# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001574085-23-000019
**Filing Date:** 2023-2
**Character Count:** 165196
**Document Hash:** fdcfba765e96a10b6d07474ccb7897e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001574085-23-000019.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001574085-23-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braemar Hotels & Resorts Inc.
- **CENTRAL INDEX KEY:** 0001574085
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 462488594
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35972
- **FILM NUMBER:** 23653164

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** (972) 490-9600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ashford Hospitality Prime, Inc.
- **DATE OF NAME CHANGE:** 20130410

?xml version="1.0" ? bhr-20230222

**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 22, 2023** 

**BRAEMAR HOTELS & RESORTS INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| Maryland | 001-35972 | 46-2488594 |
| *(State or other jurisdiction of incorporation or organization)* | *(Commission File Number)* | *(IRS employer identification number)* |
| 14185 Dallas Parkway |  |  |
| Suite 1200 |  |  |
| Dallas |  |  |
| Texas |  | 75254 |
| *(Address of principal executive offices)* |  | *(Zip code)* |

---

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

**Not Applicable**

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

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

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

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

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

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

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

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **BHR** | **New York Stock Exchange** |
| **Preferred Stock, Series B** | **BHR-PB** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **BHR-PD** | **New York Stock Exchange** |

---

------

**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On February 22, 2023, Braemar Hotels & Resorts Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

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

**ITEM 8.01 &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Fourth Quarter 2022 Earnings Press Release of the Company, dated February 22, 2023](bhr2022q4earningsrelease.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURE**

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. | BRAEMAR HOTELS & RESORTS INC. |
| Dated: February 22, 2023 | By: | /s/ Deric S. Eubanks |
|  |  | Deric S. Eubanks |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![braemara59.jpg](braemara59.jpg)

NEWS RELEASE

---

| | | | |
|:---|:---|:---|:---|
| Contact: | Deric Eubanks | Jordan Jennings | Joseph Calabrese |
|  | Chief Financial Officer | Investor Relations | Financial Relations Board |
|  | (972) 490-9600 | (972) 778-9487 | (212) 827-3772 |

---

**BRAEMAR HOTELS & RESORTS REPORTS** 

**FOURTH QUARTER AND FULL YEAR 2022 RESULTS**

DALLAS – February 22, 2023 – 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, 2022. 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, 2022, 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, 2022 with the fourth quarter and full year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

**FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels increased 8.3% over the prior year quarter to $301. Comparable ADR increased 2.8% over the prior year quarter to $469 and Comparable Occupancy increased 5.4% over the prior year quarter to 64.2%. Compared to the fourth quarter of 2019, Comparable RevPAR was 20.4% higher, Comparable ADR was 39.9% higher, and Comparable Occupancy was 13.9% lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders for the quarter was $(13.5) million or $(0.19) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre was $39.2 million for the quarter, reflecting a growth rate of 33% over the prior year quarter, and 53.9% higher than what the Company reported in the fourth quarter of 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA was $52.2 million for the quarter, which was 8.4% higher than the prior year quarter and 35.4% higher than the fourth quarter of 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with cash and cash equivalents of $261.5 million and restricted cash of $54.2 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 $26.6 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt to gross assets was 40.4% at the end of the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the quarter was $12.6 million.

------

BHR Reports Fourth Quarter Results

February 22, 2023

**FULL YEAR 2022 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for the year for all hotels increased 31.1% over the prior year to $312, Comparable ADR increased 5.2% to $482 and Comparable Occupancy increased 24.6% to 64.7%. Compared to 2019, Comparable RevPAR for the year for all hotels was 21.7% higher, Comparable ADR was 44.9% higher, and Comparable Occupancy was 16.1% lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, net loss attributable to common stockholders was $(10.7) million or $(0.15) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, AFFO per diluted share was $1.23, which reflected a growth rate of 44.7% over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre for the year was $172.4 million, which reflected a growth rate of 97.1% over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA for the year was $221.9 million, which reflected a growth rate of 55.8% over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the year was $49.1 million.

**RECENT OPERATING HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company completed the acquisition of the 210-room Four Seasons Resort Scottsdale at Troon North.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company successfully closed on a new $100 million non-recourse mortgage loan secured by the Four Seasons Resort Scottsdale. Subsequent to quarter end, the Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company announced an increase in its quarterly common stock dividend to $0.05 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program, repurchasing 5.4 million shares at an average price of $4.60 per share.

**FOUR SEASONS RESORT SCOTTSDALE ACQUISITION**

On December 1, 2022, the Company announced that it completed the acquisition of the luxury 210-room Four Seasons Resort Scottsdale at Troon North. In addition, the Company acquired 5.7 acres of developable land that is currently zoned for commercial use.

Located on East Crescent Moon Drive in Scottsdale, Arizona, the idyllic Four Seasons Resort Scottsdale is set on 37 acres featuring adobe-inspired rooms situated among saguaro cacti, dramatic valleys, and views of the iconic Pinnacle Peak. Amenities include locally inspired spa treatments at the 9,000 sq. ft. spa, a bi-level pool and authentic Southwest cuisine. The resort also offers guests opportunities for outdoor adventure, including close shuttle access to two world-class golf courses, four pickleball and two tennis courts, as well as the opportunities to hike, bike or rock climb surrounding hills.

The acquisition was funded with cash on hand and no common equity was issued to fund the acquisition. The total consideration for the acquisition was $267.8 million. Of the total consideration, $250.0 million was allocated to the existing resort ($1.2 million per key) and $17.8 million was allocated to the excess developable land.

**CAPITAL STRUCTURE** 

At December 31, 2022, the Company had total assets of $2.4 billion and $1.3 billion of loans of which $49 million related to its joint venture partner's share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company's total combined loans had a blended average interest rate of

------

BHR Reports Fourth Quarter Results

February 22, 2023

6.4%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR, and the Company's corresponding interest rate caps, approximately 82% of the Company's consolidated debt is effectively fixed and approximately 18% is effectively floating.

On February 17, 2023, the offering for the Company's Series E and Series M non-traded preferred stock closed. During the offering period, the Company issued approximately $460 million in gross proceeds and currently has 16,472,728 shares of its Series E and 1,960,336 shares of its Series M non-traded preferred stock outstanding.

During the quarter, the Company successfully closed on a mortgage loan secured by the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The non-recourse loan totals $100.0 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 3.75%. The Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach, which had a floating interest rate of LIBOR + 6.00%.

On December 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2022. The dividend, which equates to an annual rate of $0.20 per share, was paid on January 17, 2023, to stockholders of record as of December 30, 2022. The Board of Directors also approved the Company's dividend policy for 2023. The Company expects to pay a quarterly cash dividend of $0.05 per share for 2023, or $0.20 per share on an annualized basis. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

On December 8, 2022, the Company also announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program and repurchased 5.4 million shares at an average price of $4.60 per share.

**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.

"We're extremely pleased with Braemar's solid fourth quarter performance and couldn't be more excited about our recent acquisition of the iconic Four Seasons Resort Scottsdale," noted Richard J. Stockton, Braemar's President and Chief Executive Officer. "During the quarter, our portfolio continued to see significant outperformance relative to 2019. Further, our urban portfolio continues to ramp up quickly, reporting $11 million of Comparable Hotel EBITDA for the quarter and comprising 21% of total Comparable Hotel EBITDA for the quarter," he added. "Additionally, the Board's authorization of a $25 million share repurchase program, and the decision to increase the Company's quarterly cash dividend to $0.05 per share, reflects a strong conviction in Braemar's strategy and our commitment to create long-term shareholder value. Looking ahead to 2023, we remain very well positioned with expectations for strong leisure demand and the continued recovery of our urban portfolio," Stockton concluded.

------

BHR Reports Fourth Quarter Results

February 22, 2023

**INVESTOR CONFERENCE CALL AND SIMULCAST**

Braemar will conduct a conference call on Thursday, February 23, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Thursday, March 2, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734832.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2022 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 Thursday, February 23, 2023, 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. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an "as-converted" basis in AFFO. For comparative purposes the change has been applied retrospectively.

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.*

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BHR Reports Fourth Quarter Results

February 22, 2023

*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, 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, 2022** | **December 31, 2021** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, gross | $2325093 | $1845078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (440492) | (399481) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | 1884601 | 1445597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 261541 | 215998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 54155 | 47376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $339 and $134, respectively | 51448 | 23701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5238 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 7044 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in OpenKey | 1689 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 6482 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 14621 | 23588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 79449 | 80462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 3883 | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties, net | 938 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 26625 | 27461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2397714 | $1879522 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $1334130 | $1172678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 133978 | 96316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 8184 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Ashford Inc., net | 10005 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 2096 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 60692 | 60937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 284 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 22343 | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1571712 | 1355657 |
| 5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 65426 | 65426 |
| Series E Redeemable Preferred Stock, $0.01 par value, 12,656,529 and 1,710,399 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 291076 | 39339 |
| Series M Redeemable Preferred Stock, $0.01 par value, 1,428,332 and 29,044 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 35182 | 715 |
| Redeemable noncontrolling interests in operating partnership | 40555 | 36087 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 80,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized, 69,919,065 and 65,365,470 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 699 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 734134 | 707418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (324740) | (309240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity of the Company | 410109 | 398847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated entities | (16346) | (16549) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 393763 | 382298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2397714 | $1879522 |

---

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $109293 | $84848 | $431515 | $280568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 42641 | 29323 | 159241 | 90299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 19688 | 16236 | 78829 | 56675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total hotel revenue** | 171622 | 130407 | 669585 | 427542 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 24668 | 18249 | 94410 | 59818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 34313 | 24651 | 125555 | 75177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 56243 | 40771 | 205373 | 138914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 5347 | 4038 | 20149 | 13117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 120571 | 87709 | 445487 | 287026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 8035 | 7921 | 30766 | 34997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 20506 | 18881 | 78122 | 73762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base advisory fee | 3356 | 2825 | 12790 | 10806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 1193 | 601 | 4653 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee | (491) |  | 803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 2308 | 2872 | 10601 | 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on legal settlements |  | 72 | (114) | (917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs |  | (8) |  | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 32 | 55 | 659 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 4044 | 2585 | 17425 | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 159554 | 123513 | 601192 | 426789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on insurance settlement and disposition of assets |  |  |  | 696 |
| **OPERATING INCOME (LOSS)** | 12068 | 6894 | 68393 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entity | (108) | (54) | (328) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1745 | 14 | 2677 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 470 |  | 497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (18278) | (8096) | (49710) | (28693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | (595) | (459) | (2456) | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of loan costs and exit fees | (40) | (3) | (146) | (1963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives | 445 | (32) | 4464 | 32 |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (4293) | (1736) | 23391 | (31587) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (260) | (558) | (4043) | (1324) |
| **NET INCOME (LOSS)** | (4553) | (2294) | 19348 | (32911) |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 202 | 104 | (2063) | 2650 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1123 | 413 | 476 | 3597 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (3228) | (1777) | 17761 | (26664) |
| Preferred dividends | (8108) | (2487) | (21503) | (8745) |
| Deemed dividends on redeemable preferred stock | (2152) |  | (6954) |  |
| Gain (loss) on extinguishment of preferred stock |  |  |  | (4595) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(13488) | $(4264) | $(10696) | $(40004) |
| **INCOME (LOSS) PER SHARE – BASIC AND DILUTED** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(0.19) | $(0.06) | $(0.15) | $(0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 70839 | 63743 | 69687 | 52684 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(0.19) | $(0.06) | $(0.15) | $(0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 70839 | 63743 | 69687 | 52684 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dividends declared per common share:** | $0.05 | $— | $0.08 | $— |

---

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

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

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Net income (loss)** | $(4553) | $(2294) | $19348 | $(32911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of loan costs | 18873 | 8555 | 52166 | 30901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 20506 | 18881 | 78122 | 73762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 260 | 558 | 4043 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entity | 108 | 54 | 328 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of EBITDA of OpenKey | (114) | (54) | (334) | (250) |
| **EBITDA** | 35080 | 25700 | 153673 | 73078 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlement and disposition of assets |  |  |  | (696) |
| **EBITDAre** | 35080 | 25700 | 153673 | 72382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of favorable (unfavorable) contract assets (liabilities) | 118 | 118 | 463 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 2791 | 489 | 9679 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | (470) |  | (497) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of loan costs and exit fees | 40 | 3 | 146 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss in insurance settlements | (55) |  | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | (445) | 32 | (4464) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 2344 | 2939 | 11285 | 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 1069 | 112 | 2170 | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee | (1294) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to EBITDAre of OpenKey | 2 |  | 8 | 7 |
| **Adjusted EBITDAre** | $39180 | $29393 | $172408 | $87465 |

