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  4. [8-K] Braemar Hotels & Resorts Inc. Reports Material Event

Braemar Hotels posts $241M Q3 loss for common holders

Comparable RevPAR and Hotel EBITDA rose year over year, while a $480.0 million advisor termination fee primarily drove the quarterly net loss.

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Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Braemar Hotels & Resorts Inc. (BHR) reported third-quarter 2026 results. Comparable RevPAR rose 14.44% to $284.13, and comparable Hotel EBITDA increased 20.72% to $12.913 million; its margin was 13.56%, up 1.22 percentage points. Net loss attributable to common stockholders was $240.867 million, primarily due to a $480.0 million termination fee payable to the external advisor. Adjusted EBITDAre was $3.880 million versus $16.378 million a year earlier; the prior-year figure included hotels since sold.

Cash and cash equivalents were $78.862 million, and indebtedness was $624.414 million, all non-recourse, as of September 30, 2026. On October 30, 2026, Braemar refinanced the Ritz-Carlton Lake Tahoe mortgage into a $60.0 million floating-rate loan at SOFR + 2.65%, with another $15.0 million available to draw subject to certain conditions. Sales included the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono Hotel and Spa for $437.5 million on July 14, 2026; Pier House Resort & Spa for $190.0 million on August 12, 2026; and Four Seasons Resort Scottsdale for $372 million on October 28, 2026. Braemar said its transition to self-management remained on track for mid-November.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 2 points

How the balance works

Positive

  • Moderate pointComparable RevPAR increased 14.44% year over year.
  • Moderate pointComparable Hotel EBITDA rose 20.72% to $12.913 million.

Negative

  • Major pointA $480.0 million termination fee primarily drove the $240.867 million common-stockholder net loss. 4.7× market cap
  • Moderate pointAdjusted EBITDAre was $3.880 million, versus $16.378 million a year earlier.

Filing Explained

At September 30, Braemar reported $179,333 thousand due to Ashford and $63,480 thousand in preferred redemptions payable.

The filing adds a balance-sheet disclosure: as of September 30, 2026, Braemar listed $179,333 thousand due to Ashford as a company liability outstanding at quarter-end.

It also reported $63,480 thousand of redeemable preferred-stock redemptions payable, while approximately $5.0 million of non-traded preferred stock had been redeemed for cash during the quarter.

At December 31, 2025, the corresponding balance-sheet amounts were $5,148 thousand due to Ashford and $30,864 thousand of preferred redemptions payable.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 5.07 Submission of Matters to a Vote of Security Holders Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Comparable RevPAR $284.13 Third quarter 2026; up 14.44% year over year
Comparable Hotel EBITDA $12.913 million Third quarter 2026; up 20.72% year over year
Net loss attributable to common stockholders ($240.867 million) Third quarter 2026
Termination fee $480.0 million Recorded during the third quarter of 2026
Adjusted EBITDAre $3.880 million Third quarter 2026, compared with $16.378 million in the prior-year quarter
Cash and cash equivalents $78.862 million As of September 30, 2026
Indebtedness $624.414 million As of September 30, 2026; all non-recourse
RevPAR financial
"Comparable RevPAR rose 14.44% to $284.13"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Adjusted EBITDAre financial
"Adjusted EBITDAre was $3.880 million versus $16.378 million"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
non-recourse financial
"all non-recourse, as of September 30, 2026"
A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.
SOFR financial
"floating-rate loan at SOFR + 2.65%"
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
capitalization rate financial
"5.8% capitalization rate on net operating income"
The capitalization rate is a percentage that helps investors estimate how much money a property or investment might generate relative to its value. It’s similar to a return rate, showing how quickly an investment could pay for itself over time. This rate helps compare different investments and assess their potential profitability.
Comparable RevPAR $284.13 Up 14.44% year over year
Comparable Hotel EBITDA $12.913 million Up 20.72% year over year
Net loss attributable to common stockholders ($240.867 million) Compared with ($8.176 million) in the prior-year quarter
Adjusted EBITDAre $3.880 million Compared with $16.378 million in the prior-year quarter
Adjusted FFO per diluted share ($0.25) per diluted share Compared with ($0.19) per diluted share in the prior-year quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BHR's comparable hotel results in Q3 2026?
Comparable RevPAR was $284.13, up 14.44%, and comparable Hotel EBITDA was $12.913 million, up 20.72%; the comparable Hotel EBITDA margin was 13.56%, up 1.22 percentage points year over year.

Why did BHR report a large net loss in Q3 2026?
Braemar's net loss attributable to common stockholders was $240.867 million, primarily due to a $480.0 million termination fee payable to the external advisor and recorded during the quarter.

What are the terms of BHR's Ritz-Carlton Lake Tahoe refinancing?
On October 30, 2026, Braemar refinanced the mortgage into a $60.0 million loan bearing a floating rate of SOFR + 2.65%, with a three-year initial term and two one-year extension options. An additional $15.0 million is available to be drawn subject to certain conditions.

What Series B and Series D dividends did BHR declare?
Braemar declared $0.3438 per share on Series B 5.5% Cumulative Convertible Preferred Stock and $0.5156 per share on Series D 8.25% Cumulative Preferred Stock, each payable January 15, 2027. The record dates are December 30 and December 31, 2026, respectively.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): November 4, 2026

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)


Maryland001-3597246-2488594
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBHRNew York Stock Exchange
Preferred Stock, Series BBHR-PBNew York Stock Exchange
Preferred Stock, Series DBHR-PDNew York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 4, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026.

A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number         Description

99.1    Third Quarter 2026 Earnings Press Release of the Company, dated November 4, 2026
101    Inline Interactive Data Files.
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)












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

 
BRAEMAR HOTELS & RESORTS INC.
Dated: November 4, 2026
By:/s/ Justin Coe
Justin Coe
Chief Accounting Officer



EXHIBIT 99.1
braemara59.jpg
NEWS RELEASE

Contact:Justin CoeJoe Calabrese
Chief Accounting OfficerFinancial Relations Board
(888) 517-7456(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS THIRD QUARTER 2026 RESULTS

DALLAS, November 4, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2026 with the third quarter ended September 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS
Q3 HOTEL FINANCIAL HIGHLIGHTS
•RevPAR: Comparable RevPAR for all hotels totaled $284, an increase of 14.4% over the prior year quarter, which is the second-highest Q3 comparable RevPAR in the Company’s history, trailing only the post-pandemic recovery in 2022. Comparable ADR increased 8.6% over the prior year quarter to $419, and Comparable Occupancy increased 5.3% over the prior year quarter to 67.9%. Comparable RevPAR for all hotels excluding the Four Seasons Resort Scottsdale, which was sold in October 2026, totaled $290, an increase of 15.9% over the prior year quarter, with ADR of $411 and occupancy of 70.6%.
•Total RevPAR: Comparable Total RevPAR for all hotels increased 10.0% over the prior year quarter to $452, with comparable total hotel revenue up 9.9% to $95.2 million.
•Urban Properties: Comparable RevPAR increased 23.3% to $211, and Comparable Hotel EBITDA increased 63.2% to $10.1 million, with Comparable Hotel EBITDA margin expanding 706 basis points to 24.3%.
•Resort Properties: Comparable RevPAR increased 5.9% to $457, with Comparable ADR up 8.4% to $889.



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

•Year-to-Date: Comparable RevPAR for the nine months ended September 30, 2026 increased 10.0% to $366. Comparable Hotel EBITDA was $93.0 million, up 14.9%, with Comparable Hotel EBITDA margin expanding 158 basis points to 26.0%.
•Comparable Hotel EBITDA: $12.9 million for the quarter, up 20.7% over the prior year quarter. Comparable Hotel EBITDA margin expanded 122 basis points to 13.6%. Comparable Hotel EBITDA for all hotels excluding the Four Seasons Resort Scottsdale, which was sold in October 2026, totaled $14.0 million, an increase of 43.8% over the prior year quarter.
Q3 FINANCIAL RESULTS
•Net loss: Net loss attributable to common stockholders for the quarter was $240.9 million or ($3.51) per diluted share, compared with a net loss of $8.2 million or ($0.12) per diluted share in the prior year quarter, primarily due to the $480.0 million termination fee payable to our external advisor recorded during the quarter.
•Adjusted EBITDAre: $3.9 million for the quarter, compared with $16.4 million in the prior year quarter, which included hotels that have since been sold. Due to the portfolio’s seasonality, the third quarter is traditionally the Company’s lowest-earning quarter of the year.
•Adjusted funds from operations (AFFO): ($0.25) per diluted share for the quarter, compared with ($0.19) in the prior year quarter.
BALANCE SHEET & CAPITAL ALLOCATION
•Cash: The Company ended the quarter with cash and cash equivalents of $78.9 million and restricted cash of $39.6 million. The vast majority of the restricted cash consists of manager-held reserves. At the end of the quarter, there was also $16.5 million due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Leverage: Net debt to gross assets was 33.3% at the end of the third quarter. All of the Company’s $624.4 million of indebtedness is non-recourse, and the trailing twelve-month Comparable Hotel EBITDA debt yield was 19.0%.
•Capital investments: Capex invested during the quarter was $5.0 million.
•Preferred redemptions: During the quarter, the Company redeemed approximately $5.0 million of its non-traded preferred stock in cash. Redeemable preferred stock redemptions payable totaled $63.5 million as of September 30, 2026.
•Refinancing: On October 30, 2026, the Company refinanced its mortgage loan for the Ritz-Carlton Lake Tahoe, which had an existing outstanding balance of $43.4 million, a floating interest rate of SOFR + 3.25% and a final maturity date in January 2027. The new loan totals $60.0 million with an additional $15.0 million available to be drawn in the future subject to certain conditions, has a three-year initial term with two one-year extension options and provides for a floating interest rate of SOFR + 2.65%. With this financing now in place, the Company’s next hard debt maturity is not until December 2028.


Braemar Hotels & Resorts Reports Third Quarter 2026 Results
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November 4, 2026
RECENT OPERATING HIGHLIGHTS
•Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 82.8% over the prior year quarter.
•The Notary Hotel delivered RevPAR of $176, an increase of approximately 33.9% over the prior year quarter, with Hotel EBITDA of approximately $3.9 million, an increase of 72.5% over the prior year quarter.
•Sofitel Chicago Magnificent Mile delivered RevPAR of $276, an increase of approximately 18.0% over the prior year quarter, with Hotel EBITDA of approximately $4.7 million, an increase of 75.2% over the prior year quarter, and Hotel EBITDA margin expansion of 1,159 basis points to 34.9%.
•The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,025, an increase of approximately 14.4% over the prior year quarter.
•On July 14, 2026, the Company closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on August 12, 2026, the Company closed on the sale of the Pier House Resort & Spa for $190.0 million ($1.3 million per key), subject to customary prorations and adjustments.
•Subsequent to quarter end, on October 28, 2026, the Company closed on the previously announced sale of the Four Seasons Resort Scottsdale at Troon North for $372 million ($1.8 million per key), subject to customary prorations and adjustments. The sale price represents a 5.8% capitalization rate on net operating income for the trailing 12 months ended September 2026, including anticipated capital expenditures of $23 million. This investment generated an unlevered return of approximately 15%, significantly above our 10% minimum target.

“Our luxury portfolio delivered another quarter of double-digit RevPAR and Hotel EBITDA growth. Comparable RevPAR surged 14.4%—our strongest growth since the post-pandemic recovery in 2022 and another near-record result for the quarter—and comparable Hotel EBITDA increased 20.7%,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Growth was broad-based, with comparable ADR up 8.6% and comparable occupancy up 5.3%. We converted that top-line strength into strong profitability, with comparable Hotel EBITDA margin expanding 122 basis points, showcasing the earnings power of our resilient portfolio.
“With the closing of the sale of Four Seasons Resort Scottsdale, the final sale needed to complete our transition to self-management and pay the remaining fees owed to our external advisor, we remain on track to complete our transition to a self-managed REIT in mid-November. We are also excited about recently announcing that the Company’s Board of Directors intends to nominate seven new highly qualified and independent leaders for election at the Company’s 2026 Annual Meeting of Stockholders. We look forward to updating shareholders in the coming weeks as we continue to execute on our path to value creation for shareholders.”


