# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001574085-26-000022
**Filing Date:** 2026-2
**Character Count:** 160780
**Document Hash:** e2bd63eb11d2d2a43bb0b287e67d0a78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001574085-26-000022.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001574085-26-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260226

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Braemar Hotels & Resorts Inc.
- **CENTRAL INDEX KEY:** 0001574085
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 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:** 26687972

**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' encoding='ASCII'? bhr-20260226

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): February 26, 2026** 

**BRAEMAR HOTELS & RESORTS INC.** 

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

---

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

**ITEM 8.01 &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 2025 Earnings Press Release of the Company, dated February 26, 2026](bhr2025q4earningsrelease.htm)</u>

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

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | BRAEMAR HOTELS & RESORTS INC. | BRAEMAR HOTELS & RESORTS INC. |
| Dated: February 26, 2026 | 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 | Allison Beach | Joe Calabrese |
|  | Chief Financial Officer | Media Contact | Financial Relations Board |
|  | (972) 490-9600 | (972) 490-9600 | (212) 827-3772 |

---

**BRAEMAR HOTELS & RESORTS REPORTS**

**FOURTH QUARTER AND FULL YEAR 2025 RESULTS**

DALLAS – February 26, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

**FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels totaled $340, relatively flat over the prior year quarter. Comparable ADR increased 5.4% over the prior year quarter to $559 and Comparable Occupancy decreased 5.2% over the prior year quarter to 60.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For hotels not under renovation, Comparable RevPAR increased 2.6% on a 3.4% increase in Comparable ADR and a 0.8% decrease in Comparable Occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders for the quarter was $(46.0) million or $(0.67) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre was $28.8 million for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA was $38.0 million for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $17.1 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt to gross assets was 46.7% at the end of the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the quarter was $23.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company redeemed approximately $17.7 million of its non-traded preferred stock in cash.

------

BHR Reports Forth Quarter and Full Year Results

February 26, 2026

**FULL YEAR 2025 FINANCIAL HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Total RevPAR for all hotels increased 3.1% over the prior year to $583.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels increased 1.0% over the prior year to $347. Comparable ADR increased 3.9% over the prior year to $538 and Comparable Occupancy decreased 2.7% over the prior year to 64.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, net loss attributable to common stockholders was $(72.7) million or $(1.07) per diluted share compared to a net loss of $(50.9) million or $(0.77) per diluted share in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, AFFO per diluted share was $0.28 compared to $0.21 in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre for the year was $147.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA for the year was $164.2 million compared to $159.3 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex invested during the year was $77.9 million.

**RECENT OPERATING HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, the Company announced that it had initiated a process for the sale of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company completed the sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton's luxury LXR brand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company completed renovations of Hotel Yountville in Napa Valley and Park Hyatt Beaver Creek.

**INITIATION OF SALE PROCESS**

In August 2025, the Company announced that it was initiating a process for the sale of the Company. The Board of Directors of the Company formed a Special Committee comprised solely of independent and disinterested directors to explore a range of strategic alternatives, aimed at maximizing both near- and long-term shareholder value. After reviewing various strategic options to maximize value for shareholders, the Board has determined that it is in the best interests of the Company and its shareholders to pursue a sale of the Company or its assets. The Company has engaged Robert W. Baird & Co. Inc. as its financial advisor.

There is no deadline or definitive timetable set for completion of the sale process and there can be no assurance that this process will result in a sale of the Company or its assets. Braemar does not expect to disclose or provide an update concerning developments related to this process unless and until the Board of Directors has approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required by law or otherwise deemed appropriate.

**CAPITAL STRUCTURE** 

As of December 31, 2025, the Company had total assets of $1.9 billion and $1.1 billion of loans. The Company's total combined loans had a blended average interest rate of 6.7%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company's corresponding interest rate caps, approximately 14% of the Company's consolidated debt is effectively fixed and approximately 86% is effectively floating.

During the quarter, the Company closed on the previously announced sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key). The sale price represented a 5.2% capitalization rate on net operating income for the trailing 12 months ended September 30, 2025.

------

BHR Reports Forth Quarter and Full Year Results

February 26, 2026

During the quarter, the Company acquired the minority interest owned by its joint venture partner in the Capital Hilton for $14.5 million.

During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton's luxury LXR brand. One of Hilton's iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.

**DIVIDENDS**

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

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

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

**HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS**

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

"I'm pleased with Braemar's solid fourth quarter performance, highlighted by comparable total revenue growth of 1.8%," noted Richard J. Stockton, Braemar's President and Chief Executive Officer. "Renovations at a few properties significantly impacted our portfolio results. For hotels not under renovation, comparable total revenues increased 4.2% and comparable Hotel EBITDA increased 6.4% over the prior year period. Our resort portfolio again performed well, benefiting from a return to a more normalized growth trajectory. Resorts delivered a solid fourth quarter with comparable RevPAR growth of 4.1% and strong fourth quarter comparable EBITDA growth of 6.0% over the prior year period." Mr. Stockton concluded, "We're also very pleased to have recently completed the conversion of our Cameo Beverly Hills to Hilton's luxury LXR brand. This transformation honors the property's storied history while aligning with the expectations of today's luxury traveler. Lastly, and in the context of evaluating all

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BHR Reports Forth Quarter and Full Year Results

February 26, 2026

potential options to create shareholder value, we have appointed real estate broker co-advisors to evaluate the potential for individual asset sales in conjunction with the Company Sale Process."

**INVESTOR CONFERENCE CALL AND SIMULCAST**

Braemar will conduct a conference call on Friday, February 27, 2026, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 6, 2026, by dialing (609) 800-9909 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Braemar's quarterly conference call will be available online at the Company's website, www.bhrreit.com, on Friday, February 27, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

\* \* \* \* \*

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

*Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.*

*These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board's decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission.*

*The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations,* 

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BHR Reports Forth Quarter and Full Year Results

February 26, 2026

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

------

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

**CONSOLIDATED BALANCE SHEETS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, gross | $1902328 | $2252574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (344061) | (473888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | 1558267 | 1778686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 124354 | 135465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 42479 | 49592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in securities (amortized cost of $0 and $42,279, respectively) |  | 41535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $113 and $459, respectively | 32843 | 31754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4741 | 4664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note receivable | 8896 | 8283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 6987 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit paid to Ashford Inc. | 17000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, net | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in OpenKey | 89 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 56 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 15368 | 19538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 30743 | 34852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 2746 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 17088 | 22873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1861732 | $2136059 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $1103450 | $1210018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 142123 | 143566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable preferred stock redemptions payable | 30864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 7672 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Ashford Inc., net | 5148 | 4267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties, net | 257 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 1467 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 20058 | 19984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 25572 | 24268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1336611 | 1413889 |
| 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 65426 | 65426 |
| Series E redeemable preferred stock, $0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 265695 | 352502 |
| Series M redeemable preferred stock, $0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 34217 | 36916 |
| Redeemable noncontrolling interests in operating partnership | 19005 | 29964 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 80,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 682 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 706488 | 718536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) |  | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (568503) | (477804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity of the Company | 138683 | 240729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated entities | 2095 | (3367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 140778 | 237362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1861732 | $2136059 |

---

------

**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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $97373 | $105155 | $428990 | $452361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 45542 | 45359 | 179538 | 181250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 22647 | 22826 | 95487 | 94793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total hotel revenue** | 165562 | 173340 | 704015 | 728404 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 24135 | 25177 | 104367 | 106465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 35184 | 36522 | 141846 | 145901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 55390 | 56333 | 223977 | 225864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 5104 | 5587 | 21995 | 23500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 119813 | 123619 | 492185 | 501730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 7685 | 11768 | 34253 | 42508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22659 | 23541 | 92578 | 98733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 54492 |  | 54492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base advisory fee | 3698 | 3670 | 14290 | 13838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 3536 | 3163 | 13939 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee | 662 | 623 | 1408 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (427) | (124) | (451) | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation |  | 46 | 5 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 7347 | 3210 | 11749 | 14046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 219465 | 169516 | 714448 | 687819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel properties | 41827 | (45) | 82797 | 88165 |
| **OPERATING INCOME (LOSS)** | (12076) | 3779 | 72364 | 128750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entity | (56) | (1394) | (56) | (1608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1345 | 2607 | 6246 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (322) |  | (1572) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (20530) | (24591) | (88361) | (101737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | (2633) | (1846) | (10178) | (6387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of loan costs and exit fees |  | (16) | (1833) | (6111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | (1133) |  | (2686) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | (54) | 62 | (355) | 585 |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (35459) | (21399) | (26431) | 20605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (1505) | (368) | (1979) | (842) |
| **NET INCOME (LOSS)** | (36964) | (21767) | (28410) | 19763 |
| (Income) loss attributable to noncontrolling interest in consolidated entities | (36) | 389 | 325 | (25928) |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 3409 | 2725 | 5767 | 4472 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (33591) | (18653) | (22318) | (1693) |
| Preferred dividends | (8345) | (9702) | (35273) | (40295) |
| Deemed dividends on redeemable preferred stock | (4026) | (2783) | (15112) | (8958) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(45962) | $(31138) | $(72703) | $(50946) |
| **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 | $(0.67) | $(0.47) | $(1.07) | $(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 68219 | 66523 | 67621 | 66500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(0.67) | $(0.47) | $(1.07) | $(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 73279 | 66523 | 67621 | 66500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared per common share | $0.05 | $0.05 | $0.20 | $0.20 |

---

------

**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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(36964) | $(21767) | $(28410) | $19763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of loan costs | 23163 | 26437 | 98539 | 108124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22659 | 23541 | 92578 | 98733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1505 | 368 | 1979 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entity | 56 | 1394 | 56 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of EBITDA of OpenKey |  | (53) |  | (268) |
| **EBITDA** | 10419 | 29920 | 164742 | 228802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 54492 |  | 54492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets and hotel properties | (41827) | 45 | (82797) | (88165) |
| **EBITDAre** | 23084 | 29965 | 136437 | 140637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of favorable (unfavorable) contract assets (liabilities) | 107 | 107 | 428 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 4728 | 1077 | 7502 | (4447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of loan costs and exit fees |  | 16 | 1833 | 6111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized (gain) loss on derivatives | 54 | (62) | 355 | (585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (426) | (78) | (446) | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 726 | 1320 | (3138) | 12676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee | (746) | (2112) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | 1133 |  | 2686 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | 322 |  | 1572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (196) | (8) | (196) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance |  |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to EBITDAre of OpenKey |  |  |  | 3 |
| **Adjusted EBITDAre** | $28786 | $30225 | $147033 | $157575 |

---

**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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(36964) | $(21767) | $(28410) | $19763 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | (36) | 389 | 325 | (25928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 3409 | 2725 | 5767 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (8345) | (9702) | (35273) | (40295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (4026) | (2783) | (15112) | (8958) |
| **Net income (loss) attributable to common stockholders** | (45962) | (31138) | (72703) | (50946) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate <sup>(1)</sup> | 22659 | 22813 | 90523 | 94944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (3409) | (2725) | (5767) | (4472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entity | 56 | 1394 | 56 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 54492 |  | 54492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of assets and hotel properties | (41827) | 45 | (82815) | (61925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of FFO of OpenKey |  | (69) |  | (322) |
| **FFO available to common stockholders and OP unitholders** | (13991) | (9680) | (16214) | (21113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 4026 | 2783 | 15112 | 8958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 4728 | 1077 | 7502 | (4447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees |  | 16 | 1833 | 6111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | 121 | 373 | 971 | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (426) | (78) | (446) | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 726 | 1320 | (3138) | 12676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense accretion on refundable membership club deposits | 136 | 150 | 557 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs <sup>(1)</sup> | 2633 | 1812 | 10071 | 6080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services incentive fee | (746) | (2112) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | 1133 |  | 2686 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense | 322 |  | 1572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (196) | (8) | (196) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance |  |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of OpenKey |  |  |  | 3 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $(1534) | $(4347) | $20310 | $15682 |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $(0.02) | $(0.06) | $0.28 | $0.21 |
| Weighted average diluted shares | 73280 | 73383 | 73487 | 72947 |

---

<sup>(1)</sup> Net of adjustment for noncontrolling interest in consolidated entities.