---

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

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

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Net income (loss)** | $(4553) | $(2294) | $19348 | $(32911) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 202 | 104 | (2063) | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1123 | 413 | 476 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (8108) | (2487) | (21503) | (8745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (2152) |  | (6954) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of preferred stock |  |  |  | (4595) |
| Net income (loss) attributable to common stockholders | (13488) | (4264) | (10696) | (40004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate | 19830 | 18229 | 75508 | 71072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1123) | (413) | (476) | (3597) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entity | 108 | 54 | 328 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlement and disposition of assets |  |  |  | (696) |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of FFO of OpenKey | (113) | (54) | (333) | (251) |
| **FFO available to common stockholders and OP unitholders** | 5214 | 13552 | 64331 | 26776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 2152 |  | 6954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of preferred stock |  |  |  | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 2791 | 489 | 9679 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense accretion on refundable membership club deposits | 178 | 190 | 723 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of loan costs and exit fees | 40 | 3 | 146 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 572 | 437 | 2365 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss in insurance settlements | (55) |  | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | (445) | 32 | (4464) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 2344 | 2939 | 11285 | 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 1069 | 112 | 2170 | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee | (1294) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of OpenKey | 2 |  | 8 | 7 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $12568 | $17754 | $93142 | $48835 |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $0.16 | $0.25 | $1.23 | $0.85 |
| Weighted average diluted shares | 76848 | 70127 | 75635 | 57762 |

---

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**SUMMARY OF INDEBTEDNESS**

**December 31, 2022** 

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Hotels** | **Current<br>Maturity** | **Final**<br>**Maturity** <sup>(11)</sup> | **Interest Rate** | **Fixed-Rate<br>Debt** | **Floating-Rate<br>Debt** | | **Total<br>Debt** | **Comparable TTM Hotel Net Income** | **Comparable TTM Hotel Net Income Debt Yield** | **Comparable TTM Hotel EBITDA**<sup>(12)</sup> | **Comparable TTM EBITDA<br>Debt Yield** |
| BAML | The Ritz-Carlton Sarasota | April 2023 | April 2023 | LIBOR <sup>(1)</sup> + 2.65% | $— | $98500 | (3) | $98500 | $17641 | 17.9% | $30377 | 30.8% |
| BAML | Hotel Yountville | May 2023 | May 2023 | LIBOR <sup>(1)</sup> + 2.55% |  | 51000 | (3) | 51000 | 2547 | 5.0% | 6958 | 13.6% |
| BAML | See footnote | June 2023 | June 2025 | LIBOR <sup>(1)</sup> + 2.16% |  | 435000 | (4) | 435000 | 2639 | 0.6% | 33532 | 7.7% |
| BAML | Bardessono Hotel and Spa | August 2023 | August 2023 | SOFR <sup>(2)</sup> + 2.65% |  | 40000 |  | 40000 | 4488 | 11.2% | 9127 | 22.8% |
| Apollo | The Ritz-Carlton St. Thomas | August 2023 | August 2024 | LIBOR (1) + 3.95% |  | 42500 | (5) | 42500 | 18920 | 44.5% | 30137 | 70.9% |
| BAML | The Ritz-Carlton Lake Tahoe | January 2024 | January 2024 | SOFR <sup>(2)</sup> + 2.20% |  | 54000 |  | 54000 | 5020 | 9.3% | 11383 | 21.1% |
| Prudential | Capital Hilton and Hilton <br>La Jolla Torrey Pines | February 2024 | February 2024 | LIBOR <sup>(1)</sup> + 1.70% |  | 195000 |  | 195000 | 14287 | 7.3% | 27502 | 14.1% |
| Credit Agricole | Park Hyatt Beaver Creek Resort & Spa | February 2024 | February 2027 | SOFR <sup>(2)</sup> + 2.86% |  | 70500 | (6) | 70500 | 5668 | 8.0% | 13620 | 19.3% |
| Knighthead Funding | The Ritz-Carlton Reserve Dorado Beach | March 2024 | March 2026 | LIBOR <sup>(1)</sup> + 6.00% |  | 54000 | (7) | 54000 | 9672 | 17.9% | 18521 | 34.3% |
| LoanCore | Mr. C Beverly Hills Hotel | August 2024 | August 2024 | LIBOR <sup>(1)</sup> + 3.60% |  | 30000 | (8) | 30000 | (1390) | (4.6)% | 3157 | 10.5% |
| BAML | Pier House Resort & Spa | September 2024 | September 2024 | SOFR <sup>(2)</sup> + 1.95% |  | 80000 |  | 80000 | 12377 | 15.5% | 18115 | 22.6% |
| Aareal Capital Corporation | Four Seasons Resort Scottsdale | December 2025 | December 2027 | SOFR <sup>(2)</sup> + 3.75% |  | 100000 | (9) | 100000 | 4095 | 4.1% | 19497 | 19.5% |
| Convertible Senior Notes | N/A | June 2026 | June 2026 | 4.50% | 86250 |  |  | 86250 | N/A | N/A | N/A | N/A |
| Total |  |  |  |  | $86250 | $1250500 |  | $1336750 | $95964 | 7.2% | $221926 | 16.6% |
| Percentage |  |  |  |  | 6.5% | 93.5% |  | 100.0% |  |  |  |  |
| Weighted average interest rate <sup>(10)</sup> |  |  |  |  | 4.50% | 6.49% |  | 6.36% |  |  |  |  |

---

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

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;LIBOR rate was 4.392% at December 31, 2022.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>SOFR rate was 4.358% at December 31, 2022.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has a LIBOR floor of 0.25%.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in June 2022. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has a LIBOR floor of 1.50%.

<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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%.

<sup>(10)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The weighted average interest rates are adjusted for in-the-money interest rate caps.

<sup>(11)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The final maturity date assumes all available extension options will be exercised.

<sup>(12)</sup> &nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED**

**December 31, 2022**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Hotels** | **2023** | **2024** | **2025** | **2026** | **2027** | **Thereafter** | **Total** |
| BAML | Hotel Yountville | $51000 | $— | $— | $— | $— | $— | $51000 |
| BAML | Bardessono Hotel and Spa | 40000 |  |  |  |  |  | 40000 |
| BAML | The Ritz-Carlton Sarasota | 98000 |  |  |  |  |  | 98000 |
| BAML | The Ritz-Carlton Lake Tahoe |  | 54000 |  |  |  |  | 54000 |
| Prudential | Capital Hilton and Hilton <br>La Jolla Torrey Pines |  | 195000 |  |  |  |  | 195000 |
| Apollo | The Ritz-Carlton St. Thomas |  | 42500 |  |  |  |  | 42500 |
| LoanCore | Mr. C Beverly Hills Hotel |  | 30000 |  |  |  |  | 30000 |
| BAML | Pier House Resort & Spa |  | 80000 |  |  |  |  | 80000 |
| BAML | See footnote 1 |  |  | 435000 |  |  |  | 435000 |
| Knighthead Funding | The Ritz-Carlton Reserve Dorado Beach |  |  |  | 54000 |  |  | 54000 |
| Convertible Senior Notes | N/A |  |  |  | 86250 |  |  | 86250 |
| Credit Agricole | Park Hyatt Beaver Creek Resort & Spa |  |  |  |  | 70500 |  | 70500 |
| Aareal Capital Corporation | Four Seasons Resort Scottsdale |  |  |  |  | 96000 |  | 96000 |
| Principal due in future periods |  | $189000 | $401500 | $435000 | $140250 | $166500 | $— | $1332250 |
| Scheduled amortization payments remaining |  | 500 |  |  | 2000 | 2000 |  | 4500 |
| Total indebtedness |  | $189500 | $401500 | $435000 | $142250 | $168500 | $— | $1336750 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**KEY PERFORMANCE INDICATORS** 

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $111422 | $4960 | $116382 | $85482 | $21721 | $107203 | 30.35% | 8.56% |
| RevPAR | $298.03 | $387.17 | $300.98 | $239.62 | $747.14 | $277.86 | 24.38% | 8.32% |
| Occupancy | 64.50% | 54.47% | 64.17% | 61.12% | 58.10% | 60.89% | 5.54% | 5.39% |
| ADR | $462.04 | $710.76 | $469.03 | $392.08 | $1285.86 | $456.35 | 17.84% | 2.78% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $438220 | $39586 | $477806 | $279812 | $84135 | $363947 | 56.61% | 31.28% |
| RevPAR | $300.90 | $511.09 | $311.51 | $202.57 | $558.91 | $237.59 | 48.54% | 31.11% |
| Occupancy | 65.62% | 46.76% | 64.66% | 52.44% | 46.96% | 51.90% | 25.12% | 24.58% |
| ADR | $458.58 | $1093.04 | $481.75 | $386.26 | $1190.21 | $457.74 | 18.72% | 5.24% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS**<br>**&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS**<br>**&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $99835 | $4960 | $104795 | $76112 | $21721 | $97833 | 31.17% | 7.12% |
| RevPAR | $308.92 | $387.17 | $311.91 | $311.91 | $747.14 | $291.94 | (0.96)% | 6.84% |
| Occupancy | 65.62% | 54.47% | 65.19% | 66.81% | 58.10% | 61.13% | (1.78)% | 6.66% |
| ADR | $470.78 | $710.76 | $478.43 | $466.85 | $1285.86 | $477.60 | 0.84% | 0.17% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS**<br>**&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS**<br>**&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $391522 | $39586 | $431108 | $247404 | $84135 | $331539 | 58.25% | 30.03% |
| RevPAR | $311.91 | $511.09 | $323.48 | $209.63 | $558.91 | $249.14 | 48.79% | 29.84% |
| Occupancy | 66.81% | 46.76% | 65.65% | 52.32% | 46.96% | 51.72% | 27.69% | 26.94% |
| ADR | $466.85 | $1093.04 | $492.77 | $400.66 | $1190.21 | $481.76 | 16.52% | 2.29% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**HOTEL NET INCOME (LOSS) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **% Variance** | **2022** | **2021** | **% Variance** |
| Total hotel revenue | $173363 | $130925 | 32.41% | $675072 | $428093 | 57.69% |
| Non-comparable adjustments | 13930 | 38883 |  | 71228 | 131666 |  |
| Comparable total hotel revenue | $187293 | $169808 | 10.30% | $746300 | $559759 | 33.33% |
| Hotel net income (loss) | $13699 | $11933 | 14.80% | $90713 | $17368 | 422.30% |
| Non-comparable adjustments | 1574 | 7250 |  | 5251 | 10433 |  |
| Comparable hotel net income (loss) | $15273 | $19183 | (20.38)% | $95964 | $27801 | 245.18% |
| Hotel net income (loss) margin | 7.90% | 9.11% | (1.21)% | 13.44% | 4.06% | 9.38% |
| Comparable hotel net income margin | 8.15% | 11.30% | (3.15)% | 12.86% | 4.97% | 7.89% |
| Hotel EBITDA | $47065 | $35498 | 32.58% | $200505 | $107986 | 85.68% |
| Non-comparable adjustments | 5141 | 12643 |  | 21421 | 34468 |  |
| Comparable hotel EBITDA | $52206 | $48141 | 8.44% | $221926 | $142454 | 55.79% |
| Hotel EBITDA margin | 27.15% | 27.11% | 0.04% | 29.70% | 25.22% | 4.48% |
| Comparable hotel EBITDA margin | 27.87% | 28.35% | (0.48)% | 29.74% | 25.45% | 4.29% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $714 | $(15) | 4938.98% | $3572 | $(2292) | 255.85% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $12985 | $11948 | 8.68% | $87141 | $19660 | 343.25% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $14559 | $19198 | (24.16)% | $92392 | $30093 | 207.02% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $1798 | $388 | 363.40% | $6876 | $723 | 851.04% |
| Hotel EBITDA attributable to the Company and OP unitholders | $45267 | $35110 | 28.93% | $193629 | $107263 | 80.52% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $50408 | $47753 | 5.56% | $215050 | $141731 | 51.73% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**HOTEL NET INCOME (LOSS) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **% Variance** | **2022** | **2021** | **% Variance** |
| Total hotel revenue | $155321 | $115953 | 33.95% | $598072 | $373594 | 60.09% |
| Non-comparable adjustments | 13930 | 38883 |  | 71228 | 131666 |  |
| Comparable total hotel revenue | $169251 | $154836 | 9.31% | $669300 | $505260 | 32.47% |
| Hotel net income (loss) | $13094 | $11095 | 18.02% | $81255 | $13656 | 495.01% |
| Non-comparable adjustments | 1574 | 7250 |  | 5251 | 10433 |  |
| Comparable hotel net income (loss) | $14668 | $18345 | (20.04)% | $86506 | $24089 | 259.11% |
| Hotel net income (loss) margin | 8.43% | 9.57% | (1.14)% | 13.59% | 3.66% | 9.93% |
| Comparable hotel net income margin | 8.67% | 11.85% | (3.18)% | 12.92% | 4.77% | 8.15% |
| Hotel EBITDA | $42546 | $32134 | 32.40% | $177668 | $94820 | 87.37% |
| Non-comparable adjustments | 5141 | 12643 |  | 21421 | 34468 |  |
| Comparable hotel EBITDA | $47687 | $44777 | 6.50% | $199089 | $129288 | 53.99% |
| Hotel EBITDA margin | 27.39% | 27.71% | (0.32)% | 29.71% | 25.38% | 4.33% |
| Comparable hotel EBITDA margin | 28.18% | 28.92% | (0.74)% | 29.75% | 25.59% | 4.16% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $714 | $(15) | 4938.98% | $3572 | $(2292) | (255.85)% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $12380 | $11110 | 11.44% | $77683 | $15948 | 387.11% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $13954 | $18360 | (24.00)% | $82934 | $26381 | 214.37% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $1798 | $388 | 363.40% | $6876 | $723 | 851.04% |
| Hotel EBITDA attributable to the Company and OP unitholders | $40748 | $31746 | 28.36% | $170792 | $94097 | 81.51% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $45889 | $44389 | 3.38% | $192213 | $128565 | 49.51% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(4)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY**