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

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

DIVIDENDS

On October 16, 2026, the Company announced that its Board of Directors declared the following cash dividends:
•Series B 5.5% Cumulative Convertible Preferred Stock: $0.3438 per share, payable January 15, 2027 to stockholders of record as of December 30, 2026.
•Series D 8.25% Cumulative Preferred Stock: $0.5156 per share, payable January 15, 2027 to stockholders of record as of December 31, 2026.
•Series E Redeemable Preferred Stock: $0.15625 per share, payable on November 16, 2026 (to stockholders of record as of October 30, 2026), December 15, 2026 (to stockholders of record as of November 30, 2026) and January 15, 2027 (to stockholders of record as of December 31, 2026).
•Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on November 16, 2026 (to stockholders of record as of October 30, 2026), December 15, 2026 (to stockholders of record as of November 30, 2026) and January 15, 2027 (to stockholders of record as of December 31, 2026).
The Board of Directors reviews the Company’s dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

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-


Braemar Hotels & Resorts Reports Third Quarter 2026 Results
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November 4, 2026
GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
About Braemar Hotels & Resorts
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean.
Forward-Looking Statements
Certain statements and assumptions in this communication contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this communication include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our nomination of the director candidates; our ability to complete the previously announced shareholder value creation plan on a timely basis, if at all; potential risks related to actions or proposals from activist stockholders; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the U.S. Securities and Exchange Commission (the “SEC”).
 The forward-looking statements included in this communication are only made as of the date of this communication. Such forward-looking statements are based on our beliefs, assumptions, and expectations


Braemar Hotels & Resorts Reports Third Quarter 2026 Results
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November 4, 2026
of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
 IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS
 CERTAIN INFORMATION REGARDING PARTICIPANTS
Braemar and its directors and certain of its executive officers will be deemed to be “participants” (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders by Braemar in connection with the matters to be considered at Braemar’s 2026 Annual Meeting of Stockholders. Information regarding the names of Braemar’s executive officers and directors and their respective interests in Braemar by security holdings or otherwise is set forth (i) in Braemar’s proxy statement for the 2025 Annual Meeting of Stockholders, which was filed with the SEC on October 30, 2025 (the “2025 Proxy Statement”), which is available here, including under the headings “SUMMARY”, “PROPOSAL NUMBER ONE-ELECTION OF DIRECTORS”, “CORPORATE GOVERNANCE”, “BOARD OF DIRECTORS AND COMMITTEES”, “EXECUTIVE OFFICERS”, “EXECUTIVE COMPENSATION”, “PROPOSAL NUMBER TWO-ADVISORY APPROVAL OF EXECUTIVE COMPENSATION”, “SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS” and “CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS” and (ii) under Item 1.01 “ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT” in the Current Reports on Form 8-K filed by Braemar with the SEC on December 23, 2025 (available here), on March 17, 2026 (available here), on April 3, 2026 (available here) and on May 22, 2026 (available here), under Item 5.02 “DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS” in the Current Reports on Form 8-K filed by Braemar with the SEC on February 25, 2026 (available here), on February 27, 2026 (available here), on March 6, 2026 (available here), on March 17, 2026 (available here) and on May 28, 2026 (available here), under Item 5.07 “SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS” in the Current Report on Form 8-K filed by Braemar with the SEC on December 16, 2025 (available here) and under Item 8.01 “OTHER EVENTS” in the Current Report on Form 8-K filed by Braemar with the SEC on June 1, 2026 (available here). To the extent holdings of such persons in the Company’s securities have changed since the amounts described in the 2025 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, by Jim A. Plohg on December 22, 2025 (available here), by Jim A. Plohg on January 14, 2026 (available here), by Monty J. Bennett on February 26, 2026 (available here), by Richard J. Stockton on February 26, 2026 (available here) and by Eric Batis on June


Braemar Hotels & Resorts Reports Third Quarter 2026 Results
Page 7
November 4, 2026
1, 2026 (available here). Additional information can also be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026 (available here), as amended by the Amendment No. 1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (available here). Details concerning the nominees of Braemar’s Board of Directors for election at the 2026 Annual Meeting will be included in the Proxy Statement (defined below). These documents, including the definitive Proxy Statement (and any amendments or supplements thereto) and other documents filed by the Company with the SEC, are or will be available free of charge at the SEC’s website at www.sec.gov. Copies of the documents filed by Braemar are also available free of charge by accessing the “SEC Filings” section of the Company’s website at www.braemar.q4ir.com/investor/financials-sec-filings/sec-filings/. Further information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement.
IMPORTANT INFORMATION AND WHERE TO FIND IT
Braemar Hotels & Resorts Inc. (the “Company” or “Braemar”) intends to file a proxy statement and GOLD proxy card and other relevant documents with the SEC in connection with its solicitation of proxies from the Company’s stockholders for Braemar’s 2026 Annual Meeting of Stockholders (the “Proxy Statement”). This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other document that Braemar may file with the SEC in connection with any solicitation by Braemar. BRAEMAR STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY BRAEMAR AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain copies of these documents and other documents filed with the SEC by Braemar free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Braemar are also available free of charge by accessing the “SEC Filings” section of the Company’s website at www.braemar.q4ir.com/investor/financials-sec-filings/sec-filings/.



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

September 30, 2026December 31, 2025
ASSETS
Investments in hotel properties, gross$1,015,612 $1,902,328 
Accumulated depreciation(263,144)(344,061)
Investments in hotel properties, net752,468 1,558,267 
Cash and cash equivalents78,862 124,354 
Restricted cash39,571 42,479 
Accounts receivable, net of allowance of $117 and $113, respectively24,120 32,843 
Inventories2,356 4,741 
Note receivable9,359 8,896 
Prepaid expenses4,130 6,987 
Deposit paid to Ashford Inc. — 17,000 
Deferred costs, net73 75 
Investment in OpenKey— 89 
Derivative assets379 56 
Other assets24,254 15,368 
Operating lease right-of-use assets310 30,743 
Intangible assets, net— 2,746 
Due from third-party hotel managers16,508 17,088 
Assets held for sale275,310 — 
Total assets$1,227,700 $1,861,732 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$442,957 $1,103,450 
Accounts payable and accrued expenses107,949 142,123 
Redeemable preferred stock redemptions payable63,480 30,864 
Dividends and distributions payable3,780 7,672 
Due to Ashford Inc., net179,333 5,148 
Due to related parties, net— 257 
Due to third-party hotel managers408 1,467 
Operating lease liabilities365 20,058 
Other liabilities12,278 25,572 
Liabilities associated with assets held for sale210,483 — 
Total liabilities1,021,033 1,336,611 
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2026 and December 31, 202565,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 8,150,132 and 10,818,280 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively203,764 265,695 
Series M redeemable preferred stock, $0.01 par value, 1,269,981 and 1,368,091 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively31,766 34,217 
Redeemable noncontrolling interests in operating partnership11,173 19,005 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2026 and December 31, 202516 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively687 682 
Additional paid-in capital707,922 706,488 
Accumulated deficit(814,087)(568,503)
Total stockholders' equity (deficit) of the Company(105,462)138,683 
Noncontrolling interest in consolidated entities— 2,095 
Total equity (deficit)(105,462)140,778 
Total liabilities and equity (deficit)$1,227,700 $1,861,732 

8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
REVENUE
Rooms$63,147 $85,701 $294,131 $331,617 
Food and beverage25,983 36,637 123,647 133,996 
Other12,448 21,218 63,809 72,840 
Total hotel revenue101,578 143,556 481,587 538,453 
EXPENSES
Hotel operating expenses:
Rooms18,665 24,728 67,761 80,232 
Food and beverage24,268 30,685 98,075 106,662 
Other expenses38,356 51,766 151,158 168,587 
Management fees 3,103 4,440 14,435 16,891 
Total hotel operating expenses84,392 111,619 331,429 372,372 
Property taxes, insurance and other4,677 8,211 16,836 26,568 
Depreciation and amortization16,611 23,164 60,623 69,919 
Advisory services fee:
Base advisory fee4,030 3,539 11,587 10,592 
Reimbursable expenses3,468 3,825 10,595 10,403 
Incentive fee— 476 — 746 
Stock/unit-based compensation— 75 — (24)
Corporate, general and administrative:
Stock/unit-based compensation— — — 5 
Other general and administrative12,139 3,811 21,419 4,402 
Termination fee480,000 — 480,000 — 
Total operating expenses605,317 154,720 932,489 494,983 
Gain (loss) on disposition of assets and hotel properties259,927 40,970 277,325 40,970 
OPERATING INCOME (LOSS)(243,812)29,806 (173,577)84,440 
Equity in earnings (loss) of unconsolidated entity— — (31)— 
Interest income841 1,494 2,425 4,901 
Other income (expense)— — — (1,250)
Interest expense(14,525)(22,462)(51,383)(67,831)
Amortization of loan costs(1,678)(2,726)(6,528)(7,545)
Write-off of loan costs and exit fees(20)(366)(1,509)(1,833)
Gain (loss) on extinguishment of debt— (1,553)— (1,553)
Realized and unrealized gain (loss) on derivatives54 (118)337 (301)
INCOME (LOSS) BEFORE INCOME TAXES(259,140)4,075 (230,266)9,028 
Income tax (expense) benefit9,756 648 5,858 (474)
NET INCOME (LOSS)(249,384)4,723 (224,408)8,554 
(Income) loss attributable to noncontrolling interest in consolidated entities7 412 72 361 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership16,104 607 15,805 2,358 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(233,273)5,742 (208,531)11,273 
Preferred dividends(7,594)(8,667)(23,375)(26,928)
Deemed dividends on redeemable preferred stock— (5,251)(4,771)(11,086)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(240,867)$(8,176)$(236,677)$(26,741)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(3.51)$(0.12)$(3.45)$(0.40)
Weighted average common shares outstanding – basic68,679 68,219 68,598 67,419 
Diluted:
Net income (loss) attributable to common stockholders$(3.51)$(0.12)$(3.45)$(0.40)
Weighted average common shares outstanding – diluted68,679 68,219 68,598 67,419 
Dividends declared per common share$— $0.05 $— $0.15 

9


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Net income (loss)$(249,384)$4,723 $(224,408)$8,554 
Interest expense and amortization of loan costs16,203 25,188 57,911 75,376 
Depreciation and amortization 16,611 23,164 60,623 69,919 
Income tax expense (benefit)(9,756)(648)(5,858)474 
Equity in (earnings) loss of unconsolidated entity— — 31 — 
EBITDA(226,326)52,427 (111,701)154,323 
(Gain) loss on disposition of assets and hotel properties
(259,927)(40,970)(277,325)(40,970)
EBITDAre(486,253)11,457 (389,026)113,353 
Amortization of favorable (unfavorable) contract assets (liabilities)36 107 250 321 
Transaction and conversion costs3,900 1,608 7,719 2,774 
Write-off of loan costs and exit fees20 366 1,509 1,833 
Realized and unrealized (gain) loss on derivatives(54)118 (337)301 
Stock/unit-based compensation— 75 — (20)
Legal, advisory and settlement costs5,866 618 7,178 (3,864)
Advisory services incentive fee— 476 — 746 
(Gain) loss on extinguishment of debt— 1,553 — 1,553 
Other (income) expense— — — 1,250 
Severance365 — 913 — 
Termination fee480,000 — 480,000 — 
Adjusted EBITDAre$3,880 $16,378 $108,206 $118,247 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Net income (loss)$(249,384)$4,723 $(224,408)$8,554 
(Income) loss attributable to noncontrolling interest in consolidated entities7 412 72 361 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership16,104 607 15,805 2,358 
Preferred dividends(7,594)(8,667)(23,375)(26,928)
Deemed dividends on redeemable preferred stock— (5,251)(4,771)(11,086)
Net income (loss) attributable to common stockholders(240,867)(8,176)(236,677)(26,741)
Depreciation and amortization on real estate (1)
16,611 22,498 60,623 67,864 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(16,104)(607)(15,805)(2,358)
Equity in (earnings) loss of unconsolidated entity— — 31 — 
(Gain) loss on disposition of assets and hotel properties
(259,927)(40,988)(277,325)(40,988)
FFO available to common stockholders and OP unitholders(500,287)(27,273)(469,153)(2,223)
Deemed dividends on redeemable preferred stock— 5,251 4,771 11,086 
Transaction and conversion costs3,900 1,608 7,719 2,774 
Write-off of premiums, loan costs and exit fees20 366 1,509 1,833 
Unrealized (gain) loss on derivatives(53)299 (326)850 
Stock/unit-based compensation— 75 — (20)
Legal, advisory and settlement costs5,866 618 7,178 (3,864)
Interest expense accretion on refundable membership club deposits17 135 272 421 
Amortization of loan costs (1)
1,678 2,690 6,528 7,438 
Advisory services incentive fee— 476 — 746 
(Gain) loss on extinguishment of debt— 1,553 — 1,553 
Other (income) expense— — — 1,250 
Severance365 — 913 — 
Termination fee, net of related income tax benefit469,825 — 469,825 — 
Adjusted FFO available to common stockholders and OP unitholders$(18,669)$(14,202)$29,236 $21,844 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.25)$(0.19)$0.40 $0.30 
Weighted average diluted shares73,271 73,374 73,272 73,553 
(1) Net of adjustment for noncontrolling interest in consolidated entities in 2025.

