Braemar Hotels (NYSE: BHR) lifts Q1 2026 margins amid sale process

Q: How did Braemar’s hotel portfolio metrics trend in Q1 2026?

For all hotels, Comparable RevPAR climbed to $481 , up 5.7% year over year. Comparable ADR increased 5.7% to $745 , while Comparable Occupancy was essentially unchanged at 64.5% . Comparable total hotel revenue grew 5.39% over the prior-year quarter.

Q: What is Braemar Hotels & Resorts’ current leverage and liquidity position?

As of March 31, 2026, Braemar held $93.4 million in cash and cash equivalents plus $55.4 million in restricted cash. Net debt to gross assets stood at 43.4% , with total indebtedness of about $1.1 billion and a blended average interest rate of 6.63% .

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Braemar Hotels & Resorts reported a profitable first quarter of 2026 and continued progress on its strategic review. Net income attributable to common stockholders was $4.9 million, or $0.07 per diluted share, compared with a loss a year earlier. Adjusted FFO reached $0.52 per diluted share, while Adjusted EBITDAre was $66.5 million. Comparable RevPAR for all hotels rose to $481, up 5.7%, driven by a 5.7% increase in ADR to $745 with essentially flat occupancy at 64.5%. Comparable Hotel EBITDA climbed to $75.5 million, a 13.7% increase, with margins improving to 35.7%.

The company ended the quarter with $93.4 million in cash and $55.4 million in restricted cash, and net debt to gross assets of 43.4%. It also agreed to sell the 193-room Park Hyatt Beaver Creek for $176 million, representing a 4.6% cap rate on trailing 12‑month net operating income. Management reiterated that no 2026 common dividend policy has been set while an ongoing company sale process could lead to asset sales and distributions of net proceeds after obligations are met.

Positive

Material improvement in hotel profitability: Comparable Hotel EBITDA rose to $75.5 million, up 13.7% year over year, with margins increasing to 35.7%, indicating stronger earnings power at the property level.
Stronger per-share cash flow: Adjusted FFO available to common stockholders and OP unitholders increased to $38.3 million, or $0.52 per diluted share, versus $0.40 per diluted share in the prior-year quarter.

Negative

Common dividend uncertainty during sale process: The board has not declared a 2026 common equity dividend policy because of the ongoing company sale process, so future common-share cash distributions depend on potential asset sales and settlement of other obligations.

Insights

Quarter shows stronger margins and cash metrics while the company advances its sale process.

Braemar delivered higher profitability despite slightly lower reported hotel revenue. Comparable RevPAR rose 5.7% to $481, entirely rate-driven, and Comparable Hotel EBITDA increased 13.7% to $75.5M, expanding margins to 35.7%.

Cash generation also improved, with Adjusted FFO at $0.52 per diluted share and Adjusted EBITDAre at $66.5M. Leverage remains meaningful, with net debt to gross assets at 43.4%, and most debt effectively floating at a blended interest rate of 6.63%.

Strategically, the agreed $176M sale of Park Hyatt Beaver Creek at a 4.6% cap rate and the decision not to set a 2026 common dividend policy tie directly to the ongoing company sale process. Subsequent disclosures in future periods may clarify transaction timing and ultimate capital returns.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Net income attributable to common stockholders: $4.9 million Net income per diluted share: $0.07 per share Adjusted FFO per diluted share: $0.52 per share +5 more

8 metrics

Net income attributable to common stockholders $4.9 million Q1 2026

Net income per diluted share $0.07 per share Q1 2026

Adjusted FFO per diluted share $0.52 per share Q1 2026

Adjusted EBITDAre $66.5 million Q1 2026

Comparable RevPAR $481 All hotels, Q1 2026, up 5.7% YoY

Comparable Hotel EBITDA $75.5 million Q1 2026, up 13.7% YoY

Park Hyatt Beaver Creek sale price $176 million Definitive agreement, 193-room asset at 4.6% cap rate

Net debt to gross assets 43.4% As of March 31, 2026

Key Terms

RevPAR, Adjusted EBITDAre, Adjusted funds from operations (AFFO), cap rate, +2 more

6 terms

RevPAR financial

"The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR)"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Adjusted EBITDAre financial

"Adjusted EBITDAre was $66.5 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.

Adjusted funds from operations (AFFO) financial

"Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter."

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

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.

pari passu financial

"Series B and Series D preferred stock are pari passu with its Series E and Series M preferred stock"

An instruction that different claims, securities, or creditors are treated equally and share rights or payments on the same priority level. For investors, it means their position will be paid or have voting power alongside others in the same class rather than being favored or subordinated—think of several people standing in one bus line who all get on together rather than some cutting ahead. That parity affects expected recovery in reorganizations, dividend order, and relative risk.

non-GAAP financial measures financial

"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."

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.

Earnings Snapshot

Comparable RevPAR: $481

Q1 2026

Comparable RevPAR $481 +5.7% YoY

Comparable Hotel EBITDA $75.5 million +13.7% YoY

Comparable total hotel revenue $211.6 million +5.39% YoY

Understanding 8-K Material Events →

05/06/2026 - 04:07 PM

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): May 6, 2026

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland

001-35972

46-2488594

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS employer identification number)

14185 Dallas Parkway

Suite 1200

Dallas

Texas

75254

(Address of principal executive offices)

(Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

BHR

New York Stock Exchange

Preferred Stock, Series B

BHR-PB

New York Stock Exchange

Preferred Stock, Series D

BHR-PD

New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 6, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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 First Quarter 2026 Earnings Press Release of the Company, dated May 6, 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: May 6, 2026	By:	/s/ Justin Coe
		Justin Coe
		Chief Accounting Officer

EXHIBIT 99.1

NEWS RELEASE


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

BRAEMAR HOTELS & RESORTS REPORTS

FIRST QUARTER 2026 RESULTS

DALLAS – May 6, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 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 March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable Total RevPAR for all hotels increased 5.4% over the prior year quarter to $771.

•Comparable RevPAR for all hotels totaled $481, an increase of 5.7% over the prior year quarter. Comparable ADR increased 5.7% over the prior year quarter to $745 and Comparable Occupancy was essentially unchanged at 64.5%.

•Net income attributable to common stockholders for the quarter was $4.9 million or $0.07 per diluted share.

•Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter.

•Adjusted EBITDAre was $66.5 million for the quarter.

•Comparable Hotel EBITDA was $75.5 million for the quarter, up 13.7% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $93.4 million and restricted cash of $55.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $28.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 43.4% at the end of the first quarter.

•Capex invested during the quarter was $12.1 million.

•During the quarter, the Company redeemed approximately $17.0 million of its non-traded preferred stock in cash.

BHR Reports First Quarter Results

Page 2

May 6, 2026

RECENT OPERATING HIGHLIGHTS

•The Bardessono Hotel and Spa delivered RevPAR growth of approximately 20.0% over the prior year quarter, with Hotel EBITDA flow-through of approximately 92%.

•The Ritz-Carlton, St. Thomas delivered RevPAR of $1,154, an increase of approximately 14.4% over the prior year quarter, with Hotel EBITDA of $11.2 million, an increase of approximately 19.8% over the prior year quarter.

•Subsequent to quarter end, the Company announced that it entered into a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key) and has received a $6.5 million non-refundable earnest money deposit. The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026.

CAPITAL STRUCTURE

As of March 31, 2026, the Company had total assets of $1.8 billion and $1.1 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.63%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 8% of the Company’s consolidated debt is effectively fixed and approximately 92% is effectively floating.

DIVIDENDS

During the quarter, the Company updated its preferred equity securities dividend declaration process to align the dividend cycles of its different preferred stock share classes in conjunction with the Company’s previously announced Company sale process. The dividend calculation rates remain unchanged and continue to follow the respective Articles Supplementary for each series of the Company’s preferred stock.

As announced on February 2, 2026, given the Company’s Series B and Series D preferred stock are pari passu with its Series E and Series M preferred stock with respect to distributions, they must receive equitable treatment regarding dividend declarations. To manage this consistently, the Company moved from declaring Series B and Series D dividends at the start of the quarter to “reserving” them on a monthly basis alongside its other Series E and Series M monthly dividend declarations. This ensures all parity requirements with respect to distributions across all of its series of preferred stock are met while maintaining the actual quarterly payment of its Series B and Series D preferred stock on or near the 15th of the month following quarter-end. This also gives the Company flexibility in the event that it has a strategic transaction that requires a redemption or conversion of the preferred equity securities outstanding during the middle of a quarter.

Additionally, regarding the Company’s common equity dividend policy, the Board has not declared a policy for 2026 in light of the fact that there is an ongoing Company sale process, which could result in the Company’s assets being sold in more than one transaction with net proceeds being distributed to shareholders after satisfying the Company’s other obligations.