**(in thousands, except operating information)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>CAPITAL HILTON WASHINGTON D.C.</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $8532 | $— | $8532 | $4062 | $— | $4062 | 110.04% | 110.04% |
| Total hotel revenue | $13183 | $— | $13183 | $6619 | $— | $6619 | 99.17% | 99.17% |
| Hotel net income (loss) | $(21) | $— | $(21) | $(1447) | $— | $(1447) | 98.55% | 98.55% |
| Hotel net income (loss) margin | (0.16)% |  | (0.16)% | (21.86)% |  | (21.86)% | 21.70% | 21.70% |
| Hotel EBITDA | $3284 | $— | $3284 | $409 | $— | $409 | 702.93% | 702.93% |
| Hotel EBITDA margin | 24.91% |  | 24.91% | 6.18% |  | 6.18% | 18.73% | 18.73% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $168.61 | $— | $168.61 | $80.28 | $— | $80.28 | 110.03% | 110.03% |
| Occupancy | 72.96% | —% | 72.96% | 43.74% | —% | 43.74% | 66.83% | 66.83% |
| ADR | $231.08 | $— | $231.08 | $183.55 | $— | $183.55 | 25.90% | 25.90% |
| **<u>HILTON LA JOLLA TORREY PINES</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $6067 | $— | $6067 | $4862 | $— | $4862 | 24.78% | 24.78% |
| Total hotel revenue | $11535 | $— | $11535 | $8323 | $— | $8323 | 38.59% | 38.59% |
| Hotel net income (loss) | $2876 | $— | $2876 | $1388 | $— | $1388 | 107.20% | 107.20% |
| Hotel net income (loss) margin | 24.93% |  | 24.93% | 16.68% |  | 16.68% | 8.25% | 8.25% |
| Hotel EBITDA | $3909 | $— | $3909 | $2445 | $— | $2445 | 59.88% | 59.88% |
| Hotel EBITDA margin | 33.89% |  | 33.89% | 29.38% |  | 29.38% | 4.51% | 4.51% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $167.37 | $— | $167.37 | $134.15 | $— | $134.15 | 24.77% | 24.77% |
| Occupancy | 70.27% | —% | 70.27% | 63.55% | —% | 63.55% | 10.58% | 10.58% |
| ADR | $238.16 | $— | $238.16 | $211.08 | $— | $211.08 | 12.83% | 12.83% |
| **<u>SOFITEL CHICAGO MAGNIFICENT MILE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $6363 | $— | $6363 | $4815 | $— | $4815 | 32.15% | 32.15% |
| Total hotel revenue | $8559 | $— | $8559 | $6574 | $— | $6574 | 30.19% | 30.19% |
| Hotel net income (loss) | $(91) | $— | $(91) | $(1776) | $— | $(1776) | 94.88% | 94.88% |
| Hotel net income (loss) margin | (1.06)% |  | (1.06)% | (27.02)% |  | (27.02)% | 25.96% | 25.96% |
| Hotel EBITDA | $1320 | $— | $1320 | $(126) | $— | $(126) | 1147.62% | 1147.62% |
| Hotel EBITDA margin | 15.42% |  | 15.42% | (1.92)% |  | (1.92)% | 17.34% | 17.34% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $166.66 | $— | $166.66 | $126.11 | $— | $126.11 | 32.16% | 32.16% |
| Occupancy | 66.17% | —% | 66.17% | 61.34% | —% | 61.34% | 7.89% | 7.89% |
| ADR | $251.85 | $— | $251.85 | $205.60 | $— | $205.60 | 22.49% | 22.49% |
| **<u>BARDESSONO HOTEL AND SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $4460 | $— | $4460 | $5399 | $— | $5399 | (17.39)% | (17.39)% |
| Total hotel revenue | $6083 | $— | $6083 | $6822 | $— | $6822 | (10.83)% | (10.83)% |
| Hotel net income (loss) | $702 | $— | $702 | $1731 | $— | $1731 | (59.45)% | (59.45)% |
| Hotel net income (loss) margin | 11.54% |  | 11.54% | 25.37% |  | 25.37% | (13.83)% | (13.83)% |
| Hotel EBITDA | $2038 | $— | $2038 | $2771 | $— | $2771 | (26.45)% | (26.45)% |
| Hotel EBITDA margin | 33.50% |  | 33.50% | 40.62% |  | 40.62% | (7.12)% | (7.12)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $745.87 | $— | $745.87 | $902.76 | $— | $902.76 | (17.38)% | (17.38)% |
| Occupancy | 60.75% | —% | 60.75% | 70.95% | —% | 70.95% | (14.38)% | (14.38)% |
| ADR | $1227.73 | $— | $1227.73 | $1272.33 | $— | $1272.33 | (3.51)% | (3.51)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>PIER HOUSE RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $5758 | $— | $5758 | $7046 | $— | $7046 | (18.28)% | (18.28)% |
| Total hotel revenue | $7316 | $— | $7316 | $8696 | $— | $8696 | (15.87)% | (15.87)% |
| Hotel net income (loss) | $1655 | $— | $1655 | $3787 | $— | $3787 | (56.30)% | (56.30)% |
| Hotel net income (loss) margin | 22.62% |  | 22.62% | 43.55% |  | 43.55% | (20.93)% | (20.93)% |
| Hotel EBITDA | $3503 | $— | $3503 | $4965 | $— | $4965 | (29.45)% | (29.45)% |
| Hotel EBITDA margin | 47.88% |  | 47.88% | 57.10% |  | 57.10% | (9.22)% | (9.22)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $440.75 | $— | $440.75 | $539.33 | $— | $539.33 | (18.28)% | (18.28)% |
| Occupancy | 63.70% | —% | 63.70% | 75.42% | —% | 75.42% | (15.54)% | (15.54)% |
| ADR | $691.90 | $— | $691.90 | $715.09 | $— | $715.09 | (3.24)% | (3.24)% |
| **<u>HOTEL YOUNTVILLE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $3486 | $— | $3486 | $3855 | $— | $3855 | (9.57)% | (9.57)% |
| Total hotel revenue | $4269 | $— | $4269 | $4620 | $— | $4620 | (7.60)% | (7.60)% |
| Hotel net income (loss) | $672 | $— | $672 | $1059 | $— | $1059 | (36.54)% | (36.54)% |
| Hotel net income (loss) margin | 15.74% |  | 15.74% | 22.92% |  | 22.92% | (7.18)% | (7.18)% |
| Hotel EBITDA | $1884 | $— | $1884 | $2121 | $— | $2121 | (11.17)% | (11.17)% |
| Hotel EBITDA margin | 44.13% |  | 44.13% | 45.91% |  | 45.91% | (1.78)% | (1.78)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $473.63 | $— | $473.63 | $523.83 | $— | $523.83 | (9.58)% | (9.58)% |
| Occupancy | 54.47% | —% | 54.47% | 58.25% | —% | 58.25% | (6.48)% | (6.48)% |
| ADR | $869.53 | $— | $869.53 | $899.31 | $— | $899.31 | (3.31)% | (3.31)% |
| **<u>PARK HYATT BEAVER CREEK RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $6556 | $— | $6556 | $5245 | $— | $5245 | 25.00% | 25.00% |
| Total hotel revenue | $11602 | $— | $11602 | $9724 | $— | $9724 | 19.31% | 19.31% |
| Hotel net income (loss) | $322 | $— | $322 | $577 | $— | $577 | (44.19)% | (44.19)% |
| Hotel net income (loss) margin | 2.78% |  | 2.78% | 5.93% |  | 5.93% | (3.15)% | (3.15)% |
| Hotel EBITDA | $2734 | $— | $2734 | $2023 | $— | $2023 | 35.15% | 35.15% |
| Hotel EBITDA margin | 23.56% |  | 23.56% | 20.80% |  | 20.80% | 2.76% | 2.76% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $375.04 | $— | $375.04 | $300.05 | $— | $300.05 | 24.99% | 24.99% |
| Occupancy | 52.04% | —% | 52.04% | 49.98% | —% | 49.98% | 4.12% | 4.12% |
| ADR | $720.64 | $— | $720.64 | $600.31 | $— | $600.31 | 20.04% | 20.04% |
| **<u>THE NOTARY HOTEL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $6981 | $— | $6981 | $4321 | $— | $4321 | 61.56% | 61.56% |
| Total hotel revenue | $8735 | $— | $8735 | $5394 | $— | $5394 | 61.94% | 61.94% |
| Hotel net income (loss) | $799 | $— | $799 | $(683) | $— | $(683) | 216.98% | 216.98% |
| Hotel net income (loss) margin | 9.15% |  | 9.15% | (12.66)% |  | (12.66)% | 21.81% | 21.81% |
| Hotel EBITDA | $2865 | $— | $2865 | $1293 | $— | $1293 | 121.58% | 121.58% |
| Hotel EBITDA margin | 32.80% |  | 32.80% | 23.97% |  | 23.97% | 8.83% | 8.83% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $152.07 | $— | $152.07 | $94.12 | $— | $94.12 | 61.58% | 61.58% |
| Occupancy | 63.14% | —% | 63.14% | 49.14% | —% | 49.14% | 28.49% | 28.49% |
| ADR | $240.84 | $— | $240.84 | $191.52 | $— | $191.52 | 25.75% | 25.75% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>THE CLANCY</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $7183 | $— | $7183 | $5474 | $— | $5474 | 31.22% | 31.22% |
| Total hotel revenue | $8373 | $— | $8373 | $6513 | $— | $6513 | 28.56% | 28.56% |
| Hotel net income (loss) | $(1477) | $— | $(1477) | $(3338) | $— | $(3338) | 55.75% | 55.75% |
| Hotel net income (loss) margin | (17.64)% |  | (17.64)% | (51.25)% |  | (51.25)% | 33.61% | 33.61% |
| Hotel EBITDA | $1190 | $— | $1190 | $157 | $— | $157 | 657.96% | 657.96% |
| Hotel EBITDA margin | 14.21% |  | 14.21% | 2.41% |  | 2.41% | 11.80% | 11.80% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $190.44 | $— | $190.44 | $145.12 | $— | $145.12 | 31.23% | 31.23% |
| Occupancy | 65.61% | —% | 65.61% | 74.02% | —% | 74.02% | (11.35)% | (11.35)% |
| ADR | $290.25 | $— | $290.25 | $196.06 | $— | $196.06 | 48.04% | 48.04% |
| **<u>THE RITZ-CARLTON SARASOTA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $9677 | $— | $9677 | $10964 | $— | $10964 | (11.74)% | (11.74)% |
| Total hotel revenue | $22971 | $— | $22971 | $23513 | $— | $23513 | (2.31)% | (2.31)% |
| Hotel net income (loss) | $1194 | $— | $1194 | $4512 | $— | $4512 | (73.54)% | (73.54)% |
| Hotel net income (loss) margin | 5.20% |  | 5.20% | 19.19% |  | 19.19% | (13.99)% | (13.99)% |
| Hotel EBITDA | $6158 | $— | $6158 | $6944 | $— | $6944 | (11.32)% | (11.32)% |
| Hotel EBITDA margin | 26.81% |  | 26.81% | 29.53% |  | 29.53% | (2.72)% | (2.72)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $381.12 | $— | $381.12 | $443.70 | $— | $443.70 | (14.10)% | (14.10)% |
| Occupancy | 66.71% | —% | 66.71% | 78.54% | —% | 78.54% | (15.06)% | (15.06)% |
| ADR | $571.31 | $— | $571.31 | $564.93 | $— | $564.93 | 1.13% | 1.13% |
| **<u>THE RITZ-CARLTON LAKE TAHOE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $7751 | $— | $7751 | $8396 | $— | $8396 | (7.68)% | (7.68)% |
| Total hotel revenue | $13666 | $— | $13666 | $13862 | $— | $13862 | (1.41)% | (1.41)% |
| Hotel net income (loss) | $681 | $— | $681 | $2544 | $— | $2544 | (73.23)% | (73.23)% |
| Hotel net income (loss) margin | 4.98% |  | 4.98% | 18.35% |  | 18.35% | (13.37)% | (13.37)% |
| Hotel EBITDA | $2581 | $— | $2581 | $3894 | $— | $3894 | (33.72)% | (33.72)% |
| Hotel EBITDA margin | 18.89% |  | 18.89% | 28.09% |  | 28.09% | (9.20)% | (9.20)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $462.91 | $— | $462.91 | $506.99 | $— | $506.99 | (8.69)% | (8.69)% |
| Occupancy | 56.59% | —% | 56.59% | 57.90% | —% | 57.90% | (2.27)% | (2.27)% |
| ADR | $818.04 | $— | $818.04 | $875.56 | $— | $875.56 | (6.57)% | (6.57)% |
| **<u>MARRIOTT SEATTLE WATERFRONT</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $5031 | $— | $5031 | $4125 | $— | $4125 | 21.96% | 21.96% |
| Total hotel revenue | $6440 | $— | $6440 | $5248 | $— | $5248 | 22.71% | 22.71% |
| Hotel net income (loss) | $283 | $— | $283 | $261 | $— | $261 | 8.43% | 8.43% |
| Hotel net income (loss) margin | 4.39% |  | 4.39% | 4.97% |  | 4.97% | (0.58)% | (0.58)% |
| Hotel EBITDA | $1785 | $— | $1785 | $1341 | $— | $1341 | 33.11% | 33.11% |
| Hotel EBITDA margin | 27.72% |  | 27.72% | 25.55% |  | 25.55% | 2.17% | 2.17% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $151.49 | $— | $151.49 | $124.19 | $— | $124.19 | 21.98% | 21.98% |
| Occupancy | 60.21% | —% | 60.21% | 64.24% | —% | 64.24% | (6.28)% | (6.28)% |
| ADR | $251.61 | $— | $251.61 | $193.33 | $— | $193.33 | 30.15% | 30.15% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>THE RITZ-CARLTON ST. THOMAS</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $13280 | $(1652) | $11628 | $13922 | $— | $13922 | (4.61)% | (16.48)% |
| Total hotel revenue | $19725 | $(1652) | $18073 | $20697 | $— | $20697 | (4.70)% | (12.68)% |
| Hotel net income (loss) | $3752 | $(1653) | $2099 | $3745 | $— | $3745 | 0.19% | (43.95)% |
| Hotel net income (loss) margin | 19.02% |  | 11.61% | 18.09% |  | 18.09% | 0.93% | (6.48)% |
| Hotel EBITDA | $6606 | $(1652) | $4954 | $6638 | $— | $6638 | (0.48)% | (25.37)% |
| Hotel EBITDA margin | 33.49% |  | 27.41% | 32.07% |  | 32.07% | 1.42% | (4.66)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $801.98 | $— | $702.18 | $840.70 | $— | $840.70 | (4.61)% | (16.48)% |
| Occupancy | 59.30% | —% | 59.30% | 74.48% | —% | 74.48% | (20.38)% | (20.38)% |
| ADR | $1352.42 | $— | $1184.13 | $1128.76 | $— | $1128.76 | 19.82% | 4.91% |
| **<u>MR. C BEVERLY HILLS HOTEL</u>** | **<u>MR. C BEVERLY HILLS HOTEL</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $3298 | $— | $3298 | $2996 | $(109) | $2887 | 10.08% | 14.24% |
| Total hotel revenue | $4656 | $— | $4656 | $4320 | $— | $4320 | 7.78% | 7.78% |
| Hotel net income (loss) | $(816) | $— | $(816) | $(427) | $— | $(427) | (91.10)% | (91.10)% |
| Hotel net income (loss) margin | (17.53)% |  | (17.53)% | (9.88)% |  | (9.88)% | (7.65)% | (7.65)% |
| Hotel EBITDA | $456 | $— | $456 | $623 | $— | $623 | (26.81)% | (26.81)% |
| Hotel EBITDA margin | 9.79% |  | 9.79% | —% |  | 14.42% | 9.79% | (4.63)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $250.68 | $— | $250.68 | $227.78 | $— | $219.46 | 10.05% | 14.22% |
| Occupancy | 76.14% | —% | 76.14% | 69.73% | —% | 69.73% | 9.19% | 9.19% |
| ADR | $329.23 | $— | $329.23 | $326.65 | $— | $314.72 | 0.79% | 4.61% |
| **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** | **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $13892 | $— | $13892 | $— | $12645 | $12645 | —% | 9.86% |
| Total hotel revenue | $21056 | $— | $21056 | $— | $20321 | $20321 | —% | 3.62% |
| Hotel net income (loss) | $2235 | $— | $2235 | $— | $3260 | $3260 | —% | (31.44)% |
| Hotel net income (loss) margin | 10.61% |  | 10.61% | —% |  | 16.04% | 10.61% | (5.43)% |
| Hotel EBITDA | $5042 | $— | $5042 | $— | $5195 | $5195 | —% | (2.95)% |
| Hotel EBITDA margin | 23.95% |  | 23.95% | —% |  | 25.56% | 23.95% | (1.61)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $1424.51 | $— | $1424.51 | $— | $1296.69 | $1296.69 | —% | 9.86% |
| Occupancy | 56.54% | —% | 56.54% | —% | 59.93% | 59.93% | —% | (5.65)% |
| ADR | $2519.37 | $— | $2519.37 | $— | $2163.81 | $2163.81 | —% | 16.43% |
| **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** | **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $3107 | $6612 | $9719 | $— | $9185 | $9185 | —% | 5.81% |
| Total hotel revenue | $5194 | $15582 | $20776 | $— | $18562 | $18562 | —% | 11.93% |
| Hotel net income (loss) | $933 | $3227 | $4160 | $— | $3990 | $3990 | —% | 4.26% |
| Hotel net income (loss) margin | 17.96% |  | 20.02% | —% |  | 21.50% | 17.96% | (1.48)% |
| Hotel EBITDA | $1710 | $6793 | $8503 | $— | $7448 | $7448 | —% | 14.16% |
| Hotel EBITDA margin | 32.92% |  | 40.93% | —% |  | 40.12% | 32.92% | 0.81% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $477.19 | $516.18 | $503.04 | $— | $475.41 | $475.41 | —% | 5.81% |
| Occupancy | 45.15% | 54.47% | 51.33% | —% | 57.18% | 57.18% | —% | (10.24)% |
| ADR | $1056.99 | $947.59 | $980.01 | $— | $831.37 | $831.37 | —% | 17.88% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>RESORT PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $74034 | $4960 | $78994 | $59689 | $21830 | $81519 | 24.03% | (3.10)% |
| Total hotel revenue | $123417 | $13930 | $137347 | $96257 | $38883 | $135140 | 28.22% | 1.63% |
| Hotel net income (loss) | $15024 | $1574 | $16598 | $19344 | $7251 | $26595 | (22.33)% | (37.59)% |
| Hotel net income (loss) margin | 12.17% |  | 12.08% | 20.10% |  | 19.68% | (7.93)% | (7.60)% |
| Hotel EBITDA | $36165 | $5141 | $41306 | $31801 | $12643 | $44444 | 13.72% | (7.06)% |
| Hotel EBITDA margin | 29.30% |  | 30.07% | 33.04% |  | 32.89% | (3.74)% | (2.82)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $477.36 | $387.17 | $470.48 | $432.65 | $— | $488.04 | 10.34% | (3.60)% |
| Occupancy | 61.40% | 54.47% | 60.87% | 66.31% | —% | 64.88% | (7.41)% | (6.19)% |
| ADR | $777.50 | $710.76 | $772.94 | $652.43 | $— | $752.17 | 19.17% | 2.76% |
| **<u>URBAN PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $37388 | $— | $37388 | $25793 | $(109) | $25684 | 44.95% | 45.57% |
| Total hotel revenue | $49946 | $— | $49946 | $34668 | $— | $34668 | 44.07% | 44.07% |
| Hotel net income (loss) | $(1325) | $— | $(1325) | $(7411) | $— | $(7411) | 82.12% | 82.12% |
| Hotel net income (loss) margin | (2.65)% |  | (2.65)% | (21.38)% |  | (21.38)% | 18.73% | 18.73% |
| Hotel EBITDA | $10900 | $— | $10900 | $3697 | $— | $3697 | 194.83% | 194.83% |
| Hotel EBITDA margin | 21.82% |  | 21.82% | 10.66% |  | 10.66% | 11.16% | 11.16% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $170.90 | $— | $170.90 | $117.89 | $— | $117.39 | 44.96% | 45.58% |
| Occupancy | 66.71% | —% | 66.71% | 57.84% | —% | 57.84% | 15.33% | 15.33% |
| ADR | $256.20 | $— | $256.20 | $203.84 | $— | $202.97 | 25.69% | 26.22% |
| **<u>BRAEMAR PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $111422 | $4960 | $116382 | $85482 | $21721 | $107203 | 30.35% | 8.56% |
| Total hotel revenue | $173363 | $13930 | $187293 | $130925 | $38883 | $169808 | 32.41% | 10.30% |
| Hotel net income (loss) | $13699 | $1574 | $15273 | $11933 | $7250 | $19183 | 14.80% | (20.38)% |
| Hotel net income (loss) margin | 7.90% |  | 8.15% | 9.11% |  | 11.30% | (1.21)% | (3.15)% |
| Hotel EBITDA | $47065 | $5141 | $52206 | $35498 | $12643 | $48141 | 32.58% | 8.44% |
| Hotel EBITDA margin | 27.15% |  | 27.87% | 27.11% |  | 28.35% | 0.04% | (0.48)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $298.03 | $387.17 | $300.98 | $239.62 | $747.14 | $277.86 | 24.38% | 8.32% |
| Occupancy | 64.50% | 54.47% | 64.17% | 61.12% | 58.10% | 60.89% | 5.54% | 5.39% |
| ADR | $462.04 | $710.76 | $469.03 | $392.08 | $1285.86 | $456.35 | 17.84% | 2.78% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.

