%	18.08	%
	Occupancy	78.39		%	—		%	78.39		%	71.31		%	—		%	71.31		%	9.93	%	9.93	%
	ADR	$	573.05		$	—		$	573.05		$	533.50		$	—		$	533.50		7.41	%	7.41	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	3,886		$	—		$	3,886		$	4,353		$	—		$	4,353		(10.73)	%	(10.73)	%
	Total hotel revenue	$	8,127		$	—		$	8,127		$	10,655		$	—		$	10,655		(23.73)	%	(23.73)	%
	Hotel net income (loss)	$	(4,772)		$	—		$	(4,772)		$	(3,021)		$	—		$	(3,021)		(57.96)	%	(57.96)	%
	Hotel net income (loss) margin	(58.72)		%				(58.72)		%	(28.35)		%				(28.35)		%	(30.37)	%	(30.37)	%
	Hotel EBITDA	$	(1,118)		$	—		$	(1,118)		$	664		$	—		$	664		(268.37)	%	(268.37)	%
	Hotel EBITDA margin	(13.76)		%				(13.76)		%	6.23		%				6.23		%	(19.99)	%	(19.99)	%
	Selected Operating Information:
	RevPAR	$	233.36		$	—		$	233.36		$	261.42		$	—		$	261.42		(10.73)	%	(10.73)	%
	Occupancy	35.78		%	—		%	35.78		%	49.66		%	—		%	49.66		%	(27.95)	%	(27.95)	%
	ADR	$	652.16		$	—		$	652.16		$	526.40		$	—		$	526.40		23.89	%	23.89	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	8,879		$	(8,879)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	11,339		$	(11,339)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	31		$	(31)		$	—		$	3,038		$	(3,038)		$	—		(98.98)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	26.79		%				—		%	(26.79)	%	—	%
	Hotel EBITDA	$	31		$	(31)		$	—		$	4,741		$	(4,741)		$	—		(99.35)	%	—	%
	Hotel EBITDA margin	—		%				—		%	41.81		%				—		%	(41.81)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	264.42		$	264.42		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	82.56		%	82.56		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	320.29		$	320.29		$	—		(100.00)	%	—	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	12,260		$	—		$	12,260		$	10,168		$	—		$	10,168		20.57	%	20.57	%
	Total hotel revenue	$	20,990		$	—		$	20,990		$	17,487		$	—		$	17,487		20.03	%	20.03	%
	Hotel net income (loss)	$	2,178		$	—		$	2,178		$	3,115		$	—		$	3,115		(30.08)	%	(30.08)	%
	Hotel net income (loss) margin	10.38		%				10.38		%	17.81		%				17.81		%	(7.43)	%	(7.43)	%
	Hotel EBITDA	$	4,878		$	—		$	4,878		$	4,149		$	—		$	4,149		17.57	%	17.57	%
	Hotel EBITDA margin	23.24		%				23.24		%	23.73		%				23.73		%	(0.49)	%	(0.49)	%
	Selected Operating Information:
	RevPAR	$	748.48		$	—		$	748.48		$	620.74		$	—		$	620.74		20.58	%	20.58	%
	Occupancy	68.26		%	—		%	68.26		%	63.57		%	—		%	63.57		%	7.38	%	7.38	%
	ADR	$	1,096.51		$	—		$	1,096.51		$	976.44		$	—		$	976.44		12.30	%	12.30	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	3,553		$	—		$	3,553		$	2,616		$	—		$	2,616		35.82	%	35.82	%
	Total hotel revenue	$	4,230		$	—		$	4,230		$	3,293		$	—		$	3,293		28.45	%	28.45	%
	Hotel net income (loss)	$	(1,899)		$	—		$	(1,899)		$	(1,161)		$	—		$	(1,161)		(63.57)	%	(63.57)	%
	Hotel net income (loss) margin	(44.89)		%				(44.89)		%	(35.26)		%				(35.26)		%	(9.63)	%	(9.63)	%
	Hotel EBITDA	$	173		$	—		$	173		$	(223)		$	—		$	(223)		177.58	%	177.58	%
	Hotel EBITDA margin	4.09		%				4.09		%	(6.77)		%				(6.77)		%	10.86	%	10.86	%
	Selected Operating Information:
	RevPAR	$	278.23		$	—		$	278.23		$	201.08		$	—		$	201.08		38.37	%	38.37	%
	Occupancy	72.07		%	—		%	72.07		%	75.72		%	—		%	75.72		%	(4.82)	%	(4.82)	%
	ADR	$	386.08		$	—		$	386.08		$	265.57		$	—		$	265.57		45.38	%	45.38	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	15,994		$	—		$	15,994		$	12,454		$	—		$	12,454		28.42	%	28.42	%
	Total hotel revenue	$	26,119		$	—		$	26,119		$	19,735		$	—		$	19,735		32.35	%	32.35	%
	Hotel net income (loss)	$	4,482		$	—		$	4,482		$	1,460		$	—		$	1,460		206.99	%	206.99	%
	Hotel net income (loss) margin	17.16		%				17.16		%	7.40		%				7.40		%	9.76	%	9.76	%
	Hotel EBITDA	$	6,989		$	—		$	6,989		$	3,544		$	—		$	3,544		97.21	%	97.21	%
	Hotel EBITDA margin	26.76		%				26.76		%	17.96		%				17.96		%	8.80	%	8.80	%
	Selected Operating Information:
	RevPAR	$	1,657.98		$	—		$	1,657.98		$	1,291.06		$	—		$	1,291.06		28.42	%	28.42	%
	Occupancy	70.53		%	—		%	70.53		%	61.50		%	—		%	61.50		%	14.68	%	14.68	%
	ADR	$	2,350.86		$	—		$	2,350.86		$	2,099.39		$	—		$	2,099.39		11.98	%	11.98	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	9,414		$	—		$	9,414		$	9,758		$	—		$	9,758		(3.53)	%	(3.53)	%
	Total hotel revenue	$	18,567		$	—		$	18,567		$	19,280		$	—		$	19,280		(3.70)	%	(3.70)	%
	Hotel net income (loss)	$	(737)		$	—		$	(737)		$	167		$	—		$	167		(541.32)	%	(541.32)	%
	Hotel net income (loss) margin	(3.97)		%				(3.97)		%	0.87		%				0.87		%	(4.84)	%	(4.84)	%
	Hotel EBITDA	$	5,394		$	—		$	5,394		$	5,943		$	—		$	5,943		(9.24)	%	(9.24)	%
	Hotel EBITDA margin	29.05		%				29.05		%	30.82		%				30.82		%	(1.77)	%	(1.77)	%
	Selected Operating Information:
	RevPAR	$	492.62		$	—		$	492.62		$	510.64		$	—		$	510.64		(3.53)	%	(3.53)	%
	Occupancy	51.44		%	—		%	51.44		%	62.56		%	—		%	62.56		%	(17.77)	%	(17.77)	%
	ADR	$	957.58		$	—		$	957.58		$	816.25		$	—		$	816.25		17.31	%	17.31	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	67,774		$	(752)		$	67,022		$	60,582		$	(1,471)		$	59,111		11.87	%	13.38	%
	Total hotel revenue	$	123,716		$	(2,728)		$	120,988		$	113,577		$	(4,516)		$	109,061		8.93	%	10.94	%
	Hotel net income (loss)	$	28,540		$	(14,657)		$	13,883		$	6,162		$	4,720		$	10,882		363.16	%	27.58	%
	Hotel net income (loss) margin	23.07		%				11.47		%	5.43		%				9.98		%	17.64	%	1.49	%
	Hotel EBITDA	$	32,083		$	486		$	32,569		$	25,646		$	1,843		$	27,489		25.10	%	18.48	%
	Hotel EBITDA margin	25.93		%				26.92		%	22.58		%				25.21		%	3.35	%	1.71	%
	Selected Operating Information:
	RevPAR	$	548.17		$	70.84		$	593.00		$	463.92		$	83.72		$	523.01		18.16	%	13.38	%
	Occupancy	60.93		%	(27.53)		%	64.06		%	59.18		%	—		%	64.15		%	2.96	%	(0.14)	%
	ADR	$	899.74		$	(257.34)		$	925.66		$	783.98		$	—		$	815.29		14.77	%	13.54	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	35,769		$	—		$	35,769		$	50,301		$	(17,790)		$	32,511		(28.89)	%	10.02	%
	Total hotel revenue	$	48,422		$	—		$	48,422		$	66,366		$	(22,052)		$	44,314		(27.04)	%	9.27	%
	Hotel net income (loss)	$	6,213		$	(13)		$	6,200		$	9,892		$	(4,060)		$	5,832		(37.19)	%	6.31	%
	Hotel net income (loss) margin	12.83		%				12.80		%	14.91		%				13.16		%	(2.08)	%	(0.36)	%
	Hotel EBITDA	$	15,869		$	(31)		$	15,838		$	22,147		$	(7,242)		$	14,905		(28.35)	%	6.26	%
	Hotel EBITDA margin	32.77		%				32.71		%	33.37		%				33.63		%	(0.60)	%	(0.92)	%
	Selected Operating Information:
	RevPAR	$	243.64		$	—		$	243.64		$	230.80		$	250.95		$	221.08		5.56	%	10.20	%
	Occupancy	79.19		%	—		%	79.19		%	79.44		%	78.30		%	79.99		%	(0.31)	%	(1.00)	%
	ADR	$	307.68		$	—		$	307.68		$	290.54		$	320.50		$	276.40		5.90	%	11.32	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	103,543		$	(752)		$	102,791		$	110,883		$	(19,261)		$	91,622		(6.62)	%	12.19	%
	Total hotel revenue	$	172,138		$	(2,728)		$	169,410		$	179,943		$	(26,568)		$	153,375		(4.34)	%	10.45	%
	Hotel net income (loss)	$	34,753		$	(14,670)		$	20,083		$	16,054		$	660		$	16,714		116.48	%	20.16	%
	Hotel net income (loss) margin	20.19		%				11.85		%	8.92		%				10.90		%	11.27	%	0.95	%
	Hotel EBITDA	$	47,952		$	455		$	48,407		$	47,793		$	(5,399)		$	42,394		0.33	%	14.18	%
	Hotel EBITDA margin	27.86		%				28.57		%	26.56		%				27.64		%	1.30	%	0.93	%
	Selected Operating Information:
	RevPAR	$	382.86		$	(70.84)		$	395.60		$	318.14		$	(217.75)		$	352.29		20.34	%	12.29	%
	Occupancy	70.84		%	(27.53)		%	72.61		%	71.85		%	(68.15)		%	73.10		%	(1.41)	%	(0.67)	%
	ADR	$	540.47		$	(257.34)		$	544.85		$	442.81		$	(319.53)		$	481.90		22.05	%	13.06	%