10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2026
(dollars in thousands)
(unaudited)

LenderHotelsCurrent
Maturity
Final
Maturity (8)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt		TTM Hotel Net IncomeTTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (9)
Comparable TTM Hotel EBITDA
Debt Yield
BAMLThe Ritz-Carlton Lake TahoeOctober 2026January 2027SOFR (1) + 3.25%$— $43,413 (2)$43,413 $(7,563)(17.4)%$7,972 18.4 %
Aareal Capital CorporationCapital HiltonDecember 2026December 2028SOFR (1) + 3.75%— 110,600 (3)110,600 (4,419)(4.0)%15,388 13.9 %
JPMorgan ChaseSee footnoteMarch 2027March 2030SOFR (1) + 2.83%— 209,902 (4)209,902 1,622 0.8 %53,277 25.4 %
BAMLSee footnoteAugust 2027August 2029SOFR (1) + 4.91%— 80,499 (5)80,499 19,964 24.8 %18,822 23.4 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleAugust 2028August 2030SOFR (1) + 3.00%— 180,000 (6)180,000 1,428 0.8 %26,271 14.6 %
Unencumbered HotelCameo Beverly Hills— — — (10,638)N/A(3,310)N/A
Total$— $624,414 $624,414 $394 0.1 %$118,420 19.0 %
Percentage— %100.0 %100.0 %
Weighted average interest rate (7)
— %7.25 %7.25 %
All indebtedness is non-recourse.
(1)    SOFR rate was 3.91% at September 30, 2026.
(2)    This mortgage loan has one three-month extension option subject to satisfaction of certain conditions. On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(3)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(4)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, and The Notary Hotel.
(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension option was exercised in August 2026. This mortgage loan is secured by The Ritz-Carlton St. Thomas.
(6)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.
(7)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(8)    The final maturity date assumes all available extension options will be exercised.
(9)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2026
(dollars in thousands)
(unaudited)
LenderHotels20262027202820292030ThereafterTotal
BAML The Ritz-Carlton Lake Tahoe. See footnote 3.$— $43,413 $— $— $— $— $43,413 
Aareal Capital CorporationCapital Hilton— — 106,600 — — — 106,600 
BAMLSee footnote 1— — — 80,499 — — 80,499 
JPMorgan ChaseSee footnote 2— — — — 209,902 — 209,902 
Aareal Capital CorporationFour Seasons Resort Scottsdale. See footnote 4.— — — — 174,000 — 174,000 
Due at maturity$— $43,413 $106,600 $80,499 $383,902 $— $614,414 
Amortization payments:
Aareal Capital CorporationCapital Hilton — 2,000 2,000 — — — 4,000 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — 750 3,000 2,250 — 6,000 
Total indebtedness$— $45,413 $109,350 $83,499 $386,152 $— $624,414 
(1)    This mortgage loan is secured by The Ritz-Carlton St. Thomas.
(2)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(3)    On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(4)    As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.
12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
Rooms revenue (in thousands)$64,511 $(4,625)$59,886 $86,955 $(34,536)$52,419 (25.81)%14.24 %
RevPAR$290.72 $(415.41)$284.13 $261.88 $(285.64)$248.27 11.01 %14.44 %
Occupancy68.49 %(79.81)%67.89 %65.24 %(66.63)%64.45 %4.98 %5.34 %
ADR$424.46 $(520.51)$418.50 $401.39 $(428.71)$385.22 5.75 %8.64 %
ALL HOTELS:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
Rooms revenue (in thousands)$300,086 $(70,773)$229,313 $337,095 $(128,495)$208,600 (10.98)%9.93 %
RevPAR$391.27 $(501.86)$366.36 $328.78 $(322.25)$332.94 19.01 %10.04 %
Occupancy67.89 %(71.02)%67.19 %67.26 %(67.95)%66.83 %0.94 %0.54 %
ADR$576.33 $(706.65)$545.30 $488.80 $(474.25)$498.21 17.91 %9.45 %
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
13


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedNine Months Ended
September 30,September 30,
20262025% Variance20262025% Variance
Total hotel revenue$102,697 $144,585 (28.97)%$486,459 $542,935 (10.40)%
Non-comparable adjustments(7,461)(57,893)(128,854)(211,548)
Comparable total hotel revenue$95,236 $86,692 9.86 %$357,605 $331,387 7.91 %
Hotel net income (loss)$258,085 $33,765 664.36 %$337,071 $86,576 289.34 %
Non-comparable adjustments(259,857)(45,655)(307,022)(73,880)
Comparable hotel net income (loss)$(1,772)$(11,890)85.10 %$30,049 $12,696 136.68 %
Hotel net income (loss) margin251.31 %23.35 %227.96 %69.29 %15.95 %53.34 %
Comparable hotel net income margin(1.86)%(13.72)%11.86 %8.40 %3.83 %4.57 %
Hotel EBITDA$14,696 $25,562 (42.51)%$138,111 $144,096 (4.15)%
Non-comparable adjustments(1,783)(14,865)(45,148)(63,175)
Comparable hotel EBITDA$12,913 $10,697 20.72 %$92,963 $80,921 14.88 %
Hotel EBITDA margin14.31 %17.68 %(3.37)%28.39 %26.54 %1.85 %
Comparable hotel EBITDA margin13.56 %12.34 %1.22 %26.00 %24.42 %1.58 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$— $(452)100.00 %$— $(439)100.00 %
Hotel net income (loss) attributable to the Company and OP unitholders$258,085 $34,217 654.27 %$337,071 $87,015 287.37 %
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(1,772)$(11,141)84.09 %$30,049 $13,404 124.18 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$— $937 (100.00)%$— $3,737 (100.00)%
Hotel EBITDA attributable to the Company and OP unitholders$14,696 $24,625 (40.32)%$138,111 $140,359 (1.60)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$12,913 $10,106 27.77 %$92,963 $77,514 19.93 %
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    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.

14


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$9,387 $— $9,387 $8,631 $— $8,631 8.76 %8.76 %
Total hotel revenue $13,308 $— $13,308 $14,062 $— $14,062 (5.36)%(5.36)%
Hotel net income (loss)$(2,937)$— $(2,937)$(2,996)$— $(2,996)1.97 %1.97 %
Hotel net income (loss) margin(22.07)%(22.07)%(21.31)%(21.31)%(0.76)%(0.76)%
Hotel EBITDA$1,876 $— $1,876 $2,363 $— $2,363 (20.61)%(20.61)%
Hotel EBITDA margin14.10 %14.10 %16.80 %16.80 %(2.70)%(2.70)%
Selected Operating Information:
RevPAR$182.52 $— $182.52 $167.83 $— $167.83 8.75 %8.75 %
Occupancy72.80 %— %72.80 %73.20 %— %73.20 %(0.55)%(0.55)%
ADR$250.70 $— $250.70 $229.28 $— $229.28 9.34 %9.34 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $— $— $— — %— %
Total hotel revenue $— $— $— $— $— $— — %— %
Hotel net income (loss)$6 $(6)$— $1,190 $(1,190)$— (99.50)%— %
Hotel net income (loss) margin— %— %— %— %— %— %
Hotel EBITDA$6 $(6)$— $1,386 $(1,386)$— (99.57)%— %
Hotel EBITDA margin— %— %— %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $— $— $— — %— %
Occupancy— %— %— %— %— %— %— %— %
ADR$— $— $— $— $— $— — %— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$10,551 $— $10,551 $8,940 $— $8,940 18.02 %18.02 %
Total hotel revenue $13,566 $— $13,566 $11,587 $— $11,587 17.08 %17.08 %
Hotel net income (loss)$3,472 $— $3,472 $1,512 $— $1,512 129.63 %129.63 %
Hotel net income (loss) margin25.59 %25.59 %13.05 %13.05 %12.54 %12.54 %
Hotel EBITDA$4,740 $— $4,740 $2,706 $— $2,706 75.17 %75.17 %
Hotel EBITDA margin34.94 %34.94 %23.35 %23.35 %11.59 %11.59 %
Selected Operating Information:
RevPAR$276.34 $— $276.34 $234.16 $— $234.16 18.01 %18.01 %
Occupancy81.43 %— %81.43 %79.53 %— %79.53 %2.39 %2.39 %
ADR$339.35 $— $339.35 $294.42 $— $294.42 15.26 %15.26 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$719 $(719)$— $4,843 $(4,843)$— (85.15)%— %
Total hotel revenue $923 $(923)$— $6,433 $(6,433)$— (85.65)%— %
Hotel net income (loss)$13,469 $(13,469)$— $1,167 $(1,167)$— 1,054.16 %— %
Hotel net income (loss) margin1,459.26 %— %18.14 %— %1,441.12 %— %
Hotel EBITDA$(19)$19 $— $2,058 $(2,058)$— (100.92)%— %
Hotel EBITDA margin(2.06)%— %31.99 %— %(34.05)%— %
Selected Operating Information:
RevPAR$850.67 $850.67 $— $809.88 $809.88 $— 5.04 %— %
Occupancy83.91 %83.91 %— %79.03 %79.03 %— %6.17 %— %
ADR$1,013.84 $1,013.84 $— $1,024.77 $1,024.77 $— (1.07)%— %
15


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$2,293 $(2,293)$— $3,782 $(3,782)$— (39.37)%— %
Total hotel revenue $3,235 $(3,235)$— $5,418 $(5,418)$— (40.29)%— %
Hotel net income (loss)$109,568 $(109,568)$— $1,140 $(1,140)$— 9,511.23 %— %
Hotel net income (loss) margin3,386.96 %— %21.04 %— %3,365.92 %— %
Hotel EBITDA$1,016 $(1,016)$— $1,586 $(1,586)$— (35.94)%— %
Hotel EBITDA margin31.41 %— %29.27 %— %2.14 %— %
Selected Operating Information:
RevPAR$384.49 $384.49 $— $289.50 $289.50 $— 32.81 %— %
Occupancy88.65 %88.65 %— %69.40 %69.40 %— %27.74 %— %
ADR$433.72 $433.72 $— $417.11 $417.11 $— 3.98 %— %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$331 $(331)$— $3,181 $(3,181)$— (89.59)%— %
Total hotel revenue $432 $(432)$— $4,061 $(4,061)$— (89.36)%— %
Hotel net income (loss)$(6,495)$6,495 $— $537 $(537)$— (1,309.50)%— %
Hotel net income (loss) margin(1,503.47)%— %13.22 %— %(1,516.69)%— %
Hotel EBITDA$(60)$60 $— $1,205 $(1,205)$— (104.98)%— %
Hotel EBITDA margin(13.89)%— %29.67 %— %(43.56)%— %
Selected Operating Information:
RevPAR$318.17 $318.17 $— $432.15 $432.15 $— (26.38)%— %
Occupancy53.46 %53.46 %— %66.28 %66.28 %— %(19.34)%— %
ADR$595.14 $595.14 $— $652.04 $652.04 $— (8.73)%— %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$— $— $— $2,915 $(2,915)$— (100.00)%— %
Total hotel revenue $1 $(1)$— $9,438 $(9,438)$— (99.99)%— %
Hotel net income (loss)$(103)$103 $— $(1,134)$1,134 $— 90.92 %— %
Hotel net income (loss) margin(10,300.00)%— %(12.02)%— %(10,287.98)%— %
Hotel EBITDA$356 $(356)$— $2,042 $(2,042)$— (82.57)%— %
Hotel EBITDA margin35,600.00 %— %21.64 %— %35,578.36 %— %
Selected Operating Information:
RevPAR$— $— $— $164.20 $164.20 $— — %— %
Occupancy— %— %— %45.53 %45.53 %— %— %— %
ADR$— $— $— $360.60 $360.60 $— — %— %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$8,099 $— $8,099 $6,050 $— $6,050 33.87 %33.87 %
Total hotel revenue $10,941 $— $10,941 $8,109 $— $8,109 34.92 %34.92 %
Hotel net income (loss)$2,656 $— $2,656 $896 $— $896 196.43 %196.43 %
Hotel net income (loss) margin24.28 %24.28 %11.05 %11.05 %13.23 %13.23 %
Hotel EBITDA$3,878 $— $3,878 $2,248 $— $2,248 72.51 %72.51 %
Hotel EBITDA margin35.44 %35.44 %27.72 %27.72 %7.72 %7.72 %
Selected Operating Information:
RevPAR$176.42 $— $176.42 $131.78 $— $131.78 33.87 %33.87 %
Occupancy71.42 %— %71.42 %61.59 %— %61.59 %15.96 %15.96 %
ADR$247.01 $— $247.01 $213.96 $— $213.96 15.45 %15.45 %
16


