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

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

Rhea-AI Filing Summary

Braemar Hotels & Resorts reported mixed fourth quarter and full-year 2025 results while continuing a formal process to sell the company or its assets. For the fourth quarter, comparable total revenue per available room rose 1.8% to $579, and comparable RevPAR was $340, as a 5.4% increase in average daily rate to $559 offset a 5.2% drop in occupancy to 60.8%. The quarter produced a net loss attributable to common stockholders of $46.0 million, or $(0.67) per diluted share, with adjusted FFO at $(0.02) per diluted share and adjusted EBITDAre of $28.8 million. The company ended the quarter with $124.4 million of cash and cash equivalents, $42.5 million of restricted cash, net debt to gross assets of 46.7%, and invested $23.4 million of capex while redeeming about $17.7 million of non-traded preferred stock.

For full-year 2025, comparable total RevPAR increased 3.1% to $583 and comparable RevPAR rose 1.0% to $347, as ADR increased 3.9% to $538 and occupancy eased 2.7 percentage points to 64.6%. The net loss attributable to common stockholders widened to $72.7 million, or $(1.07) per diluted share, compared with a loss of $50.9 million in 2024, while AFFO per diluted share improved to $0.28 from $0.21. Full-year adjusted EBITDAre was $147.0 million, and comparable hotel EBITDA increased to $164.2 million from $159.3 million, reflecting modest underlying operating growth despite renovations at several properties.

Braemar is actively pursuing strategic alternatives. A special committee of independent directors, advised by Robert W. Baird & Co. Inc., is running a sale process with no set deadline and no assurance of completion. During the quarter, the company sold the 410-room The Clancy in San Francisco for $115 million, bought out the minority joint venture interest in the Capital Hilton for $14.5 million, and completed a strategic repositioning of Cameo Beverly Hills under Hilton’s luxury LXR brand, along with renovations at Hotel Yountville and Park Hyatt Beaver Creek. As of December 31, 2025, Braemar reported total assets of $1.9 billion and $1.1 billion of loans, with a blended average interest rate of 6.7% and the large majority of debt effectively floating-rate.

The board also updated the preferred equity dividend process so all preferred series are treated consistently while the sale process is underway, moving Series B and Series D dividends to a monthly reservation approach in line with Series E and Series M, while keeping their payments quarterly. For common equity, the board has not declared a dividend policy for 2026, citing the ongoing sale process and the possibility that assets may be sold in multiple transactions with net proceeds distributed to shareholders after satisfying other obligations.

Positive

  • None.

Negative

  • None.

Insights

Braemar shows modest operating growth but wider losses amid a leveraged balance sheet and active sale process.

Braemar delivered slightly higher 2025 comparable hotel EBITDA of $164.2M versus $159.3M, driven by ADR growth, while full-year comparable RevPAR increased 1.0%. However, occupancy fell and a $54.5M real estate impairment, plus higher non-cash costs, contributed to a larger net loss of $72.7M.

The company closed the sale of The Clancy for $115M at a 5.2% cap rate and acquired the minority interest in the Capital Hilton for $14.5M, highlighting an active portfolio recycling strategy. As of December 31, 2025, it carried $1.1B of loans at a blended 6.7% rate, with about 86% of debt effectively floating, leaving earnings sensitive to interest rates.

A special committee is pursuing a sale of the company or its assets with no set timetable and no assurance of completion. The board has paused setting a 2026 common dividend policy while it evaluates transaction outcomes, including scenarios where asset sales lead to net proceeds distributions. Subsequent filings and transaction announcements will clarify valuation, leverage reduction, and potential shareholder payouts if the process results in definitive deals.

0001574085false00015740852026-02-262026-02-260001574085us-gaap:CommonStockMember2026-02-262026-02-260001574085us-gaap:SeriesBPreferredStockMember2026-02-262026-02-260001574085us-gaap:SeriesDPreferredStockMember2026-02-262026-02-26

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): February 26, 2026

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


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

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

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

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

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

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

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


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 26, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number         Description

99.1    Fourth Quarter 2025 Earnings Press Release of the Company, dated February 26, 2026
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: February 26, 2026
By:/s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer



EXHIBIT 99.1
braemara59.jpg
NEWS RELEASE

Contact:Deric EubanksAllison BeachJoe Calabrese
Chief Financial OfficerMedia ContactFinancial Relations Board
(972) 490-9600(972) 490-9600(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
FOURTH QUARTER AND FULL YEAR 2025 RESULTS

DALLAS – February 26, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579.
•Comparable RevPAR for all hotels totaled $340, relatively flat over the prior year quarter. Comparable ADR increased 5.4% over the prior year quarter to $559 and Comparable Occupancy decreased 5.2% over the prior year quarter to 60.8%.
•For hotels not under renovation, Comparable RevPAR increased 2.6% on a 3.4% increase in Comparable ADR and a 0.8% decrease in Comparable Occupancy.
•Net loss attributable to common stockholders for the quarter was $(46.0) million or $(0.67) per diluted share.
•Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter.
•Adjusted EBITDAre was $28.8 million for the quarter.
•Comparable Hotel EBITDA was $38.0 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 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 $17.1 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 46.7% at the end of the fourth quarter.
•Capex invested during the quarter was $23.4 million.
•During the quarter, the Company redeemed approximately $17.7 million of its non-traded preferred stock in cash.


BHR Reports Forth Quarter and Full Year Results
Page 2
February 26, 2026
FULL YEAR 2025 FINANCIAL HIGHLIGHTS
•Comparable Total RevPAR for all hotels increased 3.1% over the prior year to $583.
•Comparable RevPAR for all hotels increased 1.0% over the prior year to $347. Comparable ADR increased 3.9% over the prior year to $538 and Comparable Occupancy decreased 2.7% over the prior year to 64.6%.
•For the year, net loss attributable to common stockholders was $(72.7) million or $(1.07) per diluted share compared to a net loss of $(50.9) million or $(0.77) per diluted share in the prior year.
•For the year, AFFO per diluted share was $0.28 compared to $0.21 in the prior year.
•Adjusted EBITDAre for the year was $147.0 million.
•Comparable Hotel EBITDA for the year was $164.2 million compared to $159.3 million in the prior year.
•Capex invested during the year was $77.9 million.
RECENT OPERATING HIGHLIGHTS
•In August 2025, the Company announced that it had initiated a process for the sale of the Company.
•During the quarter, the Company completed the sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key).
•During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand.
•During the quarter, the Company completed renovations of Hotel Yountville in Napa Valley and Park Hyatt Beaver Creek.
INITIATION OF SALE PROCESS
In August 2025, the Company announced that it was initiating a process for the sale of the Company. The Board of Directors of the Company formed a Special Committee comprised solely of independent and disinterested directors to explore a range of strategic alternatives, aimed at maximizing both near- and long-term shareholder value. After reviewing various strategic options to maximize value for shareholders, the Board has determined that it is in the best interests of the Company and its shareholders to pursue a sale of the Company or its assets. The Company has engaged Robert W. Baird & Co. Inc. as its financial advisor.
There is no deadline or definitive timetable set for completion of the sale process and there can be no assurance that this process will result in a sale of the Company or its assets. Braemar does not expect to disclose or provide an update concerning developments related to this process unless and until the Board of Directors has approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required by law or otherwise deemed appropriate.
CAPITAL STRUCTURE
As of December 31, 2025, the Company had total assets of $1.9 billion and $1.1 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.7%, 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 14% of the Company’s consolidated debt is effectively fixed and approximately 86% is effectively floating.
During the quarter, the Company closed on the previously announced sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key). The sale price represented a 5.2% capitalization rate on net operating income for the trailing 12 months ended September 30, 2025.


BHR Reports Forth Quarter and Full Year Results
Page 3
February 26, 2026
During the quarter, the Company acquired the minority interest owned by its joint venture partner in the Capital Hilton for $14.5 million.
During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand. One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.
DIVIDENDS
Subsequent to quarter end, 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 seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“I’m pleased with Braemar’s solid fourth quarter performance, highlighted by comparable total revenue growth of 1.8%,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Renovations at a few properties significantly impacted our portfolio results. For hotels not under renovation, comparable total revenues increased 4.2% and comparable Hotel EBITDA increased 6.4% over the prior year period. Our resort portfolio again performed well, benefiting from a return to a more normalized growth trajectory. Resorts delivered a solid fourth quarter with comparable RevPAR growth of 4.1% and strong fourth quarter comparable EBITDA growth of 6.0% over the prior year period.” Mr. Stockton concluded, “We’re also very pleased to have recently completed the conversion of our Cameo Beverly Hills to Hilton’s luxury LXR brand. This transformation honors the property’s storied history while aligning with the expectations of today’s luxury traveler. Lastly, and in the context of evaluating all


BHR Reports Forth Quarter and Full Year Results
Page 4
February 26, 2026
potential options to create shareholder value, we have appointed real estate broker co-advisors to evaluate the potential for individual asset sales in conjunction with the Company Sale Process.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, February 27, 2026, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 6, 2026, by dialing (609) 800-9909 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Friday, February 27, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations,


BHR Reports Forth Quarter and Full Year Results
Page 5
February 26, 2026
plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