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, 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) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	22,523		$	—		$	22,523		$	23,623		$	—		$	23,623		(4.66)	%	(4.66)	%
	Total hotel revenue	$	35,102		$	—		$	35,102		$	35,752		$	—		$	35,752		(1.82)	%	(1.82)	%
	Hotel net income (loss)	$	408		$	—		$	408		$	164		$	—		$	164		148.78	%	148.78	%
	Hotel net income (loss) margin	1.16		%				1.16		%	0.46		%				0.46		%	0.70	%	0.70	%
	Hotel EBITDA	$	10,280		$	—		$	10,280		$	11,267		$	—		$	11,267		(8.76)	%	(8.76)	%
	Hotel EBITDA margin	29.29		%				29.29		%	31.51		%				31.51		%	(2.22)	%	(2.22)	%
	Selected Operating Information:
	RevPAR	$	222.61		$	—		$	222.61		$	233.48		$	—		$	233.48		(4.66)	%	(4.66)	%
	Occupancy	77.16		%	—		%	77.16		%	77.74		%	—		%	77.74		%	(0.75)	%	(0.75)	%
	ADR	$	288.48		$	—		$	288.48		$	300.32		$	—		$	300.32		(3.94)	%	(3.94)	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Hotel net income (loss)	$	—		$	—		$	—		$	(114)		$	114		$	—		100.00	%	—	%
	Hotel net income (loss) margin	—		%				—		%	—		%				—		%	—	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	(70)		$	70		$	—		100.00	%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	12,639		$	—		$	12,639		$	11,646		$	—		$	11,646		8.53	%	8.53	%
	Total hotel revenue	$	16,741		$	—		$	16,741		$	15,938		$	—		$	15,938		5.04	%	5.04	%
	Hotel net income (loss)	$	2,831		$	—		$	2,831		$	214		$	—		$	214		1,222.90	%	1,222.90	%
	Hotel net income (loss) margin	16.91		%				16.91		%	1.34		%				1.34		%	15.57	%	15.57	%
	Hotel EBITDA	$	5,207		$	—		$	5,207		$	2,508		$	—		$	2,508		107.62	%	107.62	%
	Hotel EBITDA margin	31.10		%				31.10		%	15.74		%				15.74		%	15.36	%	15.36	%
	Selected Operating Information:
	RevPAR	$	168.26		$	—		$	168.26		$	155.05		$	—		$	155.05		8.52	%	8.52	%
	Occupancy	64.21		%	—		%	64.21		%	64.09		%	—		%	64.09		%	0.19	%	0.19	%
	ADR	$	262.05		$	—		$	262.05		$	241.91		$	—		$	241.91		8.33	%	8.33	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	7,237		$	—		$	7,237		$	6,568		$	—		$	6,568		10.19	%	10.19	%
	Total hotel revenue	$	10,086		$	—		$	10,086		$	9,211		$	—		$	9,211		9.50	%	9.50	%
	Hotel net income (loss)	$	562		$	—		$	562		$	(269)		$	—		$	(269)		308.92	%	308.92	%
	Hotel net income (loss) margin	5.57		%				5.57		%	(2.92)		%				(2.92)		%	8.49	%	8.49	%
	Hotel EBITDA	$	2,361		$	—		$	2,361		$	1,509		$	—		$	1,509		56.46	%	56.46	%
	Hotel EBITDA margin	23.41		%				23.41		%	16.38		%				16.38		%	7.03	%	7.03	%
	Selected Operating Information:
	RevPAR	$	615.09		$	—		$	615.09		$	558.25		$	—		$	558.25		10.18	%	10.18	%
	Occupancy	58.12		%	—		%	58.12		%	60.34		%	—		%	60.34		%	(3.68)	%	(3.68)	%
	ADR	$	1,058.28		$	—		$	1,058.28		$	925.17		$	—		$	925.17		14.39	%	14.39	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	14,905		$	—		$	14,905		$	13,472		$	—		$	13,472		10.64	%	10.64	%
	Total hotel revenue	$	19,374		$	—		$	19,374		$	17,417		$	—		$	17,417		11.24	%	11.24	%
	Hotel net income (loss)	$	9,963		$	—		$	9,963		$	8,043		$	—		$	8,043		23.87	%	23.87	%
	Hotel net income (loss) margin	51.42		%				51.42		%	46.18		%				46.18		%	5.24	%	5.24	%
	Hotel EBITDA	$	10,712		$	—		$	10,712		$	8,957		$	—		$	8,957		19.59	%	19.59	%
	Hotel EBITDA margin	55.29		%				55.29		%	51.43		%				51.43		%	3.86	%	3.86	%
	Selected Operating Information:
	RevPAR	$	579.92		$	—		$	579.92		$	524.16		$	—		$	524.16		10.64	%	10.64	%
	Occupancy	83.81		%	—		%	83.81		%	75.59		%	—		%	75.59		%	10.87	%	10.87	%
	ADR	$	691.95		$	—		$	691.95		$	693.39		$	—		$	693.39		(0.21)	%	(0.21)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	4,865		$	—		$	4,865		$	4,396		$	—		$	4,396		10.67	%	10.67	%
	Total hotel revenue	$	6,491		$	—		$	6,491		$	6,036		$	—		$	6,036		7.54	%	7.54	%
	Hotel net income (loss)	$	(94)		$	—		$	(94)		$	(279)		$	—		$	(279)		66.31	%	66.31	%
	Hotel net income (loss) margin	(1.45)		%				(1.45)		%	(4.62)		%				(4.62)		%	3.17	%	3.17	%
	Hotel EBITDA	$	1,441		$	—		$	1,441		$	886		$	—		$	886		62.64	%	62.64	%
	Hotel EBITDA margin	22.20		%				22.20		%	14.68		%				14.68		%	7.52	%	7.52	%
	Selected Operating Information:
	RevPAR	$	335.98		$	—		$	335.98		$	303.59		$	—		$	303.59		10.67	%	10.67	%
	Occupancy	50.02		%	—		%	50.02		%	48.93		%	—		%	48.93		%	2.23	%	2.23	%
	ADR	$	671.68		$	—		$	671.68		$	620.46		$	—		$	620.46		8.26	%	8.26	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	13,801		$	(13,801)		$	—		$	15,294		$	(15,294)		$	—		(9.76)	%	—	%
	Total hotel revenue	$	24,503		$	(24,503)		$	—		$	26,918		$	(26,918)		$	—		(8.97)	%	—	%
	Hotel net income (loss)	$	20,250		$	(20,250)		$	—		$	2,385		$	(2,385)		$	—		749.06	%	—	%
	Hotel net income (loss) margin	82.64		%				—		%	8.86		%				—		%	73.78	%	—	%
	Hotel EBITDA	$	8,454		$	(8,454)		$	—		$	8,076		$	(8,076)		$	—		4.68	%	—	%
	Hotel EBITDA margin	34.50		%				—		%	30.00		%				—		%	4.50	%	—	%
	Selected Operating Information:
	RevPAR	$	493.15		$	493.15		$	493.15		$	437.81		$	437.81		$	437.81		12.64	%	12.64	%
	Occupancy	57.77		%	57.77		%	57.77		%	53.48		%	53.48		%	53.48		%	8.02	%	8.02	%
	ADR	$	853.69		$	853.69		$	853.69		$	818.61		$	818.61		$	818.61		4.29	%	4.29	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	15,398		$	—		$	15,398		$	14,035		$	—		$	14,035		9.71	%	9.71	%
	Total hotel revenue	$	20,641		$	—		$	20,641		$	18,638		$	—		$	18,638		10.75	%	10.75	%
	Hotel net income (loss)	$	4,124		$	—		$	4,124		$	3,213		$	—		$	3,213		28.35	%	28.35	%
	Hotel net income (loss) margin	19.98		%				19.98		%	17.24		%				17.24		%	2.74	%	2.74	%
	Hotel EBITDA	$	6,806		$	—		$	6,806		$	5,845		$	—		$	5,845		16.44	%	16.44	%
	Hotel EBITDA margin	32.97		%				32.97		%	31.36		%				31.36		%	1.61	%	1.61	%
	Selected Operating Information:
	RevPAR	$	170.48		$	—		$	170.48		$	155.39		$	—		$	155.39		9.71	%	9.71	%
	Occupancy	66.59		%	—		%	66.59		%	66.91		%	—		%	66.91		%	(0.48)	%	(0.48)	%
	ADR	$	256.03		$	—		$	256.03		$	232.25		$	—		$	232.25		10.24	%	10.24	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	18,655		$	(18,655)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	22,020		$	(22,020)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	(15)		$	15		$	—		$	2,462		$	(2,462)		$	—		(100.61)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	11.18		%				—		%	—	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	5,525		$	(5,525)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	25.09		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	251.39		$	251.39		$	251.39		—	%	(100.00)	%
	Occupancy	—		%	—		%	—		%	71.17		%	71.17		%	71.17		%	—	%	(100.00)	%
	ADR	$	—		$	—		$	—		$	353.24		$	353.24		$	353.24		—	%	(100.00)	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	25,340		$	—		$	25,340		$	22,112		$	—		$	22,112		14.60	%	14.60	%
	Total hotel revenue	$	60,940		$	—		$	60,940		$	54,417		$	—		$	54,417		11.99	%	11.99	%
	Hotel net income (loss)	$	16,468		$	—		$	16,468		$	13,323		$	—		$	13,323		23.61	%	23.61	%
	Hotel net income (loss) margin	27.02		%				27.02		%	24.48		%				24.48		%	2.54	%	2.54	%
	Hotel EBITDA	$	20,366		$	—		$	20,366		$	17,314		$	—		$	17,314		17.63	%	17.63	%
	Hotel EBITDA margin	33.42		%				33.42		%	31.82		%				31.82		%	1.60	%	1.60	%
	Selected Operating Information:
	RevPAR	$	507.25		$	—		$	507.25		$	442.63		$	—		$	442.63		14.60	%	14.60	%
	Occupancy	79.03		%	—		%	79.03		%	74.28		%	—		%	74.28		%	6.39	%	6.39	%
