Form 8-K

8-K — Braemar Hotels & Resorts Inc.

Accession: 0001574085-26-000123

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001574085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bhr-20260805.htm (Primary)

EX-99.1 (bhr2026q2earningsrelease.htm)

GRAPHIC (braemara59a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhr-20260805.htm · Sequence: 1

bhr-20260805

0001574085false00015740852026-08-052026-08-050001574085us-gaap:CommonStockMember2026-08-052026-08-050001574085us-gaap:SeriesBPreferredStockMember2026-08-052026-08-050001574085us-gaap:SeriesDPreferredStockMember2026-08-052026-08-05

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): August 5, 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 August 5, 2026, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 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 Second Quarter 2026 Earnings Press Release of the Company, dated August 5, 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: August 5, 2026

By: /s/ Justin Coe

Justin Coe

Chief Accounting Officer

EX-99.1

Filename: bhr2026q2earningsrelease.htm · Sequence: 2

Document

EXHIBIT 99.1

NEWS RELEASE

Contact: Justin Coe Joe Calabrese

Chief Accounting Officer Financial Relations Board

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

BRAEMAR HOTELS & RESORTS REPORTS

SECOND QUARTER 2026 RESULTS

DALLAS – August 5, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable Total RevPAR for all hotels increased 10.6% over the prior year quarter to $652.

•Comparable RevPAR for all hotels totaled $396, an increase of 12.3% over the prior year quarter and the highest second quarter RevPAR result in the Company's history. Comparable ADR increased 13.1% over the prior year quarter to $545 and Comparable Occupancy decreased 0.7% over the prior year quarter to 72.6%.

•Net loss attributable to common stockholders for the quarter was $0.7 million or ($0.01) per diluted share.

•Adjusted funds from operations (AFFO) was $0.13 per diluted share for the quarter.

•Adjusted EBITDAre was $37.8 million for the quarter.

•Comparable Hotel EBITDA was $48.4 million for the quarter, up 14.2% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $93.9 million and restricted cash of $52.6 million. The vast majority of the restricted cash is comprised of manager-held reserves. At the end of the quarter, there was also $13.9 million 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 43.5% at the end of the second quarter.

•Capex invested during the quarter was $5.8 million.

•During the quarter, the Company redeemed approximately $16.3 million of its non-traded preferred stock in cash.

BHR Reports Second Quarter Results

Page 2

August 5, 2026

RECENT OPERATING HIGHLIGHTS

•Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 38.4% over the prior year quarter.

•The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,658, an increase of approximately 28.4% over the prior year quarter, with Hotel EBITDA of approximately $7.0 million, an increase of 97.2% over the prior year quarter.

•On May 26, 2026, the Company closed on the previously announced sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026.

•On June 29, 2026, the Company announced that it has extended its $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms.

•Subsequent to quarter end, the Company announced on July 14, 2026 that it closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on July 13, 2026, the Company entered into a definitive agreement to sell the Pier House Resort & Spa for $190.0 million ($1.3 million per key) and received a $6.0 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments. The Company provides no assurances that the sale will be completed on these terms or at all.

CAPITAL STRUCTURE

As of June 30, 2026, the Company had total assets of $1.7 billion and $1.0 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.82%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company’s debt was effectively floating rate.

DIVIDENDS

On July 24, 2026, the Company announced that its Board of Directors declared the following cash dividends:

•Series B (5.5% Cumulative Convertible Preferred Stock): $0.3438 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.

•Series D (8.25% Cumulative Preferred Stock): $0.5156 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026.

•Series E Redeemable Preferred Stock: $0.15625 per share, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).

BHR Reports Second Quarter Results

Page 3

August 5, 2026

•Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).

The Board of Directors will review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

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 extremely pleased with our record-breaking second quarter performance, highlighted by comparable RevPAR growth of approximately 12.3%, comparable Hotel EBITDA growth of 14.2% and 93 basis points of margin expansion to 28.6%. This Hotel EBITDA growth is particularly notable given the challenging snow year at our Ritz-Carlton Lake Tahoe property. The remainder of our luxury portfolio delivered exceptional property-level performance during the quarter, led by comparable RevPAR growth of 38.4% at Cameo Beverly Hills, 28.4% at The Ritz-Carlton Reserve Dorado Beach, and 20.6% at The Ritz-Carlton, St. Thomas,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Our top-line growth this quarter was driven primarily by rate, as comparable ADR increased 13.1% while occupancy remained essentially flat, reflecting the pricing power of our luxury portfolio in supply-constrained U.S. and Caribbean markets.”

“Additionally, with the recent closings of four property sales and our announced agreement to sell Pier House Resort & Spa, we continue to make meaningful progress on our management spin-out and transition to a self-managed REIT. We look forward to providing additional 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.

BHR Reports Second Quarter Results

Page 4

August 5, 2026

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. 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 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)

June 30, 2026 December 31, 2025

ASSETS

Investments in hotel properties, gross $ 1,402,848 $ 1,902,328

Accumulated depreciation (304,522) (344,061)

Investments in hotel properties, net 1,098,326 1,558,267

Cash and cash equivalents 93,865 124,354

Restricted cash 52,604 42,479

Accounts receivable, net of allowance of $136 and $113, respectively 27,671 32,843

Inventories 3,278 4,741

Note receivable 9,197 8,896

Prepaid expenses 4,342 6,987

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

Deferred costs, net 73 75

Investment in OpenKey — 89

Derivative assets 373 56

Other assets 9,912 15,368

Operating lease right-of-use assets 330 30,743

Intangible assets, net — 2,746

Due from third-party hotel managers 13,884 17,088

Assets held for sale 327,886 —

Total assets $ 1,658,741 $ 1,861,732

LIABILITIES AND EQUITY

Liabilities:

Indebtedness, net $ 745,918 $ 1,103,450

Accounts payable and accrued expenses 98,222 142,123

Redeemable preferred stock redemptions payable 54,760 30,864

Dividends and distributions payable 3,807 7,672

Due to Ashford Inc., net 680 5,148

Due to related parties, net 199 257

Due to third-party hotel managers 657 1,467

Operating lease liabilities 383 20,058

Other liabilities 7,500 25,572

Liabilities associated with assets held for sale 268,178 —

Total liabilities 1,180,304 1,336,611

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 65,426 65,426

Series E redeemable preferred stock, $0.01 par value, 8,637,450 and 10,818,280 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 215,936 265,695

Series M redeemable preferred stock, $0.01 par value, 1,312,137 and 1,368,091 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 32,820 34,217

Redeemable noncontrolling interests in operating partnership 15,197 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 June 30, 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 June 30, 2026 and December 31, 2025, respectively 687 682

Additional paid-in capital 707,922 706,488

Accumulated deficit (561,597) (568,503)

Total stockholders' equity of the Company 147,028 138,683

Noncontrolling interest in consolidated entities 2,030 2,095

Total equity 149,058 140,778

Total liabilities and equity $ 1,658,741 $ 1,861,732

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

REVENUE

Rooms $ 102,183 $ 109,824 $ 230,984 $ 245,916

Food and beverage 45,322 45,571 97,664 97,359

Other 23,521 23,682 51,361 51,622

Total hotel revenue 171,026 179,077 380,009 394,897

EXPENSES

Hotel operating expenses:

Rooms 24,218 27,285 49,096 55,504

Food and beverage 34,897 35,767 73,807 75,977

Other expenses 52,924 56,445 112,802 116,821

Management fees 5,138 5,541 11,332 12,451

Total hotel operating expenses 117,177 125,038 247,037 260,753

Property taxes, insurance and other 7,507 7,892 12,159 18,357

Depreciation and amortization 21,433 23,360 44,012 46,755

Advisory services fee:

Base advisory fee 3,789 3,477 7,557 7,053

Reimbursable expenses 3,491 3,577 7,127 6,578

Incentive fee — 188 — 270

Stock/unit-based compensation — (51) — (99)

Corporate, general and administrative:

Stock/unit-based compensation — 5 — 5

Other general and administrative 4,413 (2,303) 9,280 591

Total operating expenses 157,810 161,183 327,172 340,263

Gain (loss) on disposition of assets and hotel property 17,395 — 17,398 —

OPERATING INCOME (LOSS) 30,611 17,894 70,235 54,634

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

Interest income 774 1,519 1,584 3,407

Other income (expense) — (1,250) — (1,250)

Interest expense (18,072) (22,674) (36,858) (45,369)

Amortization of loan costs (2,441) (2,687) (4,850) (4,819)

Write-off of loan costs and exit fees (1,484) (3) (1,489) (1,467)

Realized and unrealized gain (loss) on derivatives 35 15 283 (183)

INCOME (LOSS) BEFORE INCOME TAXES 9,423 (7,186) 28,874 4,953

Income tax (expense) benefit (2,481) 345 (3,898) (1,122)

NET INCOME (LOSS) 6,942 (6,841) 24,976 3,831

(Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 48 1,489 (299) 1,751

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 7,038 (5,467) 24,742 5,531

Preferred dividends (7,741) (8,992) (15,781) (18,261)

Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (711) $ (16,018) $ 4,190 $ (18,565)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28)

Weighted average common shares outstanding – basic 68,679 67,279 68,556 67,013

Diluted:

Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28)

Weighted average common shares outstanding – diluted 68,679 67,279 68,556 67,013

Dividends declared per common share $ — $ 0.05 $ — $ 0.10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income (loss) $ 6,942 $ (6,841) $ 24,976 $ 3,831

Interest expense and amortization of loan costs 20,513 25,361 41,708 50,188

Depreciation and amortization 21,433 23,360 44,012 46,755

Income tax expense (benefit) 2,481 (345) 3,898 1,122

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

EBITDA 51,369 41,535 114,625 101,896

(Gain) loss on disposition of assets and hotel property (17,395) — (17,398) —

EBITDAre 33,974 41,535 97,227 101,896

Amortization of favorable (unfavorable) contract assets (liabilities) 107 107 214 214

Transaction and conversion costs 1,144 471 3,819 1,166

Write-off of loan costs and exit fees 1,484 3 1,489 1,467

Realized and unrealized (gain) loss on derivatives (35) (15) (283) 183

Stock/unit-based compensation — (47) — (95)

Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482)

Advisory services incentive fee — 188 — 270

Other (income) expense — 1,250 — 1,250

Severance 311 — 548 —

Adjusted EBITDAre $ 37,793 $ 38,866 $ 104,326 $ 101,869

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 Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income (loss) $ 6,942 $ (6,841) $ 24,976 $ 3,831

(Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51)

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 48 1,489 (299) 1,751

Preferred dividends (7,741) (8,992) (15,781) (18,261)

Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835)

Net income (loss) attributable to common stockholders (711) (16,018) 4,190 (18,565)

Depreciation and amortization on real estate (1)

21,433 22,690 44,012 45,366

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (48) (1,489) 299 (1,751)

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

(Gain) loss on disposition of assets and hotel property (17,395) — (17,398) —

FFO available to common stockholders and OP unitholders 3,279 5,183 31,134 25,050

Deemed dividends on redeemable preferred stock 8 1,559 4,771 5,835

Transaction and conversion costs 1,144 471 3,819 1,166

Write-off of premiums, loan costs and exit fees 1,484 3 1,489 1,467

Unrealized (gain) loss on derivatives (33) 165 (273) 551

Stock/unit-based compensation — (47) — (95)

Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482)

Interest expense accretion on refundable membership club deposits 120 135 255 286

Amortization of loan costs (1)

2,441 2,651 4,850 4,748

Advisory services incentive fee — 188 — 270

Other (income) expense — 1,250 — 1,250

Severance 311 — 548 —

Adjusted FFO available to common stockholders and OP unitholders $ 9,562 $ 6,932 $ 47,905 $ 36,046

Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.13 $ 0.09 $ 0.65 $ 0.49

Weighted average diluted shares 73,271 73,571 73,272 73,573

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 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

BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% $ — $ 407,000 (2) $ 407,000 $ 24,069 5.9 % $ 72,589 17.8 %

BAML The Ritz-Carlton Lake Tahoe October 2026 January 2027 SOFR (1) + 3.25% — 43,413 (3) 43,413 (7,841) (18.1) % 7,553 17.4 %

Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% — 110,600 (4) 110,600 (4,478) (4.0) % 15,875 14.4 %

JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) + 2.83% — 209,902 (5) 209,902 (2,205) (1.1) % 49,241 23.5 %

Aareal Capital Corporation Four Seasons Resort Scottsdale August 2028 August 2030 SOFR (1) + 3.00% — 180,000 (6) 180,000 3,088 1.7 % 28,316 15.7 %

Unencumbered Hotel Cameo Beverly Hills — — — (10,839) N/A (4,058) N/A

Total $ — $ 950,915 $ 950,915 $ 1,794 0.2 % $ 169,516 17.8 %

Percentage — % 100.0 % 100.0 %

Weighted average interest rate (7)

— % 6.82 % 6.82 %

All indebtedness is non-recourse.

