Earnings release
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NEWS RELEASE Contact: Deric Eubanks Allison Beach Joe Calabrese Chief Financial Officer Media Contact Financial Relations Board (972) 490-9600 (972) 490-9600 (212) 827-3772 BRAEMAR HOTELS & RESORTS REPORTS SECOND QUARTER 2025 RESULTS DALLAS – July 31, 2025 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2025 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, 2025 with the second quarter ended June 30, 2024 (see discussion below). The reconciliation of non -GAAP financial measures is included in the financial tables accompanying this press release. SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS • Comparable RevPAR for all hotels increased 1.5% over the prior year quarter to $318. Comparable ADR increased 0.9% over the prior year quarter to $ 443 and Comparable Occupancy increased 0.6% over the prior year quarter to 71.9%. • Net loss attributable to common stockholders for the quarter was $(16.0) million or $(0.24) per diluted share. • Adjusted funds from operations (AFFO) was $0.09 per diluted share for the quarter. • Adjusted EBITDAre was $38.9 million for the quarter. • Comparable Hotel EBITDA was $47.8 million for the quarter, reflecting an increase of 3.7% over the prior year quarter. • The Company ended the quarter with cash and cash equivalents of $80.2 million and restricted cash of $55.5 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $24.2 million in due from third -party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs. • Net debt to gross assets was 44.2% at the end of the second quarter. • Capex invested during the quarter was $17.7 million. • During the quarter, the Company redeemed approximately $14.7 million of its non-traded preferred stock in cash. RECENT OPERATING HIGHLIGHTS • During the quarter , the Company converted its 415-room Sofitel Chicago Magnificent Mile to a franchise structure.
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BHR Reports Second Quarter Results Page 2 July 31, 2025 • Subsequent to quarter end, the Company entered into a definitive agreement to sell the 369 -room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key). SOFITEL CHICAGO MAGNIFICENT MILE In May 2025, the Company converted the 415-room Sofitel Chicago Magnificent Mile to a franchise structure. Under the franchise structure, the hotel will continue to be the Sofitel Chicago Magnificent Mile but is now managed by Remington Hospitality under the existing terms of its Master Hotel Management Agreement with Braemar. CAPITAL STRUCTURE As of June 30, 2025, the Company had total assets of $2.1 billion and $1.2 billion of loans of which $27.7 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton. The Company’s total combined loans had a blended average interest rate of 7.1%, taking into account in -the- money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 22% of the Company’s consolidated debt is effectively fixed and approximately 78% is effectively floating. Subsequent to quarter end, the Company announced that it has entered into a definitive agreement to sell the 369 -room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key). Including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitaliz ation rate on net operating income for the trailing 12 months ended May 31, 2025. The transaction is expected to close in August 2025, subject to customary conditions. DIVIDENDS On July 11, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the third quarter ending September 30, 2025. This dividend, which equates to an annual rate of $0.20 per share, will be paid on October 15, 2025, to stockholders of record as of September 30, 2025. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy do es 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 pleased with Braemar’s solid second quarter performance, highlighted by comparable RevPAR growth of approximately 1.5 % and comparable total revenue growth of 3.3%,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “This marks our third consecutive quarter of comparable RevPAR growth, and is consistent with our prior comments regarding our resorts resuming normalized growth. Additionally, our urban portfolio again performed well with comparable RevPAR growth of 1.3%, while our resorts achieved comparable RevPAR growth of 1.6% over the prior year quarter.” Mr. Stockton added, “Through the end of the second quarter, we have now redeemed approximately $107 million of our
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BHR Reports Second Quarter Results Page 3 July 31, 2025 non-traded preferred stock and have no remaining debt maturities in 2025. Operationally, our recent conversion of the Sofitel Chicago Magnificent Mile from brand -managed to a franchise asset is expected to provide an immediate uplift in the value of the property due to the Sofitel brand remaining on the hotel and the management agreement with Remington being terminable on sale . Additionally, our planned sale of the upper upscale Marriott Seattle Waterfront will help deleverage our portfolio and further align our financial performance with the luxury hotel sector.” Mr. Stockton concluded, “We continue to believe the Braemar portfolio is well-positioned to outperform going forward.” INVESTOR CONFERENCE CALL AND SIMULCAST Braemar will conduct a conference call on Friday, August 1, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, August 8, 2025, by dialing (609) 800-9909 and entering the confirmation number, 2925607. The Company will also provide an online simulcast and rebroadcast of its second quarter 2025 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Friday, August 1, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investme nt trusts more meaningful. N on-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10 -K for a more detailed description of how these non -GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities . Securities will be offered only by means of a registration statement and prospectus whi ch can be found at www.sec.gov. * * * * * Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts. Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward -looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward -looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate ,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our d ebt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating result s; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including facto rs such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the mark et price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of
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BHR Reports Second Quarter Results Page 4 July 31, 2025 our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission. The forward-looking statements included in this press release are only made as of the date of this press release. Such forward - looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of op erations, plans, and other objectives may vary materially from those expressed in our forward -looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward -looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward -looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent requir ed by law.