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

BHR Reports First Quarter Results

Page 3

May 6, 2026

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 solid first quarter performance, highlighted by comparable RevPAR growth of approximately 5.7%, comparable Hotel EBITDA growth of 13.7% and 259 basis points of margin expansion to 35.7%. While occupancies appear to have stabilized, we continue to be able to achieve significant rate growth against a backdrop of muted supply across US and Caribbean lodging markets. And with $10.8 million of comparable total revenue growth and $9.1 million of comparable Hotel EBITDA growth, our portfolio achieved an outstanding 84% flow-through for the quarter,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “With the announcement of the sale of Park Hyatt Beaver Creek at an attractive cap rate, we continue to make encouraging progress on our strategic alternatives process and will be able to provide further 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.

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. Externally advised by Ashford Hospitality Advisors LLC, 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

BHR Reports First Quarter Results

Page 4

May 6, 2026

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)


	March 31, 2026		December 31, 2025
ASSETS
Investments in hotel properties, gross	$	1,906,327	$	1,902,328
Accumulated depreciation	(361,588)		(344,061)
Investments in hotel properties, net	1,544,739		1,558,267
Cash and cash equivalents	93,385		124,354
Restricted cash	55,357		42,479

Accounts receivable, net of allowance of $136 and $113, respectively	37,045		32,843

Inventories	4,870		4,741
Note receivable	9,045		8,896
Prepaid expenses	8,286		6,987
Deposit paid to Ashford Inc.	17,000		17,000
Deferred costs, net	74		75
Investment in OpenKey	—		89
Derivative assets	341		56
Other assets	17,685		15,368
Operating lease right-of-use assets	30,597		30,743
Intangible assets, net	2,652		2,746

Due from related parties, net	367		—
Due from third-party hotel managers	28,054		17,088

Total assets	$	1,849,497	$	1,861,732

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,106,029	$	1,103,450
Accounts payable and accrued expenses	139,573		142,123
Redeemable preferred stock redemptions payable	46,719		30,864
Dividends and distributions payable	3,907		7,672

Due to Ashford Inc., net	1,924		5,148
Due to related parties, net	—		257
Due to third-party hotel managers	3,392		1,467
Operating lease liabilities	20,058		20,058


Other liabilities	24,963		25,572

Total liabilities	1,346,565		1,336,611

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	65,426		65,426
Series E redeemable preferred stock, $0.01 par value, 9,561,665 and 10,818,280 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	239,042		265,695
Series M redeemable preferred stock, $0.01 par value, 1,337,328 and 1,368,091 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	33,450		34,217
Redeemable noncontrolling interests in operating partnership	15,925		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 March 31, 2026 and December 31, 2025	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	687		682
Additional paid-in capital	707,874		706,488

Accumulated deficit	(561,566)		(568,503)
Total stockholders' equity of the Company	147,011		138,683
Noncontrolling interest in consolidated entities	2,078		2,095
Total equity	149,089		140,778
Total liabilities and equity	$	1,849,497	$	1,861,732

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended
	March 31,
	2026		2025
REVENUE
Rooms	$	128,801	$	136,092
Food and beverage	52,342		51,788
Other	27,840		27,940
Total hotel revenue	208,983		215,820


EXPENSES
Hotel operating expenses:
Rooms	24,878		28,219
Food and beverage	38,910		40,210
Other expenses	59,878		60,376
Management fees	6,194		6,910
Total hotel operating expenses	129,860		135,715
Property taxes, insurance and other	4,652		10,465
Depreciation and amortization	22,579		23,395

Advisory services fee:
Base advisory fee	3,768		3,576
Reimbursable expenses	3,636		3,001
Incentive fee	—		82
Stock/unit-based compensation	—		(48)


Corporate, general and administrative:

Other general and administrative	4,867		2,894
Total operating expenses	169,362		179,080
Gain (loss) on disposition of assets and hotel properties	3		—
OPERATING INCOME (LOSS)	39,624		36,740
Equity in earnings (loss) of unconsolidated entity	(31)		—
Interest income	810		1,888

Interest expense	(18,786)		(22,695)
Amortization of loan costs	(2,409)		(2,132)
Write-off of loan costs and exit fees	(5)		(1,464)

Realized and unrealized gain (loss) on derivatives	248		(198)
INCOME (LOSS) BEFORE INCOME TAXES	19,451		12,139
Income tax (expense) benefit	(1,417)		(1,467)
NET INCOME (LOSS)	18,034		10,672
(Income) loss attributable to noncontrolling interest in consolidated entities	17		64
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(347)		262
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	17,704		10,998
Preferred dividends	(8,040)		(9,269)
Deemed dividends on redeemable preferred stock	(4,763)		(4,276)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	4,901	$	(2,547)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	0.07	$	(0.04)
Weighted average common shares outstanding – basic	68,432		66,744
Diluted:
Net income (loss) attributable to common stockholders	$	0.07	$	(0.04)
Weighted average common shares outstanding – diluted	100,289		66,744
Dividends declared per common share	$	—	$	0.05

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net income (loss)	$	18,034	$	10,672

Interest expense and amortization of loan costs	21,195		24,827
Depreciation and amortization	22,579		23,395
Income tax expense (benefit)	1,417		1,467
Equity in (earnings) loss of unconsolidated entity	31		—

EBITDA	63,256		60,361

(Gain) loss on disposition of assets and hotel properties	(3)		—

EBITDAre	63,253		60,361
Amortization of favorable (unfavorable) contract assets (liabilities)	107		107
Transaction and conversion costs	2,675		695
Write-off of loan costs and exit fees	5		1,464
Realized and unrealized (gain) loss on derivatives	(248)		198
Stock/unit-based compensation	—		(48)
Legal, advisory and settlement costs	504		144
Advisory services incentive fee	—		82



Severance	237		—


Adjusted EBITDAre	$	66,533	$	63,003

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net income (loss)	$	18,034	$	10,672
(Income) loss attributable to noncontrolling interest in consolidated entities	17		64
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(347)		262
Preferred dividends	(8,040)		(9,269)
Deemed dividends on redeemable preferred stock	(4,763)		(4,276)

Net income (loss) attributable to common stockholders	4,901		(2,547)
Depreciation and amortization on real estate (1)	22,579		22,676
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	347		(262)
Equity in (earnings) loss of unconsolidated entity	31		—

(Gain) loss on disposition of assets and hotel properties	(3)		—

FFO available to common stockholders and OP unitholders	27,855		19,867
Deemed dividends on redeemable preferred stock	4,763		4,276

Transaction and conversion costs	2,675		695
Write-off of premiums, loan costs and exit fees	5		1,464
Unrealized (gain) loss on derivatives	(240)		386
Stock/unit-based compensation	—		(48)
Legal, advisory and settlement costs	504		144
Interest expense accretion on refundable membership club deposits	135		151
Amortization of loan costs (1)	2,409		2,097
Advisory services incentive fee	—		82



Severance	237		—



Adjusted FFO available to common stockholders and OP unitholders	$	38,343	$	29,114
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.52	$	0.40
Weighted average diluted shares	73,271		73,572

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2026

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (8)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (9)		Comparable TTM Hotel EBITDA Debt Yield
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	$	86,250		$	—			$	86,250		N/A		N/A		N/A		N/A
BAML	The Ritz-Carlton Lake Tahoe	July 2026	July 2026	SOFR (1) + 3.25%	—			43,413				43,413			(6,090)		(14.0)	%	9,335		21.5	%
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	—			407,000			(2)	407,000			21,435		5.3	%	68,623		16.9	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(3)	110,600			(5,693)		(5.1)	%	15,330		13.9	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2027	February 2027	SOFR (1) + 2.86%	—			70,500			(4)	70,500			(2,977)		(4.2)	%	9,793		13.9	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.83%	—			209,902			(5)	209,902			(5,118)		(2.4)	%	45,804		21.8	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%	—			180,000			(6)	180,000			3,992		2.2	%	28,865		16.0	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(10,101)		N/A		(4,454)		N/A





Total					$	86,250		$	1,021,415			$	1,107,665		$	(4,552)	(0.4)	%	$	173,296	15.6	%
Percentage					7.8		%	92.2		%		100.0		%
Weighted average interest rate (7)					4.50		%	6.81		%		6.63		%

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

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

(1) SOFR rate was 3.66% at March 31, 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.

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

(4) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in February 2026.