	ADR	$	641.87		$	—		$	641.87		$	595.91		$	—		$	595.91		7.71	%	7.71	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	16,185		$	—		$	16,185		$	16,592		$	—		$	16,592		(2.45)	%	(2.45)	%
	Total hotel revenue	$	27,650		$	—		$	27,650		$	30,071		$	—		$	30,071		(8.05)	%	(8.05)	%
	Hotel net income (loss)	$	(2,753)		$	—		$	(2,753)		$	(1,763)		$	—		$	(1,763)		(56.15)	%	(56.15)	%
	Hotel net income (loss) margin	(9.96)		%				(9.96)		%	(5.86)		%				(5.86)		%	(4.10)	%	(4.10)	%
	Hotel EBITDA	$	4,661		$	—		$	4,661		$	5,656		$	—		$	5,656		(17.59)	%	(17.59)	%
	Hotel EBITDA margin	16.86		%				16.86		%	18.81		%				18.81		%	(1.95)	%	(1.95)	%
	Selected Operating Information:
	RevPAR	$	488.64		$	—		$	488.64		$	500.94		$	—		$	500.94		(2.46)	%	(2.46)	%
	Occupancy	45.97		%	—		%	45.97		%	52.70		%	—		%	52.70		%	(12.77)	%	(12.77)	%
	ADR	$	1,063.06		$	—		$	1,063.06		$	950.48		$	—		$	950.48		11.84	%	11.84	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	13,460		$	(13,460)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	17,635		$	(17,635)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	31		$	(31)		$	—		$	2,674		$	(2,674)		$	—		(98.84)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	15.16		%				—		%	—	%	—	%
	Hotel EBITDA	$	31		$	(31)		$	—		$	6,114		$	(6,114)		$	—		(99.49)	%	—	%
	Hotel EBITDA margin	—		%				—		%	34.67		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	201.53		$	201.53		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	72.12		%	72.12		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	279.45		$	279.45		$	—		—	%	—	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	30,957		$	—		$	30,957		$	26,515		$	—		$	26,515		16.75	%	16.75	%
	Total hotel revenue	$	48,686		$	—		$	48,686		$	41,863		$	—		$	41,863		16.30	%	16.30	%
	Hotel net income (loss)	$	11,740		$	—		$	11,740		$	11,014		$	—		$	11,014		6.59	%	6.59	%
	Hotel net income (loss) margin	24.11		%				24.11		%	26.31		%				26.31		%	(2.20)	%	(2.20)	%
	Hotel EBITDA	$	16,036		$	—		$	16,036		$	13,462		$	—		$	13,462		19.12	%	19.12	%
	Hotel EBITDA margin	32.94		%				32.94		%	32.16		%				32.16		%	0.78	%	0.78	%
	Selected Operating Information:
	RevPAR	$	950.17		$	—		$	950.17		$	813.85		$	—		$	813.85		16.75	%	16.75	%
	Occupancy	74.05		%	—		%	74.05		%	69.58		%	—		%	69.58		%	6.42	%	6.42	%
	ADR	$	1,283.12		$	—		$	1,283.12		$	1,169.72		$	—		$	1,169.72		9.69	%	9.69	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	5,588		$	—		$	5,588		$	4,790		$	—		$	4,790		16.66	%	16.66	%
	Total hotel revenue	$	6,949		$	—		$	6,949		$	6,431		$	—		$	6,431		8.05	%	8.05	%
	Hotel net income (loss)	$	(4,953)		$	—		$	(4,953)		$	(2,538)		$	—		$	(2,538)		(95.15)	%	(95.15)	%
	Hotel net income (loss) margin	(71.28)		%				(71.28)		%	(39.47)		%				(39.47)		%	(31.81)	%	(31.81)	%
	Hotel EBITDA	$	(799)		$	—		$	(799)		$	(705)		$	—		$	(705)		(13.33)	%	(13.33)	%
	Hotel EBITDA margin	(11.50)		%				(11.50)		%	(10.96)		%				(10.96)		%	(0.54)	%	(0.54)	%
	Selected Operating Information:
	RevPAR	$	217.93		$	—		$	217.93		$	185.02		$	—		$	185.02		17.79	%	17.79	%
	Occupancy	58.60		%	—		%	58.60		%	67.90		%	—		%	67.90		%	(13.70)	%	(13.70)	%
	ADR	$	371.88		$	—		$	371.88		$	272.50		$	—		$	272.50		36.47	%	36.47	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	40,455		$	—		$	40,455		$	34,935		$	—		$	34,935		15.80	%	15.80	%
	Total hotel revenue	$	60,256		$	—		$	60,256		$	50,839		$	—		$	50,839		18.52	%	18.52	%
	Hotel net income (loss)	$	15,225		$	—		$	15,225		$	8,680		$	—		$	8,680		75.40	%	75.40	%
	Hotel net income (loss) margin	25.27		%				25.27		%	17.07		%				17.07		%	8.20	%	8.20	%
	Hotel EBITDA	$	20,462		$	—		$	20,462		$	15,089		$	—		$	15,089		35.61	%	35.61	%
	Hotel EBITDA margin	33.96		%				33.96		%	29.68		%				29.68		%	4.28	%	4.28	%
	Selected Operating Information:
	RevPAR	$	2,108.64		$	—		$	2,108.64		$	1,820.81		$	—		$	1,820.81		15.81	%	15.81	%
	Occupancy	71.24		%	—		%	71.24		%	66.66		%	—		%	66.66		%	6.87	%	6.87	%
	ADR	$	2,959.93		$	—		$	2,959.93		$	2,731.35		$	—		$	2,731.35		8.37	%	8.37	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	25,681		$	—		$	25,681		$	24,046		$	—		$	24,046		6.80	%	6.80	%
	Total hotel revenue	$	46,345		$	—		$	46,345		$	45,166		$	—		$	45,166		2.61	%	2.61	%
	Hotel net income (loss)	$	5,199		$	—		$	5,199		$	5,602		$	—		$	5,602		(7.19)	%	(7.19)	%
	Hotel net income (loss) margin	11.22		%				11.22		%	12.40		%				12.40		%	(1.18)	%	(1.18)	%
	Hotel EBITDA	$	17,397		$	—		$	17,397		$	17,101		$	—		$	17,101		1.73	%	1.73	%
	Hotel EBITDA margin	37.54		%				37.54		%	37.86		%				37.86		%	(0.32)	%	(0.32)	%
	Selected Operating Information:
	RevPAR	$	675.64		$	—		$	675.64		$	632.62		$	—		$	632.62		6.80	%	6.80	%
	Occupancy	60.36		%	—		%	60.36		%	65.51		%	—		%	65.51		%	(7.86)	%	(7.86)	%
	ADR	$	1,119.29		$	—		$	1,119.29		$	965.74		$	—		$	965.74		15.90	%	15.90	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	179,426		$	(13,801)		$	165,625		$	163,930		$	(15,294)		$	148,636		9.45	%	11.43	%
	Total hotel revenue	$	304,331		$	(24,503)		$	279,828		$	281,938		$	(26,918)		$	255,020		7.94	%	9.73	%
	Hotel net income (loss)	$	76,560		$	(20,250)		$	56,310		$	46,622		$	(2,271)		$	44,351		64.21	%	26.96	%
	Hotel net income (loss) margin	25.16		%				20.12		%	16.54		%				17.39		%	8.62	%	2.73	%
	Hotel EBITDA	$	101,890		$	(8,454)		$	93,436		$	87,980		$	(8,006)		$	79,974		15.81	%	16.83	%
	Hotel EBITDA margin	33.48		%				33.39		%	31.21		%				31.36		%	2.27	%	2.03	%
	Selected Operating Information:
	RevPAR	$	709.80		$	493.15		$	736.76		$	631.14		$	437.81		$	661.18		12.46	%	11.43	%
	Occupancy	66.15		%	57.77		%	67.20		%	64.38		%	53.48		%	66.07		%	2.75	%	1.71	%
	ADR	$	1,072.94		$	853.69		$	1,096.40		$	980.34		$	818.61		$	1,000.68		9.45	%	9.57	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	56,148		$	—		$	56,148		$	86,209		$	(32,115)		$	54,094		(34.87)	%	3.80	%
	Total hotel revenue	$	79,433		$	—		$	79,433		$	116,414		$	(39,655)		$	76,759		(31.77)	%	3.48	%
	Hotel net income (loss)	$	2,426		$	(16)		$	2,410		$	6,189		$	(5,136)		$	1,053		(60.80)	%	128.87	%
	Hotel net income (loss) margin	3.05		%				3.03		%	5.32		%				1.37		%	(2.27)	%	1.66	%
	Hotel EBITDA	$	21,525		$	(31)		$	21,494		$	30,554		$	(11,639)		$	18,915		(29.55)	%	13.63	%
	Hotel EBITDA margin	27.10		%				27.06		%	26.25		%				24.64		%	0.85	%	2.42	%
	Selected Operating Information:
	RevPAR	$	192.12		$	—		$	192.12		$	198.87		$	227.77		$	184.94		(3.39)	%	3.88	%
	Occupancy	68.94		%	—		%	68.94		%	70.54		%	71.62		%	70.02		%	(2.27)	%	(1.54)	%
	ADR	$	278.69		$	—		$	278.69		$	281.93		$	318.04		$	264.12		(1.15)	%	5.52	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	235,574		$	(13,801)		$	221,773		$	250,139		$	(47,409)		$	202,730		(5.82)	%	9.39	%
	Total hotel revenue	$	383,764		$	(24,503)		$	359,261		$	398,352		$	(66,573)		$	331,779		(3.66)	%	8.28	%
	Hotel net income (loss)	$	78,986		$	(20,266)		$	58,720		$	52,811		$	(7,407)		$	45,404		49.56	%	29.33	%
	Hotel net income (loss) margin	20.58		%				16.34		%	13.26		%				13.69		%	7.32	%	2.65	%
	Hotel EBITDA	$	123,415		$	(8,485)		$	114,930		$	118,534		$	(19,645)		$	98,889		4.12	%	16.22	%
	Hotel EBITDA margin	32.16		%				31.99		%	29.76		%				29.81		%	2.40	%	2.18	%
	Selected Operating Information:
	RevPAR	$	432.22		$	(493.15)		$	428.92		$	360.83		$	(269.48)		$	391.90		19.78	%	9.45	%
	Occupancy	67.65		%	(57.77)		%	68.18		%	68.23		%	(68.02)		%	68.31		%	(0.85)	%	(0.19)	%
	ADR	$	638.93		$	(853.69)		$	629.09		$	528.83		$	(396.19)		$	573.75		20.82	%	9.65	%