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) June 30, 2025 December 31, 2024 ASSETS Investments in hotel properties, gross $ 2,272,364 $ 2,252,574 Accumulated depreciation (495,003) (473,888) Investments in hotel properties, net 1,777,361 1,778,686 Cash and cash equivalents 80,226 135,465 Restricted cash 55,463 49,592 Investment in securities (amortized cost of $17,279 and $42,279, respectively) 17,134 41,535 Accounts receivable, net of allowance of $261 and $459, respectively 32,673 31,754 Insurance receivable — — Inventories 4,737 4,664 Note receivable 8,590 8,283 Prepaid expenses 5,504 5,116 Deferred costs, net 75 75 Investment in OpenKey 145 145 Derivative assets 313 356 Other assets 20,333 19,538 Operating lease right-of-use assets 34,524 34,852 Intangible assets, net 2,936 3,125 Due from third-party hotel managers 24,232 22,873 Total assets $ 2,064,246 $ 2,136,059 LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 1,210,878 $ 1,210,018 Accounts payable and accrued expenses 131,142 143,566 Dividends and distributions payable 8,627 9,255 Due to Ashford Inc., net 2,767 4,267 Due to related parties, net 636 1,055 Due to third-party hotel managers 1,919 1,476 Operating lease liabilities 20,000 19,984 Other liabilities 26,941 24,268 Total liabilities 1,402,910 1,413,889 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 65,426 65,426 Series E redeemable preferred stock, $0.01 par value, 13,391,250 and 14,910,521 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 320,585 352,502 Series M redeemable preferred stock, $0.01 par value, 1,420,421 and 1,476,621 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 35,524 36,916 Redeemable noncontrolling interests in operating partnership 17,994 29,964 Equity: Preferred stock, $0.01 par value, 80,000,000 shares authorized: 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2025 and December 31, 2024 16 16 Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 682 665 Additional paid-in capital 727,002 718,536 Accumulated other comprehensive income (loss) (135) (684) Accumulated deficit (502,437) (477,804) Total stockholders' equity of the Company 225,128 240,729 Noncontrolling interest in consolidated entities (3,321) (3,367) Total equity 221,807 237,362 Total liabilities and equity $ 2,064,246 $ 2,136,059 5
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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, 2025 2024 2025 2024 REVENUE Rooms $ 109,824 $ 116,227 $ 245,916 $ 254,779 Food and beverage 45,571 47,563 97,359 101,110 Other 23,682 23,797 51,622 50,777 Total hotel revenue 179,077 187,587 394,897 406,666 EXPENSES Hotel operating expenses: Rooms 27,285 27,476 55,504 55,740 Food and beverage 35,767 36,664 75,977 77,381 Other expenses 56,445 58,155 116,821 118,231 Management fees 5,541 6,068 12,451 13,044 Total hotel operating expenses 125,038 128,363 260,753 264,396 Property taxes, insurance and other 7,892 10,058 18,357 20,755 Depreciation and amortization 23,360 24,694 46,755 50,114 Advisory services fee: Base advisory fee 3,477 3,336 7,053 6,663 Reimbursable expenses 3,577 2,961 6,578 5,226 Incentive fee 188 648 270 648 Stock/unit-based compensation (51) 883 (99) 1,991 Corporate, general and administrative: Stock/unit-based compensation 5 252 5 269 Other general and administrative (2,303) 4,217 591 1,962 Total operating expenses 161,183 175,412 340,263 352,024 OPERATING INCOME (LOSS) 17,894 12,175 54,634 54,642 Equity in earnings (loss) of unconsolidated entity — (85) — (134) Interest income 1,519 1,072 3,407 1,868 Other income (expense) (1,250) — (1,250) — Interest expense (22,674) (25,834) (45,369) (51,014) Amortization of loan costs (2,687) (1,451) (4,819) (2,762) Write-off of loan costs and exit fees (3) (82) (1,467) (803) Gain (loss) on extinguishment of debt — (22) — (22) Realized and unrealized gain (loss) on derivatives 15 326 (183) 1,258 INCOME (LOSS) BEFORE INCOME TAXES (7,186) (13,901) 4,953 3,033 Income tax (expense) benefit 345 114 (1,122) (1,338) NET INCOME (LOSS) (6,841) (13,787) 3,831 1,695 (Income) loss attributable to noncontrolling interest in consolidated entities (115) 303 (51) 1,046 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,489 1,919 1,751 1,623 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (5,467) (11,565) 5,531 4,364 Preferred dividends (8,992) (10,329) (18,261) (20,736) Deemed dividends on redeemable preferred stock (1,559) (26) (5,835) (2,024) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (16,018) $ (21,920) $ (18,565) $ (18,396) INCOME (LOSS) PER SHARE – BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (0.24) $ (0.33) $ (0.28) $ (0.28) Weighted average common shares outstanding – basic 67,279 66,501 67,013 66,478 Diluted: Net income (loss) attributable to common stockholders $ (0.24) $ (0.33) $ (0.28) $ (0.28) Weighted average common shares outstanding – diluted 67,279 66,501 67,013 66,478 Dividends declared per common share $ 0.05 $ 0.05 $ 0.10 $ 0.10 6