(3)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Resort properties include: Hilton La Jolla Torrey Pines, 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,

(5)&nbsp;&nbsp;&nbsp;&nbsp;Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

(6)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY**

**(in thousands, except operating information)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>CAPITAL HILTON WASHINGTON D.C.</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $29877 | $— | $29877 | $9773 | $— | $9773 | 205.71% | 205.71% |
| Total hotel revenue | $45113 | $— | $45113 | $13929 | $— | $13929 | 223.88% | 223.88% |
| Hotel net income (loss) | $1125 | $— | $1125 | $(11082) | $— | $(11082) | 110.15% | 110.15% |
| Hotel net income (loss) margin | 2.49% |  | 2.49% | (79.56)% |  | (79.56)% | 82.05% | 82.05% |
| Hotel EBITDA | $10174 | $— | $10174 | $(3342) | $— | $(3342) | 404.43% | 404.43% |
| Hotel EBITDA margin | 22.55% |  | 22.55% | (23.99)% |  | (23.99)% | 46.54% | 46.54% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $148.82 | $— | $148.82 | $48.68 | $— | $48.68 | 205.69% | 205.69% |
| Occupancy | 65.17% | —% | 65.17% | 30.47% | —% | 30.47% | 113.87% | 113.87% |
| ADR | $228.36 | $— | $228.36 | $159.77 | $— | $159.77 | 42.93% | 42.93% |
| **<u>HILTON LA JOLLA TORREY PINES</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $27880 | $— | $27880 | $16927 | $— | $16927 | 64.71% | 64.71% |
| Total hotel revenue | $49076 | $— | $49076 | $25816 | $— | $25816 | 90.10% | 90.10% |
| Hotel net income (loss) | $13162 | $— | $13162 | $1915 | $— | $1915 | 587.31% | 587.31% |
| Hotel net income (loss) margin | 26.82% |  | 26.82% | 7.42% |  | 7.42% | 19.40% | 19.40% |
| Hotel EBITDA | $17328 | $— | $17328 | $6235 | $— | $6235 | 177.91% | 177.91% |
| Hotel EBITDA margin | 35.31% |  | 35.31% | 24.15% |  | 24.15% | 11.16% | 11.16% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $193.87 | $— | $193.87 | $117.70 | $— | $117.70 | 64.71% | 64.71% |
| Occupancy | 77.25% | —% | 77.25% | 57.80% | —% | 57.80% | 33.65% | 33.65% |
| ADR | $250.95 | $— | $250.95 | $203.63 | $— | $203.63 | 23.24% | 23.24% |
| **<u>SOFITEL CHICAGO MAGNIFICENT MILE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $24829 | $— | $24829 | $14422 | $— | $14422 | 72.16% | 72.16% |
| Total hotel revenue | $33635 | $— | $33635 | $18993 | $— | $18993 | 77.09% | 77.09% |
| Hotel net income (loss) | $2226 | $— | $2226 | $(10181) | $— | $(10181) | 121.86% | 121.86% |
| Hotel net income (loss) margin | 6.62% |  | 6.62% | (53.60)% |  | (53.60)% | 60.22% | 60.22% |
| Hotel EBITDA | $8288 | $— | $8288 | $(3560) | $— | $(3560) | 332.81% | 332.81% |
| Hotel EBITDA margin | 24.64% |  | 24.64% | (18.74)% |  | (18.74)% | 43.38% | 43.38% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $163.92 | $— | $163.92 | $95.21 | $— | $95.21 | 72.16% | 72.16% |
| Occupancy | 65.36% | —% | 65.36% | 46.93% | —% | 46.93% | 39.28% | 39.28% |
| ADR | $250.78 | $— | $250.78 | $202.88 | $— | $202.88 | 23.61% | 23.61% |
| **<u>BARDESSONO HOTEL AND SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $19082 | $— | $19082 | $18391 | $— | $18391 | 3.76% | 3.76% |
| Total hotel revenue | $25259 | $— | $25259 | $23329 | $— | $23329 | 8.27% | 8.27% |
| Hotel net income (loss) | $4488 | $— | $4488 | $5053 | $— | $5053 | (11.18)% | (11.18)% |
| Hotel net income (loss) margin | 17.77% |  | 17.77% | 21.66% |  | 21.66% | (3.89)% | (3.89)% |
| Hotel EBITDA | $9127 | $— | $9127 | $9208 | $— | $9208 | (0.88)% | (0.88)% |
| Hotel EBITDA margin | 36.13% |  | 36.13% | 39.47% |  | 39.47% | (3.34)% | (3.34)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $804.31 | $— | $804.31 | $775.18 | $— | $775.18 | 3.76% | 3.76% |
| Occupancy | 63.96% | —% | 63.96% | 67.92% | —% | 67.92% | (5.83)% | (5.83)% |
| ADR | $1257.56 | $— | $1257.56 | $1141.39 | $— | $1141.39 | 10.18% | 10.18% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>PIER HOUSE RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $27419 | $— | $27419 | $25082 | $— | $25082 | 9.32% | 9.32% |
| Total hotel revenue | $34104 | $— | $34104 | $31408 | $— | $31408 | 8.58% | 8.58% |
| Hotel net income (loss) | $12377 | $— | $12377 | $13411 | $— | $13411 | (7.71)% | (7.71)% |
| Hotel net income (loss) margin | 36.29% |  | 36.29% | 42.70% |  | 42.70% | (6.41)% | (6.41)% |
| Hotel EBITDA | $18115 | $— | $18115 | $18039 | $— | $18039 | 0.42% | 0.42% |
| Hotel EBITDA margin | 53.12% |  | 53.12% | 57.43% |  | 57.43% | (4.31)% | (4.31)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $529.03 | $— | $529.03 | $483.93 | $— | $483.93 | 9.32% | 9.32% |
| Occupancy | 74.81% | —% | 74.81% | 81.83% | —% | 81.83% | (8.57)% | (8.57)% |
| ADR | $707.12 | $— | $707.12 | $591.40 | $— | $591.40 | 19.57% | 19.57% |
| **<u>HOTEL YOUNTVILLE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $14314 | $— | $14314 | $12886 | $— | $12886 | 11.08% | 11.08% |
| Total hotel revenue | $17194 | $— | $17194 | $15175 | $— | $15175 | 13.30% | 13.30% |
| Hotel net income (loss) | $2547 | $— | $2547 | $2310 | $— | $2310 | 10.26% | 10.26% |
| Hotel net income (loss) margin | 14.81% |  | 14.81% | 15.22% |  | 15.22% | (0.41)% | (0.41)% |
| Hotel EBITDA | $6958 | $— | $6958 | $6433 | $— | $6433 | 8.16% | 8.16% |
| Hotel EBITDA margin | 40.47% |  | 40.47% | 42.39% |  | 42.39% | (1.92)% | (1.92)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $490.21 | $— | $490.21 | $441.29 | $— | $441.29 | 11.09% | 11.09% |
| Occupancy | 54.06% | —% | 54.06% | 57.90% | —% | 57.90% | (6.64)% | (6.64)% |
| ADR | $906.82 | $— | $906.82 | $762.15 | $— | $762.15 | 18.98% | 18.98% |
| **<u>PARK HYATT BEAVER CREEK RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $25253 | $— | $25253 | $17303 | $— | $17303 | 45.95% | 45.95% |
| Total hotel revenue | $50615 | $— | $50615 | $36184 | $— | $36184 | 39.88% | 39.88% |
| Hotel net income (loss) | $5668 | $— | $5668 | $4005 | $— | $4005 | 41.52% | 41.52% |
| Hotel net income (loss) margin | 11.20% |  | 11.20% | 11.07% |  | 11.07% | 0.13% | 0.13% |
| Hotel EBITDA | $13620 | $— | $13620 | $9609 | $— | $9609 | 41.74% | 41.74% |
| Hotel EBITDA margin | 26.91% |  | 26.91% | 26.56% |  | 26.56% | 0.35% | 0.35% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $364.13 | $— | $364.13 | $249.50 | $— | $249.50 | 45.94% | 45.94% |
| Occupancy | 60.58% | —% | 60.58% | 54.94% | —% | 54.94% | 10.28% | 10.28% |
| ADR | $601.05 | $— | $601.05 | $454.17 | $— | $454.17 | 32.34% | 32.34% |
| **<u>THE NOTARY HOTEL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $22237 | $— | $22237 | $11889 | $— | $11889 | 87.04% | 87.04% |
| Total hotel revenue | $27536 | $— | $27536 | $14158 | $— | $14158 | 94.49% | 94.49% |
| Hotel net income (loss) | $(505) | $— | $(505) | $(6261) | $— | $(6261) | 91.93% | 91.93% |
| Hotel net income (loss) margin | (1.83)% |  | (1.83)% | (44.22)% |  | (44.22)% | 42.39% | 42.39% |
| Hotel EBITDA | $7673 | $— | $7673 | $1924 | $— | $1924 | 298.80% | 298.80% |
| Hotel EBITDA margin | 27.87% |  | 27.87% | 13.59% |  | 13.59% | 14.28% | 14.28% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $122.10 | $— | $122.10 | $65.27 | $— | $65.27 | 87.05% | 87.05% |
| Occupancy | 55.92% | —% | 55.92% | 36.94% | —% | 36.94% | 51.37% | 51.37% |
| ADR | $218.34 | $— | $218.34 | $176.70 | $— | $176.70 | 23.57% | 23.57% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>THE CLANCY</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $31334 | $— | $31334 | $14627 | $— | $14627 | 114.22% | 114.22% |
| Total hotel revenue | $36163 | $— | $36163 | $17380 | $— | $17380 | 108.07% | 108.07% |
| Hotel net income (loss) | $(2872) | $— | $(2872) | $(15467) | $— | $(15467) | 81.43% | 81.43% |
| Hotel net income (loss) margin | (7.94)% |  | (7.94)% | (88.99)% |  | (88.99)% | 81.05% | 81.05% |
| Hotel EBITDA | $8354 | $— | $8354 | $(2217) | $— | $(2217) | 476.82% | 476.82% |
| Hotel EBITDA margin | 23.10% |  | 23.10% | (12.76)% |  | (12.76)% | 35.86% | 35.86% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $209.38 | $— | $209.38 | $97.74 | $— | $97.74 | 114.23% | 114.23% |
| Occupancy | 70.05% | —% | 70.05% | 55.97% | —% | 55.97% | 25.16% | 25.16% |
| ADR | $298.91 | $— | $298.91 | $174.64 | $— | $174.64 | 71.16% | 71.16% |
| **<u>THE RITZ-CARLTON SARASOTA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $46210 | $— | $46210 | $40892 | $— | $40892 | 13.00% | 13.00% |
| Total hotel revenue | $98364 | $— | $98364 | $82808 | $— | $82808 | 18.79% | 18.79% |
| Hotel net income (loss) | $17641 | $— | $17641 | $15342 | $— | $15342 | 14.99% | 14.99% |