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	40,428		$	—		$	40,428
	Total hotel revenue	$	63,930		$	—		$	63,930
	Hotel net income	$	(4,478)		$	—		$	(4,478)
	Hotel net income margin	(7.00)		%				(7.00)		%
	Hotel EBITDA	$	15,875		$	—		$	15,875
	Hotel EBITDA margin	24.83		%				24.83		%
	Selected Operating Information:
	RevPAR	$	198.14		$	—		$	198.14
	Occupancy	74.03		%	—		%	74.03		%
	ADR	$	267.64		$	—		$	267.64

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—
	Total hotel revenue	$	—		$	—		$	—
	Hotel net income	$	1,230		$	(1,230)		$	—
	Hotel net income margin	—		%				—		%
	Hotel EBITDA	$	1,460		$	(1,460)		$	—
	Hotel EBITDA margin	—		%				—		%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—
	Occupancy	—		%	—		%	—		%
	ADR	$	—		$	—		$	—

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	28,675		$	—		$	28,675
	Total hotel revenue	$	38,323		$	—		$	38,323
	Hotel net income	$	(26,045)		$	—		$	(26,045)
	Hotel net income margin	(67.96)		%				(67.96)		%
	Hotel EBITDA	$	8,919		$	—		$	8,919
	Hotel EBITDA margin	23.27		%				23.27		%
	Selected Operating Information:
	RevPAR	$	189.31		$	—		$	189.31
	Occupancy	69.88		%	—		%	69.88		%
	ADR	$	270.89		$	—		$	270.89