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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, 2025 2024 2025 2024 Net income (loss) $ (6,841) $ (13,787) $ 3,831 $ 1,695 Interest expense and amortization of loan costs 25,361 27,285 50,188 53,776 Depreciation and amortization 23,360 24,694 46,755 50,114 Income tax expense (benefit) (345) (114) 1,122 1,338 Equity in (earnings) loss of unconsolidated entity — 85 — 134 Company's portion of EBITDA of OpenKey — (82) — (139) EBITDA and EBITDAre 41,535 38,081 101,896 106,918 Amortization of favorable (unfavorable) contract assets (liabilities) 107 118 214 237 Transaction and conversion costs 471 53 1,166 (5,574) Write-off of loan costs and exit fees 3 82 1,467 803 Realized and unrealized (gain) loss on derivatives (15) (326) 183 (1,258) Stock/unit-based compensation (47) 1,135 (95) 2,262 Legal, advisory and settlement costs (4,626) 2,870 (4,482) 4,817 Advisory services incentive fee 188 648 270 648 (Gain) loss on extinguishment of debt — 22 — 22 Other (income) loss 1,250 — 1,250 — Company's portion of adjustments to EBITDAre of OpenKey — 3 — 3 Adjusted EBITDAre $ 38,866 $ 42,686 $ 101,869 $ 108,878 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, 2025 2024 2025 2024 Net income (loss) $ (6,841) $ (13,787) $ 3,831 $ 1,695 (Income) loss attributable to noncontrolling interest in consolidated entities (115) 303 (51) 1,046 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,489 1,919 1,751 1,623 Preferred dividends (8,992) (10,329) (18,261) (20,736) Deemed dividends on redeemable preferred stock (1,559) (26) (5,835) (2,024) Net income (loss) attributable to common stockholders (16,018) (21,920) (18,565) (18,396) Depreciation and amortization on real estate (1) 22,690 23,696 45,366 47,876 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (1,489) (1,919) (1,751) (1,623) Equity in (earnings) loss of unconsolidated entity — 85 — 134 Company's portion of FFO of OpenKey — (95) — (162) FFO available to common stockholders and OP unitholders 5,183 (153) 25,050 27,829 Deemed dividends on redeemable preferred stock 1,559 26 5,835 2,024 Transaction and conversion costs 471 53 1,166 (5,574) Write-off of premiums, loan costs and exit fees 3 82 1,467 803 Unrealized (gain) loss on derivatives 165 1,213 551 1,952 Stock/unit-based compensation (47) 1,135 (95) 2,262 Legal, advisory and settlement costs (4,626) 2,870 (4,482) 4,817 Interest expense accretion on refundable membership club deposits 135 150 286 315 Amortization of loan costs (1) 2,651 1,319 4,748 2,527 Advisory services incentive fee 188 648 270 648 (Gain) loss on extinguishment of debt — 22 — 22 Other (income) loss 1,250 — 1,250 — Company's portion of adjustments to FFO of OpenKey — 3 — 3 Adjusted FFO available to common stockholders and OP unitholders $ 6,932 $ 7,368 $ 36,046 $ 37,628 Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.09 $ 0.10 $ 0.49 $ 0.52 Weighted average diluted shares 73,571 72,904 73,573 72,637 (1) Net of adjustment for noncontrolling interest in consolidated entities. 7
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS June 30, 2025 (dollars in thousands) (unaudited) Lender Hotels Current Maturity Final Maturity (9) Interest Rate Fixed- Rate Debt Floating- Rate Debt Total Debt TTM Hotel Net Income TTM Hotel Net Income Debt Yield Comparable TTM Hotel EBITDA (10) Comparable TTM Hotel EBITDA Debt Yield BAML The Ritz-Carlton Lake Tahoe July 2025 January 2026 SOFR (1) + 3.25% $ — $ 43,413 (2) $ 43,413 $ (6,719) (15.5) % $ 7,763 17.9 % Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2026 February 2027 SOFR (1) + 2.86% — 70,500 (3) 70,500 24 — % 11,234 15.9 % Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250 — 86,250 N/A N/A N/A N/A BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% — 407,000 (4) 407,000 36,290 8.9 % 62,650 15.4 % Aareal Capital Corporation Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (1) + 3.75% — 140,000 (5) 140,000 924 0.7 % 24,336 17.4 % Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% — 110,600 (6) 110,600 (9,147) (8.3) % 18,240 16.5 % JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) + 2.52% — 363,000 (7) 363,000 23,587 6.5 % 61,831 17.0 % Unencumbered Hotel Cameo Beverly Hills — — — (5,574) N/A (1,716) N/A Total $ 86,250 $ 1,134,513 $ 1,220,763 $ 39,385 3.2 % $ 184,338 15.1 % Percentage 7.1 % 92.9 % 100.0 % Weighted average interest rate (8) 4.50 % 7.28 % 7.08 % All indebtedness is non-recourse with the exception of the convertible senior notes. The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. (1) SOFR rate was 4.32% at June 30, 2025. (2) This mortgage loan had one six-moth extension option subject to satisfaction of certain conditions. On July 25, 2025, we amended this mortgage loan. Terms of the amendment included extending the maturity date from July 2025 to July 2026. (3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in February 2025. (4) 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. Braemar holds a tranche of CMBS that has a par value of $17.2 million and a rate of SOFR +5.20%, which results in an effective interest rate on this mortgage loan of SOFR + 3.15%. (5) 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%. (6) 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%. (7) 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, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. (8) The weighted average interest rates are adjusted for in-the-money interest rate caps and the CMBS tranche. (9) The final maturity date assumes all available extension options will be exercised. (10) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 8