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$— $— $— $8,881 $(8,881)$— (100.00)%— %
Total hotel revenue $— $— $— $10,504 $(10,504)$— (100.00)%— %
Hotel net income (loss)$(57)$57 $— $853 $(853)$— (106.68)%— %
Hotel net income (loss) margin— %— %8.12 %— %(8.12)%— %
Hotel EBITDA$— $— $— $2,156 $(2,156)$— (100.00)%— %
Hotel EBITDA margin— %— %20.53 %— %(20.53)%— %
Selected Operating Information:
RevPAR$— $— $— $235.44 $235.44 $— (100.00)%— %
Occupancy— %— %— %74.91 %74.91 %— %(100.00)%— %
ADR$— $— $— $314.30 $314.30 $— (100.00)%— %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$1,282 $(1,282)$— $5,952 $(5,952)$— (78.46)%— %
Total hotel revenue $2,870 $(2,870)$— $15,906 $(15,906)$— (81.96)%— %
Hotel net income (loss)$143,447 $(143,447)$— $(1,211)$1,211 $— 11,945.33 %— %
Hotel net income (loss) margin4,998.15 %— %(7.61)%— %5,005.76 %— %
Hotel EBITDA$462 $(462)$— $1,673 $(1,673)$— (72.38)%— %
Hotel EBITDA margin16.10 %— %10.52 %— %5.58 %— %
Selected Operating Information:
RevPAR$390.39 $390.39 $— $234.39 $234.39 $— 66.56 %— %
Occupancy71.05 %71.05 %— %53.09 %53.09 %— %33.83 %— %
ADR$549.46 $549.46 $— $441.52 $441.52 $— 24.45 %— %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$8,295 $— $8,295 $7,738 $— $7,738 7.20 %7.20 %
Total hotel revenue $16,540 $— $16,540 $16,254 $— $16,254 1.76 %1.76 %
Hotel net income (loss)$230 $— $230 $(48)$— $(48)579.17 %579.17 %
Hotel net income (loss) margin1.39 %1.39 %(0.30)%(0.30)%1.69 %1.69 %
Hotel EBITDA$4,060 $— $4,060 $3,641 $— $3,641 11.51 %11.51 %
Hotel EBITDA margin24.55 %24.55 %22.40 %22.40 %2.15 %2.15 %
Selected Operating Information:
RevPAR$492.72 $— $492.72 $459.61 $— $459.61 7.20 %7.20 %
Occupancy63.63 %— %63.63 %67.30 %— %67.30 %(5.45)%(5.45)%
ADR$774.40 $— $774.40 $682.91 $— $682.91 13.40 %13.40 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— $4,982 $(4,982)$— (100.00)%— %
Total hotel revenue $— $— $— $6,133 $(6,133)$— (100.00)%— %
Hotel net income (loss)$22 $(22)$— $43,113 $(43,113)$— (99.95)%— %
Hotel net income (loss) margin— %— %702.97 %— %(702.97)%— %
Hotel EBITDA$22 $(22)$— $2,759 $(2,759)$— (99.20)%— %
Hotel EBITDA margin— %— %44.99 %— %(44.99)%— %
Selected Operating Information:
RevPAR$— $— $— $365.41 $365.41 $— (100.00)%— %
Occupancy— %— %— %88.50 %88.50 %— %(100.00)%— %
ADR$— $— $— $412.89 $412.89 $— (100.00)%— %
17


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$5,959 $— $5,959 $6,117 $— $6,117 (2.58)%(2.58)%
Total hotel revenue $11,264 $— $11,264 $10,241 $— $10,241 9.99 %9.99 %
Hotel net income (loss)$5,682 $— $5,682 $(1,731)$— $(1,731)428.25 %428.25 %
Hotel net income (loss) margin50.44 %50.44 %(16.90)%(16.90)%67.34 %67.34 %
Hotel EBITDA$(913)$— $(913)$(458)$— $(458)(99.34)%(99.34)%
Hotel EBITDA margin(8.11)%(8.11)%(4.47)%(4.47)%(3.64)%(3.64)%
Selected Operating Information:
RevPAR$359.87 $— $359.87 $369.38 $— $369.38 (2.57)%(2.57)%
Occupancy47.71 %— %47.71 %46.55 %— %46.55 %2.49 %2.49 %
ADR$754.36 $— $754.36 $793.47 $— $793.47 (4.93)%(4.93)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$3,327 $— $3,327 $1,872 $— $1,872 77.72 %77.72 %
Total hotel revenue $3,975 $— $3,975 $2,365 $— $2,365 68.08 %68.08 %
Hotel net income (loss)$(2,050)$— $(2,050)$(2,251)$— $(2,251)8.93 %8.93 %
Hotel net income (loss) margin(51.57)%(51.57)%(95.18)%(95.18)%43.61 %43.61 %
Hotel EBITDA$(359)$— $(359)$(1,107)$— $(1,107)67.57 %67.57 %
Hotel EBITDA margin(9.03)%(9.03)%(46.81)%(46.81)%37.78 %37.78 %
Selected Operating Information:
RevPAR$260.14 $— $260.14 $142.30 $— $142.30 82.81 %82.81 %
Occupancy75.74 %— %75.74 %52.91 %— %52.91 %43.15 %43.15 %
ADR$343.45 $— $343.45 $268.94 $— $268.94 27.71 %27.71 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$9,995 $— $9,995 $8,735 $— $8,735 14.42 %14.42 %
Total hotel revenue $16,301 $— $16,301 $14,677 $— $14,677 11.06 %11.06 %
Hotel net income (loss)$(1,543)$— $(1,543)$(1,650)$— $(1,650)6.48 %6.48 %
Hotel net income (loss) margin(9.47)%(9.47)%(11.24)%(11.24)%1.77 %1.77 %
Hotel EBITDA$720 $— $720 $348 $— $348 106.90 %106.90 %
Hotel EBITDA margin4.42 %4.42 %2.37 %2.37 %2.05 %2.05 %
Selected Operating Information:
RevPAR$1,024.93 $— $1,024.93 $895.75 $— $895.75 14.42 %14.42 %
Occupancy57.10 %— %57.10 %57.05 %— %57.05 %0.09 %0.09 %
ADR$1,795.10 $— $1,795.10 $1,569.98 $— $1,569.98 14.34 %14.34 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$4,273 $— $4,273 $4,336 $— $4,336 (1.45)%(1.45)%
Total hotel revenue$9,341 $— $9,341 $9,397 $— $9,397 (0.60)%(0.60)%
Hotel net income (loss)$(7,282)$— $(7,282)$(5,622)$— $(5,622)(29.53)%(29.53)%
Hotel net income (loss) margin(77.96)%(77.96)%(59.83)%(59.83)%(18.13)%(18.13)%
Hotel EBITDA$(1,089)$— $(1,089)$956 $— $956 (213.91)%(213.91)%
Hotel EBITDA margin(11.66)%(11.66)%10.17 %10.17 %(21.83)%(21.83)%
Selected Operating Information:
RevPAR$221.18 $— $221.18 $224.43 $— $224.43 (1.45)%(1.45)%
Occupancy40.94 %— %40.94 %42.57 %— %42.57 %(3.83)%(3.83)%
ADR$540.22 $— $540.22 $527.18 $— $527.18 2.47 %2.47 %
18


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$33,147 $(4,625)$28,522 $47,599 $(20,673)$26,926 (30.36)%5.93 %
Total hotel revenue$60,907 $(7,461)$53,446 $91,825 $(41,256)$50,569 (33.67)%5.69 %
Hotel net income (loss)$256,979 $(259,892)$(2,913)$(7,362)$(1,689)$(9,051)3,590.61 %67.82 %
Hotel net income (loss) margin421.92 %(5.45)%(8.02)%(17.90)%429.94 %12.45 %
Hotel EBITDA$4,539 $(1,761)$2,778 $14,437 $(9,950)$4,487 (68.56)%(38.09)%
Hotel EBITDA margin7.45 %5.20 %15.72 %8.87 %(8.27)%(3.67)%
Selected Operating Information:
RevPAR$450.37 $415.41 $456.60 $360.55 $297.23 $431.04 24.91 %5.93 %
Occupancy55.67 %(79.81)%51.37 %55.34 %57.85 %52.55 %0.60 %(2.25)%
ADR$808.97 $(520.51)$888.85 $651.46 $513.79 $820.20 24.18 %8.37 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$31,364 $— $31,364 $39,356 $(13,863)$25,493 (20.31)%23.03 %
Total hotel revenue$41,790 $— $41,790 $52,760 $(16,637)$36,123 (20.79)%15.69 %
Hotel net income (loss)$1,106 $35 $1,141 $41,127 $(43,966)$(2,839)(97.31)%140.19 %
Hotel net income (loss) margin2.65 %2.73 %77.95 %(7.86)%(75.30)%10.59 %
Hotel EBITDA$10,157 $(22)$10,135 $11,125 $(4,915)$6,210 (8.70)%63.20 %
Hotel EBITDA margin24.30 %24.25 %21.09 %17.19 %3.21 %7.06 %
Selected Operating Information:
RevPAR$211.48 $— $211.48 $196.76 $269.95 $171.47 7.48 %23.33 %
Occupancy74.85 %— %74.85 %71.78 %78.52 %69.45 %4.28 %7.78 %
ADR$282.53 $— $282.53 $274.13 $343.81 $246.92 3.06 %14.42 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$64,511 $(4,625)$59,886 $86,955 $(34,536)$52,419 (25.81)%14.24 %
Total hotel revenue $102,697 $(7,461)$95,236 $144,585 $(57,893)$86,692 (28.97)%9.86 %
Hotel net income (loss)$258,085 $(259,857)$(1,772)$33,765 $(45,655)$(11,890)664.36 %85.10 %
Hotel net income (loss) margin251.31 %(1.86)%23.35 %(13.72)%227.96 %11.86 %
Hotel EBITDA$14,696 $(1,783)$12,913 $25,562 $(14,865)$10,697 (42.51)%20.72 %
Hotel EBITDA margin14.31 %13.56 %17.68 %12.34 %(3.37)%1.22 %
Selected Operating Information:
RevPAR$290.72 $(415.41)$284.13 $261.88 $(285.64)$248.27 11.01 %14.44 %
Occupancy68.49 %(79.81)%67.89 %65.24 %(66.63)%64.45 %4.98 %5.34 %
ADR$424.46 $(520.51)$418.50 $401.39 $(428.71)$385.22 5.75 %8.64 %
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, 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.
19