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

December 31, 2025December 31, 2024
ASSETS
Investments in hotel properties, gross$1,902,328 $2,252,574 
Accumulated depreciation(344,061)(473,888)
Investments in hotel properties, net1,558,267 1,778,686 
Cash and cash equivalents124,354 135,465 
Restricted cash42,479 49,592 
Investment in securities (amortized cost of $0 and $42,279, respectively)— 41,535 
Accounts receivable, net of allowance of $113 and $459, respectively32,843 31,754 
Inventories4,741 4,664 
Note receivable8,896 8,283 
Prepaid expenses6,987 5,116 
Deposit paid to Ashford Inc. 17,000 — 
Deferred costs, net75 75 
Investment in OpenKey89 145 
Derivative assets56 356 
Other assets15,368 19,538 
Operating lease right-of-use assets30,743 34,852 
Intangible assets, net2,746 3,125 
Due from third-party hotel managers17,088 22,873 
Total assets$1,861,732 $2,136,059 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,103,450 $1,210,018 
Accounts payable and accrued expenses142,123 143,566 
Redeemable preferred stock redemptions payable30,864 — 
Dividends and distributions payable7,672 9,255 
Due to Ashford Inc., net5,148 4,267 
Due to related parties, net257 1,055 
Due to third-party hotel managers1,467 1,476 
Operating lease liabilities20,058 19,984 
Other liabilities25,572 24,268 
Total liabilities1,336,611 1,413,889 
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively65,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively265,695 352,502 
Series M redeemable preferred stock, $0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively34,217 36,916 
Redeemable noncontrolling interests in operating partnership19,005 29,964 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 202416 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively682 665 
Additional paid-in capital706,488 718,536 
Accumulated other comprehensive income (loss)— (684)
Accumulated deficit(568,503)(477,804)
Total stockholders' equity of the Company138,683 240,729 
Noncontrolling interest in consolidated entities2,095 (3,367)
Total equity140,778 237,362 
Total liabilities and equity$1,861,732 $2,136,059 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
REVENUE
Rooms$97,373 $105,155 $428,990 $452,361 
Food and beverage45,542 45,359 179,538 181,250 
Other22,647 22,826 95,487 94,793 
Total hotel revenue165,562 173,340 704,015 728,404 
EXPENSES
Hotel operating expenses:
Rooms24,135 25,177 104,367 106,465 
Food and beverage35,184 36,522 141,846 145,901 
Other expenses55,390 56,333 223,977 225,864 
Management fees 5,104 5,587 21,995 23,500 
Total hotel operating expenses119,813 123,619 492,185 501,730 
Property taxes, insurance and other7,685 11,768 34,253 42,508 
Depreciation and amortization22,659 23,541 92,578 98,733 
Impairment charges54,492 — 54,492 — 
Advisory services fee:
Base advisory fee3,698 3,670 14,290 13,838 
Reimbursable expenses3,536 3,163 13,939 11,620 
Incentive fee662 623 1,408 2,735 
Stock/unit-based compensation(427)(124)(451)2,294 
Corporate, general and administrative:
Stock/unit-based compensation— 46 5 315 
Other general and administrative7,347 3,210 11,749 14,046 
Total operating expenses219,465 169,516 714,448 687,819 
Gain (loss) on disposition of assets and hotel properties41,827 (45)82,797 88,165 
OPERATING INCOME (LOSS)(12,076)3,779 72,364 128,750 
Equity in earnings (loss) of unconsolidated entity(56)(1,394)(56)(1,608)
Interest income1,345 2,607 6,246 7,135 
Other income (expense)(322)— (1,572)— 
Interest expense(20,530)(24,591)(88,361)(101,737)
Amortization of loan costs(2,633)(1,846)(10,178)(6,387)
Write-off of loan costs and exit fees— (16)(1,833)(6,111)
Gain (loss) on extinguishment of debt(1,133)— (2,686)(22)
Realized and unrealized gain (loss) on derivatives(54)62 (355)585 
INCOME (LOSS) BEFORE INCOME TAXES(35,459)(21,399)(26,431)20,605 
Income tax (expense) benefit(1,505)(368)(1,979)(842)
NET INCOME (LOSS)(36,964)(21,767)(28,410)19,763 
(Income) loss attributable to noncontrolling interest in consolidated entities(36)389 325 (25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership3,409 2,725 5,767 4,472 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(33,591)(18,653)(22,318)(1,693)
Preferred dividends(8,345)(9,702)(35,273)(40,295)
Deemed dividends on redeemable preferred stock(4,026)(2,783)(15,112)(8,958)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(45,962)$(31,138)$(72,703)$(50,946)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.67)$(0.47)$(1.07)$(0.77)
Weighted average common shares outstanding – basic68,219 66,523 67,621 66,500 
Diluted:
Net income (loss) attributable to common stockholders$(0.67)$(0.47)$(1.07)$(0.77)
Weighted average common shares outstanding – diluted73,279 66,523 67,621 66,500 
Dividends declared per common share$0.05 $0.05 $0.20 $0.20 

7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Net income (loss)$(36,964)$(21,767)$(28,410)$19,763 
Interest expense and amortization of loan costs23,163 26,437 98,539 108,124 
Depreciation and amortization 22,659 23,541 92,578 98,733 
Income tax expense (benefit)1,505 368 1,979 842 
Equity in (earnings) loss of unconsolidated entity56 1,394 56 1,608 
Company's portion of EBITDA of OpenKey— (53)— (268)
EBITDA10,419 29,920 164,742 228,802 
Impairment charges on real estate54,492 — 54,492 — 
(Gain) loss on disposition of assets and hotel properties(41,827)45 (82,797)(88,165)
EBITDAre23,084 29,965 136,437 140,637 
Amortization of favorable (unfavorable) contract assets (liabilities)107 107 428 453 
Transaction and conversion costs4,728 1,077 7,502 (4,447)
Write-off of loan costs and exit fees— 16 1,833 6,111 
Realized and unrealized (gain) loss on derivatives54 (62)355 (585)
Stock/unit-based compensation(426)(78)(446)2,611 
Legal, advisory and settlement costs726 1,320 (3,138)12,676 
Advisory services incentive fee(746)(2,112)— — 
(Gain) loss on extinguishment of debt1,133 — 2,686 22 
Other (income) expense322 — 1,572 — 
(Gain) loss on insurance settlements(196)(8)(196)(8)
Severance— — — 102 
Company's portion of adjustments to EBITDAre of OpenKey— — — 3 
Adjusted EBITDAre$28,786 $30,225 $147,033 $157,575 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Net income (loss)$(36,964)$(21,767)$(28,410)$19,763 
(Income) loss attributable to noncontrolling interest in consolidated entities(36)389 325 (25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership3,409 2,725 5,767 4,472 
Preferred dividends(8,345)(9,702)(35,273)(40,295)
Deemed dividends on redeemable preferred stock(4,026)(2,783)(15,112)(8,958)
Net income (loss) attributable to common stockholders(45,962)(31,138)(72,703)(50,946)
Depreciation and amortization on real estate (1)
22,659 22,813 90,523 94,944 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(3,409)(2,725)(5,767)(4,472)
Equity in (earnings) loss of unconsolidated entity56 1,394 56 1,608 
Impairment charges on real estate54,492 — 54,492 — 
(Gain) loss on disposition of assets and hotel properties(41,827)45 (82,815)(61,925)
Company's portion of FFO of OpenKey— (69)— (322)
FFO available to common stockholders and OP unitholders(13,991)(9,680)(16,214)(21,113)
Deemed dividends on redeemable preferred stock4,026 2,783 15,112 8,958 
Transaction and conversion costs4,728 1,077 7,502 (4,447)
Write-off of premiums, loan costs and exit fees— 16 1,833 6,111 
Unrealized (gain) loss on derivatives121 373 971 4,071 
Stock/unit-based compensation(426)(78)(446)2,611 
Legal, advisory and settlement costs726 1,320 (3,138)12,676 
Interest expense accretion on refundable membership club deposits136 150 557 616 
Amortization of loan costs (1)
2,633 1,812 10,071 6,080 
Advisory services incentive fee(746)(2,112)— — 
(Gain) loss on extinguishment of debt1,133 — 2,686 22 
Other (income) expense322 — 1,572 — 
(Gain) loss on insurance settlements(196)(8)(196)(8)
Severance— — — 102 
Company's portion of adjustments to FFO of OpenKey— — — 3 
Adjusted FFO available to common stockholders and OP unitholders$(1,534)$(4,347)$20,310 $15,682 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.02)$(0.06)$0.28 $0.21 
Weighted average diluted shares73,280 73,383 73,487 72,947 
(1) Net of adjustment for noncontrolling interest in consolidated entities.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2025
(dollars in thousands)
(unaudited)

LenderHotelsCurrent
Maturity
Final
Maturity (8)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt		TTM Hotel Net IncomeTTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (9)
Comparable TTM Hotel EBITDA
Debt Yield
Credit AgricolePark Hyatt Beaver Creek Resort & SpaFebruary 2026February 2027SOFR (1) + 2.86%$— $70,500 (2)$70,500 $(1,483)(2.1)%$10,759 15.3 %
Convertible Senior NotesN/AJune 2026June 20264.50%86,250 — 86,250  N/A N/A N/A N/A
BAMLThe Ritz-Carlton Lake TahoeJuly 2026July 2026SOFR (1) + 3.25%— 43,413 43,413 (6,851)(15.8)%8,548 19.7 %
BAMLSee footnoteAugust 2026August 2029SOFR (1) + 3.24%— 407,000 (3)407,000 17,262 4.2 %63,801 15.7 %
Aareal Capital CorporationCapital HiltonDecember 2026December 2028SOFR (1) + 3.75%— 110,600 (4)110,600 (4,722)(4.3)%16,862 15.2 %
JPMorgan ChaseSee footnoteMarch 2027March 2030SOFR (1) + 2.83%— 209,902 (5)209,902 (12,279)(5.8)%40,209 19.2 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleAugust 2028August 2030SOFR (1) + 3.00%— 180,000 (6)180,000 3,492 1.9 %28,020 15.6 %
Unencumbered HotelCameo Beverly Hills— — — (8,424)N/A(3,964)N/A
Total$86,250 $1,021,415 $1,107,665 $(13,005)(1.2)%$164,235 14.8 %
Percentage7.8 %92.2 %100.0 %
Weighted average interest rate (7)
4.50 %6.83 %6.65 %
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 3.69% at December 31, 2025.
(2)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in February 2026.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(4)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(6)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(7)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(8)    The final maturity date assumes all available extension options will be exercised.
(9)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
9


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2025
(dollars in thousands)
(unaudited)
LenderHotels20262027202820292030ThereafterTotal
BAML The Ritz-Carlton Lake Tahoe$43,413 $— $— $— $— $— $43,413 
Convertible Senior NotesN/A86,250 — — — — — 86,250 
Credit AgricolePark Hyatt Beaver Creek Resort & Spa— 70,500 — — — — 70,500 
Aareal Capital CorporationCapital Hilton— — 106,600 — — — 106,600 
BAMLSee footnote 1— — — 407,000 — — 407,000 
JPMorgan ChaseSee footnote 2— — — — 209,902 — 209,902 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — — — 174,000 — 174,000 
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.
10