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED June 30, 2025 (dollars in thousands) (unaudited) Lender Hotels 2025 2026 2027 2028 2029 Thereafter Total BAML The Ritz-Carlton Lake Tahoe $ — $ 43,413 $ — $ — $ — $ — $ 43,413 Convertible Senior Notes N/A — 86,250 — — — — 86,250 Credit Agricole Park Hyatt Beaver Creek Resort & Spa — — 70,500 — — — 70,500 Aareal Capital Corporation Four Seasons Resort Scottsdale — — — 136,000 — — 136,000 Aareal Capital Corporation Capital Hilton — — — 106,600 — — 106,600 BAML See footnote 1 — — — — 407,000 — 407,000 JPMorgan Chase See footnote 2 — — — — — 363,000 363,000 Principal due in future periods $ — $ 129,663 $ 70,500 $ 242,600 $ 407,000 $ 363,000 $ 1,212,763 Scheduled amortization payments remaining — — 4,000 4,000 — — 8,000 Total indebtedness $ — $ 129,663 $ 74,500 $ 246,600 $ 407,000 $ 363,000 $ 1,220,763 The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. (1) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. (2) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. 9
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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 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 110,883 $ — $ 110,883 $ 117,107 $ (7,832) $ 109,275 (5.31) % 1.47 % RevPAR $ 318.14 $ — $ 318.14 $ 304.66 $ (218.44) $ 313.53 4.42 % 1.47 % Occupancy 71.85 % — % 71.85 % 72.82 % (86.08) % 71.46 % (1.33) % 0.55 % ADR $ 442.81 $ — $ 442.81 $ 418.38 $ (253.77) $ 438.78 5.84 % 0.92 % ALL HOTELS: Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 250,139 $ — $ 250,139 $ 258,542 $ (14,127) $ 244,415 (3.25) % 2.34 % RevPAR $ 360.83 $ — $ 360.83 $ 336.37 $ (197.01) $ 350.71 7.27 % 2.89 % Occupancy 68.23 % — % 68.23 % 69.10 % (78.59) % 68.13 % (1.26) % 0.15 % ADR $ 528.83 $ — $ 528.83 $ 486.76 $ (250.70) $ 514.77 8.64 % 2.73 % NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. ALL HOTELS NOT UNDER RENOVATION: Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 106,487 $ — $ 106,487 $ 111,913 $ (7,832) $ 104,081 (4.85) % 2.31 % RevPAR $ 328.98 $ — $ 328.98 $ 311.27 $ (218.44) $ 321.55 5.69 % 2.31 % Occupancy 74.48 % — % 74.48 % 74.67 % (86.08) % 73.41 % (0.25) % 1.46 % ADR $ 441.68 $ — $ 441.68 $ 416.86 $ (253.77) $ 438.04 5.95 % 0.83 % ALL HOTELS NOT UNDER RENOVATION: Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 230,449 $ — $ 230,449 $ 238,305 $ (14,127) $ 224,178 (3.30) % 2.80 % RevPAR $ 357.94 $ — $ 357.94 $ 331.47 $ (197.01) $ 346.37 7.99 % 3.34 % Occupancy 69.47 % — % 69.47 % 69.87 % (78.59) % 68.91 % (0.57) % 0.81 % ADR $ 515.27 $ — $ 515.27 $ 474.39 $ (250.70) $ 502.65 8.62 % 2.51 % NOTES: (1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at June 30, 2025 , and not under renovation during the three months ended June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek 10
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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, 2025 2024 % Variance 2025 2024 % Variance Total hotel revenue $ 179,943 $ 188,307 (4.44) % $ 398,352 $ 409,745 (2.78) % Non-comparable adjustments — (14,112) — (25,852) Comparable total hotel revenue $ 179,943 $ 174,195 3.30 % $ 398,352 $ 383,893 3.77 % Hotel net income (loss) $ 16,054 $ 14,032 14.41 % $ 52,811 $ 50,270 5.05 % Non-comparable adjustments 18 (3,957) 114 (6,660) Comparable hotel net income (loss) $ 16,072 $ 10,075 59.52 % $ 52,925 $ 43,610 21.36 % Hotel net income (loss) margin 8.92 % 7.45 % 1.47 % 13.26 % 12.27 % 0.99 % Comparable hotel net income margin 8.93 % 5.78 % 3.15 % 13.29 % 11.36 % 1.93 % Hotel EBITDA $ 47,793 $ 51,078 (6.43) % $ 118,534 $ 122,057 (2.89) % Non-comparable adjustments 12 (4,987) 70 (8,758) Comparable hotel EBITDA $ 47,805 $ 46,091 3.72 % $ 118,604 $ 113,299 4.68 % Hotel EBITDA margin 26.56 % 27.12 % (0.56) % 29.76 % 29.79 % (0.03) % Comparable hotel EBITDA margin 26.57 % 26.46 % 0.11 % 29.77 % 29.51 % 0.26 % Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 100 $ 2,066 (95.16) % $ 13 $ 2,737 (99.54) % Hotel net income (loss) attributable to the Company and OP unitholders $ 15,954 $ 11,966 33.33 % $ 52,799 $ 47,533 11.08 % Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 15,968 $ 8,998 77.45 % $ 52,884 $ 42,538 24.32 % Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,516 $ 3,211 (52.79) % $ 2,800 $ 5,186 (46.00) % Hotel EBITDA attributable to the Company and OP unitholders $ 46,277 $ 47,867 (3.32) % $ 115,734 $ 116,871 (0.97) % Comparable hotel EBITDA attributable to the Company and OP unitholders $ 46,286 $ 44,127 4.89 % $ 115,787 $ 110,303 4.97 % NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 11
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES HOTEL NET INCOME (LOSS) & EBITDA (dollars in thousands) (unaudited) ALL HOTELS NOT UNDER RENOVATION: Three Months Ended Six Months Ended June 30, June 30, 2025 2024 % Variance 2025 2024 % Variance Total hotel revenue $ 171,366 $ 178,652 (4.08) % $ 365,398 $ 375,044 (2.57) % Non-comparable adjustments — (14,112) — (25,852) Comparable total hotel revenue $ 171,366 $ 164,540 4.15 % $ 365,398 $ 349,192 4.64 % Hotel net income (loss) $ 20,023 $ 16,610 20.55 % $ 50,705 $ 46,170 9.82 % Non-comparable adjustments 18 (3,957) 114 (6,660) Comparable hotel net income (loss) $ 20,041 $ 12,653 58.39 % $ 50,819 $ 39,510 28.62 % Hotel net income (loss) margin 11.68 % 9.30 % 2.38 % 13.88 % 12.31 % 1.57 % Comparable hotel net income margin 11.69 % 7.69 % 4.00 % 13.91 % 11.31 % 2.60 % Hotel EBITDA $ 48,295 $ 50,579 (4.52) % $ 109,572 $ 111,706 (1.91) % Non-comparable adjustments 12 (4,987) 70 (8,758) Comparable hotel EBITDA $ 48,307 $ 45,592 5.95 % $ 109,642 $ 102,948 6.50 % Hotel EBITDA margin 28.18 % 28.31 % (0.13) % 29.99 % 29.78 % 0.21 % Comparable hotel EBITDA margin 28.19 % 27.71 % 0.48 % 30.01 % 29.48 % 0.53 % Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 100 $ 2,066 (95.16) % $ 13 $ 2,737 (99.54) % Hotel net income (loss) attributable to the Company and OP unitholders $ 19,923 $ 14,544 36.98 % $ 50,693 $ 43,433 16.71 % Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 19,937 $ 11,576 72.22 % $ 50,778 $ 38,438 32.10 % Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,516 $ 3,211 (52.79) % $ 2,800 $ 5,186 (46.00) % Hotel EBITDA attributable to the Company and OP unitholders $ 46,779 $ 47,368 (1.24) % $ 106,772 $ 106,520 0.24 % Comparable hotel EBITDA attributable to the Company and OP unitholders $ 46,788 $ 43,628 7.24 % $ 106,825 $ 99,952 6.88 % NOTES: (1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at June 30, 2025 , and not under renovation during the three months ended June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. (5) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek 12
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 12,819 $ — $ 12,819 $ 13,511 $ — $ 13,511 (5.12) % (5.12) % Total hotel revenue $ 18,445 $ — $ 18,445 $ 19,966 $ — $ 19,966 (7.62) % (7.62) % Hotel net income (loss) $ 418 $ — $ 418 $ 4,307 $ — $ 4,307 (90.29) % (90.29) % Hotel net income (loss) margin 2.27 % 2.27 % 21.57 % 21.57 % (19.30) % (19.30) % Hotel EBITDA $ 6,076 $ — $ 6,076 $ 7,856 $ — $ 7,856 (22.66) % (22.66) % Hotel EBITDA margin 32.94 % 32.94 % 39.35 % 39.35 % (6.41) % (6.41) % Selected Operating Information: RevPAR $ 251.99 $ — $ 251.99 $ 265.60 $ — $ 265.60 (5.12) % (5.12) % Occupancy 84.68 % — % 84.68 % 89.25 % — % 89.25 % (5.12) % (5.12) % ADR $ 297.60 $ — $ 297.60 $ 297.60 $ — $ 297.60 — % — % HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ — $ — $ — $ 7,832 $ (7,832) $ — (100.00) % — % Total hotel revenue $ — $ — $ — $ 14,112 $ (14,112) $ — (100.00) % — % Hotel net income (loss) $ (18) $ 18 $ — $ 3,957 $ (3,957) $ — (100.45) % — % Hotel net income (loss) margin — % — % 28.04 % — % (28.04) % — % Hotel EBITDA $ (12) $ 12 $ — $ 4,987 $ (4,987) $ — (100.24) % — % Hotel EBITDA margin — % — % 35.34 % — % (35.34) % — % Selected Operating Information: RevPAR $ — $ — $ — $ 218.44 $ 218.44 $ — (100.00) % — % Occupancy — % — % — % 86.08 % 86.08 % — % (100.00) % — % ADR $ — $ — $ — $ 253.77 $ 253.77 $ — (100.00) % — % SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 8,511 $ — $ 8,511 $ 8,347 $ — $ 8,347 1.96 % 1.96 % Total hotel revenue $ 11,620 $ — $ 11,620 $ 11,345 $ — $ 11,345 2.42 % 2.42 % Hotel net income (loss) $ 3,772 $ — $ 3,772 $ 2,645 $ — $ 2,645 42.61 % 42.61 % Hotel net income (loss) margin 32.46 % 32.46 % 23.31 % 23.31 % 9.15 % 9.15 % Hotel EBITDA $ 4,913 $ — $ 4,913 $ 3,801 $ — $ 3,801 29.26 % 29.26 % Hotel EBITDA margin 42.28 % 42.28 % 33.50 % 33.50 % 8.78 % 8.78 % Selected Operating Information: RevPAR $ 225.38 $ — $ 225.38 $ 221.02 $ — $ 221.02 1.97 % 1.97 % Occupancy 80.01 % — % 80.01 % 80.03 % — % 80.03 % (0.02) % (0.02) % ADR $ 281.70 $ — $ 281.70 $ 276.16 $ — $ 276.16 2.01 % 2.01 % BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 4,280 $ — $ 4,280 $ 4,477 $ — $ 4,477 (4.40) % (4.40) % Total hotel revenue $ 5,819 $ — $ 5,819 $ 5,912 $ — $ 5,912 (1.57) % (1.57) % Hotel net income (loss) $ 886 $ — $ 886 $ 1,030 $ — $ 1,030 (13.98) % (13.98) % Hotel net income (loss) margin 15.23 % 15.23 % 17.42 % 17.42 % (2.19) % (2.19) % Hotel EBITDA $ 1,728 $ — $ 1,728 $ 1,810 $ — $ 1,810 (4.53) % (4.53) % Hotel EBITDA margin 29.70 % 29.70 % 30.62 % 30.62 % (0.92) % (0.92) % Selected Operating Information: RevPAR $ 723.58 $ — $ 723.58 $ 756.79 $ — $ 756.79 (4.39) % (4.39) % Occupancy 71.83 % — % 71.83 % 72.36 % — % 72.36 % (0.73) % (0.73) % ADR $ 1,007.29 $ — $ 1,007.29 $ 1,045.90 $ — $ 1,045.90 (3.69) % (3.69) % Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 13
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PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 5,618 $ — $ 5,618 $ 5,567 $ — $ 5,567 0.92 % 0.92 % Total hotel revenue $ 7,491 $ — $ 7,491 $ 7,251 $ — $ 7,251 3.31 % 3.31 % Hotel net income (loss) $ 2,921 $ — $ 2,921 $ 832 $ — $ 832 251.08 % 251.08 % Hotel net income (loss) margin 38.99 % 38.99 % 11.47 % 11.47 % 27.52 % 27.52 % Hotel EBITDA $ 3,371 $ — $ 3,371 $ 3,257 $ — $ 3,257 3.50 % 3.50 % Hotel EBITDA margin 45.00 % 45.00 % 44.92 % 44.92 % 0.08 % 0.08 % Selected Operating Information: RevPAR $ 434.78 $ — $ 434.78 $ 430.83 $ — $ 430.83 0.92 % 0.92 % Occupancy 71.46 % — % 71.46 % 68.60 % — % 68.60 % 4.17 % 4.17 % ADR $ 608.43 $ — $ 608.43 $ 628.07 $ — $ 628.07 (3.13) % (3.13) % HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 2,925 $ — $ 2,925 $ 3,282 $ — $ 3,282 (10.88) % (10.88) % Total hotel revenue $ 4,061 $ — $ 4,061 $ 4,260 $ — $ 4,260 (4.67) % (4.67) % Hotel net income (loss) $ 733 $ — $ 733 $ 1,005 $ — $ 1,005 (27.06) % (27.06) % Hotel net income (loss) margin 18.05 % 18.05 % 23.59 % 23.59 % (5.54) % (5.54) % Hotel EBITDA $ 1,329 $ — $ 1,329 $ 1,441 $ — $ 1,441 (7.77) % (7.77) % Hotel EBITDA margin 32.73 % 32.73 % 33.83 % 33.83 % (1.10) % (1.10) % Selected Operating Information: RevPAR $ 401.78 $ — $ 401.78 $ 450.86 $ — $ 450.86 (10.89) % (10.89) % Occupancy 62.36 % — % 62.36 % 65.27 % — % 65.27 % (4.46) % (4.46) % ADR $ 644.27 $ — $ 644.27 $ 690.72 $ — $ 690.72 (6.72) % (6.72) % PARK HYATT BEAVER CREEK RESORT & SPA Selected Financial Information: Rooms revenue $ 1,471 $ — $ 1,471 $ 1,912 $ — $ 1,912 (23.06) % (23.06) % Total hotel revenue $ 4,516 $ — $ 4,516 $ 5,395 $ — $ 5,395 (16.29) % (16.29) % Hotel net income (loss) $ (4,702) $ — $ (4,702) $ (3,583) $ — $ (3,583) (31.23) % (31.23) % Hotel net income (loss) margin (104.12) % (104.12) % (66.41) % (66.41) % (37.71) % (37.71) % Hotel EBITDA $ (1,831) $ — $ (1,831) $ (942) $ — $ (942) (94.37) % (94.37) % Hotel EBITDA margin (40.54) % (40.54) % (17.46) % (17.46) % (23.08) % (23.08) % Selected Operating Information: RevPAR $ 83.72 $ — $ 83.72 $ 108.81 $ — $ 108.81 (23.06) % (23.06) % Occupancy 27.17 % — % 27.17 % 38.06 % — % 38.06 % (28.61) % (28.61) % ADR $ 308.20 $ — $ 308.20 $ 285.88 $ — $ 285.88 7.81 % 7.81 % THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 8,565 $ — $ 8,565 $ 8,642 $ — $ 8,642 (0.89) % (0.89) % Total hotel revenue $ 10,956 $ — $ 10,956 $ 10,753 $ — $ 10,753 1.89 % 1.89 % Hotel net income (loss) $ 2,803 $ — $ 2,803 $ 2,744 $ — $ 2,744 2.15 % 2.15 % Hotel net income (loss) margin 25.58 % 25.58 % 25.52 % 25.52 % 0.06 % 0.06 % Hotel EBITDA $ 4,139 $ — $ 4,139 $ 4,286 $ — $ 4,286 (3.43) % (3.43) % Hotel EBITDA margin 37.78 % 37.78 % 39.86 % 39.86 % (2.08) % (2.08) % Selected Operating Information: RevPAR $ 188.61 $ — $ 188.61 $ 190.31 $ — $ 190.31 (0.89) % (0.89) % Occupancy 75.95 % — % 75.95 % 76.10 % — % 76.10 % (0.20) % (0.20) % ADR $ 248.35 $ — $ 248.35 $ 250.09 $ — $ 250.09 (0.70) % (0.70) % Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 14
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THE CLANCY Selected Financial Information: Rooms revenue $ 8,911 $ — $ 8,911 $ 7,668 $ — $ 7,668 16.21 % 16.21 % Total hotel revenue $ 10,713 $ — $ 10,713 $ 9,379 $ — $ 9,379 14.22 % 14.22 % Hotel net income (loss) $ 1,022 $ — $ 1,022 $ (983) $ — $ (983) 203.97 % 203.97 % Hotel net income (loss) margin 9.54 % 9.54 % (10.48) % (10.48) % 20.02 % 20.02 % Hotel EBITDA $ 2,501 $ — $ 2,501 $ 1,460 $ — $ 1,460 71.30 % 71.30 % Hotel EBITDA margin 23.35 % 23.35 % 15.57 % 15.57 % 7.78 % 7.78 % Selected Operating Information: RevPAR $ 238.83 $ — $ 238.83 $ 205.53 $ — $ 205.53 16.20 % 16.20 % Occupancy 74.47 % — % 74.47 % 70.66 % — % 70.66 % 5.39 % 5.39 % ADR $ 320.71 $ — $ 320.71 $ 290.89 $ — $ 290.89 10.25 % 10.25 % THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 9,555 $ — $ 9,555 $ 9,357 $ — $ 9,357 2.12 % 2.12 % Total hotel revenue $ 24,533 $ — $ 24,533 $ 22,824 $ — $ 22,824 7.49 % 7.49 % Hotel net income (loss) $ 4,621 $ — $ 4,621 $ 3,478 $ — $ 3,478 32.86 % 32.86 % Hotel net income (loss) margin 18.84 % 18.84 % 15.24 % 15.24 % 3.60 % 3.60 % Hotel EBITDA $ 6,761 $ — $ 6,761 $ 5,472 $ — $ 5,472 23.56 % 23.56 % Hotel EBITDA margin 27.56 % 27.56 % 23.97 % 23.97 % 3.59 % 3.59 % Selected Operating Information: RevPAR $ 380.44 $ — $ 380.44 $ 372.52 $ — $ 372.52 2.13 % 2.13 % Occupancy 71.31 % — % 71.31 % 67.68 % — % 67.68 % 5.36 % 5.36 % ADR $ 533.50 $ — $ 533.50 $ 550.40 $ — $ 550.40 (3.07) % (3.07) % THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 4,353 $ — $ 4,353 $ 3,824 $ — $ 3,824 13.83 % 13.83 % Total hotel revenue $ 10,655 $ — $ 10,655 $ 7,663 $ — $ 7,663 39.04 % 39.04 % Hotel net income (loss) $ (3,021) $ — $ (3,021) $ (4,662) $ — $ (4,662) 35.20 % 35.20 % Hotel net income (loss) margin (28.35) % (28.35) % (60.84) % (60.84) % 32.49 % 32.49 % Hotel EBITDA $ 664 $ — $ 664 $ (1,050) $ — $ (1,050) 163.24 % 163.24 % Hotel EBITDA margin 6.23 % 6.23 % (13.70) % (13.70) % 19.93 % 19.93 % Selected Operating Information: RevPAR $ 261.42 $ — $ 261.42 $ 229.69 $ — $ 229.69 13.81 % 13.81 % Occupancy 49.66 % — % 49.66 % 42.73 % — % 42.73 % 16.22 % 16.22 % ADR $ 526.40 $ — $ 526.40 $ 537.60 $ — $ 537.60 (2.08) % (2.08) % MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ 8,879 $ — $ 8,879 $ 8,786 $ — $ 8,786 1.06 % 1.06 % Total hotel revenue $ 11,339 $ — $ 11,339 $ 10,967 $ — $ 10,967 3.39 % 3.39 % Hotel net income (loss) $ 3,038 $ — $ 3,038 $ 2,995 $ — $ 2,995 1.44 % 1.44 % Hotel net income (loss) margin 26.79 % 26.79 % 27.31 % 27.31 % (0.52) % (0.52) % Hotel EBITDA $ 4,741 $ — $ 4,741 $ 4,737 $ — $ 4,737 0.08 % 0.08 % Hotel EBITDA margin 41.81 % 41.81 % 43.19 % 43.19 % (1.38) % (1.38) % Selected Operating Information: RevPAR $ 264.42 $ — $ 264.42 $ 261.65 $ — $ 261.65 1.06 % 1.06 % Occupancy 82.56 % — % 82.56 % 80.29 % — % 80.29 % 2.83 % 2.83 % ADR $ 320.29 $ — $ 320.29 $ 325.90 $ — $ 325.90 (1.72) % (1.72) % Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 15
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THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 10,168 $ — $ 10,168 $ 11,863 $ — $ 11,863 (14.29) % (14.29) % Total hotel revenue $ 17,487 $ — $ 17,487 $ 20,307 $ — $ 20,307 (13.89) % (13.89) % Hotel net income (loss) $ 3,115 $ — $ 3,115 $ 2,564 $ — $ 2,564 21.49 % 21.49 % Hotel net income (loss) margin 17.81 % 17.81 % 12.63 % 12.63 % 5.18 % 5.18 % Hotel EBITDA $ 4,149 $ — $ 4,149 $ 5,967 $ — $ 5,967 (30.47) % (30.47) % Hotel EBITDA margin 23.73 % 23.73 % 29.38 % 29.38 % (5.65) % (5.65) % Selected Operating Information: RevPAR $ 620.74 $ — $ 620.74 $ 724.27 $ — $ 724.27 (14.29) % (14.29) % Occupancy 63.57 % — % 63.57 % 71.06 % — % 71.06 % (10.54) % (10.54) % ADR $ 976.44 $ — $ 976.44 $ 1,019.21 $ — $ 1,019.21 (4.20) % (4.20) % CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 2,616 $ — $ 2,616 $ 2,712 $ — $ 2,712 (3.54) % (3.54) % Total hotel revenue $ 3,293 $ — $ 3,293 $ 3,655 $ — $ 3,655 (9.90) % (9.90) % Hotel net income (loss) $ (1,161) $ — $ (1,161) $ (936) $ — $ (936) (24.04) % (24.04) % Hotel net income (loss) margin (35.26) % (35.26) % (25.61) % (25.61) % (9.65) % (9.65) % Hotel EBITDA $ (223) $ — $ (223) $ (51) $ — $ (51) (337.25) % (337.25) % Hotel EBITDA margin (6.77) % (6.77) % (1.40) % (1.40) % (5.37) % (5.37) % Selected Operating Information: RevPAR $ 201.08 $ — $ 201.08 $ 208.42 $ — $ 208.42 (3.52) % (3.52) % Occupancy 75.72 % — % 75.72 % 70.38 % — % 70.38 % 7.59 % 7.59 % ADR $ 265.57 $ — $ 265.57 $ 296.12 $ — $ 296.12 (10.32) % (10.32) % THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 12,454 $ — $ 12,454 $ 10,594 $ — $ 10,594 17.56 % 17.56 % Total hotel revenue $ 19,735 $ — $ 19,735 $ 17,287 $ — $ 17,287 14.16 % 14.16 % Hotel net income (loss) $ 1,460 $ — $ 1,460 $ (583) $ — $ (583) 350.43 % 350.43 % Hotel net income (loss) margin 7.40 % 7.40 % (3.37) % (3.37) % 10.77 % 10.77 % Hotel EBITDA $ 3,544 $ — $ 3,544 $ 2,905 $ — $ 2,905 22.00 % 22.00 % Hotel EBITDA margin 17.96 % 17.96 % 16.80 % 16.80 % 1.16 % 1.16 % Selected Operating Information: RevPAR $ 1,291.06 $ — $ 1,291.06 $ 1,098.31 $ — $ 1,098.31 17.55 % 17.55 % Occupancy 61.50 % — % 61.50 % 53.78 % — % 53.78 % 14.35 % 14.35 % ADR $ 2,099.39 $ — $ 2,099.39 $ 2,042.08 $ — $ 2,042.08 2.81 % 2.81 % FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 9,758 $ — $ 9,758 $ 8,733 $ — $ 8,733 11.74 % 11.74 % Total hotel revenue $ 19,280 $ — $ 19,280 $ 17,231 $ — $ 17,231 11.89 % 11.89 % Hotel net income (loss) $ 167 $ — $ 167 $ (778) $ — $ (778) 121.47 % 121.47 % Hotel net income (loss) margin 0.87 % 0.87 % (4.52) % (4.52) % 5.39 % 5.39 % Hotel EBITDA $ 5,943 $ — $ 5,943 $ 5,142 $ — $ 5,142 15.58 % 15.58 % Hotel EBITDA margin 30.82 % 30.82 % 29.84 % 29.84 % 0.98 % 0.98 % Selected Operating Information: RevPAR $ 510.64 $ — $ 510.64 $ 457.03 $ — $ 457.03 11.73 % 11.73 % Occupancy 62.56 % — % 62.56 % 56.85 % — % 56.85 % 10.04 % 10.04 % ADR $ 816.25 $ — $ 816.25 $ 803.92 $ — $ 803.92 1.53 % 1.53 % Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 16
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RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 60,582 $ — $ 60,582 $ 67,441 $ (7,832) $ 59,609 (10.17) % 1.63 % Total hotel revenue $ 113,577 $ — $ 113,577 $ 122,242 $ (14,112) $ 108,130 (7.09) % 5.04 % Hotel net income (loss) $ 6,162 $ 18 $ 6,180 $ 3,260 $ (3,957) $ (697) 89.02 % 986.66 % Hotel net income (loss) margin 5.43 % 5.44 % 2.67 % (0.64) % 2.76 % 6.08 % Hotel EBITDA $ 25,646 $ 12 $ 25,658 $ 28,989 $ (4,987) $ 24,002 (11.53) % 6.90 % Hotel EBITDA margin 22.58 % 22.59 % 23.71 % 22.20 % (1.13) % 0.39 % Selected Operating Information: RevPAR $ 463.92 $ — $ 463.92 $ 405.20 $ 218.44 $ 456.48 14.49 % 1.63 % Occupancy 59.18 % — % 59.18 % 64.44 % 86.08 % 58.50 % (8.16) % 1.16 % ADR $ 783.98 $ — $ 783.98 $ 628.83 $ 253.77 $ 780.37 24.67 % 0.46 % URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 50,301 $ — $ 50,301 $ 49,666 $ — $ 49,666 1.28 % 1.28 % Total hotel revenue $ 66,366 $ — $ 66,366 $ 66,065 $ — $ 66,065 0.46 % 0.46 % Hotel net income (loss) $ 9,892 $ — $ 9,892 $ 10,772 $ — $ 10,772 (8.17) % (8.17) % Hotel net income (loss) margin 14.91 % 14.91 % 16.31 % 16.31 % (1.40) % (1.40) % Hotel EBITDA $ 22,147 $ — $ 22,147 $ 22,089 $ — $ 22,089 0.26 % 0.26 % Hotel EBITDA margin 33.37 % 33.37 % 33.44 % 33.44 % (0.07) % (0.07) % Selected Operating Information: RevPAR $ 230.80 $ — $ 230.80 $ 227.88 $ — $ 227.88 1.28 % 1.28 % Occupancy 79.44 % — % 79.44 % 79.22 % — % 79.22 % 0.28 % 0.28 % ADR $ 290.54 $ — $ 290.54 $ 287.66 $ — $ 287.66 1.00 % 1.00 % BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 110,883 $ — $ 110,883 $ 117,107 $ (7,832) $ 109,275 (5.31) % 1.47 % Total hotel revenue $ 179,943 $ — $ 179,943 $ 188,307 $ (14,112) $ 174,195 (4.44) % 3.30 % Hotel net income (loss) $ 16,054 $ 18 $ 16,072 $ 14,032 $ (3,957) $ 10,075 14.41 % 59.52 % Hotel net income (loss) margin 8.92 % 8.93 % 7.45 % 5.78 % 1.47 % 3.15 % Hotel EBITDA $ 47,793 $ 12 $ 47,805 $ 51,078 $ (4,987) $ 46,091 (6.43) % 3.72 % Hotel EBITDA margin 26.56 % 26.57 % 27.12 % 26.46 % (0.56) % 0.11 % Selected Operating Information: RevPAR $ 318.14 $ — $ 318.14 $ 304.66 $ (218.44) $ 313.53 4.42 % 1.47 % Occupancy 71.85 % — % 71.85 % 72.82 % (86.08) % 71.46 % (1.33) % 0.55 % ADR $ 442.81 $ — $ 442.81 $ 418.38 $ (253.77) $ 438.78 5.84 % 0.92 % Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. (4) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills (6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA . 17