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	16,042		$	—		$	16,042
	Total hotel revenue	$	21,976		$	—		$	21,976
	Hotel net income	$	(6,729)		$	—		$	(6,729)
	Hotel net income margin	(30.62)		%				(30.62)		%
	Hotel EBITDA	$	5,553		$	—		$	5,553
	Hotel EBITDA margin	25.27		%				25.27		%
	Selected Operating Information:
	RevPAR	$	676.18		$	—		$	676.18
	Occupancy	66.05		%	—		%	66.05		%
	ADR	$	1,023.77		$	—		$	1,023.77


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	24,765		$	—		$	24,765
	Total hotel revenue	$	32,794		$	—		$	32,794
	Hotel net income	$	14,389		$	—		$	14,389
	Hotel net income margin	43.88		%				43.88		%
	Hotel EBITDA	$	15,983		$	—		$	15,983
	Hotel EBITDA margin	48.74		%				48.74		%
	Selected Operating Information:
	RevPAR	$	477.81		$	—		$	477.81
	Occupancy	78.17		%	—		%	78.17		%
	ADR	$	611.25		$	—		$	611.25

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	10,595		$	—		$	10,595
	Total hotel revenue	$	13,990		$	—		$	13,990
	Hotel net income	$	(14,910)		$	—		$	(14,910)
	Hotel net income margin	(106.58)		%				(106.58)		%
	Hotel EBITDA	$	3,611		$	—		$	3,611
	Hotel EBITDA margin	25.81		%				25.81		%
	Selected Operating Information:
	RevPAR	$	362.82		$	—		$	362.82
	Occupancy	54.88		%	—		%	54.88		%
	ADR	$	661.06		$	—		$	661.06

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	21,410		$	(21,410)		$	—
	Total hotel revenue	$	43,078		$	(43,078)		$	—
	Hotel net income	$	16,382		$	(16,382)		$	—
	Hotel net income margin	38.03		%				—		%
	Hotel EBITDA	$	11,138		$	(11,138)		$	—
	Hotel EBITDA margin	25.86		%				—		%
	Selected Operating Information:
	RevPAR	$	337.18		$	337.18		$	337.18
	Occupancy	48.21		%	48.21		%	48.21		%
	ADR	$	699.36		$	699.36		$	699.36

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	28,658		$	—		$	28,658
	Total hotel revenue	$	38,523		$	—		$	38,523
	Hotel net income	$	6,966		$	—		$	6,966
	Hotel net income margin	18.08		%				18.08		%
	Hotel EBITDA	$	12,444		$	—		$	12,444
	Hotel EBITDA margin	32.30		%				32.30		%
	Selected Operating Information:
	RevPAR	$	157.34		$	—		$	157.34
	Occupancy	65.00		%	—		%	65.00		%
	ADR	$	242.07		$	—		$	242.07


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	13,177		$	(13,177)		$	—
	Total hotel revenue	$	15,536		$	(15,536)		$	—
	Hotel net income	$	43,614		$	(43,614)		$	—
	Hotel net income margin	280.73		%				—		%
	Hotel EBITDA	$	3,713		$	(3,713)		$	—
	Hotel EBITDA margin	23.90		%				—		%
	Selected Operating Information:
	RevPAR	$	251.18		$	251.18		$	—
	Occupancy	74.27		%	74.27		%	—		%
	ADR	$	338.22		$	338.22		$	—

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	40,000		$	—		$	40,000
	Total hotel revenue	$	100,448		$	—		$	100,448
	Hotel net income	$	18,768		$	—		$	18,768
	Hotel net income margin	18.68		%				18.68		%
	Hotel EBITDA	$	28,165		$	—		$	28,165
	Hotel EBITDA margin	28.04		%				28.04		%
	Selected Operating Information:
	RevPAR	$	397.05		$	—		$	397.05
	Occupancy	68.24		%	—		%	68.24		%
	ADR	$	581.88		$	—		$	581.88

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	29,900		$	—		$	29,900
	Total hotel revenue	$	54,650		$	—		$	54,650
	Hotel net income	$	(7,841)		$	—		$	(7,841)
	Hotel net income margin	(14.35)		%				(14.35)		%
	Hotel EBITDA	$	7,553		$	—		$	7,553
	Hotel EBITDA margin	13.82		%				13.82		%
	Selected Operating Information:
	RevPAR	$	447.65		$	—		$	447.65
	Occupancy	49.45		%	—		%	49.45		%
	ADR	$	905.28		$	—		$	905.28

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	4,982		$	(4,982)		$	—
	Total hotel revenue	$	6,133		$	(6,133)		$	—
	Hotel net income	$	43,235		$	(43,235)		$	—
	Hotel net income margin	704.96		%				—		%
	Hotel EBITDA	$	2,790		$	(2,790)		$	—
	Hotel EBITDA margin	45.49		%				—		%
	Selected Operating Information:
	RevPAR	$	365.41		$	365.41		$	—
	Occupancy	88.50		%	88.50		%	—		%
	ADR	$	412.89		$	412.89		$	—


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	46,651		$	—		$	46,651
	Total hotel revenue	$	74,752		$	—		$	74,752
	Hotel net income	$	12,551		$	—		$	12,551
	Hotel net income margin	16.79		%				16.79		%
	Hotel EBITDA	$	19,277		$	—		$	19,277
	Hotel EBITDA margin	25.79		%				25.79		%
	Selected Operating Information:
	RevPAR	$	710.05		$	—		$	710.05
	Occupancy	62.81		%	—		%	62.81		%
	ADR	$	1,130.40		$	—		$	1,130.40

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	8,493		$	—		$	8,493
	Total hotel revenue	$	10,698		$	—		$	10,698
	Hotel net income	$	(10,839)		$	—		$	(10,839)
	Hotel net income margin	(101.32)		%				(101.32)		%
	Hotel EBITDA	$	(4,058)		$	—		$	(4,058)
	Hotel EBITDA margin	(37.93)		%				(37.93)		%
	Selected Operating Information:
	RevPAR	$	163.48		$	—		$	163.48
	Occupancy	47.97		%	—		%	47.97		%
	ADR	$	340.79		$	—		$	340.79

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	66,801		$	—		$	66,801
	Total hotel revenue	$	100,540		$	—		$	100,540
	Hotel net income	$	16,874		$	—		$	16,874
	Hotel net income margin	16.78		%				16.78		%
	Hotel EBITDA	$	27,878		$	—		$	27,878
	Hotel EBITDA margin	27.73		%				27.73		%
	Selected Operating Information:
	RevPAR	$	1,726.55		$	—		$	1,726.55
	Occupancy	65.42		%	—		%	65.42		%
	ADR	$	2,639.08		$	—		$	2,639.08

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	41,664		$	—		$	41,664
	Total hotel revenue	$	80,453		$	—		$	80,453
	Hotel net income (loss)	$	3,088		$	—		$	3,088
	Hotel net income (loss) margin	3.84		%				3.84		%
	Hotel EBITDA	$	28,316		$	—		$	28,316
	Hotel EBITDA margin	35.20		%				35.20		%
	Selected Operating Information:
	RevPAR	$	543.56		$	—		$	543.56
	Occupancy	57.66		%	—		%	57.66		%
	ADR	$	942.61		$	—		$	942.61


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	297,828		$	(21,410)		$	276,418
	Total hotel revenue	$	522,681		$	(43,078)		$	479,603
	Hotel net income	$	53,802		$	(17,612)		$	36,190
	Hotel net income margin	10.29		%				7.55		%
	Hotel EBITDA	$	148,934		$	(12,598)		$	136,336
	Hotel EBITDA margin	28.49		%				28.43		%
	Selected Operating Information:
	RevPAR	$	576.26		$	337.18		$	609.74
	Occupancy	61.02		%	48.21		%	62.82		%
	ADR	$	944.35		$	699.36		$	970.69

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	124,413		$	(18,159)		$	106,254
	Total hotel revenue	$	173,143		$	(21,669)		$	151,474
	Hotel net income	$	52,453		$	(86,849)		$	(34,396)
	Hotel net income margin	30.29		%				(22.71)		%
	Hotel EBITDA	$	39,683		$	(6,503)		$	33,180
	Hotel EBITDA margin	22.92		%				21.90		%
	Selected Operating Information:
	RevPAR	$	189.75		$	274.74		$	180.22
	Occupancy	68.82		%	77.20		%	67.88		%
	ADR	$	275.71		$	355.88		$	265.49