------

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

**SUMMARY OF INDEBTEDNESS**

**December 31, 2025**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Hotels** | **Current<br>Maturity** | **Final**<br>**Maturity** <sup>(8)</sup> | **Interest Rate** | **Fixed-Rate<br>Debt** | **Floating-Rate<br>Debt** | | **Total<br>Debt** | **TTM Hotel Net Income** | **TTM Hotel Net Income Debt Yield** | **Comparable TTM Hotel EBITDA** <sup>(9)</sup> | **Comparable TTM Hotel EBITDA<br>Debt Yield** |
| Credit Agricole | Park Hyatt Beaver Creek Resort & Spa | February 2026 | February 2027 | SOFR (1) + 2.86% | $— | $70500 | (2) | $70500 | $(1483) | (2.1)% | $10759 | 15.3% |
| Convertible Senior Notes | N/A | June 2026 | June 2026 | 4.50% | 86250 |  |  | 86250 | N/A | N/A | N/A | N/A |
| BAML | The Ritz-Carlton Lake Tahoe | July 2026 | July 2026 | SOFR (1) + 3.25% |  | 43413 |  | 43413 | (6851) | (15.8)% | 8548 | 19.7% |
| BAML | See footnote | August 2026 | August 2029 | SOFR (1) + 3.24% |  | 407000 | (3) | 407000 | 17262 | 4.2% | 63801 | 15.7% |
| Aareal Capital Corporation | Capital Hilton | December 2026 | December 2028 | SOFR (1) + 3.75% |  | 110600 | (4) | 110600 | (4722) | (4.3)% | 16862 | 15.2% |
| JPMorgan Chase | See footnote | March 2027 | March 2030 | SOFR (1) + 2.83% |  | 209902 | (5) | 209902 | (12279) | (5.8)% | 40209 | 19.2% |
| Aareal Capital Corporation | Four Seasons Resort Scottsdale | August 2028 | August 2030 | SOFR (1) + 3.00% |  | 180000 | (6) | 180000 | 3492 | 1.9% | 28020 | 15.6% |
| Unencumbered Hotel | Cameo Beverly Hills |  |  |  |  |  |  |  | (8424) | N/A | (3964) | N/A |
| Total |  |  |  |  | $86250 | $1021415 |  | $1107665 | $(13005) | (1.2)% | $164235 | 14.8% |
| Percentage |  |  |  |  | 7.8% | 92.2% |  | 100.0% |  |  |  |  |
| Weighted average interest rate <sup>(7)</sup> |  |  |  |  | 4.50% | 6.83% |  | 6.65% |  |  |  |  |

---

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

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

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;SOFR rate was 3.69% at December 31, 2025.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in February 2026.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

<sup>(4)</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 2.00%.

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

<sup>(6)&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 SOFR floor of 1.00%.

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The weighted average interest rates are adjusted for in-the-money interest rate caps.

<sup>(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The final maturity date assumes all available extension options will be exercised.

<sup>(9)</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, 2025**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Hotels** | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| BAML | The Ritz-Carlton Lake Tahoe | $43413 | $— | $— | $— | $— | $— | $43413 |
| Convertible Senior Notes | N/A | 86250 |  |  |  |  |  | 86250 |
| Credit Agricole | Park Hyatt Beaver Creek Resort & Spa |  | 70500 |  |  |  |  | 70500 |
| Aareal Capital Corporation | Capital Hilton |  |  | 106600 |  |  |  | 106600 |
| BAML | See footnote 1 |  |  |  | 407000 |  |  | 407000 |
| JPMorgan Chase | See footnote 2 |  |  |  |  | 209902 |  | 209902 |
| Aareal Capital Corporation | Four Seasons Resort Scottsdale |  |  |  |  | 174000 |  | 174000 |
| Principal due in future periods |  | $129663 | $70500 | $106600 | $407000 | $383902 | $— | $1097665 |
| Scheduled amortization payments remaining |  |  | 2000 | 2750 | 3000 | 2250 |  | 10000 |
| Total indebtedness |  | $129663 | $72500 | $109350 | $410000 | $386152 | $— | $1107665 |

---

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

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

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.

------

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

**KEY PERFORMANCE INDICATORS** 

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Three Months Ended 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** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $99711 | $(4296) | $95415 | $107449 | $(12053) | $95396 | (7.20)% | 0.02% |
| RevPAR | $337.50 | $(291.44) | $339.92 | $304.94 | $(168.16) | $339.86 | 10.68% | 0.02% |
| Occupancy | 61.36% | (72.62)% | 60.77% | 63.54% | (61.46)% | 64.07% | (3.43)% | (5.15)% |
| ADR | $549.99 | $(401.34) | $559.32 | $479.92 | $(273.59) | $530.45 | 14.60% | 5.44% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Year Ended December 31,** | **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** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $436807 | $(50276) | $386531 | $459466 | $(75837) | $383629 | (4.93)% | 0.76% |
| RevPAR | $330.73 | $(242.76) | $347.09 | $310.52 | $(208.85) | $343.59 | 6.51% | 1.02% |
| Occupancy | 65.94% | (73.40)% | 64.56% | 67.63% | (71.51)% | 66.37% | (2.50)% | (2.73)% |
| ADR | $501.54 | $(330.74) | $537.65 | $459.13 | $(292.05) | $517.68 | 9.24% | 3.86% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS**<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** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $91434 | $(4296) | $87138 | $96985 | $(12051) | $84934 | (5.72)% | 2.59% |
| RevPAR | $355.55 | $(291.44) | $359.45 | $308.78 | $(168.16) | $350.36 | 15.15% | 2.59% |
| Occupancy | 65.36% | (72.62)% | 64.92% | 64.52% | (61.46)% | 65.43% | 1.30% | (0.78)% |
| ADR | $543.96 | $(401.34) | $553.66 | $478.57 | $(273.59) | $535.50 | 13.66% | 3.39% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS**<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** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $396082 | $(50275) | $345807 | $414439 | $(75837) | $338602 | (4.43)% | 2.13% |
| RevPAR | $338.86 | $(242.76) | $359.55 | $312.22 | $(208.85) | $351.15 | 8.53% | 2.39% |
| Occupancy | 67.97% | (73.40)% | 66.80% | 68.43% | (71.51)% | 67.26% | (0.67)% | (0.68)% |
| ADR | $498.55 | $(330.74) | $538.26 | $456.29 | $(292.05) | $522.05 | 9.26% | 3.11% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

Cameo Beverly Hills, Hotel Yountville, 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,** |
|  | **2025** | **2024** | **% Variance** | **2025** | **2024** | **% Variance** |
| Total hotel revenue | $167475 | $175217 | (4.42)% | $710412 | $734217 | (3.24)% |
| Non-comparable adjustments | (5032) | (15581) |  | (61324) | (103066) |  |
| Comparable total hotel revenue | $162443 | $159636 | 1.76% | $649088 | $631151 | 2.84% |
| Hotel net income (loss) | $(6496) | $(3126) | (107.81)% | $80080 | $124976 | (35.92)% |
| Non-comparable adjustments | (42907) | 946 |  | (93085) | (98471) |  |
| Comparable hotel net income (loss) | $(49403) | $(2180) | (2166.19)% | $(13005) | $26505 | (149.07)% |
| Hotel net income (loss) margin | (3.88)% | (1.78)% | (2.10)% | 11.27% | 17.02% | (5.75)% |
| Comparable hotel net income margin | (30.41)% | (1.37)% | (29.04)% | (2.00)% | 4.20% | (6.20)% |
| Hotel EBITDA | $39640 | $41030 | (3.39)% | $183736 | $188137 | (2.34)% |
| Non-comparable adjustments | (1631) | (2609) |  | (19501) | (28833) |  |
| Comparable hotel EBITDA | $38009 | $38421 | (1.07)% | $164235 | $159304 | 3.10% |
| Hotel EBITDA margin | 23.67% | 23.42% | 0.25% | 25.86% | 25.62% | 0.24% |
| Comparable hotel EBITDA margin | 23.40% | 24.07% | (0.67)% | 25.30% | 25.24% | 0.06% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $10 | $(2357) | 100.43% | $(430) | $22471 | (101.91)% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $(6506) | $(769) | (746.07)% | $80510 | $102505 | (21.46)% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $(48930) | $148 | (33052.92)% | $(11824) | $27761 | (142.59)% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $857 | $940 | (8.81)% | $4594 | $7016 | (34.52)% |
| Hotel EBITDA attributable to the Company and OP unitholders | $38783 | $40091 | (3.26)% | $179142 | $181121 | (1.09)% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $37201 | $37468 | (0.71)% | $160020 | $154565 | 3.53% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

(4)&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,** |
|  | **2025** | **2024** | **% Variance** | **2025** | **2024** | **% Variance** |
| Total hotel revenue | $153515 | $158099 | (2.90)% | $641200 | $658460 | (2.62)% |
| Non-comparable adjustments | (5032) | (15581) |  | (61324) | (103065) |  |
| Comparable total hotel revenue | $148483 | $142518 | 4.19% | $579876 | $555395 | 4.41% |
| Hotel net income (loss) | $15227 | $(515) | 3056.70% | $105082 | $127680 | (17.70)% |
| Non-comparable adjustments | (42908) | 946 |  | (93086) | (98471) |  |
| Comparable hotel net income (loss) | $(27681) | $431 | (6522.51)% | $11996 | $29209 | (58.93)% |
| Hotel net income (loss) margin | 9.92% | (0.33)% | 10.25% | 16.39% | 19.39% | (3.00)% |
| Comparable hotel net income margin | (18.64)% | 0.30% | (18.94)% | 2.07% | 5.26% | (3.19)% |
| Hotel EBITDA | $40185 | $38838 | 3.47% | $173884 | $173576 | 0.18% |
| Non-comparable adjustments | (1631) | (2609) |  | (19501) | (28833) |  |
| Comparable hotel EBITDA | $38554 | $36229 | 6.42% | $154383 | $144743 | 6.66% |
| Hotel EBITDA margin | 26.18% | 24.57% | 1.61% | 27.12% | 26.36% | 0.76% |
| Comparable hotel EBITDA margin | 25.97% | 25.42% | 0.55% | 26.62% | 26.06% | 0.56% |
| Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests | $10 | $(2357) | 100.43% | $(430) | $22471 | (101.91)% |
| Hotel net income (loss) attributable to the Company and OP unitholders | $15217 | $1842 | 726.10% | $105512 | $105209 | 0.29% |
| Comparable hotel net income (loss) attributable to the Company and OP unitholders | $(27208) | $2759 | (1086.00)% | $13177 | $30465 | (56.75)% |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $857 | $940 | (8.81)% | $4594 | $7016 | (34.52)% |
| Hotel EBITDA attributable to the Company and OP unitholders | $39328 | $37899 | 3.77% | $169290 | $166560 | 1.64% |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $37746 | $35276 | 7.00% | $150168 | $140004 | 7.26% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