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$31,910 $— $31,910 $32,255 $— $32,255 (1.07)%(1.07)%
Total hotel revenue$48,410 $— $48,410 $49,814 $— $49,814 (2.82)%(2.82)%
Hotel net income (loss)$(2,529)$— $(2,529)$(2,832)$— $(2,832)10.70 %10.70 %
Hotel net income (loss) margin(5.22)%(5.22)%(5.69)%(5.69)%0.47 %0.47 %
Hotel EBITDA$12,156 $— $12,156 $13,630 $— $13,630 (10.81)%(10.81)%
Hotel EBITDA margin25.11 %25.11 %27.36 %27.36 %(2.25)%(2.25)%
Selected Operating Information:
RevPAR$209.10 $— $209.10 $211.36 $— $211.36 (1.07)%(1.07)%
Occupancy75.69 %— %75.69 %76.21 %— %76.21 %(0.68)%(0.68)%
ADR$276.24 $— $276.24 $277.33 $— $277.33 (0.39)%(0.39)%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $— $— $— — %— %
Total hotel revenue$— $— $— $— $— $— — %— %
Hotel net income (loss)$6 $(6)$— $1,076 $(1,076)$— (99.44)%— %
Hotel net income (loss) margin— %— %— %— %— %— %
Hotel EBITDA$6 $(6)$— $1,316 $(1,316)$— (99.54)%— %
Hotel EBITDA margin— %— %— %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $— $— $— — %— %
Occupancy— %— %— %— %— %— %— %— %
ADR$— $— $— $— $— $— — %— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$23,190 $— $23,190 $20,587 $— $20,587 12.64 %12.64 %
Total hotel revenue$30,307 $— $30,307 $27,525 $— $27,525 10.11 %10.11 %
Hotel net income (loss)$6,303 $— $6,303 $1,727 $— $1,727 264.97 %264.97 %
Hotel net income (loss) margin20.80 %20.80 %6.27 %6.27 %14.53 %14.53 %
Hotel EBITDA$9,947 $— $9,947 $5,214 $— $5,214 90.77 %90.77 %
Hotel EBITDA margin32.82 %32.82 %18.94 %18.94 %13.88 %13.88 %
Selected Operating Information:
RevPAR$204.68 $— $204.68 $181.71 $— $181.71 12.64 %12.64 %
Occupancy70.01 %— %70.01 %69.30 %— %69.30 %1.02 %1.02 %
ADR$292.35 $— $292.35 $262.22 $— $262.22 11.49 %11.49 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$7,955 $(7,955)$— $11,411 $(11,411)$— (30.29)%— %
Total hotel revenue$11,009 $(11,009)$— $15,644 $(15,644)$— (29.63)%— %
Hotel net income (loss)$14,031 $(14,031)$— $898 $(898)$— 1,462.47 %— %
Hotel net income (loss) margin127.45 %— %5.74 %— %121.71 %— %
Hotel EBITDA$2,342 $(2,342)$— $3,567 $(3,567)$— (34.34)%— %
Hotel EBITDA margin21.27 %— %22.80 %— %(1.53)%— %
Selected Operating Information:
RevPAR$630.88 $630.88 $— $643.04 $643.04 $— (1.89)%— %
Occupancy59.85 %59.85 %— %66.64 %66.64 %— %(10.19)%— %
ADR$1,054.11 $1,054.11 $— $964.97 $964.97 $— 9.24 %— %
20


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$17,198 $(17,198)$— $17,254 $(17,254)$— (0.32)%— %
Total hotel revenue$22,609 $(22,609)$— $22,835 $(22,835)$— (0.99)%— %
Hotel net income (loss)$119,531 $(119,531)$— $9,183 $(9,183)$— 1,201.66 %— %
Hotel net income (loss) margin528.69 %— %40.21 %— %488.48 %— %
Hotel EBITDA$11,728 $(11,728)$— $10,542 $(10,542)$— 11.25 %— %
Hotel EBITDA margin51.87 %— %46.17 %— %5.70 %— %
Selected Operating Information:
RevPAR$543.11 $543.11 $— $445.08 $445.08 $— 22.03 %— %
Occupancy84.72 %84.72 %— %73.51 %73.51 %— %15.25 %— %
ADR$641.06 $641.06 $— $605.48 $605.48 $— 5.88 %— %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$5,196 $(5,196)$— $7,577 $(7,577)$— (31.42)%— %
Total hotel revenue$6,923 $(6,923)$— $10,098 $(10,098)$— (31.44)%— %
Hotel net income (loss)$(6,589)$6,589 $— $258 $(258)$— (2,653.88)%— %
Hotel net income (loss) margin(95.18)%— %2.55 %— %(97.73)%— %
Hotel EBITDA$1,381 $(1,381)$— $2,092 $(2,092)$— (33.99)%— %
Hotel EBITDA margin19.95 %— %20.72 %— %(0.77)%— %
Selected Operating Information:
RevPAR$334.79 $334.79 $— $346.91 $346.91 $— (3.49)%— %
Occupancy50.25 %50.25 %— %54.78 %54.78 %— %(8.27)%— %
ADR$666.22 $666.22 $— $633.34 $633.34 $— 5.19 %— %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$13,801 $(13,801)$— $18,210 $(18,210)$— (24.21)%— %
Total hotel revenue$24,504 $(24,504)$— $36,356 $(36,356)$— (32.60)%— %
Hotel net income (loss)$20,147 $(20,147)$— $1,251 $(1,251)$— 1,510.47 %— %
Hotel net income (loss) margin82.22 %— %3.44 %— %78.78 %— %
Hotel EBITDA$8,810 $(8,810)$— $10,117 $(10,117)$— (12.92)%— %
Hotel EBITDA margin35.95 %— %27.83 %— %8.12 %— %
Selected Operating Information:
RevPAR$493.15 $493.15 $— $345.60 $345.60 $— 42.69 %— %
Occupancy57.77 %57.77 %— %50.80 %50.80 %— %13.72 %— %
ADR$853.69 $853.69 $— $680.27 $680.27 $— 25.49 %— %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$23,497 $— $23,497 $20,085 $— $20,085 16.99 %16.99 %
Total hotel revenue$31,581 $— $31,581 $26,747 $— $26,747 18.07 %18.07 %
Hotel net income (loss)$6,780 $— $6,780 $4,109 $— $4,109 65.00 %65.00 %
Hotel net income (loss) margin21.47 %21.47 %15.36 %15.36 %6.11 %6.11 %
Hotel EBITDA$10,684 $— $10,684 $8,093 $— $8,093 32.02 %32.02 %
Hotel EBITDA margin33.83 %33.83 %30.26 %30.26 %3.57 %3.57 %
Selected Operating Information:
RevPAR$172.48 $— $172.48 $147.44 $— $147.44 16.98 %16.98 %
Occupancy68.22 %— %68.22 %65.12 %— %65.12 %4.76 %4.76 %
ADR$252.85 $— $252.85 $226.42 $— $226.42 11.67 %11.67 %
21


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$— $— $— $27,536 $(27,536)$— (100.00)%— %
Total hotel revenue$— $— $— $32,524 $(32,524)$— (100.00)%— %
Hotel net income (loss)$(72)$72 $— $3,315 $(3,315)$— (102.17)%— %
Hotel net income (loss) margin— %— %10.19 %— %— %— %
Hotel EBITDA$— $— $— $7,681 $(7,681)$— (100.00)%— %
Hotel EBITDA margin— %— %23.62 %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $246.01 $246.01 $— — %— %
Occupancy— %— %— %72.43 %72.43 %— %— %— %
ADR$— $— $— $339.67 $339.67 $— — %— %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$26,623 $(26,623)$— $28,064 $(28,064)$— (5.13)%— %
Total hotel revenue$63,809 $(63,809)$— $70,323 $(70,323)$— (9.26)%— %
Hotel net income (loss)$159,915 $(159,915)$— $12,112 $(12,112)$— 1,220.30 %— %
Hotel net income (loss) margin250.62 %— %17.22 %— %233.40 %— %
Hotel EBITDA$20,828 $(20,828)$— $18,987 $(18,987)$— 9.70 %— %
Hotel EBITDA margin32.64 %— %27.00 %— %5.64 %— %
Selected Operating Information:
RevPAR$500.04 $500.04 $— $372.46 $372.46 $— 34.25 %— %
Occupancy78.54 %78.54 %— %67.14 %67.14 %— %16.98 %— %
ADR$636.71 $636.71 $— $554.77 $554.77 $— 14.77 %— %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$24,481 $— $24,481 $24,331 $— $24,331 0.62 %0.62 %
Total hotel revenue$44,190 $— $44,190 $46,325 $— $46,325 (4.61)%(4.61)%
Hotel net income (loss)$(2,523)$— $(2,523)$(1,811)$— $(1,811)(39.32)%(39.32)%
Hotel net income (loss) margin(5.71)%(5.71)%(3.91)%(3.91)%(1.80)%(1.80)%
Hotel EBITDA$8,721 $— $8,721 $9,297 $— $9,297 (6.20)%(6.20)%
Hotel EBITDA margin19.74 %19.74 %20.07 %20.07 %(0.33)%(0.33)%
Selected Operating Information:
RevPAR$490.01 $— $490.01 $487.01 $— $487.01 0.62 %0.62 %
Occupancy51.92 %— %51.92 %57.62 %— %57.62 %(9.89)%(9.89)%
ADR$943.85 $— $943.85 $845.16 $— $845.16 11.68 %11.68 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— $18,443 $(18,443)$— (100.00)%— %
Total hotel revenue$— $— $— $23,768 $(23,768)$— (100.00)%— %
Hotel net income (loss)$53 $(53)$— $45,787 $(45,787)$— (99.88)%— %
Hotel net income (loss) margin— %— %192.64 %— %— %— %
Hotel EBITDA$53 $(53)$— $8,873 $(8,873)$— (99.40)%— %
Hotel EBITDA margin— %— %37.33 %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $229.32 $229.32 $— — %— %
Occupancy— %— %— %74.90 %74.90 %— %— %— %
ADR$— $— $— $306.18 $306.18 $— — %— %
22


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$36,916 $— $36,916 $32,632 $— $32,632 13.13 %13.13 %
Total hotel revenue$59,950 $— $59,950 $52,103 $— $52,103 15.06 %15.06 %
Hotel net income (loss)$17,422 $— $17,422 $9,283 $— $9,283 87.68 %87.68 %
Hotel net income (loss) margin29.06 %29.06 %17.82 %17.82 %11.24 %11.24 %
Hotel EBITDA$15,123 $— $15,123 $13,004 $— $13,004 16.29 %16.29 %
Hotel EBITDA margin25.23 %25.23 %24.96 %24.96 %0.27 %0.27 %
Selected Operating Information:
RevPAR$751.24 $— $751.24 $664.06 $— $664.06 13.13 %13.13 %
Occupancy65.17 %— %65.17 %61.82 %— %61.82 %5.42 %5.42 %
ADR$1,152.69 $— $1,152.69 $1,074.24 $— $1,074.24 7.30 %7.30 %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$8,914 $— $8,914 $6,660 $— $6,660 33.84 %33.84 %
Total hotel revenue$10,925 $— $10,925 $8,795 $— $8,795 24.22 %24.22 %
Hotel net income (loss)$(7,003)$— $(7,003)$(4,789)$— $(4,789)(46.23)%(46.23)%
Hotel net income (loss) margin(64.10)%(64.10)%(54.45)%(54.45)%(9.65)%(9.65)%
Hotel EBITDA$(1,158)$— $(1,158)$(1,812)$— $(1,812)36.09 %36.09 %
Hotel EBITDA margin(10.60)%(10.60)%(20.60)%(20.60)%10.00 %10.00 %
Selected Operating Information:
RevPAR$231.98 $— $231.98 $170.62 $— $170.62 35.96 %35.96 %
Occupancy64.31 %— %64.31 %62.85 %— %62.85 %2.32 %2.32 %
ADR$360.74 $— $360.74 $271.49 $— $271.49 32.87 %32.87 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$50,451 $— $50,451 $43,668 $— $43,668 15.53 %15.53 %
Total hotel revenue $76,556 $— $76,556 $65,516 $— $65,516 16.85 %16.85 %
Hotel net income (loss)$13,682 $— $13,682 $7,028 $— $7,028 94.68 %94.68 %
Hotel net income (loss) margin17.87 %17.87 %10.73 %10.73 %7.14 %7.14 %
Hotel EBITDA$21,182 $— $21,182 $15,438 $— $15,438 37.21 %37.21 %
Hotel EBITDA margin27.67 %27.67 %23.56 %23.56 %4.11 %4.11 %
Selected Operating Information:
RevPAR$1,743.43 $— $1,743.43 $1,509.07 $— $1,509.07 15.53 %15.53 %
Occupancy66.47 %— %66.47 %63.43 %— %63.43 %4.79 %4.79 %
ADR$2,622.76 $— $2,622.76 $2,379.28 $— $2,379.28 10.23 %10.23 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$29,954 $— $29,954 $28,382 $— $28,382 5.54 %5.54 %
Total hotel revenue$55,686 $— $55,686 $54,562 $— $54,562 2.06 %2.06 %
Hotel net income (loss)$(2,083)$— $(2,083)$(19)$— $(19)(10,863.16)%(10,863.16)%
Hotel net income (loss) margin(3.74)%(3.74)%(0.03)%(0.03)%(3.71)%(3.71)%
Hotel EBITDA$16,308 $— $16,308 $18,057 $— $18,057 (9.69)%(9.69)%
Hotel EBITDA margin29.29 %29.29 %33.09 %33.09 %(3.80)%(3.80)%
Selected Operating Information:
RevPAR$522.49 $— $522.49 $495.06 $— $495.06 5.54 %5.54 %
Occupancy53.82 %— %53.82 %57.78 %— %57.78 %(6.85)%(6.85)%
ADR$970.83 $— $970.83 $856.84 $— $856.84 13.30 %13.30 %
23