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	422,241		$	(39,569)		$	382,672
	Total hotel revenue	$	695,824		$	(64,747)		$	631,077
	Hotel net income	$	106,255		$	(104,461)		$	1,794
	Hotel net income margin	15.27		%				0.28		%
	Hotel EBITDA	$	188,617		$	(19,101)		$	169,516
	Hotel EBITDA margin	27.11		%				26.86		%
	Selected Operating Information:
	RevPAR	$	360.11		$	305.34		$	366.92
	Occupancy	65.38		%	63.00		%	65.68		%
	ADR	$	550.78		$	484.67		$	558.66

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026			2026			2026		2026			2025			2025		2025			2025			2025		2025
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	172,138		$	(2,728)	$	169,410		$	211,626		$	(21,775)	$	189,851		$	167,475		$	(14,169)	$	153,306		$	144,585		$	(26,075)	$	118,510
Hotel net income (loss)	$	34,753		$	(14,670)	$	20,083		$	44,233		$	(5,596)	$	38,637		$	(6,496)		$	(40,173)	$	(46,669)		$	33,765		$	(44,022)	$	(10,257)
Hotel net income (loss) margin	20.19		%			11.85		%	20.90		%			20.35		%	(3.88)		%			(30.44)		%	23.35		%			(8.65)		%
Hotel EBITDA	$	47,952		$	455	$	48,407		$	75,463		$	(8,940)	$	66,523		$	39,640		$	(2,273)	$	37,367		$	25,562		$	(8,343)	$	17,219
Hotel EBITDA margin	27.86		%			28.57		%	35.66		%			35.04		%	23.67		%			24.37		%	17.68		%			14.53		%

Hotel net income (loss) % of total TTM	32.7		%			1,119.4		%	41.6		%			2,153.7		%	(6.1)		%			(2,601.4)		%	31.8		%			(571.7)		%
EBITDA % of total TTM	25.4		%			28.5		%	40.0		%			39.2		%	21.0		%			22.0		%	13.6		%			10.3		%

JV interests in Hotel net income (loss)	$	—		$	—	$	—		$	—		$	—	$	—		$	10		$	(21)	$	(11)		$	(452)		$	(297)	$	(749)
JV interests in EBITDA	$	—		$	—	$	—		$	—		$	—	$	—		$	857		$	(18)	$	839		$	937		$	(346)	$	591

	Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026
	TTM			TTM		TTM
Total hotel revenue	$	695,824		$	(64,747)	$	631,077
Hotel net income (loss)	$	106,255		$	(104,461)	$	1,794
Hotel net income (loss) margin	15.27		%			0.28		%
Hotel EBITDA	$	188,617		$	(19,101)	$	169,516
Hotel EBITDA margin	27.11		%			26.86		%

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)	$	(442)		$	(318)	$	(760)
JV interests in EBITDA	$	1,794		$	(364)	$	1,430

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2026

(in thousands, except share price)

(unaudited)



	June 30, 2026
Common stock shares outstanding	68,679
Partnership units outstanding (common stock equivalents)	4,592
Combined common stock shares and partnership units outstanding	73,271
Common stock price	$	2.16
Market capitalization	$	158,265
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	215,936
Series M redeemable preferred stock	$	32,803
Indebtedness	$	950,915

Net working capital (see below)	$	(30,591)
Total enterprise value (TEV)	$	1,444,278






Cash and cash equivalents	$	97,670
Restricted cash	$	53,733
Accounts receivable, net	$	30,645
Inventory	$	4,397

Prepaid expenses	$	5,246

Due from third-party hotel managers, net	$	18,714

Total current assets	$	210,405

Accounts payable, net & accrued expenses	$	119,949
Redeemable preferred stock redemptions payable	$	54,760
Dividends and distributions payable	$	3,807
Due to affiliates, net	$	1,298

Total current liabilities	$	179,814

Net working capital *	$	30,591

The table does not include $5.4 million of indebtedness and approximately $0.5 million in cash related to the consolidation of a joint venture.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)


		2026
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Estimated	Estimated








Sofitel Chicago Magnificent Mile	415				x
Total		0	0	0	1

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2026		2026		2025		2025		June 30, 2026
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	34,753	$	44,233	$	(6,496)	$	33,765	$	106,255
Non-property adjustments	(17,393)		(46)		12,472		(40,584)		(45,551)
Interest income	(254)		(240)		(292)		(400)		(1,186)
Interest expense	6,668		7,103		7,587		7,693		29,051
Amortization of loan costs	379		390		623		529		1,921
Depreciation and amortization	21,433		22,579		22,659		23,164		89,835
Income tax expense (benefit)	1,132		797		1,442		(1)		3,370
Non-hotel EBITDA ownership expense	1,234		647		1,645		1,396		4,922
Hotel EBITDA including amounts attributable to noncontrolling interest	47,952		75,463		39,640		25,562		188,617
Non-comparable adjustments	455		(8,940)		(2,273)		(8,343)		(19,101)
Comparable hotel EBITDA	$	48,407	$	66,523	$	37,367	$	17,219	$	169,516

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	1,633	$	—	$	2,556	$	1,131	$	3,912	$	1,012	$	14,657	$	3,910	$	(18)	$	6,677	$	(4,772)	$	31	$	2,178	$	(1,899)	$	4,482	$	(737)	$	34,753	$	(27,811)	$	6,942
Non-property adjustments	2		—		—		—		—		—		(17,398)		—		3		—		—		—		—		—		—		—		(17,393)		17,393		—
Interest income	(48)		—		(3)		—		—		—		—		(33)		—		(40)		(3)		—		(71)		—		(15)		(41)		(254)		254		—
Interest expense	2,067		—		—		—		—		—		702		—		—		119		757		—		—		—		—		3,023		6,668		11,402		18,070
Amortization of loan cost	158		—		—		—		—		—		—		—		—		—		—		—		—		—		—		221		379		2,064		2,443
Depreciation and amortization	2,721		—		1,111		784		359		740		1,243		1,331		—		1,881		2,678		—		1,460		2,027		2,194		2,904		21,433		—		21,433
Income tax expense (benefit)	88		—		—		—		—		—		—		6		—		—		—		—		727		—		311		—		1,132		1,349		2,481
Non-hotel EBITDA ownership expense	—		—		167		111		8		12		310		(1)		15		(280)		222		—		584		45		17		24		1,234		(1,234)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,621		—		3,831		2,026		4,279		1,764		(486)		5,213		—		8,357		(1,118)		31		4,878		173		6,989		5,394		47,952		3,417		51,369
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	6,621	$	—	$	3,831	$	2,026	$	4,279	$	1,764	$	(486)	$	5,213	$	—	$	8,357	$	(1,118)	$	31	$	4,878	$	173	$	6,989	$	5,394	$	47,952	$	3,417	$	51,369
Non-comparable adjustments	—		—		—		—		—		—		486		—		—		—		—		(31)		—		—		—		—		455
Comparable hotel EBITDA	$	6,621	$	—	$	3,831	$	2,026	$	4,279	$	1,764	$	—	$	5,213	$	—	$	8,357	$	(1,118)	$	—	$	4,878	$	173	$	6,989	$	5,394	$	48,407




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	—	$	—	$	2,026	$	4,279	$	1,764	$	(486)	$	—	$	—	$	8,357	$	(1,118)	$	—	$	4,878	$	—	$	6,989	$	5,394	$	32,083
Non-comparable adjustments	—		—		—		—		—		—		486		—		—		—		—		—		—		—		—		—		486
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,026	$	4,279	$	1,764	$	—	$	—	$	—	$	8,357	$	(1,118)	$	—	$	4,878	$	—	$	6,989	$	5,394	$	32,569
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,621	$	—	$	3,831	$	—	$	—	$	—	$	—	$	5,213	$	—	$	—	$	—	$	31	$	—	$	173	$	—	$	—	$	15,869
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(31)		—		—		—		—		(31)
Comparable hotel EBITDA	$	6,621	$	—	$	3,831	$	—	$	—	$	—	$	—	$	5,213	$	—	$	—	$	—	$	—	$	—	$	173	$	—	$	—	$	15,838

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended June 30, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	6,621	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,621
JPMorgan Chase (see footnote 3)	—		—		3,831		—		—		—		—		5,213		—		—		—		—		—		—		6,989		—		16,033
BAML (see footnote 4)	—		—		—		2,026		4,279		1,764		—		—		—		8,357		—		—		4,878		—		—		—		21,304
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(1,118)		—		—		—		—		—		(1,118)
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,394		5,394