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

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

Cameo Beverly Hills, Hotel Yountville, 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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>CAPITAL HILTON WASHINGTON D.C.</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $9274 | $— | $9274 | $9810 | $— | $9810 | (5.46)% | (5.46)% |
| Total hotel revenue | $14766 | $— | $14766 | $15455 | $— | $15455 | (4.46)% | (4.46)% |
| Hotel net income (loss) | $(1890) | $— | $(1890) | $(9314) | $— | $(9314) | 79.71% | 79.71% |
| Hotel net income (loss) margin | (12.80)% |  | (12.80)% | (60.27)% |  | (60.27)% | 47.47% | 47.47% |
| Hotel EBITDA | $3232 | $— | $3232 | $3810 | $— | $3810 | (15.17)% | (15.17)% |
| Hotel EBITDA margin | 21.89% |  | 21.89% | 24.65% |  | 24.65% | (2.76)% | (2.76)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $180.33 | $— | $180.33 | $190.75 | $— | $190.75 | (5.46)% | (5.46)% |
| Occupancy | 68.71% | —% | 68.71% | 73.23% | —% | 73.23% | (6.17)% | (6.17)% |
| ADR | $262.45 | $— | $262.45 | $260.46 | $— | $260.46 | 0.76% | 0.76% |
| **<u>HILTON LA JOLLA TORREY PINES</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $— | $— | $— | $— | $— | $— | —% | —% |
| Total hotel revenue | $— | $— | $— | $— | $— | $— | —% | —% |
| Hotel net income (loss) | $40 | $(40) | $— | $(114) | $114 | $— | 135.09% | —% |
| Hotel net income (loss) margin | —% |  | —% | —% |  | —% | —% | —% |
| Hotel EBITDA | $74 | $(74) | $— | $(51) | $51 | $— | 245.10% | —% |
| Hotel EBITDA margin | —% |  | —% | —% |  | —% | —% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $— | $— | $— | $— | $— | $— | —% | —% |
| Occupancy | —% | —% | —% | —% | —% | —% | —% | —% |
| ADR | $— | $— | $— | $— | $— | $— | —% | —% |
| **<u>SOFITEL CHICAGO MAGNIFICENT MILE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $7097 | $— | $7097 | $7191 | $— | $7191 | (1.31)% | (1.31)% |
| Total hotel revenue | $9995 | $— | $9995 | $9822 | $— | $9822 | 1.76% | 1.76% |
| Hotel net income (loss) | $(30388) | $— | $(30388) | $(787) | $— | $(787) | (3761.25)% | (3761.25)% |
| Hotel net income (loss) margin | (304.03)% |  | (304.03)% | (8.01)% |  | (8.01)% | (296.02)% | (296.02)% |
| Hotel EBITDA | $1006 | $— | $1006 | $356 | $— | $356 | 182.58% | 182.58% |
| Hotel EBITDA margin | 10.07% |  | 10.07% | 3.62% |  | 3.62% | 6.45% | 6.45% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $185.88 | $— | $185.88 | $188.34 | $— | $188.34 | (1.31)% | (1.31)% |
| Occupancy | 71.40% | —% | 71.40% | 75.06% | —% | 75.06% | (4.88)% | (4.88)% |
| ADR | $260.33 | $— | $260.33 | $250.92 | $— | $250.92 | 3.75% | 3.75% |
| **<u>BARDESSONO HOTEL AND SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $3963 | $— | $3963 | $3537 | $— | $3537 | 12.04% | 12.04% |
| Total hotel revenue | $5458 | $— | $5458 | $4993 | $— | $4993 | 9.31% | 9.31% |
| Hotel net income (loss) | $(8458) | $— | $(8458) | $44 | $— | $44 | (19322.73)% | (19322.73)% |
| Hotel net income (loss) margin | (154.97)% |  | (154.97)% | 0.88% |  | 0.88% | (155.85)% | (155.85)% |
| Hotel EBITDA | $1134 | $— | $1134 | $1182 | $— | $1182 | (4.06)% | (4.06)% |
| Hotel EBITDA margin | 20.78% |  | 20.78% | 23.67% |  | 23.67% | (2.89)% | (2.89)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $662.69 | $— | $662.69 | $591.46 | $— | $591.46 | 12.04% | 12.04% |
| Occupancy | 68.66% | —% | 68.66% | 55.74% | —% | 55.74% | 23.18% | 23.18% |
| ADR | $965.14 | $— | $965.14 | $1061.18 | $— | $1061.18 | (9.05)% | (9.05)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>PIER HOUSE RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $6078 | $— | $6078 | $5897 | $— | $5897 | 3.07% | 3.07% |
| Total hotel revenue | $8002 | $— | $8002 | $7721 | $— | $7721 | 3.64% | 3.64% |
| Hotel net income (loss) | $3286 | $— | $3286 | $3021 | $— | $3021 | 8.77% | 8.77% |
| Hotel net income (loss) margin | 41.06% |  | 41.06% | 39.13% |  | 39.13% | 1.93% | 1.93% |
| Hotel EBITDA | $3685 | $— | $3685 | $3579 | $— | $3579 | 2.96% | 2.96% |
| Hotel EBITDA margin | 46.05% |  | 46.05% | 46.35% |  | 46.35% | (0.30)% | (0.30)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $465.22 | $— | $465.22 | $451.42 | $— | $451.42 | 3.06% | 3.06% |
| Occupancy | 75.83% | —% | 75.83% | 72.29% | —% | 72.29% | 4.90% | 4.90% |
| ADR | $613.47 | $— | $613.47 | $624.46 | $— | $624.46 | (1.76)% | (1.76)% |
| **<u>HOTEL YOUNTVILLE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $2549 | $— | $2549 | $2862 | $— | $2862 | (10.94)% | (10.94)% |
| Total hotel revenue | $3438 | $— | $3438 | $3672 | $— | $3672 | (6.37)% | (6.37)% |
| Hotel net income (loss) | $(15353) | $— | $(15353) | $342 | $— | $342 | (4589.18)% | (4589.18)% |
| Hotel net income (loss) margin | (446.57)% |  | (446.57)% | 9.31% |  | 9.31% | (455.88)% | (455.88)% |
| Hotel EBITDA | $965 | $— | $965 | $1103 | $— | $1103 | (12.51)% | (12.51)% |
| Hotel EBITDA margin | 28.07% |  | 28.07% | 30.04% |  | 30.04% | (1.97)% | (1.97)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $346.28 | $— | $346.28 | $388.91 | $— | $388.91 | (10.96)% | (10.96)% |
| Occupancy | 53.06% | —% | 53.06% | 54.21% | —% | 54.21% | (2.12)% | (2.12)% |
| ADR | $652.65 | $— | $652.65 | $717.39 | $— | $717.39 | (9.02)% | (9.02)% |
| **<u>PARK HYATT BEAVER CREEK RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $4694 | $— | $4694 | $5383 | $— | $5383 | (12.80)% | (12.80)% |
| Total hotel revenue | $9137 | $— | $9137 | $10316 | $— | $10316 | (11.43)% | (11.43)% |
| Hotel net income (loss) | $(2734) | $— | $(2734) | $(1259) | $— | $(1259) | (117.16)% | (117.16)% |
| Hotel net income (loss) margin | (29.92)% |  | (29.92)% | (12.20)% |  | (12.20)% | (17.72)% | (17.72)% |
| Hotel EBITDA | $642 | $— | $642 | $1562 | $— | $1562 | (58.90)% | (58.90)% |
| Hotel EBITDA margin | 7.03% |  | 7.03% | 15.14% |  | 15.14% | (8.11)% | (8.11)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $264.35 | $— | $264.35 | $303.17 | $— | $303.17 | (12.80)% | (12.80)% |
| Occupancy | 35.84% | —% | 35.84% | 50.95% | —% | 50.95% | (29.66)% | (29.66)% |
| ADR | $737.68 | $— | $737.68 | $595.01 | $— | $595.01 | 23.98% | 23.98% |
| **<u>THE NOTARY HOTEL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $7210 | $— | $7210 | $8170 | $— | $8170 | (11.75)% | (11.75)% |
| Total hotel revenue | $9773 | $— | $9773 | $10543 | $— | $10543 | (7.30)% | (7.30)% |
| Hotel net income (loss) | $1946 | $— | $1946 | $2739 | $— | $2739 | (28.95)% | (28.95)% |
| Hotel net income (loss) margin | 19.91% |  | 19.91% | 25.98% |  | 25.98% | (6.07)% | (6.07)% |
| Hotel EBITDA | $3390 | $— | $3390 | $4025 | $— | $4025 | (15.78)% | (15.78)% |
| Hotel EBITDA margin | 34.69% |  | 34.69% | 38.18% |  | 38.18% | (3.49)% | (3.49)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $157.05 | $— | $157.05 | $177.96 | $— | $177.96 | (11.75)% | (11.75)% |
| Occupancy | 65.29% | —% | 65.29% | 69.48% | —% | 69.48% | (6.03)% | (6.03)% |
| ADR | $240.55 | $— | $240.55 | $256.13 | $— | $256.13 | (6.08)% | (6.08)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>THE CLANCY</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $4296 | $(4296) | $— | $6204 | $(6204) | $— | (30.75)% | —% |
| Total hotel revenue | $5032 | $(5032) | $— | $7359 | $(7359) | $— | (31.62)% | —% |
| Hotel net income (loss) | $42776 | $(42776) | $— | $(1417) | $1417 | $— | 3118.77% | —% |
| Hotel net income (loss) margin | 850.08% |  | —% | (19.26)% |  | —% | 869.34% | —% |
| Hotel EBITDA | $1557 | $(1557) | $— | $339 | $(339) | $— | 359.29% | —% |
| Hotel EBITDA margin | 30.94% |  | —% | 4.61% |  | —% | 26.33% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $291.44 | $291.44 | $— | $164.47 | $164.47 | $— | 77.20% | —% |
| Occupancy | 72.62% | 72.62% | —% | 57.13% | 57.13% | —% | 27.11% | —% |
| ADR | $401.34 | $401.34 | $— | $287.90 | $287.90 | $— | 39.40% | —% |
| **<u>THE RITZ-CARLTON SARASOTA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $8707 | $— | $8707 | $6939 | $— | $6939 | 25.48% | 25.48% |
| Total hotel revenue | $23603 | $— | $23603 | $18896 | $— | $18896 | 24.91% | 24.91% |
| Hotel net income (loss) | $3511 | $— | $3511 | $1033 | $— | $1033 | 239.88% | 239.88% |
| Hotel net income (loss) margin | 14.88% |  | 14.88% | 5.47% |  | 5.47% | 9.41% | 9.41% |
| Hotel EBITDA | $6126 | $— | $6126 | $4139 | $— | $4139 | 48.01% | 48.01% |
| Hotel EBITDA margin | 25.95% |  | 25.95% | 21.90% |  | 21.90% | 4.05% | 4.05% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $342.88 | $— | $342.88 | $273.27 | $— | $273.27 | 25.47% | 25.47% |
| Occupancy | 62.15% | —% | 62.15% | 51.31% | —% | 51.31% | 21.13% | 21.13% |
| ADR | $551.71 | $— | $551.71 | $532.61 | $— | $532.61 | 3.59% | 3.59% |
| **<u>THE RITZ-CARLTON LAKE TAHOE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $5977 | $— | $5977 | $7376 | $— | $7376 | (18.97)% | (18.97)% |
| Total hotel revenue | $10746 | $— | $10746 | $12908 | $— | $12908 | (16.75)% | (16.75)% |
| Hotel net income (loss) | $(5040) | $— | $(5040) | $(2318) | $— | $(2318) | (117.43)% | (117.43)% |
| Hotel net income (loss) margin | (46.90)% |  | (46.90)% | (17.96)% |  | (17.96)% | (28.94)% | (28.94)% |
| Hotel EBITDA | $(749) | $— | $(749) | $1350 | $— | $1350 | (155.48)% | (155.48)% |
| Hotel EBITDA margin | (6.97)% |  | (6.97)% | 10.46% |  | 10.46% | (17.43)% | (17.43)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $355.04 | $— | $355.04 | $438.10 | $— | $438.10 | (18.96)% | (18.96)% |
| Occupancy | 38.45% | —% | 38.45% | 50.80% | —% | 50.80% | (24.31)% | (24.31)% |
| ADR | $923.44 | $— | $923.44 | $862.48 | $— | $862.48 | 7.07% | 7.07% |
| **<u>MARRIOTT SEATTLE WATERFRONT</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $— | $— | $— | $5849 | $(5849) | $— | (100.00)% | —% |
| Total hotel revenue | $— | $— | $— | $8222 | $(8222) | $— | (100.00)% | —% |
| Hotel net income (loss) | $91 | $(91) | $— | $585 | $(585) | $— | (84.44)% | —% |
| Hotel net income (loss) margin | —% |  | —% | 7.12% |  | —% | (7.12)% | —% |
| Hotel EBITDA | $— | $— | $— | $2321 | $(2321) | $— | (100.00)% | —% |
| Hotel EBITDA margin | —% |  | —% | 28.23% |  | —% | (28.23)% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $— | $— | $— | $172.29 | $172.29 | $— | (100.00)% | —% |
| Occupancy | —% | —% | —% | 66.28% | 66.28% | —% | (100.00)% | —% |
| ADR | $— | $— | $— | $259.95 | $259.95 | $— | (100.00)% | —% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>THE RITZ-CARLTON ST. THOMAS</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $9577 | $— | $9577 | $9657 | $— | $9657 | (0.83)% | (0.83)% |
| Total hotel revenue | $15825 | $— | $15825 | $16337 | $— | $16337 | (3.13)% | (3.13)% |
| Hotel net income (loss) | $2542 | $— | $2542 | $1635 | $— | $1635 | 55.47% | 55.47% |
| Hotel net income (loss) margin | 16.06% |  | 16.06% | 10.01% |  | 10.01% | 6.05% | 6.05% |
| Hotel EBITDA | $3699 | $— | $3699 | $3586 | $— | $3586 | 3.15% | 3.15% |
| Hotel EBITDA margin | 23.37% |  | 23.37% | 21.95% |  | 21.95% | 1.42% | 1.42% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $578.32 | $— | $578.32 | $583.13 | $— | $583.13 | (0.82)% | (0.82)% |
| Occupancy | 56.97% | —% | 56.97% | 52.25% | —% | 52.25% | 9.03% | 9.03% |
| ADR | $1015.15 | $— | $1015.15 | $1115.98 | $— | $1115.98 | (9.04)% | (9.04)% |
| **<u>CAMEO BEVERLY HILLS</u>** | **<u>CAMEO BEVERLY HILLS</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $1033 | $— | $1033 | $2217 | $— | $2217 | (53.41)% | (53.41)% |
| Total hotel revenue | $1384 | $— | $1384 | $3128 | $— | $3128 | (55.75)% | (55.75)% |
| Hotel net income (loss) | $(3635) | $— | $(3635) | $(1694) | $— | $(1694) | (114.58)% | (114.58)% |
| Hotel net income (loss) margin | (262.64)% |  | (262.64)% | (54.16)% |  | (54.16)% | (208.48)% | (208.48)% |
| Hotel EBITDA | $(2152) | $— | $(2152) | $(473) | $— | $(473) | (354.97)% | (354.97)% |
| Hotel EBITDA margin | (155.49)% |  | (155.49)% | (15.12)% |  | (15.12)% | (140.37)% | (140.37)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $78.53 | $— | $78.53 | $168.53 | $— | $168.53 | (53.40)% | (53.40)% |
| Occupancy | 22.31% | —% | 22.31% | 62.31% | —% | 62.31% | (64.20)% | (64.20)% |
| ADR | $352.01 | $— | $352.01 | $270.49 | $— | $270.49 | 30.14% | 30.14% |
| **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** | **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $17609 | $— | $17609 | $15973 | $— | $15973 | 10.24% | 10.24% |
| Total hotel revenue | $25606 | $— | $25606 | $23575 | $— | $23575 | 8.62% | 8.62% |
| Hotel net income (loss) | $3299 | $— | $3299 | $2083 | $— | $2083 | 58.38% | 58.38% |
| Hotel net income (loss) margin | 12.88% |  | 12.88% | 8.84% |  | 8.84% | 4.04% | 4.04% |
| Hotel EBITDA | $7068 | $— | $7068 | $6009 | $— | $6009 | 17.62% | 17.62% |
| Hotel EBITDA margin | 27.60% |  | 27.60% | 25.49% |  | 25.49% | 2.11% | 2.11% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $1805.64 | $— | $1805.64 | $1637.96 | $— | $1637.96 | 10.24% | 10.24% |
| Occupancy | 62.35% | —% | 62.35% | 61.35% | —% | 61.35% | 1.63% | 1.63% |
| ADR | $2896.15 | $— | $2896.15 | $2669.79 | $— | $2669.79 | 8.48% | 8.48% |
| **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** | **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $11647 | $— | $11647 | $10384 | $— | $10384 | 12.16% | 12.16% |
| Total hotel revenue | $24710 | $— | $24710 | $22270 | $— | $22270 | 10.96% | 10.96% |
| Hotel net income (loss) | $3511 | $— | $3511 | $2295 | $— | $2295 | 52.98% | 52.98% |
| Hotel net income (loss) margin | 14.21% |  | 14.21% | 10.31% |  | 10.31% | 3.90% | 3.90% |
| Hotel EBITDA | $9963 | $— | $9963 | $8193 | $— | $8193 | 21.60% | 21.60% |
| Hotel EBITDA margin | 40.32% |  | 40.32% | 36.79% |  | 36.79% | 3.53% | 3.53% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $602.82 | $— | $602.82 | $537.49 | $— | $537.49 | 12.15% | 12.15% |
| Occupancy | 67.45% | —% | 67.45% | 58.99% | —% | 58.99% | 14.34% | 14.34% |
| ADR | $893.76 | $— | $893.76 | $911.22 | $— | $911.22 | (1.92)% | (1.92)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>RESORT PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $70801 | $— | $70801 | $68008 | $— | $68008 | 4.11% | 4.11% |
| Total hotel revenue | $126525 | $— | $126525 | $120688 | $— | $120688 | 4.84% | 4.84% |
| Hotel net income (loss) | $(15396) | $(40) | $(15436) | $6762 | $114 | $6876 | (327.68)% | (324.49)% |
| Hotel net income (loss) margin | (12.17)% |  | (12.20)% | 5.60% |  | 5.70% | (17.77)% | (17.90)% |
| Hotel EBITDA | $32607 | $(74) | $32533 | $30652 | $51 | $30703 | 6.38% | 5.96% |
| Hotel EBITDA margin | 25.77% |  | 25.71% | 25.40% |  | 25.44% | 0.37% | 0.27% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $536.27 | $— | $536.27 | $515.13 | $— | $515.14 | 4.10% | 4.10% |
| Occupancy | 56.87% | —% | 56.87% | 55.62% | —% | 55.62% | 2.25% | 2.25% |
| ADR | $942.98 | $— | $942.98 | $926.20 | $— | $926.22 | 1.81% | 1.81% |
| **<u>URBAN PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $28910 | $(4296) | $24614 | $39441 | $(12053) | $27388 | (26.70)% | (10.13)% |
| Total hotel revenue | $40950 | $(5032) | $35918 | $54529 | $(15581) | $38948 | (24.90)% | (7.78)% |
| Hotel net income (loss) | $8900 | $(42867) | $(33967) | $(9888) | $832 | $(9056) | 190.01% | (275.08)% |
| Hotel net income (loss) margin | 21.73% |  | (94.57)% | (18.13)% |  | (23.25)% | 39.86% | (71.32)% |
| Hotel EBITDA | $7033 | $(1557) | $5476 | $10378 | $(2660) | $7718 | (32.23)% | (29.05)% |
| Hotel EBITDA margin | 17.17% |  | 15.25% | 19.03% |  | 19.82% | (1.86)% | (4.57)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $176.92 | $291.44 | $165.56 | $179.00 | $168.17 | $184.21 | (1.16)% | (10.12)% |
| Occupancy | 65.00% | 72.62% | 64.24% | 68.29% | 61.46% | 71.58% | (4.82)% | (10.25)% |
| ADR | $272.20 | $401.34 | $257.72 | $262.13 | $273.62 | $257.37 | 3.84% | 0.14% |
| **<u>BRAEMAR PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $99711 | $(4296) | $95415 | $107449 | $(12053) | $95396 | (7.20)% | 0.02% |
| Total hotel revenue | $167475 | $(5032) | $162443 | $175217 | $(15581) | $159636 | (4.42)% | 1.76% |
| Hotel net income (loss) | $(6496) | $(42907) | $(49403) | $(3126) | $946 | $(2180) | (107.81)% | (2166.19)% |
| Hotel net income (loss) margin | (3.88)% |  | (30.41)% | (1.78)% |  | (1.37)% | (2.10)% | (29.04)% |
| Hotel EBITDA | $39640 | $(1631) | $38009 | $41030 | $(2609) | $38421 | (3.39)% | (1.07)% |
| Hotel EBITDA margin | 23.67% |  | 23.40% | 23.42% |  | 24.07% | 0.25% | (0.67)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $337.50 | $(291.44) | $339.92 | $304.94 | $(168.16) | $339.86 | 10.68% | 0.02% |
| Occupancy | 61.36% | (72.62)% | 60.77% | 63.54% | (61.46)% | 64.07% | (3.43)% | (5.15)% |
| ADR | $549.99 | $(401.34) | $559.32 | $479.92 | $(273.59) | $530.45 | 14.60% | 5.44% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

(3)&nbsp;&nbsp;&nbsp;&nbsp;Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale

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

(5)&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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>CAPITAL HILTON WASHINGTON D.C.</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $41529 | $— | $41529 | $42164 | $— | $42164 | (1.51)% | (1.51)% |
| Total hotel revenue | $64579 | $— | $64579 | $65134 | $— | $65134 | (0.85)% | (0.85)% |
| Hotel net income (loss) | $(4722) | $— | $(4722) | $(5023) | $— | $(5023) | 5.99% | 5.99% |
| Hotel net income (loss) margin | (7.31)% |  | (7.31)% | (7.71)% |  | (7.71)% | 0.40% | 0.40% |
| Hotel EBITDA | $16862 | $— | $16862 | $18957 | $— | $18957 | (11.05)% | (11.05)% |
| Hotel EBITDA margin | 26.11% |  | 26.11% | 29.10% |  | 29.10% | (2.99)% | (2.99)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $203.54 | $— | $203.54 | $206.23 | $— | $206.23 | (1.30)% | (1.30)% |
| Occupancy | 74.32% | —% | 74.32% | 78.64% | —% | 78.64% | (5.49)% | (5.49)% |
| ADR | $273.86 | $— | $273.86 | $262.26 | $— | $262.26 | 4.42% | 4.42% |
| **<u>HILTON LA JOLLA TORREY PINES</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $— | $— | $— | $15500 | $(15500) | $— | (100.00)% | —% |
| Total hotel revenue | $— | $— | $— | $27901 | $(27901) | $— | (100.00)% | —% |
| Hotel net income (loss) | $1116 | $(1116) | $— | $94906 | $(94906) | $— | (98.82)% | —% |
| Hotel net income (loss) margin | —% |  | —% | 340.15% |  | —% | (340.15)% | —% |
| Hotel EBITDA | $1390 | $(1390) | $— | $9104 | $(9104) | $— | (84.73)% | —% |
| Hotel EBITDA margin | —% |  | —% | 32.63% |  | —% | (32.63)% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $— | $— | $— | $198.69 | $198.69 | $— | (100.00)% | —% |
| Occupancy | —% | —% | —% | 79.05% | 79.05% | —% | (100.00)% | —% |
| ADR | $— | $— | $— | $251.35 | $251.35 | $— | (100.00)% | —% |
| **<u>SOFITEL CHICAGO MAGNIFICENT MILE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $27684 | $— | $27684 | $27949 | $— | $27949 | (0.95)% | (0.95)% |
| Total hotel revenue | $37520 | $— | $37520 | $37568 | $— | $37568 | (0.13)% | (0.13)% |
| Hotel net income (loss) | $(28661) | $— | $(28661) | $1178 | $— | $1178 | (2533.02)% | (2533.02)% |
| Hotel net income (loss) margin | (76.39)% |  | (76.39)% | 3.14% |  | 3.14% | (79.53)% | (79.53)% |
| Hotel EBITDA | $6220 | $— | $6220 | $5742 | $— | $5742 | 8.32% | 8.32% |
| Hotel EBITDA margin | 16.58% |  | 16.58% | 15.28% |  | 15.28% | 1.30% | 1.30% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $182.76 | $— | $182.76 | $184.01 | $— | $184.01 | (0.68)% | (0.68)% |
| Occupancy | 69.83% | —% | 69.83% | 72.54% | —% | 72.54% | (3.74)% | (3.74)% |
| ADR | $261.73 | $— | $261.73 | $253.68 | $— | $253.68 | 3.17% | 3.17% |
| **<u>BARDESSONO HOTEL AND SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $15374 | $— | $15374 | $14738 | $— | $14738 | 4.32% | 4.32% |
| Total hotel revenue | $21102 | $— | $21102 | $20140 | $— | $20140 | 4.78% | 4.78% |
| Hotel net income (loss) | $(7560) | $— | $(7560) | $876 | $— | $876 | (963.01)% | (963.01)% |
| Hotel net income (loss) margin | (35.83)% |  | (35.83)% | 4.35% |  | 4.35% | (40.18)% | (40.18)% |
| Hotel EBITDA | $4701 | $— | $4701 | $4436 | $— | $4436 | 5.97% | 5.97% |
| Hotel EBITDA margin | 22.28% |  | 22.28% | 22.03% |  | 22.03% | 0.25% | 0.25% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $648.00 | $— | $648.00 | $619.52 | $— | $619.52 | 4.60% | 4.60% |
| Occupancy | 67.15% | —% | 67.15% | 60.96% | —% | 60.96% | 10.15% | 10.15% |
| ADR | $965.02 | $— | $965.02 | $1016.30 | $— | $1016.30 | (5.05)% | (5.05)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>PIER HOUSE RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $23332 | $— | $23332 | $23045 | $— | $23045 | 1.25% | 1.25% |
| Total hotel revenue | $30837 | $— | $30837 | $29880 | $— | $29880 | 3.20% | 3.20% |
| Hotel net income (loss) | $12469 | $— | $12469 | $6903 | $— | $6903 | 80.63% | 80.63% |
| Hotel net income (loss) margin | 40.44% |  | 40.44% | 23.10% |  | 23.10% | 17.34% | 17.34% |
| Hotel EBITDA | $14227 | $— | $14227 | $13604 | $— | $13604 | 4.58% | 4.58% |
| Hotel EBITDA margin | 46.14% |  | 46.14% | 45.53% |  | 45.53% | 0.61% | 0.61% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $450.15 | $— | $450.15 | $443.41 | $— | $443.41 | 1.52% | 1.52% |
| Occupancy | 74.09% | —% | 74.09% | 71.36% | —% | 71.36% | 3.83% | 3.83% |
| ADR | $607.54 | $— | $607.54 | $621.36 | $— | $621.36 | (2.22)% | (2.22)% |
| **<u>HOTEL YOUNTVILLE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $10125 | $— | $10125 | $11347 | $— | $11347 | (10.77)% | (10.77)% |
| Total hotel revenue | $13536 | $— | $13536 | $14711 | $— | $14711 | (7.99)% | (7.99)% |
| Hotel net income (loss) | $(15095) | $— | $(15095) | $1875 | $— | $1875 | (905.07)% | (905.07)% |
| Hotel net income (loss) margin | (111.52)% |  | (111.52)% | 12.75% |  | 12.75% | (124.27)% | (124.27)% |
| Hotel EBITDA | $3057 | $— | $3057 | $3954 | $— | $3954 | (22.69)% | (22.69)% |
| Hotel EBITDA margin | 22.58% |  | 22.58% | 26.88% |  | 26.88% | (4.30)% | (4.30)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $346.75 | $— | $346.75 | $387.53 | $— | $387.53 | (10.52)% | (10.52)% |
| Occupancy | 54.34% | —% | 54.34% | 59.76% | —% | 59.76% | (9.07)% | (9.07)% |
| ADR | $638.09 | $— | $638.09 | $648.50 | $— | $648.50 | (1.61)% | (1.61)% |
| **<u>PARK HYATT BEAVER CREEK RESORT & SPA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $22903 | $— | $22903 | $24067 | $— | $24067 | (4.84)% | (4.84)% |
| Total hotel revenue | $45493 | $— | $45493 | $47907 | $— | $47907 | (5.04)% | (5.04)% |
| Hotel net income (loss) | $(1483) | $— | $(1483) | $1200 | $— | $1200 | (223.58)% | (223.58)% |
| Hotel net income (loss) margin | (3.26)% |  | (3.26)% | 2.50% |  | 2.50% | (5.76)% | (5.76)% |
| Hotel EBITDA | $10759 | $— | $10759 | $12092 | $— | $12092 | (11.02)% | (11.02)% |
| Hotel EBITDA margin | 23.65% |  | 23.65% | 25.24% |  | 25.24% | (1.59)% | (1.59)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $325.12 | $— | $325.12 | $340.71 | $— | $340.71 | (4.58)% | (4.58)% |
| Occupancy | 47.03% | —% | 47.03% | 56.51% | —% | 56.51% | (16.78)% | (16.78)% |
| ADR | $691.30 | $— | $691.30 | $602.93 | $— | $602.93 | 14.66% | 14.66% |
| **<u>THE NOTARY HOTEL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $27295 | $— | $27295 | $28642 | $— | $28642 | (4.70)% | (4.70)% |
| Total hotel revenue | $36519 | $— | $36519 | $36455 | $— | $36455 | 0.18% | 0.18% |
| Hotel net income (loss) | $6055 | $— | $6055 | $6009 | $— | $6009 | 0.77% | 0.77% |
| Hotel net income (loss) margin | 16.58% |  | 16.58% | 16.48% |  | 16.48% | 0.10% | 0.10% |
| Hotel EBITDA | $11483 | $— | $11483 | $11949 | $— | $11949 | (3.90)% | (3.90)% |
| Hotel EBITDA margin | 31.44% |  | 31.44% | 32.78% |  | 32.78% | (1.34)% | (1.34)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $149.86 | $— | $149.86 | $156.83 | $— | $156.83 | (4.44)% | (4.44)% |
| Occupancy | 65.16% | —% | 65.16% | 66.99% | —% | 66.99% | (2.73)% | (2.73)% |
| ADR | $229.99 | $— | $229.99 | $234.09 | $— | $234.09 | (1.75)% | (1.75)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>THE CLANCY</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $31833 | $(31833) | $— | $30020 | $(30020) | $— | 6.04% | —% |
| Total hotel revenue | $37556 | $(37556) | $— | $36389 | $(36389) | $— | 3.21% | —% |
| Hotel net income (loss) | $46091 | $(46091) | $— | $(2607) | $2607 | $— | 1867.97% | —% |
| Hotel net income (loss) margin | 122.73% |  | —% | (7.16)% |  | —% | 129.89% | —% |
| Hotel EBITDA | $9238 | $(9238) | $— | $5733 | $(5733) | $— | 61.14% | —% |
| Hotel EBITDA margin | 24.60% |  | —% | 15.75% |  | —% | 8.85% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $251.30 | $251.30 | $— | $200.05 | $200.05 | $200.05 | 25.62% | (100.00)% |
| Occupancy | 72.45% | 72.45% | —% | 66.29% | 66.29% | 66.29% | 9.29% | (100.00)% |
| ADR | $346.86 | $346.86 | $— | $301.79 | $301.79 | $301.79 | 14.93% | (100.00)% |
| **<u>THE RITZ-CARLTON SARASOTA</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $36771 | $— | $36771 | $36607 | $— | $36607 | 0.45% | 0.45% |
| Total hotel revenue | $93926 | $— | $93926 | $86764 | $— | $86764 | 8.25% | 8.25% |
| Hotel net income (loss) | $15623 | $— | $15623 | $13728 | $— | $13728 | 13.80% | 13.80% |
| Hotel net income (loss) margin | 16.63% |  | 16.63% | 15.82% |  | 15.82% | 0.81% | 0.81% |
| Hotel EBITDA | $25113 | $— | $25113 | $21924 | $— | $21924 | 14.55% | 14.55% |
| Hotel EBITDA margin | 26.74% |  | 26.74% | 25.27% |  | 25.27% | 1.47% | 1.47% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $365.00 | $— | $365.00 | $362.38 | $— | $362.38 | 0.72% | 0.72% |
| Occupancy | 65.88% | —% | 65.88% | 62.46% | —% | 62.46% | 5.48% | 5.48% |
| ADR | $554.04 | $— | $554.04 | $580.22 | $— | $580.22 | (4.51)% | (4.51)% |
| **<u>THE RITZ-CARLTON LAKE TAHOE</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $30308 | $— | $30308 | $29033 | $— | $29033 | 4.39% | 4.39% |
| Total hotel revenue | $57073 | $— | $57073 | $50745 | $— | $50745 | 12.47% | 12.47% |
| Hotel net income (loss) | $(6851) | $— | $(6851) | $(9085) | $— | $(9085) | 24.59% | 24.59% |
| Hotel net income (loss) margin | (12.00)% |  | (12.00)% | (17.90)% |  | (17.90)% | 5.90% | 5.90% |
| Hotel EBITDA | $8548 | $— | $8548 | $5087 | $— | $5087 | 68.04% | 68.04% |
| Hotel EBITDA margin | 14.98% |  | 14.98% | 10.02% |  | 10.02% | 4.96% | 4.96% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $453.75 | $— | $453.75 | $433.47 | $— | $433.47 | 4.68% | 4.68% |
| Occupancy | 52.79% | —% | 52.79% | 52.16% | —% | 52.16% | 1.21% | 1.21% |
| ADR | $859.53 | $— | $859.53 | $830.96 | $— | $830.96 | 3.44% | 3.44% |
| **<u>MARRIOTT SEATTLE WATERFRONT</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $18443 | $(18443) | $— | $30317 | $(30317) | $— | (39.17)% | —% |
| Total hotel revenue | $23768 | $(23768) | $— | $38776 | $(38776) | $— | (38.70)% | —% |
| Hotel net income (loss) | $45878 | $(45878) | $— | $6172 | $(6172) | $— | 643.32% | —% |
| Hotel net income (loss) margin | 193.02% |  | —% | 15.92% |  | —% | 177.10% | —% |
| Hotel EBITDA | $8873 | $(8873) | $— | $13996 | $(13996) | $— | (36.60)% | —% |
| Hotel EBITDA margin | 37.33% |  | —% | 36.09% |  | —% | 1.24% | —% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $229.32 | $229.32 | $— | $224.48 | $224.48 | $— | 2.16% | —% |
| Occupancy | 74.90% | 74.90% | —% | 72.96% | 72.96% | —% | 2.66% | —% |
| ADR | $306.18 | $306.18 | $— | $307.67 | $307.67 | $— | (0.48)% | —% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>THE RITZ-CARLTON ST. THOMAS</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $42209 | $— | $42209 | $45042 | $— | $45042 | (6.29)% | (6.29)% |
| Total hotel revenue | $67928 | $— | $67928 | $74375 | $— | $74375 | (8.67)% | (8.67)% |
| Hotel net income (loss) | $11825 | $— | $11825 | $9312 | $— | $9312 | 26.99% | 26.99% |
| Hotel net income (loss) margin | 17.41% |  | 17.41% | 12.52% |  | 12.52% | 4.89% | 4.89% |
| Hotel EBITDA | $16703 | $— | $16703 | $20620 | $— | $20620 | (19.00)% | (19.00)% |
| Hotel EBITDA margin | 24.59% |  | 24.59% | 27.72% |  | 27.72% | (3.13)% | (3.13)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $642.45 | $— | $642.45 | $683.69 | $— | $683.69 | (6.03)% | (6.03)% |
| Occupancy | 60.60% | —% | 60.60% | 63.79% | —% | 63.79% | (5.00)% | (5.00)% |
| ADR | $1060.23 | $— | $1060.23 | $1071.81 | $— | $1071.81 | (1.08)% | (1.08)% |
| **<u>CAMEO BEVERLY HILLS</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $7694 | $— | $7694 | $9613 | $— | $9613 | (19.96)% | (19.96)% |
| Total hotel revenue | $10180 | $— | $10180 | $13139 | $— | $13139 | (22.52)% | (22.52)% |
| Hotel net income (loss) | $(8424) | $— | $(8424) | $(5778) | $— | $(5778) | (45.79)% | (45.79)% |
| Hotel net income (loss) margin | (82.75)% |  | (82.75)% | (43.98)% |  | (43.98)% | (38.77)% | (38.77)% |
| Hotel EBITDA | $(3964) | $— | $(3964) | $(1485) | $— | $(1485) | (166.94)% | (166.94)% |
| Hotel EBITDA margin | (38.94)% |  | (38.94)% | (11.30)% |  | (11.30)% | (27.64)% | (27.64)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $147.41 | $— | $147.41 | $183.67 | $— | $183.67 | (19.74)% | (19.74)% |
| Occupancy | 52.63% | —% | 52.63% | 66.95% | —% | 66.95% | (21.39)% | (21.39)% |
| ADR | $280.09 | $— | $280.09 | $274.33 | $— | $274.33 | 2.10% | 2.10% |
| **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** | **<u>THE RITZ-CARLTON RESERVE DORADO BEACH</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $61278 | $— | $61278 | $54678 | $— | $54678 | 12.07% | 12.07% |
| Total hotel revenue | $91123 | $— | $91123 | $82220 | $— | $82220 | 10.83% | 10.83% |
| Hotel net income (loss) | $10327 | $— | $10327 | $5762 | $— | $5762 | 79.23% | 79.23% |
| Hotel net income (loss) margin | 11.33% |  | 11.33% | 7.01% |  | 7.01% | 4.32% | 4.32% |
| Hotel EBITDA | $22506 | $— | $22506 | $19138 | $— | $19138 | 17.60% | 17.60% |
| Hotel EBITDA margin | 24.70% |  | 24.70% | 23.28 |  | 23.28% | 1.42% | 1.42% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $1583.82 | $— | $1583.82 | $1409.37 | $— | $1409.37 | 12.38% | 12.38% |
| Occupancy | 63.15% | —% | 63.15% | 57.54% | —% | 57.54% | 9.75% | 9.75% |
| ADR | $2507.90 | $— | $2507.90 | $2449.29 | $— | $2449.29 | 2.39% | 2.39% |
| **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** | **<u>FOUR SEASONS RESORT SCOTTSDALE</u>** |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $40029 | $— | $40029 | $36704 | $— | $36704 | 9.06% | 9.06% |
| Total hotel revenue | $79272 | $— | $79272 | $72113 | $— | $72113 | 9.93% | 9.93% |
| Hotel net income (loss) | $3492 | $— | $3492 | $(452) | $— | $(452) | 872.57% | 872.57% |
| Hotel net income (loss) margin | 4.41% |  | 4.41% | (0.63)% |  | (0.63)% | 5.04% | 5.04% |
| Hotel EBITDA | $28020 | $— | $28020 | $23286 | $— | $23286 | 20.33% | 20.33% |
| Hotel EBITDA margin | 35.35% |  | 35.35% | 32.29 |  | 32.29% | 3.06% | 3.06% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $522.22 | $— | $522.22 | $477.54 | $— | $477.54 | 9.36% | 9.36% |
| Occupancy | 60.22% | —% | 60.22% | 53.76% | —% | 53.76% | 12.02% | 12.02% |
| ADR | $867.26 | $— | $867.26 | $888.24 | $— | $888.24 | (2.36)% | (2.36)% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| **<u>RESORT PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $282329 | $— | $282329 | $290761 | $(15500) | $275261 | (2.90)% | 2.57% |
| Total hotel revenue | $500290 | $— | $500290 | $506756 | $(27901) | $478855 | (1.28)% | 4.48% |
| Hotel net income (loss) | $23863 | $(1116) | $22747 | $125025 | $(94906) | $30119 | (80.91)% | (24.48)% |
| Hotel net income (loss) margin | 4.77% |  | 4.55% | 24.67% |  | 6.29% | (19.90)% | (1.74)% |
| Hotel EBITDA | $135024 | $(1390) | $133634 | $133245 | $(9104) | $124141 | 1.34% | 7.65% |
| Hotel EBITDA margin | 26.99% |  | 26.71% | 26.29% |  | 25.92% | 0.70% | 0.79% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $539.02 | $— | $539.02 | $482.01 | $198.69 | $524.10 | 11.83% | 2.85% |
| Occupancy | 60.21% | —% | 60.21% | 62.06% | 79.05% | 59.54% | (2.98)% | 1.13% |
| ADR | $895.25 | $— | $895.25 | $776.66 | $251.35 | $880.26 | 15.27% | 1.70% |
| **<u>URBAN PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $154478 | $(50276) | $104202 | $168705 | $(60337) | $108368 | (8.43)% | (3.84)% |
| Total hotel revenue | $210122 | $(61324) | $148798 | $227461 | $(75165) | $152296 | (7.62)% | (2.30)% |
| Hotel net income (loss) | $56217 | $(91969) | $(35752) | $(49) | $(3565) | $(3614) | 114828.57% | (889.26)% |
| Hotel net income (loss) margin | 26.75% |  | (24.03)% | (0.02)% |  | (2.37)% | 26.77% | (21.66)% |
| Hotel EBITDA | $48712 | $(18111) | $30601 | $54892 | $(19729) | $35163 | (11.26)% | (12.97)% |
| Hotel EBITDA margin | 23.18% |  | 20.57% | 24.13% |  | 23.09% | (0.95)% | (2.52)% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $193.84 | $242.76 | $176.66 | $192.49 | $211.62 | $183.27 | 0.70% | (3.61)% |
| Occupancy | 69.71% | 73.40% | 68.42% | 71.47% | 69.45% | 72.44% | (2.46)% | (5.55)% |
| ADR | $278.05 | $330.74 | $258.20 | $269.34 | $304.72 | $252.99 | 3.23% | 2.06% |
| **<u>BRAEMAR PROPERTIES TOTAL</u>** |  |  |  |  |  |  |  |  |
| *Selected Financial Information:* |  |  |  |  |  |  |  |  |
| Rooms revenue | $436807 | $(50276) | $386531 | $459466 | $(75837) | $383629 | (4.93)% | 0.76% |
| Total hotel revenue | $710412 | $(61324) | $649088 | $734217 | $(103066) | $631151 | (3.24)% | 2.84% |
| Hotel net income (loss) | $80080 | $(93085) | $(13005) | $124976 | $(98471) | $26505 | (35.92)% | (149.07)% |
| Hotel net income (loss) margin | 11.27% |  | (2.00)% | 17.02% |  | 4.20% | (5.75)% | (6.20)% |
| Hotel EBITDA | $183736 | $(19501) | $164235 | $188137 | $(28833) | $159304 | (2.34)% | 3.10% |
| Hotel EBITDA margin | 25.86% |  | 25.30% | 25.62% |  | 25.24% | 0.24% | 0.06% |
| *Selected Operating Information:* |  |  |  |  |  |  |  |  |
| RevPAR | $330.73 | $(242.76) | $347.09 | $310.52 | $(208.85) | $343.59 | 6.51% | 1.02% |
| Occupancy | 65.94% | (73.40)% | 64.56% | 67.63% | (71.51)% | 66.37% | (2.50)% | (2.73)% |
| ADR | $501.54 | $(330.74) | $537.65 | $459.13 | $(292.05) | $517.68 | 9.24% | 3.86% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

(3)&nbsp;&nbsp;&nbsp;&nbsp;Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale

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

(5)&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>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** |
| | **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 | $167475 | $(5032) | $162443 | $144585 | $(16637) | $127948 | $179943 | $(22052) | $157891 | $218409 | $(17603) | $200806 |
| Hotel net income (loss) | $(6496) | $(42907) | $(49403) | $33765 | $(45155) | $(11390) | $16054 | $(4042) | $12012 | $36757 | $(981) | $35776 |
| Hotel net income (loss) margin | (3.88)% |  | (30.41)% | 23.35% |  | (8.90)% | 8.92% |  | 7.61% | 16.83% |  | 17.82% |
| Hotel EBITDA | $39640 | $(1631) | $38009 | $25562 | $(6301) | $19261 | $47793 | $(7230) | $40563 | $70741 | $(4339) | $66402 |
| Hotel EBITDA margin | 23.67% |  | 23.40% | 17.68% |  | 15.05% | 26.56% |  | 25.69% | 32.39% |  | 33.07% |
| Hotel net income (loss) % of total TTM | (8.1)% |  | 379.9% | 42.2% |  | 87.6% | 20.0% |  | (92.4)% | 45.9% |  | (275.1)% |
| EBITDA % of total TTM | 21.6% |  | 23.1% | 13.9% |  | 11.7% | 26.0% |  | 24.7% | 38.5% |  | 40.5% |
| JV interests in Hotel net income (loss) | $10 | $(21) | $(11) | $(452) | $(297) | $(749) | $100 | $4 | $104 | $(88) | $25 | $(63) |
| JV interests in EBITDA | $857 | $(18) | $839 | $937 | $(346) | $591 | $1516 | $3 | $1519 | $1284 | $14 | $1298 |
|  | **Actual** | **Non-comparable Adjustments** | **Comparable** |  |  |  |  |  |  |  |  |  |
|  | **2025** | **2025** | **2025** |  |  |  |  |  |  |  |  |  |
|  | **TTM** | **TTM** | **TTM** |  |  |  |  |  |  |  |  |  |
| Total hotel revenue | $710412 | $(61324) | $649088 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) | $80080 | $(93085) | $(13005) |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) margin | 11.27% |  | (2.00)% |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA | $183736 | $(19501) | $164235 |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA margin | 25.86% |  | 25.30% |  |  |  |  |  |  |  |  |  |
| 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) | $(430) | $(289) | $(719) |  |  |  |  |  |  |  |  |  |
| JV interests in EBITDA | $4594 | $(347) | $4247 |  |  |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

(4)&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, 2025** 

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

**(unaudited)**

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Common stock shares outstanding | 68219 |
| Partnership units outstanding (common stock equivalents) | 5052 |
| Combined common stock shares and partnership units outstanding | 73271 |
| Common stock price | $2.87 |
| **Market capitalization** | $**210288** |
| Series B cumulative convertible preferred stock | $76950 |
| Series D cumulative preferred stock | $40000 |
| Series E redeemable preferred stock | $270457 |
| Series M redeemable preferred stock | $34202 |
| Indebtedness | $1107665 |
| Net working capital (see below) | $(41324) |
| **Total enterprise value (TEV)** | $**1698238** |
| Cash and cash equivalents | $123610 |
| Restricted cash | $42479 |
| Accounts receivable, net | $32843 |
| Inventory | $4741 |
| Prepaid expenses | $6987 |
| Due from third-party hotel managers, net | $15621 |
| **Total current assets** | $**226281** |
| Accounts payable, net & accrued expenses | $141016 |
| Redeemable preferred stock redemptions payable | $30864 |
| Dividends and distributions payable | $7672 |
| Due to affiliates, net | $5405 |
| **Total current liabilities** | $**184957** |
| **Net working capital \*** | $**41324** |

---

The table does not include $5.4 million of indebtedness and approximately $0.7 million in cash related to the consolidation of a joint venture.

------

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

**ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | **2025** | **2025** | **2025** | **2026** | **2026** | **2026** | **2026** |
| | | **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** |
| **Cameo Beverly Hills** | **143** |  |  | **x** | **x** |  |  |  |  |
| **Hotel Yountville** | **80** | **x** | **x** | **x** | **x** |  |  |  |  |
| **Park Hyatt Beaver Creek** | **193** |  | **x** | **x** | **x** |  |  |  |  |
| **Sofitel Chicago Magnificent Mile** | **415** |  |  |  |  |  |  |  | **x** |
| **Total** |  | **1** | **2** | **3** | **3** | **—** | **—** | **—** | **1** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 and 2026 are included in this table.

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025**<br>**4th Quarter** | **2025**<br>**3rd Quarter** | **2025**<br>**2nd Quarter** | **2025**<br>**1st Quarter** | **December 31, 2025**<br>**TTM** |
| Net income (loss) | $(6496) | $33765 | $16054 | $36757 | $80080 |
| Non-property adjustments | 12472 | (40584) | (23) | 869 | (27266) |
| Interest income | (292) | (400) | (381) | (348) | (1421) |
| Interest expense | 7587 | 7693 | 7381 | 8385 | 31046 |
| Amortization of loan costs | 623 | 529 | 461 | 588 | 2201 |
| Depreciation and amortization | 22659 | 23164 | 23360 | 23395 | 92578 |
| Income tax expense (benefit) | 1442 | (1) | (210) | 526 | 1757 |
| Non-hotel EBITDA ownership expense | 1645 | 1396 | 1151 | 569 | 4761 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 39640 | 25562 | 47793 | 70741 | 183736 |
| Non-comparable adjustments | (1631) | (6301) | (7230) | (4339) | (19501) |
| Comparable hotel EBITDA | $38009 | $19261 | $40563 | $66402 | $164235 |

---

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(1890) | $40 | $(30388) | $(8458) | $3286 | $(15353) | $(2734) | $1946 | $42776 | $3511 | $(5040) | $91 | $2542 | $(3635) | $3299 | $3511 | $(6496) | $(30468) | $(36964) |
| Non-property adjustments | 3 |  | 30256 | 8672 |  | 15564 |  |  | (41730) | (129) | (67) | (97) |  |  |  |  | 12472 | (12472) |  |
| Interest income | (44) | (14) | (3) |  |  |  |  | (31) | (25) | (39) | (3) |  | (77) |  | (10) | (46) | (292) | 292 |  |
| Interest expense | 2191 |  |  |  |  |  | 1237 |  |  | 135 | 804 |  |  |  |  | 3220 | 7587 | 12943 | 20530 |
| Amortization of loan cost | 150 |  |  |  |  |  |  |  |  |  | 58 |  |  |  |  | 415 | 623 | 2010 | 2633 |
| Depreciation and amortization | 2805 |  | 1084 | 766 | 379 | 721 | 2165 | 1391 | 509 | 2171 | 2772 |  | 1448 | 1447 | 2130 | 2871 | 22659 |  | 22659 |
| Income tax expense (benefit) | 8 |  |  |  |  |  |  | 63 |  |  |  |  | (244) |  | 1615 |  | 1442 | 63 | 1505 |
| Non-hotel EBITDA ownership expense | 9 | 48 | 57 | 154 | 20 | 33 | (26) | 21 | 27 | 477 | 727 | 6 | 30 | 36 | 34 | (8) | 1645 | (1645) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3232 | 74 | 1006 | 1134 | 3685 | 965 | 642 | 3390 | 1557 | 6126 | (749) |  | 3699 | (2152) | 7068 | 9963 | 39640 | (29277) | 10363 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (839) | (18) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (857) | 857 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56 | 56 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA attributable to the Company and OP unitholders | $2393 | $56 | $1006 | $1134 | $3685 | $965 | $642 | $3390 | $1557 | $6126 | $(749) | $— | $3699 | $(2152) | $7068 | $9963 | $38783 | $(28364) | $10419 |
| Non-comparable adjustments |  | (74) |  |  |  |  |  |  | (1557) |  |  |  |  |  |  |  | (1631) |  |  |
| Comparable hotel EBITDA | $3232 | $— | $1006 | $1134 | $3685 | $965 | $642 | $3390 | $— | $6126 | $(749) | $— | $3699 | $(2152) | $7068 | $9963 | $38009 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3232 | $74 | $1006 | $1134 | $3685 | $— | $— | $3390 | $1557 | $6126 | $(749) | $— | $3699 | $— | $7068 | $9963 | $40185 |  |  |
| Non-comparable adjustments |  | (74) |  |  |  |  |  |  | (1557) |  |  |  |  |  |  |  | (1631) |  |  |
| Comparable hotel EBITDA | $3232 | $— | $1006 | $1134 | $3685 | $— | $— | $3390 | $— | $6126 | $(749) | $— | $3699 | $— | $7068 | $9963 | $38554 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $74 | $— | $1134 | $3685 | $965 | $642 | $— | $— | $6126 | $(749) | $— | $3699 | $— | $7068 | $9963 | $32607 |  |  |
| Non-comparable adjustments |  | (74) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (74) |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $1134 | $3685 | $965 | $642 | $— | $— | $6126 | $(749) | $— | $3699 | $— | $7068 | $9963 | $32533 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3232 | $— | $1006 | $— | $— | $— | $— | $3390 | $1557 | $— | $— | $— | $— | $(2152) | $— | $— | $7033 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (1557) |  |  |  |  |  |  |  | (1557) |  |  |
| Comparable hotel EBITDA | $3232 | $— | $1006 | $— | $— | $— | $— | $3390 | $— | $— | $— | $— | $— | $(2152) | $— | $— | $5476 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| Aareal (Capital Hilton) | $3232 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $3232 |
| JPMorgan Chase (see footnote 3) |  |  | 1006 |  |  |  |  | 3390 |  |  |  |  |  |  | 7068 |  | 11464 |
| BAML (see foonote 4) |  |  |  | 1134 | 3685 | 965 |  |  |  | 6126 |  |  | 3699 |  |  |  | 15609 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 642 |  |  |  |  |  |  |  |  |  | 642 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | (749) |  |  |  |  |  | (749) |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9963 | 9963 |
| Unencumbered (Cameo Beverly Hills) |  |  |  |  |  |  |  |  |  |  |  |  |  | (2152) |  |  | (2152) |
| Total | $3232 | $— | $1006 | $1134 | $3685 | $965 | $642 | $3390 | $— | $6126 | $(749) | $— | $3699 | $(2152) | $7068 | $9963 | $38009 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

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

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

Cameo Beverly Hills, Hotel Yountville, 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, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(2996) | $1190 | $1512 | $1167 | $1140 | $537 | $(1134) | $896 | $853 | $(1211) | $(48) | $43113 | $(1731) | $(2251) | $(1650) | $(5622) | $33765 | $(29042) | $4723 |
| Non-property adjustments | 22 | 73 |  |  |  |  |  |  |  |  |  | (41043) |  |  |  | 364 | (40584) | 40584 |  |
| Interest income | (52) | (1) | (24) |  |  |  |  | (34) | (75) | (39) | (3) | (11) | (96) |  | (10) | (55) | (400) | 400 |  |
| Interest expense | 2282 |  |  |  |  |  | 1295 |  |  | 135 | 840 | 8 |  |  |  | 3133 | 7693 | 14769 | 22462 |
| Amortization of loan cost | 147 |  |  |  | 35 |  |  |  |  |  | 38 |  |  |  |  | 309 | 529 | 2197 | 2726 |
| Depreciation and amortization | 2819 |  | 1095 | 766 | 401 | 656 | 1859 | 1380 | 1372 | 2308 | 2487 | 672 | 1384 | 1106 | 2069 | 2790 | 23164 |  | 23164 |
| Income tax expense (benefit) | 73 |  |  |  |  |  |  | 5 |  |  |  |  | (19) |  | (60) |  | (1) | (647) | (648) |
| Non-hotel EBITDA ownership expense | 68 | 124 | 123 | 125 | 10 | 12 | 22 | 1 | 6 | 480 | 327 | 20 | 4 | 38 | (1) | 37 | 1396 | (1396) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2363 | 1386 | 2706 | 2058 | 1586 | 1205 | 2042 | 2248 | 2156 | 1673 | 3641 | 2759 | (458) | (1107) | 348 | 956 | 25562 | 26865 | 52427 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (590) | (347) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (937) | 937 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA attributable to the Company and OP unitholders | $1773 | $1039 | $2706 | $2058 | $1586 | $1205 | $2042 | $2248 | $2156 | $1673 | $3641 | $2759 | $(458) | $(1107) | $348 | $956 | $24625 | $27802 | $52427 |
| Non-comparable adjustments |  | (1386) |  |  |  |  |  |  | (2156) |  |  | (2759) |  |  |  |  | (6301) |  |  |
| Comparable hotel EBITDA | $2363 | $— | $2706 | $2058 | $1586 | $1205 | $2042 | $2248 | $— | $1673 | $3641 | $— | $(458) | $(1107) | $348 | $956 | $19261 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $1386 | $— | $2058 | $1586 | $1205 | $2042 | $— | $— | $1673 | $3641 | $— | $(458) | $— | $348 | $956 | $14437 |  |  |
| Non-comparable adjustments |  | (1386) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1386) |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $2058 | $1586 | $1205 | $2042 | $— | $— | $1673 | $3641 | $— | $(458) | $— | $348 | $956 | $13051 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $2363 | $— | $2706 | $— | $— | $— | $— | $2248 | $2156 | $— | $— | $2759 | $— | $(1107) | $— | $— | $11125 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (2156) |  |  | (2759) |  |  |  |  | (4915) |  |  |
| Comparable hotel EBITDA | $2363 | $— | $2706 | $— | $— | $— | $— | $2248 | $— | $— | $— | $— | $— | $(1107) | $— | $— | $6210 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** |
| Aareal (Capital Hilton) | $2363 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $2363 |
| JPMorgan Chase (see footnote 3) |  |  | 2706 |  |  |  |  | 2248 |  |  |  |  |  |  | 348 |  | 5302 |
| BAML (see foonote 4) |  |  |  | 2058 | 1586 | 1205 |  |  |  | 1673 |  |  | (458) |  |  |  | 6064 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 2042 |  |  |  |  |  |  |  |  |  | 2042 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 3641 |  |  |  |  |  | 3641 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 956 | 956 |
| Unencumbered (Cameo Beverly Hills) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1107) |  |  | (1107) |
| Total | $2363 | $— | $2706 | $2058 | $1586 | $1205 | $2042 | $2248 | $— | $1673 | $3641 | $— | $(458) | $(1107) | $348 | $956 | $19261 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

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

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $418 | $(18) | $3772 | $886 | $2921 | $733 | $(4702) | $2803 | $1022 | $4621 | $(3021) | $3038 | $3115 | $(1161) | $1460 | $167 | $16054 | $(22895) | $(6841) |
| Non-property adjustments | (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (23) | 23 |  |
| Interest income | (37) | (5) | (2) |  |  |  |  | (30) | (71) | (42) | (5) | (30) | (96) |  | (9) | (54) | (381) | 381 |  |
| Interest expense | 2257 |  |  |  |  |  | 1281 |  |  | 135 | 831 | 20 |  |  |  | 2857 | 7381 | 15293 | 22674 |
| Amortization of loan cost | 143 |  |  |  | 34 |  |  |  |  |  | 31 |  |  |  |  | 253 | 461 | 2226 | 2687 |
| Depreciation and amortization | 2835 |  | 1106 | 734 | 401 | 596 | 1588 | 1339 | 1547 | 2023 | 2562 | 1715 | 1359 | 833 | 2004 | 2718 | 23360 |  | 23360 |
| Income tax expense (benefit) | (47) |  |  |  |  |  |  | 6 |  |  |  |  | (231) |  | 62 |  | (210) | (135) | (345) |
| Non-hotel EBITDA ownership expense | 530 | 11 | 37 | 108 | 15 |  | 2 | 21 | 3 | 24 | 266 | (2) | 2 | 105 | 27 | 2 | 1151 | (1151) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 6076 | (12) | 4913 | 1728 | 3371 | 1329 | (1831) | 4139 | 2501 | 6761 | 664 | 4741 | 4149 | (223) | 3544 | 5943 | 47793 | (6258) | 41535 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (1520) | 4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1516) | 1516 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA attributable to the Company and OP unitholders | $4556 | $(8) | $4913 | $1728 | $3371 | $1329 | $(1831) | $4139 | $2501 | $6761 | $664 | $4741 | $4149 | $(223) | $3544 | $5943 | $46277 | $(4742) | $41535 |
| Non-comparable adjustments |  | 12 |  |  |  |  |  |  | (2501) |  |  | (4741) |  |  |  |  | (7230) |  |  |
| Comparable hotel EBITDA | $6076 | $— | $4913 | $1728 | $3371 | $1329 | $(1831) | $4139 | $— | $6761 | $664 | $— | $4149 | $(223) | $3544 | $5943 | $40563 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $(12) | $— | $1728 | $3371 | $1329 | $(1831) | $— | $— | $6761 | $664 | $— | $4149 | $— | $3544 | $5943 | $25646 |  |  |
| Non-comparable adjustments |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $1728 | $3371 | $1329 | $(1831) | $— | $— | $6761 | $664 | $— | $4149 | $— | $3544 | $5943 | $25658 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $6076 | $— | $4913 | $— | $— | $— | $— | $4139 | $2501 | $— | $— | $4741 | $— | $(223) | $— | $— | $22147 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (2501) |  |  | (4741) |  |  |  |  | (7242) |  |  |
| Comparable hotel EBITDA | $6076 | $— | $4913 | $— | $— | $— | $— | $4139 | $— | $— | $— | $— | $— | $(223) | $— | $— | $14905 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** |
| Aareal (Capital Hilton) | $6076 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $6076 |
| JPMorgan Chase (see footnote 3) |  |  | 4913 |  |  |  |  | 4139 |  |  |  |  |  |  | 3544 |  | 12596 |
| BAML (see foonote 4) |  |  |  | 1728 | 3371 | 1329 |  |  |  | 6761 |  |  | 4149 |  |  |  | 17338 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | (1831) |  |  |  |  |  |  |  |  |  | (1831) |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 664 |  |  |  |  |  | 664 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5943 | 5943 |
| Unencumbered (Cameo Beverly Hills) |  |  |  |  |  |  |  |  |  |  |  |  |  | (223) |  |  | (223) |
| Total | $6076 | $— | $4913 | $1728 | $3371 | $1329 | $(1831) | $4139 | $— | $6761 | $664 | $— | $4149 | $(223) | $3544 | $5943 | $40563 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

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

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(254) | $(96) | $(3557) | $(1155) | $5122 | $(1012) | $7087 | $410 | $1440 | $8702 | $1258 | $(364) | $7899 | $(1377) | $7218 | $5436 | $36757 | $(26085) | $10672 |
| Non-property adjustments | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  | 866 |  | 869 | (869) |  |
| Interest income | (36) | (4) | (1) |  |  |  |  | (27) | (64) | (28) | (7) | (27) | (96) |  | (8) | (50) | (348) | 348 |  |
| Interest expense | 2233 |  |  |  |  |  | 1267 |  |  | 151 | 856 | 20 |  |  | 1031 | 2827 | 8385 | 14310 | 22695 |
| Amortization of loan cost | 140 |  |  |  | 34 |  |  |  |  |  | 31 |  |  |  | 135 | 248 | 588 | 1544 | 2132 |
| Depreciation and amortization | 3028 |  | 1117 | 738 | 407 | 567 | 1516 | 1290 | 1646 | 1978 | 2567 | 1732 | 1388 | 734 | 1994 | 2693 | 23395 |  | 23395 |
| Income tax expense (benefit) | 97 |  |  |  |  |  |  | 5 |  |  |  |  | 119 |  | 305 |  | 526 | 941 | 1467 |
| Non-hotel EBITDA ownership expense | (20) | 42 | 36 | 198 | 22 | 3 | 36 | 28 | 2 | (250) | 287 | 12 | 3 | 161 | 5 | 4 | 569 | (569) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5191 | (58) | (2405) | (219) | 5585 | (442) | 9906 | 1706 | 3024 | 10553 | 4992 | 1373 | 9313 | (482) | 11546 | 11158 | 70741 | (10380) | 60361 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (1298) | 14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1284) | 1284 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA attributable to the Company and OP unitholders | $3893 | $(44) | $(2405) | $(219) | $5585 | $(442) | $9906 | $1706 | $3024 | $10553 | $4992 | $1373 | $9313 | $(482) | $11546 | $11158 | $69457 | $(9096) | $60361 |
| Non-comparable adjustments |  | 58 |  |  |  |  |  |  | (3024) |  |  | (1373) |  |  |  |  | (4339) |  |  |
| Comparable hotel EBITDA | $5191 | $— | $(2405) | $(219) | $5585 | $(442) | $9906 | $1706 | $— | $10553 | $4992 | $— | $9313 | $(482) | $11546 | $11158 | $66402 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $(58) | $— | $(219) | $5585 | $(442) | $9906 | $— | $— | $10553 | $4992 | $— | $9313 | $— | $11546 | $11158 | $62334 |  |  |
| Non-comparable adjustments |  | 58 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58 |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $(219) | $5585 | $(442) | $9906 | $— | $— | $10553 | $4992 | $— | $9313 | $— | $11546 | $11158 | $62392 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $5191 | $— | $(2405) | $— | $— | $— | $— | $1706 | $3024 | $— | $— | $1373 | $— | $(482) | $— | $— | $8407 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (3024) |  |  | (1373) |  |  |  |  | (4397) |  |  |
| Comparable hotel EBITDA | $5191 | $— | $(2405) | $— | $— | $— | $— | $1706 | $— | $— | $— | $— | $— | $(482) | $— | $— | $4010 |  |  |

---

------

**Exhibit 1**

**COMPARABLE HOTEL EBITDA BY LOAN POOL**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** |
| Aareal (Capital Hilton) | $5191 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $5191 |
| JPMorgan Chase (see footnote 3) |  |  | (2405) |  |  |  |  | 1706 |  |  |  |  |  |  | 11546 |  | 10847 |
| BAML (see foonote 4) |  |  |  | (219) | 5585 | (442) |  |  |  | 10553 |  |  | 9313 |  |  |  | 24790 |
| Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) |  |  |  |  |  |  | 9906 |  |  |  |  |  |  |  |  |  | 9906 |
| BAML (The Ritz-Carlton Lake Tahoe) |  |  |  |  |  |  |  |  |  |  | 4992 |  |  |  |  |  | 4992 |
| Aareal (Four Seasons Resort Scottsdale) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11158 | 11158 |
| Unencumbered (Cameo Beverly Hills) |  |  |  |  |  |  |  |  |  |  |  |  |  | (482) |  |  | (482) |
| Total | $5191 | $— | $(2405) | $(219) | $5585 | $(442) | $9906 | $1706 | $— | $10553 | $4992 | $— | $9313 | $(482) | $11546 | $11158 | $66402 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