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$212,575 $(70,773)$141,802 $211,529 $(82,516)$129,013 0.49 %9.91 %
Total hotel revenue$365,236 $(128,854)$236,382 $373,762 $(155,256)$218,506 (2.28)%8.18 %
Hotel net income (loss)$333,537 $(307,040)$26,497 $39,260 $(24,778)$14,482 749.56 %82.97 %
Hotel net income (loss) margin91.32 %11.21 %10.50 %6.63 %80.82 %4.58 %
Hotel EBITDA$106,429 $(45,095)$61,334 $102,417 $(46,621)$55,796 3.92 %9.93 %
Hotel EBITDA margin29.14 %25.95 %27.40 %25.54 %1.74 %0.41 %
Selected Operating Information:
RevPAR$651.29 $501.86 $764.98 $539.95 $399.80 $695.99 20.62 %9.91 %
Occupancy63.79 %71.02 %58.29 %61.33 %62.81 %59.69 %4.01 %(2.35)%
ADR$1,020.99 $706.65 $1,312.34 $880.34 $636.50 $1,166.04 15.98 %12.55 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$87,511 $— $87,511 $125,566 $(45,979)$79,587 (30.31)%9.96 %
Total hotel revenue$121,223 $— $121,223 $169,173 $(56,292)$112,881 (28.34)%7.39 %
Hotel net income (loss)$3,532 $19 $3,551 $47,317 $(49,102)$(1,785)(92.54)%298.94 %
Hotel net income (loss) margin2.91 %2.93 %27.97 %(1.58)%(25.06)%4.51 %
Hotel EBITDA$31,682 $(53)$31,629 $41,679 $(16,554)$25,125 (23.99)%25.89 %
Hotel EBITDA margin26.14 %26.09 %24.64 %22.26 %1.50 %3.83 %
Selected Operating Information:
RevPAR$198.64 $— $198.64 $198.20 $239.03 $180.40 0.22 %10.11 %
Occupancy70.93 %— %70.93 %70.93 %73.46 %69.83 %— %1.58 %
ADR$280.05 $— $280.05 $279.43 $325.39 $258.35 0.22 %8.40 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$300,086 $(70,773)$229,313 $337,095 $(128,495)$208,600 (10.98)%9.93 %
Total hotel revenue $486,459 $(128,854)$357,605 $542,935 $(211,548)$331,387 (10.40)%7.91 %
Hotel net income (loss)$337,071 $(307,022)$30,049 $86,576 $(73,880)$12,696 289.34 %136.68 %
Hotel net income (loss) margin69.29 %8.40 %15.95 %3.83 %53.34 %4.57 %
Hotel EBITDA$138,111 $(45,148)$92,963 $144,096 $(63,175)$80,921 (4.15)%14.88 %
Hotel EBITDA margin28.39 %26.00 %26.54 %24.42 %1.85 %1.58 %
Selected Operating Information:
RevPAR$391.27 $(501.86)$366.36 $328.78 $(322.25)$332.94 19.01 %10.04 %
Occupancy67.89 %(71.02)%67.19 %67.26 %(67.95)%66.83 %0.94 %0.54 %
ADR$576.33 $(706.65)$545.30 $488.80 $(474.25)$498.21 17.91 %9.45 %
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, 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.
24


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202620262026
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$41,184 $— $41,184 
Total hotel revenue$63,176 $— $63,176 
Hotel net income$(4,419)$— $(4,419)
Hotel net income margin(6.99)%(6.99)%
Hotel EBITDA$15,388 $— $15,388 
Hotel EBITDA margin24.36 %24.36 %
Selected Operating Information:
RevPAR$201.85 $— $201.85 
Occupancy73.93 %— %73.93 %
ADR$273.01 $— $273.01 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— 
Total hotel revenue$— $— $— 
Hotel net income$46 $(46)$— 
Hotel net income margin— %— %
Hotel EBITDA$80 $(80)$— 
Hotel EBITDA margin— %— %
Selected Operating Information:
RevPAR$— $— $— 
Occupancy— %— %— %
ADR$— $— $— 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$30,286 $— $30,286 
Total hotel revenue$40,302 $— $40,302 
Hotel net income$(24,085)$— $(24,085)
Hotel net income margin(59.76)%(59.76)%
Hotel EBITDA$10,953 $— $10,953 
Hotel EBITDA margin27.18 %27.18 %
Selected Operating Information:
RevPAR$199.95 $— $199.95 
Occupancy70.36 %— %70.36 %
ADR$284.16 $— $284.16 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$11,918 $(11,918)$— 
Total hotel revenue$16,466 $(16,466)$— 
Hotel net income$5,573 $(5,573)$— 
Hotel net income margin33.85 %— %
Hotel EBITDA$3,476 $(3,476)$— 
Hotel EBITDA margin21.11 %— %
Selected Operating Information:
RevPAR$641.11 $641.11 $— 
Occupancy62.68 %62.68 %— %
ADR$1,022.76 $1,022.76 $— 
25


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202620262026
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$23,276 $(23,276)$— 
Total hotel revenue$30,611 $(30,611)$— 
Hotel net income$122,817 $(122,817)$— 
Hotel net income margin401.22 %— %
Hotel EBITDA$15,413 $(15,413)$— 
Hotel EBITDA margin50.35 %— %
Selected Operating Information:
RevPAR$520.37 $520.37 $— 
Occupancy82.13 %82.13 %— %
ADR$633.62 $633.62 $— 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$7,745 $(7,745)$— 
Total hotel revenue$10,361 $(10,361)$— 
Hotel net income$(21,942)$21,942 $— 
Hotel net income margin(211.77)%— %
Hotel EBITDA$2,346 $(2,346)$— 
Hotel EBITDA margin22.64 %— %
Selected Operating Information:
RevPAR$338.48 $338.48 $— 
Occupancy51.15 %51.15 %— %
ADR$661.69 $661.69 $— 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$18,495 $(18,495)$— 
Total hotel revenue$33,641 $(33,641)$— 
Hotel net income$17,413 $(17,413)$— 
Hotel net income margin51.76 %— %
Hotel EBITDA$9,452 $(9,452)$— 
Hotel EBITDA margin28.10 %— %
Selected Operating Information:
RevPAR$404.33 $404.33 $— 
Occupancy49.25 %49.25 %— %
ADR$820.93 $820.93 $— 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$30,707 $— $30,707 
Total hotel revenue$41,355 $— $41,355 
Hotel net income$8,726 $— $8,726 
Hotel net income margin21.10 %21.10 %
Hotel EBITDA$14,074 $— $14,074 
Hotel EBITDA margin34.03 %34.03 %
Selected Operating Information:
RevPAR$168.60 $— $168.60 
Occupancy67.48 %— %67.48 %
ADR$249.85 $— $249.85 
26


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202620262026
THE CLANCY
Selected Financial Information:
Rooms revenue$4,296 $(4,296)$— 
Total hotel revenue$5,032 $(5,032)$— 
Hotel net income$42,704 $(42,704)$— 
Hotel net income margin848.65 %— %
Hotel EBITDA$1,557 $(1,557)$— 
Hotel EBITDA margin30.94 %— %
Selected Operating Information:
RevPAR$291.44 $291.44 $— 
Occupancy72.62 %72.62 %— %
ADR$401.34 $401.34 $— 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$35,330 $(35,330)$— 
Total hotel revenue$87,413 $(87,413)$— 
Hotel net income$163,426 $(163,426)$— 
Hotel net income margin186.96 %— %
Hotel EBITDA$26,954 $(26,954)$— 
Hotel EBITDA margin30.84 %— %
Selected Operating Information:
RevPAR$449.29 $449.29 $— 
Occupancy73.24 %73.24 %— %
ADR$613.42 $613.42 $— 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$30,457 $— $30,457 
Total hotel revenue$54,936 $— $54,936 
Hotel net income$(7,563)$— $(7,563)
Hotel net income margin(13.77)%(13.77)%
Hotel EBITDA$7,972 $— $7,972 
Hotel EBITDA margin14.51 %14.51 %
Selected Operating Information:
RevPAR$455.99 $— $455.99 
Occupancy48.52 %— %48.52 %
ADR$939.77 $— $939.77 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— 
Total hotel revenue$— $— $— 
Hotel net income$144 $(144)$— 
Hotel net income margin— %— %
Hotel EBITDA$53 $(53)$— 
Hotel EBITDA margin— %— %
Selected Operating Information:
RevPAR$— $— $— 
Occupancy— %— %— %
ADR$— $— $— 
27


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202620262026
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$46,493 $— $46,493 
Total hotel revenue$75,775 $— $75,775 
Hotel net income$19,964 $— $19,964 
Hotel net income margin26.35 %26.35 %
Hotel EBITDA$18,822 $— $18,822 
Hotel EBITDA margin24.84 %24.84 %
Selected Operating Information:
RevPAR$707.66 $— $707.66 
Occupancy63.11 %— %63.11 %
ADR$1,121.39 $— $1,121.39 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$9,948 $— $9,948 
Total hotel revenue$12,308 $— $12,308 
Hotel net income$(10,638)$— $(10,638)
Hotel net income margin(86.43)%(86.43)%
Hotel EBITDA$(3,310)$— $(3,310)
Hotel EBITDA margin(26.89)%(26.89)%
Selected Operating Information:
RevPAR$192.84 $— $192.84 
Occupancy53.60 %— %53.60 %
ADR$359.81 $— $359.81 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$68,060 $— $68,060 
Total hotel revenue $102,163 $— $102,163 
Hotel net income$16,981 $— $16,981 
Hotel net income margin16.62 %16.62 %
Hotel EBITDA$28,250 $— $28,250 
Hotel EBITDA margin27.65 %27.65 %
Selected Operating Information:
RevPAR$1,759.11 $— $1,759.11 
Occupancy65.43 %— %65.43 %
ADR$2,688.42 $— $2,688.42 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$41,601 $— $41,601 
Total hotel revenue$80,397 $— $80,397 
Hotel net income (loss)$1,428 $— $1,428 
Hotel net income (loss) margin1.78 %1.78 %
Hotel EBITDA$26,271 $— $26,271 
Hotel EBITDA margin32.68 %32.68 %
Selected Operating Information:
RevPAR$542.74 $— $542.74 
Occupancy57.25 %— %57.25 %
ADR$947.95 $— $947.95 
28


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202620262026
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$283,375 $(96,764)$186,611 
Total hotel revenue$491,763 $(178,492)$313,271 
Hotel net income$318,143 $(287,333)$30,810 
Hotel net income margin64.69 %9.83 %
Hotel EBITDA$139,036 $(57,721)$81,315 
Hotel EBITDA margin28.27 %25.96 %
Selected Operating Information:
RevPAR$618.17 $459.52 $752.97 
Occupancy61.80 %66.59 %57.73 %
ADR$1,000.31 $690.10 $1,304.33 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$116,421 $(4,296)$112,125 
Total hotel revenue$162,173 $(5,032)$157,141 
Hotel net income$12,432 $(42,848)$(30,416)
Hotel net income margin7.67 %(19.36)%
Hotel EBITDA$38,715 $(1,610)$37,105 
Hotel EBITDA margin23.87 %23.61 %
Selected Operating Information:
RevPAR$192.76 $291.44 $190.29 
Occupancy69.32 %72.62 %69.24 %
ADR$278.06 $401.34 $274.83 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$399,796 $(101,060)$298,736 
Total hotel revenue $653,936 $(183,524)$470,412 
Hotel net income$330,575 $(330,181)$394 
Hotel net income margin50.55 %0.08 %
Hotel EBITDA$177,751 $(59,331)$118,420 
Hotel EBITDA margin27.18 %25.17 %
Selected Operating Information:
RevPAR$376.32 $448.52 $356.89 
Occupancy66.08 %66.98 %65.83 %
ADR$569.53 $669.62 $542.12 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, 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.
29


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202620262026202620262026202620262026202520252025
3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter
Total hotel revenue$102,697 $(7,461)$95,236 $172,138 $(49,914)$122,224 $211,626 $(71,479)$140,147 $167,475 $(54,670)$112,805 
Hotel net income (loss)$258,085 $(259,857)$(1,772)$34,753 $(27,402)$7,351 $44,233 $(19,763)$24,470 $(6,496)$(23,159)$(29,655)
Hotel net income (loss) margin251.31 %(1.86)%20.19 %6.01 %20.90 %17.46 %(3.88)%(26.29)%
Hotel EBITDA$14,696 $(1,783)$12,913 $47,952 $(15,971)$31,981 $75,463 $(27,394)$48,069 $39,640 $(14,183)$25,457 
Hotel EBITDA margin14.31 %13.56 %27.86 %26.17 %35.66 %34.30 %23.67 %22.57 %
Hotel net income (loss) % of total TTM78.1 %(449.8)%10.5 %1,865.7 %13.4 %6,210.7 %(2.0)%(7,526.6)%
EBITDA % of total TTM8.2 %10.8 %27.0 %27.0 %42.5 %40.6 %22.3 %21.6 %
JV interests in Hotel net income (loss)$— $— $— $— $— $— $— $— $— $10 $(21)$(11)
JV interests in EBITDA$— $— $— $— $— $— $— $— $— $857 $(18)$839 
ActualNon-comparable AdjustmentsComparable
202620262026
TTMTTMTTM
Total hotel revenue$653,936 $(183,524)$470,412 
Hotel net income (loss)$330,575 $(330,181)$394 
Hotel net income (loss) margin50.55 %0.08 %
Hotel EBITDA$177,751 $(59,331)$118,420 
Hotel EBITDA margin27.18 %25.17 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$10 $(21)$(11)
JV interests in EBITDA$857 $(18)$839 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    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.
30


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2026
(in thousands, except share price)
(unaudited)

September 30, 2026
Common stock shares outstanding68,679 
Partnership units outstanding (common stock equivalents)4,592 
Combined common stock shares and partnership units outstanding73,271 
Common stock price $1.67 
Market capitalization $122,363 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$203,753 
Series M redeemable preferred stock$31,750 
Indebtedness$624,414 
Net working capital (see below)$193,432 
Total enterprise value (TEV)$1,292,662 
Cash and cash equivalents$99,479 
Restricted cash$48,598 
Accounts receivable, net$26,729 
Inventory$3,153 
Prepaid expenses$4,393 
Due from third-party hotel managers, net$15,881 
Total current assets$198,233 
Accounts payable, net & accrued expenses$145,072 
Redeemable preferred stock redemptions payable$63,480 
Dividends and distributions payable$3,780 
Due to affiliates, net$179,333 
Total current liabilities$391,665 
Net working capital $(193,432)

31


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2026
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualActualEstimated
Sofitel Chicago Magnificent Mile415 x
Total0001
(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.
32


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2026202620262025September 30, 2026
3rd Quarter2nd Quarter1st Quarter4th QuarterTTM
Net income (loss)$258,085 $34,753 $44,233 $(6,496)$330,575 
Non-property adjustments(259,922)(17,393)(46)12,472 (264,889)
Interest income(257)(254)(240)(292)(1,043)
Interest expense5,957 6,668 7,103 7,587 27,315 
Amortization of loan costs470 379 390 623 1,862 
Depreciation and amortization16,610 21,433 22,579 22,659 83,281 
Income tax expense (benefit)(7,918)1,132 797 1,442 (4,547)
Non-hotel EBITDA ownership expense1,671 1,234 647 1,645 5,197 
Hotel EBITDA including amounts attributable to noncontrolling interest14,696 47,952 75,463 39,640 177,751 
Non-comparable adjustments(1,783)(15,971)(27,394)(14,183)(59,331)
Comparable hotel EBITDA$12,913 $31,981 $48,069 $25,457 $118,420 

33

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Resort ScottsdaleHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(2,937)$6 $3,472 $13,469 $109,568 $(6,495)$(103)$2,656 $(57)$143,447 $230 $22 $5,682 $(2,050)$(1,543)$(7,282)$258,085 $(507,469)$(249,384)
Non-property adjustments17 — — (13,616)(108,742)6,337 459 — 54 (144,431)— — — — — — (259,922)259,922 — 
Interest income(73)— (8)— — — — (37)— (1)(1)— (75)— (17)(45)(257)257 — 
Interest expense2,099 — — — — — — — — 17 769 — — — — 3,072 5,957 8,568 14,525 
Amortization of loan cost162 — — — — — — — — — 83 — — — — 225 470 1,208 1,678 
Depreciation and amortization2,695 — 1,127 73 148 98 — 1,243 — 306 2,747 — 1,400 1,666 2,166 2,941 16,610 1 16,611 
Income tax expense (benefit)(87)— — — — — — 5 — — — — (7,943)— 107 — (7,918)(1,838)(9,756)
Non-hotel EBITDA ownership expense— — 149 55 42 — — 11 3 1,124 232 — 23 25 7 — 1,671 (1,671)— 
Hotel EBITDA including amounts attributable to noncontrolling interest1,876 6 4,740 (19)1,016 (60)356 3,878 — 462 4,060 22 (913)(359)720 (1,089)14,696 (241,022)(226,326)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — — — — — — — — — — — — — — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$1,876 $6 $4,740 $(19)$1,016 $(60)$356 $3,878 $— $462 $4,060 $22 $(913)$(359)$720 $(1,089)$14,696 $(241,022)$(226,326)
Non-comparable adjustments— (6)— 19 (1,016)60 (356)— — (462)— (22)— — — — (1,783)
Comparable hotel EBITDA$1,876 $— $4,740 $— $— $— $— $3,878 $— $— $4,060 $— $(913)$(359)$720 $(1,089)$12,913 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $6 $— $(19)$1,016 $(60)$356 $— $— $462 $4,060 $— $(913)$— $720 $(1,089)$4,539 
Non-comparable adjustments— (6)— 19 (1,016)60 (356)— — (462)— — — — — — (1,761)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $4,060 $— $(913)$— $720 $(1,089)$2,778 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$1,876 $— $4,740 $— $— $— $— $3,878 $— $— $— $22 $— $(359)$— $— $10,157 
Non-comparable adjustments— — — — — — — — — — — (22)— — — — (22)
Comparable hotel EBITDA$1,876 $— $4,740 $— $— $— $— $3,878 $— $— $— $— $— $(359)$— $— $10,135 

34

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)

Three Months Ended September 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$1,876 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $1,876 
JPMorgan Chase (see footnote 3)— — 4,740 — — — — 3,878 — — — — — — 720 — 9,338 
BAML
— — — — — — — — — — — — (913)— — — (913)
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)
— — — — — — — — — — 4,060 — — — — — 4,060 
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)— — — — — — — — — — — — — — — (1,089)(1,089)
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (359)— — (359)
Total$1,876 $— $4,740 $— $— $— $— $3,878 $— $— $4,060 $— $(913)$(359)$720 $(1,089)$12,913 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(5)    As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.

35

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Resort ScottsdaleHotel TotalCorporate / AllocatedBraemar 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 adjustments2 — — — — — (17,398)— 3 — — — — — — — (17,393)17,393 — 
Interest income(48)— (3)— — — — (33)— (40)(3)— (71)— (15)(41)(254)254 — 
Interest expense2,067 — — — — — 702 — — 119 757 — — — — 3,023 6,668 11,402 18,070 
Amortization of loan cost158 — — — — — — — — — — — — — — 221 379 2,064 2,443 
Depreciation and amortization2,721 — 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 interest6,621 — 3,831 2,026 4,279 1,764 (486)5,213 — 8,357 (1,118)31 4,878 173 6,989 5,394 47,952 3,417 51,369 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — — — — — — — — — — — — — — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$6,621 $— $3,831 $2,026 $4,279 $1,764 $(486)$5,213 $— $8,357 $(1,118)$31 $4,878 $173 $6,989 $5,394 $47,952 $3,417 $51,369 
Non-comparable adjustments— — — (2,026)(4,279)(1,764)486 — — (8,357)— (31)— — — — (15,971)
Comparable hotel EBITDA$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $(1,118)$— $4,878 $173 $6,989 $5,394 $31,981 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $— $— $2,026 $4,279 $1,764 $(486)$— $— $8,357 $(1,118)$— $4,878 $— $6,989 $5,394 $32,083 
Non-comparable adjustments— — — (2,026)(4,279)(1,764)486 — — (8,357)— — — — — — (15,940)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $(1,118)$— $4,878 $— $6,989 $5,394 $16,143 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $— $31 $— $173 $— $— $15,869 
Non-comparable adjustments— — — — — — — — — — — (31)— — — — (31)
Comparable hotel EBITDA$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $— $— $— $173 $— $— $15,838 


36

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$6,621 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $6,621 
JPMorgan Chase (see footnote 3)— — 3,831 — — — — 5,213 — — — — — — 6,989 — 16,033 
BAML— — — — — — — — — — — — 4,878 — — — 4,878 
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)— — — — — — — — — — (1,118)— — — — — (1,118)
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)— — — — — — — — — — — — — — — 5,394 5,394 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — 173 — — 173 
Total$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $(1,118)$— $4,878 $173 $6,989 $5,394 $31,981 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(5)    As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.
37

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Resort ScottsdaleHotel TotalCorporate / AllocatedBraemar 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 expense2,055 — — — — — 1,154 — — 135 752 — — — — 3,007 7,103 11,683 18,786 
Amortization of loan cost154 — — — — — — — — — 20 — — — — 216 390 2,019 2,409 
Depreciation and amortization2,759 — 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 expense1 — 8 117 6 19 3 1 — (15)274 — 4 219 10 — 647 (647)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,659 — 1,376 335 6,433 (323)8,940 1,593 — 12,009 5,779 — 11,158 (972)13,473 12,003 75,463 (12,238)63,225 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — — — — — — — — — — — — — — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 31 31 
Hotel EBITDA attributable to the Company and OP unitholders$3,659 $— $1,376 $335 $6,433 $(323)$8,940 $1,593 $— $12,009 $5,779 $— $11,158 $(972)$13,473 $12,003 $75,463 $(12,207)$63,256 
Non-comparable adjustments— — — (335)(6,433)323 (8,940)— — (12,009)— — — — — — (27,394)
Comparable hotel EBITDA$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $5,779 $— $11,158 $(972)$13,473 $12,003 $48,069 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $— $— $335 $6,433 $(323)$8,940 $— $— $12,009 $5,779 $— $11,158 $— $13,473 $12,003 $69,807 
Non-comparable adjustments— — — (335)(6,433)323 (8,940)— — (12,009)— — — — — — (27,394)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $5,779 $— $11,158 $— $13,473 $12,003 $42,413 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $— $— $— $(972)$— $— $5,656 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $— $— $— $(972)$— $— $5,656 

38

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Resort ScottsdaleHotel Total
Aareal (Capital Hilton)$3,659 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $3,659 
JPMorgan Chase (see footnote 3)— — 1,376 — — — — 1,593 — — — — — — 13,473 — 16,442 
BAML— — — — — — — — — — — — 11,158 — — — 11,158 
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)— — — — — — — — — — 5,779 — — — — — 5,779 
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)— — — — — — — — — — — — — — — 12,003 12,003 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (972)— — (972)
Total$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $5,779 $— $11,158 $(972)$13,473 $12,003 $48,069 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(5)    As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.
39

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado Beach
Four Seasons Resort Scottsdale
Hotel TotalCorporate / AllocatedBraemar 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 adjustments3 — 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 expense2,191 — — — — — 1,237 — — 135 804 — — — — 3,220 7,587 12,943 20,530 
Amortization of loan cost150 — — — — — — — — — 58 — — — — 415 623 2,010 2,633 
Depreciation and amortization2,805 — 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 expense9 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 interest3,232 74 1,006 1,134 3,685 965 642 3,390 1,557 6,126 (749)— 3,699 (2,152)7,068 9,963 39,640 (29,277)10,363 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(839)(18)— — — — — — — — — — — — — — (857)857 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 56 56 
Hotel EBITDA attributable to the Company and OP unitholders$2,393 $56 $1,006 $1,134 $3,685 $965 $642 $3,390 $1,557 $6,126 $(749)$— $3,699 $(2,152)$7,068 $9,963 $38,783 $(28,364)$10,419 
Non-comparable adjustments— (74)— (1,134)(3,685)(965)(642)— (1,557)(6,126)— — — — — — (14,183)
Comparable hotel EBITDA$3,232 $— $1,006 $— $— $— $— $3,390 $— $— $(749)$— $3,699 $(2,152)$7,068 $9,963 $25,457 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $74 $— $1,134 $3,685 $965 $642 $— $— $6,126 $(749)$— $3,699 $— $7,068 $9,963 $32,607 
Non-comparable adjustments— (74)— (1,134)(3,685)(965)(642)— — (6,126)— — — — — — (12,626)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $(749)$— $3,699 $— $7,068 $9,963 $19,981 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,232 $— $1,006 $— $— $— $— $3,390 $1,557 $— $— $— $— $(2,152)$— $— $7,033 
Non-comparable adjustments— — — — — — — — (1,557)— — — — — — — (1,557)
Comparable hotel EBITDA$3,232 $— $1,006 $— $— $— $— $3,390 $— $— $— $— $— $(2,152)$— $— $5,476 

40

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Resort ScottsdaleHotel Total
Aareal (Capital Hilton)$3,232 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $3,232 
JPMorgan Chase (see footnote 3)— — 1,006 — — — — 3,390 — — — — — — 7,068 — 11,464 
BAML
— — — — — — — — — — — — 3,699 — — — 3,699 
BAML (The Ritz-Carlton Lake Tahoe) (see footnote 4)
— — — — — — — — — — (749)— — — — — (749)
Aareal (Four Seasons Resort Scottsdale) (see footnote 5)— — — — — — — — — — — — — — — 9,963 9,963 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (2,152)— — (2,152)
Total$3,232 $— $1,006 $— $— $— $— $3,390 $— $— $(749)$— $3,699 $(2,152)$7,068 $9,963 $25,457 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    On October 13, 2026, we amended this mortgage loan, extending the maturity date from October 2026 to November 2026. On October 30, 2026, we refinanced this mortgage loan into a new $60.0 million mortgage loan with an additional $15.0 million available to be drawn subject to certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.65% with a floor of 5.30%, has a three-year initial term, and two one-year extension options, subject to satisfaction of certain conditions.
(5)    As of September 30, 2026, this property was held for sale. The sale of the property closed on October 28, 2026.
41

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado Beach
Four Seasons Resort Scottsdale
Hotel TotalCorporate / AllocatedBraemar 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 adjustments22 73 — — — — — — — — — (41,043)— — — 364 (40,584)40,584 — 
Interest income(52)(1)(24)— — — — (34)(75)(39)(3)(11)(96)— (10)(55)(400)400 — 
Interest expense2,282 — — — — — 1,295 — — 135 840 8 — — — 3,133 7,693 14,769 22,462 
Amortization of loan cost147 — — — 35 — — — — — 38 — — — — 309 529 2,197 2,726 
Depreciation and amortization2,819 — 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 expense68 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 interest2,363 1,386 2,706 2,058 1,586 1,205 2,042 2,248 2,156 1,673 3,641 2,759 (458)(1,107)348 956 25,562 26,865 52,427 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(590)(347)— — — — — — — — — — — — — — (937)937 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$1,773 $1,039 $2,706 $2,058 $1,586 $1,205 $2,042 $2,248 $2,156 $1,673 $3,641 $2,759 $(458)$(1,107)$348 $956 $24,625 $27,802 $52,427 
Non-comparable adjustments— (1,386)— (2,058)(1,586)(1,205)(2,042)— (2,156)(1,673)— (2,759)— — — — (14,865)
Comparable hotel EBITDA$2,363 $— $2,706 $— $— $— $— $2,248 $— $— $3,641 $— $(458)$(1,107)$348 $956 $10,697 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $1,386 $— $2,058 $1,586 $1,205 $2,042 $— $— $1,673 $3,641 $— $(458)$— $348 $956 $14,437 
Non-comparable adjustments— (1,386)— (2,058)(1,586)(1,205)(2,042)— — (1,673)— — — — — — (9,950)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $3,641 $— $(458)$— $348 $956 $4,487 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,363 $— $2,706 $— $— $— $— $2,248 $2,156 $— $— $2,759 $— $(1,107)$— $— $11,125 
Non-comparable adjustments— — — — — — — — (2,156)— — (2,759)— — — — (4,915)
Comparable hotel EBITDA$2,363 $— $2,706 $— $— $— $— $2,248 $— $— $— $— $— $(1,107)$— $— $6,210 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.

42

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado Beach
Four Seasons Resort Scottsdale
Hotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(2,529)$6 $6,303 $14,031 $119,531 $(6,589)$20,147 $6,780 $(72)$159,915 $(2,523)$53 $17,422 $(7,003)$13,682 $(2,083)$337,071 $(561,479)$(224,408)
Non-property adjustments(24)— — (13,616)(108,742)6,337 (16,939)— 54 (144,431)— — — — — — (277,361)277,361 — 
Interest income(163)— (12)— — — — (100)— (86)(6)— (216)— (45)(123)(751)751 — 
Interest expense6,221 — — — — — 1,856 — — 271 2,278 — — — — 9,102 19,728 31,655 51,383 
Amortization of loan cost474 — — — — — — — — — 103 — — — — 662 1,239 5,289 6,528 
Depreciation and amortization8,175 — 3,332 1,644 883 1,602 3,433 3,978 — 4,330 8,141 — 4,308 5,556 6,514 8,726 60,622 1 60,623 
Income tax expense (benefit)1 — — — — — — 15 — — — — (7,002)— 997 — (5,989)131 (5,858)
Non-hotel EBITDA ownership expense1 — 324 283 56 31 313 11 18 829 728 — 611 289 34 24 3,552 (3,552)— 
Hotel EBITDA including amounts attributable to noncontrolling interest12,156 6 9,947 2,342 11,728 1,381 8,810 10,684 — 20,828 8,721 53 15,123 (1,158)21,182 16,308 138,111 (249,843)(111,732)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — — — — — — — — — — — — — — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 31 31 
Hotel EBITDA attributable to the Company and OP unitholders$12,156 $6 $9,947 $2,342 $11,728 $1,381 $8,810 $10,684 $— $20,828 $8,721 $53 $15,123 $(1,158)$21,182 $16,308 $138,111 $(249,812)$(111,701)
Non-comparable adjustments— (6)— (2,342)(11,728)(1,381)(8,810)— — (20,828)— (53)— — — — (45,148)
Comparable hotel EBITDA$12,156 $— $9,947 $— $— $— $— $10,684 $— $— $8,721 $— $15,123 $(1,158)$21,182 $16,308 $92,963 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $6 $— $2,342 $11,728 $1,381 $8,810 $— $— $20,828 $8,721 $— $15,123 $— $21,182 $16,308 $106,429 
Non-comparable adjustments— (6)— (2,342)(11,728)(1,381)(8,810)— — (20,828)— — — — — — (45,095)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $8,721 $— $15,123 $— $21,182 $16,308 $61,334 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$12,156 $— $9,947 $— $— $— $— $10,684 $— $— $— $53 $— $(1,158)$— $— $31,682 
Non-comparable adjustments— — — — — — — — — — — (53)— — — — (53)
Comparable hotel EBITDA$12,156 $— $9,947 $— $— $— $— $10,684 $— $— $— $— $— $(1,158)$— $— $31,629 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.

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Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado Beach
Four Seasons Resort Scottsdale
Hotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(2,832)$1,076 $1,727 $898 $9,183 $258 $1,251 $4,109 $3,315 $12,112 $(1,811)$45,787 $9,283 $(4,789)$7,028 $(19)$86,576 $(78,022)$8,554 
Non-property adjustments2 73 — — — — — — — — — (41,043)— — 866 364 (39,738)39,738 — 
Interest income(125)(10)(27)— — — — (91)(210)(109)(15)(68)(288)— (27)(159)(1,129)1,129 — 
Interest expense6,772 — — — — — 3,843 — — 421 2,527 48 — — 1,031 8,817 23,459 44,372 67,831 
Amortization of loan cost430 — — — 103 — — — — — 100 — — — 135 810 1,578 5,967 7,545 
Depreciation and amortization8,682 — 3,318 2,238 1,209 1,819 4,963 4,009 4,565 6,309 7,616 4,119 4,131 2,673 6,067 8,201 69,919 — 69,919 
Income tax expense (benefit)123 — — — — — — 16 — — — — (131)— 307 — 315 159 474 
Non-hotel EBITDA ownership expense578 177 196 431 47 15 60 50 11 254 880 30 9 304 31 43 3,116 (3,116)— 
Hotel EBITDA including amounts attributable to noncontrolling interest13,630 1,316 5,214 3,567 10,542 2,092 10,117 8,093 7,681 18,987 9,297 8,873 13,004 (1,812)15,438 18,057 144,096 10,227 154,323 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(3,408)(329)— — — — — — — — — — — — — — (3,737)3,737 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$10,222 $987 $5,214 $3,567 $10,542 $2,092 $10,117 $8,093 $7,681 $18,987 $9,297 $8,873 $13,004 $(1,812)$15,438 $18,057 $140,359 $13,964 $154,323 
Non-comparable adjustments— (1,316)— (3,567)(10,542)(2,092)(10,117)— (7,681)(18,987)— (8,873)— — — — (63,175)
Comparable hotel EBITDA$13,630 $— $5,214 $— $— $— $— $8,093 $— $— $9,297 $— $13,004 $(1,812)$15,438 $18,057 $80,921 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $1,316 $— $3,567 $10,542 $2,092 $10,117 $— $— $18,987 $9,297 $— $13,004 $— $15,438 $18,057 $102,417 
Non-comparable adjustments— (1,316)— (3,567)(10,542)(2,092)(10,117)— — (18,987)— — — — — — (46,621)
Comparable hotel EBITDA$— $— $— $— $— $— $— $— $— $— $9,297 $— $13,004 $— $15,438 $18,057 $55,796 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$13,630 $— $5,214 $— $— $— $— $8,093 $7,681 $— $— $8,873 $— $(1,812)$— $— $41,679 
Non-comparable adjustments— — — — — — — — (7,681)— — (8,873)— — — — (16,554)
Comparable hotel EBITDA$13,630 $— $5,214 $— $— $— $— $8,093 $— $— $— $— $— $(1,812)$— $— $25,125 
NOTES:
(1)    The above comparable information assumes the eight hotel properties owned and included in the Company's operations at September 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.

44

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