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

(1) SOFR rate was 3.65% at June 30, 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. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.

(3) This mortgage loan has one three-month extension option subject to satisfaction of certain conditions.

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2026

(dollars in thousands)

(unaudited)

Lender Hotels 2026 2027 2028 2029 2030 Thereafter Total

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

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

Due at maturity $ — $ 43,413 $ 106,600 $ 407,000 $ 383,902 $ — $ 940,915

Amortization payments:

Aareal Capital Corporation Capital Hilton — 2,000 2,000 — — — 4,000

Aareal Capital Corporation Four Seasons Resort Scottsdale — — 750 3,000 2,250 — 6,000

Total indebtedness $ — $ 45,413 $ 109,350 $ 410,000 $ 386,152 $ — $ 950,915

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. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of 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 June 30,

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

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 103,543 $ (752) $ 102,791 $ 110,883 $ (19,261) $ 91,622 (6.62) % 12.19 %

RevPAR $ 382.86 $ (70.84) $ 395.60 $ 318.14 $ (217.75) $ 352.29 20.34 % 12.29 %

Occupancy 70.84 % (27.53) % 72.61 % 71.85 % (68.15) % 73.10 % (1.41) % (0.67) %

ADR $ 540.47 $ (257.34) $ 544.85 $ 442.81 $ (319.53) $ 481.90 22.05 % 13.06 %

ALL HOTELS:

Six Months Ended June 30,

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

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 235,574 $ (13,801) $ 221,773 $ 250,139 $ (47,409) $ 202,730 (5.82) % 9.39 %

RevPAR $ 432.22 $ (493.15) $ 428.92 $ 360.83 $ (269.48) $ 391.90 19.78 % 9.45 %

Occupancy 67.65 % (57.77) % 68.18 % 68.23 % (68.02) % 68.31 % (0.85) % (0.19) %

ADR $ 638.93 $ (853.69) $ 629.09 $ 528.83 $ (396.19) $ 573.75 20.82 % 9.65 %

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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 Six Months Ended

June 30, June 30,

2026 2025 % Variance 2026 2025 % Variance

Total hotel revenue $ 172,138 $ 179,943 (4.34) % $ 383,764 $ 398,352 (3.66) %

Non-comparable adjustments (2,728) (26,568) (24,503) (66,573)

Comparable total hotel revenue $ 169,410 $ 153,375 10.45 % $ 359,261 $ 331,779 8.28 %

Hotel net income (loss) $ 34,753 $ 16,054 116.48 % $ 78,986 $ 52,811 49.56 %

Non-comparable adjustments (14,670) 660 (20,266) (7,407)

Comparable hotel net income (loss) $ 20,083 $ 16,714 20.16 % $ 58,720 $ 45,404 29.33 %

Hotel net income (loss) margin 20.19 % 8.92 % 11.27 % 20.58 % 13.26 % 7.32 %

Comparable hotel net income margin 11.85 % 10.90 % 0.95 % 16.34 % 13.69 % 2.65 %

Hotel EBITDA $ 47,952 $ 47,793 0.33 % $ 123,415 $ 118,534 4.12 %

Non-comparable adjustments 455 (5,399) (8,485) (19,645)

Comparable hotel EBITDA $ 48,407 $ 42,394 14.18 % $ 114,930 $ 98,889 16.22 %

Hotel EBITDA margin 27.86 % 26.56 % 1.30 % 32.16 % 29.76 % 2.40 %

Comparable hotel EBITDA margin 28.57 % 27.64 % 0.93 % 31.99 % 29.81 % 2.18 %

Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ — $ 100 (100.00) % $ 13 (100.00) %

Hotel net income (loss) attributable to the Company and OP unitholders $ 34,753 $ 15,954 117.83 % $ 78,986 $ 52,798 49.60 %

Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 20,083 $ 16,610 20.91 % $ 58,720 $ 45,363 29.44 %

Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ — $ 1,516 (100.00) % $ 2,800 (100.00) %

Hotel EBITDA attributable to the Company and OP unitholders $ 47,952 $ 46,277 3.62 % $ 123,415 $ 115,734 6.64 %

Comparable hotel EBITDA attributable to the Company and OP unitholders $ 48,407 $ 40,875 18.43 % $ 114,930 $ 96,072 19.63 %

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

(2) 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.

(3) 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 June 30,

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 $ 13,161 $ — $ 13,161 $ 12,819 $ — $ 12,819 2.67 % 2.67 %

Total hotel revenue $ 19,228 $ — $ 19,228 $ 18,445 $ — $ 18,445 4.25 % 4.25 %

Hotel net income (loss) $ 1,633 $ — $ 1,633 $ 418 $ — $ 418 290.67 % 290.67 %

Hotel net income (loss) margin 8.49 % 8.49 % 2.27 % 2.27 % 6.22 % 6.22 %

Hotel EBITDA $ 6,621 $ — $ 6,621 $ 6,076 $ — $ 6,076 8.97 % 8.97 %

Hotel EBITDA margin 34.43 % 34.43 % 32.94 % 32.94 % 1.49 % 1.49 %

Selected Operating Information:

RevPAR $ 258.72 $ — $ 258.72 $ 251.99 $ — $ 251.99 2.67 % 2.67 %

Occupancy 84.48 % — % 84.48 % 84.68 % — % 84.68 % (0.24) % (0.24) %

ADR $ 306.25 $ — $ 306.25 $ 297.60 $ — $ 297.60 2.91 % 2.91 %

HILTON LA JOLLA TORREY PINES

Selected Financial Information:

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

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

Hotel net income (loss) $ — $ — $ — $ (18) $ 18 $ — 100.00 % — %

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

Hotel EBITDA $ — $ — $ — $ (12) $ 12 $ — 100.00 % — %

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

Selected Operating Information:

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

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

ADR $ — $ — $ — $ — $ — $ — — % — %

SOFITEL CHICAGO MAGNIFICENT MILE

Selected Financial Information:

Rooms revenue $ 9,414 $ — $ 9,414 $ 8,511 $ — $ 8,511 10.61 % 10.61 %

Total hotel revenue $ 12,288 $ — $ 12,288 $ 11,620 $ — $ 11,620 5.75 % 5.75 %

Hotel net income (loss) $ 2,556 $ — $ 2,556 $ 3,772 $ — $ 3,772 (32.24) % (32.24) %

Hotel net income (loss) margin 20.80 % 20.80 % 32.46 % 32.46 % (11.66) % (11.66) %

Hotel EBITDA $ 3,831 $ — $ 3,831 $ 4,913 $ — $ 4,913 (22.02) % (22.02) %

Hotel EBITDA margin 31.18 % 31.18 % 42.28 % 42.28 % (11.10) % (11.10) %

Selected Operating Information:

RevPAR $ 249.29 $ — $ 249.29 $ 225.38 $ — $ 225.38 10.61 % 10.61 %

Occupancy 80.83 % — % 80.83 % 80.01 % — % 80.01 % 1.02 % 1.02 %

ADR $ 308.43 $ — $ 308.43 $ 281.70 $ — $ 281.70 9.49 % 9.49 %

BARDESSONO HOTEL AND SPA

Selected Financial Information:

Rooms revenue $ 4,491 $ — $ 4,491 $ 4,280 $ — $ 4,280 4.93 % 4.93 %

Total hotel revenue $ 6,094 $ — $ 6,094 $ 5,819 $ — $ 5,819 4.73 % 4.73 %

Hotel net income (loss) $ 1,131 $ — $ 1,131 $ 886 $ — $ 886 27.65 % 27.65 %

Hotel net income (loss) margin 18.56 % 18.56 % 15.23 % 15.23 % 3.33 % 3.33 %

Hotel EBITDA $ 2,026 $ — $ 2,026 $ 1,728 $ — $ 1,728 17.25 % 17.25 %

Hotel EBITDA margin 33.25 % 33.25 % 29.70 % 29.70 % 3.55 % 3.55 %

Selected Operating Information:

RevPAR $ 759.31 $ — $ 759.31 $ 723.58 $ — $ 723.58 4.94 % 4.94 %

Occupancy 66.78 % — % 66.78 % 71.83 % — % 71.83 % (7.03) % (7.03) %

ADR $ 1,137.04 $ — $ 1,137.04 $ 1,007.29 $ — $ 1,007.29 12.88 % 12.88 %

Three Months Ended June 30,

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 $ 6,247 $ — $ 6,247 $ 5,618 $ — $ 5,618 11.20 % 11.20 %

Total hotel revenue $ 8,459 $ — $ 8,459 $ 7,491 $ — $ 7,491 12.92 % 12.92 %

Hotel net income (loss) $ 3,912 $ — $ 3,912 $ 2,921 $ — $ 2,921 33.93 % 33.93 %

Hotel net income (loss) margin 46.25 % 46.25 % 38.99 % 38.99 % 7.26 % 7.26 %

Hotel EBITDA $ 4,279 $ — $ 4,279 $ 3,371 $ — $ 3,371 26.94 % 26.94 %

Hotel EBITDA margin 50.59 % 50.59 % 45.00 % 45.00 % 5.59 % 5.59 %

Selected Operating Information:

RevPAR $ 483.47 $ — $ 483.47 $ 434.78 $ — $ 434.78 11.20 % 11.20 %

Occupancy 79.82 % — % 79.82 % 71.46 % — % 71.46 % 11.70 % 11.70 %

ADR $ 605.72 $ — $ 605.72 $ 608.43 $ — $ 608.43 (0.45) % (0.45) %

HOTEL YOUNTVILLE

Selected Financial Information:

Rooms revenue $ 3,447 $ — $ 3,447 $ 2,925 $ — $ 2,925 17.85 % 17.85 %

Total hotel revenue $ 4,498 $ — $ 4,498 $ 4,061 $ — $ 4,061 10.76 % 10.76 %

Hotel net income (loss) $ 1,012 $ — $ 1,012 $ 733 $ — $ 733 38.06 % 38.06 %

Hotel net income (loss) margin 22.50 % 22.50 % 18.05 % 18.05 % 4.45 % 4.45 %

Hotel EBITDA $ 1,764 $ — $ 1,764 $ 1,329 $ — $ 1,329 32.73 % 32.73 %

Hotel EBITDA margin 39.22 % 39.22 % 32.73 % 32.73 % 6.49 % 6.49 %

Selected Operating Information:

RevPAR $ 473.50 $ — $ 473.50 $ 401.78 $ — $ 401.78 17.85 % 17.85 %

Occupancy 64.24 % — % 64.24 % 62.36 % — % 62.36 % 3.01 % 3.01 %

ADR $ 737.03 $ — $ 737.03 $ 644.27 $ — $ 644.27 14.40 % 14.40 %

PARK HYATT BEAVER CREEK RESORT & SPA

Selected Financial Information:

Rooms revenue $ 752 $ (752) $ — $ 1,471 $ (1,471) $ — (48.88) % — %

Total hotel revenue $ 2,728 $ (2,728) $ — $ 4,516 $ (4,516) $ — (39.59) % — %

Hotel net income (loss) $ 14,657 $ (14,657) $ — $ (4,702) $ 4,702 $ — 411.72 % — %

Hotel net income (loss) margin 537.28 % — % (104.12) % — % 641.40 % — %

Hotel EBITDA $ (486) $ 486 $ — $ (1,831) $ 1,831 $ — 73.46 % — %

Hotel EBITDA margin (17.82) % — % (40.54) % — % 22.72 % — %

Selected Operating Information:

RevPAR $ 70.84 $ 70.84 $ 70.84 $ 83.72 $ 83.72 $ 83.72 (15.38) % (15.38) %

Occupancy 27.53 % 27.53 % 27.53 % 27.17 % 27.17 % 27.17 % 1.32 % 1.32 %

ADR $ 257.34 $ 257.34 $ 257.34 $ 308.20 $ 308.20 $ 308.20 (16.50) % (16.50) %

THE NOTARY HOTEL

Selected Financial Information:

Rooms revenue $ 9,641 $ — $ 9,641 $ 8,565 $ — $ 8,565 12.56 % 12.56 %

Total hotel revenue $ 12,676 $ — $ 12,676 $ 10,956 $ — $ 10,956 15.70 % 15.70 %

Hotel net income (loss) $ 3,910 $ — $ 3,910 $ 2,803 $ — $ 2,803 39.49 % 39.49 %

Hotel net income (loss) margin 30.85 % 30.85 % 25.58 % 25.58 % 5.27 % 5.27 %

Hotel EBITDA $ 5,213 $ — $ 5,213 $ 4,139 $ — $ 4,139 25.95 % 25.95 %

Hotel EBITDA margin 41.12 % 41.12 % 37.78 % 37.78 % 3.34 % 3.34 %

Selected Operating Information:

RevPAR $ 212.32 $ — $ 212.32 $ 188.61 $ — $ 188.61 12.57 % 12.57 %

Occupancy 73.89 % — % 73.89 % 75.95 % — % 75.95 % (2.71) % (2.71) %

ADR $ 287.34 $ — $ 287.34 $ 248.35 $ — $ 248.35 15.70 % 15.70 %

Three Months Ended June 30,

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 $ — $ — $ — $ 8,911 $ (8,911) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 10,713 $ (10,713) $ — (100.00) % — %

Hotel net income (loss) $ (18) $ 18 $ — $ 1,022 $ (1,022) $ — (101.76) % — %

Hotel net income (loss) margin — % — % 9.54 % — % (9.54) % — %

Hotel EBITDA $ — $ — $ — $ 2,501 $ (2,501) $ — (100.00) % — %

Hotel EBITDA margin — % — % 23.35 % — % (23.35) % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 238.83 $ 238.83 $ — (100.00) % — %

Occupancy — % — % — % 74.47 % 74.47 % — % (100.00) % — %

ADR $ — $ — $ — $ 320.71 $ 320.71 $ — (100.00) % — %

THE RITZ-CARLTON SARASOTA

Selected Financial Information:

Rooms revenue $ 11,283 $ — $ 11,283 $ 9,555 $ — $ 9,555 18.08 % 18.08 %

Total hotel revenue $ 28,134 $ — $ 28,134 $ 24,533 $ — $ 24,533 14.68 % 14.68 %

Hotel net income (loss) $ 6,677 $ — $ 6,677 $ 4,621 $ — $ 4,621 44.49 % 44.49 %

Hotel net income (loss) margin 23.73 % 23.73 % 18.84 % 18.84 % 4.89 % 4.89 %

Hotel EBITDA $ 8,357 $ — $ 8,357 $ 6,761 $ — $ 6,761 23.61 % 23.61 %

Hotel EBITDA margin 29.70 % 29.70 % 27.56 % 27.56 % 2.14 % 2.14 %

Selected Operating Information:

RevPAR $ 449.23 $ — $ 449.23 $ 380.44 $ — $ 380.44 18.08 % 18.08 %

Occupancy 78.39 % — % 78.39 % 71.31 % — % 71.31 % 9.93 % 9.93 %

ADR $ 573.05 $ — $ 573.05 $ 533.50 $ — $ 533.50 7.41 % 7.41 %

THE RITZ-CARLTON LAKE TAHOE

Selected Financial Information:

Rooms revenue $ 3,886 $ — $ 3,886 $ 4,353 $ — $ 4,353 (10.73) % (10.73) %

Total hotel revenue $ 8,127 $ — $ 8,127 $ 10,655 $ — $ 10,655 (23.73) % (23.73) %

Hotel net income (loss) $ (4,772) $ — $ (4,772) $ (3,021) $ — $ (3,021) (57.96) % (57.96) %

Hotel net income (loss) margin (58.72) % (58.72) % (28.35) % (28.35) % (30.37) % (30.37) %

Hotel EBITDA $ (1,118) $ — $ (1,118) $ 664 $ — $ 664 (268.37) % (268.37) %

Hotel EBITDA margin (13.76) % (13.76) % 6.23 % 6.23 % (19.99) % (19.99) %

Selected Operating Information:

RevPAR $ 233.36 $ — $ 233.36 $ 261.42 $ — $ 261.42 (10.73) % (10.73) %

Occupancy 35.78 % — % 35.78 % 49.66 % — % 49.66 % (27.95) % (27.95) %

ADR $ 652.16 $ — $ 652.16 $ 526.40 $ — $ 526.40 23.89 % 23.89 %

MARRIOTT SEATTLE WATERFRONT

Selected Financial Information:

Rooms revenue $ — $ — $ — $ 8,879 $ (8,879) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 11,339 $ (11,339) $ — (100.00) % — %

Hotel net income (loss) $ 31 $ (31) $ — $ 3,038 $ (3,038) $ — (98.98) % — %

Hotel net income (loss) margin — % — % 26.79 % — % (26.79) % — %

Hotel EBITDA $ 31 $ (31) $ — $ 4,741 $ (4,741) $ — (99.35) % — %

Hotel EBITDA margin — % — % 41.81 % — % (41.81) % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 264.42 $ 264.42 $ — (100.00) % — %

Occupancy — % — % — % 82.56 % 82.56 % — % (100.00) % — %

ADR $ — $ — $ — $ 320.29 $ 320.29 $ — (100.00) % — %

Three Months Ended June 30,

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 $ 12,260 $ — $ 12,260 $ 10,168 $ — $ 10,168 20.57 % 20.57 %

Total hotel revenue $ 20,990 $ — $ 20,990 $ 17,487 $ — $ 17,487 20.03 % 20.03 %

Hotel net income (loss) $ 2,178 $ — $ 2,178 $ 3,115 $ — $ 3,115 (30.08) % (30.08) %

Hotel net income (loss) margin 10.38 % 10.38 % 17.81 % 17.81 % (7.43) % (7.43) %

Hotel EBITDA $ 4,878 $ — $ 4,878 $ 4,149 $ — $ 4,149 17.57 % 17.57 %

Hotel EBITDA margin 23.24 % 23.24 % 23.73 % 23.73 % (0.49) % (0.49) %

Selected Operating Information:

RevPAR $ 748.48 $ — $ 748.48 $ 620.74 $ — $ 620.74 20.58 % 20.58 %

Occupancy 68.26 % — % 68.26 % 63.57 % — % 63.57 % 7.38 % 7.38 %

ADR $ 1,096.51 $ — $ 1,096.51 $ 976.44 $ — $ 976.44 12.30 % 12.30 %

CAMEO BEVERLY HILLS

Selected Financial Information:

Rooms revenue $ 3,553 $ — $ 3,553 $ 2,616 $ — $ 2,616 35.82 % 35.82 %

Total hotel revenue $ 4,230 $ — $ 4,230 $ 3,293 $ — $ 3,293 28.45 % 28.45 %

Hotel net income (loss) $ (1,899) $ — $ (1,899) $ (1,161) $ — $ (1,161) (63.57) % (63.57) %

Hotel net income (loss) margin (44.89) % (44.89) % (35.26) % (35.26) % (9.63) % (9.63) %

Hotel EBITDA $ 173 $ — $ 173 $ (223) $ — $ (223) 177.58 % 177.58 %

Hotel EBITDA margin 4.09 % 4.09 % (6.77) % (6.77) % 10.86 % 10.86 %

Selected Operating Information:

RevPAR $ 278.23 $ — $ 278.23 $ 201.08 $ — $ 201.08 38.37 % 38.37 %

Occupancy 72.07 % — % 72.07 % 75.72 % — % 75.72 % (4.82) % (4.82) %

ADR $ 386.08 $ — $ 386.08 $ 265.57 $ — $ 265.57 45.38 % 45.38 %

THE RITZ-CARLTON RESERVE DORADO BEACH

Selected Financial Information:

Rooms revenue $ 15,994 $ — $ 15,994 $ 12,454 $ — $ 12,454 28.42 % 28.42 %

Total hotel revenue $ 26,119 $ — $ 26,119 $ 19,735 $ — $ 19,735 32.35 % 32.35 %

Hotel net income (loss) $ 4,482 $ — $ 4,482 $ 1,460 $ — $ 1,460 206.99 % 206.99 %

Hotel net income (loss) margin 17.16 % 17.16 % 7.40 % 7.40 % 9.76 % 9.76 %

Hotel EBITDA $ 6,989 $ — $ 6,989 $ 3,544 $ — $ 3,544 97.21 % 97.21 %

Hotel EBITDA margin 26.76 % 26.76 % 17.96 % 17.96 % 8.80 % 8.80 %

Selected Operating Information:

RevPAR $ 1,657.98 $ — $ 1,657.98 $ 1,291.06 $ — $ 1,291.06 28.42 % 28.42 %

Occupancy 70.53 % — % 70.53 % 61.50 % — % 61.50 % 14.68 % 14.68 %

ADR $ 2,350.86 $ — $ 2,350.86 $ 2,099.39 $ — $ 2,099.39 11.98 % 11.98 %

FOUR SEASONS RESORT SCOTTSDALE

Selected Financial Information:

Rooms revenue $ 9,414 $ — $ 9,414 $ 9,758 $ — $ 9,758 (3.53) % (3.53) %

Total hotel revenue $ 18,567 $ — $ 18,567 $ 19,280 $ — $ 19,280 (3.70) % (3.70) %

Hotel net income (loss) $ (737) $ — $ (737) $ 167 $ — $ 167 (541.32) % (541.32) %

Hotel net income (loss) margin (3.97) % (3.97) % 0.87 % 0.87 % (4.84) % (4.84) %

Hotel EBITDA $ 5,394 $ — $ 5,394 $ 5,943 $ — $ 5,943 (9.24) % (9.24) %

Hotel EBITDA margin 29.05 % 29.05 % 30.82 % 30.82 % (1.77) % (1.77) %

Selected Operating Information:

RevPAR $ 492.62 $ — $ 492.62 $ 510.64 $ — $ 510.64 (3.53) % (3.53) %

Occupancy 51.44 % — % 51.44 % 62.56 % — % 62.56 % (17.77) % (17.77) %

ADR $ 957.58 $ — $ 957.58 $ 816.25 $ — $ 816.25 17.31 % 17.31 %

Three Months Ended June 30,

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 $ 67,774 $ (752) $ 67,022 $ 60,582 $ (1,471) $ 59,111 11.87 % 13.38 %

Total hotel revenue $ 123,716 $ (2,728) $ 120,988 $ 113,577 $ (4,516) $ 109,061 8.93 % 10.94 %

Hotel net income (loss) $ 28,540 $ (14,657) $ 13,883 $ 6,162 $ 4,720 $ 10,882 363.16 % 27.58 %

Hotel net income (loss) margin 23.07 % 11.47 % 5.43 % 9.98 % 17.64 % 1.49 %

Hotel EBITDA $ 32,083 $ 486 $ 32,569 $ 25,646 $ 1,843 $ 27,489 25.10 % 18.48 %

Hotel EBITDA margin 25.93 % 26.92 % 22.58 % 25.21 % 3.35 % 1.71 %

Selected Operating Information:

RevPAR $ 548.17 $ 70.84 $ 593.00 $ 463.92 $ 83.72 $ 523.01 18.16 % 13.38 %

Occupancy 60.93 % (27.53) % 64.06 % 59.18 % — % 64.15 % 2.96 % (0.14) %

ADR $ 899.74 $ (257.34) $ 925.66 $ 783.98 $ — $ 815.29 14.77 % 13.54 %

URBAN PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 35,769 $ — $ 35,769 $ 50,301 $ (17,790) $ 32,511 (28.89) % 10.02 %

Total hotel revenue $ 48,422 $ — $ 48,422 $ 66,366 $ (22,052) $ 44,314 (27.04) % 9.27 %

Hotel net income (loss) $ 6,213 $ (13) $ 6,200 $ 9,892 $ (4,060) $ 5,832 (37.19) % 6.31 %

Hotel net income (loss) margin 12.83 % 12.80 % 14.91 % 13.16 % (2.08) % (0.36) %

Hotel EBITDA $ 15,869 $ (31) $ 15,838 $ 22,147 $ (7,242) $ 14,905 (28.35) % 6.26 %

Hotel EBITDA margin 32.77 % 32.71 % 33.37 % 33.63 % (0.60) % (0.92) %

Selected Operating Information:

RevPAR $ 243.64 $ — $ 243.64 $ 230.80 $ 250.95 $ 221.08 5.56 % 10.20 %

Occupancy 79.19 % — % 79.19 % 79.44 % 78.30 % 79.99 % (0.31) % (1.00) %

ADR $ 307.68 $ — $ 307.68 $ 290.54 $ 320.50 $ 276.40 5.90 % 11.32 %

BRAEMAR PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 103,543 $ (752) $ 102,791 $ 110,883 $ (19,261) $ 91,622 (6.62) % 12.19 %

Total hotel revenue $ 172,138 $ (2,728) $ 169,410 $ 179,943 $ (26,568) $ 153,375 (4.34) % 10.45 %

Hotel net income (loss) $ 34,753 $ (14,670) $ 20,083 $ 16,054 $ 660 $ 16,714 116.48 % 20.16 %

Hotel net income (loss) margin 20.19 % 11.85 % 8.92 % 10.90 % 11.27 % 0.95 %

Hotel EBITDA $ 47,952 $ 455 $ 48,407 $ 47,793 $ (5,399) $ 42,394 0.33 % 14.18 %

Hotel EBITDA margin 27.86 % 28.57 % 26.56 % 27.64 % 1.30 % 0.93 %

Selected Operating Information:

RevPAR $ 382.86 $ (70.84) $ 395.60 $ 318.14 $ (217.75) $ 352.29 20.34 % 12.29 %

Occupancy 70.84 % (27.53) % 72.61 % 71.85 % (68.15) % 73.10 % (1.41) % (0.67) %

ADR $ 540.47 $ (257.34) $ 544.85 $ 442.81 $ (319.53) $ 481.90 22.05 % 13.06 %

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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, 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)

Six Months Ended June 30,

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 $ 22,523 $ — $ 22,523 $ 23,623 $ — $ 23,623 (4.66) % (4.66) %

Total hotel revenue $ 35,102 $ — $ 35,102 $ 35,752 $ — $ 35,752 (1.82) % (1.82) %

Hotel net income (loss) $ 408 $ — $ 408 $ 164 $ — $ 164 148.78 % 148.78 %

Hotel net income (loss) margin 1.16 % 1.16 % 0.46 % 0.46 % 0.70 % 0.70 %

Hotel EBITDA $ 10,280 $ — $ 10,280 $ 11,267 $ — $ 11,267 (8.76) % (8.76) %

Hotel EBITDA margin 29.29 % 29.29 % 31.51 % 31.51 % (2.22) % (2.22) %

Selected Operating Information:

RevPAR $ 222.61 $ — $ 222.61 $ 233.48 $ — $ 233.48 (4.66) % (4.66) %

Occupancy 77.16 % — % 77.16 % 77.74 % — % 77.74 % (0.75) % (0.75) %

ADR $ 288.48 $ — $ 288.48 $ 300.32 $ — $ 300.32 (3.94) % (3.94) %

HILTON LA JOLLA TORREY PINES

Selected Financial Information:

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

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

Hotel net income (loss) $ — $ — $ — $ (114) $ 114 $ — 100.00 % — %

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

Hotel EBITDA $ — $ — $ — $ (70) $ 70 $ — 100.00 % — %

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

Selected Operating Information:

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

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

ADR $ — $ — $ — $ — $ — $ — — % — %

SOFITEL CHICAGO MAGNIFICENT MILE

Selected Financial Information:

Rooms revenue $ 12,639 $ — $ 12,639 $ 11,646 $ — $ 11,646 8.53 % 8.53 %

Total hotel revenue $ 16,741 $ — $ 16,741 $ 15,938 $ — $ 15,938 5.04 % 5.04 %

Hotel net income (loss) $ 2,831 $ — $ 2,831 $ 214 $ — $ 214 1,222.90 % 1,222.90 %

Hotel net income (loss) margin 16.91 % 16.91 % 1.34 % 1.34 % 15.57 % 15.57 %

Hotel EBITDA $ 5,207 $ — $ 5,207 $ 2,508 $ — $ 2,508 107.62 % 107.62 %

Hotel EBITDA margin 31.10 % 31.10 % 15.74 % 15.74 % 15.36 % 15.36 %

Selected Operating Information:

RevPAR $ 168.26 $ — $ 168.26 $ 155.05 $ — $ 155.05 8.52 % 8.52 %

Occupancy 64.21 % — % 64.21 % 64.09 % — % 64.09 % 0.19 % 0.19 %

ADR $ 262.05 $ — $ 262.05 $ 241.91 $ — $ 241.91 8.33 % 8.33 %

BARDESSONO HOTEL AND SPA

Selected Financial Information:

Rooms revenue $ 7,237 $ — $ 7,237 $ 6,568 $ — $ 6,568 10.19 % 10.19 %

Total hotel revenue $ 10,086 $ — $ 10,086 $ 9,211 $ — $ 9,211 9.50 % 9.50 %

Hotel net income (loss) $ 562 $ — $ 562 $ (269) $ — $ (269) 308.92 % 308.92 %

Hotel net income (loss) margin 5.57 % 5.57 % (2.92) % (2.92) % 8.49 % 8.49 %

Hotel EBITDA $ 2,361 $ — $ 2,361 $ 1,509 $ — $ 1,509 56.46 % 56.46 %

Hotel EBITDA margin 23.41 % 23.41 % 16.38 % 16.38 % 7.03 % 7.03 %

Selected Operating Information:

RevPAR $ 615.09 $ — $ 615.09 $ 558.25 $ — $ 558.25 10.18 % 10.18 %

Occupancy 58.12 % — % 58.12 % 60.34 % — % 60.34 % (3.68) % (3.68) %

ADR $ 1,058.28 $ — $ 1,058.28 $ 925.17 $ — $ 925.17 14.39 % 14.39 %

Six Months Ended June 30,

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 $ 14,905 $ — $ 14,905 $ 13,472 $ — $ 13,472 10.64 % 10.64 %

Total hotel revenue $ 19,374 $ — $ 19,374 $ 17,417 $ — $ 17,417 11.24 % 11.24 %

Hotel net income (loss) $ 9,963 $ — $ 9,963 $ 8,043 $ — $ 8,043 23.87 % 23.87 %

Hotel net income (loss) margin 51.42 % 51.42 % 46.18 % 46.18 % 5.24 % 5.24 %

Hotel EBITDA $ 10,712 $ — $ 10,712 $ 8,957 $ — $ 8,957 19.59 % 19.59 %

Hotel EBITDA margin 55.29 % 55.29 % 51.43 % 51.43 % 3.86 % 3.86 %

Selected Operating Information:

RevPAR $ 579.92 $ — $ 579.92 $ 524.16 $ — $ 524.16 10.64 % 10.64 %

Occupancy 83.81 % — % 83.81 % 75.59 % — % 75.59 % 10.87 % 10.87 %

ADR $ 691.95 $ — $ 691.95 $ 693.39 $ — $ 693.39 (0.21) % (0.21) %

HOTEL YOUNTVILLE

Selected Financial Information:

Rooms revenue $ 4,865 $ — $ 4,865 $ 4,396 $ — $ 4,396 10.67 % 10.67 %

Total hotel revenue $ 6,491 $ — $ 6,491 $ 6,036 $ — $ 6,036 7.54 % 7.54 %

Hotel net income (loss) $ (94) $ — $ (94) $ (279) $ — $ (279) 66.31 % 66.31 %

Hotel net income (loss) margin (1.45) % (1.45) % (4.62) % (4.62) % 3.17 % 3.17 %

Hotel EBITDA $ 1,441 $ — $ 1,441 $ 886 $ — $ 886 62.64 % 62.64 %

Hotel EBITDA margin 22.20 % 22.20 % 14.68 % 14.68 % 7.52 % 7.52 %

Selected Operating Information:

RevPAR $ 335.98 $ — $ 335.98 $ 303.59 $ — $ 303.59 10.67 % 10.67 %

Occupancy 50.02 % — % 50.02 % 48.93 % — % 48.93 % 2.23 % 2.23 %

ADR $ 671.68 $ — $ 671.68 $ 620.46 $ — $ 620.46 8.26 % 8.26 %

PARK HYATT BEAVER CREEK RESORT & SPA

Selected Financial Information:

Rooms revenue $ 13,801 $ (13,801) $ — $ 15,294 $ (15,294) $ — (9.76) % — %

Total hotel revenue $ 24,503 $ (24,503) $ — $ 26,918 $ (26,918) $ — (8.97) % — %

Hotel net income (loss) $ 20,250 $ (20,250) $ — $ 2,385 $ (2,385) $ — 749.06 % — %

Hotel net income (loss) margin 82.64 % — % 8.86 % — % 73.78 % — %

Hotel EBITDA $ 8,454 $ (8,454) $ — $ 8,076 $ (8,076) $ — 4.68 % — %

Hotel EBITDA margin 34.50 % — % 30.00 % — % 4.50 % — %

Selected Operating Information:

RevPAR $ 493.15 $ 493.15 $ 493.15 $ 437.81 $ 437.81 $ 437.81 12.64 % 12.64 %

Occupancy 57.77 % 57.77 % 57.77 % 53.48 % 53.48 % 53.48 % 8.02 % 8.02 %

ADR $ 853.69 $ 853.69 $ 853.69 $ 818.61 $ 818.61 $ 818.61 4.29 % 4.29 %

THE NOTARY HOTEL

Selected Financial Information:

Rooms revenue $ 15,398 $ — $ 15,398 $ 14,035 $ — $ 14,035 9.71 % 9.71 %

Total hotel revenue $ 20,641 $ — $ 20,641 $ 18,638 $ — $ 18,638 10.75 % 10.75 %

Hotel net income (loss) $ 4,124 $ — $ 4,124 $ 3,213 $ — $ 3,213 28.35 % 28.35 %

Hotel net income (loss) margin 19.98 % 19.98 % 17.24 % 17.24 % 2.74 % 2.74 %

Hotel EBITDA $ 6,806 $ — $ 6,806 $ 5,845 $ — $ 5,845 16.44 % 16.44 %

Hotel EBITDA margin 32.97 % 32.97 % 31.36 % 31.36 % 1.61 % 1.61 %

Selected Operating Information:

RevPAR $ 170.48 $ — $ 170.48 $ 155.39 $ — $ 155.39 9.71 % 9.71 %

Occupancy 66.59 % — % 66.59 % 66.91 % — % 66.91 % (0.48) % (0.48) %

ADR $ 256.03 $ — $ 256.03 $ 232.25 $ — $ 232.25 10.24 % 10.24 %

Six Months Ended June 30,

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 $ — $ — $ — $ 18,655 $ (18,655) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 22,020 $ (22,020) $ — (100.00) % — %

Hotel net income (loss) $ (15) $ 15 $ — $ 2,462 $ (2,462) $ — (100.61) % — %

Hotel net income (loss) margin — % — % 11.18 % — % — % — %

Hotel EBITDA $ — $ — $ — $ 5,525 $ (5,525) $ — (100.00) % — %

Hotel EBITDA margin — % — % 25.09 % — % — % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 251.39 $ 251.39 $ 251.39 — % (100.00) %

Occupancy — % — % — % 71.17 % 71.17 % 71.17 % — % (100.00) %

ADR $ — $ — $ — $ 353.24 $ 353.24 $ 353.24 — % (100.00) %

THE RITZ-CARLTON SARASOTA

Selected Financial Information:

Rooms revenue $ 25,340 $ — $ 25,340 $ 22,112 $ — $ 22,112 14.60 % 14.60 %

Total hotel revenue $ 60,940 $ — $ 60,940 $ 54,417 $ — $ 54,417 11.99 % 11.99 %

Hotel net income (loss) $ 16,468 $ — $ 16,468 $ 13,323 $ — $ 13,323 23.61 % 23.61 %

Hotel net income (loss) margin 27.02 % 27.02 % 24.48 % 24.48 % 2.54 % 2.54 %

Hotel EBITDA $ 20,366 $ — $ 20,366 $ 17,314 $ — $ 17,314 17.63 % 17.63 %

Hotel EBITDA margin 33.42 % 33.42 % 31.82 % 31.82 % 1.60 % 1.60 %

Selected Operating Information:

RevPAR $ 507.25 $ — $ 507.25 $ 442.63 $ — $ 442.63 14.60 % 14.60 %

Occupancy 79.03 % — % 79.03 % 74.28 % — % 74.28 % 6.39 % 6.39 %

ADR $ 641.87 $ — $ 641.87 $ 595.91 $ — $ 595.91 7.71 % 7.71 %

THE RITZ-CARLTON LAKE TAHOE

Selected Financial Information:

Rooms revenue $ 16,185 $ — $ 16,185 $ 16,592 $ — $ 16,592 (2.45) % (2.45) %

Total hotel revenue $ 27,650 $ — $ 27,650 $ 30,071 $ — $ 30,071 (8.05) % (8.05) %

Hotel net income (loss) $ (2,753) $ — $ (2,753) $ (1,763) $ — $ (1,763) (56.15) % (56.15) %

Hotel net income (loss) margin (9.96) % (9.96) % (5.86) % (5.86) % (4.10) % (4.10) %

Hotel EBITDA $ 4,661 $ — $ 4,661 $ 5,656 $ — $ 5,656 (17.59) % (17.59) %

Hotel EBITDA margin 16.86 % 16.86 % 18.81 % 18.81 % (1.95) % (1.95) %

Selected Operating Information:

RevPAR $ 488.64 $ — $ 488.64 $ 500.94 $ — $ 500.94 (2.46) % (2.46) %

Occupancy 45.97 % — % 45.97 % 52.70 % — % 52.70 % (12.77) % (12.77) %

ADR $ 1,063.06 $ — $ 1,063.06 $ 950.48 $ — $ 950.48 11.84 % 11.84 %

MARRIOTT SEATTLE WATERFRONT

Selected Financial Information:

Rooms revenue $ — $ — $ — $ 13,460 $ (13,460) $ — (100.00) % — %

Total hotel revenue $ — $ — $ — $ 17,635 $ (17,635) $ — (100.00) % — %

Hotel net income (loss) $ 31 $ (31) $ — $ 2,674 $ (2,674) $ — (98.84) % — %

Hotel net income (loss) margin — % — % 15.16 % — % — % — %

Hotel EBITDA $ 31 $ (31) $ — $ 6,114 $ (6,114) $ — (99.49) % — %

Hotel EBITDA margin — % — % 34.67 % — % — % — %

Selected Operating Information:

RevPAR $ — $ — $ — $ 201.53 $ 201.53 $ — — % — %

Occupancy — % — % — % 72.12 % 72.12 % — % — % — %

ADR $ — $ — $ — $ 279.45 $ 279.45 $ — — % — %

Six Months Ended June 30,

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 $ 30,957 $ — $ 30,957 $ 26,515 $ — $ 26,515 16.75 % 16.75 %

Total hotel revenue $ 48,686 $ — $ 48,686 $ 41,863 $ — $ 41,863 16.30 % 16.30 %

Hotel net income (loss) $ 11,740 $ — $ 11,740 $ 11,014 $ — $ 11,014 6.59 % 6.59 %

Hotel net income (loss) margin 24.11 % 24.11 % 26.31 % 26.31 % (2.20) % (2.20) %

Hotel EBITDA $ 16,036 $ — $ 16,036 $ 13,462 $ — $ 13,462 19.12 % 19.12 %

Hotel EBITDA margin 32.94 % 32.94 % 32.16 % 32.16 % 0.78 % 0.78 %

Selected Operating Information:

RevPAR $ 950.17 $ — $ 950.17 $ 813.85 $ — $ 813.85 16.75 % 16.75 %

Occupancy 74.05 % — % 74.05 % 69.58 % — % 69.58 % 6.42 % 6.42 %

ADR $ 1,283.12 $ — $ 1,283.12 $ 1,169.72 $ — $ 1,169.72 9.69 % 9.69 %

CAMEO BEVERLY HILLS

Selected Financial Information:

Rooms revenue $ 5,588 $ — $ 5,588 $ 4,790 $ — $ 4,790 16.66 % 16.66 %

Total hotel revenue $ 6,949 $ — $ 6,949 $ 6,431 $ — $ 6,431 8.05 % 8.05 %

Hotel net income (loss) $ (4,953) $ — $ (4,953) $ (2,538) $ — $ (2,538) (95.15) % (95.15) %

Hotel net income (loss) margin (71.28) % (71.28) % (39.47) % (39.47) % (31.81) % (31.81) %

Hotel EBITDA $ (799) $ — $ (799) $ (705) $ — $ (705) (13.33) % (13.33) %

Hotel EBITDA margin (11.50) % (11.50) % (10.96) % (10.96) % (0.54) % (0.54) %

Selected Operating Information:

RevPAR $ 217.93 $ — $ 217.93 $ 185.02 $ — $ 185.02 17.79 % 17.79 %

Occupancy 58.60 % — % 58.60 % 67.90 % — % 67.90 % (13.70) % (13.70) %

ADR $ 371.88 $ — $ 371.88 $ 272.50 $ — $ 272.50 36.47 % 36.47 %

THE RITZ-CARLTON RESERVE DORADO BEACH

Selected Financial Information:

Rooms revenue $ 40,455 $ — $ 40,455 $ 34,935 $ — $ 34,935 15.80 % 15.80 %

Total hotel revenue $ 60,256 $ — $ 60,256 $ 50,839 $ — $ 50,839 18.52 % 18.52 %

Hotel net income (loss) $ 15,225 $ — $ 15,225 $ 8,680 $ — $ 8,680 75.40 % 75.40 %

Hotel net income (loss) margin 25.27 % 25.27 % 17.07 % 17.07 % 8.20 % 8.20 %

Hotel EBITDA $ 20,462 $ — $ 20,462 $ 15,089 $ — $ 15,089 35.61 % 35.61 %

Hotel EBITDA margin 33.96 % 33.96 % 29.68 % 29.68 % 4.28 % 4.28 %

Selected Operating Information:

RevPAR $ 2,108.64 $ — $ 2,108.64 $ 1,820.81 $ — $ 1,820.81 15.81 % 15.81 %

Occupancy 71.24 % — % 71.24 % 66.66 % — % 66.66 % 6.87 % 6.87 %

ADR $ 2,959.93 $ — $ 2,959.93 $ 2,731.35 $ — $ 2,731.35 8.37 % 8.37 %

FOUR SEASONS RESORT SCOTTSDALE

Selected Financial Information:

Rooms revenue $ 25,681 $ — $ 25,681 $ 24,046 $ — $ 24,046 6.80 % 6.80 %

Total hotel revenue $ 46,345 $ — $ 46,345 $ 45,166 $ — $ 45,166 2.61 % 2.61 %

Hotel net income (loss) $ 5,199 $ — $ 5,199 $ 5,602 $ — $ 5,602 (7.19) % (7.19) %

Hotel net income (loss) margin 11.22 % 11.22 % 12.40 % 12.40 % (1.18) % (1.18) %

Hotel EBITDA $ 17,397 $ — $ 17,397 $ 17,101 $ — $ 17,101 1.73 % 1.73 %

Hotel EBITDA margin 37.54 % 37.54 % 37.86 % 37.86 % (0.32) % (0.32) %

Selected Operating Information:

RevPAR $ 675.64 $ — $ 675.64 $ 632.62 $ — $ 632.62 6.80 % 6.80 %

Occupancy 60.36 % — % 60.36 % 65.51 % — % 65.51 % (7.86) % (7.86) %

ADR $ 1,119.29 $ — $ 1,119.29 $ 965.74 $ — $ 965.74 15.90 % 15.90 %

Six Months Ended June 30,

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 $ 179,426 $ (13,801) $ 165,625 $ 163,930 $ (15,294) $ 148,636 9.45 % 11.43 %

Total hotel revenue $ 304,331 $ (24,503) $ 279,828 $ 281,938 $ (26,918) $ 255,020 7.94 % 9.73 %

Hotel net income (loss) $ 76,560 $ (20,250) $ 56,310 $ 46,622 $ (2,271) $ 44,351 64.21 % 26.96 %

Hotel net income (loss) margin 25.16 % 20.12 % 16.54 % 17.39 % 8.62 % 2.73 %

Hotel EBITDA $ 101,890 $ (8,454) $ 93,436 $ 87,980 $ (8,006) $ 79,974 15.81 % 16.83 %

Hotel EBITDA margin 33.48 % 33.39 % 31.21 % 31.36 % 2.27 % 2.03 %

Selected Operating Information:

RevPAR $ 709.80 $ 493.15 $ 736.76 $ 631.14 $ 437.81 $ 661.18 12.46 % 11.43 %

Occupancy 66.15 % 57.77 % 67.20 % 64.38 % 53.48 % 66.07 % 2.75 % 1.71 %

ADR $ 1,072.94 $ 853.69 $ 1,096.40 $ 980.34 $ 818.61 $ 1,000.68 9.45 % 9.57 %

URBAN PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 56,148 $ — $ 56,148 $ 86,209 $ (32,115) $ 54,094 (34.87) % 3.80 %

Total hotel revenue $ 79,433 $ — $ 79,433 $ 116,414 $ (39,655) $ 76,759 (31.77) % 3.48 %

Hotel net income (loss) $ 2,426 $ (16) $ 2,410 $ 6,189 $ (5,136) $ 1,053 (60.80) % 128.87 %

Hotel net income (loss) margin 3.05 % 3.03 % 5.32 % 1.37 % (2.27) % 1.66 %

Hotel EBITDA $ 21,525 $ (31) $ 21,494 $ 30,554 $ (11,639) $ 18,915 (29.55) % 13.63 %

Hotel EBITDA margin 27.10 % 27.06 % 26.25 % 24.64 % 0.85 % 2.42 %

Selected Operating Information:

RevPAR $ 192.12 $ — $ 192.12 $ 198.87 $ 227.77 $ 184.94 (3.39) % 3.88 %

Occupancy 68.94 % — % 68.94 % 70.54 % 71.62 % 70.02 % (2.27) % (1.54) %

ADR $ 278.69 $ — $ 278.69 $ 281.93 $ 318.04 $ 264.12 (1.15) % 5.52 %

BRAEMAR PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 235,574 $ (13,801) $ 221,773 $ 250,139 $ (47,409) $ 202,730 (5.82) % 9.39 %

Total hotel revenue $ 383,764 $ (24,503) $ 359,261 $ 398,352 $ (66,573) $ 331,779 (3.66) % 8.28 %

Hotel net income (loss) $ 78,986 $ (20,266) $ 58,720 $ 52,811 $ (7,407) $ 45,404 49.56 % 29.33 %

Hotel net income (loss) margin 20.58 % 16.34 % 13.26 % 13.69 % 7.32 % 2.65 %

Hotel EBITDA $ 123,415 $ (8,485) $ 114,930 $ 118,534 $ (19,645) $ 98,889 4.12 % 16.22 %

Hotel EBITDA margin 32.16 % 31.99 % 29.76 % 29.81 % 2.40 % 2.18 %

Selected Operating Information:

RevPAR $ 432.22 $ (493.15) $ 428.92 $ 360.83 $ (269.48) $ 391.90 19.78 % 9.45 %

Occupancy 67.65 % (57.77) % 68.18 % 68.23 % (68.02) % 68.31 % (0.85) % (0.19) %

ADR $ 638.93 $ (853.69) $ 629.09 $ 528.83 $ (396.19) $ 573.75 20.82 % 9.65 %

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

TTM Ended June 30,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

CAPITAL HILTON WASHINGTON D.C.

Selected Financial Information:

Rooms revenue $ 40,428 $ — $ 40,428

Total hotel revenue $ 63,930 $ — $ 63,930

Hotel net income $ (4,478) $ — $ (4,478)

Hotel net income margin (7.00) % (7.00) %

Hotel EBITDA $ 15,875 $ — $ 15,875

Hotel EBITDA margin 24.83 % 24.83 %

Selected Operating Information:

RevPAR $ 198.14 $ — $ 198.14

Occupancy 74.03 % — % 74.03 %

ADR $ 267.64 $ — $ 267.64

HILTON LA JOLLA TORREY PINES

Selected Financial Information:

Rooms revenue $ — $ — $ —

Total hotel revenue $ — $ — $ —

Hotel net income $ 1,230 $ (1,230) $ —

Hotel net income margin — % — %

Hotel EBITDA $ 1,460 $ (1,460) $ —

Hotel EBITDA margin — % — %

Selected Operating Information:

RevPAR $ — $ — $ —

Occupancy — % — % — %

ADR $ — $ — $ —

SOFITEL CHICAGO MAGNIFICENT MILE

Selected Financial Information:

Rooms revenue $ 28,675 $ — $ 28,675

Total hotel revenue $ 38,323 $ — $ 38,323

Hotel net income $ (26,045) $ — $ (26,045)

Hotel net income margin (67.96) % (67.96) %

Hotel EBITDA $ 8,919 $ — $ 8,919

Hotel EBITDA margin 23.27 % 23.27 %

Selected Operating Information:

RevPAR $ 189.31 $ — $ 189.31

Occupancy 69.88 % — % 69.88 %

ADR $ 270.89 $ — $ 270.89

BARDESSONO HOTEL AND SPA

Selected Financial Information:

Rooms revenue $ 16,042 $ — $ 16,042

Total hotel revenue $ 21,976 $ — $ 21,976

Hotel net income $ (6,729) $ — $ (6,729)

Hotel net income margin (30.62) % (30.62) %

Hotel EBITDA $ 5,553 $ — $ 5,553

Hotel EBITDA margin 25.27 % 25.27 %

Selected Operating Information:

RevPAR $ 676.18 $ — $ 676.18

Occupancy 66.05 % — % 66.05 %

ADR $ 1,023.77 $ — $ 1,023.77

TTM Ended June 30,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

PIER HOUSE RESORT & SPA

Selected Financial Information:

Rooms revenue $ 24,765 $ — $ 24,765

Total hotel revenue $ 32,794 $ — $ 32,794

Hotel net income $ 14,389 $ — $ 14,389

Hotel net income margin 43.88 % 43.88 %

Hotel EBITDA $ 15,983 $ — $ 15,983

Hotel EBITDA margin 48.74 % 48.74 %

Selected Operating Information:

RevPAR $ 477.81 $ — $ 477.81

Occupancy 78.17 % — % 78.17 %

ADR $ 611.25 $ — $ 611.25

HOTEL YOUNTVILLE

Selected Financial Information:

Rooms revenue $ 10,595 $ — $ 10,595

Total hotel revenue $ 13,990 $ — $ 13,990

Hotel net income $ (14,910) $ — $ (14,910)

Hotel net income margin (106.58) % (106.58) %

Hotel EBITDA $ 3,611 $ — $ 3,611

Hotel EBITDA margin 25.81 % 25.81 %

Selected Operating Information:

RevPAR $ 362.82 $ — $ 362.82

Occupancy 54.88 % — % 54.88 %

ADR $ 661.06 $ — $ 661.06

PARK HYATT BEAVER CREEK RESORT & SPA

Selected Financial Information:

Rooms revenue $ 21,410 $ (21,410) $ —

Total hotel revenue $ 43,078 $ (43,078) $ —

Hotel net income $ 16,382 $ (16,382) $ —

Hotel net income margin 38.03 % — %

Hotel EBITDA $ 11,138 $ (11,138) $ —

Hotel EBITDA margin 25.86 % — %

Selected Operating Information:

RevPAR $ 337.18 $ 337.18 $ 337.18

Occupancy 48.21 % 48.21 % 48.21 %

ADR $ 699.36 $ 699.36 $ 699.36

THE NOTARY HOTEL

Selected Financial Information:

Rooms revenue $ 28,658 $ — $ 28,658

Total hotel revenue $ 38,523 $ — $ 38,523

Hotel net income $ 6,966 $ — $ 6,966

Hotel net income margin 18.08 % 18.08 %

Hotel EBITDA $ 12,444 $ — $ 12,444

Hotel EBITDA margin 32.30 % 32.30 %

Selected Operating Information:

RevPAR $ 157.34 $ — $ 157.34

Occupancy 65.00 % — % 65.00 %

ADR $ 242.07 $ — $ 242.07

TTM Ended June 30,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

THE CLANCY

Selected Financial Information:

Rooms revenue $ 13,177 $ (13,177) $ —

Total hotel revenue $ 15,536 $ (15,536) $ —

Hotel net income $ 43,614 $ (43,614) $ —

Hotel net income margin 280.73 % — %

Hotel EBITDA $ 3,713 $ (3,713) $ —

Hotel EBITDA margin 23.90 % — %

Selected Operating Information:

RevPAR $ 251.18 $ 251.18 $ —

Occupancy 74.27 % 74.27 % — %

ADR $ 338.22 $ 338.22 $ —

THE RITZ-CARLTON SARASOTA

Selected Financial Information:

Rooms revenue $ 40,000 $ — $ 40,000

Total hotel revenue $ 100,448 $ — $ 100,448

Hotel net income $ 18,768 $ — $ 18,768

Hotel net income margin 18.68 % 18.68 %

Hotel EBITDA $ 28,165 $ — $ 28,165

Hotel EBITDA margin 28.04 % 28.04 %

Selected Operating Information:

RevPAR $ 397.05 $ — $ 397.05

Occupancy 68.24 % — % 68.24 %

ADR $ 581.88 $ — $ 581.88

THE RITZ-CARLTON LAKE TAHOE

Selected Financial Information:

Rooms revenue $ 29,900 $ — $ 29,900

Total hotel revenue $ 54,650 $ — $ 54,650

Hotel net income $ (7,841) $ — $ (7,841)

Hotel net income margin (14.35) % (14.35) %

Hotel EBITDA $ 7,553 $ — $ 7,553

Hotel EBITDA margin 13.82 % 13.82 %

Selected Operating Information:

RevPAR $ 447.65 $ — $ 447.65

Occupancy 49.45 % — % 49.45 %

ADR $ 905.28 $ — $ 905.28

MARRIOTT SEATTLE WATERFRONT

Selected Financial Information:

Rooms revenue $ 4,982 $ (4,982) $ —

Total hotel revenue $ 6,133 $ (6,133) $ —

Hotel net income $ 43,235 $ (43,235) $ —

Hotel net income margin 704.96 % — %

Hotel EBITDA $ 2,790 $ (2,790) $ —

Hotel EBITDA margin 45.49 % — %

Selected Operating Information:

RevPAR $ 365.41 $ 365.41 $ —

Occupancy 88.50 % 88.50 % — %

ADR $ 412.89 $ 412.89 $ —

TTM Ended June 30,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

THE RITZ-CARLTON ST. THOMAS

Selected Financial Information:

Rooms revenue $ 46,651 $ — $ 46,651

Total hotel revenue $ 74,752 $ — $ 74,752

Hotel net income $ 12,551 $ — $ 12,551

Hotel net income margin 16.79 % 16.79 %

Hotel EBITDA $ 19,277 $ — $ 19,277

Hotel EBITDA margin 25.79 % 25.79 %

Selected Operating Information:

RevPAR $ 710.05 $ — $ 710.05

Occupancy 62.81 % — % 62.81 %

ADR $ 1,130.40 $ — $ 1,130.40

CAMEO BEVERLY HILLS

Selected Financial Information:

Rooms revenue $ 8,493 $ — $ 8,493

Total hotel revenue $ 10,698 $ — $ 10,698

Hotel net income $ (10,839) $ — $ (10,839)

Hotel net income margin (101.32) % (101.32) %

Hotel EBITDA $ (4,058) $ — $ (4,058)

Hotel EBITDA margin (37.93) % (37.93) %

Selected Operating Information:

RevPAR $ 163.48 $ — $ 163.48

Occupancy 47.97 % — % 47.97 %

ADR $ 340.79 $ — $ 340.79

THE RITZ-CARLTON RESERVE DORADO BEACH

Selected Financial Information:

Rooms revenue $ 66,801 $ — $ 66,801

Total hotel revenue $ 100,540 $ — $ 100,540

Hotel net income $ 16,874 $ — $ 16,874

Hotel net income margin 16.78 % 16.78 %

Hotel EBITDA $ 27,878 $ — $ 27,878

Hotel EBITDA margin 27.73 % 27.73 %

Selected Operating Information:

RevPAR $ 1,726.55 $ — $ 1,726.55

Occupancy 65.42 % — % 65.42 %

ADR $ 2,639.08 $ — $ 2,639.08

FOUR SEASONS RESORT SCOTTSDALE

Selected Financial Information:

Rooms revenue $ 41,664 $ — $ 41,664

Total hotel revenue $ 80,453 $ — $ 80,453

Hotel net income (loss) $ 3,088 $ — $ 3,088

Hotel net income (loss) margin 3.84 % 3.84 %

Hotel EBITDA $ 28,316 $ — $ 28,316

Hotel EBITDA margin 35.20 % 35.20 %

Selected Operating Information:

RevPAR $ 543.56 $ — $ 543.56

Occupancy 57.66 % — % 57.66 %

ADR $ 942.61 $ — $ 942.61

TTM Ended June 30,

Actual Non-comparable Adjustments Comparable

2026 2026 2026

RESORT PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 297,828 $ (21,410) $ 276,418

Total hotel revenue $ 522,681 $ (43,078) $ 479,603

Hotel net income $ 53,802 $ (17,612) $ 36,190

Hotel net income margin 10.29 % 7.55 %

Hotel EBITDA $ 148,934 $ (12,598) $ 136,336

Hotel EBITDA margin 28.49 % 28.43 %

Selected Operating Information:

RevPAR $ 576.26 $ 337.18 $ 609.74

Occupancy 61.02 % 48.21 % 62.82 %

ADR $ 944.35 $ 699.36 $ 970.69

URBAN PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 124,413 $ (18,159) $ 106,254

Total hotel revenue $ 173,143 $ (21,669) $ 151,474

Hotel net income $ 52,453 $ (86,849) $ (34,396)

Hotel net income margin 30.29 % (22.71) %

Hotel EBITDA $ 39,683 $ (6,503) $ 33,180

Hotel EBITDA margin 22.92 % 21.90 %

Selected Operating Information:

RevPAR $ 189.75 $ 274.74 $ 180.22

Occupancy 68.82 % 77.20 % 67.88 %

ADR $ 275.71 $ 355.88 $ 265.49

BRAEMAR PROPERTIES TOTAL

Selected Financial Information:

Rooms revenue $ 422,241 $ (39,569) $ 382,672

Total hotel revenue $ 695,824 $ (64,747) $ 631,077

Hotel net income $ 106,255 $ (104,461) $ 1,794

Hotel net income margin 15.27 % 0.28 %

Hotel EBITDA $ 188,617 $ (19,101) $ 169,516

Hotel EBITDA margin 27.11 % 26.86 %

Selected Operating Information:

RevPAR $ 360.11 $ 305.34 $ 366.92

Occupancy 65.38 % 63.00 % 65.68 %

ADR $ 550.78 $ 484.67 $ 558.66

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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 2026 2026 2026 2025 2025 2025 2025 2025 2025

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

Total hotel revenue $ 172,138 $ (2,728) $ 169,410 $ 211,626 $ (21,775) $ 189,851 $ 167,475 $ (14,169) $ 153,306 $ 144,585 $ (26,075) $ 118,510

Hotel net income (loss) $ 34,753 $ (14,670) $ 20,083 $ 44,233 $ (5,596) $ 38,637 $ (6,496) $ (40,173) $ (46,669) $ 33,765 $ (44,022) $ (10,257)

Hotel net income (loss) margin 20.19 % 11.85 % 20.90 % 20.35 % (3.88) % (30.44) % 23.35 % (8.65) %

Hotel EBITDA $ 47,952 $ 455 $ 48,407 $ 75,463 $ (8,940) $ 66,523 $ 39,640 $ (2,273) $ 37,367 $ 25,562 $ (8,343) $ 17,219

Hotel EBITDA margin 27.86 % 28.57 % 35.66 % 35.04 % 23.67 % 24.37 % 17.68 % 14.53 %

Hotel net income (loss) % of total TTM 32.7 % 1,119.4 % 41.6 % 2,153.7 % (6.1) % (2,601.4) % 31.8 % (571.7) %

EBITDA % of total TTM 25.4 % 28.5 % 40.0 % 39.2 % 21.0 % 22.0 % 13.6 % 10.3 %

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

JV interests in EBITDA $ — $ — $ — $ — $ — $ — $ 857 $ (18) $ 839 $ 937 $ (346) $ 591

Actual Non-comparable Adjustments Comparable

2026 2026 2026

TTM TTM TTM

Total hotel revenue $ 695,824 $ (64,747) $ 631,077

Hotel net income (loss) $ 106,255 $ (104,461) $ 1,794

Hotel net income (loss) margin 15.27 % 0.28 %

Hotel EBITDA $ 188,617 $ (19,101) $ 169,516

Hotel EBITDA margin 27.11 % 26.86 %

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) $ (442) $ (318) $ (760)

JV interests in EBITDA $ 1,794 $ (364) $ 1,430

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2026

(in thousands, except share price)

(unaudited)

June 30, 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 $ 2.16

Market capitalization $ 158,265

Series B cumulative convertible preferred stock $ 76,950

Series D cumulative preferred stock $ 40,000

Series E redeemable preferred stock $ 215,936

Series M redeemable preferred stock $ 32,803

Indebtedness $ 950,915

Net working capital (see below) $ (30,591)

Total enterprise value (TEV) $ 1,444,278

Cash and cash equivalents $ 97,670

Restricted cash $ 53,733

Accounts receivable, net $ 30,645

Inventory $ 4,397

Prepaid expenses $ 5,246

Due from third-party hotel managers, net $ 18,714

Total current assets $ 210,405

Accounts payable, net & accrued expenses $ 119,949

Redeemable preferred stock redemptions payable $ 54,760

Dividends and distributions payable $ 3,807

Due to affiliates, net $ 1,298

Total current liabilities $ 179,814

Net working capital * $ 30,591

The table does not include $5.4 million of indebtedness and approximately $0.5 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 Actual 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 2026 2025 2025 June 30, 2026

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

Net income (loss) $ 34,753 $ 44,233 $ (6,496) $ 33,765 $ 106,255

Non-property adjustments (17,393) (46) 12,472 (40,584) (45,551)

Interest income (254) (240) (292) (400) (1,186)

Interest expense 6,668 7,103 7,587 7,693 29,051

Amortization of loan costs 379 390 623 529 1,921

Depreciation and amortization 21,433 22,579 22,659 23,164 89,835

Income tax expense (benefit) 1,132 797 1,442 (1) 3,370

Non-hotel EBITDA ownership expense 1,234 647 1,645 1,396 4,922

Hotel EBITDA including amounts attributable to noncontrolling interest 47,952 75,463 39,640 25,562 188,617

Non-comparable adjustments 455 (8,940) (2,273) (8,343) (19,101)

Comparable hotel EBITDA $ 48,407 $ 66,523 $ 37,367 $ 17,219 $ 169,516

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 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) $ 1,633 $ — $ 2,556 $ 1,131 $ 3,912 $ 1,012 $ 14,657 $ 3,910 $ (18) $ 6,677 $ (4,772) $ 31 $ 2,178 $ (1,899) $ 4,482 $ (737) $ 34,753 $ (27,811) $ 6,942

Non-property adjustments 2 — — — — — (17,398) — 3 — — — — — — — (17,393) 17,393 —

Interest income (48) — (3) — — — — (33) — (40) (3) — (71) — (15) (41) (254) 254 —

Interest expense 2,067 — — — — — 702 — — 119 757 — — — — 3,023 6,668 11,402 18,070

Amortization of loan cost 158 — — — — — — — — — — — — — — 221 379 2,064 2,443

Depreciation and amortization 2,721 — 1,111 784 359 740 1,243 1,331 — 1,881 2,678 — 1,460 2,027 2,194 2,904 21,433 — 21,433

Income tax expense (benefit) 88 — — — — — — 6 — — — — 727 — 311 — 1,132 1,349 2,481

Non-hotel EBITDA ownership expense — — 167 111 8 12 310 (1) 15 (280) 222 — 584 45 17 24 1,234 (1,234) —

Hotel EBITDA including amounts attributable to noncontrolling interest 6,621 — 3,831 2,026 4,279 1,764 (486) 5,213 — 8,357 (1,118) 31 4,878 173 6,989 5,394 47,952 3,417 51,369

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

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

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

Hotel EBITDA attributable to the Company and OP unitholders $ 6,621 $ — $ 3,831 $ 2,026 $ 4,279 $ 1,764 $ (486) $ 5,213 $ — $ 8,357 $ (1,118) $ 31 $ 4,878 $ 173 $ 6,989 $ 5,394 $ 47,952 $ 3,417 $ 51,369

Non-comparable adjustments — — — — — — 486 — — — — (31) — — — — 455

Comparable hotel EBITDA $ 6,621 $ — $ 3,831 $ 2,026 $ 4,279 $ 1,764 $ — $ 5,213 $ — $ 8,357 $ (1,118) $ — $ 4,878 $ 173 $ 6,989 $ 5,394 $ 48,407

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ — $ — $ 2,026 $ 4,279 $ 1,764 $ (486) $ — $ — $ 8,357 $ (1,118) $ — $ 4,878 $ — $ 6,989 $ 5,394 $ 32,083

Non-comparable adjustments — — — — — — 486 — — — — — — — — — 486

Comparable hotel EBITDA $ — $ — $ — $ 2,026 $ 4,279 $ 1,764 $ — $ — $ — $ 8,357 $ (1,118) $ — $ 4,878 $ — $ 6,989 $ 5,394 $ 32,569

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,621 $ — $ 3,831 $ — $ — $ — $ — $ 5,213 $ — $ — $ — $ 31 $ — $ 173 $ — $ — $ 15,869

Non-comparable adjustments — — — — — — — — — — — (31) — — — — (31)

Comparable hotel EBITDA $ 6,621 $ — $ 3,831 $ — $ — $ — $ — $ 5,213 $ — $ — $ — $ — $ — $ 173 $ — $ — $ 15,838

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

Three Months Ended June 30, 2026

Aareal (Capital Hilton) $ 6,621 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 6,621

JPMorgan Chase (see footnote 3) — — 3,831 — — — — 5,213 — — — — — — 6,989 — 16,033

BAML (see footnote 4) — — — 2,026 4,279 1,764 — — — 8,357 — — 4,878 — — — 21,304

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

BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — (1,118) — — — — — (1,118)

Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 5,394 5,394

Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — 173 — — 173

Total $ 6,621 $ — $ 3,831 $ 2,026 $ 4,279 $ 1,764 $ — $ 5,213 $ — $ 8,357 $ (1,118) $ — $ 4,878 $ 173 $ 6,989 $ 5,394 $ 48,407

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of 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, 2026

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 — — — — — — (8,940) — — — — — — — — — (8,940)

Comparable hotel EBITDA $ 3,659 $ — $ 1,376 $ 335 $ 6,433 $ (323) $ — $ 1,593 $ — $ 12,009 $ 5,779 $ — $ 11,158 $ (972) $ 13,473 $ 12,003 $ 66,523

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 — — — — — — (8,940) — — — — — — — — — (8,940)

Comparable hotel EBITDA $ — $ — $ — $ 335 $ 6,433 $ (323) $ — $ — $ — $ 12,009 $ 5,779 $ — $ 11,158 $ — $ 13,473 $ 12,003 $ 60,867

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 footnote 4) — — — 335 6,433 (323) — — — 12,009 — — 11,158 — — — 29,612

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

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) $ — $ 1,593 $ — $ 12,009 $ 5,779 $ — $ 11,158 $ (972) $ 13,473 $ 12,003 $ 66,523

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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.

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) — — — — (642) — (1,557) — — — — — — — (2,273)

Comparable hotel EBITDA $ 3,232 $ — $ 1,006 $ 1,134 $ 3,685 $ 965 $ — $ 3,390 $ — $ 6,126 $ (749) $ — $ 3,699 $ (2,152) $ 7,068 $ 9,963 $ 37,367

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) — — — — (642) — — — — — — — — — (716)

Comparable hotel EBITDA $ — $ — $ — $ 1,134 $ 3,685 $ 965 $ — $ — $ — $ 6,126 $ (749) $ — $ 3,699 $ — $ 7,068 $ 9,963 $ 31,891

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 footnote 4) — — — 1,134 3,685 965 — — — 6,126 — — 3,699 — — — 15,609

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

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 $ — $ 3,390 $ — $ 6,126 $ (749) $ — $ 3,699 $ (2,152) $ 7,068 $ 9,963 $ 37,367

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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.

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) — — — — (2,042) — (2,156) — — (2,759) — — — — (8,343)

Comparable hotel EBITDA $ 2,363 $ — $ 2,706 $ 2,058 $ 1,586 $ 1,205 $ — $ 2,248 $ — $ 1,673 $ 3,641 $ — $ (458) $ (1,107) $ 348 $ 956 $ 17,219

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) — — — — (2,042) — — — — — — — — — (3,428)

Comparable hotel EBITDA $ — $ — $ — $ 2,058 $ 1,586 $ 1,205 $ — $ — $ — $ 1,673 $ 3,641 $ — $ (458) $ — $ 348 $ 956 $ 11,009

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 footnote 4) — — — 2,058 1,586 1,205 — — — 1,673 — — (458) — — — 6,064

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

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 $ — $ 2,248 $ — $ 1,673 $ 3,641 $ — $ (458) $ (1,107) $ 348 $ 956 $ 17,219

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 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.

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 — — — — 1,831 — (2,501) — — (4,741) — — — — (5,399)

Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ — $ 4,139 $ — $ 6,761 $ 664 $ — $ 4,149 $ (223) $ 3,544 $ 5,943 $ 42,394

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 — — — — 1,831 — — — — — — — — — 1,843

Comparable hotel EBITDA $ — $ — $ — $ 1,728 $ 3,371 $ 1,329 $ — $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 27,489

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

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Six Months Ended June 30, 2026

Four Seasons Scottsdale Resort

Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.

Net income (loss) $ 408 $ — $ 2,831 $ 562 $ 9,963 $ (94) $ 20,250 $ 4,124 $ (15) $ 16,468 $ (2,753) $ 31 $ 11,740 $ (4,953) $ 15,225 $ 5,199 $ 78,986 $ (54,010) $ 24,976

Non-property adjustments (41) — — — — — (17,398) — — — — — — — — — (17,439) 17,439 —

Interest income (90) — (4) — — — — (63) — (85) (5) — (141) — (28) (78) (494) 494 —

Interest expense 4,122 — — — — — 1,856 — — 254 1,509 — — — — 6,030 13,771 23,085 36,856

Amortization of loan cost 312 — — — — — — — — — 20 — — — — 437 769 4,083 4,852

Depreciation and amortization 5,480 — 2,205 1,571 735 1,504 3,433 2,735 — 4,024 5,394 — 2,908 3,890 4,348 5,785 44,012 — 44,012

Income tax expense (benefit) 88 — — — — — — 10 — — — — 941 — 890 — 1,929 1,969 3,898

Non-hotel EBITDA ownership expense 1 — 175 228 14 31 313 — 15 (295) 496 — 588 264 27 24 1,881 (1,881) —

Hotel EBITDA including amounts attributable to noncontrolling interest 10,280 — 5,207 2,361 10,712 1,441 8,454 6,806 — 20,366 4,661 31 16,036 (799) 20,462 17,397 123,415 (8,821) 114,594

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 $ 10,280 $ — $ 5,207 $ 2,361 $ 10,712 $ 1,441 $ 8,454 $ 6,806 $ — $ 20,366 $ 4,661 $ 31 $ 16,036 $ (799) $ 20,462 $ 17,397 $ 123,415 $ (8,790) $ 114,625

Non-comparable adjustments — — — — — — (8,454) — — — — (31) — — — — (8,485)

Comparable hotel EBITDA $ 10,280 $ — $ 5,207 $ 2,361 $ 10,712 $ 1,441 $ — $ 6,806 $ — $ 20,366 $ 4,661 $ — $ 16,036 $ (799) $ 20,462 $ 17,397 $ 114,930

ALL HOTELS NOT UNDER RENOVATION:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 10,280 $ — $ 5,207 $ 2,361 $ 10,712 $ 1,441 $ 8,454 $ 6,806 $ — $ 20,366 $ 4,661 $ 31 $ 16,036 $ (799) $ 20,462 $ 17,397 $ 123,415

Non-comparable adjustments — — — — — — (8,454) — — — — (31) — — — — (8,485)

Comparable hotel EBITDA $ 10,280 $ — $ 5,207 $ 2,361 $ 10,712 $ 1,441 $ — $ 6,806 $ — $ 20,366 $ 4,661 $ — $ 16,036 $ (799) $ 20,462 $ 17,397 $ 114,930

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ — $ — $ 2,361 $ 10,712 $ 1,441 $ 8,454 $ — $ — $ 20,366 $ 4,661 $ — $ 16,036 $ — $ 20,462 $ 17,397 $ 101,890

Non-comparable adjustments — — — — — — (8,454) — — — — — — — — — (8,454)

Comparable hotel EBITDA $ — $ — $ — $ 2,361 $ 10,712 $ 1,441 $ — $ — $ — $ 20,366 $ 4,661 $ — $ 16,036 $ — $ 20,462 $ 17,397 $ 93,436

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 10,280 $ — $ 5,207 $ — $ — $ — $ — $ 6,806 $ — $ — $ — $ 31 $ — $ (799) $ — $ — $ 21,525

Non-comparable adjustments — — — — — — — — — — — (31) — — — — (31)

Comparable hotel EBITDA $ 10,280 $ — $ 5,207 $ — $ — $ — $ — $ 6,806 $ — $ — $ — $ — $ — $ (799) $ — $ — $ 21,494

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

None

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Six Months Ended June 30, 2025

Four Seasons Scottsdale Resort

Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.

Net income (loss) $ 164 $ (114) $ 215 $ (269) $ 8,043 $ (279) $ 2,385 $ 3,213 $ 2,462 $ 13,323 $ (1,763) $ 2,674 $ 11,014 $ (2,538) $ 8,678 $ 5,603 $ 52,811 $ (48,980) $ 3,831

Non-property adjustments (20) — — — — — — — — — — — — — 866 — 846 (846) —

Interest income (73) (9) (3) — — — — (57) (135) (70) (12) (57) (192) — (17) (104) (729) 729 —

Interest expense 4,490 — — — — — 2,548 — — 286 1,687 40 — — 1,031 5,684 15,766 29,603 45,369

Amortization of loan cost 283 — — — 68 — — — — — 62 — — — 135 501 1,049 3,770 4,819

Depreciation and amortization 5,863 — 2,223 1,472 808 1,163 3,104 2,629 3,193 4,001 5,129 3,447 2,747 1,567 3,998 5,411 46,755 — 46,755

Income tax expense (benefit) 50 — — — — — — 11 — — — — (112) — 367 — 316 806 1,122

Non-hotel EBITDA ownership expense 510 53 73 306 38 2 39 49 5 (226) 553 10 5 266 31 6 1,720 (1,720) —

Hotel EBITDA including amounts attributable to noncontrolling interest 11,267 (70) 2,508 1,509 8,957 886 8,076 5,845 5,525 17,314 5,656 6,114 13,462 (705) 15,089 17,101 118,534 (16,638) 101,896

Less: EBITDA adjustments attributable to consolidated noncontrolling interest (2,818) 18 — — — — — — — — — — — — — — (2,800) 2,800 —

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

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

Hotel EBITDA attributable to the Company and OP unitholders $ 8,449 $ (52) $ 2,508 $ 1,509 $ 8,957 $ 886 $ 8,076 $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,089 $ 17,101 $ 115,734 $ (13,838) $ 101,896

Non-comparable adjustments — 70 — — — — (8,076) — (5,525) — — (6,114) — — — — (19,645)

Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ 1,509 $ 8,957 $ 886 $ — $ 5,845 $ — $ 17,314 $ 5,656 $ — $ 13,462 $ (705) $ 15,089 $ 17,101 $ 98,889

ALL HOTELS NOT UNDER RENOVATION:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 11,267 $ (70) $ 2,508 $ 1,509 $ 8,957 $ 886 $ 8,076 $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,089 $ 17,101 $ 118,534

Non-comparable adjustments — 70 — — — — (8,076) — (5,525) — — (6,114) — — — — (19,645)

Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ 1,509 $ 8,957 $ 886 $ — $ 5,845 $ — $ 17,314 $ 5,656 $ — $ 13,462 $ (705) $ 15,089 $ 17,101 $ 98,889

RESORT PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (70) $ — $ 1,509 $ 8,957 $ 886 $ 8,076 $ — $ — $ 17,314 $ 5,656 $ — $ 13,462 $ — $ 15,089 $ 17,101 $ 87,980

Non-comparable adjustments — 70 — — — — (8,076) — — — — — — — — — (8,006)

Comparable hotel EBITDA $ — $ — $ — $ 1,509 $ 8,957 $ 886 $ — $ — $ — $ 17,314 $ 5,656 $ — $ 13,462 $ — $ 15,089 $ 17,101 $ 79,974

URBAN PROPERTIES:

Hotel EBITDA including amounts attributable to noncontrolling interest $ 11,267 $ — $ 2,508 $ — $ — $ — $ — $ 5,845 $ 5,525 $ — $ — $ 6,114 $ — $ (705) $ — $ — $ 30,554

Non-comparable adjustments — — — — — — — — (5,525) — — (6,114) — — — — (11,639)

Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ — $ — $ — $ — $ 5,845 $ — $ — $ — $ — $ — $ (705) $ — $ — $ 18,915

NOTES:

(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented.

(3) Excluded hotels under renovation:

None

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v3.26.1

Cover Page Cover Page

Aug. 05, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Aug. 05, 2026

Entity Registrant Name

BRAEMAR HOTELS & RESORTS INC.

Entity Incorporation, State or Country Code

Entity File Number

001-35972

Entity Tax Identification Number

46-2488594

Entity Address, Address Line One

14185 Dallas Parkway

Entity Address, Address Line Two

Suite 1200

Entity Address, City or Town

Dallas

Entity Address, State or Province

Entity Address, Postal Zip Code

75254

City Area Code

972

Local Phone Number

490-9600

Written Communications

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Pre-commencement Tender Offer

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Pre-commencement Issuer Tender Offer

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Entity Emerging Growth Company

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Entity Central Index Key

0001574085

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Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

BHR

Security Exchange Name

NYSE

Series B Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series B

Trading Symbol

BHR-PB

Security Exchange Name

NYSE

Series D Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series D

Trading Symbol

BHR-PD

Security Exchange Name

NYSE

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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-Section 14d

-Subsection 2b

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Title of a 12(b) registered security.

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-Name Exchange Act

-Number 240

-Section 12

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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