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

ALL HOTELS:
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
Rooms revenue (in thousands)$99,711 $(4,296)$95,415 $107,449 $(12,053)$95,396 (7.20)%0.02 %
RevPAR$337.50 $(291.44)$339.92 $304.94 $(168.16)$339.86 10.68 %0.02 %
Occupancy61.36 %(72.62)%60.77 %63.54 %(61.46)%64.07 %(3.43)%(5.15)%
ADR$549.99 $(401.34)$559.32 $479.92 $(273.59)$530.45 14.60 %5.44 %
ALL HOTELS:
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
Rooms revenue (in thousands)$436,807 $(50,276)$386,531 $459,466 $(75,837)$383,629 (4.93)%0.76 %
RevPAR$330.73 $(242.76)$347.09 $310.52 $(208.85)$343.59 6.51 %1.02 %
Occupancy65.94 %(73.40)%64.56 %67.63 %(71.51)%66.37 %(2.50)%(2.73)%
ADR$501.54 $(330.74)$537.65 $459.13 $(292.05)$517.68 9.24 %3.86 %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
Rooms revenue (in thousands)$91,434 $(4,296)$87,138 $96,985 $(12,051)$84,934 (5.72)%2.59 %
RevPAR$355.55 $(291.44)$359.45 $308.78 $(168.16)$350.36 15.15 %2.59 %
Occupancy65.36 %(72.62)%64.92 %64.52 %(61.46)%65.43 %1.30 %(0.78)%
ADR$543.96 $(401.34)$553.66 $478.57 $(273.59)$535.50 13.66 %3.39 %
ALL HOTELS
     NOT UNDER RENOVATION:
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
Rooms revenue (in thousands)$396,082 $(50,275)$345,807 $414,439 $(75,837)$338,602 (4.43)%2.13 %
RevPAR$338.86 $(242.76)$359.55 $312.22 $(208.85)$351.15 8.53 %2.39 %
Occupancy67.97 %(73.40)%66.80 %68.43 %(71.51)%67.26 %(0.67)%(0.68)%
ADR$498.55 $(330.74)$538.26 $456.29 $(292.05)$522.05 9.26 %3.11 %
NOTES:
(1)    The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedYear Ended
December 31,December 31,
20252024% Variance20252024% Variance
Total hotel revenue$167,475 $175,217 (4.42)%$710,412 $734,217 (3.24)%
Non-comparable adjustments(5,032)(15,581)(61,324)(103,066)
Comparable total hotel revenue$162,443 $159,636 1.76 %$649,088 $631,151 2.84 %
Hotel net income (loss)$(6,496)$(3,126)(107.81)%$80,080 $124,976 (35.92)%
Non-comparable adjustments(42,907)946 (93,085)(98,471)
Comparable hotel net income (loss)$(49,403)$(2,180)(2,166.19)%$(13,005)$26,505 (149.07)%
Hotel net income (loss) margin(3.88)%(1.78)%(2.10)%11.27 %17.02 %(5.75)%
Comparable hotel net income margin(30.41)%(1.37)%(29.04)%(2.00)%4.20 %(6.20)%
Hotel EBITDA$39,640 $41,030 (3.39)%$183,736 $188,137 (2.34)%
Non-comparable adjustments(1,631)(2,609)(19,501)(28,833)
Comparable hotel EBITDA$38,009 $38,421 (1.07)%$164,235 $159,304 3.10 %
Hotel EBITDA margin23.67 %23.42 %0.25 %25.86 %25.62 %0.24 %
Comparable hotel EBITDA margin23.40 %24.07 %(0.67)%25.30 %25.24 %0.06 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$10 $(2,357)100.43 %$(430)$22,471 (101.91)%
Hotel net income (loss) attributable to the Company and OP unitholders$(6,506)$(769)(746.07)%$80,510 $102,505 (21.46)%
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(48,930)$148 (33,052.92)%$(11,824)$27,761 (142.59)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$857 $940 (8.81)%$4,594 $7,016 (34.52)%
Hotel EBITDA attributable to the Company and OP unitholders$38,783 $40,091 (3.26)%$179,142 $181,121 (1.09)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$37,201 $37,468 (0.71)%$160,020 $154,565 3.53 %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS
     NOT UNDER RENOVATION:		Three Months EndedYear Ended
December 31,December 31,
20252024% Variance20252024% Variance
Total hotel revenue$153,515 $158,099 (2.90)%$641,200 $658,460 (2.62)%
Non-comparable adjustments(5,032)(15,581)(61,324)(103,065)
Comparable total hotel revenue$148,483 $142,518 4.19 %$579,876 $555,395 4.41 %
Hotel net income (loss)$15,227 $(515)3,056.70 %$105,082 $127,680 (17.70)%
Non-comparable adjustments(42,908)946 (93,086)(98,471)
Comparable hotel net income (loss)$(27,681)$431 (6,522.51)%$11,996 $29,209 (58.93)%
Hotel net income (loss) margin9.92 %(0.33)%10.25 %16.39 %19.39 %(3.00)%
Comparable hotel net income margin(18.64)%0.30 %(18.94)%2.07 %5.26 %(3.19)%
Hotel EBITDA$40,185 $38,838 3.47 %$173,884 $173,576 0.18 %
Non-comparable adjustments(1,631)(2,609)(19,501)(28,833)
Comparable hotel EBITDA$38,554 $36,229 6.42 %$154,383 $144,743 6.66 %
Hotel EBITDA margin26.18 %24.57 %1.61 %27.12 %26.36 %0.76 %
Comparable hotel EBITDA margin25.97 %25.42 %0.55 %26.62 %26.06 %0.56 %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$10 $(2,357)100.43 %$(430)$22,471 (101.91)%
Hotel net income (loss) attributable to the Company and OP unitholders$15,217 $1,842 726.10 %$105,512 $105,209 0.29 %
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(27,208)$2,759 (1,086.00)%$13,177 $30,465 (56.75)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$857 $940 (8.81)%$4,594 $7,016 (34.52)%
Hotel EBITDA attributable to the Company and OP unitholders$39,328 $37,899 3.77 %$169,290 $166,560 1.64 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$37,746 $35,276 7.00 %$150,168 $140,004 7.26 %
NOTES:
(1)    The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
13


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$9,274 $— $9,274 $9,810 $— $9,810 (5.46)%(5.46)%
Total hotel revenue $14,766 $— $14,766 $15,455 $— $15,455 (4.46)%(4.46)%
Hotel net income (loss)$(1,890)$— $(1,890)$(9,314)$— $(9,314)79.71 %79.71 %
Hotel net income (loss) margin(12.80)%(12.80)%(60.27)%(60.27)%47.47 %47.47 %
Hotel EBITDA$3,232 $— $3,232 $3,810 $— $3,810 (15.17)%(15.17)%
Hotel EBITDA margin21.89 %21.89 %24.65 %24.65 %(2.76)%(2.76)%
Selected Operating Information:
RevPAR$180.33 $— $180.33 $190.75 $— $190.75 (5.46)%(5.46)%
Occupancy68.71 %— %68.71 %73.23 %— %73.23 %(6.17)%(6.17)%
ADR$262.45 $— $262.45 $260.46 $— $260.46 0.76 %0.76 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $— $— $— — %— %
Total hotel revenue $— $— $— $— $— $— — %— %
Hotel net income (loss)$40 $(40)$— $(114)$114 $— 135.09 %— %
Hotel net income (loss) margin— %— %— %— %— %— %
Hotel EBITDA$74 $(74)$— $(51)$51 $— 245.10 %— %
Hotel EBITDA margin— %— %— %— %— %— %
Selected Operating Information:
RevPAR$— $— $— $— $— $— — %— %
Occupancy— %— %— %— %— %— %— %— %
ADR$— $— $— $— $— $— — %— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$7,097 $— $7,097 $7,191 $— $7,191 (1.31)%(1.31)%
Total hotel revenue $9,995 $— $9,995 $9,822 $— $9,822 1.76 %1.76 %
Hotel net income (loss)$(30,388)$— $(30,388)$(787)$— $(787)(3,761.25)%(3,761.25)%
Hotel net income (loss) margin(304.03)%(304.03)%(8.01)%(8.01)%(296.02)%(296.02)%
Hotel EBITDA$1,006 $— $1,006 $356 $— $356 182.58 %182.58 %
Hotel EBITDA margin10.07 %10.07 %3.62 %3.62 %6.45 %6.45 %
Selected Operating Information:
RevPAR$185.88 $— $185.88 $188.34 $— $188.34 (1.31)%(1.31)%
Occupancy71.40 %— %71.40 %75.06 %— %75.06 %(4.88)%(4.88)%
ADR$260.33 $— $260.33 $250.92 $— $250.92 3.75 %3.75 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$3,963 $— $3,963 $3,537 $— $3,537 12.04 %12.04 %
Total hotel revenue $5,458 $— $5,458 $4,993 $— $4,993 9.31 %9.31 %
Hotel net income (loss)$(8,458)$— $(8,458)$44 $— $44 (19,322.73)%(19,322.73)%
Hotel net income (loss) margin(154.97)%(154.97)%0.88 %0.88 %(155.85)%(155.85)%
Hotel EBITDA$1,134 $— $1,134 $1,182 $— $1,182 (4.06)%(4.06)%
Hotel EBITDA margin20.78 %20.78 %23.67 %23.67 %(2.89)%(2.89)%
Selected Operating Information:
RevPAR$662.69 $— $662.69 $591.46 $— $591.46 12.04 %12.04 %
Occupancy68.66 %— %68.66 %55.74 %— %55.74 %23.18 %23.18 %
ADR$965.14 $— $965.14 $1,061.18 $— $1,061.18 (9.05)%(9.05)%
14


Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$6,078 $— $6,078 $5,897 $— $5,897 3.07 %3.07 %
Total hotel revenue $8,002 $— $8,002 $7,721 $— $7,721 3.64 %3.64 %
Hotel net income (loss)$3,286 $— $3,286 $3,021 $— $3,021 8.77 %8.77 %
Hotel net income (loss) margin41.06 %41.06 %39.13 %39.13 %1.93 %1.93 %
Hotel EBITDA$3,685 $— $3,685 $3,579 $— $3,579 2.96 %2.96 %
Hotel EBITDA margin46.05 %46.05 %46.35 %46.35 %(0.30)%(0.30)%
Selected Operating Information:
RevPAR$465.22 $— $465.22 $451.42 $— $451.42 3.06 %3.06 %
Occupancy75.83 %— %75.83 %72.29 %— %72.29 %4.90 %4.90 %
ADR$613.47 $— $613.47 $624.46 $— $624.46 (1.76)%(1.76)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$2,549 $— $2,549 $2,862 $— $2,862 (10.94)%(10.94)%
Total hotel revenue $3,438 $— $3,438 $3,672 $— $3,672 (6.37)%(6.37)%
Hotel net income (loss)$(15,353)$— $(15,353)$342 $— $342 (4,589.18)%(4,589.18)%
Hotel net income (loss) margin(446.57)%(446.57)%9.31 %9.31 %(455.88)%(455.88)%
Hotel EBITDA$965 $— $965 $1,103 $— $1,103 (12.51)%(12.51)%
Hotel EBITDA margin28.07 %28.07 %30.04 %30.04 %(1.97)%(1.97)%
Selected Operating Information:
RevPAR$346.28 $— $346.28 $388.91 $— $388.91 (10.96)%(10.96)%
Occupancy53.06 %— %53.06 %54.21 %— %54.21 %(2.12)%(2.12)%
ADR$652.65 $— $652.65 $717.39 $— $717.39 (9.02)%(9.02)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$4,694 $— $4,694 $5,383 $— $5,383 (12.80)%(12.80)%
Total hotel revenue $9,137 $— $9,137 $10,316 $— $10,316 (11.43)%(11.43)%
Hotel net income (loss)$(2,734)$— $(2,734)$(1,259)$— $(1,259)(117.16)%(117.16)%
Hotel net income (loss) margin(29.92)%(29.92)%(12.20)%(12.20)%(17.72)%(17.72)%
Hotel EBITDA$642 $— $642 $1,562 $— $1,562 (58.90)%(58.90)%
Hotel EBITDA margin7.03 %7.03 %15.14 %15.14 %(8.11)%(8.11)%
Selected Operating Information:
RevPAR$264.35 $— $264.35 $303.17 $— $303.17 (12.80)%(12.80)%
Occupancy35.84 %— %35.84 %50.95 %— %50.95 %(29.66)%(29.66)%
ADR$737.68 $— $737.68 $595.01 $— $595.01 23.98 %23.98 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$7,210 $— $7,210 $8,170 $— $8,170 (11.75)%(11.75)%
Total hotel revenue $9,773 $— $9,773 $10,543 $— $10,543 (7.30)%(7.30)%
Hotel net income (loss)$1,946 $— $1,946 $2,739 $— $2,739 (28.95)%(28.95)%
Hotel net income (loss) margin19.91 %19.91 %25.98 %25.98 %(6.07)%(6.07)%
Hotel EBITDA$3,390 $— $3,390 $4,025 $— $4,025 (15.78)%(15.78)%
Hotel EBITDA margin34.69 %34.69 %38.18 %38.18 %(3.49)%(3.49)%
Selected Operating Information:
RevPAR$157.05 $— $157.05 $177.96 $— $177.96 (11.75)%(11.75)%
Occupancy65.29 %— %65.29 %69.48 %— %69.48 %(6.03)%(6.03)%
ADR$240.55 $— $240.55 $256.13 $— $256.13 (6.08)%(6.08)%
15


Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$4,296 $(4,296)$— $6,204 $(6,204)$— (30.75)%— %
Total hotel revenue $5,032 $(5,032)$— $7,359 $(7,359)$— (31.62)%— %
Hotel net income (loss)$42,776 $(42,776)$— $(1,417)$1,417 $— 3,118.77 %— %
Hotel net income (loss) margin850.08 %— %(19.26)%— %869.34 %— %
Hotel EBITDA$1,557 $(1,557)$— $339 $(339)$— 359.29 %— %
Hotel EBITDA margin30.94 %— %4.61 %— %26.33 %— %
Selected Operating Information:
RevPAR$291.44 $291.44 $— $164.47 $164.47 $— 77.20 %— %
Occupancy72.62 %72.62 %— %57.13 %57.13 %— %27.11 %— %
ADR$401.34 $401.34 $— $287.90 $287.90 $— 39.40 %— %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$8,707 $— $8,707 $6,939 $— $6,939 25.48 %25.48 %
Total hotel revenue $23,603 $— $23,603 $18,896 $— $18,896 24.91 %24.91 %
Hotel net income (loss)$3,511 $— $3,511 $1,033 $— $1,033 239.88 %239.88 %
Hotel net income (loss) margin14.88 %14.88 %5.47 %5.47 %9.41 %9.41 %
Hotel EBITDA$6,126 $— $6,126 $4,139 $— $4,139 48.01 %48.01 %
Hotel EBITDA margin25.95 %25.95 %21.90 %21.90 %4.05 %4.05 %
Selected Operating Information:
RevPAR$342.88 $— $342.88 $273.27 $— $273.27 25.47 %25.47 %
Occupancy62.15 %— %62.15 %51.31 %— %51.31 %21.13 %21.13 %
ADR$551.71 $— $551.71 $532.61 $— $532.61 3.59 %3.59 %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$5,977 $— $5,977 $7,376 $— $7,376 (18.97)%(18.97)%
Total hotel revenue $10,746 $— $10,746 $12,908 $— $12,908 (16.75)%(16.75)%
Hotel net income (loss)$(5,040)$— $(5,040)$(2,318)$— $(2,318)(117.43)%(117.43)%
Hotel net income (loss) margin(46.90)%(46.90)%(17.96)%(17.96)%(28.94)%(28.94)%
Hotel EBITDA$(749)$— $(749)$1,350 $— $1,350 (155.48)%(155.48)%
Hotel EBITDA margin(6.97)%(6.97)%10.46 %10.46 %(17.43)%(17.43)%
Selected Operating Information:
RevPAR$355.04 $— $355.04 $438.10 $— $438.10 (18.96)%(18.96)%
Occupancy38.45 %— %38.45 %50.80 %— %50.80 %(24.31)%(24.31)%
ADR$923.44 $— $923.44 $862.48 $— $862.48 7.07 %7.07 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$— $— $— $5,849 $(5,849)$— (100.00)%— %
Total hotel revenue $— $— $— $8,222 $(8,222)$— (100.00)%— %
Hotel net income (loss)$91 $(91)$— $585 $(585)$— (84.44)%— %
Hotel net income (loss) margin— %— %7.12 %— %(7.12)%— %
Hotel EBITDA$— $— $— $2,321 $(2,321)$— (100.00)%— %
Hotel EBITDA margin— %— %28.23 %— %(28.23)%— %
Selected Operating Information:
RevPAR$— $— $— $172.29 $172.29 $— (100.00)%— %
Occupancy— %— %— %66.28 %66.28 %— %(100.00)%— %
ADR$— $— $— $259.95 $259.95 $— (100.00)%— %
16


Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$9,577 $— $9,577 $9,657 $— $9,657 (0.83)%(0.83)%
Total hotel revenue $15,825 $— $15,825 $16,337 $— $16,337 (3.13)%(3.13)%
Hotel net income (loss)$2,542 $— $2,542 $1,635 $— $1,635 55.47 %55.47 %
Hotel net income (loss) margin16.06 %16.06 %10.01 %10.01 %6.05 %6.05 %
Hotel EBITDA$3,699 $— $3,699 $3,586 $— $3,586 3.15 %3.15 %
Hotel EBITDA margin23.37 %23.37 %21.95 %21.95 %1.42 %1.42 %
Selected Operating Information:
RevPAR$578.32 $— $578.32 $583.13 $— $583.13 (0.82)%(0.82)%
Occupancy56.97 %— %56.97 %52.25 %— %52.25 %9.03 %9.03 %
ADR$1,015.15 $— $1,015.15 $1,115.98 $— $1,115.98 (9.04)%(9.04)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$1,033 $— $1,033 $2,217 $— $2,217 (53.41)%(53.41)%
Total hotel revenue $1,384 $— $1,384 $3,128 $— $3,128 (55.75)%(55.75)%
Hotel net income (loss)$(3,635)$— $(3,635)$(1,694)$— $(1,694)(114.58)%(114.58)%
Hotel net income (loss) margin(262.64)%(262.64)%(54.16)%(54.16)%(208.48)%(208.48)%
Hotel EBITDA$(2,152)$— $(2,152)$(473)$— $(473)(354.97)%(354.97)%
Hotel EBITDA margin(155.49)%(155.49)%(15.12)%(15.12)%(140.37)%(140.37)%
Selected Operating Information:
RevPAR$78.53 $— $78.53 $168.53 $— $168.53 (53.40)%(53.40)%
Occupancy22.31 %— %22.31 %62.31 %— %62.31 %(64.20)%(64.20)%
ADR$352.01 $— $352.01 $270.49 $— $270.49 30.14 %30.14 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$17,609 $— $17,609 $15,973 $— $15,973 10.24 %10.24 %
Total hotel revenue $25,606 $— $25,606 $23,575 $— $23,575 8.62 %8.62 %
Hotel net income (loss)$3,299 $— $3,299 $2,083 $— $2,083 58.38 %58.38 %
Hotel net income (loss) margin12.88 %12.88 %8.84 %8.84 %4.04 %4.04 %
Hotel EBITDA$7,068 $— $7,068 $6,009 $— $6,009 17.62 %17.62 %
Hotel EBITDA margin27.60 %27.60 %25.49 %25.49 %2.11 %2.11 %
Selected Operating Information:
RevPAR$1,805.64 $— $1,805.64 $1,637.96 $— $1,637.96 10.24 %10.24 %
Occupancy62.35 %— %62.35 %61.35 %— %61.35 %1.63 %1.63 %
ADR$2,896.15 $— $2,896.15 $2,669.79 $— $2,669.79 8.48 %8.48 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$11,647 $— $11,647 $10,384 $— $10,384 12.16 %12.16 %
Total hotel revenue$24,710 $— $24,710 $22,270 $— $22,270 10.96 %10.96 %
Hotel net income (loss)$3,511 $— $3,511 $2,295 $— $2,295 52.98 %52.98 %
Hotel net income (loss) margin14.21 %14.21 %10.31 %10.31 %3.90 %3.90 %
Hotel EBITDA$9,963 $— $9,963 $8,193 $— $8,193 21.60 %21.60 %
Hotel EBITDA margin40.32 %40.32 %36.79 %36.79 %3.53 %3.53 %
Selected Operating Information:
RevPAR$602.82 $— $602.82 $537.49 $— $537.49 12.15 %12.15 %
Occupancy67.45 %— %67.45 %58.99 %— %58.99 %14.34 %14.34 %
ADR$893.76 $— $893.76 $911.22 $— $911.22 (1.92)%(1.92)%
17


Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$70,801 $— $70,801 $68,008 $— $68,008 4.11 %4.11 %
Total hotel revenue$126,525 $— $126,525 $120,688 $— $120,688 4.84 %4.84 %
Hotel net income (loss)$(15,396)$(40)$(15,436)$6,762 $114 $6,876 (327.68)%(324.49)%
Hotel net income (loss) margin(12.17)%(12.20)%5.60 %5.70 %(17.77)%(17.90)%
Hotel EBITDA$32,607 $(74)$32,533 $30,652 $51 $30,703 6.38 %5.96 %
Hotel EBITDA margin25.77 %25.71 %25.40 %25.44 %0.37 %0.27 %
Selected Operating Information:
RevPAR$536.27 $— $536.27 $515.13 $— $515.14 4.10 %4.10 %
Occupancy56.87 %— %56.87 %55.62 %— %55.62 %2.25 %2.25 %
ADR$942.98 $— $942.98 $926.20 $— $926.22 1.81 %1.81 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$28,910 $(4,296)$24,614 $39,441 $(12,053)$27,388 (26.70)%(10.13)%
Total hotel revenue$40,950 $(5,032)$35,918 $54,529 $(15,581)$38,948 (24.90)%(7.78)%
Hotel net income (loss)$8,900 $(42,867)$(33,967)$(9,888)$832 $(9,056)190.01 %(275.08)%
Hotel net income (loss) margin21.73 %(94.57)%(18.13)%(23.25)%39.86 %(71.32)%
Hotel EBITDA$7,033 $(1,557)$5,476 $10,378 $(2,660)$7,718 (32.23)%(29.05)%
Hotel EBITDA margin17.17 %15.25 %19.03 %19.82 %(1.86)%(4.57)%
Selected Operating Information:
RevPAR$176.92 $291.44 $165.56 $179.00 $168.17 $184.21 (1.16)%(10.12)%
Occupancy65.00 %72.62 %64.24 %68.29 %61.46 %71.58 %(4.82)%(10.25)%
ADR$272.20 $401.34 $257.72 $262.13 $273.62 $257.37 3.84 %0.14 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$99,711 $(4,296)$95,415 $107,449 $(12,053)$95,396 (7.20)%0.02 %
Total hotel revenue $167,475 $(5,032)$162,443 $175,217 $(15,581)$159,636 (4.42)%1.76 %
Hotel net income (loss)$(6,496)$(42,907)$(49,403)$(3,126)$946 $(2,180)(107.81)%(2,166.19)%
Hotel net income (loss) margin(3.88)%(30.41)%(1.78)%(1.37)%(2.10)%(29.04)%
Hotel EBITDA$39,640 $(1,631)$38,009 $41,030 $(2,609)$38,421 (3.39)%(1.07)%
Hotel EBITDA margin23.67 %23.40 %23.42 %24.07 %0.25 %(0.67)%
Selected Operating Information:
RevPAR$337.50 $(291.44)$339.92 $304.94 $(168.16)$339.86 10.68 %0.02 %
Occupancy61.36 %(72.62)%60.77 %63.54 %(61.46)%64.07 %(3.43)%(5.15)%
ADR$549.99 $(401.34)$559.32 $479.92 $(273.59)$530.45 14.60 %5.44 %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    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.
18


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$41,529 $— $41,529 $42,164 $— $42,164 (1.51)%(1.51)%
Total hotel revenue$64,579 $— $64,579 $65,134 $— $65,134 (0.85)%(0.85)%
Hotel net income (loss)$(4,722)$— $(4,722)$(5,023)$— $(5,023)5.99 %5.99 %
Hotel net income (loss) margin(7.31)%(7.31)%(7.71)%(7.71)%0.40 %0.40 %
Hotel EBITDA$16,862 $— $16,862 $18,957 $— $18,957 (11.05)%(11.05)%
Hotel EBITDA margin26.11 %26.11 %29.10 %29.10 %(2.99)%(2.99)%
Selected Operating Information:
RevPAR$203.54 $— $203.54 $206.23 $— $206.23 (1.30)%(1.30)%
Occupancy74.32 %— %74.32 %78.64 %— %78.64 %(5.49)%(5.49)%
ADR$273.86 $— $273.86 $262.26 $— $262.26 4.42 %4.42 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$— $— $— $15,500 $(15,500)$— (100.00)%— %
Total hotel revenue$— $— $— $27,901 $(27,901)$— (100.00)%— %
Hotel net income (loss)$1,116 $(1,116)$— $94,906 $(94,906)$— (98.82)%— %
Hotel net income (loss) margin— %— %340.15 %— %(340.15)%— %
Hotel EBITDA$1,390 $(1,390)$— $9,104 $(9,104)$— (84.73)%— %
Hotel EBITDA margin— %— %32.63 %— %(32.63)%— %
Selected Operating Information:
RevPAR$— $— $— $198.69 $198.69 $— (100.00)%— %
Occupancy— %— %— %79.05 %79.05 %— %(100.00)%— %
ADR$— $— $— $251.35 $251.35 $— (100.00)%— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$27,684 $— $27,684 $27,949 $— $27,949 (0.95)%(0.95)%
Total hotel revenue$37,520 $— $37,520 $37,568 $— $37,568 (0.13)%(0.13)%
Hotel net income (loss)$(28,661)$— $(28,661)$1,178 $— $1,178 (2,533.02)%(2,533.02)%
Hotel net income (loss) margin(76.39)%(76.39)%3.14 %3.14 %(79.53)%(79.53)%
Hotel EBITDA$6,220 $— $6,220 $5,742 $— $5,742 8.32 %8.32 %
Hotel EBITDA margin16.58 %16.58 %15.28 %15.28 %1.30 %1.30 %
Selected Operating Information:
RevPAR$182.76 $— $182.76 $184.01 $— $184.01 (0.68)%(0.68)%
Occupancy69.83 %— %69.83 %72.54 %— %72.54 %(3.74)%(3.74)%
ADR$261.73 $— $261.73 $253.68 $— $253.68 3.17 %3.17 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$15,374 $— $15,374 $14,738 $— $14,738 4.32 %4.32 %
Total hotel revenue$21,102 $— $21,102 $20,140 $— $20,140 4.78 %4.78 %
Hotel net income (loss)$(7,560)$— $(7,560)$876 $— $876 (963.01)%(963.01)%
Hotel net income (loss) margin(35.83)%(35.83)%4.35 %4.35 %(40.18)%(40.18)%
Hotel EBITDA$4,701 $— $4,701 $4,436 $— $4,436 5.97 %5.97 %
Hotel EBITDA margin22.28 %22.28 %22.03 %22.03 %0.25 %0.25 %
Selected Operating Information:
RevPAR$648.00 $— $648.00 $619.52 $— $619.52 4.60 %4.60 %
Occupancy67.15 %— %67.15 %60.96 %— %60.96 %10.15 %10.15 %
ADR$965.02 $— $965.02 $1,016.30 $— $1,016.30 (5.05)%(5.05)%
19


Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$23,332 $— $23,332 $23,045 $— $23,045 1.25 %1.25 %
Total hotel revenue$30,837 $— $30,837 $29,880 $— $29,880 3.20 %3.20 %
Hotel net income (loss)$12,469 $— $12,469 $6,903 $— $6,903 80.63 %80.63 %
Hotel net income (loss) margin40.44 %40.44 %23.10 %23.10 %17.34 %17.34 %
Hotel EBITDA$14,227 $— $14,227 $13,604 $— $13,604 4.58 %4.58 %
Hotel EBITDA margin46.14 %46.14 %45.53 %45.53 %0.61 %0.61 %
Selected Operating Information:
RevPAR$450.15 $— $450.15 $443.41 $— $443.41 1.52 %1.52 %
Occupancy74.09 %— %74.09 %71.36 %— %71.36 %3.83 %3.83 %
ADR$607.54 $— $607.54 $621.36 $— $621.36 (2.22)%(2.22)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$10,125 $— $10,125 $11,347 $— $11,347 (10.77)%(10.77)%
Total hotel revenue$13,536 $— $13,536 $14,711 $— $14,711 (7.99)%(7.99)%
Hotel net income (loss)$(15,095)$— $(15,095)$1,875 $— $1,875 (905.07)%(905.07)%
Hotel net income (loss) margin(111.52)%(111.52)%12.75 %12.75 %(124.27)%(124.27)%
Hotel EBITDA$3,057 $— $3,057 $3,954 $— $3,954 (22.69)%(22.69)%
Hotel EBITDA margin22.58 %22.58 %26.88 %26.88 %(4.30)%(4.30)%
Selected Operating Information:
RevPAR$346.75 $— $346.75 $387.53 $— $387.53 (10.52)%(10.52)%
Occupancy54.34 %— %54.34 %59.76 %— %59.76 %(9.07)%(9.07)%
ADR$638.09 $— $638.09 $648.50 $— $648.50 (1.61)%(1.61)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$22,903 $— $22,903 $24,067 $— $24,067 (4.84)%(4.84)%
Total hotel revenue$45,493 $— $45,493 $47,907 $— $47,907 (5.04)%(5.04)%
Hotel net income (loss)$(1,483)$— $(1,483)$1,200 $— $1,200 (223.58)%(223.58)%
Hotel net income (loss) margin(3.26)%(3.26)%2.50 %2.50 %(5.76)%(5.76)%
Hotel EBITDA$10,759 $— $10,759 $12,092 $— $12,092 (11.02)%(11.02)%
Hotel EBITDA margin23.65 %23.65 %25.24 %25.24 %(1.59)%(1.59)%
Selected Operating Information:
RevPAR$325.12 $— $325.12 $340.71 $— $340.71 (4.58)%(4.58)%
Occupancy47.03 %— %47.03 %56.51 %— %56.51 %(16.78)%(16.78)%
ADR$691.30 $— $691.30 $602.93 $— $602.93 14.66 %14.66 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$27,295 $— $27,295 $28,642 $— $28,642 (4.70)%(4.70)%
Total hotel revenue$36,519 $— $36,519 $36,455 $— $36,455 0.18 %0.18 %
Hotel net income (loss)$6,055 $— $6,055 $6,009 $— $6,009 0.77 %0.77 %
Hotel net income (loss) margin16.58 %16.58 %16.48 %16.48 %0.10 %0.10 %
Hotel EBITDA$11,483 $— $11,483 $11,949 $— $11,949 (3.90)%(3.90)%
Hotel EBITDA margin31.44 %31.44 %32.78 %32.78 %(1.34)%(1.34)%
Selected Operating Information:
RevPAR$149.86 $— $149.86 $156.83 $— $156.83 (4.44)%(4.44)%
Occupancy65.16 %— %65.16 %66.99 %— %66.99 %(2.73)%(2.73)%
ADR$229.99 $— $229.99 $234.09 $— $234.09 (1.75)%(1.75)%
20


Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$31,833 $(31,833)$— $30,020 $(30,020)$— 6.04 %— %
Total hotel revenue$37,556 $(37,556)$— $36,389 $(36,389)$— 3.21 %— %
Hotel net income (loss)$46,091 $(46,091)$— $(2,607)$2,607 $— 1,867.97 %— %
Hotel net income (loss) margin122.73 %— %(7.16)%— %129.89 %— %
Hotel EBITDA$9,238 $(9,238)$— $5,733 $(5,733)$— 61.14 %— %
Hotel EBITDA margin24.60 %— %15.75 %— %8.85 %— %
Selected Operating Information:
RevPAR$251.30 $251.30 $— $200.05 $200.05 $200.05 25.62 %(100.00)%
Occupancy72.45 %72.45 %— %66.29 %66.29 %66.29 %9.29 %(100.00)%
ADR$346.86 $346.86 $— $301.79 $301.79 $301.79 14.93 %(100.00)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$36,771 $— $36,771 $36,607 $— $36,607 0.45 %0.45 %
Total hotel revenue$93,926 $— $93,926 $86,764 $— $86,764 8.25 %8.25 %
Hotel net income (loss)$15,623 $— $15,623 $13,728 $— $13,728 13.80 %13.80 %
Hotel net income (loss) margin16.63 %16.63 %15.82 %15.82 %0.81 %0.81 %
Hotel EBITDA$25,113 $— $25,113 $21,924 $— $21,924 14.55 %14.55 %
Hotel EBITDA margin26.74 %26.74 %25.27 %25.27 %1.47 %1.47 %
Selected Operating Information:
RevPAR$365.00 $— $365.00 $362.38 $— $362.38 0.72 %0.72 %
Occupancy65.88 %— %65.88 %62.46 %— %62.46 %5.48 %5.48 %
ADR$554.04 $— $554.04 $580.22 $— $580.22 (4.51)%(4.51)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$30,308 $— $30,308 $29,033 $— $29,033 4.39 %4.39 %
Total hotel revenue$57,073 $— $57,073 $50,745 $— $50,745 12.47 %12.47 %
Hotel net income (loss)$(6,851)$— $(6,851)$(9,085)$— $(9,085)24.59 %24.59 %
Hotel net income (loss) margin(12.00)%(12.00)%(17.90)%(17.90)%5.90 %5.90 %
Hotel EBITDA$8,548 $— $8,548 $5,087 $— $5,087 68.04 %68.04 %
Hotel EBITDA margin14.98 %14.98 %10.02 %10.02 %4.96 %4.96 %
Selected Operating Information:
RevPAR$453.75 $— $453.75 $433.47 $— $433.47 4.68 %4.68 %
Occupancy52.79 %— %52.79 %52.16 %— %52.16 %1.21 %1.21 %
ADR$859.53 $— $859.53 $830.96 $— $830.96 3.44 %3.44 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$18,443 $(18,443)$— $30,317 $(30,317)$— (39.17)%— %
Total hotel revenue$23,768 $(23,768)$— $38,776 $(38,776)$— (38.70)%— %
Hotel net income (loss)$45,878 $(45,878)$— $6,172 $(6,172)$— 643.32 %— %
Hotel net income (loss) margin193.02 %— %15.92 %— %177.10 %— %
Hotel EBITDA$8,873 $(8,873)$— $13,996 $(13,996)$— (36.60)%— %
Hotel EBITDA margin37.33 %— %36.09 %— %1.24 %— %
Selected Operating Information:
RevPAR$229.32 $229.32 $— $224.48 $224.48 $— 2.16 %— %
Occupancy74.90 %74.90 %— %72.96 %72.96 %— %2.66 %— %
ADR$306.18 $306.18 $— $307.67 $307.67 $— (0.48)%— %
21


Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$42,209 $— $42,209 $45,042 $— $45,042 (6.29)%(6.29)%
Total hotel revenue$67,928 $— $67,928 $74,375 $— $74,375 (8.67)%(8.67)%
Hotel net income (loss)$11,825 $— $11,825 $9,312 $— $9,312 26.99 %26.99 %
Hotel net income (loss) margin17.41 %17.41 %12.52 %12.52 %4.89 %4.89 %
Hotel EBITDA$16,703 $— $16,703 $20,620 $— $20,620 (19.00)%(19.00)%
Hotel EBITDA margin24.59 %24.59 %27.72 %27.72 %(3.13)%(3.13)%
Selected Operating Information:
RevPAR$642.45 $— $642.45 $683.69 $— $683.69 (6.03)%(6.03)%
Occupancy60.60 %— %60.60 %63.79 %— %63.79 %(5.00)%(5.00)%
ADR$1,060.23 $— $1,060.23 $1,071.81 $— $1,071.81 (1.08)%(1.08)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$7,694 $— $7,694 $9,613 $— $9,613 (19.96)%(19.96)%
Total hotel revenue$10,180 $— $10,180 $13,139 $— $13,139 (22.52)%(22.52)%
Hotel net income (loss)$(8,424)$— $(8,424)$(5,778)$— $(5,778)(45.79)%(45.79)%
Hotel net income (loss) margin(82.75)%(82.75)%(43.98)%(43.98)%(38.77)%(38.77)%
Hotel EBITDA$(3,964)$— $(3,964)$(1,485)$— $(1,485)(166.94)%(166.94)%
Hotel EBITDA margin(38.94)%(38.94)%(11.30)%(11.30)%(27.64)%(27.64)%
Selected Operating Information:
RevPAR$147.41 $— $147.41 $183.67 $— $183.67 (19.74)%(19.74)%
Occupancy52.63 %— %52.63 %66.95 %— %66.95 %(21.39)%(21.39)%
ADR$280.09 $— $280.09 $274.33 $— $274.33 2.10 %2.10 %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$61,278 $— $61,278 $54,678 $— $54,678 12.07 %12.07 %
Total hotel revenue $91,123 $— $91,123 $82,220 $— $82,220 10.83 %10.83 %
Hotel net income (loss)$10,327 $— $10,327 $5,762 $— $5,762 79.23 %79.23 %
Hotel net income (loss) margin11.33 %11.33 %7.01 %7.01 %4.32 %4.32 %
Hotel EBITDA$22,506 $— $22,506 $19,138 $— $19,138 17.60 %17.60 %
Hotel EBITDA margin24.70 %24.70 %23.28 23.28 %1.42 %1.42 %
Selected Operating Information:
RevPAR$1,583.82 $— $1,583.82 $1,409.37 $— $1,409.37 12.38 %12.38 %
Occupancy63.15 %— %63.15 %57.54 %— %57.54 %9.75 %9.75 %
ADR$2,507.90 $— $2,507.90 $2,449.29 $— $2,449.29 2.39 %2.39 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$40,029 $— $40,029 $36,704 $— $36,704 9.06 %9.06 %
Total hotel revenue$79,272 $— $79,272 $72,113 $— $72,113 9.93 %9.93 %
Hotel net income (loss)$3,492 $— $3,492 $(452)$— $(452)872.57 %872.57 %
Hotel net income (loss) margin4.41 %4.41 %(0.63)%(0.63)%5.04 %5.04 %
Hotel EBITDA$28,020 $— $28,020 $23,286 $— $23,286 20.33 %20.33 %
Hotel EBITDA margin35.35 %35.35 %32.29 32.29 %3.06 %3.06 %
Selected Operating Information:
RevPAR$522.22 $— $522.22 $477.54 $— $477.54 9.36 %9.36 %
Occupancy60.22 %— %60.22 %53.76 %— %53.76 %12.02 %12.02 %
ADR$867.26 $— $867.26 $888.24 $— $888.24 (2.36)%(2.36)%
22


Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202520252025202420242024% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$282,329 $— $282,329 $290,761 $(15,500)$275,261 (2.90)%2.57 %
Total hotel revenue$500,290 $— $500,290 $506,756 $(27,901)$478,855 (1.28)%4.48 %
Hotel net income (loss)$23,863 $(1,116)$22,747 $125,025 $(94,906)$30,119 (80.91)%(24.48)%
Hotel net income (loss) margin4.77 %4.55 %24.67 %6.29 %(19.90)%(1.74)%
Hotel EBITDA$135,024 $(1,390)$133,634 $133,245 $(9,104)$124,141 1.34 %7.65 %
Hotel EBITDA margin26.99 %26.71 %26.29 %25.92 %0.70 %0.79 %
Selected Operating Information:
RevPAR$539.02 $— $539.02 $482.01 $198.69 $524.10 11.83 %2.85 %
Occupancy60.21 %— %60.21 %62.06 %79.05 %59.54 %(2.98)%1.13 %
ADR$895.25 $— $895.25 $776.66 $251.35 $880.26 15.27 %1.70 %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$154,478 $(50,276)$104,202 $168,705 $(60,337)$108,368 (8.43)%(3.84)%
Total hotel revenue$210,122 $(61,324)$148,798 $227,461 $(75,165)$152,296 (7.62)%(2.30)%
Hotel net income (loss)$56,217 $(91,969)$(35,752)$(49)$(3,565)$(3,614)114,828.57 %(889.26)%
Hotel net income (loss) margin26.75 %(24.03)%(0.02)%(2.37)%26.77 %(21.66)%
Hotel EBITDA$48,712 $(18,111)$30,601 $54,892 $(19,729)$35,163 (11.26)%(12.97)%
Hotel EBITDA margin23.18 %20.57 %24.13 %23.09 %(0.95)%(2.52)%
Selected Operating Information:
RevPAR$193.84 $242.76 $176.66 $192.49 $211.62 $183.27 0.70 %(3.61)%
Occupancy69.71 %73.40 %68.42 %71.47 %69.45 %72.44 %(2.46)%(5.55)%
ADR$278.05 $330.74 $258.20 $269.34 $304.72 $252.99 3.23 %2.06 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$436,807 $(50,276)$386,531 $459,466 $(75,837)$383,629 (4.93)%0.76 %
Total hotel revenue $710,412 $(61,324)$649,088 $734,217 $(103,066)$631,151 (3.24)%2.84 %
Hotel net income (loss)$80,080 $(93,085)$(13,005)$124,976 $(98,471)$26,505 (35.92)%(149.07)%
Hotel net income (loss) margin11.27 %(2.00)%17.02 %4.20 %(5.75)%(6.20)%
Hotel EBITDA$183,736 $(19,501)$164,235 $188,137 $(28,833)$159,304 (2.34)%3.10 %
Hotel EBITDA margin25.86 %25.30 %25.62 %25.24 %0.24 %0.06 %
Selected Operating Information:
RevPAR$330.73 $(242.76)$347.09 $310.52 $(208.85)$343.59 6.51 %1.02 %
Occupancy65.94 %(73.40)%64.56 %67.63 %(71.51)%66.37 %(2.50)%(2.73)%
ADR$501.54 $(330.74)$537.65 $459.13 $(292.05)$517.68 9.24 %3.86 %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    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
23


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

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202520252025202520252025202520252025202520252025
4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter
Total hotel revenue$167,475 $(5,032)$162,443 $144,585 $(16,637)$127,948 $179,943 $(22,052)$157,891 $218,409 $(17,603)$200,806 
Hotel net income (loss)$(6,496)$(42,907)$(49,403)$33,765 $(45,155)$(11,390)$16,054 $(4,042)$12,012 $36,757 $(981)$35,776 
Hotel net income (loss) margin(3.88)%(30.41)%23.35 %(8.90)%8.92 %7.61 %16.83 %17.82 %
Hotel EBITDA$39,640 $(1,631)$38,009 $25,562 $(6,301)$19,261 $47,793 $(7,230)$40,563 $70,741 $(4,339)$66,402 
Hotel EBITDA margin23.67 %23.40 %17.68 %15.05 %26.56 %25.69 %32.39 %33.07 %
Hotel net income (loss) % of total TTM(8.1)%379.9 %42.2 %87.6 %20.0 %(92.4)%45.9 %(275.1)%
EBITDA % of total TTM21.6 %23.1 %13.9 %11.7 %26.0 %24.7 %38.5 %40.5 %
JV interests in Hotel net income (loss)$10 $(21)$(11)$(452)$(297)$(749)$100 $4 $104 $(88)$25 $(63)
JV interests in EBITDA$857 $(18)$839 $937 $(346)$591 $1,516 $3 $1,519 $1,284 $14 $1,298 
ActualNon-comparable AdjustmentsComparable
202520252025
TTMTTMTTM
Total hotel revenue$710,412 $(61,324)$649,088 
Hotel net income (loss)$80,080 $(93,085)$(13,005)
Hotel net income (loss) margin11.27 %(2.00)%
Hotel EBITDA$183,736 $(19,501)$164,235 
Hotel EBITDA margin25.86 %25.30 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$(430)$(289)$(719)
JV interests in EBITDA$4,594 $(347)$4,247 
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
24


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2025
(in thousands, except share price)
(unaudited)

December 31, 2025
Common stock shares outstanding68,219 
Partnership units outstanding (common stock equivalents)5,052 
Combined common stock shares and partnership units outstanding73,271 
Common stock price $2.87 
Market capitalization $210,288 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$270,457 
Series M redeemable preferred stock$34,202 
Indebtedness$1,107,665 
Net working capital (see below)$(41,324)
Total enterprise value (TEV)$1,698,238 
Cash and cash equivalents$123,610 
Restricted cash$42,479 
Accounts receivable, net$32,843 
Inventory$4,741 
Prepaid expenses$6,987 
Due from third-party hotel managers, net$15,621 
Total current assets$226,281 
Accounts payable, net & accrued expenses$141,016 
Redeemable preferred stock redemptions payable$30,864 
Dividends and distributions payable$7,672 
Due to affiliates, net$5,405 
Total current liabilities$184,957 
Net working capital *$41,324 
The table does not include $5.4 million of indebtedness and approximately $0.7 million in cash related to the consolidation of a joint venture.
25


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

20252026
1st Quarter2nd Quarter3rd Quarter4th Quarter1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualActualActualEstimatedEstimatedEstimatedEstimated
Cameo Beverly Hills143 xx
Hotel Yountville80 xxxx
Park Hyatt Beaver Creek193 xxx
Sofitel Chicago Magnificent Mile415 x
Total1233———1
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 and 2026 are included in this table.
26


Exhibit 1

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

2025202520252025December 31, 2025
4th Quarter3rd Quarter2nd Quarter1st QuarterTTM
Net income (loss)$(6,496)$33,765 $16,054 $36,757 $80,080 
Non-property adjustments12,472 (40,584)(23)869 (27,266)
Interest income(292)(400)(381)(348)(1,421)
Interest expense7,587 7,693 7,381 8,385 31,046 
Amortization of loan costs623 529 461 588 2,201 
Depreciation and amortization22,659 23,164 23,360 23,395 92,578 
Income tax expense (benefit)1,442 (1)(210)526 1,757 
Non-hotel EBITDA ownership expense1,645 1,396 1,151 569 4,761 
Hotel EBITDA including amounts attributable to noncontrolling interest39,640 25,562 47,793 70,741 183,736 
Non-comparable adjustments(1,631)(6,301)(7,230)(4,339)(19,501)
Comparable hotel EBITDA$38,009 $19,261 $40,563 $66,402 $164,235 

27

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 MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(1,890)$40 $(30,388)$(8,458)$3,286 $(15,353)$(2,734)$1,946 $42,776 $3,511 $(5,040)$91 $2,542 $(3,635)$3,299 $3,511 $(6,496)$(30,468)$(36,964)
Non-property adjustments3 — 30,256 8,672 — 15,564 — — (41,730)(129)(67)(97)— — — — 12,472 (12,472)— 
Interest income(44)(14)(3)— — — — (31)(25)(39)(3)— (77)— (10)(46)(292)292 — 
Interest expense2,191 — — — — — 1,237 — — 135 804 — — — — 3,220 7,587 12,943 20,530 
Amortization of loan cost150 — — — — — — — — — 58 — — — — 415 623 2,010 2,633 
Depreciation and amortization2,805 — 1,084 766 379 721 2,165 1,391 509 2,171 2,772 — 1,448 1,447 2,130 2,871 22,659 — 22,659 
Income tax expense (benefit)8 — — — — — — 63 — — — — (244)— 1,615 — 1,442 63 1,505 
Non-hotel EBITDA ownership expense9 48 57 154 20 33 (26)21 27 477 727 6 30 36 34 (8)1,645 (1,645)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,232 74 1,006 1,134 3,685 965 642 3,390 1,557 6,126 (749)— 3,699 (2,152)7,068 9,963 39,640 (29,277)10,363 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(839)(18)— — — — — — — — — — — — — — (857)857 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 56 56 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$2,393 $56 $1,006 $1,134 $3,685 $965 $642 $3,390 $1,557 $6,126 $(749)$— $3,699 $(2,152)$7,068 $9,963 $38,783 $(28,364)$10,419 
Non-comparable adjustments— (74)— — — — — — (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 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,232 $74 $1,006 $1,134 $3,685 $— $— $3,390 $1,557 $6,126 $(749)$— $3,699 $— $7,068 $9,963 $40,185 
Non-comparable adjustments— (74)— — — — — — (1,557)— — — — — — — (1,631)
Comparable hotel EBITDA$3,232 $— $1,006 $1,134 $3,685 $— $— $3,390 $— $6,126 $(749)$— $3,699 $— $7,068 $9,963 $38,554 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $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 

28

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 MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel 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 December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
29

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(2,996)$1,190 $1,512 $1,167 $1,140 $537 $(1,134)$896 $853 $(1,211)$(48)$43,113 $(1,731)$(2,251)$(1,650)$(5,622)$33,765 $(29,042)$4,723 
Non-property adjustments22 73 — — — — — — — — — (41,043)— — — 364 (40,584)40,584 — 
Interest income(52)(1)(24)— — — — (34)(75)(39)(3)(11)(96)— (10)(55)(400)400 — 
Interest expense2,282 — — — — — 1,295 — — 135 840 8 — — — 3,133 7,693 14,769 22,462 
Amortization of loan cost147 — — — 35 — — — — — 38 — — — — 309 529 2,197 2,726 
Depreciation and amortization2,819 — 1,095 766 401 656 1,859 1,380 1,372 2,308 2,487 672 1,384 1,106 2,069 2,790 23,164 — 23,164 
Income tax expense (benefit)73 — — — — — — 5 — — — — (19)— (60)— (1)(647)(648)
Non-hotel EBITDA ownership expense68 124 123 125 10 12 22 1 6 480 327 20 4 38 (1)37 1,396 (1,396)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,363 1,386 2,706 2,058 1,586 1,205 2,042 2,248 2,156 1,673 3,641 2,759 (458)(1,107)348 956 25,562 26,865 52,427 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(590)(347)— — — — — — — — — — — — — — (937)937 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$1,773 $1,039 $2,706 $2,058 $1,586 $1,205 $2,042 $2,248 $2,156 $1,673 $3,641 $2,759 $(458)$(1,107)$348 $956 $24,625 $27,802 $52,427 
Non-comparable adjustments— (1,386)— — — — — — (2,156)— — (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 


30

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel 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 December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile 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.
31

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$418 $(18)$3,772 $886 $2,921 $733 $(4,702)$2,803 $1,022 $4,621 $(3,021)$3,038 $3,115 $(1,161)$1,460 $167 $16,054 $(22,895)$(6,841)
Non-property adjustments(23)— — — — — — — — — — — — — — — (23)23 — 
Interest income(37)(5)(2)— — — — (30)(71)(42)(5)(30)(96)— (9)(54)(381)381 — 
Interest expense2,257 — — — — — 1,281 — — 135 831 20 — — — 2,857 7,381 15,293 22,674 
Amortization of loan cost143 — — — 34 — — — — — 31 — — — — 253 461 2,226 2,687 
Depreciation and amortization2,835 — 1,106 734 401 596 1,588 1,339 1,547 2,023 2,562 1,715 1,359 833 2,004 2,718 23,360 — 23,360 
Income tax expense (benefit)(47)— — — — — — 6 — — — — (231)— 62 — (210)(135)(345)
Non-hotel EBITDA ownership expense530 11 37 108 15 — 2 21 3 24 266 (2)2 105 27 2 1,151 (1,151)— 
Hotel EBITDA including amounts attributable to noncontrolling interest6,076 (12)4,913 1,728 3,371 1,329 (1,831)4,139 2,501 6,761 664 4,741 4,149 (223)3,544 5,943 47,793 (6,258)41,535 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,520)4 — — — — — — — — — — — — — — (1,516)1,516 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — — — 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — — — 
Hotel EBITDA attributable to the Company and OP unitholders$4,556 $(8)$4,913 $1,728 $3,371 $1,329 $(1,831)$4,139 $2,501 $6,761 $664 $4,741 $4,149 $(223)$3,544 $5,943 $46,277 $(4,742)$41,535 
Non-comparable adjustments— 12 — — — — — — (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 

32

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$6,076 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $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 December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile 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.
33

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(254)$(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 adjustments3 — — — — — — — — — — — — — 866 — 869 (869)— 
Interest income(36)(4)(1)— — — — (27)(64)(28)(7)(27)(96)— (8)(50)(348)348 — 
Interest expense2,233 — — — — — 1,267 — — 151 856 20 — — 1,031 2,827 8,385 14,310 22,695 
Amortization of loan cost140 — — — 34 — — — — — 31 — — — 135 248 588 1,544 2,132 
Depreciation and amortization3,028 — 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 interest5,191 (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 

34

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$5,191 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $5,191 
JPMorgan Chase (see footnote 3)— — (2,405)— — — — 1,706 — — — — — — 11,546 — 10,847 
BAML (see foonote 4)— — — (219)5,585 (442)— — — 10,553 — — 9,313 — — — 24,790 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 9,906 — — — — — — — — — 9,906 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 4,992 — — — — — 4,992 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 11,158 11,158 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (482)— — (482)
Total$5,191 $— $(2,405)$(219)$5,585 $(442)$9,906 $1,706 $— $10,553 $4,992 $— $9,313 $(482)$11,546 $11,158 $66,402 
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
35

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(9,314)$(114)$(787)$44 $3,021 $342 $(1,259)$2,739 $(1,417)$1,033 $(2,318)$585 $1,635 $(1,694)$2,083 $2,295 $(3,126)$(18,641)$(21,767)
Non-property adjustments151 45 — — — — — — — — — (8)— — — — 188 (188)— 
Interest income(44)(8)— — — — — (25)(65)(12)(5)(25)(105)— (8)(55)(352)352 — 
Interest expense10,049 — — — — — 1,361 — — 151 1,132 20 — — 1,496 3,020 17,229 7,362 24,591 
Amortization of loan cost46 — — — 33 — — — — — 40 — — — 198 242 559 1,287 1,846 
Depreciation and amortization3,066 — 1,121 675 445 519 1,420 1,346 1,815 1,964 2,254 1,739 1,889 702 1,896 2,690 23,541 — 23,541 
Income tax expense (benefit)(15)(2)— — — — — (42)— — — — 162 — 337 — 440 (72)368 
Non-hotel EBITDA ownership expense(129)28 22 463 80 242 40 7 6 1,003 247 10 5 519 7 1 2,551 (2,551)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,810 (51)356 1,182 3,579 1,103 1,562 4,025 339 4,139 1,350 2,321 3,586 (473)6,009 8,193 41,030 (12,451)28,579 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(953)13 — — — — — — — — — — — — — — (940)940 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 1,394 1,394 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (53)(53)
Hotel EBITDA attributable to the Company and OP unitholders$2,857 $(38)$356 $1,182 $3,579 $1,103 $1,562 $4,025 $339 $4,139 $1,350 $2,321 $3,586 $(473)$6,009 $8,193 $40,090 $(10,170)$29,920 
Non-comparable adjustments— 51 — — — — — — (339)— — (2,321)— — — — (2,609)
Comparable hotel EBITDA$3,810 $— $356 $1,182 $3,579 $1,103 $1,562 $4,025 $— $4,139 $1,350 $— $3,586 $(473)$6,009 $8,193 $38,421 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,810 $(51)$356 $1,182 $3,579 $— $— $4,025 $339 $4,139 $1,350 $2,321 $3,586 $— $6,009 $8,193 $38,838 
Non-comparable adjustments— 51 — — — — — — (339)— — (2,321)— — — — (2,609)
Comparable hotel EBITDA$3,810 $— $356 $1,182 $3,579 $— $— $4,025 $— $4,139 $1,350 $— $3,586 $— $6,009 $8,193 $36,229 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $(51)$— $1,182 $3,579 $1,103 $1,562 $— $— $4,139 $1,350 $— $3,586 $— $6,009 $8,193 $30,652 
Non-comparable adjustments— 51 — — — — — — — — — — — — — — 51 
Comparable hotel EBITDA$— $— $— $1,182 $3,579 $1,103 $1,562 $— $— $4,139 $1,350 $— $3,586 $— $6,009 $8,193 $30,703 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,810 $— $356 $— $— $— $— $4,025 $339 $— $— $2,321 $— $(473)$— $— $10,378 
Non-comparable adjustments— — — — — — — — (339)— — (2,321)— — — — (2,660)
Comparable hotel EBITDA$3,810 $— $356 $— $— $— $— $4,025 $— $— $— $— $— $(473)$— $— $7,718 
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
36

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2025
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(4,722)$1,116 $(28,661)$(7,560)$12,469 $(15,095)$(1,483)$6,055 $46,091 $15,623 $(6,851)$45,878 $11,825 $(8,424)$10,327 $3,492 $80,080 $(108,490)$(28,410)
Non-property adjustments5 73 30,256 8,672 — 15,564 — — (41,730)(129)(67)(41,140)— — 866 364 (27,266)27,266 — 
Interest income(169)(24)(30)— — — — (122)(235)(148)(18)(68)(365)— (37)(205)(1,421)1,421 — 
Interest expense8,963 — — — — — 5,080 — — 556 3,331 48 — — 1,031 12,037 31,046 57,315 88,361 
Amortization of loan cost580 — — — 103 — — — — — 158 — — — 135 1,225 2,201 7,977 10,178 
Depreciation and amortization11,487 — 4,402 3,004 1,588 2,540 7,128 5,400 5,074 8,480 10,388 4,119 5,579 4,120 8,197 11,072 92,578 — 92,578 
Income tax expense (benefit)131 — — — — — — 79 — — — — (375)— 1,922 — 1,757 222 1,979 
Non-hotel EBITDA ownership expense587 225 253 585 67 48 34 71 38 731 1,607 36 39 340 65 35 4,761 (4,761)— 
Hotel EBITDA including amounts attributable to noncontrolling interest16,862 1,390 6,220 4,701 14,227 3,057 10,759 11,483 9,238 25,113 8,548 8,873 16,703 (3,964)22,506 28,020 183,736 (19,050)164,686 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(4,247)(347)— — — — — — — — — — — — — — (4,594)4,594 — 
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$12,615 $1,043 $6,220 $4,701 $14,227 $3,057 $10,759 $11,483 $9,238 $25,113 $8,548 $8,873 $16,703 $(3,964)$22,506 $28,020 $179,142 $(14,400)$164,742 
Non-comparable adjustments— (1,390)— — — — — — (9,238)— — (8,873)— — — — (19,501)
Comparable hotel EBITDA$16,862 $— $6,220 $4,701 $14,227 $3,057 $10,759 $11,483 $— $25,113 $8,548 $— $16,703 $(3,964)$22,506 $28,020 $164,235 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$16,862 $1,390 $6,220 $4,701 $14,227 $— $— $11,483 $9,238 $25,113 $8,548 $8,873 $16,703 $— $22,506 $28,020 $173,884 
Non-comparable adjustments— (1,390)— — — — — — (9,238)— — (8,873)— — — — (19,501)
Comparable hotel EBITDA$16,862 $— $6,220 $4,701 $14,227 $— $— $11,483 $— $25,113 $8,548 $— $16,703 $— $22,506 $28,020 $154,383 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $1,390 $— $4,701 $14,227 $3,057 $10,759 $— $— $25,113 $8,548 $— $16,703 $— $22,506 $28,020 $135,024 
Non-comparable adjustments— (1,390)— — — — — — — — — — — — — — (1,390)
Comparable hotel EBITDA$— $— $— $4,701 $14,227 $3,057 $10,759 $— $— $25,113 $8,548 $— $16,703 $— $22,506 $28,020 $133,634 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$16,862 $— $6,220 $— $— $— $— $11,483 $9,238 $— $— $8,873 $— $(3,964)$— $— $48,712 
Non-comparable adjustments— — — — — — — — (9,238)— — (8,873)— — — — (18,111)
Comparable hotel EBITDA$16,862 $— $6,220 $— $— $— $— $11,483 $— $— $— $— $— $(3,964)$— $— $30,601 
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
37

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2024
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(5,023)$94,906 $1,178 $876 $6,903 $1,875 $1,200 $6,009 $(2,607)$13,728 $(9,085)$6,172 $9,312 $(5,778)$5,762 $(452)$124,976 $(105,213)$19,763 
Non-property adjustments151 (88,115)— — — — (50)— — — 5 (8)2,086 — — — (85,931)85,931 — 
Interest income(196)(273)1 — — — — (88)(240)(224)(244)(122)(145)— (12)(250)(1,793)1,793 — 
Interest expense10,049 — — — 4,262 — 5,752 — — 618 4,758 80 2,779 763 5,101 12,684 46,846 54,891 101,737 
Amortization of loan cost46 — — — 377 — 69 — — — 154 — — 46 637 937 2,266 4,121 6,387 
Depreciation and amortization13,690 2,328 4,515 2,692 1,950 1,809 5,099 5,983 8,122 7,403 8,468 7,841 8,655 2,621 7,198 10,359 98,733 — 98,733 
Income tax expense (benefit)192 155 — — — — — (26)— — — — 91 — 434 — 846 (4)842 
Non-hotel EBITDA ownership expense48 103 48 868 112 270 22 71 458 399 1,031 33 (2,158)863 18 8 2,194 (2,194)— 
Hotel EBITDA including amounts attributable to noncontrolling interest18,957 9,104 5,742 4,436 13,604 3,954 12,092 11,949 5,733 21,924 5,087 13,996 20,620 (1,485)19,138 23,286 188,137 39,325 227,462 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(4,740)(2,276)— — — — — — — — — — — — — — (7,016)7,016 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 1,608 1,608 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (268)(268)
Hotel EBITDA attributable to the Company and OP unitholders$14,217 $6,828 $5,742 $4,436 $13,604 $3,954 $12,092 $11,949 $5,733 $21,924 $5,087 $13,996 $20,620 $(1,485)$19,138 $23,286 $181,121 $47,681 $228,802 
Non-comparable adjustments— (9,104)— — — — — — (5,733)— — (13,996)— — — — (28,833)
Comparable hotel EBITDA$18,957 $— $5,742 $4,436 $13,604 $3,954 $12,092 $11,949 $— $21,924 $5,087 $— $20,620 $(1,485)$19,138 $23,286 $159,304 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$18,957 $9,104 $5,742 $4,436 $13,604 $— $— $11,949 $5,733 $21,924 $5,087 $13,996 $20,620 $— $19,138 $23,286 $173,576 
Non-comparable adjustments— (9,104)— — — — — — (5,733)— — (13,996)— — — — (28,833)
Comparable hotel EBITDA$18,957 $— $5,742 $4,436 $13,604 $— $— $11,949 $— $21,924 $5,087 $— $20,620 $— $19,138 $23,286 $144,743 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $9,104 $— $4,436 $13,604 $3,954 $12,092 $— $— $21,924 $5,087 $— $20,620 $— $19,138 $23,286 $133,245 
Non-comparable adjustments— (9,104)— — — — — — — — — — — — — — (9,104)
Comparable hotel EBITDA$— $— $— $4,436 $13,604 $3,954 $12,092 $— $— $21,924 $5,087 $— $20,620 $— $19,138 $23,286 $124,141 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$18,957 $— $5,742 $— $— $— $— $11,949 $5,733 $— $— $13,996 $— $(1,485)$— $— $54,892 
Non-comparable adjustments— — — — — — — — (5,733)— — (13,996)— — — — (19,729)
Comparable hotel EBITDA$18,957 $— $5,742 $— $— $— $— $11,949 $— $— $— $— $— $(1,485)$— $— $35,163 
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
38

Source: View Original Filing on SEC EDGAR

FAQ

How did Braemar Hotels & Resorts (BHR) perform financially in Q4 2025?

Braemar reported a net loss attributable to common stockholders of $46.0 million, or $(0.67) per diluted share in Q4 2025. Comparable total RevPAR rose 1.8% to $579, supported by a 5.4% ADR increase to $559, while comparable RevPAR was $340 and occupancy declined.

What were Braemar Hotels & Resorts’ (BHR) full-year 2025 earnings and cash flow metrics?

For 2025, Braemar posted a net loss attributable to common stockholders of $72.7 million, or $(1.07) per diluted share. Adjusted FFO improved to $0.28 per diluted share, adjusted EBITDAre was $147.0 million, and comparable hotel EBITDA increased to $164.2 million, reflecting modest operational growth.

What is the status of Braemar Hotels & Resorts’ (BHR) sale process?

Braemar’s board formed a special committee of independent directors and engaged Robert W. Baird & Co. Inc. to explore a sale of the company or its assets. There is no deadline or assurance of a transaction, and the company plans to disclose updates only when legally required or otherwise appropriate.

Which major asset transactions did Braemar Hotels & Resorts (BHR) complete in 2025?

Braemar completed the sale of the 410-room The Clancy in San Francisco for $115 million, representing a 5.2% cap rate on trailing 12‑month net operating income. It also acquired the minority joint venture interest in the Capital Hilton for $14.5 million and finished key property renovations and brand repositioning.

What does Braemar Hotels & Resorts’ (BHR) balance sheet look like at year-end 2025?

As of December 31, 2025, Braemar reported total assets of $1.9 billion and $1.1 billion of loans, with a blended average interest rate of 6.7%. About 14% of consolidated debt is effectively fixed and 86% is effectively floating, highlighting interest rate exposure.

How did Braemar Hotels & Resorts’ (BHR) operating metrics trend in 2025?

In 2025, comparable total RevPAR increased 3.1% to $583 and comparable RevPAR rose 1.0% to $347. Comparable ADR climbed 3.9% to $538, while comparable occupancy decreased 2.7 percentage points to 64.6%, partly reflecting renovation impacts at several hotels.

What changes did Braemar Hotels & Resorts (BHR) make to its dividend practices?

Braemar aligned its preferred stock dividend process so Series B and Series D dividends are reserved monthly alongside Series E and Series M, while still paid quarterly. For common stock, the board has not set a 2026 dividend policy, citing the ongoing sale process and potential asset sale proceeds distributions.

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Braemar Hotels & Resorts Inc

NYSE:BHR

BHR Rankings

#4442 Ranked by Market Cap
#326 Ranked by Dividends
#740 52-Week Gainer
#845 YTD Gainer
#252 Monthly Gainer
#205 Ranked by Short %Change

BHR Latest News

Feb 23, 2026
BRAEMAR HOTELS & RESORTS DECLARES MONTHLY PREFERRED DIVIDENDS FOR FEBRUARY 2026
Feb 2, 2026
BRAEMAR HOTELS & RESORTS INC. PROVIDES DIVIDEND POLICY CLARIFICATIONS
Jan 27, 2026
BRAEMAR HOTELS & RESORTS ANNOUNCES TAX REPORTING INFORMATION FOR 2025 COMMON AND PREFERRED SHARE DISTRIBUTIONS
Jan 26, 2026
BRAEMAR HOTELS & RESORTS DECLARES MONTHLY PREFERRED DIVIDENDS FOR JANUARY 2026
Jan 7, 2026
BRAEMAR HOTELS & RESORTS SETS FOURTH QUARTER EARNINGS RELEASE AND CONFERENCE CALL DATES

BHR Latest SEC Filings

Feb 26, 2026
[Form 4] Braemar Hotels & Resorts Inc. Insider Trading Activity
Feb 26, 2026
[Form 4] Braemar Hotels & Resorts Inc. Insider Trading Activity
Feb 26, 2026
[Form 4] Braemar Hotels & Resorts Inc. Insider Trading Activity
Feb 25, 2026
[8-K] Braemar Hotels & Resorts Inc. Reports Material Event
Feb 23, 2026
[SCHEDULE 13D/A] Braemar Hotels & Resorts Inc. Amended Major Shareholder Report

BHR Stock Data

209.43M
54.42M
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