| Hotel net income (loss) margin | 17.93% |  | 17.93% | 18.53% |  | 18.53% | (0.60)% | (0.60)% |
| Hotel EBITDA | $30377 | $— | $30377 | $25663 | $— | $25663 | 18.37% | 18.37% |
| Hotel EBITDA margin | 30.88% |  | 30.88% | 30.99% |  | 30.99% | (0.11)% | (0.11)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $459.97 | $— | $459.97 | $420.14 | $— | $420.14 | 9.48% | 9.48% |
| Occupancy | 74.47% | —% | 74.47% | 76.99% | —% | 76.99% | (3.28)% | (3.28)% |
| ADR | $617.66 | $— | $617.66 | $545.68 | $— | $545.68 | 13.19% | 13.19% |
| **<u>THE RITZ-CARLTON LAKE TAHOE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $31263 | $— | $31263 | $23165 | $3180 | $26345 | 34.96% | 18.67% |
| Total hotel revenue | $54779 | $— | $54779 | $43685 | $1430 | $45115 | 25.40% | 21.42% |
| Hotel net income (loss) | $5020 | $— | $5020 | $2793 | $— | $2793 | 79.74% | 79.74% |
| Hotel net income (loss) margin | 9.16% |  | 9.16% | 6.39% |  | 6.19% | 2.77% | 2.97% |
| Hotel EBITDA | $11383 | $— | $11383 | $7835 | $— | $7835 | 45.28% | 45.28% |
| Hotel EBITDA margin | 20.78% |  | 20.78% | 17.94% |  | 17.37% | 2.84% | 3.41% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $470.61 | $— | $470.61 | $366.13 | $— | $400.98 | 28.54% | 17.36% |
| Occupancy | 56.22% | —% | 56.22% | 55.08% | —% | 55.49% | 2.07% | 1.31% |
| ADR | $837.16 | $— | $837.16 | $664.78 | $— | $722.66 | 25.93% | 15.84% |
| **<u>MARRIOTT SEATTLE WATERFRONT</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $21445 | $— | $21445 | $15105 | $— | $15105 | 41.97% | 41.97% |
| Total hotel revenue | $26385 | $— | $26385 | $18315 | $— | $18315 | 44.06% | 44.06% |
| Hotel net income (loss) | $3790 | $— | $3790 | $(293) | $— | $(293) | 1393.52% | 1393.52% |
| Hotel net income (loss) margin | 14.36% |  | 14.36% | (1.60)% |  | (1.60)% | 15.96% | 15.96% |
| Hotel EBITDA | $9217 | $— | $9217 | $3557 | $— | $3557 | 159.12% | 159.12% |
| Hotel EBITDA margin | 34.93% |  | 34.93% | 19.42% |  | 19.42% | 15.51% | 15.51% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $162.75 | $— | $162.75 | $114.64 | $— | $114.64 | 41.97% | 41.97% |
| Occupancy | 56.88% | —% | 56.88% | 52.22% | —% | 52.22% | 8.91% | 8.91% |
| ADR | $286.14 | $— | $286.14 | $219.51 | $— | $219.51 | 30.35% | 30.35% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>THE RITZ-CARLTON ST. THOMAS</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $58426 | $— | $58426 | $54819 | $— | $54819 | 6.58% | 6.58% |
| Total hotel revenue | $87654 | $— | $87654 | $80321 | $— | $80321 | 9.13% | 9.13% |
| Hotel net income (loss) | $18920 | $— | $18920 | $17453 | $— | $17453 | 8.41% | 8.41% |
| Hotel net income (loss) margin | 21.58% |  | 21.58% | 21.73% |  | 21.73% | (0.15)% | (0.15)% |
| Hotel EBITDA | $30137 | $— | $30137 | $27550 | $— | $27550 | 9.39% | 9.39% |
| Hotel EBITDA margin | 34.38% |  | 34.38% | 34.30% |  | 34.30% | 0.08% | 0.08% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $889.30 | $— | $889.30 | $834.39 | $— | $834.39 | 6.58% | 6.58% |
| Occupancy | 73.81% | —% | 73.81% | 79.52% | —% | 79.52% | (7.18)% | (7.18)% |
| ADR | $1204.88 | $— | $1204.88 | $1049.29 | $— | $1049.29 | 14.83% | 14.83% |
| **<u>MR. C BEVERLY HILLS HOTEL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $13472 | $— | $13472 | $4531 | $3873 | $8404 | 197.33% | 60.30% |
| Total hotel revenue | $19484 | $— | $19484 | $6592 | $6272 | $12864 | 195.57% | 51.46% |
| Hotel net income (loss) | $(1390) | $— | $(1390) | $(1630) | $(1247) | $(2877) | 14.72% | 51.69% |
| Hotel net income (loss) margin | (7.13)% |  | (7.13)% | (24.73)% |  | (22.36)% | 17.60% | 15.23% |
| Hotel EBITDA | $3157 | $— | $3157 | $1052 | $1228 | $2280 | 200.10% | 38.46% |
| Hotel EBITDA margin | 16.20% |  | 16.20% | 15.96% |  | 17.72% | 0.24% | (1.52)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $258.10 | $— | $258.10 | $212.62 | $125.40 | $161.00 | 21.39% | 60.31% |
| Occupancy | 74.26% | —% | 74.26% | 63.88% | 40.65% | 50.13% | 16.25% | 48.12% |
| ADR | $347.57 | $— | $347.57 | $332.86 | $308.45 | $321.15 | 4.42% | 8.23% |
| **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** | **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $42072 | $10256 | $52328 | $— | $49783 | $49783 | —% | 5.11% |
| Total hotel revenue | $64517 | $15169 | $79686 | $— | $74137 | $74137 | —% | 7.48% |
| Hotel net income (loss) | $7583 | $2089 | $9672 | $— | $9099 | $9099 | —% | 6.30% |
| Hotel net income (loss) margin | 11.75% |  | 12.14% | —% |  | 12.27% | 11.75% | (0.13)% |
| Hotel EBITDA | $14887 | $3634 | $18521 | $— | $16838 | $16838 | —% | 10.00% |
| Hotel EBITDA margin | 23.07% |  | 23.24% |  |  | 22.71% | 23.07% | 0.53% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $1340.90 | $1402.17 | $1352.48 | $— | $1227.10 | $1227.10 | —% | 10.22% |
| Occupancy | 60.40% | 50.36% | 58.50% | —% | 60.49% | 60.49% | —% | (3.29)% |
| ADR | $2220.05 | $2784.54 | $2311.90 | $— | $2028.67 | $2028.67 | —% | 13.96% |
| **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** | **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $3107 | $29330 | $32437 | $— | $27299 | $27299 | —% | 18.82% |
| Total hotel revenue | $5194 | $56059 | $61253 | $— | $49827 | $49827 | —% | 22.93% |
| Hotel net income (loss) | $933 | $3162 | $4095 | $— | $2581 | $2581 | —% | 58.66% |
| Hotel net income (loss) margin | 17.96% |  | 6.69% | —% |  | 5.18% | 17.96% | 1.51% |
| Hotel EBITDA | $1710 | $17787 | $19497 | $— | $16402 | $16402 | —% | 18.87% |
| Hotel EBITDA margin | 32.92% |  | 31.83% |  |  | 32.92% | 32.92% | (1.09)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $477.19 | $418.17 | $423.18 | $— | $356.17 | $356.17 | —% | 18.81% |
| Occupancy | 45.15% | 46.38% | 46.28% | —% | 41.73% | 41.73% | —% | 10.90% |
| ADR | $1056.99 | $901.55 | $914.43 | $— | $853.53 | $853.53 | —% | 7.13% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **% Variance** | **% Variance** |
| **<u>RESORT PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $295026 | $39586 | $334612 | $209465 | $80262 | $289727 | 40.85% | 15.49% |
| Total hotel revenue | $486756 | $71228 | $557984 | $338726 | $125394 | $464120 | 43.70% | 20.22% |
| Hotel net income (loss) | $88339 | $5251 | $93590 | $62282 | $11680 | $73962 | 41.84% | 26.54% |
| Hotel net income (loss) margin | 18.15% |  | 16.77% | 18.39% |  | 15.94% | (0.24)% | 0.83% |
| Hotel EBITDA | $153642 | $21421 | $175063 | $110572 | $33240 | $143812 | 38.95% | 21.73% |
| Hotel EBITDA margin | 31.56% |  | 31.37% | 32.64% |  | 30.99% | (1.08)% | 0.38% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $501.41 | $511.09 | $502.54 | $384.89 | $670.82 | $436.43 | 30.27% | 15.15% |
| Occupancy | 68.90% | 46.76% | 66.32% | 65.91% | 48.59% | 62.79% | 4.53% | 5.63% |
| ADR | $727.76 | $1093.04 | $757.72 | $583.98 | $1380.67 | $695.10 | 24.62% | 9.01% |
| **<u>URBAN PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $143194 | $— | $143194 | $70347 | $3873 | $74220 | 103.55% | 92.93% |
| Total hotel revenue | $188316 | $— | $188316 | $89367 | $6272 | $95639 | 110.72% | 96.90% |
| Hotel net income (loss) | $2374 | $— | $2374 | $(44916) | $(1245) | $(46161) | 105.29% | 105.14% |
| Hotel net income (loss) margin | 1.26% |  | 1.26% | (50.26)% |  | (48.27)% | 51.52% | 49.53% |
| Hotel EBITDA | $46863 | $— | $46863 | $(2586) | $1228 | $(1358) | 1912.18% | 3550.88% |
| Hotel EBITDA margin | 24.89% |  | 24.89% | (2.89)% |  | (1.42)% | 27.78% | 26.31% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $164.98 | $— | $164.98 | $84.04 | $125.40 | $85.51 | 96.31% | 92.93% |
| Occupancy | 63.39% | —% | 63.39% | 43.69% | 40.65% | 43.58% | 45.09% | 45.45% |
| ADR | $260.25 | $— | $260.25 | $192.35 | $308.45 | $196.21 | 35.30% | 32.64% |
| **<u>BRAEMAR PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $438220 | $39586 | $477806 | $279812 | $84135 | $363947 | 56.61% | 31.28% |
| Total hotel revenue | $675072 | $71228 | $746300 | $428093 | $131666 | $559759 | 57.69% | 33.33% |
| Hotel net income (loss) | $90713 | $5251 | $95964 | $17368 | $10433 | $27801 | 422.30% | 245.18% |
| Hotel net income (loss) margin | 13.44% |  | 12.86% | 4.06% |  | 4.97% | 9.38% | 7.89% |
| Hotel EBITDA | $200505 | $21421 | $221926 | $107986 | $34468 | $142454 | 85.68% | 55.79% |
| Hotel EBITDA margin | 29.70% |  | 29.74% | 25.22% |  | 25.45% | 4.48% | 4.29% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $300.90 | $511.09 | $311.51 | $202.57 | $558.91 | $237.59 | 48.54% | 31.11% |
| Occupancy | 65.62% | 46.76% | 64.66% | 52.44% | 46.96% | 51.90% | 25.12% | 24.58% |
| ADR | $458.58 | $1093.04 | $481.75 | $386.26 | $1190.21 | $457.74 | 18.72% | 5.24% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.