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		173		—		—		173
Total	$	6,621	$	—	$	3,831	$	2,026	$	4,279	$	1,764	$	—	$	5,213	$	—	$	8,357	$	(1,118)	$	—	$	4,878	$	173	$	6,989	$	5,394	$	48,407

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,225)	$	—	$	275	$	(569)	$	6,051	$	(1,106)	$	5,593	$	214	$	3	$	9,791	$	2,019	$	—	$	9,562	$	(3,054)	$	10,743	$	5,936	$	44,233	$	(26,199)	$	18,034
Non-property adjustments	(43)		—		—		—		—		—		—		—		(3)		—		—		—		—		—		—		—		(46)		46		—
Interest income	(42)		—		(1)		—		—		—		—		(30)		—		(45)		(2)		—		(70)		—		(13)		(37)		(240)		240		—
Interest expense	2,055		—		—		—		—		—		1,154		—		—		135		752		—		—		—		—		3,007		7,103		11,683		18,786
Amortization of loan cost	154		—		—		—		—		—		—		—		—		—		20		—		—		—		—		216		390		2,019		2,409
Depreciation and amortization	2,759		—		1,094		787		376		764		2,190		1,404		—		2,143		2,716		—		1,448		1,863		2,154		2,881		22,579		—		22,579
Income tax expense (benefit)	—		—		—		—		—		—		—		4		—		—		—		—		214		—		579		—		797		620		1,417
Non-hotel EBITDA ownership expense	1		—		8		117		6		19		3		1		—		(15)		274		—		4		219		10		—		647		(647)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,659		—		1,376		335		6,433		(323)		8,940		1,593		—		12,009		5,779		—		11,158		(972)		13,473		12,003		75,463		(12,238)		63,225
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		31		31
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	3,659	$	—	$	1,376	$	335	$	6,433	$	(323)	$	8,940	$	1,593	$	—	$	12,009	$	5,779	$	—	$	11,158	$	(972)	$	13,473	$	12,003	$	75,463	$	(12,207)	$	63,256
Non-comparable adjustments	—		—		—		—		—		—		(8,940)		—		—		—		—		—		—		—		—		—		(8,940)
Comparable hotel EBITDA	$	3,659	$	—	$	1,376	$	335	$	6,433	$	(323)	$	—	$	1,593	$	—	$	12,009	$	5,779	$	—	$	11,158	$	(972)	$	13,473	$	12,003	$	66,523




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	—	$	—	$	335	$	6,433	$	(323)	$	8,940	$	—	$	—	$	12,009	$	5,779	$	—	$	11,158	$	—	$	13,473	$	12,003	$	69,807
Non-comparable adjustments	—		—		—		—		—		—		(8,940)		—		—		—		—		—		—		—		—		—		(8,940)
Comparable hotel EBITDA	$	—	$	—	$	—	$	335	$	6,433	$	(323)	$	—	$	—	$	—	$	12,009	$	5,779	$	—	$	11,158	$	—	$	13,473	$	12,003	$	60,867
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,659	$	—	$	1,376	$	—	$	—	$	—	$	—	$	1,593	$	—	$	—	$	—	$	—	$	—	$	(972)	$	—	$	—	$	5,656
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,659	$	—	$	1,376	$	—	$	—	$	—	$	—	$	1,593	$	—	$	—	$	—	$	—	$	—	$	(972)	$	—	$	—	$	5,656

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended March 31, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,659	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,659
JPMorgan Chase (see footnote 3)	—		—		1,376		—		—		—		—		1,593		—		—		—		—		—		—		13,473		—		16,442
BAML (see footnote 4)	—		—		—		335		6,433		(323)		—		—		—		12,009		—		—		11,158		—		—		—		29,612
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		5,779		—		—		—		—		—		5,779
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		12,003		12,003





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(972)		—		—		(972)
Total	$	3,659	$	—	$	1,376	$	335	$	6,433	$	(323)	$	—	$	1,593	$	—	$	12,009	$	5,779	$	—	$	11,158	$	(972)	$	13,473	$	12,003	$	66,523

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,890)	$	40	$	(30,388)	$	(8,458)	$	3,286	$	(15,353)	$	(2,734)	$	1,946	$	42,776	$	3,511	$	(5,040)	$	91	$	2,542	$	(3,635)	$	3,299	$	3,511	$	(6,496)	$	(30,468)	$	(36,964)
Non-property adjustments	3		—		30,256		8,672		—		15,564		—		—		(41,730)		(129)		(67)		(97)		—		—		—		—		12,472		(12,472)		—
Interest income	(44)		(14)		(3)		—		—		—		—		(31)		(25)		(39)		(3)		—		(77)		—		(10)		(46)		(292)		292		—
Interest expense	2,191		—		—		—		—		—		1,237		—		—		135		804		—		—		—		—		3,220		7,587		12,943		20,530
Amortization of loan cost	150		—		—		—		—		—		—		—		—		—		58		—		—		—		—		415		623		2,010		2,633
Depreciation and amortization	2,805		—		1,084		766		379		721		2,165		1,391		509		2,171		2,772		—		1,448		1,447		2,130		2,871		22,659		—		22,659
Income tax expense (benefit)	8		—		—		—		—		—		—		63		—		—		—		—		(244)		—		1,615		—		1,442		63		1,505
Non-hotel EBITDA ownership expense	9		48		57		154		20		33		(26)		21		27		477		727		6		30		36		34		(8)		1,645		(1,645)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,232		74		1,006		1,134		3,685		965		642		3,390		1,557		6,126		(749)		—		3,699		(2,152)		7,068		9,963		39,640		(29,277)		10,363
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(839)		(18)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(857)		857		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		56		56
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	2,393	$	56	$	1,006	$	1,134	$	3,685	$	965	$	642	$	3,390	$	1,557	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,783	$	(28,364)	$	10,419
Non-comparable adjustments	—		(74)		—		—		—		—		(642)		—		(1,557)		—		—		—		—		—		—		—		(2,273)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	965	$	—	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	37,367




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	74	$	—	$	1,134	$	3,685	$	965	$	642	$	—	$	—	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	32,607
Non-comparable adjustments	—		(74)		—		—		—		—		(642)		—		—		—		—		—		—		—		—		—		(716)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,134	$	3,685	$	965	$	—	$	—	$	—	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	31,891
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,232	$	—	$	1,006	$	—	$	—	$	—	$	—	$	3,390	$	1,557	$	—	$	—	$	—	$	—	$	(2,152)	$	—	$	—	$	7,033
Non-comparable adjustments	—		—		—		—		—		—		—		—		(1,557)		—		—		—		—		—		—		—		(1,557)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	—	$	—	$	—	$	—	$	3,390	$	—	$	—	$	—	$	—	$	—	$	(2,152)	$	—	$	—	$	5,476

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,232	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,232
JPMorgan Chase (see footnote 3)	—		—		1,006		—		—		—		—		3,390		—		—		—		—		—		—		7,068		—		11,464
BAML (see footnote 4)	—		—		—		1,134		3,685		965		—		—		—		6,126		—		—		3,699		—		—		—		15,609
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(749)		—		—		—		—		—		(749)
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		9,963		9,963





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(2,152)		—		—		(2,152)
Total	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	965	$	—	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	37,367

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

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)		—		—		—		—		(2,042)		—		(2,156)		—		—		(2,759)		—		—		—		—		(8,343)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	—	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	17,219




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,386	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	14,437
Non-comparable adjustments	—		(1,386)		—		—		—		—		(2,042)		—		—		—		—		—		—		—		—		—		(3,428)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,058	$	1,586	$	1,205	$	—	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	11,009
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	2,156	$	—	$	—	$	2,759	$	—	$	(1,107)	$	—	$	—	$	11,125
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,156)		—		—		(2,759)		—		—		—		—		(4,915)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	—	$	—	$	—	$	—	$	—	$	(1,107)	$	—	$	—	$	6,210

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	2,363	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,363
JPMorgan Chase (see footnote 3)	—		—		2,706		—		—		—		—		2,248		—		—		—		—		—		—		348		—		5,302
BAML (see footnote 4)	—		—		—		2,058		1,586		1,205		—		—		—		1,673		—		—		(458)		—		—		—		6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
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	$	—	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	17,219

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

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		—		—		—		—		1,831		—		(2,501)		—		—		(4,741)		—		—		—		—		(5,399)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	—	$	4,139	$	—	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	42,394




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		—		—		—		—		1,831		—		—		—		—		—		—		—		—		—		1,843
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,728	$	3,371	$	1,329	$	—	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	27,489
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	2,501	$	—	$	—	$	4,741	$	—	$	(223)	$	—	$	—	$	22,147
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,501)		—		—		(4,741)		—		—		—		—		(7,242)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	—	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	14,905

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	408	$	—	$	2,831	$	562	$	9,963	$	(94)	$	20,250	$	4,124	$	(15)	$	16,468	$	(2,753)	$	31	$	11,740	$	(4,953)	$	15,225	$	5,199	$	78,986	$	(54,010)	$	24,976
Non-property adjustments	(41)		—		—		—		—		—		(17,398)		—		—		—		—		—		—		—		—		—		(17,439)		17,439		—
Interest income	(90)		—		(4)		—		—		—		—		(63)		—		(85)		(5)		—		(141)		—		(28)		(78)		(494)		494		—
Interest expense	4,122		—		—		—		—		—		1,856		—		—		254		1,509		—		—		—		—		6,030		13,771		23,085		36,856
Amortization of loan cost	312		—		—		—		—		—		—		—		—		—		20		—		—		—		—		437		769		4,083		4,852
Depreciation and amortization	5,480		—		2,205		1,571		735		1,504		3,433		2,735		—		4,024		5,394		—		2,908		3,890		4,348		5,785		44,012		—		44,012
Income tax expense (benefit)	88		—		—		—		—		—		—		10		—		—		—		—		941		—		890		—		1,929		1,969		3,898
Non-hotel EBITDA ownership expense	1		—		175		228		14		31		313		—		15		(295)		496		—		588		264		27		24		1,881		(1,881)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,280		—		5,207		2,361		10,712		1,441		8,454		6,806		—		20,366		4,661		31		16,036		(799)		20,462		17,397		123,415		(8,821)		114,594
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		31		31
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	10,280	$	—	$	5,207	$	2,361	$	10,712	$	1,441	$	8,454	$	6,806	$	—	$	20,366	$	4,661	$	31	$	16,036	$	(799)	$	20,462	$	17,397	$	123,415	$	(8,790)	$	114,625
Non-comparable adjustments	—		—		—		—		—		—		(8,454)		—		—		—		—		(31)		—		—		—		—		(8,485)
Comparable hotel EBITDA	$	10,280	$	—	$	5,207	$	2,361	$	10,712	$	1,441	$	—	$	6,806	$	—	$	20,366	$	4,661	$	—	$	16,036	$	(799)	$	20,462	$	17,397	$	114,930
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	10,280	$	—	$	5,207	$	2,361	$	10,712	$	1,441	$	8,454	$	6,806	$	—	$	20,366	$	4,661	$	31	$	16,036	$	(799)	$	20,462	$	17,397	$	123,415
Non-comparable adjustments	—		—		—		—		—		—		(8,454)		—		—		—		—		(31)		—		—		—		—		(8,485)
Comparable hotel EBITDA	$	10,280	$	—	$	5,207	$	2,361	$	10,712	$	1,441	$	—	$	6,806	$	—	$	20,366	$	4,661	$	—	$	16,036	$	(799)	$	20,462	$	17,397	$	114,930
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	—	$	—	$	2,361	$	10,712	$	1,441	$	8,454	$	—	$	—	$	20,366	$	4,661	$	—	$	16,036	$	—	$	20,462	$	17,397	$	101,890
Non-comparable adjustments	—		—		—		—		—		—		(8,454)		—		—		—		—		—		—		—		—		—		(8,454)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,361	$	10,712	$	1,441	$	—	$	—	$	—	$	20,366	$	4,661	$	—	$	16,036	$	—	$	20,462	$	17,397	$	93,436
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	10,280	$	—	$	5,207	$	—	$	—	$	—	$	—	$	6,806	$	—	$	—	$	—	$	31	$	—	$	(799)	$	—	$	—	$	21,525
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		(31)		—		—		—		—		(31)
Comparable hotel EBITDA	$	10,280	$	—	$	5,207	$	—	$	—	$	—	$	—	$	6,806	$	—	$	—	$	—	$	—	$	—	$	(799)	$	—	$	—	$	21,494

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

None

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six 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)	$	164	$	(114)	$	215	$	(269)	$	8,043	$	(279)	$	2,385	$	3,213	$	2,462	$	13,323	$	(1,763)	$	2,674	$	11,014	$	(2,538)	$	8,678	$	5,603	$	52,811	$	(48,980)	$	3,831
Non-property adjustments	(20)		—		—		—		—		—		—		—		—		—		—		—		—		—		866		—		846		(846)		—
Interest income	(73)		(9)		(3)		—		—		—		—		(57)		(135)		(70)		(12)		(57)		(192)		—		(17)		(104)		(729)		729		—
Interest expense	4,490		—		—		—		—		—		2,548		—		—		286		1,687		40		—		—		1,031		5,684		15,766		29,603		45,369
Amortization of loan cost	283		—		—		—		68		—		—		—		—		—		62		—		—		—		135		501		1,049		3,770		4,819
Depreciation and amortization	5,863		—		2,223		1,472		808		1,163		3,104		2,629		3,193		4,001		5,129		3,447		2,747		1,567		3,998		5,411		46,755		—		46,755
Income tax expense (benefit)	50		—		—		—		—		—		—		11		—		—		—		—		(112)		—		367		—		316		806		1,122
Non-hotel EBITDA ownership expense	510		53		73		306		38		2		39		49		5		(226)		553		10		5		266		31		6		1,720		(1,720)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,267		(70)		2,508		1,509		8,957		886		8,076		5,845		5,525		17,314		5,656		6,114		13,462		(705)		15,089		17,101		118,534		(16,638)		101,896
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(2,818)		18		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(2,800)		2,800		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	8,449	$	(52)	$	2,508	$	1,509	$	8,957	$	886	$	8,076	$	5,845	$	5,525	$	17,314	$	5,656	$	6,114	$	13,462	$	(705)	$	15,089	$	17,101	$	115,734	$	(13,838)	$	101,896
Non-comparable adjustments	—		70		—		—		—		—		(8,076)		—		(5,525)		—		—		(6,114)		—		—		—		—		(19,645)
Comparable hotel EBITDA	$	11,267	$	—	$	2,508	$	1,509	$	8,957	$	886	$	—	$	5,845	$	—	$	17,314	$	5,656	$	—	$	13,462	$	(705)	$	15,089	$	17,101	$	98,889
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	11,267	$	(70)	$	2,508	$	1,509	$	8,957	$	886	$	8,076	$	5,845	$	5,525	$	17,314	$	5,656	$	6,114	$	13,462	$	(705)	$	15,089	$	17,101	$	118,534
Non-comparable adjustments	—		70		—		—		—		—		(8,076)		—		(5,525)		—		—		(6,114)		—		—		—		—		(19,645)
Comparable hotel EBITDA	$	11,267	$	—	$	2,508	$	1,509	$	8,957	$	886	$	—	$	5,845	$	—	$	17,314	$	5,656	$	—	$	13,462	$	(705)	$	15,089	$	17,101	$	98,889
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(70)	$	—	$	1,509	$	8,957	$	886	$	8,076	$	—	$	—	$	17,314	$	5,656	$	—	$	13,462	$	—	$	15,089	$	17,101	$	87,980
Non-comparable adjustments	—		70		—		—		—		—		(8,076)		—		—		—		—		—		—		—		—		—		(8,006)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,509	$	8,957	$	886	$	—	$	—	$	—	$	17,314	$	5,656	$	—	$	13,462	$	—	$	15,089	$	17,101	$	79,974
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	11,267	$	—	$	2,508	$	—	$	—	$	—	$	—	$	5,845	$	5,525	$	—	$	—	$	6,114	$	—	$	(705)	$	—	$	—	$	30,554
Non-comparable adjustments	—		—		—		—		—		—		—		—		(5,525)		—		—		(6,114)		—		—		—		—		(11,639)
Comparable hotel EBITDA	$	11,267	$	—	$	2,508	$	—	$	—	$	—	$	—	$	5,845	$	—	$	—	$	—	$	—	$	—	$	(705)	$	—	$	—	$	18,915

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

None