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

March 31, 2026

(dollars in thousands)

(unaudited)


Lender	Hotels	2026		2027		2028		2029		2030		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	43,413	$	—	$	—	$	—	$	—	$	—	$	43,413
Convertible Senior Notes	N/A	86,250		—		—		—		—		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		70,500		—		—		—		—		70,500
Aareal Capital Corporation	Capital Hilton	—		—		106,600		—		—		—		106,600
BAML	See footnote 1	—		—		—		407,000		—		—		407,000
JPMorgan Chase	See footnote 2	—		—		—		—		209,902		—		209,902
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		174,000		—		174,000






Principal due in future periods		$	129,663	$	70,500	$	106,600	$	407,000	$	383,902	$	—	$	1,097,665
Scheduled amortization payments remaining		—		2,000		2,750		3,000		2,250		—		10,000
Total indebtedness		$	129,663	$	72,500	$	109,350	$	410,000	$	386,152	$	—	$	1,107,665

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	132,031		$	—		$	132,031		$	139,256		$	(14,326)		$	124,930		(5.19)	%	5.68	%
	RevPAR	$	480.83		$	—		$	480.83		$	403.99		$	(204.34)		$	454.97		19.02	%	5.68	%
	Occupancy	64.50		%	—		%	64.50		%	64.58		%	(64.86)		%	64.50		%	(0.12)	%	—	%
	ADR	$	745.44		$	—		$	745.44		$	625.60		$	(315.04)		$	705.33		19.16	%	5.69	%

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended
		March 31,
		2026			2025			% Variance
	Total hotel revenue	$	211,626		$	218,409		(3.11)	%
	Non-comparable adjustments	—			(17,603)
	Comparable total hotel revenue	$	211,626		$	200,806		5.39	%

	Hotel net income (loss)	$	44,233		$	36,757		20.34	%
	Non-comparable adjustments	(3)			(980)
	Comparable hotel net income (loss)	$	44,230		$	35,777		23.63	%
	Hotel net income (loss) margin	20.90		%	16.83		%	4.07	%
	Comparable hotel net income margin	20.90		%	17.82		%	3.08	%

	Hotel EBITDA	$	75,463		$	70,741		6.68	%
	Non-comparable adjustments	—			(4,339)
	Comparable hotel EBITDA	$	75,463		$	66,402		13.65	%
	Hotel EBITDA margin	35.66		%	32.39		%	3.27	%
	Comparable hotel EBITDA margin	35.66		%	33.07		%	2.59	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	—		$	(88)		100.00	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	44,233		$	36,845		20.05	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	44,230		$	35,840		23.41	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	—		$	1,284		(100.00)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	75,463		$	69,458		8.65	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	75,463		$	65,104		15.91	%