(3)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Resort properties include: Hilton La Jolla Torrey Pines, 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

(5)&nbsp;&nbsp;&nbsp;&nbsp;Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

(6)&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

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

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** | **Actual**<br>**2022** | **Non-comparable Adjustments**<br>**2022** | **Comparable**<br>**2022** |
| | **4th Quarter** | **4th Quarter** | **4th Quarter** | **3rd Quarter** | **3rd Quarter** | **3rd Quarter** | **2nd Quarter** | **2nd Quarter** | **2nd Quarter** | **1st Quarter** | **1st Quarter** | **1st Quarter** |
| Total Hotel Revenue | $173363 | $13930 | $187293 | $162225 | $7072 | $169297 | $176082 | $16915 | $192997 | $163402 | $33311 | $196713 |
| Hotel net income (loss) | $13699 | $1574 | $15273 | $13551 | $(4569) | $8982 | $31259 | $2784 | $34043 | $32204 | $5462 | $37666 |
| Hotel net income (loss) margin | 7.90% |  | 8.15% | 8.35% |  | 5.31% | 17.75% |  | 17.64% | 19.71% |  | 19.15% |
| Hotel EBITDA | $47065 | $5141 | $52206 | $40693 | $(598) | $40095 | $57066 | $6404 | $63470 | $55681 | $10474 | $66155 |
| Hotel EBITDA margin | 27.15% |  | 27.87% | 25.08% |  | 23.68% | 32.41% |  | 32.89% | 34.08% |  | 33.63% |
| Hotel net income (loss) % of total TTM | 15.1% |  | 15.9% | 14.9% |  | 9.4% | 34.5% |  | 35.5% | 35.5% |  | 39.2% |
| EBITDA % of total TTM | 23.5% |  | 23.5% | 20.3% |  | 18.1% | 28.5% |  | 28.6% | 27.7% |  | 29.8% |
| JV interests in Hotel net income (loss) | $714 | $— | $714 | $1169 | $— | $1169 | $1631 | $— | $1631 | $58 | $— | $58 |
| JV interests in EBITDA | $1798 | $— | $1798 | $1880 | $— | $1880 | $2387 | $— | $2387 | $811 | $— | $811 |
|  | **Actual** | **Non-comparable Adjustments** | **Comparable** |  |  |  |  |  |  |  |  |  |
|  | **2022** | **2022** | **2022** |  |  |  |  |  |  |  |  |  |
|  | **TTM** | **TTM** | **TTM** |  |  |  |  |  |  |  |  |  |
| Total Hotel Revenue | $675072 | $71228 | $746300 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) | $90713 | $5251 | $95964 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) margin | 13.44% |  | 12.86% |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA | $200505 | $21421 | $221926 |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA margin | 29.70% |  | 29.74% |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |
| EBITDA % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |
| JV interests in Hotel net income (loss) | $3572 | $— | $3572 |  |  |  |  |  |  |  |  |  |
| JV interests in EBITDA | $6876 | $— | $6876 |  |  |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**TOTAL ENTERPRISE VALUE**

**December 31, 2022** 

**(in thousands, except share price)**

**(unaudited)**

---

| | |
|:---|:---|
| | **December 31, 2022** |
| Common stock shares outstanding | 69919 |
| Partnership units outstanding (common stock equivalents) | 8283 |
| Combined common stock shares and partnership units outstanding | 78202 |
| Common stock price | $4.11 |
| **Market capitalization** | $**321410** |
| Series B cumulative convertible preferred stock | $76950 |
| Series D cumulative preferred stock | $40000 |
| Series E redeemable preferred stock | $316413 |
| Series M redeemable preferred stock | $35708 |
| Indebtedness | $1336750 |
| Joint venture partner's share of consolidated indebtedness | $(48750) |
| Net working capital (see below) | $(244313) |
| **Total enterprise value (TEV)** | $**1834168** |
| Cash and cash equivalents | $259391 |
| Restricted cash | $51689 |
| Accounts receivable, net | $50232 |
| Prepaid expenses | $6846 |
| Due from third-party hotel managers, net | $24817 |
| **Total current assets** | $**392975** |
| Accounts payable, net & accrued expenses | $131658 |
| Dividends and distributions payable | $8184 |
| Due to affiliates, net | $8820 |
| **Total current liabilities** | $**148662** |
| **Net working capital\*** | $**244313** |

---

\* Includes the Company's pro rata share of net working capital in joint ventures.

------

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** |
| | | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** |
| | **Rooms** | **Actual** | **Actual** | **Actual** | **Actual** | **Estimated** | **Estimated** | **Estimated** | **Estimated** |
| **Bardessono Hotel and Spa** | **65** |  |  |  |  |  |  |  | **x** |
| **Capital Hilton Washington D.C.** | **550** |  |  |  |  | **x** | **x** | **x** | **x** |
| **Hotel Yountville** | **80** |  |  |  |  |  |  |  | **x** |
| **Marriott Seattle Waterfront** | **361** | **x** | **x** | **x** | **x** |  |  |  |  |
| **Park Hyatt Beaver Creek** | **190** |  |  |  | **x** |  |  | **x** | **x** |
| **The Ritz-Carlton Lake Tahoe** | **170** |  |  |  |  |  | **x** | **x** | **x** |
| **The Ritz-Carlton Sarasota** | **266** |  |  |  |  |  | **x** | **x** |  |
| **Total** |  | **1** | **1** | **1** | **2** | **1** | **3** | **4** | **5** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 are included in this table.

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2022**<br>**4th Quarter** | **2022**<br>**3rd Quarter** | **2022**<br>**2nd Quarter** | **2022**<br>**1st Quarter** | **December 31, 2022**<br>**TTM** |
| Net income (loss) | $13699 | $13551 | $31259 | $32204 | $90713 |
| Non-property adjustments | (55) | (1) |  | 76 | 20 |
| Interest income | (145) | (63) | (14) | (11) | (233) |
| Interest expense | 8416 | 6373 | 4522 | 3646 | 22957 |
| Amortization of loan costs | 476 | 496 | 462 | 553 | 1987 |
| Depreciation and amortization | 20506 | 19604 | 19571 | 18441 | 78122 |
| Income tax expense (benefit) | 219 | (99) | 424 | 223 | 767 |
| Non-hotel EBITDA ownership expense | 3949 | 832 | 842 | 549 | 6172 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 47065 | 40693 | 57066 | 55681 | 200505 |
| Non-comparable adjustments | 5141 | (598) | 6404 | 10474 | 21421 |
| Comparable hotel EBITDA | $52206 | $40095 | $63470 | $66155 | $221926 |

---

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(21) | $2876 | $(91) | $702 | $1655 | $672 | $322 | $799 | $(1477) | $1194 | $681 | $283 | $3752 | $(816) | $2235 | $933 | $13699 | $(18252) | $(4553) |
| Non-property adjustments |  |  |  |  |  |  |  | (16) |  |  |  |  | (39) |  |  |  | (55) | 55 |  |
| Interest income | (38) | (50) |  |  |  |  |  | (4) | (15) | (25) |  | (7) | (2) |  |  | (4) | (145) | 145 |  |
| Interest expense |  |  |  | 638 | 1117 | 809 | 1168 |  |  | 1717 | 774 | 20 | 828 | 574 | 771 |  | 8416 | 9862 | 18278 |
| Amortization of loan cost |  |  |  |  | 78 |  | 197 |  |  | 94 | 38 |  | 26 | 43 |  |  | 476 | 119 | 595 |
| Depreciation and amortization | 1901 | 1070 | 1382 | 584 | 648 | 395 | 1051 | 2029 | 2683 | 1419 | 852 | 1488 | 2002 | 619 | 1602 | 781 | 20506 |  | 20506 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 6 |  |  |  |  | (124) |  | 337 |  | 219 | 41 | 260 |
| Non-hotel EBITDA ownership expense | 1442 | 13 | 29 | 114 | 5 | 8 | (4) | 51 | (1) | 1759 | 236 | 1 | 164 | 36 | 97 | (1) | 3949 | (3949) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3284 | 3909 | 1320 | 2038 | 3503 | 1884 | 2734 | 2865 | 1190 | 6158 | 2581 | 1785 | 6607 | 456 | 5042 | 1709 | 47065 | (11979) | 35086 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (821) | (977) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1798) | 1798 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 108 | 108 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (114) | (114) |
| Hotel EBITDA attributable to the Company and OP unitholders | $2463 | $2932 | $1320 | $2038 | $3503 | $1884 | $2734 | $2865 | $1190 | $6158 | $2581 | $1785 | $6607 | $456 | $5042 | $1709 | $45267 | $(10187) | $35080 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1653) |  |  | 6794 | 5141 |  |  |
| Comparable hotel EBITDA | $3284 | $3909 | $1320 | $2038 | $3503 | $1884 | $2734 | $2865 | $1190 | $6158 | $2581 | $1785 | $4954 | $456 | $5042 | $8503 | $52206 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3284 | $3909 | $1320 | $2038 | $3503 | $1884 | $— | $2865 | $1190 | $6158 | $2581 | $— | $6607 | $456 | $5042 | $1709 | $42546 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1653) |  |  | 6794 | 5141 |  |  |
| Comparable hotel EBITDA | $3284 | $3909 | $1320 | $2038 | $3503 | $1884 | $— | $2865 | $1190 | $6158 | $2581 | $— | $4954 | $456 | $5042 | $8503 | $47687 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $3909 | $— | $2038 | $3503 | $1884 | $2734 | $— | $— | $6158 | $2581 | $— | $6607 | $— | $5042 | $1709 | $36165 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1653) |  |  | 6794 | 5141 |  |  |
| Comparable hotel EBITDA | $— | $3909 | $— | $2038 | $3503 | $1884 | $2734 | $— | $— | $6158 | $2581 | $— | $4954 | $— | $5042 | $8503 | $41306 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3284 | $— | $1320 | $— | $— | $— | $— | $2865 | $1190 | $— | $— | $1785 | $— | $456 | $— | $— | $10900 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $3284 | $— | $1320 | $— | $— | $— | $— | $2865 | $1190 | $— | $— | $1785 | $— | $456 | $— | $— | $10900 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| BAML (Pier House Resort & Spa) | $— | $— | $— | $— | $3503 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $3503 |
| BAML (Bardessono Hotel and Spa) |  |  |  | 2038 |  |  |  |  |  |  |  |  |  |  |  |  | 2038 |
| BAML (Hotel Yountville) |  |  |  |  |  | 1884 |  |  |  |  |  |  |  |  |  |  | 1884 |
| Apollo (The Ritz-Carlton St. Thomas) |  |  |  |  |  |  |  |  |  |  |  |  | 4954 |  |  |  | 4954 |
| Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) | 3284 | 3909 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7193 |
| BAML Pool (see footnote 3) |  |  | 1320 |  |  |  |  | 2865 | 1190 |  |  | 1785 |  |  |  |  | 7160 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 2734 |  |  |  |  |  |  |  |  |  | 2734 |
| BAML (The Ritz-Carlton Sarasota) |  |  |  |  |  |  |  |  |  | 6158 |  |  |  |  |  |  | 6158 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 2581 |  |  |  |  |  | 2581 |
| LoanCore (Mr. C Beverly Hills Hotel) |  |  |  |  |  |  |  |  |  |  |  |  |  | 456 |  |  | 456 |
| Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5042 |  | 5042 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8503 | 8503 |
| Total | $3284 | $3909 | $1320 | $2038 | $3503 | $1884 | $2734 | $2865 | $1190 | $6158 | $2581 | $1785 | $4954 | $456 | $5042 | $8503 | $52206 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $404 | $4270 | $1129 | $1581 | $1366 | $1257 | $(72) | $294 | $541 | $(391) | $755 | $3103 | $846 | $(370) | $(1162) | $— | $13551 | $(21934) | $(8383) |
| Non-property adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  |  | (1) | 1 |  |
| Interest income | (15) | (22) |  |  |  |  |  | (1) | (5) | (16) |  | (2) | (2) |  |  |  | (63) | 63 |  |
| Interest expense |  |  |  | 470 | 808 | 621 | 901 |  |  | 1356 | 575 | (62) | 669 | 461 | 574 |  | 6373 | 7496 | 13869 |
| Amortization of loan cost |  |  |  | 34 | 77 |  | 195 |  |  | 93 | 38 |  | 17 | 42 |  |  | 496 | 125 | 621 |
| Depreciation and amortization | 1840 | 1020 | 1476 | 590 | 633 | 435 | 1011 | 2005 | 2760 | 1329 | 802 | 1432 | 2059 | 613 | 1599 |  | 19604 |  | 19604 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 4 |  |  |  |  | 13 |  | (116) |  | (99) | 194 | 95 |
| Non-hotel EBITDA ownership expense | (3) | 25 | 4 | 102 | 5 | 79 | 6 | 25 | 17 | 368 | 159 | 1 | 3 | 37 | 4 |  | 832 | (832) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2226 | 5293 | 2609 | 2777 | 2889 | 2392 | 2041 | 2327 | 3313 | 2739 | 2329 | 4472 | 3604 | 783 | 899 |  | 40693 | (14887) | 25806 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (556) | (1324) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1880) | 1880 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74 | 74 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (74) | (74) |
| Hotel EBITDA attributable to the Company and OP unitholders | $1670 | $3969 | $2609 | $2777 | $2889 | $2392 | $2041 | $2327 | $3313 | $2739 | $2329 | $4472 | $3604 | $783 | $899 | $— | $38813 | $(13007) | $25806 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 563 |  |  | (1161) | (598) |  |  |
| Comparable hotel EBITDA | $2226 | $5293 | $2609 | $2777 | $2889 | $2392 | $2041 | $2327 | $3313 | $2739 | $2329 | $4472 | $4167 | $783 | $899 | $(1161) | $40095 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $5293 | $— | $2777 | $2889 | $2392 | $2041 | $— | $— | $2739 | $2329 | $— | $3604 | $— | $899 | $— | $24963 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 563 |  |  | (1161) | (598) |  |  |
| Comparable hotel EBITDA | $— | $5293 | $— | $2777 | $2889 | $2392 | $2041 | $— | $— | $2739 | $2329 | $— | $4167 | $— | $899 | $(1161) | $24365 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $2226 | $— | $2609 | $— | $— | $— | $— | $2327 | $3313 | $— | $— | $4472 | $— | $783 | $— | $— | $15730 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $2226 | $— | $2609 | $— | $— | $— | $— | $2327 | $3313 | $— | $— | $4472 | $— | $783 | $— | $— | $15730 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** | **Three Months Ended September 30, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| BAML (Pier House Resort & Spa) | $— | $— | $— | $— | $2889 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $2889 |
| BAML (Bardessono Hotel and Spa) |  |  |  | 2777 |  |  |  |  |  |  |  |  |  |  |  |  | 2777 |
| BAML (Hotel Yountville) |  |  |  |  |  | 2392 |  |  |  |  |  |  |  |  |  |  | 2392 |
| Apollo (The Ritz-Carlton St. Thomas) |  |  |  |  |  |  |  |  |  |  |  |  | 4167 |  |  |  | 4167 |
| Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) | 2226 | 5293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7519 |
| BAML Pool (see footnote 3) |  |  | 2609 |  |  |  |  | 2327 | 3313 |  |  | 4472 |  |  |  |  | 12721 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 2041 |  |  |  |  |  |  |  |  |  | 2041 |
| BAML (The Ritz-Carlton Sarasota) |  |  |  |  |  |  |  |  |  | 2739 |  |  |  |  |  |  | 2739 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 2329 |  |  |  |  |  | 2329 |
| LoanCore (Mr. C Beverly Hills Hotel) |  |  |  |  |  |  |  |  |  |  |  |  |  | 783 |  |  | 783 |
| Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 899 |  | 899 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1161) | (1161) |
| Total | $2226 | $5293 | $2609 | $2777 | $2889 | $2392 | $2041 | $2327 | $3313 | $2739 | $2329 | $4472 | $4167 | $783 | $899 | $(1161) | $40095 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $2584 | $3939 | $4103 | $1820 | $3530 | $1247 | $(1949) | $402 | $931 | $6586 | $(2170) | $1510 | $5742 | $(34) | $3018 | $— | $31259 | $(14579) | $16680 |
| Non-property adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest income | (2) | (1) |  |  |  |  |  |  | (2) | (6) |  | (1) | (2) |  |  |  | (14) | 14 |  |
| Interest expense |  |  |  | 310 | 482 | 415 | 633 |  |  | 984 | 371 | 34 | 534 | 396 | 363 |  | 4522 | 5183 | 9705 |
| Amortization of loan cost |  |  |  | 51 | 76 | 42 | 193 |  |  | 92 | 37 |  |  | 41 | (70) |  | 462 | 114 | 576 |
| Depreciation and amortization | 1839 | 1006 | 1490 | 594 | 662 | 540 | 943 | 2011 | 2814 | 1327 | 788 | 1295 | 2079 | 611 | 1572 |  | 19571 |  | 19571 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 6 |  |  |  |  | 306 |  | 112 |  | 424 | 653 | 1077 |
| Non-hotel EBITDA ownership expense | 163 | 19 | 49 | 128 | 4 | 9 |  | 61 | 6 | 12 | 358 | 2 | 5 | 27 | (1) |  | 842 | (842) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4584 | 4963 | 5642 | 2903 | 4754 | 2253 | (180) | 2480 | 3749 | 8995 | (616) | 2840 | 8664 | 1041 | 4994 |  | 57066 | (9457) | 47609 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (1146) | (1241) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2387) | 2387 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74 | 74 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (75) | (75) |
| Hotel EBITDA attributable to the Company and OP unitholders | $3438 | $3722 | $5642 | $2903 | $4754 | $2253 | $(180) | $2480 | $3749 | $8995 | $(616) | $2840 | $8664 | $1041 | $4994 | $— | $54679 | $(7071) | $47608 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 952 |  | 355 | 5097 | 6404 |  |  |
| Comparable hotel EBITDA | $4584 | $4963 | $5642 | $2903 | $4754 | $2253 | $(180) | $2480 | $3749 | $8995 | $(616) | $2840 | $9616 | $1041 | $5349 | $5097 | $63470 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $4963 | $— | $2903 | $4754 | $2253 | $(180) | $— | $— | $8995 | $(616) | $— | $8664 | $— | $4994 | $— | $36730 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 952 |  | 355 | 5097 | 6404 |  |  |
| Comparable hotel EBITDA | $— | $4963 | $— | $2903 | $4754 | $2253 | $(180) | $— | $— | $8995 | $(616) | $— | $9616 | $— | $5349 | $5097 | $43134 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $4584 | $— | $5642 | $— | $— | $— | $— | $2480 | $3749 | $— | $— | $2840 | $— | $1041 | $— | $— | $20336 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $4584 | $— | $5642 | $— | $— | $— | $— | $2480 | $3749 | $— | $— | $2840 | $— | $1041 | $— | $— | $20336 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** | **Three Months Ended June 30, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| BAML (Pier House Resort & Spa) | $— | $— | $— | $— | $4754 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $4754 |
| BAML (Bardessono Hotel and Spa) |  |  |  | 2903 |  |  |  |  |  |  |  |  |  |  |  |  | 2903 |
| BAML (Hotel Yountville) |  |  |  |  |  | 2253 |  |  |  |  |  |  |  |  |  |  | 2253 |
| Apollo (The Ritz-Carlton St. Thomas) |  |  |  |  |  |  |  |  |  |  |  |  | 9616 |  |  |  | 9616 |
| Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) | 4584 | 4963 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9547 |
| BAML Pool (see footnote 3) |  |  | 5642 |  |  |  |  | 2480 | 3749 |  |  | 2840 |  |  |  |  | 14711 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | (180) |  |  |  |  |  |  |  |  |  | (180) |
| BAML (The Ritz-Carlton Sarasota) |  |  |  |  |  |  |  |  |  | 8995 |  |  |  |  |  |  | 8995 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | (616) |  |  |  |  |  | (616) |
| LoanCore (Mr. C Beverly Hills Hotel) |  |  |  |  |  |  |  |  |  |  |  |  |  | 1041 |  |  | 1041 |
| Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5349 |  | 5349 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5097 | 5097 |
| Total | $4584 | $4963 | $5642 | $2903 | $4754 | $2253 | $(180) | $2480 | $3749 | $8995 | $(616) | $2840 | $9616 | $1041 | $5349 | $5097 | $63470 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(1842) | $2077 | $(2915) | $385 | $5826 | $(629) | $7367 | $(2000) | $(2867) | $10252 | $5754 | $(1106) | $8580 | $(170) | $3492 | $— | $32204 | $(16600) | $15604 |
| Non-property adjustments |  |  |  |  |  |  | 76 |  |  |  |  |  |  |  |  |  | 76 | (76) |  |
| Interest income |  |  |  |  |  |  |  |  | (2) | (5) |  | (2) | (2) |  |  |  | (11) | 11 |  |
| Interest expense |  |  |  | 256 | 395 | 320 | 526 |  |  | 862 | 297 | 34 | 526 | 391 | 39 |  | 3646 | 4212 | 7858 |
| Amortization of loan cost |  |  |  | 50 | 76 | 60 | 128 |  |  | 91 | 37 |  |  | 41 | 70 |  | 553 | 111 | 664 |
| Depreciation and amortization | 1840 | 1022 | 1627 | 603 | 668 | 676 | 927 | 1983 | 2969 | 1251 | 792 | 1191 | 1932 | 609 | 351 |  | 18441 |  | 18441 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 3 |  |  |  |  | 220 |  |  |  | 223 | 2388 | 2611 |
| Non-hotel EBITDA ownership expense | 82 | 64 | 5 | 115 | 4 | 2 | 1 | 15 | 2 | 34 | 209 | 3 | 7 | 6 |  |  | 549 | (549) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 80 | 3163 | (1283) | 1409 | 6969 | 429 | 9025 | 1 | 102 | 12485 | 7089 | 120 | 11263 | 877 | 3952 |  | 55681 | (10503) | 45178 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (20) | (791) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (811) | 811 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72 | 72 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (71) | (71) |
| Hotel EBITDA attributable to the Company and OP unitholders | $60 | $2372 | $(1283) | $1409 | $6969 | $429 | $9025 | $1 | $102 | $12485 | $7089 | $120 | $11263 | $877 | $3952 | $— | $54870 | $(9691) | $45179 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 137 |  | 3279 | 7058 | 10474 |  |  |
| Comparable hotel EBITDA | $80 | $3163 | $(1283) | $1409 | $6969 | $429 | $9025 | $1 | $102 | $12485 | $7089 | $120 | $11400 | $877 | $7231 | $7058 | $66155 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $3163 | $— | $1409 | $6969 | $429 | $9025 | $— | $— | $12485 | $7089 | $— | $11263 | $— | $3952 | $— | $55784 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 137 |  | 3279 | 7058 | 10474 |  |  |
| Comparable hotel EBITDA | $— | $3163 | $— | $1409 | $6969 | $429 | $9025 | $— | $— | $12485 | $7089 | $— | $11400 | $— | $7231 | $7058 | $66258 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $80 | $— | $(1283) | $— | $— | $— | $— | $1 | $102 | $— | $— | $120 | $— | $877 | $— | $— | $(103) |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $80 | $— | $(1283) | $— | $— | $— | $— | $1 | $102 | $— | $— | $120 | $— | $877 | $— | $— | $(103) |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** | **Three Months Ended March 31, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| BAML (Pier House Resort & Spa) | $— | $— | $— | $— | $6969 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $6969 |
| BAML (Bardessono Hotel and Spa) |  |  |  | 1409 |  |  |  |  |  |  |  |  |  |  |  |  | 1409 |
| BAML (Hotel Yountville) |  |  |  |  |  | 429 |  |  |  |  |  |  |  |  |  |  | 429 |
| Apollo (The Ritz-Carlton St. Thomas) |  |  |  |  |  |  |  |  |  |  |  |  | 11400 |  |  |  | 11400 |
| Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) | 80 | 3163 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3243 |
| BAML Pool (see footnote 3) |  |  | (1283) |  |  |  |  | 1 | 102 |  |  | 120 |  |  |  |  | (1060) |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 9025 |  |  |  |  |  |  |  |  |  | 9025 |
| BAML (The Ritz-Carlton Sarasota) |  |  |  |  |  |  |  |  |  | 12485 |  |  |  |  |  |  | 12485 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 7089 |  |  |  |  |  | 7089 |
| LoanCore (Mr. C Beverly Hills Hotel) |  |  |  |  |  |  |  |  |  |  |  |  |  | 877 |  |  | 877 |
| Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7231 |  | 7231 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7058 | 7058 |
| Total | $80 | $3163 | $(1283) | $1409 | $6969 | $429 | $9025 | $1 | $102 | $12485 | $7089 | $120 | $11400 | $877 | $7231 | $7058 | $66155 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(1447) | $1388 | $(1776) | $1731 | $3787 | $1059 | $577 | $(683) | $(3338) | $4512 | $2544 | $261 | $3745 | $(427) | $— | $— | $11933 | $(14227) | $(2294) |
| Non-property adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | (9) |  |  | (9) | 9 |  |
| Interest income |  |  |  |  |  |  |  |  | (1) | (6) |  | (3) | (1) |  |  |  | (11) | 11 |  |
| Interest expense |  |  |  | 262 | 405 | 328 | 534 |  |  | 880 | 304 | 34 | 538 | 400 |  |  | 3685 | 4411 | 8096 |
| Amortization of loan cost |  |  |  | 49 | 75 | 60 |  |  |  | 89 | 37 |  |  | 40 |  |  | 350 | 109 | 459 |
| Depreciation and amortization | 1821 | 1035 | 1628 | 605 | 696 | 665 | 901 | 1981 | 3498 | 1422 | 754 | 1044 | 2232 | 599 |  |  | 18881 |  | 18881 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | (12) |  |  |  |  | 39 |  |  |  | 27 | 531 | 558 |
| Non-hotel EBITDA ownership expense | 35 | 22 | 22 | 124 | 2 | 9 | 11 | 7 | (2) | 47 | 255 | 5 | 85 | 20 |  |  | 642 | (642) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 409 | 2445 | (126) | 2771 | 4965 | 2121 | 2023 | 1293 | 157 | 6944 | 3894 | 1341 | 6638 | 623 |  |  | 35498 | (9798) | 25700 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (102) | (611) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (713) | 713 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54 | 54 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54) | (54) |
| Hotel EBITDA attributable to the Company and OP unitholders | $307 | $1834 | $(126) | $2771 | $4965 | $2121 | $2023 | $1293 | $157 | $6944 | $3894 | $1341 | $6638 | $623 | $— | $— | $34785 | $(9085) | $25700 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5195 | 7448 | 12643 |  |  |
| Comparable hotel EBITDA | $409 | $2445 | $(126) | $2771 | $4965 | $2121 | $2023 | $1293 | $157 | $6944 | $3894 | $1341 | $6638 | $623 | $5195 | $7448 | $48141 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $409 | $2445 | $(126) | $2771 | $4965 | $2121 | $— | $1293 | $157 | $6944 | $3894 | $— | $6638 | $623 | $— | $— | $32134 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5195 | 7448 | 12643 |  |  |
| Comparable hotel EBITDA | $409 | $2445 | $(126) | $2771 | $4965 | $2121 | $— | $1293 | $157 | $6944 | $3894 | $— | $6638 | $623 | $5195 | $7448 | $44777 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $2445 | $— | $2771 | $4965 | $2121 | $2023 | $— | $— | $6944 | $3894 | $— | $6638 | $— | $— | $— | $31801 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5195 | 7448 | 12643 |  |  |
| Comparable hotel EBITDA | $— | $2445 | $— | $2771 | $4965 | $2121 | $2023 | $— | $— | $6944 | $3894 | $— | $6638 | $— | $5195 | $7448 | $44444 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $409 | $— | $(126) | $— | $— | $— | $— | $1293 | $157 | $— | $— | $1341 | $— | $623 | $— | $— | $3697 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $409 | $— | $(126) | $— | $— | $— | $— | $1293 | $157 | $— | $— | $1341 | $— | $623 | $— | $— | $3697 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

------

**Exhibit 1**

**BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $1125 | $13162 | $2226 | $4488 | $12377 | $2547 | $5668 | $(505) | $(2872) | $17641 | $5020 | $3790 | $18920 | $(1390) | $7583 | $933 | $90713 | $(71365) | $19348 |
| Non-property adjustments |  |  |  |  |  |  | 76 | (16) |  |  |  |  | (40) |  |  |  | 20 | (20) |  |
| Interest income | (55) | (73) |  |  |  |  |  | (5) | (24) | (52) |  | (12) | (8) |  |  | (4) | (233) | 233 |  |
| Interest expense |  |  |  | 1674 | 2802 | 2165 | 3228 |  |  | 4919 | 2017 | 26 | 2557 | 1822 | 1747 |  | 22957 | 26753 | 49710 |
| Amortization of loan cost |  |  |  | 135 | 307 | 102 | 713 |  |  | 370 | 150 |  | 43 | 167 |  |  | 1987 | 469 | 2456 |
| Depreciation and amortization | 7420 | 4118 | 5975 | 2371 | 2611 | 2046 | 3932 | 8028 | 11226 | 5326 | 3234 | 5406 | 8072 | 2452 | 5124 | 781 | 78122 |  | 78122 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | 19 |  |  |  |  | 415 |  | 333 |  | 767 | 3276 | 4043 |
| Non-hotel EBITDA ownership expense | 1684 | 121 | 87 | 459 | 18 | 98 | 3 | 152 | 24 | 2173 | 962 | 7 | 179 | 106 | 100 | (1) | 6172 | (6172) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 10174 | 17328 | 8288 | 9127 | 18115 | 6958 | 13620 | 7673 | 8354 | 30377 | 11383 | 9217 | 30138 | 3157 | 14887 | 1709 | 200505 | (46826) | 153679 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (2543) | (4333) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6876) | 6876 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 328 | 328 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (334) | (334) |
| Hotel EBITDA attributable to the Company and OP unitholders | $7631 | $12995 | $8288 | $9127 | $18115 | $6958 | $13620 | $7673 | $8354 | $30377 | $11383 | $9217 | $30138 | $3157 | $14887 | $1709 | $193629 | $(39956) | $153673 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  | 3634 | 17788 | 21421 |  |  |
| Comparable hotel EBITDA | $10174 | $17328 | $8288 | $9127 | $18115 | $6958 | $13620 | $7673 | $8354 | $30377 | $11383 | $9217 | $30137 | $3157 | $18521 | $19497 | $221926 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $10174 | $17328 | $8288 | $9127 | $18115 | $6958 | $— | $7673 | $8354 | $30377 | $11383 | $— | $30138 | $3157 | $14887 | $1709 | $177668 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  | 3634 | 17788 | 21421 |  |  |
| Comparable hotel EBITDA | $10174 | $17328 | $8288 | $9127 | $18115 | $6958 | $— | $7673 | $8354 | $30377 | $11383 | $— | $30137 | $3157 | $18521 | $19497 | $199089 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $17328 | $— | $9127 | $18115 | $6958 | $13620 | $— | $— | $30377 | $11383 | $— | $30138 | $— | $14887 | $1709 | $153642 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  | 3634 | 17788 | 21421 |  |  |
| Comparable hotel EBITDA | $— | $17328 | $— | $9127 | $18115 | $6958 | $13620 | $— | $— | $30377 | $11383 | $— | $30137 | $— | $18521 | $19497 | $175063 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $10174 | $— | $8288 | $— | $— | $— | $— | $7673 | $8354 | $— | $— | $9217 | $— | $3157 | $— | $— | $46863 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $10174 | $— | $8288 | $— | $— | $— | $— | $7673 | $8354 | $— | $— | $9217 | $— | $3157 | $— | $— | $46863 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

------

**Exhibit 1**

 **BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES**

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Mr. C Beverly Hills Hotel** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(11082) | $1915 | $(10181) | $5053 | $13411 | $2310 | $4005 | $(6261) | $(15467) | $15342 | $2793 | $(293) | $17453 | $(1630) | $— | $— | $17368 | $(50279) | $(32911) |
| Non-property adjustments |  |  |  | (117) | (96) |  |  |  |  | 1 | 1 |  | (671) | 936 |  |  | 54 | (54) |  |
| Interest income |  |  |  |  |  |  |  |  | (3) | (22) |  | (12) | (2) |  |  |  | (39) | 39 |  |
| Interest expense |  |  |  | 1039 | 1606 | 1303 | 2075 |  |  | 3518 | 1205 | 54 | 2134 | 644 |  |  | 13578 | 15117 | 28695 |
| Amortization of loan cost |  |  |  | 162 | 294 | 180 | 14 |  |  | 352 | 144 |  | 68 | 66 |  |  | 1280 | 926 | 2206 |
| Depreciation and amortization | 7448 | 4293 | 6582 | 2581 | 2883 | 2572 | 3526 | 8333 | 13258 | 6347 | 2931 | 3965 | 8071 | 972 |  |  | 73762 |  | 73762 |
| Income tax expense (benefit) |  | (43) |  |  |  |  |  | (7) |  |  |  |  | 101 |  |  |  | 51 | 1273 | 1324 |
| Non-hotel EBITDA ownership expense | 292 | 70 | 39 | 490 | (59) | 68 | (11) | (141) | (5) | 125 | 761 | (157) | 396 | 64 |  |  | 1932 | (1932) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (3342) | 6235 | (3560) | 9208 | 18039 | 6433 | 9609 | 1924 | (2217) | 25663 | 7835 | 3557 | 27550 | 1052 |  |  | 107986 | (34910) | 73076 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 839 | (1562) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (723) | 723 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 252 | 252 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (250) | (250) |
| Hotel EBITDA attributable to the Company and OP unitholders | $(2503) | $4673 | $(3560) | $9208 | $18039 | $6433 | $9609 | $1924 | $(2217) | $25663 | $7835 | $3557 | $27550 | $1052 | $— | $— | $107263 | $(34185) | $73078 |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | 1228 | 16838 | 16402 | 34468 |  |  |
| Comparable hotel EBITDA | $(3342) | $6235 | $(3560) | $9208 | $18039 | $6433 | $9609 | $1924 | $(2217) | $25663 | $7835 | $3557 | $27550 | $2280 | $16838 | $16402 | $142454 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $(3342) | $6235 | $(3560) | $9208 | $18039 | $6433 | $— | $1924 | $(2217) | $25663 | $7835 | $— | $27550 | $1052 | $— | $— | $94820 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | 1228 | 16838 | 16402 | 34468 |  |  |
| Comparable hotel EBITDA | $(3342) | $6235 | $(3560) | $9208 | $18039 | $6433 | $— | $1924 | $(2217) | $25663 | $7835 | $— | $27550 | $2280 | $16838 | $16402 | $129288 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $6235 | $— | $9208 | $18039 | $6433 | $9609 | $— | $— | $25663 | $7835 | $— | $27550 | $— | $— | $— | $110572 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16838 | 16402 | 33240 |  |  |
| Comparable hotel EBITDA | $— | $6235 | $— | $9208 | $18039 | $6433 | $9609 | $— | $— | $25663 | $7835 | $— | $27550 | $— | $16838 | $16402 | $143812 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $(3342) | $— | $(3560) | $— | $— | $— | $— | $1924 | $(2217) | $— | $— | $3557 | $— | $1052 | $— | $— | $(2586) |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | 1228 |  |  | 1228 |  |  |
| Comparable hotel EBITDA | $(3342) | $— | $(3560) | $— | $— | $— | $— | $1924 | $(2217) | $— | $— | $3557 | $— | $2280 | $— | $— | $(1358) |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2)&nbsp;&nbsp;&nbsp;&nbsp;All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek