Form 8-K

8-K — Braemar Hotels & Resorts Inc.

Accession: 0001574085-26-000073

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001574085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bhr-20260506.htm (Primary)

EX-99.1 (bhr2026q1earningsrelease.htm)

GRAPHIC (braemara59.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhr-20260506.htm · Sequence: 1

bhr-20260506

0001574085false00015740852026-05-062026-05-060001574085us-gaap:CommonStockMember2026-05-062026-05-060001574085us-gaap:SeriesBPreferredStockMember2026-05-062026-05-060001574085us-gaap:SeriesDPreferredStockMember2026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): May 6, 2026

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland 001-35972 46-2488594

(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)

14185 Dallas Parkway

Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock BHR New York Stock Exchange

Preferred Stock, Series B BHR-PB New York Stock Exchange

Preferred Stock, Series D BHR-PD New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 6, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026.

A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 First Quarter 2026 Earnings Press Release of the Company, dated May 6, 2026

101 Inline Interactive Data Files.

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

SIGNATURES

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

BRAEMAR HOTELS & RESORTS INC.

Dated: May 6, 2026

By: /s/ Justin Coe

Justin Coe

Chief Accounting Officer

EX-99.1

Filename: bhr2026q1earningsrelease.htm · Sequence: 2

Document

EXHIBIT 99.1

NEWS RELEASE

Contact: Justin Coe Allison Beach Joe Calabrese

Chief Accounting Officer Media Contact Financial Relations Board

(972) 490-9600 (972) 490-9600 (212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

FIRST QUARTER 2026 RESULTS

DALLAS – May 6, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

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

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

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

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

•Adjusted EBITDAre was $66.5 million for the quarter.

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

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

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

•Capex invested during the quarter was $12.1 million.

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

BHR Reports First Quarter Results

Page 2

May 6, 2026

RECENT OPERATING HIGHLIGHTS

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

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

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

CAPITAL STRUCTURE

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

DIVIDENDS

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

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

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

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial

BHR Reports First Quarter Results

Page 3

May 6, 2026

seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.

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

NON-GAAP MEASURES

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

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

About Braemar Hotels & Resorts

Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Externally advised by Ashford Hospitality Advisors LLC, Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance.

Forward-Looking Statements

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our

BHR Reports First Quarter Results

Page 4

May 6, 2026

future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

March 31, 2026 December 31, 2025

ASSETS

Investments in hotel properties, gross $ 1,906,327 $ 1,902,328

Accumulated depreciation (361,588) (344,061)

Investments in hotel properties, net 1,544,739 1,558,267

Cash and cash equivalents 93,385 124,354

Restricted cash 55,357 42,479

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

Inventories 4,870 4,741

Note receivable 9,045 8,896

Prepaid expenses 8,286 6,987

Deposit paid to Ashford Inc. 17,000 17,000

Deferred costs, net 74 75

Investment in OpenKey — 89

Derivative assets 341 56

Other assets 17,685 15,368

Operating lease right-of-use assets 30,597 30,743

Intangible assets, net 2,652 2,746

Due from related parties, net 367 —

Due from third-party hotel managers 28,054 17,088

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

LIABILITIES AND EQUITY

Liabilities:

Indebtedness, net $ 1,106,029 $ 1,103,450

Accounts payable and accrued expenses 139,573 142,123

Redeemable preferred stock redemptions payable 46,719 30,864

Dividends and distributions payable 3,907 7,672

Due to Ashford Inc., net 1,924 5,148

Due to related parties, net — 257

Due to third-party hotel managers 3,392 1,467

Operating lease liabilities 20,058 20,058

Other liabilities 24,963 25,572

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

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 65,426 65,426

Series E redeemable preferred stock, $0.01 par value, 9,561,665 and 10,818,280 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 239,042 265,695

Series M redeemable preferred stock, $0.01 par value, 1,337,328 and 1,368,091 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 33,450 34,217

Redeemable noncontrolling interests in operating partnership 15,925 19,005

Equity:

Preferred stock, $0.01 par value, 80,000,000 shares authorized:

8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 16 16

Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 687 682

Additional paid-in capital 707,874 706,488

Accumulated deficit (561,566) (568,503)

Total stockholders' equity of the Company 147,011 138,683

Noncontrolling interest in consolidated entities 2,078 2,095

Total equity 149,089 140,778

Total liabilities and equity $ 1,849,497 $ 1,861,732

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026 2025

REVENUE

Rooms $ 128,801 $ 136,092

Food and beverage 52,342 51,788

Other 27,840 27,940

Total hotel revenue 208,983 215,820

EXPENSES

Hotel operating expenses:

Rooms 24,878 28,219

Food and beverage 38,910 40,210

Other expenses 59,878 60,376

Management fees 6,194 6,910

Total hotel operating expenses 129,860 135,715

Property taxes, insurance and other 4,652 10,465

Depreciation and amortization 22,579 23,395

Advisory services fee:

Base advisory fee 3,768 3,576

Reimbursable expenses 3,636 3,001

Incentive fee — 82

Stock/unit-based compensation — (48)

Corporate, general and administrative:

Other general and administrative 4,867 2,894

Total operating expenses 169,362 179,080

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

OPERATING INCOME (LOSS) 39,624 36,740

Equity in earnings (loss) of unconsolidated entity (31) —

Interest income 810 1,888

Interest expense (18,786) (22,695)

Amortization of loan costs (2,409) (2,132)

Write-off of loan costs and exit fees (5) (1,464)

Realized and unrealized gain (loss) on derivatives 248 (198)

INCOME (LOSS) BEFORE INCOME TAXES 19,451 12,139

Income tax (expense) benefit (1,417) (1,467)

NET INCOME (LOSS) 18,034 10,672

(Income) loss attributable to noncontrolling interest in consolidated entities 17 64

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (347) 262

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 17,704 10,998

Preferred dividends (8,040) (9,269)

Deemed dividends on redeemable preferred stock (4,763) (4,276)

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

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Net income (loss) attributable to common stockholders $ 0.07 $ (0.04)

Weighted average common shares outstanding – basic 68,432 66,744

Diluted:

Net income (loss) attributable to common stockholders $ 0.07 $ (0.04)

Weighted average common shares outstanding – diluted 100,289 66,744

Dividends declared per common share $ — $ 0.05

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

Three Months Ended

March 31,

2026 2025

Net income (loss) $ 18,034 $ 10,672

Interest expense and amortization of loan costs 21,195 24,827

Depreciation and amortization 22,579 23,395

Income tax expense (benefit) 1,417 1,467

Equity in (earnings) loss of unconsolidated entity 31 —

EBITDA 63,256 60,361

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

EBITDAre 63,253 60,361

Amortization of favorable (unfavorable) contract assets (liabilities) 107 107

Transaction and conversion costs 2,675 695

Write-off of loan costs and exit fees 5 1,464

Realized and unrealized (gain) loss on derivatives (248) 198

Stock/unit-based compensation — (48)

Legal, advisory and settlement costs 504 144

Advisory services incentive fee — 82

Severance 237 —

Adjusted EBITDAre $ 66,533 $ 63,003

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026 2025

Net income (loss) $ 18,034 $ 10,672

(Income) loss attributable to noncontrolling interest in consolidated entities 17 64

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (347) 262

Preferred dividends (8,040) (9,269)

Deemed dividends on redeemable preferred stock (4,763) (4,276)

Net income (loss) attributable to common stockholders 4,901 (2,547)

Depreciation and amortization on real estate (1)

22,579 22,676

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 347 (262)

Equity in (earnings) loss of unconsolidated entity 31 —

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

FFO available to common stockholders and OP unitholders 27,855 19,867

Deemed dividends on redeemable preferred stock 4,763 4,276

Transaction and conversion costs 2,675 695

Write-off of premiums, loan costs and exit fees 5 1,464

Unrealized (gain) loss on derivatives (240) 386

Stock/unit-based compensation — (48)

Legal, advisory and settlement costs 504 144

Interest expense accretion on refundable membership club deposits 135 151

Amortization of loan costs (1)

2,409 2,097

Advisory services incentive fee — 82

Severance 237 —

Adjusted FFO available to common stockholders and OP unitholders $ 38,343 $ 29,114

Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.52 $ 0.40

Weighted average diluted shares 73,271 73,572

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2026

(dollars in thousands)

(unaudited)

Lender Hotels Current

Maturity

Final

Maturity (8)

Interest Rate Fixed-Rate

Debt Floating-Rate

Debt Total

Debt TTM Hotel Net Income TTM Hotel Net Income Debt Yield

Comparable TTM Hotel EBITDA (9)

Comparable TTM Hotel EBITDA

Debt Yield

Convertible Senior Notes N/A June 2026 June 2026 4.50% $ 86,250 $ — $ 86,250 N/A N/A N/A N/A

BAML The Ritz-Carlton Lake Tahoe July 2026 July 2026 SOFR (1) + 3.25% — 43,413 43,413 (6,090) (14.0) % 9,335 21.5 %

BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% — 407,000 (2) 407,000 21,435 5.3 % 68,623 16.9 %

Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% — 110,600 (3) 110,600 (5,693) (5.1) % 15,330 13.9 %

Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2027 February 2027 SOFR (1) + 2.86% — 70,500 (4) 70,500 (2,977) (4.2) % 9,793 13.9 %

JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) + 2.83% — 209,902 (5) 209,902 (5,118) (2.4) % 45,804 21.8 %

Aareal Capital Corporation Four Seasons Resort Scottsdale August 2028 August 2030 SOFR (1) + 3.00% — 180,000 (6) 180,000 3,992 2.2 % 28,865 16.0 %

Unencumbered Hotel Cameo Beverly Hills — — — (10,101) N/A (4,454) N/A

Total $ 86,250 $ 1,021,415 $ 1,107,665 $ (4,552) (0.4) % $ 173,296 15.6 %

Percentage 7.8 % 92.2 % 100.0 %

Weighted average interest rate (7)

4.50 % 6.81 % 6.63 %

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

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

(1) SOFR rate was 3.66% at March 31, 2026.

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

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

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

March 31, 2026

(dollars in thousands)

(unaudited)

Lender Hotels 2026 2027 2028 2029 2030 Thereafter Total

BAML The Ritz-Carlton Lake Tahoe $ 43,413 $ — $ — $ — $ — $ — $ 43,413

Convertible Senior Notes N/A 86,250 — — — — — 86,250

Credit Agricole Park Hyatt Beaver Creek Resort & Spa — 70,500 — — — — 70,500

Aareal Capital Corporation Capital Hilton — — 106,600 — — — 106,600

BAML See footnote 1 — — — 407,000 — — 407,000

JPMorgan Chase See footnote 2 — — — — 209,902 — 209,902

Aareal Capital Corporation Four Seasons Resort Scottsdale — — — — 174,000 — 174,000

Principal due in future periods $ 129,663 $ 70,500 $ 106,600 $ 407,000 $ 383,902 $ — $ 1,097,665

Scheduled amortization payments remaining — 2,000 2,750 3,000 2,250 — 10,000

Total indebtedness $ 129,663 $ 72,500 $ 109,350 $ 410,000 $ 386,152 $ — $ 1,107,665

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 132,031 $ — $ 132,031 $ 139,256 $ (14,326) $ 124,930 (5.19) % 5.68 %

RevPAR $ 480.83 $ — $ 480.83 $ 403.99 $ (204.34) $ 454.97 19.02 % 5.68 %

Occupancy 64.50 % — % 64.50 % 64.58 % (64.86) % 64.50 % (0.12) % — %

ADR $ 745.44 $ — $ 745.44 $ 625.60 $ (315.04) $ 705.33 19.16 % 5.69 %

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS: Three Months Ended

March 31,

2026 2025 % Variance

Total hotel revenue $ 211,626 $ 218,409 (3.11) %

Non-comparable adjustments — (17,603)

Comparable total hotel revenue $ 211,626 $ 200,806 5.39 %

Hotel net income (loss) $ 44,233 $ 36,757 20.34 %

Non-comparable adjustments (3) (980)

Comparable hotel net income (loss) $ 44,230 $ 35,777 23.63 %

Hotel net income (loss) margin 20.90 % 16.83 % 4.07 %

Comparable hotel net income margin 20.90 % 17.82 % 3.08 %

Hotel EBITDA $ 75,463 $ 70,741 6.68 %

Non-comparable adjustments — (4,339)

Comparable hotel EBITDA $ 75,463 $ 66,402 13.65 %

Hotel EBITDA margin 35.66 % 32.39 % 3.27 %

Comparable hotel EBITDA margin 35.66 % 33.07 % 2.59 %

Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ — $ (88) 100.00 %

Hotel net income (loss) attributable to the Company and OP unitholders $ 44,233 $ 36,845 20.05 %

Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 44,230 $ 35,840 23.41 %

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ — $ 1,284 (100.00) %

Hotel EBITDA attributable to the Company and OP unitholders $ 75,463 $ 69,458 8.65 %

Comparable hotel EBITDA attributable to the Company and OP unitholders $ 75,463 $ 65,104 15.91 %

NOTES:

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

CAPITAL HILTON WASHINGTON D.C.

Selected Financial Information:

Rooms revenue $ 9,362 $ — $ 9,362 $ 10,805 $ — $ 10,805 (13.35) % (13.35) %

Total hotel revenue $ 15,874 $ — $ 15,874 $ 17,307 $ — $ 17,307 (8.28) % (8.28) %

Hotel net income (loss) $ (1,225) $ — $ (1,225) $ (254) $ — $ (254) (382.28) % (382.28) %

Hotel net income (loss) margin (7.72) % (7.72) % (1.47) % (1.47) % (6.25) % (6.25) %

Hotel EBITDA $ 3,659 $ — $ 3,659 $ 5,191 $ — $ 5,191 (29.51) % (29.51) %

Hotel EBITDA margin 23.05 % 23.05 % 29.99 % 29.99 % (6.94) % (6.94) %

Selected Operating Information:

RevPAR $ 186.09 $ — $ 186.09 $ 214.76 $ — $ 214.76 (13.35) % (13.35) %

Occupancy 69.77 % — % 69.77 % 70.73 % — % 70.73 % (1.36) % (1.36) %

ADR $ 266.73 $ — $ 266.73 $ 303.62 $ — $ 303.62 (12.15) % (12.15) %

HILTON LA JOLLA TORREY PINES

Selected Financial Information:

Rooms revenue $ — $ — $ — $ — $ — $ — — % — %

Total hotel revenue $ — $ — $ — $ — $ — $ — — % — %

Hotel net income (loss) $ — $ — $ — $ (96) $ 96 $ — 100.00 % — %

Hotel net income (loss) margin — % — % — % — % — % — %

Hotel EBITDA $ — $ — $ — $ (58) $ 58 $ — 100.00 % — %

Hotel EBITDA margin — % — % — % — % — % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ — $ — $ — — % — %

Occupancy — % — % — % — % — % — % — % — %

ADR $ — $ — $ — $ — $ — $ — — % — %

SOFITEL CHICAGO MAGNIFICENT MILE

Selected Financial Information:

Rooms revenue $ 3,224 $ — $ 3,224 $ 3,135 $ — $ 3,135 2.84 % 2.84 %

Total hotel revenue $ 4,453 $ — $ 4,453 $ 4,318 $ — $ 4,318 3.13 % 3.13 %

Hotel net income (loss) $ 275 $ — $ 275 $ (3,557) $ — $ (3,557) 107.73 % 107.73 %

Hotel net income (loss) margin 6.18 % 6.18 % (82.38) % (82.38) % 88.56 % 88.56 %

Hotel EBITDA $ 1,376 $ — $ 1,376 $ (2,405) $ — $ (2,405) 157.21 % 157.21 %

Hotel EBITDA margin 30.90 % 30.90 % (55.70) % (55.70) % 86.60 % 86.60 %

Selected Operating Information:

RevPAR $ 86.33 $ — $ 86.33 $ 83.93 $ — $ 83.93 2.86 % 2.86 %

Occupancy 47.41 % — % 47.41 % 48.01 % — % 48.01 % (1.25) % (1.25) %

ADR $ 182.11 $ — $ 182.11 $ 174.84 $ — $ 174.84 4.16 % 4.16 %

BARDESSONO HOTEL AND SPA

Selected Financial Information:

Rooms revenue $ 2,745 $ — $ 2,745 $ 2,288 $ — $ 2,288 19.97 % 19.97 %

Total hotel revenue $ 3,991 $ — $ 3,991 $ 3,392 $ — $ 3,392 17.66 % 17.66 %

Hotel net income (loss) $ (569) $ — $ (569) $ (1,155) $ — $ (1,155) 50.74 % 50.74 %

Hotel net income (loss) margin (14.26) % (14.26) % (34.05) % (34.05) % 19.79 % 19.79 %

Hotel EBITDA $ 335 $ — $ 335 $ (219) $ — $ (219) 252.97 % 252.97 %

Hotel EBITDA margin 8.39 % 8.39 % (6.46) % (6.46) % 14.85 % 14.85 %

Selected Operating Information:

RevPAR $ 469.27 $ — $ 469.27 $ 391.07 $ — $ 391.07 20.00 % 20.00 %

Occupancy 49.37 % — % 49.37 % 48.72 % — % 48.72 % 1.33 % 1.33 %

ADR $ 950.56 $ — $ 950.56 $ 802.73 $ — $ 802.73 18.42 % 18.42 %

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

PIER HOUSE RESORT & SPA

Selected Financial Information:

Rooms revenue $ 8,658 $ — $ 8,658 $ 7,854 $ — $ 7,854 10.24 % 10.24 %

Total hotel revenue $ 10,915 $ — $ 10,915 $ 9,926 $ — $ 9,926 9.96 % 9.96 %

Hotel net income (loss) $ 6,051 $ — $ 6,051 $ 5,122 $ — $ 5,122 18.14 % 18.14 %

Hotel net income (loss) margin 55.44 % 55.44 % 51.60 % 51.60 % 3.84 % 3.84 %

Hotel EBITDA $ 6,433 $ — $ 6,433 $ 5,585 $ — $ 5,585 15.18 % 15.18 %

Hotel EBITDA margin 58.94 % 58.94 % 56.27 % 56.27 % 2.67 % 2.67 %

Selected Operating Information:

RevPAR $ 677.45 $ — $ 677.45 $ 614.52 $ — $ 614.52 10.24 % 10.24 %

Occupancy 87.85 % — % 87.85 % 79.77 % — % 79.77 % 10.13 % 10.13 %

ADR $ 771.16 $ — $ 771.16 $ 770.34 $ — $ 770.34 0.11 % 0.11 %

HOTEL YOUNTVILLE

Selected Financial Information:

Rooms revenue $ 1,418 $ — $ 1,418 $ 1,471 $ — $ 1,471 (3.60) % (3.60) %

Total hotel revenue $ 1,993 $ — $ 1,993 $ 1,975 $ — $ 1,975 0.91 % 0.91 %

Hotel net income (loss) $ (1,106) $ — $ (1,106) $ (1,012) $ — $ (1,012) (9.29) % (9.29) %

Hotel net income (loss) margin (55.49) % (55.49) % (51.24) % (51.24) % (4.25) % (4.25) %

Hotel EBITDA $ (323) $ — $ (323) $ (442) $ — $ (442) 26.92 % 26.92 %

Hotel EBITDA margin (16.21) % (16.21) % (22.38) % (22.38) % 6.17 % 6.17 %

Selected Operating Information:

RevPAR $ 196.93 $ — $ 196.93 $ 204.30 $ — $ 204.30 (3.61) % (3.61) %

Occupancy 35.64 % — % 35.64 % 35.35 % — % 35.35 % 0.82 % 0.82 %

ADR $ 552.56 $ — $ 552.56 $ 577.99 $ — $ 577.99 (4.40) % (4.40) %

PARK HYATT BEAVER CREEK RESORT & SPA

Selected Financial Information:

Rooms revenue $ 13,049 $ — $ 13,049 $ 13,824 $ — $ 13,824 (5.61) % (5.61) %

Total hotel revenue $ 21,775 $ — $ 21,775 $ 22,403 $ — $ 22,403 (2.80) % (2.80) %

Hotel net income (loss) $ 5,593 $ — $ 5,593 $ 7,087 $ — $ 7,087 (21.08) % (21.08) %

Hotel net income (loss) margin 25.69 % 25.69 % 31.63 % 31.63 % (5.94) % (5.94) %

Hotel EBITDA $ 8,940 $ — $ 8,940 $ 9,906 $ — $ 9,906 (9.75) % (9.75) %

Hotel EBITDA margin 41.06 % 41.06 % 44.22 % 44.22 % (3.16) % (3.16) %

Selected Operating Information:

RevPAR $ 751.23 $ — $ 751.23 $ 795.83 $ — $ 795.83 (5.60) % (5.60) %

Occupancy 76.25 % — % 76.25 % 80.09 % — % 80.09 % (4.79) % (4.79) %

ADR $ 985.27 $ — $ 985.27 $ 993.65 $ — $ 993.65 (0.84) % (0.84) %

THE NOTARY HOTEL

Selected Financial Information:

Rooms revenue $ 5,757 $ — $ 5,757 $ 5,470 $ — $ 5,470 5.25 % 5.25 %

Total hotel revenue $ 7,965 $ — $ 7,965 $ 7,682 $ — $ 7,682 3.68 % 3.68 %

Hotel net income (loss) $ 214 $ — $ 214 $ 410 $ — $ 410 (47.80) % (47.80) %

Hotel net income (loss) margin 2.69 % 2.69 % 5.34 % 5.34 % (2.65) % (2.65) %

Hotel EBITDA $ 1,593 $ — $ 1,593 $ 1,706 $ — $ 1,706 (6.62) % (6.62) %

Hotel EBITDA margin 20.00 % 20.00 % 22.21 % 22.21 % (2.21) % (2.21) %

Selected Operating Information:

RevPAR $ 128.18 $ — $ 128.18 $ 121.80 $ — $ 121.80 5.24 % 5.24 %

Occupancy 59.20 % — % 59.20 % 57.77 % — % 57.77 % 2.48 % 2.48 %

ADR $ 216.53 $ — $ 216.53 $ 210.84 $ — $ 210.84 2.70 % 2.70 %

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

THE CLANCY

Selected Financial Information:

Rooms revenue $ — $ — $ — $ 9,745 $ (9,745) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 11,307 $ (11,307) $ — (100.00) % — %

Hotel net income (loss) $ 3 $ (3) $ — $ 1,440 $ (1,440) $ — (99.79) % — %

Hotel net income (loss) margin — % — % 12.74 % — % (12.74) % — %

Hotel EBITDA $ — $ — $ — $ 3,024 $ (3,024) $ — (100.00) % — %

Hotel EBITDA margin — % — % 26.74 % — % (26.74) % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 264.09 $ 264.09 $ — (100.00) % — %

Occupancy — % — % — % 67.83 % 67.83 % — % (100.00) % — %

ADR $ — $ — $ — $ 389.34 $ 389.34 $ — (100.00) % — %

THE RITZ-CARLTON SARASOTA

Selected Financial Information:

Rooms revenue $ 14,058 $ — $ 14,058 $ 12,557 $ — $ 12,557 11.95 % 11.95 %

Total hotel revenue $ 32,805 $ — $ 32,805 $ 29,884 $ — $ 29,884 9.77 % 9.77 %

Hotel net income (loss) $ 9,791 $ — $ 9,791 $ 8,702 $ — $ 8,702 12.51 % 12.51 %

Hotel net income (loss) margin 29.85 % 29.85 % 29.12 % 29.12 % 0.73 % 0.73 %

Hotel EBITDA $ 12,009 $ — $ 12,009 $ 10,553 $ — $ 10,553 13.80 % 13.80 %

Hotel EBITDA margin 36.61 % 36.61 % 35.31 % 35.31 % 1.30 % 1.30 %

Selected Operating Information:

RevPAR $ 565.92 $ — $ 565.92 $ 505.52 $ — $ 505.52 11.95 % 11.95 %

Occupancy 79.67 % — % 79.67 % 77.28 % — % 77.28 % 3.09 % 3.09 %

ADR $ 710.34 $ — $ 710.34 $ 654.12 $ — $ 654.12 8.59 % 8.59 %

THE RITZ-CARLTON LAKE TAHOE

Selected Financial Information:

Rooms revenue $ 12,299 $ — $ 12,299 $ 12,239 $ — $ 12,239 0.49 % 0.49 %

Total hotel revenue $ 19,523 $ — $ 19,523 $ 19,415 $ — $ 19,415 0.56 % 0.56 %

Hotel net income (loss) $ 2,019 $ — $ 2,019 $ 1,258 $ — $ 1,258 60.49 % 60.49 %

Hotel net income (loss) margin 10.34 % 10.34 % 6.48 % 6.48 % 3.86 % 3.86 %

Hotel EBITDA $ 5,779 $ — $ 5,779 $ 4,992 $ — $ 4,992 15.77 % 15.77 %

Hotel EBITDA margin 29.60 % 29.60 % 25.71 % 25.71 % 3.89 % 3.89 %

Selected Operating Information:

RevPAR $ 746.75 $ — $ 746.75 $ 743.12 $ — $ 743.12 0.49 % 0.49 %

Occupancy 56.26 % — % 56.26 % 55.78 % — % 55.78 % 0.86 % 0.86 %

ADR $ 1,327.32 $ — $ 1,327.32 $ 1,332.22 $ — $ 1,332.22 (0.37) % (0.37) %

MARRIOTT SEATTLE WATERFRONT

Selected Financial Information:

Rooms revenue $ — $ — $ — $ 4,581 $ (4,581) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 6,296 $ (6,296) $ — (100.00) % — %

Hotel net income (loss) $ — $ — $ — $ (364) $ 364 $ — 100.00 % — %

Hotel net income (loss) margin — % — % (5.78) % — % 5.78 % — %

Hotel EBITDA $ — $ — $ — $ 1,373 $ (1,373) $ — (100.00) % — %

Hotel EBITDA margin — % — % 21.81 % — % (21.81) % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 137.94 $ 137.94 $ — (100.00) % — %

Occupancy — % — % — % 61.56 % 61.56 % — % (100.00) % — %

ADR $ — $ — $ — $ 224.07 $ 224.07 $ — (100.00) % — %

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

THE RITZ-CARLTON ST. THOMAS

Selected Financial Information:

Rooms revenue $ 18,697 $ — $ 18,697 $ 16,348 $ — $ 16,348 14.37 % 14.37 %

Total hotel revenue $ 27,696 $ — $ 27,696 $ 24,376 $ — $ 24,376 13.62 % 13.62 %

Hotel net income (loss) $ 9,562 $ — $ 9,562 $ 7,899 $ — $ 7,899 21.05 % 21.05 %

Hotel net income (loss) margin 34.52 % 34.52 % 32.40 % 32.40 % 2.12 % 2.12 %

Hotel EBITDA $ 11,158 $ — $ 11,158 $ 9,313 $ — $ 9,313 19.81 % 19.81 %

Hotel EBITDA margin 40.29 % 40.29 % 38.21 % 38.21 % 2.08 % 2.08 %

Selected Operating Information:

RevPAR $ 1,154.11 $ — $ 1,154.11 $ 1,009.11 $ — $ 1,009.11 14.37 % 14.37 %

Occupancy 79.91 % — % 79.91 % 75.65 % — % 75.65 % 5.63 % 5.63 %

ADR $ 1,444.31 $ — $ 1,444.31 $ 1,333.95 $ — $ 1,333.95 8.27 % 8.27 %

CAMEO BEVERLY HILLS

Selected Financial Information:

Rooms revenue $ 2,035 $ — $ 2,035 $ 2,172 $ — $ 2,172 (6.31) % (6.31) %

Total hotel revenue $ 2,719 $ — $ 2,719 $ 3,138 $ — $ 3,138 (13.35) % (13.35) %

Hotel net income (loss) $ (3,054) $ — $ (3,054) $ (1,377) $ — $ (1,377) (121.79) % (121.79) %

Hotel net income (loss) margin (112.32) % (112.32) % (43.88) % (43.88) % (68.44) % (68.44) %

Hotel EBITDA $ (972) $ — $ (972) $ (482) $ — $ (482) (101.66) % (101.66) %

Hotel EBITDA margin (35.75) % (35.75) % (15.36) % (15.36) % (20.39) % (20.39) %

Selected Operating Information:

RevPAR $ 158.10 $ — $ 158.10 $ 168.78 $ — $ 168.78 (6.33) % (6.33) %

Occupancy 45.24 % — % 45.24 % 59.99 % — % 59.99 % (24.59) % (24.59) %

ADR $ 349.44 $ — $ 349.44 $ 281.34 $ — $ 281.34 24.21 % 24.21 %

THE RITZ-CARLTON RESERVE DORADO BEACH

Selected Financial Information:

Rooms revenue $ 24,462 $ — $ 24,462 $ 22,480 $ — $ 22,480 8.82 % 8.82 %

Total hotel revenue $ 34,138 $ — $ 34,138 $ 31,105 $ — $ 31,105 9.75 % 9.75 %

Hotel net income (loss) $ 10,743 $ — $ 10,743 $ 7,218 $ — $ 7,218 48.84 % 48.84 %

Hotel net income (loss) margin 31.47 % 31.47 % 23.21 % 23.21 % 8.26 % 8.26 %

Hotel EBITDA $ 13,473 $ — $ 13,473 $ 11,546 $ — $ 11,546 16.69 % 16.69 %

Hotel EBITDA margin 39.47 % 39.47 % 37.12 % 37.12 % 2.35 % 2.35 %

Selected Operating Information:

RevPAR $ 2,564.30 $ — $ 2,564.30 $ 2,356.44 $ — $ 2,356.44 8.82 % 8.82 %

Occupancy 71.96 % — % 71.96 % 71.89 % — % 71.89 % 0.10 % 0.10 %

ADR $ 3,563.51 $ — $ 3,563.51 $ 3,277.99 $ — $ 3,277.99 8.71 % 8.71 %

FOUR SEASONS RESORT SCOTTSDALE

Selected Financial Information:

Rooms revenue $ 16,267 $ — $ 16,267 $ 14,287 $ — $ 14,287 13.86 % 13.86 %

Total hotel revenue $ 27,779 $ — $ 27,779 $ 25,885 $ — $ 25,885 7.32 % 7.32 %

Hotel net income (loss) $ 5,936 $ — $ 5,936 $ 5,436 $ — $ 5,436 9.20 % 9.20 %

Hotel net income (loss) margin 21.37 % 21.37 % 21.00 % 21.00 % 0.37 % 0.37 %

Hotel EBITDA $ 12,003 $ — $ 12,003 $ 11,158 $ — $ 11,158 7.57 % 7.57 %

Hotel EBITDA margin 43.21 % 43.21 % 43.11 % 43.11 % 0.10 % 0.10 %

Selected Operating Information:

RevPAR $ 860.69 $ — $ 860.69 $ 755.96 $ — $ 755.96 13.85 % 13.85 %

Occupancy 69.38 % — % 69.38 % 68.49 % — % 68.49 % 1.30 % 1.30 %

ADR $ 1,240.53 $ — $ 1,240.53 $ 1,103.81 $ — $ 1,103.81 12.39 % 12.39 %

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

RESORT PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 111,653 $ — $ 111,653 $ 103,348 $ — $ 103,348 8.04 % 8.04 %

Total hotel revenue $ 180,615 $ — $ 180,615 $ 168,361 $ — $ 168,361 7.28 % 7.28 %

Hotel net income (loss) $ 48,020 $ — $ 48,020 $ 40,459 $ 96 $ 40,555 18.69 % 18.41 %

Hotel net income (loss) margin 26.59 % 26.59 % 24.03 % 24.09 % 2.56 % 2.50 %

Hotel EBITDA $ 69,807 $ — $ 69,807 $ 62,334 $ 58 $ 62,392 11.99 % 11.88 %

Hotel EBITDA margin 38.65 % 38.65 % 37.02 % 37.06 % 1.63 % 1.59 %

Selected Operating Information:

RevPAR $ 864.52 $ — $ 864.52 $ 800.22 $ — $ 800.22 8.04 % 8.04 %

Occupancy 71.16 % — % 71.16 % 69.64 % — % 69.64 % 2.18 % 2.18 %

ADR $ 1,214.89 $ — $ 1,214.89 $ 1,149.04 $ — $ 1,149.04 5.73 % 5.73 %

URBAN PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 20,378 $ — $ 20,378 $ 35,908 $ (14,326) $ 21,582 (43.25) % (5.58) %

Total hotel revenue $ 31,011 $ — $ 31,011 $ 50,048 $ (17,603) $ 32,445 (38.04) % (4.42) %

Hotel net income (loss) $ (3,787) $ (3) $ (3,790) $ (3,702) $ (1,076) $ (4,778) (2.30) % 20.68 %

Hotel net income (loss) margin (12.21) % (12.22) % (7.40) % (14.73) % (4.81) % 2.51 %

Hotel EBITDA $ 5,656 $ — $ 5,656 $ 8,407 $ (4,397) $ 4,010 (32.72) % 41.05 %

Hotel EBITDA margin 18.24 % 18.24 % 16.80 % 12.36 % 1.44 % 5.88 %

Selected Operating Information:

RevPAR $ 140.11 $ — $ 140.11 $ 166.59 $ 204.34 $ 148.39 (15.90) % (5.58) %

Occupancy 58.59 % — % 58.59 % 61.54 % 64.86 % 59.94 % (4.79) % (2.25) %

ADR $ 239.14 $ — $ 239.14 $ 270.69 $ 315.04 $ 247.55 (11.66) % (3.40) %

BRAEMAR PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 132,031 $ — $ 132,031 $ 139,256 $ (14,326) $ 124,930 (5.19) % 5.68 %

Total hotel revenue $ 211,626 $ — $ 211,626 $ 218,409 $ (17,603) $ 200,806 (3.11) % 5.39 %

Hotel net income (loss) $ 44,233 $ (3) $ 44,230 $ 36,757 $ (980) $ 35,777 20.34 % 23.63 %

Hotel net income (loss) margin 20.90 % 20.90 % 16.83 % 17.82 % 4.07 % 3.08 %

Hotel EBITDA $ 75,463 $ — $ 75,463 $ 70,741 $ (4,339) $ 66,402 6.68 % 13.65 %

Hotel EBITDA margin 35.66 % 35.66 % 32.39 % 33.07 % 3.27 % 2.59 %

Selected Operating Information:

RevPAR $ 480.83 $ — $ 480.83 $ 403.99 $ (204.34) $ 454.97 19.02 % 5.68 %

Occupancy 64.50 % — % 64.50 % 64.58 % (64.86) % 64.50 % (0.12) % — %

ADR $ 745.44 $ — $ 745.44 $ 625.60 $ (315.04) $ 705.33 19.16 % 5.69 %

NOTES:

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

TTM Ended March 31,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

CAPITAL HILTON WASHINGTON D.C.

Selected Financial Information:

Rooms revenue $ 40,086 $ — $ 40,086

Total hotel revenue $ 63,147 $ — $ 63,147

Hotel net income $ (5,693) $ — $ (5,693)

Hotel net income margin (9.02) % (9.02) %

Hotel EBITDA $ 15,330 $ — $ 15,330

Hotel EBITDA margin 24.28 % 24.28 %

Selected Operating Information:

RevPAR $ 196.47 $ — $ 196.47

Occupancy 74.08 % — % 74.08 %

ADR $ 265.20 $ — $ 265.20

HILTON LA JOLLA TORREY PINES

Selected Financial Information:

Rooms revenue $ — $ — $ —

Total hotel revenue $ — $ — $ —

Hotel net income $ 1,212 $ (1,212) $ —

Hotel net income margin — % — %

Hotel EBITDA $ 1,448 $ (1,448) $ —

Hotel EBITDA margin — % — %

Selected Operating Information:

RevPAR $ — $ — $ —

Occupancy — % — % — %

ADR $ — $ — $ —

SOFITEL CHICAGO MAGNIFICENT MILE

Selected Financial Information:

Rooms revenue $ 27,772 $ — $ 27,772

Total hotel revenue $ 37,655 $ — $ 37,655

Hotel net income $ (24,829) $ — $ (24,829)

Hotel net income margin (65.94) % (65.94) %

Hotel EBITDA $ 10,001 $ — $ 10,001

Hotel EBITDA margin 26.56 % 26.56 %

Selected Operating Information:

RevPAR $ 183.35 $ — $ 183.35

Occupancy 69.68 % — % 69.68 %

ADR $ 263.13 $ — $ 263.13

BARDESSONO HOTEL AND SPA

Selected Financial Information:

Rooms revenue $ 15,831 $ — $ 15,831

Total hotel revenue $ 21,701 $ — $ 21,701

Hotel net income $ (6,974) $ — $ (6,974)

Hotel net income margin (32.14) % (32.14) %

Hotel EBITDA $ 5,255 $ — $ 5,255

Hotel EBITDA margin 24.22 % 24.22 %

Selected Operating Information:

RevPAR $ 667.28 $ — $ 667.28

Occupancy 67.31 % — % 67.31 %

ADR $ 991.37 $ — $ 991.37

TTM Ended March 31,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

PIER HOUSE RESORT & SPA

Selected Financial Information:

Rooms revenue $ 24,136 $ — $ 24,136

Total hotel revenue $ 31,826 $ — $ 31,826

Hotel net income $ 13,398 $ — $ 13,398

Hotel net income margin 42.10 % 42.10 %

Hotel EBITDA $ 15,075 $ — $ 15,075

Hotel EBITDA margin 47.37 % 47.37 %

Selected Operating Information:

RevPAR $ 465.67 $ — $ 465.67

Occupancy 76.09 % — % 76.09 %

ADR $ 612.04 $ — $ 612.04

HOTEL YOUNTVILLE

Selected Financial Information:

Rooms revenue $ 10,073 $ — $ 10,073

Total hotel revenue $ 13,553 $ — $ 13,553

Hotel net income $ (15,189) $ — $ (15,189)

Hotel net income margin (112.07) % (112.07) %

Hotel EBITDA $ 3,176 $ — $ 3,176

Hotel EBITDA margin 23.43 % 23.43 %

Selected Operating Information:

RevPAR $ 344.93 $ — $ 344.93

Occupancy 54.41 % — % 54.41 %

ADR $ 633.90 $ — $ 633.90

PARK HYATT BEAVER CREEK RESORT & SPA

Selected Financial Information:

Rooms revenue $ 22,128 $ — $ 22,128

Total hotel revenue $ 44,865 $ — $ 44,865

Hotel net income $ (2,977) $ — $ (2,977)

Hotel net income margin (6.64) % (6.64) %

Hotel EBITDA $ 9,793 $ — $ 9,793

Hotel EBITDA margin 21.83 % 21.83 %

Selected Operating Information:

RevPAR $ 314.13 $ — $ 314.13

Occupancy 46.08 % — % 46.08 %

ADR $ 681.66 $ — $ 681.66

THE NOTARY HOTEL

Selected Financial Information:

Rooms revenue $ 27,582 $ — $ 27,582

Total hotel revenue $ 36,803 $ — $ 36,803

Hotel net income $ 5,859 $ — $ 5,859

Hotel net income margin 15.92 % 15.92 %

Hotel EBITDA $ 11,370 $ — $ 11,370

Hotel EBITDA margin 30.89 % 30.89 %

Selected Operating Information:

RevPAR $ 151.43 $ — $ 151.43

Occupancy 65.51 % — % 65.51 %

ADR $ 231.15 $ — $ 231.15

TTM Ended March 31,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

THE CLANCY

Selected Financial Information:

Rooms revenue $ 22,088 $ (22,088) $ —

Total hotel revenue $ 26,249 $ (26,249) $ —

Hotel net income $ 44,654 $ (44,654) $ —

Hotel net income margin 170.12 % — %

Hotel EBITDA $ 6,214 $ (6,214) $ —

Hotel EBITDA margin 23.67 % — %

Selected Operating Information:

RevPAR $ 246.04 $ 246.04 $ —

Occupancy 74.35 % 74.35 % 74.35 %

ADR $ 330.93 $ 330.93 $ —

THE RITZ-CARLTON SARASOTA

Selected Financial Information:

Rooms revenue $ 38,272 $ — $ 38,272

Total hotel revenue $ 96,847 $ — $ 96,847

Hotel net income $ 16,712 $ — $ 16,712

Hotel net income margin 17.26 % 17.26 %

Hotel EBITDA $ 26,569 $ — $ 26,569

Hotel EBITDA margin 27.43 % 27.43 %

Selected Operating Information:

RevPAR $ 379.90 $ — $ 379.90

Occupancy 66.47 % — % 66.47 %

ADR $ 571.54 $ — $ 571.54

THE RITZ-CARLTON LAKE TAHOE

Selected Financial Information:

Rooms revenue $ 30,367 $ — $ 30,367

Total hotel revenue $ 57,178 $ — $ 57,178

Hotel net income $ (6,090) $ — $ (6,090)

Hotel net income margin (10.65) % (10.65) %

Hotel EBITDA $ 9,335 $ — $ 9,335

Hotel EBITDA margin 16.33 % 16.33 %

Selected Operating Information:

RevPAR $ 454.64 $ — $ 454.64

Occupancy 52.91 % — % 52.91 %

ADR $ 859.30 $ — $ 859.30

MARRIOTT SEATTLE WATERFRONT

Selected Financial Information:

Rooms revenue $ 13,861 $ (13,861) $ —

Total hotel revenue $ 17,472 $ (17,472) $ —

Hotel net income $ 46,241 $ (46,241) $ —

Hotel net income margin 264.66 % — %

Hotel EBITDA $ 7,500 $ (7,500) $ —

Hotel EBITDA margin 42.93 % — %

Selected Operating Information:

RevPAR $ 293.59 $ 293.59 $ —

Occupancy 84.27 % 84.27 % — %

ADR $ 348.37 $ 348.37 $ —

TTM Ended March 31,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

THE RITZ-CARLTON ST. THOMAS

Selected Financial Information:

Rooms revenue $ 44,559 $ — $ 44,559

Total hotel revenue $ 71,249 $ — $ 71,249

Hotel net income $ 13,488 $ — $ 13,488

Hotel net income margin 18.93 % 18.93 %

Hotel EBITDA $ 18,548 $ — $ 18,548

Hotel EBITDA margin 26.03 % 26.03 %

Selected Operating Information:

RevPAR $ 678.20 $ — $ 678.20

Occupancy 61.65 % — % 61.65 %

ADR $ 1,100.17 $ — $ 1,100.17

CAMEO BEVERLY HILLS

Selected Financial Information:

Rooms revenue $ 7,557 $ — $ 7,557

Total hotel revenue $ 9,761 $ — $ 9,761

Hotel net income $ (10,101) $ — $ (10,101)

Hotel net income margin (103.48) % (103.48) %

Hotel EBITDA $ (4,454) $ — $ (4,454)

Hotel EBITDA margin (45.63) % (45.63) %

Selected Operating Information:

RevPAR $ 144.78 $ — $ 144.78

Occupancy 48.99 % — % 48.99 %

ADR $ 295.51 $ — $ 295.51

THE RITZ-CARLTON RESERVE DORADO BEACH

Selected Financial Information:

Rooms revenue $ 63,260 $ — $ 63,260

Total hotel revenue $ 94,157 $ — $ 94,157

Hotel net income $ 13,853 $ — $ 13,853

Hotel net income margin 14.71 % 14.71 %

Hotel EBITDA $ 24,433 $ — $ 24,433

Hotel EBITDA margin 25.95 % 25.95 %

Selected Operating Information:

RevPAR $ 1,635.07 $ — $ 1,635.07

Occupancy 63.17 % — % 63.17 %

ADR $ 2,588.31 $ — $ 2,588.31

FOUR SEASONS RESORT SCOTTSDALE

Selected Financial Information:

Rooms revenue $ 42,008 $ — $ 42,008

Total hotel revenue $ 81,166 $ — $ 81,166

Hotel net income (loss) $ 3,992 $ — $ 3,992

Hotel net income (loss) margin 4.92 % 4.92 %

Hotel EBITDA $ 28,865 $ — $ 28,865

Hotel EBITDA margin 35.56 % 35.56 %

Selected Operating Information:

RevPAR $ 548.05 $ — $ 548.05

Occupancy 60.44 % — % 60.44 %

ADR $ 906.83 $ — $ 906.83

TTM Ended March 31,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

RESORT PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 290,634 $ — $ 290,634

Total hotel revenue $ 512,542 $ — $ 512,542

Hotel net income $ 31,425 $ (1,212) $ 30,213

Hotel net income margin 6.13 % 5.89 %

Hotel EBITDA $ 142,497 $ (1,448) $ 141,049

Hotel EBITDA margin 27.80 % 27.52 %

Selected Operating Information:

RevPAR $ 554.88 $ — $ 554.88

Occupancy 60.58 % — % 60.58 %

ADR $ 915.89 $ — $ 915.89

URBAN PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 138,946 $ (35,949) $ 102,997

Total hotel revenue $ 191,087 $ (43,721) $ 147,366

Hotel net income $ 56,131 $ (90,895) $ (34,764)

Hotel net income margin 29.37 % (23.59) %

Hotel EBITDA $ 45,961 $ (13,714) $ 32,247

Hotel EBITDA margin 24.05 % 21.88 %

Selected Operating Information:

RevPAR $ 191.17 $ 262.43 $ 174.62

Occupancy 69.91 % 77.77 % 68.09 %

ADR $ 273.45 $ 337.44 $ 256.47

BRAEMAR PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 429,580 $ (35,949) $ 393,631

Total hotel revenue $ 703,629 $ (43,721) $ 659,908

Hotel net income $ 87,556 $ (92,107) $ (4,551)

Hotel net income margin 12.44 % (0.69) %

Hotel EBITDA $ 188,458 $ (15,162) $ 173,296

Hotel EBITDA margin 26.78 % 26.26 %

Selected Operating Information:

RevPAR $ 343.50 $ — $ 353.47

Occupancy 66.00 % — % 64.56 %

ADR $ 520.42 $ — $ 547.53

NOTES:

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable

2026 2026 2026 2025 2025 2025 2025 2025 2025 2025 2025 2025

1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter

Total hotel revenue $ 211,626 $ — $ 211,626 $ 167,475 $ (5,032) $ 162,443 $ 144,585 $ (16,637) $ 127,948 $ 179,943 $ (22,052) $ 157,891

Hotel net income (loss) $ 44,233 $ (3) $ 44,230 $ (6,496) $ (42,907) $ (49,403) $ 33,765 $ (45,155) $ (11,390) $ 16,054 $ (4,042) $ 12,012

Hotel net income (loss) margin 20.90 % 20.90 % (3.88) % (30.41) % 23.35 % (8.90) % 8.92 % 7.61 %

Hotel EBITDA $ 75,463 $ — $ 75,463 $ 39,640 $ (1,631) $ 38,009 $ 25,562 $ (6,301) $ 19,261 $ 47,793 $ (7,230) $ 40,563

Hotel EBITDA margin 35.66 % 35.66 % 23.67 % 23.40 % 17.68 % 15.05 % 26.56 % 25.69 %

Hotel net income (loss) % of total TTM 50.5 % (971.9) % (7.4) % 1,085.5 % 38.6 % 250.3 % 18.3 % (263.9) %

EBITDA % of total TTM 40.0 % 43.5 % 21.0 % 21.9 % 13.6 % 11.1 % 25.4 % 23.5 %

JV interests in Hotel net income (loss) $ — $ — $ — $ 10 $ (21) $ (11) $ (452) $ (297) $ (749) $ 100 $ 4 $ 104

JV interests in EBITDA $ — $ — $ — $ 857 $ (18) $ 839 $ 937 $ (346) $ 591 $ 1,516 $ 3 $ 1,519

Actual Non-comparable Adjustments Comparable

2026 2026 2026

TTM TTM TTM

Total hotel revenue $ 703,629 $ (43,721) $ 659,908

Hotel net income (loss) $ 87,556 $ (92,107) $ (4,551)

Hotel net income (loss) margin 12.44 % (0.69) %

Hotel EBITDA $ 188,458 $ (15,162) $ 173,296

Hotel EBITDA margin 26.78 % 26.26 %

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

EBITDA % of total TTM 100.0 % 100.0 %

JV interests in Hotel net income (loss) $ (342) $ (314) $ (656)

JV interests in EBITDA $ 3,310 $ (361) $ 2,949

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2026

(in thousands, except share price)

(unaudited)

March 31, 2026

Common stock shares outstanding 68,679

Partnership units outstanding (common stock equivalents) 4,592

Combined common stock shares and partnership units outstanding 73,271

Common stock price $ 2.36

Market capitalization $ 172,920

Series B cumulative convertible preferred stock $ 76,950

Series D cumulative preferred stock $ 40,000

Series E redeemable preferred stock $ 239,042

Series M redeemable preferred stock $ 33,433

Indebtedness $ 1,107,665

Net working capital (see below) $ (35,817)

Total enterprise value (TEV) $ 1,634,193

Cash and cash equivalents $ 92,739

Restricted cash $ 55,357

Accounts receivable, net $ 37,045

Inventory $ 4,870

Prepaid expenses $ 8,286

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

Total current assets $ 222,959

Accounts payable, net & accrued expenses $ 135,213

Redeemable preferred stock redemptions payable $ 46,720

Dividends and distributions payable $ 3,907

Due to affiliates, net $ 1,302

Total current liabilities $ 187,142

Net working capital * $ 35,817

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2026

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Rooms Actual Estimated Estimated Estimated

Sofitel Chicago Magnificent Mile 415 x

Total 0 0 0 1

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

2026 2025 2025 2025 March 31, 2026

1st Quarter 4th Quarter 3rd Quarter 2nd Quarter TTM

Net income (loss) $ 44,233 $ (6,496) $ 33,765 $ 16,054 $ 87,556

Non-property adjustments (46) 12,472 (40,584) (23) (28,181)

Interest income (240) (292) (400) (381) (1,313)

Interest expense 7,103 7,587 7,693 7,381 29,764

Amortization of loan costs 390 623 529 461 2,003

Depreciation and amortization 22,579 22,659 23,164 23,360 91,762

Income tax expense (benefit) 797 1,442 (1) (210) 2,028

Non-hotel EBITDA ownership expense 647 1,645 1,396 1,151 4,839

Hotel EBITDA including amounts attributable to noncontrolling interest 75,463 39,640 25,562 47,793 188,458

Non-comparable adjustments — (1,631) (6,301) (7,230) (15,162)

Comparable hotel EBITDA $ 75,463 $ 38,009 $ 19,261 $ 40,563 $ 173,296

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2026

Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.

Net income (loss) $ (1,225) $ — $ 275 $ (569) $ 6,051 $ (1,106) $ 5,593 $ 214 $ 3 $ 9,791 $ 2,019 $ — $ 9,562 $ (3,054) $ 10,743 $ 5,936 $ 44,233 $ (26,199) $ 18,034

Non-property adjustments (43) — — — — — — — (3) — — — — — — — (46) 46 —

Interest income (42) — (1) — — — — (30) — (45) (2) — (70) — (13) (37) (240) 240 —

Interest expense 2,055 — — — — — 1,154 — — 135 752 — — — — 3,007 7,103 11,683 18,786

Amortization of loan cost 154 — — — — — — — — — 20 — — — — 216 390 2,019 2,409

Depreciation and amortization 2,759 — 1,094 787 376 764 2,190 1,404 — 2,143 2,716 — 1,448 1,863 2,154 2,881 22,579 — 22,579

Income tax expense (benefit) — — — — — — — 4 — — — — 214 — 579 — 797 620 1,417

Non-hotel EBITDA ownership expense 1 — 8 117 6 19 3 1 — (15) 274 — 4 219 10 — 647 (647) —

Hotel EBITDA including amounts attributable to noncontrolling interest 3,659 — 1,376 335 6,433 (323) 8,940 1,593 — 12,009 5,779 — 11,158 (972) 13,473 12,003 75,463 (12,238) 63,225

Less: EBITDA adjustments attributable to consolidated noncontrolling interest — — — — — — — — — — — — — — — — — — —

Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 31 31

Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —

Hotel EBITDA attributable to the Company and OP unitholders $ 3,659 $ — $ 1,376 $ 335 $ 6,433 $ (323) $ 8,940 $ 1,593 $ — $ 12,009 $ 5,779 $ — $ 11,158 $ (972) $ 13,473 $ 12,003 $ 75,463 $ (12,207) $ 63,256

Non-comparable adjustments — — — — — — — — — — — — — — — — —

Comparable hotel EBITDA $ 3,659 $ — $ 1,376 $ 335 $ 6,433 $ (323) $ 8,940 $ 1,593 $ — $ 12,009 $ 5,779 $ — $ 11,158 $ (972) $ 13,473 $ 12,003 $ 75,463

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ — $ — $ 335 $ 6,433 $ (323) $ 8,940 $ — $ — $ 12,009 $ 5,779 $ — $ 11,158 $ — $ 13,473 $ 12,003 $ 69,807

Non-comparable adjustments — — — — — — — — — — — — — — — — —

Comparable hotel EBITDA $ — $ — $ — $ 335 $ 6,433 $ (323) $ 8,940 $ — $ — $ 12,009 $ 5,779 $ — $ 11,158 $ — $ 13,473 $ 12,003 $ 69,807

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,659 $ — $ 1,376 $ — $ — $ — $ — $ 1,593 $ — $ — $ — $ — $ — $ (972) $ — $ — $ 5,656

Non-comparable adjustments — — — — — — — — — — — — — — — — —

Comparable hotel EBITDA $ 3,659 $ — $ 1,376 $ — $ — $ — $ — $ 1,593 $ — $ — $ — $ — $ — $ (972) $ — $ — $ 5,656

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended March 31, 2026

Aareal (Capital Hilton) $ 3,659 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,659

JPMorgan Chase (see footnote 3) — — 1,376 — — — — 1,593 — — — — — — 13,473 — 16,442

BAML (see foonote 4) — — — 335 6,433 (323) — — — 12,009 — — 11,158 — — — 29,612

Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 8,940 — — — — — — — — — 8,940

BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 5,779 — — — — — 5,779

Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 12,003 12,003

Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (972) — — (972)

Total $ 3,659 $ — $ 1,376 $ 335 $ 6,433 $ (323) $ 8,940 $ 1,593 $ — $ 12,009 $ 5,779 $ — $ 11,158 $ (972) $ 13,473 $ 12,003 $ 75,463

NOTES:

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2025

Net income (loss) $ (1,890) $ 40 $ (30,388) $ (8,458) $ 3,286 $ (15,353) $ (2,734) $ 1,946 $ 42,776 $ 3,511 $ (5,040) $ 91 $ 2,542 $ (3,635) $ 3,299 $ 3,511 $ (6,496) $ (30,468) $ (36,964)

Non-property adjustments 3 — 30,256 8,672 — 15,564 — — (41,730) (129) (67) (97) — — — — 12,472 (12,472) —

Interest income (44) (14) (3) — — — — (31) (25) (39) (3) — (77) — (10) (46) (292) 292 —

Interest expense 2,191 — — — — — 1,237 — — 135 804 — — — — 3,220 7,587 12,943 20,530

Amortization of loan cost 150 — — — — — — — — — 58 — — — — 415 623 2,010 2,633

Depreciation and amortization 2,805 — 1,084 766 379 721 2,165 1,391 509 2,171 2,772 — 1,448 1,447 2,130 2,871 22,659 — 22,659

Income tax expense (benefit) 8 — — — — — — 63 — — — — (244) — 1,615 — 1,442 63 1,505

Non-hotel EBITDA ownership expense 9 48 57 154 20 33 (26) 21 27 477 727 6 30 36 34 (8) 1,645 (1,645) —

Hotel EBITDA including amounts attributable to noncontrolling interest 3,232 74 1,006 1,134 3,685 965 642 3,390 1,557 6,126 (749) — 3,699 (2,152) 7,068 9,963 39,640 (29,277) 10,363

Less: EBITDA adjustments attributable to consolidated noncontrolling interest (839) (18) — — — — — — — — — — — — — — (857) 857 —

Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 56 56

Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —

Hotel EBITDA attributable to the Company and OP unitholders $ 2,393 $ 56 $ 1,006 $ 1,134 $ 3,685 $ 965 $ 642 $ 3,390 $ 1,557 $ 6,126 $ (749) $ — $ 3,699 $ (2,152) $ 7,068 $ 9,963 $ 38,783 $ (28,364) $ 10,419

Non-comparable adjustments — (74) — — — — — — (1,557) — — — — — — — (1,631)

Comparable hotel EBITDA $ 3,232 $ — $ 1,006 $ 1,134 $ 3,685 $ 965 $ 642 $ 3,390 $ — $ 6,126 $ (749) $ — $ 3,699 $ (2,152) $ 7,068 $ 9,963 $ 38,009

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ 74 $ — $ 1,134 $ 3,685 $ 965 $ 642 $ — $ — $ 6,126 $ (749) $ — $ 3,699 $ — $ 7,068 $ 9,963 $ 32,607

Non-comparable adjustments — (74) — — — — — — — — — — — — — — (74)

Comparable hotel EBITDA $ — $ — $ — $ 1,134 $ 3,685 $ 965 $ 642 $ — $ — $ 6,126 $ (749) $ — $ 3,699 $ — $ 7,068 $ 9,963 $ 32,533

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,232 $ — $ 1,006 $ — $ — $ — $ — $ 3,390 $ 1,557 $ — $ — $ — $ — $ (2,152) $ — $ — $ 7,033

Non-comparable adjustments — — — — — — — — (1,557) — — — — — — — (1,557)

Comparable hotel EBITDA $ 3,232 $ — $ 1,006 $ — $ — $ — $ — $ 3,390 $ — $ — $ — $ — $ — $ (2,152) $ — $ — $ 5,476

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended December 31, 2025

Aareal (Capital Hilton) $ 3,232 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,232

JPMorgan Chase (see footnote 3) — — 1,006 — — — — 3,390 — — — — — — 7,068 — 11,464

BAML (see foonote 4) — — — 1,134 3,685 965 — — — 6,126 — — 3,699 — — — 15,609

Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 642 — — — — — — — — — 642

BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — (749) — — — — — (749)

Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 9,963 9,963

Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (2,152) — — (2,152)

Total $ 3,232 $ — $ 1,006 $ 1,134 $ 3,685 $ 965 $ 642 $ 3,390 $ — $ 6,126 $ (749) $ — $ 3,699 $ (2,152) $ 7,068 $ 9,963 $ 38,009

NOTES:

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended September 30, 2025

Net income (loss) $ (2,996) $ 1,190 $ 1,512 $ 1,167 $ 1,140 $ 537 $ (1,134) $ 896 $ 853 $ (1,211) $ (48) $ 43,113 $ (1,731) $ (2,251) $ (1,650) $ (5,622) $ 33,765 $ (29,042) $ 4,723

Non-property adjustments 22 73 — — — — — — — — — (41,043) — — — 364 (40,584) 40,584 —

Interest income (52) (1) (24) — — — — (34) (75) (39) (3) (11) (96) — (10) (55) (400) 400 —

Interest expense 2,282 — — — — — 1,295 — — 135 840 8 — — — 3,133 7,693 14,769 22,462

Amortization of loan cost 147 — — — 35 — — — — — 38 — — — — 309 529 2,197 2,726

Depreciation and amortization 2,819 — 1,095 766 401 656 1,859 1,380 1,372 2,308 2,487 672 1,384 1,106 2,069 2,790 23,164 — 23,164

Income tax expense (benefit) 73 — — — — — — 5 — — — — (19) — (60) — (1) (647) (648)

Non-hotel EBITDA ownership expense 68 124 123 125 10 12 22 1 6 480 327 20 4 38 (1) 37 1,396 (1,396) —

Hotel EBITDA including amounts attributable to noncontrolling interest 2,363 1,386 2,706 2,058 1,586 1,205 2,042 2,248 2,156 1,673 3,641 2,759 (458) (1,107) 348 956 25,562 26,865 52,427

Less: EBITDA adjustments attributable to consolidated noncontrolling interest (590) (347) — — — — — — — — — — — — — — (937) 937 —

Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — —

Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —

Hotel EBITDA attributable to the Company and OP unitholders $ 1,773 $ 1,039 $ 2,706 $ 2,058 $ 1,586 $ 1,205 $ 2,042 $ 2,248 $ 2,156 $ 1,673 $ 3,641 $ 2,759 $ (458) $ (1,107) $ 348 $ 956 $ 24,625 $ 27,802 $ 52,427

Non-comparable adjustments — (1,386) — — — — — — (2,156) — — (2,759) — — — — (6,301)

Comparable hotel EBITDA $ 2,363 $ — $ 2,706 $ 2,058 $ 1,586 $ 1,205 $ 2,042 $ 2,248 $ — $ 1,673 $ 3,641 $ — $ (458) $ (1,107) $ 348 $ 956 $ 19,261

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ 1,386 $ — $ 2,058 $ 1,586 $ 1,205 $ 2,042 $ — $ — $ 1,673 $ 3,641 $ — $ (458) $ — $ 348 $ 956 $ 14,437

Non-comparable adjustments — (1,386) — — — — — — — — — — — — — — (1,386)

Comparable hotel EBITDA $ — $ — $ — $ 2,058 $ 1,586 $ 1,205 $ 2,042 $ — $ — $ 1,673 $ 3,641 $ — $ (458) $ — $ 348 $ 956 $ 13,051

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 2,363 $ — $ 2,706 $ — $ — $ — $ — $ 2,248 $ 2,156 $ — $ — $ 2,759 $ — $ (1,107) $ — $ — $ 11,125

Non-comparable adjustments — — — — — — — — (2,156) — — (2,759) — — — — (4,915)

Comparable hotel EBITDA $ 2,363 $ — $ 2,706 $ — $ — $ — $ — $ 2,248 $ — $ — $ — $ — $ — $ (1,107) $ — $ — $ 6,210

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended September 30, 2025

Aareal (Capital Hilton) $ 2,363 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 2,363

JPMorgan Chase (see footnote 3) — — 2,706 — — — — 2,248 — — — — — — 348 — 5,302

BAML (see foonote 4) — — — 2,058 1,586 1,205 — — — 1,673 — — (458) — — — 6,064

Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 2,042 — — — — — — — — — 2,042

BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 3,641 — — — — — 3,641

Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 956 956

Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (1,107) — — (1,107)

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

NOTES:

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2025

Net income (loss) $ 418 $ (18) $ 3,772 $ 886 $ 2,921 $ 733 $ (4,702) $ 2,803 $ 1,022 $ 4,621 $ (3,021) $ 3,038 $ 3,115 $ (1,161) $ 1,460 $ 167 $ 16,054 $ (22,895) $ (6,841)

Non-property adjustments (23) — — — — — — — — — — — — — — — (23) 23 —

Interest income (37) (5) (2) — — — — (30) (71) (42) (5) (30) (96) — (9) (54) (381) 381 —

Interest expense 2,257 — — — — — 1,281 — — 135 831 20 — — — 2,857 7,381 15,293 22,674

Amortization of loan cost 143 — — — 34 — — — — — 31 — — — — 253 461 2,226 2,687

Depreciation and amortization 2,835 — 1,106 734 401 596 1,588 1,339 1,547 2,023 2,562 1,715 1,359 833 2,004 2,718 23,360 — 23,360

Income tax expense (benefit) (47) — — — — — — 6 — — — — (231) — 62 — (210) (135) (345)

Non-hotel EBITDA ownership expense 530 11 37 108 15 — 2 21 3 24 266 (2) 2 105 27 2 1,151 (1,151) —

Hotel EBITDA including amounts attributable to noncontrolling interest 6,076 (12) 4,913 1,728 3,371 1,329 (1,831) 4,139 2,501 6,761 664 4,741 4,149 (223) 3,544 5,943 47,793 (6,258) 41,535

Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,520) 4 — — — — — — — — — — — — — — (1,516) 1,516 —

Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — —

Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —

Hotel EBITDA attributable to the Company and OP unitholders $ 4,556 $ (8) $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ 2,501 $ 6,761 $ 664 $ 4,741 $ 4,149 $ (223) $ 3,544 $ 5,943 $ 46,277 $ (4,742) $ 41,535

Non-comparable adjustments — 12 — — — — — — (2,501) — — (4,741) — — — — (7,230)

Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ — $ 6,761 $ 664 $ — $ 4,149 $ (223) $ 3,544 $ 5,943 $ 40,563

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (12) $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,646

Non-comparable adjustments — 12 — — — — — — — — — — — — — — 12

Comparable hotel EBITDA $ — $ — $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,658

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ 2,501 $ — $ — $ 4,741 $ — $ (223) $ — $ — $ 22,147

Non-comparable adjustments — — — — — — — — (2,501) — — (4,741) — — — — (7,242)

Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ — $ — $ — $ — $ — $ (223) $ — $ — $ 14,905

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended June 30, 2025

Aareal (Capital Hilton) $ 6,076 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 6,076

JPMorgan Chase (see footnote 3) — — 4,913 — — — — 4,139 — — — — — — 3,544 — 12,596

BAML (see foonote 4) — — — 1,728 3,371 1,329 — — — 6,761 — — 4,149 — — — 17,338

Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — (1,831) — — — — — — — — — (1,831)

BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 664 — — — — — 664

Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 5,943 5,943

Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (223) — — (223)

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

NOTES:

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

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2025

Net income (loss) $ (254) $ (96) $ (3,557) $ (1,155) $ 5,122 $ (1,012) $ 7,087 $ 410 $ 1,440 $ 8,702 $ 1,258 $ (364) $ 7,899 $ (1,377) $ 7,218 $ 5,436 $ 36,757 $ (26,085) $ 10,672

Non-property adjustments 3 — — — — — — — — — — — — — 866 — 869 (869) —

Interest income (36) (4) (1) — — — — (27) (64) (28) (7) (27) (96) — (8) (50) (348) 348 —

Interest expense 2,233 — — — — — 1,267 — — 151 856 20 — — 1,031 2,827 8,385 14,310 22,695

Amortization of loan cost 140 — — — 34 — — — — — 31 — — — 135 248 588 1,544 2,132

Depreciation and amortization 3,028 — 1,117 738 407 567 1,516 1,290 1,646 1,978 2,567 1,732 1,388 734 1,994 2,693 23,395 — 23,395

Income tax expense (benefit) 97 — — — — — — 5 — — — — 119 — 305 — 526 941 1,467

Non-hotel EBITDA ownership expense (20) 42 36 198 22 3 36 28 2 (250) 287 12 3 161 5 4 569 (569) —

Hotel EBITDA including amounts attributable to noncontrolling interest 5,191 (58) (2,405) (219) 5,585 (442) 9,906 1,706 3,024 10,553 4,992 1,373 9,313 (482) 11,546 11,158 70,741 (10,380) 60,361

Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,298) 14 — — — — — — — — — — — — — — (1,284) 1,284 —

Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — —

Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — —

Hotel EBITDA attributable to the Company and OP unitholders $ 3,893 $ (44) $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ 1,373 $ 9,313 $ (482) $ 11,546 $ 11,158 $ 69,457 $ (9,096) $ 60,361

Non-comparable adjustments — 58 — — — — — — (3,024) — — (1,373) — — — — (4,339)

Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ — $ 10,553 $ 4,992 $ — $ 9,313 $ (482) $ 11,546 $ 11,158 $ 66,402

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (58) $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,334

Non-comparable adjustments — 58 — — — — — — — — — — — — — — 58

Comparable hotel EBITDA $ — $ — $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,392

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ 3,024 $ — $ — $ 1,373 $ — $ (482) $ — $ — $ 8,407

Non-comparable adjustments — — — — — — — — (3,024) — — (1,373) — — — — (4,397)

Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ — $ — $ — $ — $ — $ (482) $ — $ — $ 4,010

NOTES:

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

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May 06, 2026

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BRAEMAR HOTELS & RESORTS INC.

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