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	9,362		$	—		$	9,362		$	10,805		$	—		$	10,805		(13.35)	%	(13.35)	%
	Total hotel revenue	$	15,874		$	—		$	15,874		$	17,307		$	—		$	17,307		(8.28)	%	(8.28)	%
	Hotel net income (loss)	$	(1,225)		$	—		$	(1,225)		$	(254)		$	—		$	(254)		(382.28)	%	(382.28)	%
	Hotel net income (loss) margin	(7.72)		%				(7.72)		%	(1.47)		%				(1.47)		%	(6.25)	%	(6.25)	%
	Hotel EBITDA	$	3,659		$	—		$	3,659		$	5,191		$	—		$	5,191		(29.51)	%	(29.51)	%
	Hotel EBITDA margin	23.05		%				23.05		%	29.99		%				29.99		%	(6.94)	%	(6.94)	%
	Selected Operating Information:
	RevPAR	$	186.09		$	—		$	186.09		$	214.76		$	—		$	214.76		(13.35)	%	(13.35)	%
	Occupancy	69.77		%	—		%	69.77		%	70.73		%	—		%	70.73		%	(1.36)	%	(1.36)	%
	ADR	$	266.73		$	—		$	266.73		$	303.62		$	—		$	303.62		(12.15)	%	(12.15)	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Hotel net income (loss)	$	—		$	—		$	—		$	(96)		$	96		$	—		100.00	%	—	%
	Hotel net income (loss) margin	—		%				—		%	—		%				—		%	—	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	(58)		$	58		$	—		100.00	%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	3,224		$	—		$	3,224		$	3,135		$	—		$	3,135		2.84	%	2.84	%
	Total hotel revenue	$	4,453		$	—		$	4,453		$	4,318		$	—		$	4,318		3.13	%	3.13	%
	Hotel net income (loss)	$	275		$	—		$	275		$	(3,557)		$	—		$	(3,557)		107.73	%	107.73	%
	Hotel net income (loss) margin	6.18		%				6.18		%	(82.38)		%				(82.38)		%	88.56	%	88.56	%
	Hotel EBITDA	$	1,376		$	—		$	1,376		$	(2,405)		$	—		$	(2,405)		157.21	%	157.21	%
	Hotel EBITDA margin	30.90		%				30.90		%	(55.70)		%				(55.70)		%	86.60	%	86.60	%
	Selected Operating Information:
	RevPAR	$	86.33		$	—		$	86.33		$	83.93		$	—		$	83.93		2.86	%	2.86	%
	Occupancy	47.41		%	—		%	47.41		%	48.01		%	—		%	48.01		%	(1.25)	%	(1.25)	%
	ADR	$	182.11		$	—		$	182.11		$	174.84		$	—		$	174.84		4.16	%	4.16	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	2,745		$	—		$	2,745		$	2,288		$	—		$	2,288		19.97	%	19.97	%
	Total hotel revenue	$	3,991		$	—		$	3,991		$	3,392		$	—		$	3,392		17.66	%	17.66	%
	Hotel net income (loss)	$	(569)		$	—		$	(569)		$	(1,155)		$	—		$	(1,155)		50.74	%	50.74	%
	Hotel net income (loss) margin	(14.26)		%				(14.26)		%	(34.05)		%				(34.05)		%	19.79	%	19.79	%
	Hotel EBITDA	$	335		$	—		$	335		$	(219)		$	—		$	(219)		252.97	%	252.97	%
	Hotel EBITDA margin	8.39		%				8.39		%	(6.46)		%				(6.46)		%	14.85	%	14.85	%
	Selected Operating Information:
	RevPAR	$	469.27		$	—		$	469.27		$	391.07		$	—		$	391.07		20.00	%	20.00	%
	Occupancy	49.37		%	—		%	49.37		%	48.72		%	—		%	48.72		%	1.33	%	1.33	%
	ADR	$	950.56		$	—		$	950.56		$	802.73		$	—		$	802.73		18.42	%	18.42	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	8,658		$	—		$	8,658		$	7,854		$	—		$	7,854		10.24	%	10.24	%
	Total hotel revenue	$	10,915		$	—		$	10,915		$	9,926		$	—		$	9,926		9.96	%	9.96	%
	Hotel net income (loss)	$	6,051		$	—		$	6,051		$	5,122		$	—		$	5,122		18.14	%	18.14	%
	Hotel net income (loss) margin	55.44		%				55.44		%	51.60		%				51.60		%	3.84	%	3.84	%
	Hotel EBITDA	$	6,433		$	—		$	6,433		$	5,585		$	—		$	5,585		15.18	%	15.18	%
	Hotel EBITDA margin	58.94		%				58.94		%	56.27		%				56.27		%	2.67	%	2.67	%
	Selected Operating Information:
	RevPAR	$	677.45		$	—		$	677.45		$	614.52		$	—		$	614.52		10.24	%	10.24	%
	Occupancy	87.85		%	—		%	87.85		%	79.77		%	—		%	79.77		%	10.13	%	10.13	%
	ADR	$	771.16		$	—		$	771.16		$	770.34		$	—		$	770.34		0.11	%	0.11	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	1,418		$	—		$	1,418		$	1,471		$	—		$	1,471		(3.60)	%	(3.60)	%
	Total hotel revenue	$	1,993		$	—		$	1,993		$	1,975		$	—		$	1,975		0.91	%	0.91	%
	Hotel net income (loss)	$	(1,106)		$	—		$	(1,106)		$	(1,012)		$	—		$	(1,012)		(9.29)	%	(9.29)	%
	Hotel net income (loss) margin	(55.49)		%				(55.49)		%	(51.24)		%				(51.24)		%	(4.25)	%	(4.25)	%
	Hotel EBITDA	$	(323)		$	—		$	(323)		$	(442)		$	—		$	(442)		26.92	%	26.92	%
	Hotel EBITDA margin	(16.21)		%				(16.21)		%	(22.38)		%				(22.38)		%	6.17	%	6.17	%
	Selected Operating Information:
	RevPAR	$	196.93		$	—		$	196.93		$	204.30		$	—		$	204.30		(3.61)	%	(3.61)	%
	Occupancy	35.64		%	—		%	35.64		%	35.35		%	—		%	35.35		%	0.82	%	0.82	%
	ADR	$	552.56		$	—		$	552.56		$	577.99		$	—		$	577.99		(4.40)	%	(4.40)	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	13,049		$	—		$	13,049		$	13,824		$	—		$	13,824		(5.61)	%	(5.61)	%
	Total hotel revenue	$	21,775		$	—		$	21,775		$	22,403		$	—		$	22,403		(2.80)	%	(2.80)	%
	Hotel net income (loss)	$	5,593		$	—		$	5,593		$	7,087		$	—		$	7,087		(21.08)	%	(21.08)	%
	Hotel net income (loss) margin	25.69		%				25.69		%	31.63		%				31.63		%	(5.94)	%	(5.94)	%
	Hotel EBITDA	$	8,940		$	—		$	8,940		$	9,906		$	—		$	9,906		(9.75)	%	(9.75)	%
	Hotel EBITDA margin	41.06		%				41.06		%	44.22		%				44.22		%	(3.16)	%	(3.16)	%
	Selected Operating Information:
	RevPAR	$	751.23		$	—		$	751.23		$	795.83		$	—		$	795.83		(5.60)	%	(5.60)	%
	Occupancy	76.25		%	—		%	76.25		%	80.09		%	—		%	80.09		%	(4.79)	%	(4.79)	%
	ADR	$	985.27		$	—		$	985.27		$	993.65		$	—		$	993.65		(0.84)	%	(0.84)	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	5,757		$	—		$	5,757		$	5,470		$	—		$	5,470		5.25	%	5.25	%
	Total hotel revenue	$	7,965		$	—		$	7,965		$	7,682		$	—		$	7,682		3.68	%	3.68	%
	Hotel net income (loss)	$	214		$	—		$	214		$	410		$	—		$	410		(47.80)	%	(47.80)	%
	Hotel net income (loss) margin	2.69		%				2.69		%	5.34		%				5.34		%	(2.65)	%	(2.65)	%
	Hotel EBITDA	$	1,593		$	—		$	1,593		$	1,706		$	—		$	1,706		(6.62)	%	(6.62)	%
	Hotel EBITDA margin	20.00		%				20.00		%	22.21		%				22.21		%	(2.21)	%	(2.21)	%
	Selected Operating Information:
	RevPAR	$	128.18		$	—		$	128.18		$	121.80		$	—		$	121.80		5.24	%	5.24	%
	Occupancy	59.20		%	—		%	59.20		%	57.77		%	—		%	57.77		%	2.48	%	2.48	%
	ADR	$	216.53		$	—		$	216.53		$	210.84		$	—		$	210.84		2.70	%	2.70	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	9,745		$	(9,745)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	11,307		$	(11,307)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	3		$	(3)		$	—		$	1,440		$	(1,440)		$	—		(99.79)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	12.74		%				—		%	(12.74)	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	3,024		$	(3,024)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	26.74		%				—		%	(26.74)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	264.09		$	264.09		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	67.83		%	67.83		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	389.34		$	389.34		$	—		(100.00)	%	—	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	14,058		$	—		$	14,058		$	12,557		$	—		$	12,557		11.95	%	11.95	%
	Total hotel revenue	$	32,805		$	—		$	32,805		$	29,884		$	—		$	29,884		9.77	%	9.77	%
	Hotel net income (loss)	$	9,791		$	—		$	9,791		$	8,702		$	—		$	8,702		12.51	%	12.51	%
	Hotel net income (loss) margin	29.85		%				29.85		%	29.12		%				29.12		%	0.73	%	0.73	%
	Hotel EBITDA	$	12,009		$	—		$	12,009		$	10,553		$	—		$	10,553		13.80	%	13.80	%
	Hotel EBITDA margin	36.61		%				36.61		%	35.31		%				35.31		%	1.30	%	1.30	%
	Selected Operating Information:
	RevPAR	$	565.92		$	—		$	565.92		$	505.52		$	—		$	505.52		11.95	%	11.95	%
	Occupancy	79.67		%	—		%	79.67		%	77.28		%	—		%	77.28		%	3.09	%	3.09	%
	ADR	$	710.34		$	—		$	710.34		$	654.12		$	—		$	654.12		8.59	%	8.59	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	12,299		$	—		$	12,299		$	12,239		$	—		$	12,239		0.49	%	0.49	%
	Total hotel revenue	$	19,523		$	—		$	19,523		$	19,415		$	—		$	19,415		0.56	%	0.56	%
	Hotel net income (loss)	$	2,019		$	—		$	2,019		$	1,258		$	—		$	1,258		60.49	%	60.49	%
	Hotel net income (loss) margin	10.34		%				10.34		%	6.48		%				6.48		%	3.86	%	3.86	%
	Hotel EBITDA	$	5,779		$	—		$	5,779		$	4,992		$	—		$	4,992		15.77	%	15.77	%
	Hotel EBITDA margin	29.60		%				29.60		%	25.71		%				25.71		%	3.89	%	3.89	%
	Selected Operating Information:
	RevPAR	$	746.75		$	—		$	746.75		$	743.12		$	—		$	743.12		0.49	%	0.49	%
	Occupancy	56.26		%	—		%	56.26		%	55.78		%	—		%	55.78		%	0.86	%	0.86	%
	ADR	$	1,327.32		$	—		$	1,327.32		$	1,332.22		$	—		$	1,332.22		(0.37)	%	(0.37)	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	4,581		$	(4,581)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	6,296		$	(6,296)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	—		$	—		$	—		$	(364)		$	364		$	—		100.00	%	—	%
	Hotel net income (loss) margin	—		%				—		%	(5.78)		%				—		%	5.78	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	1,373		$	(1,373)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	21.81		%				—		%	(21.81)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	137.94		$	137.94		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	61.56		%	61.56		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	224.07		$	224.07		$	—		(100.00)	%	—	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	18,697		$	—		$	18,697		$	16,348		$	—		$	16,348		14.37	%	14.37	%
	Total hotel revenue	$	27,696		$	—		$	27,696		$	24,376		$	—		$	24,376		13.62	%	13.62	%
	Hotel net income (loss)	$	9,562		$	—		$	9,562		$	7,899		$	—		$	7,899		21.05	%	21.05	%
	Hotel net income (loss) margin	34.52		%				34.52		%	32.40		%				32.40		%	2.12	%	2.12	%
	Hotel EBITDA	$	11,158		$	—		$	11,158		$	9,313		$	—		$	9,313		19.81	%	19.81	%
	Hotel EBITDA margin	40.29		%				40.29		%	38.21		%				38.21		%	2.08	%	2.08	%
	Selected Operating Information:
	RevPAR	$	1,154.11		$	—		$	1,154.11		$	1,009.11		$	—		$	1,009.11		14.37	%	14.37	%
	Occupancy	79.91		%	—		%	79.91		%	75.65		%	—		%	75.65		%	5.63	%	5.63	%
	ADR	$	1,444.31		$	—		$	1,444.31		$	1,333.95		$	—		$	1,333.95		8.27	%	8.27	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	2,035		$	—		$	2,035		$	2,172		$	—		$	2,172		(6.31)	%	(6.31)	%
	Total hotel revenue	$	2,719		$	—		$	2,719		$	3,138		$	—		$	3,138		(13.35)	%	(13.35)	%
	Hotel net income (loss)	$	(3,054)		$	—		$	(3,054)		$	(1,377)		$	—		$	(1,377)		(121.79)	%	(121.79)	%
	Hotel net income (loss) margin	(112.32)		%				(112.32)		%	(43.88)		%				(43.88)		%	(68.44)	%	(68.44)	%
	Hotel EBITDA	$	(972)		$	—		$	(972)		$	(482)		$	—		$	(482)		(101.66)	%	(101.66)	%
	Hotel EBITDA margin	(35.75)		%				(35.75)		%	(15.36)		%				(15.36)		%	(20.39)	%	(20.39)	%
	Selected Operating Information:
	RevPAR	$	158.10		$	—		$	158.10		$	168.78		$	—		$	168.78		(6.33)	%	(6.33)	%
	Occupancy	45.24		%	—		%	45.24		%	59.99		%	—		%	59.99		%	(24.59)	%	(24.59)	%
	ADR	$	349.44		$	—		$	349.44		$	281.34		$	—		$	281.34		24.21	%	24.21	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	24,462		$	—		$	24,462		$	22,480		$	—		$	22,480		8.82	%	8.82	%
	Total hotel revenue	$	34,138		$	—		$	34,138		$	31,105		$	—		$	31,105		9.75	%	9.75	%
	Hotel net income (loss)	$	10,743		$	—		$	10,743		$	7,218		$	—		$	7,218		48.84	%	48.84	%
	Hotel net income (loss) margin	31.47		%				31.47		%	23.21		%				23.21		%	8.26	%	8.26	%
	Hotel EBITDA	$	13,473		$	—		$	13,473		$	11,546		$	—		$	11,546		16.69	%	16.69	%
	Hotel EBITDA margin	39.47		%				39.47		%	37.12		%				37.12		%	2.35	%	2.35	%
	Selected Operating Information:
	RevPAR	$	2,564.30		$	—		$	2,564.30		$	2,356.44		$	—		$	2,356.44		8.82	%	8.82	%
	Occupancy	71.96		%	—		%	71.96		%	71.89		%	—		%	71.89		%	0.10	%	0.10	%
	ADR	$	3,563.51		$	—		$	3,563.51		$	3,277.99		$	—		$	3,277.99		8.71	%	8.71	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	16,267		$	—		$	16,267		$	14,287		$	—		$	14,287		13.86	%	13.86	%
	Total hotel revenue	$	27,779		$	—		$	27,779		$	25,885		$	—		$	25,885		7.32	%	7.32	%
	Hotel net income (loss)	$	5,936		$	—		$	5,936		$	5,436		$	—		$	5,436		9.20	%	9.20	%
	Hotel net income (loss) margin	21.37		%				21.37		%	21.00		%				21.00		%	0.37	%	0.37	%
	Hotel EBITDA	$	12,003		$	—		$	12,003		$	11,158		$	—		$	11,158		7.57	%	7.57	%
	Hotel EBITDA margin	43.21		%				43.21		%	43.11		%				43.11		%	0.10	%	0.10	%
	Selected Operating Information:
	RevPAR	$	860.69		$	—		$	860.69		$	755.96		$	—		$	755.96		13.85	%	13.85	%
	Occupancy	69.38		%	—		%	69.38		%	68.49		%	—		%	68.49		%	1.30	%	1.30	%
	ADR	$	1,240.53		$	—		$	1,240.53		$	1,103.81		$	—		$	1,103.81		12.39	%	12.39	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	111,653		$	—		$	111,653		$	103,348		$	—		$	103,348		8.04	%	8.04	%
	Total hotel revenue	$	180,615		$	—		$	180,615		$	168,361		$	—		$	168,361		7.28	%	7.28	%
	Hotel net income (loss)	$	48,020		$	—		$	48,020		$	40,459		$	96		$	40,555		18.69	%	18.41	%
	Hotel net income (loss) margin	26.59		%				26.59		%	24.03		%				24.09		%	2.56	%	2.50	%
	Hotel EBITDA	$	69,807		$	—		$	69,807		$	62,334		$	58		$	62,392		11.99	%	11.88	%
	Hotel EBITDA margin	38.65		%				38.65		%	37.02		%				37.06		%	1.63	%	1.59	%
	Selected Operating Information:
	RevPAR	$	864.52		$	—		$	864.52		$	800.22		$	—		$	800.22		8.04	%	8.04	%
	Occupancy	71.16		%	—		%	71.16		%	69.64		%	—		%	69.64		%	2.18	%	2.18	%
	ADR	$	1,214.89		$	—		$	1,214.89		$	1,149.04		$	—		$	1,149.04		5.73	%	5.73	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	20,378		$	—		$	20,378		$	35,908		$	(14,326)		$	21,582		(43.25)	%	(5.58)	%
	Total hotel revenue	$	31,011		$	—		$	31,011		$	50,048		$	(17,603)		$	32,445		(38.04)	%	(4.42)	%
	Hotel net income (loss)	$	(3,787)		$	(3)		$	(3,790)		$	(3,702)		$	(1,076)		$	(4,778)		(2.30)	%	20.68	%
	Hotel net income (loss) margin	(12.21)		%				(12.22)		%	(7.40)		%				(14.73)		%	(4.81)	%	2.51	%
	Hotel EBITDA	$	5,656		$	—		$	5,656		$	8,407		$	(4,397)		$	4,010		(32.72)	%	41.05	%
	Hotel EBITDA margin	18.24		%				18.24		%	16.80		%				12.36		%	1.44	%	5.88	%
	Selected Operating Information:
	RevPAR	$	140.11		$	—		$	140.11		$	166.59		$	204.34		$	148.39		(15.90)	%	(5.58)	%
	Occupancy	58.59		%	—		%	58.59		%	61.54		%	64.86		%	59.94		%	(4.79)	%	(2.25)	%
	ADR	$	239.14		$	—		$	239.14		$	270.69		$	315.04		$	247.55		(11.66)	%	(3.40)	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	132,031		$	—		$	132,031		$	139,256		$	(14,326)		$	124,930		(5.19)	%	5.68	%
	Total hotel revenue	$	211,626		$	—		$	211,626		$	218,409		$	(17,603)		$	200,806		(3.11)	%	5.39	%
	Hotel net income (loss)	$	44,233		$	(3)		$	44,230		$	36,757		$	(980)		$	35,777		20.34	%	23.63	%
	Hotel net income (loss) margin	20.90		%				20.90		%	16.83		%				17.82		%	4.07	%	3.08	%
	Hotel EBITDA	$	75,463		$	—		$	75,463		$	70,741		$	(4,339)		$	66,402		6.68	%	13.65	%
	Hotel EBITDA margin	35.66		%				35.66		%	32.39		%				33.07		%	3.27	%	2.59	%
	Selected Operating Information:
	RevPAR	$	480.83		$	—		$	480.83		$	403.99		$	(204.34)		$	454.97		19.02	%	5.68	%
	Occupancy	64.50		%	—		%	64.50		%	64.58		%	(64.86)		%	64.50		%	(0.12)	%	—	%
	ADR	$	745.44		$	—		$	745.44		$	625.60		$	(315.04)		$	705.33		19.16	%	5.69	%

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 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, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	40,086		$	—		$	40,086
	Total hotel revenue	$	63,147		$	—		$	63,147
	Hotel net income	$	(5,693)		$	—		$	(5,693)
	Hotel net income margin	(9.02)		%				(9.02)		%
	Hotel EBITDA	$	15,330		$	—		$	15,330
	Hotel EBITDA margin	24.28		%				24.28		%
	Selected Operating Information:
	RevPAR	$	196.47		$	—		$	196.47
	Occupancy	74.08		%	—		%	74.08		%
	ADR	$	265.20		$	—		$	265.20

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—
	Total hotel revenue	$	—		$	—		$	—
	Hotel net income	$	1,212		$	(1,212)		$	—
	Hotel net income margin	—		%				—		%
	Hotel EBITDA	$	1,448		$	(1,448)		$	—
	Hotel EBITDA margin	—		%				—		%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—
	Occupancy	—		%	—		%	—		%
	ADR	$	—		$	—		$	—

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	27,772		$	—		$	27,772
	Total hotel revenue	$	37,655		$	—		$	37,655
	Hotel net income	$	(24,829)		$	—		$	(24,829)
	Hotel net income margin	(65.94)		%				(65.94)		%
	Hotel EBITDA	$	10,001		$	—		$	10,001
	Hotel EBITDA margin	26.56		%				26.56		%
	Selected Operating Information:
	RevPAR	$	183.35		$	—		$	183.35
	Occupancy	69.68		%	—		%	69.68		%
	ADR	$	263.13		$	—		$	263.13

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	15,831		$	—		$	15,831
	Total hotel revenue	$	21,701		$	—		$	21,701
	Hotel net income	$	(6,974)		$	—		$	(6,974)
	Hotel net income margin	(32.14)		%				(32.14)		%
	Hotel EBITDA	$	5,255		$	—		$	5,255
	Hotel EBITDA margin	24.22		%				24.22		%
	Selected Operating Information:
	RevPAR	$	667.28		$	—		$	667.28
	Occupancy	67.31		%	—		%	67.31		%
	ADR	$	991.37		$	—		$	991.37


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	24,136		$	—		$	24,136
	Total hotel revenue	$	31,826		$	—		$	31,826
	Hotel net income	$	13,398		$	—		$	13,398
	Hotel net income margin	42.10		%				42.10		%
	Hotel EBITDA	$	15,075		$	—		$	15,075
	Hotel EBITDA margin	47.37		%				47.37		%
	Selected Operating Information:
	RevPAR	$	465.67		$	—		$	465.67
	Occupancy	76.09		%	—		%	76.09		%
	ADR	$	612.04		$	—		$	612.04

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	10,073		$	—		$	10,073
	Total hotel revenue	$	13,553		$	—		$	13,553
	Hotel net income	$	(15,189)		$	—		$	(15,189)
	Hotel net income margin	(112.07)		%				(112.07)		%
	Hotel EBITDA	$	3,176		$	—		$	3,176
	Hotel EBITDA margin	23.43		%				23.43		%
	Selected Operating Information:
	RevPAR	$	344.93		$	—		$	344.93
	Occupancy	54.41		%	—		%	54.41		%
	ADR	$	633.90		$	—		$	633.90

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	22,128		$	—		$	22,128
	Total hotel revenue	$	44,865		$	—		$	44,865
	Hotel net income	$	(2,977)		$	—		$	(2,977)
	Hotel net income margin	(6.64)		%				(6.64)		%
	Hotel EBITDA	$	9,793		$	—		$	9,793
	Hotel EBITDA margin	21.83		%				21.83		%
	Selected Operating Information:
	RevPAR	$	314.13		$	—		$	314.13
	Occupancy	46.08		%	—		%	46.08		%
	ADR	$	681.66		$	—		$	681.66

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	27,582		$	—		$	27,582
	Total hotel revenue	$	36,803		$	—		$	36,803
	Hotel net income	$	5,859		$	—		$	5,859
	Hotel net income margin	15.92		%				15.92		%
	Hotel EBITDA	$	11,370		$	—		$	11,370
	Hotel EBITDA margin	30.89		%				30.89		%
	Selected Operating Information:
	RevPAR	$	151.43		$	—		$	151.43
	Occupancy	65.51		%	—		%	65.51		%
	ADR	$	231.15		$	—		$	231.15


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	22,088		$	(22,088)		$	—
	Total hotel revenue	$	26,249		$	(26,249)		$	—
	Hotel net income	$	44,654		$	(44,654)		$	—
	Hotel net income margin	170.12		%				—		%
	Hotel EBITDA	$	6,214		$	(6,214)		$	—
	Hotel EBITDA margin	23.67		%				—		%
	Selected Operating Information:
	RevPAR	$	246.04		$	246.04		$	—
	Occupancy	74.35		%	74.35		%	74.35		%
	ADR	$	330.93		$	330.93		$	—

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	38,272		$	—		$	38,272
	Total hotel revenue	$	96,847		$	—		$	96,847
	Hotel net income	$	16,712		$	—		$	16,712
	Hotel net income margin	17.26		%				17.26		%
	Hotel EBITDA	$	26,569		$	—		$	26,569
	Hotel EBITDA margin	27.43		%				27.43		%
	Selected Operating Information:
	RevPAR	$	379.90		$	—		$	379.90
	Occupancy	66.47		%	—		%	66.47		%
	ADR	$	571.54		$	—		$	571.54

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	30,367		$	—		$	30,367
	Total hotel revenue	$	57,178		$	—		$	57,178
	Hotel net income	$	(6,090)		$	—		$	(6,090)
	Hotel net income margin	(10.65)		%				(10.65)		%
	Hotel EBITDA	$	9,335		$	—		$	9,335
	Hotel EBITDA margin	16.33		%				16.33		%
	Selected Operating Information:
	RevPAR	$	454.64		$	—		$	454.64
	Occupancy	52.91		%	—		%	52.91		%
	ADR	$	859.30		$	—		$	859.30

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	13,861		$	(13,861)		$	—
	Total hotel revenue	$	17,472		$	(17,472)		$	—
	Hotel net income	$	46,241		$	(46,241)		$	—
	Hotel net income margin	264.66		%				—		%
	Hotel EBITDA	$	7,500		$	(7,500)		$	—
	Hotel EBITDA margin	42.93		%				—		%
	Selected Operating Information:
	RevPAR	$	293.59		$	293.59		$	—
	Occupancy	84.27		%	84.27		%	—		%
	ADR	$	348.37		$	348.37		$	—


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	44,559		$	—		$	44,559
	Total hotel revenue	$	71,249		$	—		$	71,249
	Hotel net income	$	13,488		$	—		$	13,488
	Hotel net income margin	18.93		%				18.93		%
	Hotel EBITDA	$	18,548		$	—		$	18,548
	Hotel EBITDA margin	26.03		%				26.03		%
	Selected Operating Information:
	RevPAR	$	678.20		$	—		$	678.20
	Occupancy	61.65		%	—		%	61.65		%
	ADR	$	1,100.17		$	—		$	1,100.17

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	7,557		$	—		$	7,557
	Total hotel revenue	$	9,761		$	—		$	9,761
	Hotel net income	$	(10,101)		$	—		$	(10,101)
	Hotel net income margin	(103.48)		%				(103.48)		%
	Hotel EBITDA	$	(4,454)		$	—		$	(4,454)
	Hotel EBITDA margin	(45.63)		%				(45.63)		%
	Selected Operating Information:
	RevPAR	$	144.78		$	—		$	144.78
	Occupancy	48.99		%	—		%	48.99		%
	ADR	$	295.51		$	—		$	295.51

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	63,260		$	—		$	63,260
	Total hotel revenue	$	94,157		$	—		$	94,157
	Hotel net income	$	13,853		$	—		$	13,853
	Hotel net income margin	14.71		%				14.71		%
	Hotel EBITDA	$	24,433		$	—		$	24,433
	Hotel EBITDA margin	25.95		%				25.95		%
	Selected Operating Information:
	RevPAR	$	1,635.07		$	—		$	1,635.07
	Occupancy	63.17		%	—		%	63.17		%
	ADR	$	2,588.31		$	—		$	2,588.31

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	42,008		$	—		$	42,008
	Total hotel revenue	$	81,166		$	—		$	81,166
	Hotel net income (loss)	$	3,992		$	—		$	3,992
	Hotel net income (loss) margin	4.92		%				4.92		%
	Hotel EBITDA	$	28,865		$	—		$	28,865
	Hotel EBITDA margin	35.56		%				35.56		%
	Selected Operating Information:
	RevPAR	$	548.05		$	—		$	548.05
	Occupancy	60.44		%	—		%	60.44		%
	ADR	$	906.83		$	—		$	906.83


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2026			2026			2026
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	290,634		$	—		$	290,634
	Total hotel revenue	$	512,542		$	—		$	512,542
	Hotel net income	$	31,425		$	(1,212)		$	30,213
	Hotel net income margin	6.13		%				5.89		%
	Hotel EBITDA	$	142,497		$	(1,448)		$	141,049
	Hotel EBITDA margin	27.80		%				27.52		%
	Selected Operating Information:
	RevPAR	$	554.88		$	—		$	554.88
	Occupancy	60.58		%	—		%	60.58		%
	ADR	$	915.89		$	—		$	915.89

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	138,946		$	(35,949)		$	102,997
	Total hotel revenue	$	191,087		$	(43,721)		$	147,366
	Hotel net income	$	56,131		$	(90,895)		$	(34,764)
	Hotel net income margin	29.37		%				(23.59)		%
	Hotel EBITDA	$	45,961		$	(13,714)		$	32,247
	Hotel EBITDA margin	24.05		%				21.88		%
	Selected Operating Information:
	RevPAR	$	191.17		$	262.43		$	174.62
	Occupancy	69.91		%	77.77		%	68.09		%
	ADR	$	273.45		$	337.44		$	256.47

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	429,580		$	(35,949)		$	393,631
	Total hotel revenue	$	703,629		$	(43,721)		$	659,908
	Hotel net income	$	87,556		$	(92,107)		$	(4,551)
	Hotel net income margin	12.44		%				(0.69)		%
	Hotel EBITDA	$	188,458		$	(15,162)		$	173,296
	Hotel EBITDA margin	26.78		%				26.26		%
	Selected Operating Information:
	RevPAR	$	343.50		$	—		$	353.47
	Occupancy	66.00		%	—		%	64.56		%
	ADR	$	520.42		$	—		$	547.53

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026			2025			2025		2025			2025			2025		2025			2025			2025		2025
	1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter
Total hotel revenue	$	211,626		$	—	$	211,626		$	167,475		$	(5,032)	$	162,443		$	144,585		$	(16,637)	$	127,948		$	179,943		$	(22,052)	$	157,891
Hotel net income (loss)	$	44,233		$	(3)	$	44,230		$	(6,496)		$	(42,907)	$	(49,403)		$	33,765		$	(45,155)	$	(11,390)		$	16,054		$	(4,042)	$	12,012
Hotel net income (loss) margin	20.90		%			20.90		%	(3.88)		%			(30.41)		%	23.35		%			(8.90)		%	8.92		%			7.61		%
Hotel EBITDA	$	75,463		$	—	$	75,463		$	39,640		$	(1,631)	$	38,009		$	25,562		$	(6,301)	$	19,261		$	47,793		$	(7,230)	$	40,563
Hotel EBITDA margin	35.66		%			35.66		%	23.67		%			23.40		%	17.68		%			15.05		%	26.56		%			25.69		%

Hotel net income (loss) % of total TTM	50.5		%			(971.9)		%	(7.4)		%			1,085.5		%	38.6		%			250.3		%	18.3		%			(263.9)		%
EBITDA % of total TTM	40.0		%			43.5		%	21.0		%			21.9		%	13.6		%			11.1		%	25.4		%			23.5		%

JV interests in Hotel net income (loss)	$	—		$	—	$	—		$	10		$	(21)	$	(11)		$	(452)		$	(297)	$	(749)		$	100		$	4	$	104
JV interests in EBITDA	$	—		$	—	$	—		$	857		$	(18)	$	839		$	937		$	(346)	$	591		$	1,516		$	3	$	1,519

	Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026
	TTM			TTM		TTM
Total hotel revenue	$	703,629		$	(43,721)	$	659,908
Hotel net income (loss)	$	87,556		$	(92,107)	$	(4,551)
Hotel net income (loss) margin	12.44		%			(0.69)		%
Hotel EBITDA	$	188,458		$	(15,162)	$	173,296
Hotel EBITDA margin	26.78		%			26.26		%

Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

JV interests in Hotel net income (loss)	$	(342)		$	(314)	$	(656)
JV interests in EBITDA	$	3,310		$	(361)	$	2,949

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2026

(in thousands, except share price)

(unaudited)



	March 31, 2026
Common stock shares outstanding	68,679
Partnership units outstanding (common stock equivalents)	4,592
Combined common stock shares and partnership units outstanding	73,271
Common stock price	$	2.36
Market capitalization	$	172,920
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	239,042
Series M redeemable preferred stock	$	33,433
Indebtedness	$	1,107,665

Net working capital (see below)	$	(35,817)
Total enterprise value (TEV)	$	1,634,193






Cash and cash equivalents	$	92,739
Restricted cash	$	55,357
Accounts receivable, net	$	37,045
Inventory	$	4,870

Prepaid expenses	$	8,286

Due from third-party hotel managers, net	$	24,662

Total current assets	$	222,959

Accounts payable, net & accrued expenses	$	135,213
Redeemable preferred stock redemptions payable	$	46,720
Dividends and distributions payable	$	3,907
Due to affiliates, net	$	1,302

Total current liabilities	$	187,142

Net working capital *	$	35,817

The table does not include $5.4 million of indebtedness and approximately $0.6 million in cash related to the consolidation of a joint venture.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2026

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Sofitel Chicago Magnificent Mile

415

Total

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2026		2025		2025		2025		March 31, 2026
	1st Quarter		4th Quarter		3rd Quarter		2nd Quarter		TTM
Net income (loss)	$	44,233	$	(6,496)	$	33,765	$	16,054	$	87,556
Non-property adjustments	(46)		12,472		(40,584)		(23)		(28,181)
Interest income	(240)		(292)		(400)		(381)		(1,313)
Interest expense	7,103		7,587		7,693		7,381		29,764
Amortization of loan costs	390		623		529		461		2,003
Depreciation and amortization	22,579		22,659		23,164		23,360		91,762
Income tax expense (benefit)	797		1,442		(1)		(210)		2,028
Non-hotel EBITDA ownership expense	647		1,645		1,396		1,151		4,839
Hotel EBITDA including amounts attributable to noncontrolling interest	75,463		39,640		25,562		47,793		188,458
Non-comparable adjustments	—		(1,631)		(6,301)		(7,230)		(15,162)
Comparable hotel EBITDA	$	75,463	$	38,009	$	19,261	$	40,563	$	173,296

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


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




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

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended March 31, 2026
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,659	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,659
JPMorgan Chase (see footnote 3)	—		—		1,376		—		—		—		—		1,593		—		—		—		—		—		—		13,473		—		16,442
BAML (see foonote 4)	—		—		—		335		6,433		(323)		—		—		—		12,009		—		—		11,158		—		—		—		29,612
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		8,940		—		—		—		—		—		—		—		—		—		8,940
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)	$	8,940	$	1,593	$	—	$	12,009	$	5,779	$	—	$	11,158	$	(972)	$	13,473	$	12,003	$	75,463

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,890)	$	40	$	(30,388)	$	(8,458)	$	3,286	$	(15,353)	$	(2,734)	$	1,946	$	42,776	$	3,511	$	(5,040)	$	91	$	2,542	$	(3,635)	$	3,299	$	3,511	$	(6,496)	$	(30,468)	$	(36,964)
Non-property adjustments	3		—		30,256		8,672		—		15,564		—		—		(41,730)		(129)		(67)		(97)		—		—		—		—		12,472		(12,472)		—
Interest income	(44)		(14)		(3)		—		—		—		—		(31)		(25)		(39)		(3)		—		(77)		—		(10)		(46)		(292)		292		—
Interest expense	2,191		—		—		—		—		—		1,237		—		—		135		804		—		—		—		—		3,220		7,587		12,943		20,530
Amortization of loan cost	150		—		—		—		—		—		—		—		—		—		58		—		—		—		—		415		623		2,010		2,633
Depreciation and amortization	2,805		—		1,084		766		379		721		2,165		1,391		509		2,171		2,772		—		1,448		1,447		2,130		2,871		22,659		—		22,659
Income tax expense (benefit)	8		—		—		—		—		—		—		63		—		—		—		—		(244)		—		1,615		—		1,442		63		1,505
Non-hotel EBITDA ownership expense	9		48		57		154		20		33		(26)		21		27		477		727		6		30		36		34		(8)		1,645		(1,645)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,232		74		1,006		1,134		3,685		965		642		3,390		1,557		6,126		(749)		—		3,699		(2,152)		7,068		9,963		39,640		(29,277)		10,363
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(839)		(18)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(857)		857		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		56		56
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	2,393	$	56	$	1,006	$	1,134	$	3,685	$	965	$	642	$	3,390	$	1,557	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,783	$	(28,364)	$	10,419
Non-comparable adjustments	—		(74)		—		—		—		—		—		—		(1,557)		—		—		—		—		—		—		—		(1,631)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	1,134	$	3,685	$	965	$	642	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,009




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)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(74)
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,134	$	3,685	$	965	$	642	$	—	$	—	$	6,126	$	(749)	$	—	$	3,699	$	—	$	7,068	$	9,963	$	32,533
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,232	$	—	$	1,006	$	—	$	—	$	—	$	—	$	3,390	$	1,557	$	—	$	—	$	—	$	—	$	(2,152)	$	—	$	—	$	7,033
Non-comparable adjustments	—		—		—		—		—		—		—		—		(1,557)		—		—		—		—		—		—		—		(1,557)
Comparable hotel EBITDA	$	3,232	$	—	$	1,006	$	—	$	—	$	—	$	—	$	3,390	$	—	$	—	$	—	$	—	$	—	$	(2,152)	$	—	$	—	$	5,476

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended December 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total
Aareal (Capital Hilton)	$	3,232	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,232
JPMorgan Chase (see footnote 3)	—		—		1,006		—		—		—		—		3,390		—		—		—		—		—		—		7,068		—		11,464
BAML (see foonote 4)	—		—		—		1,134		3,685		965		—		—		—		6,126		—		—		3,699		—		—		—		15,609
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		642		—		—		—		—		—		—		—		—		—		642
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	$	642	$	3,390	$	—	$	6,126	$	(749)	$	—	$	3,699	$	(2,152)	$	7,068	$	9,963	$	38,009

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,996)	$	1,190	$	1,512	$	1,167	$	1,140	$	537	$	(1,134)	$	896	$	853	$	(1,211)	$	(48)	$	43,113	$	(1,731)	$	(2,251)	$	(1,650)	$	(5,622)	$	33,765	$	(29,042)	$	4,723
Non-property adjustments	22		73		—		—		—		—		—		—		—		—		—		(41,043)		—		—		—		364		(40,584)		40,584		—
Interest income	(52)		(1)		(24)		—		—		—		—		(34)		(75)		(39)		(3)		(11)		(96)		—		(10)		(55)		(400)		400		—
Interest expense	2,282		—		—		—		—		—		1,295		—		—		135		840		8		—		—		—		3,133		7,693		14,769		22,462
Amortization of loan cost	147		—		—		—		35		—		—		—		—		—		38		—		—		—		—		309		529		2,197		2,726
Depreciation and amortization	2,819		—		1,095		766		401		656		1,859		1,380		1,372		2,308		2,487		672		1,384		1,106		2,069		2,790		23,164		—		23,164
Income tax expense (benefit)	73		—		—		—		—		—		—		5		—		—		—		—		(19)		—		(60)		—		(1)		(647)		(648)
Non-hotel EBITDA ownership expense	68		124		123		125		10		12		22		1		6		480		327		20		4		38		(1)		37		1,396		(1,396)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,363		1,386		2,706		2,058		1,586		1,205		2,042		2,248		2,156		1,673		3,641		2,759		(458)		(1,107)		348		956		25,562		26,865		52,427
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(590)		(347)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(937)		937		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	1,773	$	1,039	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	2,156	$	1,673	$	3,641	$	2,759	$	(458)	$	(1,107)	$	348	$	956	$	24,625	$	27,802	$	52,427
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		(2,156)		—		—		(2,759)		—		—		—		—		(6,301)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	19,261




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	1,386	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	14,437
Non-comparable adjustments	—		(1,386)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,386)
Comparable hotel EBITDA	$	—	$	—	$	—	$	2,058	$	1,586	$	1,205	$	2,042	$	—	$	—	$	1,673	$	3,641	$	—	$	(458)	$	—	$	348	$	956	$	13,051
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	2,156	$	—	$	—	$	2,759	$	—	$	(1,107)	$	—	$	—	$	11,125
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,156)		—		—		(2,759)		—		—		—		—		(4,915)
Comparable hotel EBITDA	$	2,363	$	—	$	2,706	$	—	$	—	$	—	$	—	$	2,248	$	—	$	—	$	—	$	—	$	—	$	(1,107)	$	—	$	—	$	6,210

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	2,363	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,363
JPMorgan Chase (see footnote 3)	—		—		2,706		—		—		—		—		2,248		—		—		—		—		—		—		348		—		5,302
BAML (see foonote 4)	—		—		—		2,058		1,586		1,205		—		—		—		1,673		—		—		(458)		—		—		—		6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,042		—		—		—		—		—		—		—		—		—		2,042
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		3,641		—		—		—		—		—		3,641
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		956		956





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(1,107)		—		—		(1,107)
Total	$	2,363	$	—	$	2,706	$	2,058	$	1,586	$	1,205	$	2,042	$	2,248	$	—	$	1,673	$	3,641	$	—	$	(458)	$	(1,107)	$	348	$	956	$	19,261

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	418	$	(18)	$	3,772	$	886	$	2,921	$	733	$	(4,702)	$	2,803	$	1,022	$	4,621	$	(3,021)	$	3,038	$	3,115	$	(1,161)	$	1,460	$	167	$	16,054	$	(22,895)	$	(6,841)
Non-property adjustments	(23)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(23)		23		—
Interest income	(37)		(5)		(2)		—		—		—		—		(30)		(71)		(42)		(5)		(30)		(96)		—		(9)		(54)		(381)		381		—
Interest expense	2,257		—		—		—		—		—		1,281		—		—		135		831		20		—		—		—		2,857		7,381		15,293		22,674
Amortization of loan cost	143		—		—		—		34		—		—		—		—		—		31		—		—		—		—		253		461		2,226		2,687
Depreciation and amortization	2,835		—		1,106		734		401		596		1,588		1,339		1,547		2,023		2,562		1,715		1,359		833		2,004		2,718		23,360		—		23,360
Income tax expense (benefit)	(47)		—		—		—		—		—		—		6		—		—		—		—		(231)		—		62		—		(210)		(135)		(345)
Non-hotel EBITDA ownership expense	530		11		37		108		15		—		2		21		3		24		266		(2)		2		105		27		2		1,151		(1,151)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,076		(12)		4,913		1,728		3,371		1,329		(1,831)		4,139		2,501		6,761		664		4,741		4,149		(223)		3,544		5,943		47,793		(6,258)		41,535
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,520)		4		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,516)		1,516		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	4,556	$	(8)	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	2,501	$	6,761	$	664	$	4,741	$	4,149	$	(223)	$	3,544	$	5,943	$	46,277	$	(4,742)	$	41,535
Non-comparable adjustments	—		12		—		—		—		—		—		—		(2,501)		—		—		(4,741)		—		—		—		—		(7,230)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	—	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	40,563




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(12)	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,646
Non-comparable adjustments	—		12		—		—		—		—		—		—		—		—		—		—		—		—		—		—		12
Comparable hotel EBITDA	$	—	$	—	$	—	$	1,728	$	3,371	$	1,329	$	(1,831)	$	—	$	—	$	6,761	$	664	$	—	$	4,149	$	—	$	3,544	$	5,943	$	25,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	2,501	$	—	$	—	$	4,741	$	—	$	(223)	$	—	$	—	$	22,147
Non-comparable adjustments	—		—		—		—		—		—		—		—		(2,501)		—		—		(4,741)		—		—		—		—		(7,242)
Comparable hotel EBITDA	$	6,076	$	—	$	4,913	$	—	$	—	$	—	$	—	$	4,139	$	—	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	14,905

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total
Aareal (Capital Hilton)	$	6,076	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,076
JPMorgan Chase (see footnote 3)	—		—		4,913		—		—		—		—		4,139		—		—		—		—		—		—		3,544		—		12,596
BAML (see foonote 4)	—		—		—		1,728		3,371		1,329		—		—		—		6,761		—		—		4,149		—		—		—		17,338
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(1,831)		—		—		—		—		—		—		—		—		—		(1,831)
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		664		—		—		—		—		—		664
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,943		5,943





Unencumbered (Cameo Beverly Hills)	—		—		—		—		—		—		—		—		—		—		—		—		—		(223)		—		—		(223)
Total	$	6,076	$	—	$	4,913	$	1,728	$	3,371	$	1,329	$	(1,831)	$	4,139	$	—	$	6,761	$	664	$	—	$	4,149	$	(223)	$	3,544	$	5,943	$	40,563

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2025
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Cameo Beverly Hills		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottsdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(254)	$	(96)	$	(3,557)	$	(1,155)	$	5,122	$	(1,012)	$	7,087	$	410	$	1,440	$	8,702	$	1,258	$	(364)	$	7,899	$	(1,377)	$	7,218	$	5,436	$	36,757	$	(26,085)	$	10,672
Non-property adjustments	3		—		—		—		—		—		—		—		—		—		—		—		—		—		866		—		869		(869)		—
Interest income	(36)		(4)		(1)		—		—		—		—		(27)		(64)		(28)		(7)		(27)		(96)		—		(8)		(50)		(348)		348		—
Interest expense	2,233		—		—		—		—		—		1,267		—		—		151		856		20		—		—		1,031		2,827		8,385		14,310		22,695
Amortization of loan cost	140		—		—		—		34		—		—		—		—		—		31		—		—		—		135		248		588		1,544		2,132
Depreciation and amortization	3,028		—		1,117		738		407		567		1,516		1,290		1,646		1,978		2,567		1,732		1,388		734		1,994		2,693		23,395		—		23,395
Income tax expense (benefit)	97		—		—		—		—		—		—		5		—		—		—		—		119		—		305		—		526		941		1,467
Non-hotel EBITDA ownership expense	(20)		42		36		198		22		3		36		28		2		(250)		287		12		3		161		5		4		569		(569)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,191		(58)		(2,405)		(219)		5,585		(442)		9,906		1,706		3,024		10,553		4,992		1,373		9,313		(482)		11,546		11,158		70,741		(10,380)		60,361
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,298)		14		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,284)		1,284		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Hotel EBITDA attributable to the Company and OP unitholders	$	3,893	$	(44)	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	3,024	$	10,553	$	4,992	$	1,373	$	9,313	$	(482)	$	11,546	$	11,158	$	69,457	$	(9,096)	$	60,361
Non-comparable adjustments	—		58		—		—		—		—		—		—		(3,024)		—		—		(1,373)		—		—		—		—		(4,339)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	(219)	$	5,585	$	(442)	$	9,906	$	1,706	$	—	$	10,553	$	4,992	$	—	$	9,313	$	(482)	$	11,546	$	11,158	$	66,402




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	(58)	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,334
Non-comparable adjustments	—		58		—		—		—		—		—		—		—		—		—		—		—		—		—		—		58
Comparable hotel EBITDA	$	—	$	—	$	—	$	(219)	$	5,585	$	(442)	$	9,906	$	—	$	—	$	10,553	$	4,992	$	—	$	9,313	$	—	$	11,546	$	11,158	$	62,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	3,024	$	—	$	—	$	1,373	$	—	$	(482)	$	—	$	—	$	8,407
Non-comparable adjustments	—		—		—		—		—		—		—		—		(3,024)		—		—		(1,373)		—		—		—		—		(4,397)
Comparable hotel EBITDA	$	5,191	$	—	$	(2,405)	$	—	$	—	$	—	$	—	$	1,706	$	—	$	—	$	—	$	—	$	—	$	(482)	$	—	$	—	$	4,010

NOTES:

(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2026, were owned as of the beginning of each of the periods presented.

Source: View Original Filing on SEC EDGAR

FAQ

How did Braemar Hotels & Resorts (BHR) perform in Q1 2026?

Braemar generated net income attributable to common stockholders of $4.9 million, or $0.07 per diluted share, versus a loss a year earlier. Comparable RevPAR rose 5.7% to $481 and Comparable Hotel EBITDA increased 13.7% to $75.5 million with higher margins.

What were Braemar (BHR)’s key cash flow metrics for Q1 2026?

Adjusted FFO available to common stockholders and OP unitholders was $38.3 million, or $0.52 per diluted share. Adjusted EBITDAre reached $66.5 million. These non-GAAP measures reflect higher underlying hotel profitability compared with the first quarter of 2025.

How did Braemar’s hotel portfolio metrics trend in Q1 2026?

For all hotels, Comparable RevPAR climbed to $481, up 5.7% year over year. Comparable ADR increased 5.7% to $745, while Comparable Occupancy was essentially unchanged at 64.5%. Comparable total hotel revenue grew 5.39% over the prior-year quarter.

What is notable about the Park Hyatt Beaver Creek sale for Braemar (BHR)?

Subsequent to quarter end, Braemar entered a definitive agreement to sell the 193-room Park Hyatt Beaver Creek for $176 million, or $912,000 per key. The price equates to a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026.

What is Braemar Hotels & Resorts’ current leverage and liquidity position?

As of March 31, 2026, Braemar held $93.4 million in cash and cash equivalents plus $55.4 million in restricted cash. Net debt to gross assets stood at 43.4%, with total indebtedness of about $1.1 billion and a blended average interest rate of 6.63%.

What did Braemar (BHR) say about dividends on preferred and common stock?

Braemar aligned dividend timing across preferred series B, D, E and M while keeping their calculation rates unchanged. For common equity, the board has not set a 2026 dividend policy, citing an ongoing company sale process that may involve asset sales and subsequent net proceeds distributions.

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EX-99.1 EX-99.1 3.3 MB

Braemar Hotels (NYSE: BHR) lifts Q1 2026 margins amid sale process

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FAQ

How did Braemar Hotels & Resorts (BHR) perform in Q1 2026?

What were Braemar (BHR)’s key cash flow metrics for Q1 2026?

How did Braemar’s hotel portfolio metrics trend in Q1 2026?

What is notable about the Park Hyatt Beaver Creek sale for Braemar (BHR)?

What is Braemar Hotels & Resorts’ current leverage and liquidity position?

What did Braemar (BHR) say about dividends on preferred and common stock?

Filing Exhibits & Attachments

Press Releases

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