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

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottsdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(9314) | $(114) | $(787) | $44 | $3021 | $342 | $(1259) | $2739 | $(1417) | $1033 | $(2318) | $585 | $1635 | $(1694) | $2083 | $2295 | $(3126) | $(18641) | $(21767) |
| Non-property adjustments | 151 | 45 |  |  |  |  |  |  |  |  |  | (8) |  |  |  |  | 188 | (188) |  |
| Interest income | (44) | (8) |  |  |  |  |  | (25) | (65) | (12) | (5) | (25) | (105) |  | (8) | (55) | (352) | 352 |  |
| Interest expense | 10049 |  |  |  |  |  | 1361 |  |  | 151 | 1132 | 20 |  |  | 1496 | 3020 | 17229 | 7362 | 24591 |
| Amortization of loan cost | 46 |  |  |  | 33 |  |  |  |  |  | 40 |  |  |  | 198 | 242 | 559 | 1287 | 1846 |
| Depreciation and amortization | 3066 |  | 1121 | 675 | 445 | 519 | 1420 | 1346 | 1815 | 1964 | 2254 | 1739 | 1889 | 702 | 1896 | 2690 | 23541 |  | 23541 |
| Income tax expense (benefit) | (15) | (2) |  |  |  |  |  | (42) |  |  |  |  | 162 |  | 337 |  | 440 | (72) | 368 |
| Non-hotel EBITDA ownership expense | (129) | 28 | 22 | 463 | 80 | 242 | 40 | 7 | 6 | 1003 | 247 | 10 | 5 | 519 | 7 | 1 | 2551 | (2551) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 3810 | (51) | 356 | 1182 | 3579 | 1103 | 1562 | 4025 | 339 | 4139 | 1350 | 2321 | 3586 | (473) | 6009 | 8193 | 41030 | (12451) | 28579 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (953) | 13 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (940) | 940 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1394 | 1394 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53) | (53) |
| Hotel EBITDA attributable to the Company and OP unitholders | $2857 | $(38) | $356 | $1182 | $3579 | $1103 | $1562 | $4025 | $339 | $4139 | $1350 | $2321 | $3586 | $(473) | $6009 | $8193 | $40090 | $(10170) | $29920 |
| Non-comparable adjustments |  | 51 |  |  |  |  |  |  | (339) |  |  | (2321) |  |  |  |  | (2609) |  |  |
| Comparable hotel EBITDA | $3810 | $— | $356 | $1182 | $3579 | $1103 | $1562 | $4025 | $— | $4139 | $1350 | $— | $3586 | $(473) | $6009 | $8193 | $38421 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3810 | $(51) | $356 | $1182 | $3579 | $— | $— | $4025 | $339 | $4139 | $1350 | $2321 | $3586 | $— | $6009 | $8193 | $38838 |  |  |
| Non-comparable adjustments |  | 51 |  |  |  |  |  |  | (339) |  |  | (2321) |  |  |  |  | (2609) |  |  |
| Comparable hotel EBITDA | $3810 | $— | $356 | $1182 | $3579 | $— | $— | $4025 | $— | $4139 | $1350 | $— | $3586 | $— | $6009 | $8193 | $36229 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $(51) | $— | $1182 | $3579 | $1103 | $1562 | $— | $— | $4139 | $1350 | $— | $3586 | $— | $6009 | $8193 | $30652 |  |  |
| Non-comparable adjustments |  | 51 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51 |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $1182 | $3579 | $1103 | $1562 | $— | $— | $4139 | $1350 | $— | $3586 | $— | $6009 | $8193 | $30703 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $3810 | $— | $356 | $— | $— | $— | $— | $4025 | $339 | $— | $— | $2321 | $— | $(473) | $— | $— | $10378 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (339) |  |  | (2321) |  |  |  |  | (2660) |  |  |
| Comparable hotel EBITDA | $3810 | $— | $356 | $— | $— | $— | $— | $4025 | $— | $— | $— | $— | $— | $(473) | $— | $— | $7718 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

Cameo Beverly Hills, Hotel Yountville, 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, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(4722) | $1116 | $(28661) | $(7560) | $12469 | $(15095) | $(1483) | $6055 | $46091 | $15623 | $(6851) | $45878 | $11825 | $(8424) | $10327 | $3492 | $80080 | $(108490) | $(28410) |
| Non-property adjustments | 5 | 73 | 30256 | 8672 |  | 15564 |  |  | (41730) | (129) | (67) | (41140) |  |  | 866 | 364 | (27266) | 27266 |  |
| Interest income | (169) | (24) | (30) |  |  |  |  | (122) | (235) | (148) | (18) | (68) | (365) |  | (37) | (205) | (1421) | 1421 |  |
| Interest expense | 8963 |  |  |  |  |  | 5080 |  |  | 556 | 3331 | 48 |  |  | 1031 | 12037 | 31046 | 57315 | 88361 |
| Amortization of loan cost | 580 |  |  |  | 103 |  |  |  |  |  | 158 |  |  |  | 135 | 1225 | 2201 | 7977 | 10178 |
| Depreciation and amortization | 11487 |  | 4402 | 3004 | 1588 | 2540 | 7128 | 5400 | 5074 | 8480 | 10388 | 4119 | 5579 | 4120 | 8197 | 11072 | 92578 |  | 92578 |
| Income tax expense (benefit) | 131 |  |  |  |  |  |  | 79 |  |  |  |  | (375) |  | 1922 |  | 1757 | 222 | 1979 |
| Non-hotel EBITDA ownership expense | 587 | 225 | 253 | 585 | 67 | 48 | 34 | 71 | 38 | 731 | 1607 | 36 | 39 | 340 | 65 | 35 | 4761 | (4761) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 16862 | 1390 | 6220 | 4701 | 14227 | 3057 | 10759 | 11483 | 9238 | 25113 | 8548 | 8873 | 16703 | (3964) | 22506 | 28020 | 183736 | (19050) | 164686 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (4247) | (347) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4594) | 4594 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56 | 56 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA attributable to the Company and OP unitholders | $12615 | $1043 | $6220 | $4701 | $14227 | $3057 | $10759 | $11483 | $9238 | $25113 | $8548 | $8873 | $16703 | $(3964) | $22506 | $28020 | $179142 | $(14400) | $164742 |
| Non-comparable adjustments |  | (1390) |  |  |  |  |  |  | (9238) |  |  | (8873) |  |  |  |  | (19501) |  |  |
| Comparable hotel EBITDA | $16862 | $— | $6220 | $4701 | $14227 | $3057 | $10759 | $11483 | $— | $25113 | $8548 | $— | $16703 | $(3964) | $22506 | $28020 | $164235 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $16862 | $1390 | $6220 | $4701 | $14227 | $— | $— | $11483 | $9238 | $25113 | $8548 | $8873 | $16703 | $— | $22506 | $28020 | $173884 |  |  |
| Non-comparable adjustments |  | (1390) |  |  |  |  |  |  | (9238) |  |  | (8873) |  |  |  |  | (19501) |  |  |
| Comparable hotel EBITDA | $16862 | $— | $6220 | $4701 | $14227 | $— | $— | $11483 | $— | $25113 | $8548 | $— | $16703 | $— | $22506 | $28020 | $154383 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $1390 | $— | $4701 | $14227 | $3057 | $10759 | $— | $— | $25113 | $8548 | $— | $16703 | $— | $22506 | $28020 | $135024 |  |  |
| Non-comparable adjustments |  | (1390) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1390) |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $4701 | $14227 | $3057 | $10759 | $— | $— | $25113 | $8548 | $— | $16703 | $— | $22506 | $28020 | $133634 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $16862 | $— | $6220 | $— | $— | $— | $— | $11483 | $9238 | $— | $— | $8873 | $— | $(3964) | $— | $— | $48712 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (9238) |  |  | (8873) |  |  |  |  | (18111) |  |  |
| Comparable hotel EBITDA | $16862 | $— | $6220 | $— | $— | $— | $— | $11483 | $— | $— | $— | $— | $— | $(3964) | $— | $— | $30601 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

Cameo Beverly Hills, Hotel Yountville, 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, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Capital Hilton Washington D.C.** | **Hilton La Jolla Torrey Pines** | **Sofitel Chicago Magnificent Mile** | **Bardessono Hotel and Spa** | **Pier House Resort & Spa** | **Hotel Yountville** | **Park Hyatt Beaver Creek Resort & Spa** | **The Notary Hotel** | **The Clancy** | **The Ritz-Carlton Sarasota** | **The Ritz-Carlton Lake Tahoe** | **Marriott Seattle Waterfront** | **The Ritz-Carlton St. Thomas** | **Cameo Beverly Hills** | **The Ritz-Carlton Reserve Dorado Beach** | **Four Seasons Scottssdale Resort** | **Hotel Total** | **Corporate / Allocated** | **Braemar Hotels & Resorts Inc.** |
| Net income (loss) | $(5023) | $94906 | $1178 | $876 | $6903 | $1875 | $1200 | $6009 | $(2607) | $13728 | $(9085) | $6172 | $9312 | $(5778) | $5762 | $(452) | $124976 | $(105213) | $19763 |
| Non-property adjustments | 151 | (88115) |  |  |  |  | (50) |  |  |  | 5 | (8) | 2086 |  |  |  | (85931) | 85931 |  |
| Interest income | (196) | (273) | 1 |  |  |  |  | (88) | (240) | (224) | (244) | (122) | (145) |  | (12) | (250) | (1793) | 1793 |  |
| Interest expense | 10049 |  |  |  | 4262 |  | 5752 |  |  | 618 | 4758 | 80 | 2779 | 763 | 5101 | 12684 | 46846 | 54891 | 101737 |
| Amortization of loan cost | 46 |  |  |  | 377 |  | 69 |  |  |  | 154 |  |  | 46 | 637 | 937 | 2266 | 4121 | 6387 |
| Depreciation and amortization | 13690 | 2328 | 4515 | 2692 | 1950 | 1809 | 5099 | 5983 | 8122 | 7403 | 8468 | 7841 | 8655 | 2621 | 7198 | 10359 | 98733 |  | 98733 |
| Income tax expense (benefit) | 192 | 155 |  |  |  |  |  | (26) |  |  |  |  | 91 |  | 434 |  | 846 | (4) | 842 |
| Non-hotel EBITDA ownership expense | 48 | 103 | 48 | 868 | 112 | 270 | 22 | 71 | 458 | 399 | 1031 | 33 | (2158) | 863 | 18 | 8 | 2194 | (2194) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 18957 | 9104 | 5742 | 4436 | 13604 | 3954 | 12092 | 11949 | 5733 | 21924 | 5087 | 13996 | 20620 | (1485) | 19138 | 23286 | 188137 | 39325 | 227462 |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (4740) | (2276) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7016) | 7016 |  |
| Equity in earnings (loss) of unconsolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1608 | 1608 |
| Company's portion of EBITDA of OpenKey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (268) | (268) |
| Hotel EBITDA attributable to the Company and OP unitholders | $14217 | $6828 | $5742 | $4436 | $13604 | $3954 | $12092 | $11949 | $5733 | $21924 | $5087 | $13996 | $20620 | $(1485) | $19138 | $23286 | $181121 | $47681 | $228802 |
| Non-comparable adjustments |  | (9104) |  |  |  |  |  |  | (5733) |  |  | (13996) |  |  |  |  | (28833) |  |  |
| Comparable hotel EBITDA | $18957 | $— | $5742 | $4436 | $13604 | $3954 | $12092 | $11949 | $— | $21924 | $5087 | $— | $20620 | $(1485) | $19138 | $23286 | $159304 |  |  |
| **ALL HOTELS NOT UNDER RENOVATION:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $18957 | $9104 | $5742 | $4436 | $13604 | $— | $— | $11949 | $5733 | $21924 | $5087 | $13996 | $20620 | $— | $19138 | $23286 | $173576 |  |  |
| Non-comparable adjustments |  | (9104) |  |  |  |  |  |  | (5733) |  |  | (13996) |  |  |  |  | (28833) |  |  |
| Comparable hotel EBITDA | $18957 | $— | $5742 | $4436 | $13604 | $— | $— | $11949 | $— | $21924 | $5087 | $— | $20620 | $— | $19138 | $23286 | $144743 |  |  |
| **RESORT PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $— | $9104 | $— | $4436 | $13604 | $3954 | $12092 | $— | $— | $21924 | $5087 | $— | $20620 | $— | $19138 | $23286 | $133245 |  |  |
| Non-comparable adjustments |  | (9104) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9104) |  |  |
| Comparable hotel EBITDA | $— | $— | $— | $4436 | $13604 | $3954 | $12092 | $— | $— | $21924 | $5087 | $— | $20620 | $— | $19138 | $23286 | $124141 |  |  |
| **URBAN PROPERTIES:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | $18957 | $— | $5742 | $— | $— | $— | $— | $11949 | $5733 | $— | $— | $13996 | $— | $(1485) | $— | $— | $54892 |  |  |
| Non-comparable adjustments |  |  |  |  |  |  |  |  | (5733) |  |  | (13996) |  |  |  |  | (19729) |  |  |
| Comparable hotel EBITDA | $18957 | $— | $5742 | $— | $— | $— | $— | $11949 | $— | $— | $— | $— | $— | $(1485) | $— | $— | $35163 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.

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

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

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek