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Braemar Hotels (NYSE: BHR) lifts Q2 RevPAR, boosts AFFO and accelerates hotel sales

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Braemar Hotels & Resorts Inc. reported strong operating results for the quarter ended June 30, 2026. Comparable Total RevPAR for all hotels rose 10.6% year over year to $652, and Comparable RevPAR reached $396, up 12.3% and the highest second-quarter RevPAR in the company’s history. Comparable ADR increased 13.1% to $545 while Comparable Occupancy was essentially flat at 72.6%.

Net income was $6.9 million, compared with a $6.8 million loss a year earlier, but after preferred dividends and deemed dividends the result for common stockholders was a modest net loss of $0.7 million, or $0.01 per diluted share. Adjusted FFO available to common stockholders and OP unitholders increased to $9.6 million, or $0.13 per diluted share, from $0.09. Adjusted EBITDAre was $37.8 million, and Comparable Hotel EBITDA rose 14.2% to $48.4 million with margin expansion to 28.6%.

The company continued to reshape its portfolio and balance sheet. During the quarter it closed the sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million at a 4.6% cap rate and redeemed approximately $16.3 million of non-traded preferred stock. Subsequent to quarter end, it sold the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono Hotel & Spa for $437.5 million in cash and signed a definitive agreement to sell Pier House Resort & Spa for $190.0 million, backed by a $6.0 million non-refundable deposit. As of June 30, 2026, total assets were $1.66 billion, indebtedness was $745.9 million, net debt to gross assets was 43.5%, and all $1.0 billion of loans were effectively floating-rate debt with a blended average interest rate of 6.82%. No common stock dividend was declared for the quarter, while multiple preferred series dividends were approved.

Positive

  • Comparable RevPAR up 12.3% to $396 in Q2 2026, the highest second-quarter level in the company’s history, with Comparable Hotel EBITDA increasing 14.2% to $48.4 million and margins improving to 28.6%.
  • Adjusted FFO per diluted share rose to $0.13 from $0.09 a year earlier, indicating stronger recurring cash earnings available to common stockholders and OP unitholders.
  • Indebtedness declined to $745.9 million at June 30, 2026 from $1.10 billion at December 31, 2025, alongside major asset sales including Park Hyatt Beaver Creek at $176 million and three additional hotels for $437.5 million.

Negative

  • Total hotel revenue decreased 4.3% on an actual basis in Q2 2026 to $172.1 million, reflecting the impact of disposed assets despite strong comparable-property performance.
  • No common stock dividend was declared for Q2 2026, compared with $0.05 per share in the prior-year quarter, while preferred stock dividends continue to be paid.

Filing Explained

A 43.4 million dollar mortgage loan now matures October 15, 2026, with a further three-month extension option disclosed.

The filing reports that the $43.4 million mortgage loan secured by The Ritz-Carlton Lake Tahoe was extended, so the debt remains outstanding rather than repaid.

Its initial maturity was July 15, 2026, the extended maturity is October 15, 2026, and the schedule places the loan in 2027 assuming the available extension options are exercised.

The filing also reports a $232.8 million paydown of another mortgage loan on July 14, 2026 in connection with the completed sales of three hotels.

The next disclosed resolution point for the Lake Tahoe loan is October 15, 2026; a further three-month extension is available subject to conditions.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Comparable RevPAR $396 Q2 2026 for all hotels, up 12.3% year over year and a record second quarter
Comparable Total RevPAR $652 Q2 2026 for all hotels, increased 10.6% over the prior-year quarter
Net income $6.9 million Consolidated net income for Q2 2026 versus a $6.8 million loss in Q2 2025
Net income attributable to common stockholders $0.7 million loss Q2 2026 net loss to common stockholders, or $0.01 per diluted share
Adjusted FFO per diluted share $0.13 Q2 2026 Adjusted FFO available to common stockholders and OP unitholders
Adjusted EBITDAre $37.8 million Q2 2026 consolidated Adjusted EBITDAre
Cash and cash equivalents $93.9 million Balance as of June 30, 2026, excluding $52.6 million of restricted cash
Net debt to gross assets 43.5% Leverage metric at the end of Q2 2026
Comparable RevPAR financial
"Comparable RevPAR for all hotels totaled $396, an increase of 12.3% over the prior year"
Comparable RevPAR measures how much revenue a hotel earns per available room, but only for properties that were open during both the current and prior comparison periods, so it excludes new or recently renovated properties. Investors use it as an “apples-to-apples” gauge of underlying hotel performance and demand trends, because it separates steady operating results from growth driven by acquisitions or portfolio changes.
Adjusted EBITDAre financial
"Adjusted EBITDAre was $37.8 million for the quarter"
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.
Funds From Operations (FFO) financial
"RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO")"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
cap rate financial
"The sale price represents a 4.6% capitalization rate on net operating income"
The cap rate is a way to estimate how much money a real estate investment might generate relative to its purchase price. Think of it as a measure of the property's annual income divided by its value, helping investors compare different properties quickly. A higher cap rate generally indicates a potentially higher return but may also come with more risk.
net debt to gross assets financial
"Net debt to gross assets was 43.5% at the end of the second quarter"
non-GAAP financial measures financial
"We use certain non-GAAP financial measures, in addition to the required GAAP presentations"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Comparable RevPAR $396 up 12.3% versus the second quarter of 2025
Net income $6.9 million improved from a $6.8 million loss in the second quarter of 2025
Adjusted FFO per diluted share $0.13 up from $0.09 in the second quarter of 2025
Comparable Hotel EBITDA $48.4 million up 14.2% versus the second quarter of 2025

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

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FAQ

How did Braemar Hotels & Resorts (BHR) perform operationally in Q2 2026?
Braemar delivered stronger operations in Q2 2026, with Comparable RevPAR up 12.3% to $396 and Comparable Total RevPAR up 10.6% to $652. Comparable Hotel EBITDA grew 14.2% to $48.4 million with margin expansion to 28.6%.

What were Braemar Hotels & Resorts (BHR) earnings and AFFO for Q2 2026?
For Q2 2026, Braemar reported net income of $6.9 million, but a small net loss to common stockholders of $0.7 million, or $0.01 per share. Adjusted FFO available to common stockholders and OP unitholders was $9.6 million, or $0.13 per diluted share.

What major asset sales did Braemar Hotels & Resorts (BHR) complete or announce?
Braemar closed the sale of Park Hyatt Beaver Creek for $176 million at a 4.6% cap rate and later sold the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono Hotel & Spa for $437.5 million in cash. It also agreed to sell Pier House Resort & Spa for $190.0 million, with a $6.0 million non-refundable deposit.

What is Braemar Hotels & Resorts (BHR) current leverage and debt profile?
As of June 30, 2026, Braemar had total assets of $1.66 billion and indebtedness of $745.9 million, with net debt to gross assets at 43.5%. All $1.0 billion of loans were effectively floating-rate, with a blended average interest rate of 6.82%.

Did Braemar Hotels & Resorts (BHR) pay dividends in Q2 2026?
Braemar’s board declared cash dividends on its Series B, D, E and M preferred shares with payments scheduled through October 2026. No common stock dividend was declared for the second quarter, versus $0.05 per share a year earlier.

How are Braemar Hotels & Resorts (BHR) key luxury properties performing?
Luxury assets showed strong gains: Cameo Beverly Hills RevPAR grew 38.4%, Ritz-Carlton Reserve Dorado Beach RevPAR reached $1,658 (up about 28.4%) with Hotel EBITDA up 97.2%, and Ritz-Carlton St. Thomas RevPAR increased 20.6% year over year.

What strategic initiatives is Braemar Hotels & Resorts (BHR) pursuing?
Management highlighted progress on a management spin-out and transition to a self-managed REIT, supported by recent property sales and capital structure actions. The CEO indicated the company expects to provide additional updates on this transition in the near future.
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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): August 5, 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 August 5, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 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    Second Quarter 2026 Earnings Press Release of the Company, dated August 5, 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: August 5, 2026
By:/s/ Justin Coe
Justin Coe
Chief Accounting Officer



EXHIBIT 99.1
braemara59a.jpg
NEWS RELEASE

Contact:Justin CoeJoe Calabrese
Chief Accounting OfficerFinancial Relations Board
(972) 490-9600(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS
SECOND QUARTER 2026 RESULTS

DALLAS – August 5, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
•Comparable Total RevPAR for all hotels increased 10.6% over the prior year quarter to $652.
•Comparable RevPAR for all hotels totaled $396, an increase of 12.3% over the prior year quarter and the highest second quarter RevPAR result in the Company's history. Comparable ADR increased 13.1% over the prior year quarter to $545 and Comparable Occupancy decreased 0.7% over the prior year quarter to 72.6%.
•Net loss attributable to common stockholders for the quarter was $0.7 million or ($0.01) per diluted share.
•Adjusted funds from operations (AFFO) was $0.13 per diluted share for the quarter.
•Adjusted EBITDAre was $37.8 million for the quarter.
•Comparable Hotel EBITDA was $48.4 million for the quarter, up 14.2% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $93.9 million and restricted cash of $52.6 million. The vast majority of the restricted cash is comprised of manager-held reserves. At the end of the quarter, there was also $13.9 million due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 43.5% at the end of the second quarter.
•Capex invested during the quarter was $5.8 million.
•During the quarter, the Company redeemed approximately $16.3 million of its non-traded preferred stock in cash.


BHR Reports Second Quarter Results
Page 2
August 5, 2026
RECENT OPERATING HIGHLIGHTS
•Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 38.4% over the prior year quarter.
•The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,658, an increase of approximately 28.4% over the prior year quarter, with Hotel EBITDA of approximately $7.0 million, an increase of 97.2% over the prior year quarter.
•On May 26, 2026, the Company closed on the previously announced sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026.
•On June 29, 2026, the Company announced that it has extended its $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms.
•Subsequent to quarter end, the Company announced on July 14, 2026 that it closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on July 13, 2026, the Company entered into a definitive agreement to sell the Pier House Resort & Spa for $190.0 million ($1.3 million per key) and received a $6.0 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments. The Company provides no assurances that the sale will be completed on these terms or at all. 
CAPITAL STRUCTURE
As of June 30, 2026, the Company had total assets of $1.7 billion and $1.0 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.82%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company’s debt was effectively floating rate.
DIVIDENDS
On July 24, 2026, the Company announced that its Board of Directors declared the following cash dividends:
•Series B (5.5% Cumulative Convertible Preferred Stock): $0.3438 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.
•Series D (8.25% Cumulative Preferred Stock): $0.5156 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.
•Series E Redeemable Preferred Stock: $0.15625 per share, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).


BHR Reports Second Quarter Results
Page 3
August 5, 2026
•Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).
The Board of Directors will review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“I’m extremely pleased with our record-breaking second quarter performance, highlighted by comparable RevPAR growth of approximately 12.3%, comparable Hotel EBITDA growth of 14.2% and 93 basis points of margin expansion to 28.6%. This Hotel EBITDA growth is particularly notable given the challenging snow year at our Ritz-Carlton Lake Tahoe property. The remainder of our luxury portfolio delivered exceptional property-level performance during the quarter, led by comparable RevPAR growth of 38.4% at Cameo Beverly Hills, 28.4% at The Ritz-Carlton Reserve Dorado Beach, and 20.6% at The Ritz-Carlton, St. Thomas,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Our top-line growth this quarter was driven primarily by rate, as comparable ADR increased 13.1% while occupancy remained essentially flat, reflecting the pricing power of our luxury portfolio in supply-constrained U.S. and Caribbean markets.”
“Additionally, with the recent closings of four property sales and our announced agreement to sell Pier House Resort & Spa, we continue to make meaningful progress on our management spin-out and transition to a self-managed REIT. We look forward to providing additional updates in the near future.”
NON-GAAP MEASURES
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.


BHR Reports Second Quarter Results
Page 4
August 5, 2026
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
About Braemar Hotels & Resorts
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.



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

June 30, 2026December 31, 2025
ASSETS
Investments in hotel properties, gross$1,402,848 $1,902,328 
Accumulated depreciation(304,522)(344,061)
Investments in hotel properties, net1,098,326 1,558,267 
Cash and cash equivalents93,865 124,354 
Restricted cash52,604 42,479 
Accounts receivable, net of allowance of $136 and $113, respectively27,671 32,843 
Inventories3,278 4,741 
Note receivable9,197 8,896 
Prepaid expenses4,342 6,987 
Deposit paid to Ashford Inc. 17,000 17,000 
Deferred costs, net73 75 
Investment in OpenKey— 89 
Derivative assets373 56 
Other assets9,912 15,368 
Operating lease right-of-use assets330 30,743 
Intangible assets, net— 2,746 
Due from third-party hotel managers13,884 17,088 
Assets held for sale327,886 — 
Total assets$1,658,741 $1,861,732 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$745,918 $1,103,450 
Accounts payable and accrued expenses98,222 142,123 
Redeemable preferred stock redemptions payable54,760 30,864 
Dividends and distributions payable3,807 7,672 
Due to Ashford Inc., net680 5,148 
Due to related parties, net199 257 
Due to third-party hotel managers657 1,467 
Operating lease liabilities383 20,058 
Other liabilities7,500 25,572 
Liabilities associated with assets held for sale268,178 — 
Total liabilities1,180,304 1,336,611 
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively65,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 8,637,450 and 10,818,280 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively215,936 265,695 
Series M redeemable preferred stock, $0.01 par value, 1,312,137 and 1,368,091 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively32,820 34,217 
Redeemable noncontrolling interests in operating partnership15,197 19,005 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 and December 31, 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 June 30, 2026 and December 31, 2025, respectively687 682 
Additional paid-in capital707,922 706,488 
Accumulated deficit(561,597)(568,503)
Total stockholders' equity of the Company147,028 138,683 
Noncontrolling interest in consolidated entities2,030 2,095 
Total equity149,058 140,778 
Total liabilities and equity$1,658,741 $1,861,732 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
REVENUE
Rooms$102,183 $109,824 $230,984 $245,916 
Food and beverage45,322 45,571 97,664 97,359 
Other23,521 23,682 51,361 51,622 
Total hotel revenue171,026 179,077 380,009 394,897 
EXPENSES
Hotel operating expenses:
Rooms24,218 27,285 49,096 55,504 
Food and beverage34,897 35,767 73,807 75,977 
Other expenses52,924 56,445 112,802 116,821 
Management fees 5,138 5,541 11,332 12,451 
Total hotel operating expenses117,177 125,038 247,037 260,753 
Property taxes, insurance and other7,507 7,892 12,159 18,357 
Depreciation and amortization21,433 23,360 44,012 46,755 
Advisory services fee:
Base advisory fee3,789 3,477 7,557 7,053 
Reimbursable expenses3,491 3,577 7,127 6,578 
Incentive fee— 188 — 270 
Stock/unit-based compensation— (51)— (99)
Corporate, general and administrative:
Stock/unit-based compensation— 5 — 5 
Other general and administrative4,413 (2,303)9,280 591 
Total operating expenses157,810 161,183 327,172 340,263 
Gain (loss) on disposition of assets and hotel property17,395 — 17,398 — 
OPERATING INCOME (LOSS)30,611 17,894 70,235 54,634 
Equity in earnings (loss) of unconsolidated entity— — (31)— 
Interest income774 1,519 1,584 3,407 
Other income (expense)— (1,250)— (1,250)
Interest expense(18,072)(22,674)(36,858)(45,369)
Amortization of loan costs(2,441)(2,687)(4,850)(4,819)
Write-off of loan costs and exit fees(1,484)(3)(1,489)(1,467)
Realized and unrealized gain (loss) on derivatives35 15 283 (183)
INCOME (LOSS) BEFORE INCOME TAXES9,423 (7,186)28,874 4,953 
Income tax (expense) benefit(2,481)345 (3,898)(1,122)
NET INCOME (LOSS)6,942 (6,841)24,976 3,831 
(Income) loss attributable to noncontrolling interest in consolidated entities48 (115)65 (51)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership48 1,489 (299)1,751 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY7,038 (5,467)24,742 5,531 
Preferred dividends(7,741)(8,992)(15,781)(18,261)
Deemed dividends on redeemable preferred stock(8)(1,559)(4,771)(5,835)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(711)$(16,018)$4,190 $(18,565)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.01)$(0.24)$0.06 $(0.28)
Weighted average common shares outstanding – basic68,679 67,279 68,556 67,013 
Diluted:
Net income (loss) attributable to common stockholders$(0.01)$(0.24)$0.06 $(0.28)
Weighted average common shares outstanding – diluted68,679 67,279 68,556 67,013 
Dividends declared per common share$— $0.05 $— $0.10 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net income (loss)$6,942 $(6,841)$24,976 $3,831 
Interest expense and amortization of loan costs20,513 25,361 41,708 50,188 
Depreciation and amortization 21,433 23,360 44,012 46,755 
Income tax expense (benefit)2,481 (345)3,898 1,122 
Equity in (earnings) loss of unconsolidated entity— — 31 — 
EBITDA51,369 41,535 114,625 101,896 
(Gain) loss on disposition of assets and hotel property(17,395)— (17,398)— 
EBITDAre33,974 41,535 97,227 101,896 
Amortization of favorable (unfavorable) contract assets (liabilities)107 107 214 214 
Transaction and conversion costs1,144 471 3,819 1,166 
Write-off of loan costs and exit fees1,484 3 1,489 1,467 
Realized and unrealized (gain) loss on derivatives(35)(15)(283)183 
Stock/unit-based compensation— (47)— (95)
Legal, advisory and settlement costs808 (4,626)1,312 (4,482)
Advisory services incentive fee— 188 — 270 
Other (income) expense— 1,250 — 1,250 
Severance311 — 548 — 
Adjusted EBITDAre$37,793 $38,866 $104,326 $101,869 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net income (loss)$6,942 $(6,841)$24,976 $3,831 
(Income) loss attributable to noncontrolling interest in consolidated entities48 (115)65 (51)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership48 1,489 (299)1,751 
Preferred dividends(7,741)(8,992)(15,781)(18,261)
Deemed dividends on redeemable preferred stock(8)(1,559)(4,771)(5,835)
Net income (loss) attributable to common stockholders(711)(16,018)4,190 (18,565)
Depreciation and amortization on real estate (1)
21,433 22,690 44,012 45,366 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(48)(1,489)299 (1,751)
Equity in (earnings) loss of unconsolidated entity— — 31 — 
(Gain) loss on disposition of assets and hotel property(17,395)— (17,398)— 
FFO available to common stockholders and OP unitholders3,279 5,183 31,134 25,050 
Deemed dividends on redeemable preferred stock8 1,559 4,771 5,835 
Transaction and conversion costs1,144 471 3,819 1,166 
Write-off of premiums, loan costs and exit fees1,484 3 1,489 1,467 
Unrealized (gain) loss on derivatives(33)165 (273)551 
Stock/unit-based compensation— (47)— (95)
Legal, advisory and settlement costs808 (4,626)1,312 (4,482)
Interest expense accretion on refundable membership club deposits120 135 255 286 
Amortization of loan costs (1)
2,441 2,651 4,850 4,748 
Advisory services incentive fee— 188 — 270 
Other (income) expense— 1,250 — 1,250 
Severance311 — 548 — 
Adjusted FFO available to common stockholders and OP unitholders$9,562 $6,932 $47,905 $36,046 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$0.13 $0.09 $0.65 $0.49 
Weighted average diluted shares73,271 73,571 73,272 73,573 
(1) Net of adjustment for noncontrolling interest in consolidated entities in 2025.
7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 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
BAMLSee footnoteAugust 2026August 2029SOFR (1) + 3.24%$— $407,000 (2)$407,000 $24,069 5.9 %$72,589 17.8 %
BAMLThe Ritz-Carlton Lake TahoeOctober 2026January 2027SOFR (1) + 3.25%— 43,413 (3)43,413 (7,841)(18.1)%7,553 17.4 %
Aareal Capital CorporationCapital HiltonDecember 2026December 2028SOFR (1) + 3.75%— 110,600 (4)110,600 (4,478)(4.0)%15,875 14.4 %
JPMorgan ChaseSee footnoteMarch 2027March 2030SOFR (1) + 2.83%— 209,902 (5)209,902 (2,205)(1.1)%49,241 23.5 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleAugust 2028August 2030SOFR (1) + 3.00%— 180,000 (6)180,000 3,088 1.7 %28,316 15.7 %
Unencumbered HotelCameo Beverly Hills— — — (10,839)N/A(4,058)N/A
Total$— $950,915 $950,915 $1,794 0.2 %$169,516 17.8 %
Percentage— %100.0 %100.0 %
Weighted average interest rate (7)
— %6.82 %6.82 %
All indebtedness is non-recourse.
The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.
(1)    SOFR rate was 3.65% at June 30, 2026.
(2)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(3)    This mortgage loan has one three-month extension option subject to satisfaction of certain conditions.
(4)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(6)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(7)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(8)    The final maturity date assumes all available extension options will be exercised.
(9)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2026
(dollars in thousands)
(unaudited)
LenderHotels20262027202820292030ThereafterTotal
BAML The Ritz-Carlton Lake Tahoe$— $43,413 $— $— $— $— $43,413 
Aareal Capital CorporationCapital Hilton— — 106,600 — — — 106,600 
BAMLSee footnote 1— — — 407,000 — — 407,000 
JPMorgan ChaseSee footnote 2— — — — 209,902 — 209,902 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — — — 174,000 — 174,000 
Due at maturity$— $43,413 $106,600 $407,000 $383,902 $— $940,915 
Amortization payments:
Aareal Capital CorporationCapital Hilton — 2,000 2,000 — — — 4,000 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — 750 3,000 2,250 — 6,000 
Total indebtedness$— $45,413 $109,350 $410,000 $386,152 $— $950,915 
The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.
(1)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(2)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
9


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

ALL HOTELS:
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
Rooms revenue (in thousands)$103,543 $(752)$102,791 $110,883 $(19,261)$91,622 (6.62)%12.19 %
RevPAR$382.86 $(70.84)$395.60 $318.14 $(217.75)$352.29 20.34 %12.29 %
Occupancy70.84 %(27.53)%72.61 %71.85 %(68.15)%73.10 %(1.41)%(0.67)%
ADR$540.47 $(257.34)$544.85 $442.81 $(319.53)$481.90 22.05 %13.06 %
ALL HOTELS:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
Rooms revenue (in thousands)$235,574 $(13,801)$221,773 $250,139 $(47,409)$202,730 (5.82)%9.39 %
RevPAR$432.22 $(493.15)$428.92 $360.83 $(269.48)$391.90 19.78 %9.45 %
Occupancy67.65 %(57.77)%68.18 %68.23 %(68.02)%68.31 %(0.85)%(0.19)%
ADR$638.93 $(853.69)$629.09 $528.83 $(396.19)$573.75 20.82 %9.65 %
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedSix Months Ended
June 30,June 30,
20262025% Variance20262025% Variance
Total hotel revenue$172,138 $179,943 (4.34)%$383,764 $398,352 (3.66)%
Non-comparable adjustments(2,728)(26,568)(24,503)(66,573)
Comparable total hotel revenue$169,410 $153,375 10.45 %$359,261 $331,779 8.28 %
Hotel net income (loss)$34,753 $16,054 116.48 %$78,986 $52,811 49.56 %
Non-comparable adjustments(14,670)660 (20,266)(7,407)
Comparable hotel net income (loss)$20,083 $16,714 20.16 %$58,720 $45,404 29.33 %
Hotel net income (loss) margin20.19 %8.92 %11.27 %20.58 %13.26 %7.32 %
Comparable hotel net income margin11.85 %10.90 %0.95 %16.34 %13.69 %2.65 %
Hotel EBITDA$47,952 $47,793 0.33 %$123,415 $118,534 4.12 %
Non-comparable adjustments455 (5,399)(8,485)(19,645)
Comparable hotel EBITDA$48,407 $42,394 14.18 %$114,930 $98,889 16.22 %
Hotel EBITDA margin27.86 %26.56 %1.30 %32.16 %29.76 %2.40 %
Comparable hotel EBITDA margin28.57 %27.64 %0.93 %31.99 %29.81 %2.18 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$— $100 (100.00)%$13 (100.00)%
Hotel net income (loss) attributable to the Company and OP unitholders$34,753 $15,954 117.83 %$78,986 $52,798 49.60 %
Comparable hotel net income (loss) attributable to the Company and OP unitholders$20,083 $16,610 20.91 %$58,720 $45,363 29.44 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$— $1,516 (100.00)%$2,800 (100.00)%
Hotel EBITDA attributable to the Company and OP unitholders$47,952 $46,277 3.62 %$123,415 $115,734 6.64 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$48,407 $40,875 18.43 %$114,930 $96,072 19.63 %
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$13,161 $— $13,161 $12,819 $— $12,819 2.67 %2.67 %
Total hotel revenue $19,228 $— $19,228 $18,445 $— $18,445 4.25 %4.25 %
Hotel net income (loss)$1,633 $— $1,633 $418 $— $418 290.67 %290.67 %
Hotel net income (loss) margin8.49 %8.49 %2.27 %2.27 %6.22 %6.22 %
Hotel EBITDA$6,621 $— $6,621 $6,076 $— $6,076 8.97 %8.97 %
Hotel EBITDA margin34.43 %34.43 %32.94 %32.94 %1.49 %1.49 %
Selected Operating Information:
RevPAR$258.72 $— $258.72 $251.99 $— $251.99 2.67 %2.67 %
Occupancy84.48 %— %84.48 %84.68 %— %84.68 %(0.24)%(0.24)%
ADR$306.25 $— $306.25 $297.60 $— $297.60 2.91 %2.91 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $— $— $— — %— %
Total hotel revenue $— $— $— $— $— $— — %— %
Hotel net income (loss)$— $— $— $(18)$18 $— 100.00 %— %
Hotel net income (loss) margin— %— %— %— %— %— %
Hotel EBITDA$— $— $— $(12)$12 $— 100.00 %— %
Hotel EBITDA margin— %— %— %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $— $— $— — %— %
Occupancy— %— %— %— %— %— %— %— %
ADR$— $— $— $— $— $— — %— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$9,414 $— $9,414 $8,511 $— $8,511 10.61 %10.61 %
Total hotel revenue $12,288 $— $12,288 $11,620 $— $11,620 5.75 %5.75 %
Hotel net income (loss)$2,556 $— $2,556 $3,772 $— $3,772 (32.24)%(32.24)%
Hotel net income (loss) margin20.80 %20.80 %32.46 %32.46 %(11.66)%(11.66)%
Hotel EBITDA$3,831 $— $3,831 $4,913 $— $4,913 (22.02)%(22.02)%
Hotel EBITDA margin31.18 %31.18 %42.28 %42.28 %(11.10)%(11.10)%
Selected Operating Information:
RevPAR$249.29 $— $249.29 $225.38 $— $225.38 10.61 %10.61 %
Occupancy80.83 %— %80.83 %80.01 %— %80.01 %1.02 %1.02 %
ADR$308.43 $— $308.43 $281.70 $— $281.70 9.49 %9.49 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$4,491 $— $4,491 $4,280 $— $4,280 4.93 %4.93 %
Total hotel revenue $6,094 $— $6,094 $5,819 $— $5,819 4.73 %4.73 %
Hotel net income (loss)$1,131 $— $1,131 $886 $— $886 27.65 %27.65 %
Hotel net income (loss) margin18.56 %18.56 %15.23 %15.23 %3.33 %3.33 %
Hotel EBITDA$2,026 $— $2,026 $1,728 $— $1,728 17.25 %17.25 %
Hotel EBITDA margin33.25 %33.25 %29.70 %29.70 %3.55 %3.55 %
Selected Operating Information:
RevPAR$759.31 $— $759.31 $723.58 $— $723.58 4.94 %4.94 %
Occupancy66.78 %— %66.78 %71.83 %— %71.83 %(7.03)%(7.03)%
ADR$1,137.04 $— $1,137.04 $1,007.29 $— $1,007.29 12.88 %12.88 %
12


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$6,247 $— $6,247 $5,618 $— $5,618 11.20 %11.20 %
Total hotel revenue $8,459 $— $8,459 $7,491 $— $7,491 12.92 %12.92 %
Hotel net income (loss)$3,912 $— $3,912 $2,921 $— $2,921 33.93 %33.93 %
Hotel net income (loss) margin46.25 %46.25 %38.99 %38.99 %7.26 %7.26 %
Hotel EBITDA$4,279 $— $4,279 $3,371 $— $3,371 26.94 %26.94 %
Hotel EBITDA margin50.59 %50.59 %45.00 %45.00 %5.59 %5.59 %
Selected Operating Information:
RevPAR$483.47 $— $483.47 $434.78 $— $434.78 11.20 %11.20 %
Occupancy79.82 %— %79.82 %71.46 %— %71.46 %11.70 %11.70 %
ADR$605.72 $— $605.72 $608.43 $— $608.43 (0.45)%(0.45)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$3,447 $— $3,447 $2,925 $— $2,925 17.85 %17.85 %
Total hotel revenue $4,498 $— $4,498 $4,061 $— $4,061 10.76 %10.76 %
Hotel net income (loss)$1,012 $— $1,012 $733 $— $733 38.06 %38.06 %
Hotel net income (loss) margin22.50 %22.50 %18.05 %18.05 %4.45 %4.45 %
Hotel EBITDA$1,764 $— $1,764 $1,329 $— $1,329 32.73 %32.73 %
Hotel EBITDA margin39.22 %39.22 %32.73 %32.73 %6.49 %6.49 %
Selected Operating Information:
RevPAR$473.50 $— $473.50 $401.78 $— $401.78 17.85 %17.85 %
Occupancy64.24 %— %64.24 %62.36 %— %62.36 %3.01 %3.01 %
ADR$737.03 $— $737.03 $644.27 $— $644.27 14.40 %14.40 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$752 $(752)$— $1,471 $(1,471)$— (48.88)%— %
Total hotel revenue $2,728 $(2,728)$— $4,516 $(4,516)$— (39.59)%— %
Hotel net income (loss)$14,657 $(14,657)$— $(4,702)$4,702 $— 411.72 %— %
Hotel net income (loss) margin537.28 %— %(104.12)%— %641.40 %— %
Hotel EBITDA$(486)$486 $— $(1,831)$1,831 $— 73.46 %— %
Hotel EBITDA margin(17.82)%— %(40.54)%— %22.72 %— %
Selected Operating Information:
RevPAR$70.84 $70.84 $70.84 $83.72 $83.72 $83.72 (15.38)%(15.38)%
Occupancy27.53 %27.53 %27.53 %27.17 %27.17 %27.17 %1.32 %1.32 %
ADR$257.34 $257.34 $257.34 $308.20 $308.20 $308.20 (16.50)%(16.50)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$9,641 $— $9,641 $8,565 $— $8,565 12.56 %12.56 %
Total hotel revenue $12,676 $— $12,676 $10,956 $— $10,956 15.70 %15.70 %
Hotel net income (loss)$3,910 $— $3,910 $2,803 $— $2,803 39.49 %39.49 %
Hotel net income (loss) margin30.85 %30.85 %25.58 %25.58 %5.27 %5.27 %
Hotel EBITDA$5,213 $— $5,213 $4,139 $— $4,139 25.95 %25.95 %
Hotel EBITDA margin41.12 %41.12 %37.78 %37.78 %3.34 %3.34 %
Selected Operating Information:
RevPAR$212.32 $— $212.32 $188.61 $— $188.61 12.57 %12.57 %
Occupancy73.89 %— %73.89 %75.95 %— %75.95 %(2.71)%(2.71)%
ADR$287.34 $— $287.34 $248.35 $— $248.35 15.70 %15.70 %
13


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$— $— $— $8,911 $(8,911)$— (100.00)%— %
Total hotel revenue $— $— $— $10,713 $(10,713)$— (100.00)%— %
Hotel net income (loss)$(18)$18 $— $1,022 $(1,022)$— (101.76)%— %
Hotel net income (loss) margin— %— %9.54 %— %(9.54)%— %
Hotel EBITDA$— $— $— $2,501 $(2,501)$— (100.00)%— %
Hotel EBITDA margin— %— %23.35 %— %(23.35)%— %
Selected Operating Information:
RevPAR$— $— $— $238.83 $238.83 $— (100.00)%— %
Occupancy— %— %— %74.47 %74.47 %— %(100.00)%— %
ADR$— $— $— $320.71 $320.71 $— (100.00)%— %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$11,283 $— $11,283 $9,555 $— $9,555 18.08 %18.08 %
Total hotel revenue $28,134 $— $28,134 $24,533 $— $24,533 14.68 %14.68 %
Hotel net income (loss)$6,677 $— $6,677 $4,621 $— $4,621 44.49 %44.49 %
Hotel net income (loss) margin23.73 %23.73 %18.84 %18.84 %4.89 %4.89 %
Hotel EBITDA$8,357 $— $8,357 $6,761 $— $6,761 23.61 %23.61 %
Hotel EBITDA margin29.70 %29.70 %27.56 %27.56 %2.14 %2.14 %
Selected Operating Information:
RevPAR$449.23 $— $449.23 $380.44 $— $380.44 18.08 %18.08 %
Occupancy78.39 %— %78.39 %71.31 %— %71.31 %9.93 %9.93 %
ADR$573.05 $— $573.05 $533.50 $— $533.50 7.41 %7.41 %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$3,886 $— $3,886 $4,353 $— $4,353 (10.73)%(10.73)%
Total hotel revenue $8,127 $— $8,127 $10,655 $— $10,655 (23.73)%(23.73)%
Hotel net income (loss)$(4,772)$— $(4,772)$(3,021)$— $(3,021)(57.96)%(57.96)%
Hotel net income (loss) margin(58.72)%(58.72)%(28.35)%(28.35)%(30.37)%(30.37)%
Hotel EBITDA$(1,118)$— $(1,118)$664 $— $664 (268.37)%(268.37)%
Hotel EBITDA margin(13.76)%(13.76)%6.23 %6.23 %(19.99)%(19.99)%
Selected Operating Information:
RevPAR$233.36 $— $233.36 $261.42 $— $261.42 (10.73)%(10.73)%
Occupancy35.78 %— %35.78 %49.66 %— %49.66 %(27.95)%(27.95)%
ADR$652.16 $— $652.16 $526.40 $— $526.40 23.89 %23.89 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— $8,879 $(8,879)$— (100.00)%— %
Total hotel revenue $— $— $— $11,339 $(11,339)$— (100.00)%— %
Hotel net income (loss)$31 $(31)$— $3,038 $(3,038)$— (98.98)%— %
Hotel net income (loss) margin— %— %26.79 %— %(26.79)%— %
Hotel EBITDA$31 $(31)$— $4,741 $(4,741)$— (99.35)%— %
Hotel EBITDA margin— %— %41.81 %— %(41.81)%— %
Selected Operating Information:
RevPAR$— $— $— $264.42 $264.42 $— (100.00)%— %
Occupancy— %— %— %82.56 %82.56 %— %(100.00)%— %
ADR$— $— $— $320.29 $320.29 $— (100.00)%— %
14


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$12,260 $— $12,260 $10,168 $— $10,168 20.57 %20.57 %
Total hotel revenue $20,990 $— $20,990 $17,487 $— $17,487 20.03 %20.03 %
Hotel net income (loss)$2,178 $— $2,178 $3,115 $— $3,115 (30.08)%(30.08)%
Hotel net income (loss) margin10.38 %10.38 %17.81 %17.81 %(7.43)%(7.43)%
Hotel EBITDA$4,878 $— $4,878 $4,149 $— $4,149 17.57 %17.57 %
Hotel EBITDA margin23.24 %23.24 %23.73 %23.73 %(0.49)%(0.49)%
Selected Operating Information:
RevPAR$748.48 $— $748.48 $620.74 $— $620.74 20.58 %20.58 %
Occupancy68.26 %— %68.26 %63.57 %— %63.57 %7.38 %7.38 %
ADR$1,096.51 $— $1,096.51 $976.44 $— $976.44 12.30 %12.30 %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$3,553 $— $3,553 $2,616 $— $2,616 35.82 %35.82 %
Total hotel revenue $4,230 $— $4,230 $3,293 $— $3,293 28.45 %28.45 %
Hotel net income (loss)$(1,899)$— $(1,899)$(1,161)$— $(1,161)(63.57)%(63.57)%
Hotel net income (loss) margin(44.89)%(44.89)%(35.26)%(35.26)%(9.63)%(9.63)%
Hotel EBITDA$173 $— $173 $(223)$— $(223)177.58 %177.58 %
Hotel EBITDA margin4.09 %4.09 %(6.77)%(6.77)%10.86 %10.86 %
Selected Operating Information:
RevPAR$278.23 $— $278.23 $201.08 $— $201.08 38.37 %38.37 %
Occupancy72.07 %— %72.07 %75.72 %— %75.72 %(4.82)%(4.82)%
ADR$386.08 $— $386.08 $265.57 $— $265.57 45.38 %45.38 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$15,994 $— $15,994 $12,454 $— $12,454 28.42 %28.42 %
Total hotel revenue $26,119 $— $26,119 $19,735 $— $19,735 32.35 %32.35 %
Hotel net income (loss)$4,482 $— $4,482 $1,460 $— $1,460 206.99 %206.99 %
Hotel net income (loss) margin17.16 %17.16 %7.40 %7.40 %9.76 %9.76 %
Hotel EBITDA$6,989 $— $6,989 $3,544 $— $3,544 97.21 %97.21 %
Hotel EBITDA margin26.76 %26.76 %17.96 %17.96 %8.80 %8.80 %
Selected Operating Information:
RevPAR$1,657.98 $— $1,657.98 $1,291.06 $— $1,291.06 28.42 %28.42 %
Occupancy70.53 %— %70.53 %61.50 %— %61.50 %14.68 %14.68 %
ADR$2,350.86 $— $2,350.86 $2,099.39 $— $2,099.39 11.98 %11.98 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$9,414 $— $9,414 $9,758 $— $9,758 (3.53)%(3.53)%
Total hotel revenue$18,567 $— $18,567 $19,280 $— $19,280 (3.70)%(3.70)%
Hotel net income (loss)$(737)$— $(737)$167 $— $167 (541.32)%(541.32)%
Hotel net income (loss) margin(3.97)%(3.97)%0.87 %0.87 %(4.84)%(4.84)%
Hotel EBITDA$5,394 $— $5,394 $5,943 $— $5,943 (9.24)%(9.24)%
Hotel EBITDA margin29.05 %29.05 %30.82 %30.82 %(1.77)%(1.77)%
Selected Operating Information:
RevPAR$492.62 $— $492.62 $510.64 $— $510.64 (3.53)%(3.53)%
Occupancy51.44 %— %51.44 %62.56 %— %62.56 %(17.77)%(17.77)%
ADR$957.58 $— $957.58 $816.25 $— $816.25 17.31 %17.31 %
15


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$67,774 $(752)$67,022 $60,582 $(1,471)$59,111 11.87 %13.38 %
Total hotel revenue$123,716 $(2,728)$120,988 $113,577 $(4,516)$109,061 8.93 %10.94 %
Hotel net income (loss)$28,540 $(14,657)$13,883 $6,162 $4,720 $10,882 363.16 %27.58 %
Hotel net income (loss) margin23.07 %11.47 %5.43 %9.98 %17.64 %1.49 %
Hotel EBITDA$32,083 $486 $32,569 $25,646 $1,843 $27,489 25.10 %18.48 %
Hotel EBITDA margin25.93 %26.92 %22.58 %25.21 %3.35 %1.71 %
Selected Operating Information:
RevPAR$548.17 $70.84 $593.00 $463.92 $83.72 $523.01 18.16 %13.38 %
Occupancy60.93 %(27.53)%64.06 %59.18 %— %64.15 %2.96 %(0.14)%
ADR$899.74 $(257.34)$925.66 $783.98 $— $815.29 14.77 %13.54 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$35,769 $— $35,769 $50,301 $(17,790)$32,511 (28.89)%10.02 %
Total hotel revenue$48,422 $— $48,422 $66,366 $(22,052)$44,314 (27.04)%9.27 %
Hotel net income (loss)$6,213 $(13)$6,200 $9,892 $(4,060)$5,832 (37.19)%6.31 %
Hotel net income (loss) margin12.83 %12.80 %14.91 %13.16 %(2.08)%(0.36)%
Hotel EBITDA$15,869 $(31)$15,838 $22,147 $(7,242)$14,905 (28.35)%6.26 %
Hotel EBITDA margin32.77 %32.71 %33.37 %33.63 %(0.60)%(0.92)%
Selected Operating Information:
RevPAR$243.64 $— $243.64 $230.80 $250.95 $221.08 5.56 %10.20 %
Occupancy79.19 %— %79.19 %79.44 %78.30 %79.99 %(0.31)%(1.00)%
ADR$307.68 $— $307.68 $290.54 $320.50 $276.40 5.90 %11.32 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$103,543 $(752)$102,791 $110,883 $(19,261)$91,622 (6.62)%12.19 %
Total hotel revenue $172,138 $(2,728)$169,410 $179,943 $(26,568)$153,375 (4.34)%10.45 %
Hotel net income (loss)$34,753 $(14,670)$20,083 $16,054 $660 $16,714 116.48 %20.16 %
Hotel net income (loss) margin20.19 %11.85 %8.92 %10.90 %11.27 %0.95 %
Hotel EBITDA$47,952 $455 $48,407 $47,793 $(5,399)$42,394 0.33 %14.18 %
Hotel EBITDA margin27.86 %28.57 %26.56 %27.64 %1.30 %0.93 %
Selected Operating Information:
RevPAR$382.86 $(70.84)$395.60 $318.14 $(217.75)$352.29 20.34 %12.29 %
Occupancy70.84 %(27.53)%72.61 %71.85 %(68.15)%73.10 %(1.41)%(0.67)%
ADR$540.47 $(257.34)$544.85 $442.81 $(319.53)$481.90 22.05 %13.06 %
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(4)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills
(5)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
16


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$22,523 $— $22,523 $23,623 $— $23,623 (4.66)%(4.66)%
Total hotel revenue$35,102 $— $35,102 $35,752 $— $35,752 (1.82)%(1.82)%
Hotel net income (loss)$408 $— $408 $164 $— $164 148.78 %148.78 %
Hotel net income (loss) margin1.16 %1.16 %0.46 %0.46 %0.70 %0.70 %
Hotel EBITDA$10,280 $— $10,280 $11,267 $— $11,267 (8.76)%(8.76)%
Hotel EBITDA margin29.29 %29.29 %31.51 %31.51 %(2.22)%(2.22)%
Selected Operating Information:
RevPAR$222.61 $— $222.61 $233.48 $— $233.48 (4.66)%(4.66)%
Occupancy77.16 %— %77.16 %77.74 %— %77.74 %(0.75)%(0.75)%
ADR$288.48 $— $288.48 $300.32 $— $300.32 (3.94)%(3.94)%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $— $— $— — %— %
Total hotel revenue$— $— $— $— $— $— — %— %
Hotel net income (loss)$— $— $— $(114)$114 $— 100.00 %— %
Hotel net income (loss) margin— %— %— %— %— %— %
Hotel EBITDA$— $— $— $(70)$70 $— 100.00 %— %
Hotel EBITDA margin— %— %— %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $— $— $— — %— %
Occupancy— %— %— %— %— %— %— %— %
ADR$— $— $— $— $— $— — %— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$12,639 $— $12,639 $11,646 $— $11,646 8.53 %8.53 %
Total hotel revenue$16,741 $— $16,741 $15,938 $— $15,938 5.04 %5.04 %
Hotel net income (loss)$2,831 $— $2,831 $214 $— $214 1,222.90 %1,222.90 %
Hotel net income (loss) margin16.91 %16.91 %1.34 %1.34 %15.57 %15.57 %
Hotel EBITDA$5,207 $— $5,207 $2,508 $— $2,508 107.62 %107.62 %
Hotel EBITDA margin31.10 %31.10 %15.74 %15.74 %15.36 %15.36 %
Selected Operating Information:
RevPAR$168.26 $— $168.26 $155.05 $— $155.05 8.52 %8.52 %
Occupancy64.21 %— %64.21 %64.09 %— %64.09 %0.19 %0.19 %
ADR$262.05 $— $262.05 $241.91 $— $241.91 8.33 %8.33 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$7,237 $— $7,237 $6,568 $— $6,568 10.19 %10.19 %
Total hotel revenue$10,086 $— $10,086 $9,211 $— $9,211 9.50 %9.50 %
Hotel net income (loss)$562 $— $562 $(269)$— $(269)308.92 %308.92 %
Hotel net income (loss) margin5.57 %5.57 %(2.92)%(2.92)%8.49 %8.49 %
Hotel EBITDA$2,361 $— $2,361 $1,509 $— $1,509 56.46 %56.46 %
Hotel EBITDA margin23.41 %23.41 %16.38 %16.38 %7.03 %7.03 %
Selected Operating Information:
RevPAR$615.09 $— $615.09 $558.25 $— $558.25 10.18 %10.18 %
Occupancy58.12 %— %58.12 %60.34 %— %60.34 %(3.68)%(3.68)%
ADR$1,058.28 $— $1,058.28 $925.17 $— $925.17 14.39 %14.39 %
17


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$14,905 $— $14,905 $13,472 $— $13,472 10.64 %10.64 %
Total hotel revenue$19,374 $— $19,374 $17,417 $— $17,417 11.24 %11.24 %
Hotel net income (loss)$9,963 $— $9,963 $8,043 $— $8,043 23.87 %23.87 %
Hotel net income (loss) margin51.42 %51.42 %46.18 %46.18 %5.24 %5.24 %
Hotel EBITDA$10,712 $— $10,712 $8,957 $— $8,957 19.59 %19.59 %
Hotel EBITDA margin55.29 %55.29 %51.43 %51.43 %3.86 %3.86 %
Selected Operating Information:
RevPAR$579.92 $— $579.92 $524.16 $— $524.16 10.64 %10.64 %
Occupancy83.81 %— %83.81 %75.59 %— %75.59 %10.87 %10.87 %
ADR$691.95 $— $691.95 $693.39 $— $693.39 (0.21)%(0.21)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$4,865 $— $4,865 $4,396 $— $4,396 10.67 %10.67 %
Total hotel revenue$6,491 $— $6,491 $6,036 $— $6,036 7.54 %7.54 %
Hotel net income (loss)$(94)$— $(94)$(279)$— $(279)66.31 %66.31 %
Hotel net income (loss) margin(1.45)%(1.45)%(4.62)%(4.62)%3.17 %3.17 %
Hotel EBITDA$1,441 $— $1,441 $886 $— $886 62.64 %62.64 %
Hotel EBITDA margin22.20 %22.20 %14.68 %14.68 %7.52 %7.52 %
Selected Operating Information:
RevPAR$335.98 $— $335.98 $303.59 $— $303.59 10.67 %10.67 %
Occupancy50.02 %— %50.02 %48.93 %— %48.93 %2.23 %2.23 %
ADR$671.68 $— $671.68 $620.46 $— $620.46 8.26 %8.26 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$13,801 $(13,801)$— $15,294 $(15,294)$— (9.76)%— %
Total hotel revenue$24,503 $(24,503)$— $26,918 $(26,918)$— (8.97)%— %
Hotel net income (loss)$20,250 $(20,250)$— $2,385 $(2,385)$— 749.06 %— %
Hotel net income (loss) margin82.64 %— %8.86 %— %73.78 %— %
Hotel EBITDA$8,454 $(8,454)$— $8,076 $(8,076)$— 4.68 %— %
Hotel EBITDA margin34.50 %— %30.00 %— %4.50 %— %
Selected Operating Information:
RevPAR$493.15 $493.15 $493.15 $437.81 $437.81 $437.81 12.64 %12.64 %
Occupancy57.77 %57.77 %57.77 %53.48 %53.48 %53.48 %8.02 %8.02 %
ADR$853.69 $853.69 $853.69 $818.61 $818.61 $818.61 4.29 %4.29 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$15,398 $— $15,398 $14,035 $— $14,035 9.71 %9.71 %
Total hotel revenue$20,641 $— $20,641 $18,638 $— $18,638 10.75 %10.75 %
Hotel net income (loss)$4,124 $— $4,124 $3,213 $— $3,213 28.35 %28.35 %
Hotel net income (loss) margin19.98 %19.98 %17.24 %17.24 %2.74 %2.74 %
Hotel EBITDA$6,806 $— $6,806 $5,845 $— $5,845 16.44 %16.44 %
Hotel EBITDA margin32.97 %32.97 %31.36 %31.36 %1.61 %1.61 %
Selected Operating Information:
RevPAR$170.48 $— $170.48 $155.39 $— $155.39 9.71 %9.71 %
Occupancy66.59 %— %66.59 %66.91 %— %66.91 %(0.48)%(0.48)%
ADR$256.03 $— $256.03 $232.25 $— $232.25 10.24 %10.24 %
18


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$— $— $— $18,655 $(18,655)$— (100.00)%— %
Total hotel revenue$— $— $— $22,020 $(22,020)$— (100.00)%— %
Hotel net income (loss)$(15)$15 $— $2,462 $(2,462)$— (100.61)%— %
Hotel net income (loss) margin— %— %11.18 %— %— %— %
Hotel EBITDA$— $— $— $5,525 $(5,525)$— (100.00)%— %
Hotel EBITDA margin— %— %25.09 %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $251.39 $251.39 $251.39 — %(100.00)%
Occupancy— %— %— %71.17 %71.17 %71.17 %— %(100.00)%
ADR$— $— $— $353.24 $353.24 $353.24 — %(100.00)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$25,340 $— $25,340 $22,112 $— $22,112 14.60 %14.60 %
Total hotel revenue$60,940 $— $60,940 $54,417 $— $54,417 11.99 %11.99 %
Hotel net income (loss)$16,468 $— $16,468 $13,323 $— $13,323 23.61 %23.61 %
Hotel net income (loss) margin27.02 %27.02 %24.48 %24.48 %2.54 %2.54 %
Hotel EBITDA$20,366 $— $20,366 $17,314 $— $17,314 17.63 %17.63 %
Hotel EBITDA margin33.42 %33.42 %31.82 %31.82 %1.60 %1.60 %
Selected Operating Information:
RevPAR$507.25 $— $507.25 $442.63 $— $442.63 14.60 %14.60 %
Occupancy79.03 %— %79.03 %74.28 %— %74.28 %6.39 %6.39 %
ADR$641.87 $— $641.87 $595.91 $— $595.91 7.71 %7.71 %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$16,185 $— $16,185 $16,592 $— $16,592 (2.45)%(2.45)%
Total hotel revenue$27,650 $— $27,650 $30,071 $— $30,071 (8.05)%(8.05)%
Hotel net income (loss)$(2,753)$— $(2,753)$(1,763)$— $(1,763)(56.15)%(56.15)%
Hotel net income (loss) margin(9.96)%(9.96)%(5.86)%(5.86)%(4.10)%(4.10)%
Hotel EBITDA$4,661 $— $4,661 $5,656 $— $5,656 (17.59)%(17.59)%
Hotel EBITDA margin16.86 %16.86 %18.81 %18.81 %(1.95)%(1.95)%
Selected Operating Information:
RevPAR$488.64 $— $488.64 $500.94 $— $500.94 (2.46)%(2.46)%
Occupancy45.97 %— %45.97 %52.70 %— %52.70 %(12.77)%(12.77)%
ADR$1,063.06 $— $1,063.06 $950.48 $— $950.48 11.84 %11.84 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— $13,460 $(13,460)$— (100.00)%— %
Total hotel revenue$— $— $— $17,635 $(17,635)$— (100.00)%— %
Hotel net income (loss)$31 $(31)$— $2,674 $(2,674)$— (98.84)%— %
Hotel net income (loss) margin— %— %15.16 %— %— %— %
Hotel EBITDA$31 $(31)$— $6,114 $(6,114)$— (99.49)%— %
Hotel EBITDA margin— %— %34.67 %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $201.53 $201.53 $— — %— %
Occupancy— %— %— %72.12 %72.12 %— %— %— %
ADR$— $— $— $279.45 $279.45 $— — %— %
19


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$30,957 $— $30,957 $26,515 $— $26,515 16.75 %16.75 %
Total hotel revenue$48,686 $— $48,686 $41,863 $— $41,863 16.30 %16.30 %
Hotel net income (loss)$11,740 $— $11,740 $11,014 $— $11,014 6.59 %6.59 %
Hotel net income (loss) margin24.11 %24.11 %26.31 %26.31 %(2.20)%(2.20)%
Hotel EBITDA$16,036 $— $16,036 $13,462 $— $13,462 19.12 %19.12 %
Hotel EBITDA margin32.94 %32.94 %32.16 %32.16 %0.78 %0.78 %
Selected Operating Information:
RevPAR$950.17 $— $950.17 $813.85 $— $813.85 16.75 %16.75 %
Occupancy74.05 %— %74.05 %69.58 %— %69.58 %6.42 %6.42 %
ADR$1,283.12 $— $1,283.12 $1,169.72 $— $1,169.72 9.69 %9.69 %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$5,588 $— $5,588 $4,790 $— $4,790 16.66 %16.66 %
Total hotel revenue$6,949 $— $6,949 $6,431 $— $6,431 8.05 %8.05 %
Hotel net income (loss)$(4,953)$— $(4,953)$(2,538)$— $(2,538)(95.15)%(95.15)%
Hotel net income (loss) margin(71.28)%(71.28)%(39.47)%(39.47)%(31.81)%(31.81)%
Hotel EBITDA$(799)$— $(799)$(705)$— $(705)(13.33)%(13.33)%
Hotel EBITDA margin(11.50)%(11.50)%(10.96)%(10.96)%(0.54)%(0.54)%
Selected Operating Information:
RevPAR$217.93 $— $217.93 $185.02 $— $185.02 17.79 %17.79 %
Occupancy58.60 %— %58.60 %67.90 %— %67.90 %(13.70)%(13.70)%
ADR$371.88 $— $371.88 $272.50 $— $272.50 36.47 %36.47 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$40,455 $— $40,455 $34,935 $— $34,935 15.80 %15.80 %
Total hotel revenue $60,256 $— $60,256 $50,839 $— $50,839 18.52 %18.52 %
Hotel net income (loss)$15,225 $— $15,225 $8,680 $— $8,680 75.40 %75.40 %
Hotel net income (loss) margin25.27 %25.27 %17.07 %17.07 %8.20 %8.20 %
Hotel EBITDA$20,462 $— $20,462 $15,089 $— $15,089 35.61 %35.61 %
Hotel EBITDA margin33.96 %33.96 %29.68 %29.68 %4.28 %4.28 %
Selected Operating Information:
RevPAR$2,108.64 $— $2,108.64 $1,820.81 $— $1,820.81 15.81 %15.81 %
Occupancy71.24 %— %71.24 %66.66 %— %66.66 %6.87 %6.87 %
ADR$2,959.93 $— $2,959.93 $2,731.35 $— $2,731.35 8.37 %8.37 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$25,681 $— $25,681 $24,046 $— $24,046 6.80 %6.80 %
Total hotel revenue$46,345 $— $46,345 $45,166 $— $45,166 2.61 %2.61 %
Hotel net income (loss)$5,199 $— $5,199 $5,602 $— $5,602 (7.19)%(7.19)%
Hotel net income (loss) margin11.22 %11.22 %12.40 %12.40 %(1.18)%(1.18)%
Hotel EBITDA$17,397 $— $17,397 $17,101 $— $17,101 1.73 %1.73 %
Hotel EBITDA margin37.54 %37.54 %37.86 %37.86 %(0.32)%(0.32)%
Selected Operating Information:
RevPAR$675.64 $— $675.64 $632.62 $— $632.62 6.80 %6.80 %
Occupancy60.36 %— %60.36 %65.51 %— %65.51 %(7.86)%(7.86)%
ADR$1,119.29 $— $1,119.29 $965.74 $— $965.74 15.90 %15.90 %
20


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202620262026202520252025% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$179,426 $(13,801)$165,625 $163,930 $(15,294)$148,636 9.45 %11.43 %
Total hotel revenue$304,331 $(24,503)$279,828 $281,938 $(26,918)$255,020 7.94 %9.73 %
Hotel net income (loss)$76,560 $(20,250)$56,310 $46,622 $(2,271)$44,351 64.21 %26.96 %
Hotel net income (loss) margin25.16 %20.12 %16.54 %17.39 %8.62 %2.73 %
Hotel EBITDA$101,890 $(8,454)$93,436 $87,980 $(8,006)$79,974 15.81 %16.83 %
Hotel EBITDA margin33.48 %33.39 %31.21 %31.36 %2.27 %2.03 %
Selected Operating Information:
RevPAR$709.80 $493.15 $736.76 $631.14 $437.81 $661.18 12.46 %11.43 %
Occupancy66.15 %57.77 %67.20 %64.38 %53.48 %66.07 %2.75 %1.71 %
ADR$1,072.94 $853.69 $1,096.40 $980.34 $818.61 $1,000.68 9.45 %9.57 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$56,148 $— $56,148 $86,209 $(32,115)$54,094 (34.87)%3.80 %
Total hotel revenue$79,433 $— $79,433 $116,414 $(39,655)$76,759 (31.77)%3.48 %
Hotel net income (loss)$2,426 $(16)$2,410 $6,189 $(5,136)$1,053 (60.80)%128.87 %
Hotel net income (loss) margin3.05 %3.03 %5.32 %1.37 %(2.27)%1.66 %
Hotel EBITDA$21,525 $(31)$21,494 $30,554 $(11,639)$18,915 (29.55)%13.63 %
Hotel EBITDA margin27.10 %27.06 %26.25 %24.64 %0.85 %2.42 %
Selected Operating Information:
RevPAR$192.12 $— $192.12 $198.87 $227.77 $184.94 (3.39)%3.88 %
Occupancy68.94 %— %68.94 %70.54 %71.62 %70.02 %(2.27)%(1.54)%
ADR$278.69 $— $278.69 $281.93 $318.04 $264.12 (1.15)%5.52 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$235,574 $(13,801)$221,773 $250,139 $(47,409)$202,730 (5.82)%9.39 %
Total hotel revenue $383,764 $(24,503)$359,261 $398,352 $(66,573)$331,779 (3.66)%8.28 %
Hotel net income (loss)$78,986 $(20,266)$58,720 $52,811 $(7,407)$45,404 49.56 %29.33 %
Hotel net income (loss) margin20.58 %16.34 %13.26 %13.69 %7.32 %2.65 %
Hotel EBITDA$123,415 $(8,485)$114,930 $118,534 $(19,645)$98,889 4.12 %16.22 %
Hotel EBITDA margin32.16 %31.99 %29.76 %29.81 %2.40 %2.18 %
Selected Operating Information:
RevPAR$432.22 $(493.15)$428.92 $360.83 $(269.48)$391.90 19.78 %9.45 %
Occupancy67.65 %(57.77)%68.18 %68.23 %(68.02)%68.31 %(0.85)%(0.19)%
ADR$638.93 $(853.69)$629.09 $528.83 $(396.19)$573.75 20.82 %9.65 %
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, 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
21


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202620262026
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$40,428 $— $40,428 
Total hotel revenue$63,930 $— $63,930 
Hotel net income$(4,478)$— $(4,478)
Hotel net income margin(7.00)%(7.00)%
Hotel EBITDA$15,875 $— $15,875 
Hotel EBITDA margin24.83 %24.83 %
Selected Operating Information:
RevPAR$198.14 $— $198.14 
Occupancy74.03 %— %74.03 %
ADR$267.64 $— $267.64 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— 
Total hotel revenue$— $— $— 
Hotel net income$1,230 $(1,230)$— 
Hotel net income margin— %— %
Hotel EBITDA$1,460 $(1,460)$— 
Hotel EBITDA margin— %— %
Selected Operating Information:
RevPAR$— $— $— 
Occupancy— %— %— %
ADR$— $— $— 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$28,675 $— $28,675 
Total hotel revenue$38,323 $— $38,323 
Hotel net income$(26,045)$— $(26,045)
Hotel net income margin(67.96)%(67.96)%
Hotel EBITDA$8,919 $— $8,919 
Hotel EBITDA margin23.27 %23.27 %
Selected Operating Information:
RevPAR$189.31 $— $189.31 
Occupancy69.88 %— %69.88 %
ADR$270.89 $— $270.89 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$16,042 $— $16,042 
Total hotel revenue$21,976 $— $21,976 
Hotel net income$(6,729)$— $(6,729)
Hotel net income margin(30.62)%(30.62)%
Hotel EBITDA$5,553 $— $5,553 
Hotel EBITDA margin25.27 %25.27 %
Selected Operating Information:
RevPAR$676.18 $— $676.18 
Occupancy66.05 %— %66.05 %
ADR$1,023.77 $— $1,023.77 
22


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202620262026
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$24,765 $— $24,765 
Total hotel revenue$32,794 $— $32,794 
Hotel net income$14,389 $— $14,389 
Hotel net income margin43.88 %43.88 %
Hotel EBITDA$15,983 $— $15,983 
Hotel EBITDA margin48.74 %48.74 %
Selected Operating Information:
RevPAR$477.81 $— $477.81 
Occupancy78.17 %— %78.17 %
ADR$611.25 $— $611.25 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$10,595 $— $10,595 
Total hotel revenue$13,990 $— $13,990 
Hotel net income$(14,910)$— $(14,910)
Hotel net income margin(106.58)%(106.58)%
Hotel EBITDA$3,611 $— $3,611 
Hotel EBITDA margin25.81 %25.81 %
Selected Operating Information:
RevPAR$362.82 $— $362.82 
Occupancy54.88 %— %54.88 %
ADR$661.06 $— $661.06 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$21,410 $(21,410)$— 
Total hotel revenue$43,078 $(43,078)$— 
Hotel net income$16,382 $(16,382)$— 
Hotel net income margin38.03 %— %
Hotel EBITDA$11,138 $(11,138)$— 
Hotel EBITDA margin25.86 %— %
Selected Operating Information:
RevPAR$337.18 $337.18 $337.18 
Occupancy48.21 %48.21 %48.21 %
ADR$699.36 $699.36 $699.36 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$28,658 $— $28,658 
Total hotel revenue$38,523 $— $38,523 
Hotel net income$6,966 $— $6,966 
Hotel net income margin18.08 %18.08 %
Hotel EBITDA$12,444 $— $12,444 
Hotel EBITDA margin32.30 %32.30 %
Selected Operating Information:
RevPAR$157.34 $— $157.34 
Occupancy65.00 %— %65.00 %
ADR$242.07 $— $242.07 
23


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202620262026
THE CLANCY
Selected Financial Information:
Rooms revenue$13,177 $(13,177)$— 
Total hotel revenue$15,536 $(15,536)$— 
Hotel net income$43,614 $(43,614)$— 
Hotel net income margin280.73 %— %
Hotel EBITDA$3,713 $(3,713)$— 
Hotel EBITDA margin23.90 %— %
Selected Operating Information:
RevPAR$251.18 $251.18 $— 
Occupancy74.27 %74.27 %— %
ADR$338.22 $338.22 $— 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$40,000 $— $40,000 
Total hotel revenue$100,448 $— $100,448 
Hotel net income$18,768 $— $18,768 
Hotel net income margin18.68 %18.68 %
Hotel EBITDA$28,165 $— $28,165 
Hotel EBITDA margin28.04 %28.04 %
Selected Operating Information:
RevPAR$397.05 $— $397.05 
Occupancy68.24 %— %68.24 %
ADR$581.88 $— $581.88 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$29,900 $— $29,900 
Total hotel revenue$54,650 $— $54,650 
Hotel net income$(7,841)$— $(7,841)
Hotel net income margin(14.35)%(14.35)%
Hotel EBITDA$7,553 $— $7,553 
Hotel EBITDA margin13.82 %13.82 %
Selected Operating Information:
RevPAR$447.65 $— $447.65 
Occupancy49.45 %— %49.45 %
ADR$905.28 $— $905.28 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$4,982 $(4,982)$— 
Total hotel revenue$6,133 $(6,133)$— 
Hotel net income$43,235 $(43,235)$— 
Hotel net income margin704.96 %— %
Hotel EBITDA$2,790 $(2,790)$— 
Hotel EBITDA margin45.49 %— %
Selected Operating Information:
RevPAR$365.41 $365.41 $— 
Occupancy88.50 %88.50 %— %
ADR$412.89 $412.89 $— 
24


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202620262026
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$46,651 $— $46,651 
Total hotel revenue$74,752 $— $74,752 
Hotel net income$12,551 $— $12,551 
Hotel net income margin16.79 %16.79 %
Hotel EBITDA$19,277 $— $19,277 
Hotel EBITDA margin25.79 %25.79 %
Selected Operating Information:
RevPAR$710.05 $— $710.05 
Occupancy62.81 %— %62.81 %
ADR$1,130.40 $— $1,130.40 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$8,493 $— $8,493 
Total hotel revenue$10,698 $— $10,698 
Hotel net income$(10,839)$— $(10,839)
Hotel net income margin(101.32)%(101.32)%
Hotel EBITDA$(4,058)$— $(4,058)
Hotel EBITDA margin(37.93)%(37.93)%
Selected Operating Information:
RevPAR$163.48 $— $163.48 
Occupancy47.97 %— %47.97 %
ADR$340.79 $— $340.79 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$66,801 $— $66,801 
Total hotel revenue $100,540 $— $100,540 
Hotel net income$16,874 $— $16,874 
Hotel net income margin16.78 %16.78 %
Hotel EBITDA$27,878 $— $27,878 
Hotel EBITDA margin27.73 %27.73 %
Selected Operating Information:
RevPAR$1,726.55 $— $1,726.55 
Occupancy65.42 %— %65.42 %
ADR$2,639.08 $— $2,639.08 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$41,664 $— $41,664 
Total hotel revenue$80,453 $— $80,453 
Hotel net income (loss)$3,088 $— $3,088 
Hotel net income (loss) margin3.84 %3.84 %
Hotel EBITDA$28,316 $— $28,316 
Hotel EBITDA margin35.20 %35.20 %
Selected Operating Information:
RevPAR$543.56 $— $543.56 
Occupancy57.66 %— %57.66 %
ADR$942.61 $— $942.61 
25


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202620262026
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$297,828 $(21,410)$276,418 
Total hotel revenue$522,681 $(43,078)$479,603 
Hotel net income$53,802 $(17,612)$36,190 
Hotel net income margin10.29 %7.55 %
Hotel EBITDA$148,934 $(12,598)$136,336 
Hotel EBITDA margin28.49 %28.43 %
Selected Operating Information:
RevPAR$576.26 $337.18 $609.74 
Occupancy61.02 %48.21 %62.82 %
ADR$944.35 $699.36 $970.69 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$124,413 $(18,159)$106,254 
Total hotel revenue$173,143 $(21,669)$151,474 
Hotel net income$52,453 $(86,849)$(34,396)
Hotel net income margin30.29 %(22.71)%
Hotel EBITDA$39,683 $(6,503)$33,180 
Hotel EBITDA margin22.92 %21.90 %
Selected Operating Information:
RevPAR$189.75 $274.74 $180.22 
Occupancy68.82 %77.20 %67.88 %
ADR$275.71 $355.88 $265.49 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$422,241 $(39,569)$382,672 
Total hotel revenue $695,824 $(64,747)$631,077 
Hotel net income$106,255 $(104,461)$1,794 
Hotel net income margin15.27 %0.28 %
Hotel EBITDA$188,617 $(19,101)$169,516 
Hotel EBITDA margin27.11 %26.86 %
Selected Operating Information:
RevPAR$360.11 $305.34 $366.92 
Occupancy65.38 %63.00 %65.68 %
ADR$550.78 $484.67 $558.66 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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
26


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
202620262026202620262026202520252025202520252025
2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter
Total hotel revenue$172,138 $(2,728)$169,410 $211,626 $(21,775)$189,851 $167,475 $(14,169)$153,306 $144,585 $(26,075)$118,510 
Hotel net income (loss)$34,753 $(14,670)$20,083 $44,233 $(5,596)$38,637 $(6,496)$(40,173)$(46,669)$33,765 $(44,022)$(10,257)
Hotel net income (loss) margin20.19 %11.85 %20.90 %20.35 %(3.88)%(30.44)%23.35 %(8.65)%
Hotel EBITDA$47,952 $455 $48,407 $75,463 $(8,940)$66,523 $39,640 $(2,273)$37,367 $25,562 $(8,343)$17,219 
Hotel EBITDA margin27.86 %28.57 %35.66 %35.04 %23.67 %24.37 %17.68 %14.53 %
Hotel net income (loss) % of total TTM32.7 %1,119.4 %41.6 %2,153.7 %(6.1)%(2,601.4)%31.8 %(571.7)%
EBITDA % of total TTM25.4 %28.5 %40.0 %39.2 %21.0 %22.0 %13.6 %10.3 %
JV interests in Hotel net income (loss)$— $— $— $— $— $— $10 $(21)$(11)$(452)$(297)$(749)
JV interests in EBITDA$— $— $— $— $— $— $857 $(18)$839 $937 $(346)$591 
ActualNon-comparable AdjustmentsComparable
202620262026
TTMTTMTTM
Total hotel revenue$695,824 $(64,747)$631,077 
Hotel net income (loss)$106,255 $(104,461)$1,794 
Hotel net income (loss) margin15.27 %0.28 %
Hotel EBITDA$188,617 $(19,101)$169,516 
Hotel EBITDA margin27.11 %26.86 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$(442)$(318)$(760)
JV interests in EBITDA$1,794 $(364)$1,430 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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.
27


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

June 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 $2.16 
Market capitalization $158,265 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$215,936 
Series M redeemable preferred stock$32,803 
Indebtedness$950,915 
Net working capital (see below)$(30,591)
Total enterprise value (TEV)$1,444,278 
Cash and cash equivalents$97,670 
Restricted cash$53,733 
Accounts receivable, net$30,645 
Inventory$4,397 
Prepaid expenses$5,246 
Due from third-party hotel managers, net$18,714 
Total current assets$210,405 
Accounts payable, net & accrued expenses$119,949 
Redeemable preferred stock redemptions payable$54,760 
Dividends and distributions payable$3,807 
Due to affiliates, net$1,298 
Total current liabilities$179,814 
Net working capital *$30,591 
The table does not include $5.4 million of indebtedness and approximately $0.5 million in cash related to the consolidation of a joint venture.
28


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

2026
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualEstimatedEstimated
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.
29


Exhibit 1

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

2026202620252025June 30, 2026
2nd Quarter1st Quarter4th Quarter3rd QuarterTTM
Net income (loss)$34,753 $44,233 $(6,496)$33,765 $106,255 
Non-property adjustments(17,393)(46)12,472 (40,584)(45,551)
Interest income(254)(240)(292)(400)(1,186)
Interest expense6,668 7,103 7,587 7,693 29,051 
Amortization of loan costs379 390 623 529 1,921 
Depreciation and amortization21,433 22,579 22,659 23,164 89,835 
Income tax expense (benefit)1,132 797 1,442 (1)3,370 
Non-hotel EBITDA ownership expense1,234 647 1,645 1,396 4,922 
Hotel EBITDA including amounts attributable to noncontrolling interest47,952 75,463 39,640 25,562 188,617 
Non-comparable adjustments455 (8,940)(2,273)(8,343)(19,101)
Comparable hotel EBITDA$48,407 $66,523 $37,367 $17,219 $169,516 

30

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent 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 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— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$6,621 $— $3,831 $2,026 $4,279 $1,764 $(486)$5,213 $— $8,357 $(1,118)$31 $4,878 $173 $6,989 $5,394 $47,952 $3,417 $51,369 
Non-comparable adjustments— — — — — — 486 — — — — (31)— — — — 455 
Comparable hotel EBITDA$6,621 $— $3,831 $2,026 $4,279 $1,764 $— $5,213 $— $8,357 $(1,118)$— $4,878 $173 $6,989 $5,394 $48,407 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $— $— $2,026 $4,279 $1,764 $(486)$— $— $8,357 $(1,118)$— $4,878 $— $6,989 $5,394 $32,083 
Non-comparable adjustments— — — — — — 486 — — — — — — — — — 486 
Comparable hotel EBITDA$— $— $— $2,026 $4,279 $1,764 $— $— $— $8,357 $(1,118)$— $4,878 $— $6,989 $5,394 $32,569 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $— $31 $— $173 $— $— $15,869 
Non-comparable adjustments— — — — — — — — — — — (31)— — — — (31)
Comparable hotel EBITDA$6,621 $— $3,831 $— $— $— $— $5,213 $— $— $— $— $— $173 $— $— $15,838 

31

Exhibit 1

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

Three Months Ended June 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent 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 (see footnote 4)— — — 2,026 4,279 1,764 — — — 8,357 — — 4,878 — — — 21,304 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — — — — — — — — — — — — 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — (1,118)— — — — — (1,118)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 5,394 5,394 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — 173 — — 173 
Total$6,621 $— $3,831 $2,026 $4,279 $1,764 $— $5,213 $— $8,357 $(1,118)$— $4,878 $173 $6,989 $5,394 $48,407 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.

32

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 Scottsdale ResortHotel 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 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$3,659 $— $1,376 $335 $6,433 $(323)$8,940 $1,593 $— $12,009 $5,779 $— $11,158 $(972)$13,473 $12,003 $75,463 $(12,207)$63,256 
Non-comparable adjustments— — — — — — (8,940)— — — — — — — — — (8,940)
Comparable hotel EBITDA$3,659 $— $1,376 $335 $6,433 $(323)$— $1,593 $— $12,009 $5,779 $— $11,158 $(972)$13,473 $12,003 $66,523 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $— $— $335 $6,433 $(323)$8,940 $— $— $12,009 $5,779 $— $11,158 $— $13,473 $12,003 $69,807 
Non-comparable adjustments— — — — — — (8,940)— — — — — — — — — (8,940)
Comparable hotel EBITDA$— $— $— $335 $6,433 $(323)$— $— $— $12,009 $5,779 $— $11,158 $— $13,473 $12,003 $60,867 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $— $— $— $(972)$— $— $5,656 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,659 $— $1,376 $— $— $— $— $1,593 $— $— $— $— $— $(972)$— $— $5,656 


33

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 Scottsdale ResortHotel Total
Aareal (Capital Hilton)$3,659 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $3,659 
JPMorgan Chase (see footnote 3)— — 1,376 — — — — 1,593 — — — — — — 13,473 — 16,442 
BAML (see footnote 4)— — — 335 6,433 (323)— — — 12,009 — — 11,158 — — — 29,612 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — — — — — — — — — — — — 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 5,779 — — — — — 5,779 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 12,003 12,003 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (972)— — (972)
Total$3,659 $— $1,376 $335 $6,433 $(323)$— $1,593 $— $12,009 $5,779 $— $11,158 $(972)$13,473 $12,003 $66,523 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
34

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 BeachFour Seasons Scottsdale ResortHotel 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 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$2,393 $56 $1,006 $1,134 $3,685 $965 $642 $3,390 $1,557 $6,126 $(749)$— $3,699 $(2,152)$7,068 $9,963 $38,783 $(28,364)$10,419 
Non-comparable adjustments— (74)— — — — (642)— (1,557)— — — — — — — (2,273)
Comparable hotel EBITDA$3,232 $— $1,006 $1,134 $3,685 $965 $— $3,390 $— $6,126 $(749)$— $3,699 $(2,152)$7,068 $9,963 $37,367 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $74 $— $1,134 $3,685 $965 $642 $— $— $6,126 $(749)$— $3,699 $— $7,068 $9,963 $32,607 
Non-comparable adjustments— (74)— — — — (642)— — — — — — — — — (716)
Comparable hotel EBITDA$— $— $— $1,134 $3,685 $965 $— $— $— $6,126 $(749)$— $3,699 $— $7,068 $9,963 $31,891 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,232 $— $1,006 $— $— $— $— $3,390 $1,557 $— $— $— $— $(2,152)$— $— $7,033 
Non-comparable adjustments— — — — — — — — (1,557)— — — — — — — (1,557)
Comparable hotel EBITDA$3,232 $— $1,006 $— $— $— $— $3,390 $— $— $— $— $— $(2,152)$— $— $5,476 

35

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 Scottsdale ResortHotel Total
Aareal (Capital Hilton)$3,232 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $3,232 
JPMorgan Chase (see footnote 3)— — 1,006 — — — — 3,390 — — — — — — 7,068 — 11,464 
BAML (see footnote 4)— — — 1,134 3,685 965 — — — 6,126 — — 3,699 — — — 15,609 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — — — — — — — — — — — — 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — (749)— — — — — (749)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 9,963 9,963 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (2,152)— — (2,152)
Total$3,232 $— $1,006 $1,134 $3,685 $965 $— $3,390 $— $6,126 $(749)$— $3,699 $(2,152)$7,068 $9,963 $37,367 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
36

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 BeachFour Seasons Scottsdale ResortHotel 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— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$1,773 $1,039 $2,706 $2,058 $1,586 $1,205 $2,042 $2,248 $2,156 $1,673 $3,641 $2,759 $(458)$(1,107)$348 $956 $24,625 $27,802 $52,427 
Non-comparable adjustments— (1,386)— — — — (2,042)— (2,156)— — (2,759)— — — — (8,343)
Comparable hotel EBITDA$2,363 $— $2,706 $2,058 $1,586 $1,205 $— $2,248 $— $1,673 $3,641 $— $(458)$(1,107)$348 $956 $17,219 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $1,386 $— $2,058 $1,586 $1,205 $2,042 $— $— $1,673 $3,641 $— $(458)$— $348 $956 $14,437 
Non-comparable adjustments— (1,386)— — — — (2,042)— — — — — — — — — (3,428)
Comparable hotel EBITDA$— $— $— $2,058 $1,586 $1,205 $— $— $— $1,673 $3,641 $— $(458)$— $348 $956 $11,009 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,363 $— $2,706 $— $— $— $— $2,248 $2,156 $— $— $2,759 $— $(1,107)$— $— $11,125 
Non-comparable adjustments— — — — — — — — (2,156)— — (2,759)— — — — (4,915)
Comparable hotel EBITDA$2,363 $— $2,706 $— $— $— $— $2,248 $— $— $— $— $— $(1,107)$— $— $6,210 

37

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey 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)$2,363 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $2,363 
JPMorgan Chase (see footnote 3)— — 2,706 — — — — 2,248 — — — — — — 348 — 5,302 
BAML (see footnote 4)— — — 2,058 1,586 1,205 — — — 1,673 — — (458)— — — 6,064 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — — — — — — — — — — — — 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 3,641 — — — — — 3,641 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 956 956 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (1,107)— — (1,107)
Total$2,363 $— $2,706 $2,058 $1,586 $1,205 $— $2,248 $— $1,673 $3,641 $— $(458)$(1,107)$348 $956 $17,219 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
38

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey 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 TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$418 $(18)$3,772 $886 $2,921 $733 $(4,702)$2,803 $1,022 $4,621 $(3,021)$3,038 $3,115 $(1,161)$1,460 $167 $16,054 $(22,895)$(6,841)
Non-property adjustments(23)— — — — — — — — — — — — — — — (23)23 — 
Interest income(37)(5)(2)— — — — (30)(71)(42)(5)(30)(96)— (9)(54)(381)381 — 
Interest expense2,257 — — — — — 1,281 — — 135 831 20 — — — 2,857 7,381 15,293 22,674 
Amortization of loan cost143 — — — 34 — — — — — 31 — — — — 253 461 2,226 2,687 
Depreciation and amortization2,835 — 1,106 734 401 596 1,588 1,339 1,547 2,023 2,562 1,715 1,359 833 2,004 2,718 23,360 — 23,360 
Income tax expense (benefit)(47)— — — — — — 6 — — — — (231)— 62 — (210)(135)(345)
Non-hotel EBITDA ownership expense530 11 37 108 15 — 2 21 3 24 266 (2)2 105 27 2 1,151 (1,151)— 
Hotel EBITDA including amounts attributable to noncontrolling interest6,076 (12)4,913 1,728 3,371 1,329 (1,831)4,139 2,501 6,761 664 4,741 4,149 (223)3,544 5,943 47,793 (6,258)41,535 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,520)4 — — — — — — — — — — — — — — (1,516)1,516 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$4,556 $(8)$4,913 $1,728 $3,371 $1,329 $(1,831)$4,139 $2,501 $6,761 $664 $4,741 $4,149 $(223)$3,544 $5,943 $46,277 $(4,742)$41,535 
Non-comparable adjustments— 12 — — — — 1,831 — (2,501)— — (4,741)— — — — (5,399)
Comparable hotel EBITDA$6,076 $— $4,913 $1,728 $3,371 $1,329 $— $4,139 $— $6,761 $664 $— $4,149 $(223)$3,544 $5,943 $42,394 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $(12)$— $1,728 $3,371 $1,329 $(1,831)$— $— $6,761 $664 $— $4,149 $— $3,544 $5,943 $25,646 
Non-comparable adjustments— 12 — — — — 1,831 — — — — — — — — — 1,843 
Comparable hotel EBITDA$— $— $— $1,728 $3,371 $1,329 $— $— $— $6,761 $664 $— $4,149 $— $3,544 $5,943 $27,489 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,076 $— $4,913 $— $— $— $— $4,139 $2,501 $— $— $4,741 $— $(223)$— $— $22,147 
Non-comparable adjustments— — — — — — — — (2,501)— — (4,741)— — — — (7,242)
Comparable hotel EBITDA$6,076 $— $4,913 $— $— $— $— $4,139 $— $— $— $— $— $(223)$— $— $14,905 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(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.

39

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2026
Capital Hilton Washington D.C.Hilton La Jolla Torrey 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 Scottsdale Resort
Hotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$408 $— $2,831 $562 $9,963 $(94)$20,250 $4,124 $(15)$16,468 $(2,753)$31 $11,740 $(4,953)$15,225 $5,199 $78,986 $(54,010)$24,976 
Non-property adjustments(41)— — — — — (17,398)— — — — — — — — — (17,439)17,439 — 
Interest income(90)— (4)— — — — (63)— (85)(5)— (141)— (28)(78)(494)494 — 
Interest expense4,122 — — — — — 1,856 — — 254 1,509 — — — — 6,030 13,771 23,085 36,856 
Amortization of loan cost312 — — — — — — — — — 20 — — — — 437 769 4,083 4,852 
Depreciation and amortization5,480 — 2,205 1,571 735 1,504 3,433 2,735 — 4,024 5,394 — 2,908 3,890 4,348 5,785 44,012 — 44,012 
Income tax expense (benefit)88 — — — — — — 10 — — — — 941 — 890 — 1,929 1,969 3,898 
Non-hotel EBITDA ownership expense1 — 175 228 14 31 313 — 15 (295)496 — 588 264 27 24 1,881 (1,881)— 
Hotel EBITDA including amounts attributable to noncontrolling interest10,280 — 5,207 2,361 10,712 1,441 8,454 6,806 — 20,366 4,661 31 16,036 (799)20,462 17,397 123,415 (8,821)114,594 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest— — — — — — — — — — — — — — — — — — — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 31 31 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$10,280 $— $5,207 $2,361 $10,712 $1,441 $8,454 $6,806 $— $20,366 $4,661 $31 $16,036 $(799)$20,462 $17,397 $123,415 $(8,790)$114,625 
Non-comparable adjustments— — — — — — (8,454)— — — — (31)— — — — (8,485)
Comparable hotel EBITDA$10,280 $— $5,207 $2,361 $10,712 $1,441 $— $6,806 $— $20,366 $4,661 $— $16,036 $(799)$20,462 $17,397 $114,930 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$10,280 $— $5,207 $2,361 $10,712 $1,441 $8,454 $6,806 $— $20,366 $4,661 $31 $16,036 $(799)$20,462 $17,397 $123,415 
Non-comparable adjustments— — — — — — (8,454)— — — — (31)— — — — (8,485)
Comparable hotel EBITDA$10,280 $— $5,207 $2,361 $10,712 $1,441 $— $6,806 $— $20,366 $4,661 $— $16,036 $(799)$20,462 $17,397 $114,930 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $— $— $2,361 $10,712 $1,441 $8,454 $— $— $20,366 $4,661 $— $16,036 $— $20,462 $17,397 $101,890 
Non-comparable adjustments— — — — — — (8,454)— — — — — — — — — (8,454)
Comparable hotel EBITDA$— $— $— $2,361 $10,712 $1,441 $— $— $— $20,366 $4,661 $— $16,036 $— $20,462 $17,397 $93,436 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$10,280 $— $5,207 $— $— $— $— $6,806 $— $— $— $31 $— $(799)$— $— $21,525 
Non-comparable adjustments— — — — — — — — — — — (31)— — — — (31)
Comparable hotel EBITDA$10,280 $— $5,207 $— $— $— $— $6,806 $— $— $— $— $— $(799)$— $— $21,494 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
None
40

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey 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 Scottsdale Resort
Hotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$164 $(114)$215 $(269)$8,043 $(279)$2,385 $3,213 $2,462 $13,323 $(1,763)$2,674 $11,014 $(2,538)$8,678 $5,603 $52,811 $(48,980)$3,831 
Non-property adjustments(20)— — — — — — — — — — — — — 866 — 846 (846)— 
Interest income(73)(9)(3)— — — — (57)(135)(70)(12)(57)(192)— (17)(104)(729)729 — 
Interest expense4,490 — — — — — 2,548 — — 286 1,687 40 — — 1,031 5,684 15,766 29,603 45,369 
Amortization of loan cost283 — — — 68 — — — — — 62 — — — 135 501 1,049 3,770 4,819 
Depreciation and amortization5,863 — 2,223 1,472 808 1,163 3,104 2,629 3,193 4,001 5,129 3,447 2,747 1,567 3,998 5,411 46,755 — 46,755 
Income tax expense (benefit)50 — — — — — — 11 — — — — (112)— 367 — 316 806 1,122 
Non-hotel EBITDA ownership expense510 53 73 306 38 2 39 49 5 (226)553 10 5 266 31 6 1,720 (1,720)— 
Hotel EBITDA including amounts attributable to noncontrolling interest11,267 (70)2,508 1,509 8,957 886 8,076 5,845 5,525 17,314 5,656 6,114 13,462 (705)15,089 17,101 118,534 (16,638)101,896 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(2,818)18 — — — — — — — — — — — — — — (2,800)2,800 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$8,449 $(52)$2,508 $1,509 $8,957 $886 $8,076 $5,845 $5,525 $17,314 $5,656 $6,114 $13,462 $(705)$15,089 $17,101 $115,734 $(13,838)$101,896 
Non-comparable adjustments— 70 — — — — (8,076)— (5,525)— — (6,114)— — — — (19,645)
Comparable hotel EBITDA$11,267 $— $2,508 $1,509 $8,957 $886 $— $5,845 $— $17,314 $5,656 $— $13,462 $(705)$15,089 $17,101 $98,889 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$11,267 $(70)$2,508 $1,509 $8,957 $886 $8,076 $5,845 $5,525 $17,314 $5,656 $6,114 $13,462 $(705)$15,089 $17,101 $118,534 
Non-comparable adjustments— 70 — — — — (8,076)— (5,525)— — (6,114)— — — — (19,645)
Comparable hotel EBITDA$11,267 $— $2,508 $1,509 $8,957 $886 $— $5,845 $— $17,314 $5,656 $— $13,462 $(705)$15,089 $17,101 $98,889 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $(70)$— $1,509 $8,957 $886 $8,076 $— $— $17,314 $5,656 $— $13,462 $— $15,089 $17,101 $87,980 
Non-comparable adjustments— 70 — — — — (8,076)— — — — — — — — — (8,006)
Comparable hotel EBITDA$— $— $— $1,509 $8,957 $886 $— $— $— $17,314 $5,656 $— $13,462 $— $15,089 $17,101 $79,974 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$11,267 $— $2,508 $— $— $— $— $5,845 $5,525 $— $— $6,114 $— $(705)$— $— $30,554 
Non-comparable adjustments— — — — — — — — (5,525)— — (6,114)— — — — (11,639)
Comparable hotel EBITDA$11,267 $— $2,508 $— $— $— $— $5,845 $— $— $— $— $— $(705)$— $— $18,915 
NOTES:
(1)    The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
None
41

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