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 23,623 $ — $ 23,623 $ 22,643 $ — $ 22,643 4.33 % 4.33 % Total hotel revenue $ 35,752 $ — $ 35,752 $ 35,423 $ — $ 35,423 0.93 % 0.93 % Hotel net income (loss) $ 164 $ — $ 164 $ 4,288 $ — $ 4,288 (96.18) % (96.18) % Hotel net income (loss) margin 0.46 % 0.46 % 12.11 % 12.11 % (11.65) % (11.65) % Hotel EBITDA $ 11,267 $ — $ 11,267 $ 11,984 $ — $ 11,984 (5.98) % (5.98) % Hotel EBITDA margin 31.51 % 31.51 % 33.83 % 33.83 % (2.32) % (2.32) % Selected Operating Information: RevPAR $ 233.48 $ — $ 233.48 $ 222.88 $ — $ 222.88 4.76 % 4.76 % Occupancy 77.74 % — % 77.74 % 80.64 % — % 80.64 % (3.60) % (3.60) % ADR $ 300.32 $ — $ 300.32 $ 276.38 $ — $ 276.38 8.66 % 8.66 % HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ — $ — $ — $ 14,127 $ (14,127) $ — (100.00) % — % Total hotel revenue $ — $ — $ — $ 25,852 $ (25,852) $ — (100.00) % — % Hotel net income (loss) $ (114) $ 114 $ — $ 6,660 $ (6,660) $ — (101.71) % — % Hotel net income (loss) margin — % — % 25.76 % — % (25.76) % — % Hotel EBITDA $ (70) $ 70 $ — $ 8,758 $ (8,758) $ — (100.80) % — % Hotel EBITDA margin — % — % 33.88 % — % (33.88) % — % Selected Operating Information: RevPAR $ — $ — $ — $ 197.01 $ 197.01 $ — (100.00) % — % Occupancy — % — % — % 78.59 % 78.59 % — % (100.00) % — % ADR $ — $ — $ — $ 250.70 $ 250.70 $ — (100.00) % — % SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 11,646 $ — $ 11,646 $ 11,721 $ — $ 11,721 (0.64) % (0.64) % Total hotel revenue $ 15,938 $ — $ 15,938 $ 16,075 $ — $ 16,075 (0.85) % (0.85) % Hotel net income (loss) $ 214 $ — $ 214 $ (100) $ — $ (100) 314.00 % 314.00 % Hotel net income (loss) margin 1.34 % 1.34 % (0.62) % (0.62) % 1.96 % 1.96 % Hotel EBITDA $ 2,508 $ — $ 2,508 $ 2,185 $ — $ 2,185 14.78 % 14.78 % Hotel EBITDA margin 15.74 % 15.74 % 13.59 % 13.59 % 2.15 % 2.15 % Selected Operating Information: RevPAR $ 155.05 $ — $ 155.05 $ 155.18 $ — $ 155.18 (0.08) % (0.08) % Occupancy 64.09 % — % 64.09 % 66.36 % — % 66.36 % (3.42) % (3.42) % ADR $ 241.91 $ — $ 241.91 $ 233.86 $ — $ 233.86 3.44 % 3.44 % BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 6,568 $ — $ 6,568 $ 6,528 $ — $ 6,528 0.61 % 0.61 % Total hotel revenue $ 9,211 $ — $ 9,211 $ 8,932 $ — $ 8,932 3.12 % 3.12 % Hotel net income (loss) $ (269) $ — $ (269) $ (190) $ — $ (190) (41.58) % (41.58) % Hotel net income (loss) margin (2.92) % (2.92) % (2.13) % (2.13) % (0.79) % (0.79) % Hotel EBITDA $ 1,509 $ — $ 1,509 $ 1,371 $ — $ 1,371 10.07 % 10.07 % Hotel EBITDA margin 16.38 % 16.38 % 15.35 % 15.35 % 1.03 % 1.03 % Selected Operating Information: RevPAR $ 558.25 $ — $ 558.25 $ 551.79 $ — $ 551.79 1.17 % 1.17 % Occupancy 60.34 % — % 60.34 % 57.10 % — % 57.10 % 5.67 % 5.67 % ADR $ 925.17 $ — $ 925.17 $ 966.35 $ — $ 966.35 (4.26) % (4.26) % Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 18
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PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 13,472 $ — $ 13,472 $ 13,447 $ — $ 13,447 0.19 % 0.19 % Total hotel revenue $ 17,417 $ — $ 17,417 $ 17,026 $ — $ 17,026 2.30 % 2.30 % Hotel net income (loss) $ 8,043 $ — $ 8,043 $ 3,869 $ — $ 3,869 107.88 % 107.88 % Hotel net income (loss) margin 46.18 % 46.18 % 22.72 % 22.72 % 23.46 % 23.46 % Hotel EBITDA $ 8,957 $ — $ 8,957 $ 8,714 $ — $ 8,714 2.79 % 2.79 % Hotel EBITDA margin 51.43 % 51.43 % 51.18 % 51.18 % 0.25 % 0.25 % Selected Operating Information: RevPAR $ 524.16 $ — $ 524.16 $ 520.32 $ — $ 520.32 0.74 % 0.74 % Occupancy 75.59 % — % 75.59 % 74.21 % — % 74.21 % 1.86 % 1.86 % ADR $ 693.39 $ — $ 693.39 $ 701.14 $ — $ 701.14 (1.11) % (1.11) % HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 4,396 $ — $ 4,396 $ 5,144 $ — $ 5,144 (14.54) % (14.54) % Total hotel revenue $ 6,036 $ — $ 6,036 $ 6,724 $ — $ 6,724 (10.23) % (10.23) % Hotel net income (loss) $ (279) $ — $ (279) $ 539 $ — $ 539 (151.76) % (151.76) % Hotel net income (loss) margin (4.62) % (4.62) % 8.02 % 8.02 % (12.64) % (12.64) % Hotel EBITDA $ 886 $ — $ 886 $ 1,418 $ — $ 1,418 (37.52) % (37.52) % Hotel EBITDA margin 14.68 % 14.68 % 21.09 % 21.09 % (6.41) % (6.41) % Selected Operating Information: RevPAR $ 303.59 $ — $ 303.59 $ 353.32 $ — $ 353.32 (14.08) % (14.08) % Occupancy 48.93 % — % 48.93 % 57.27 % — % 57.27 % (14.56) % (14.56) % ADR $ 620.46 $ — $ 620.46 $ 616.97 $ — $ 616.97 0.57 % 0.57 % PARK HYATT BEAVER CREEK RESORT & SPA Selected Financial Information: Rooms revenue $ 15,294 $ — $ 15,294 $ 15,093 $ — $ 15,093 1.33 % 1.33 % Total hotel revenue $ 26,918 $ — $ 26,918 $ 27,977 $ — $ 27,977 (3.79) % (3.79) % Hotel net income (loss) $ 2,385 $ — $ 2,385 $ 3,561 $ — $ 3,561 (33.02) % (33.02) % Hotel net income (loss) margin 8.86 % 8.86 % 12.73 % 12.73 % (3.87) % (3.87) % Hotel EBITDA $ 8,076 $ — $ 8,076 $ 8,933 $ — $ 8,933 (9.59) % (9.59) % Hotel EBITDA margin 30.00 % 30.00 % 31.93 % 31.93 % (1.93) % (1.93) % Selected Operating Information: RevPAR $ 437.81 $ — $ 437.81 $ 429.67 $ — $ 429.67 1.89 % 1.89 % Occupancy 53.48 % — % 53.48 % 58.29 % — % 58.29 % (8.25) % (8.25) % ADR $ 818.61 $ — $ 818.61 $ 737.16 $ — $ 737.16 11.05 % 11.05 % THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 14,035 $ — $ 14,035 $ 13,138 $ — $ 13,138 6.83 % 6.83 % Total hotel revenue $ 18,638 $ — $ 18,638 $ 16,662 $ — $ 16,662 11.86 % 11.86 % Hotel net income (loss) $ 3,213 $ — $ 3,213 $ 1,419 $ — $ 1,419 126.43 % 126.43 % Hotel net income (loss) margin 17.24 % 17.24 % 8.52 % 8.52 % 8.72 % 8.72 % Hotel EBITDA $ 5,845 $ — $ 5,845 $ 4,692 $ — $ 4,692 24.57 % 24.57 % Hotel EBITDA margin 31.36 % 31.36 % 28.16 % 28.16 % 3.20 % 3.20 % Selected Operating Information: RevPAR $ 155.39 $ — $ 155.39 $ 144.66 $ — $ 144.66 7.42 % 7.42 % Occupancy 66.91 % — % 66.91 % 64.11 % — % 64.11 % 4.37 % 4.37 % ADR $ 232.25 $ — $ 232.25 $ 225.63 $ — $ 225.63 2.93 % 2.93 % Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 19
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THE CLANCY Selected Financial Information: Rooms revenue $ 18,655 $ — $ 18,655 $ 16,531 $ — $ 16,531 12.85 % 12.85 % Total hotel revenue $ 22,020 $ — $ 22,020 $ 20,086 $ — $ 20,086 9.63 % 9.63 % Hotel net income (loss) $ 2,462 $ — $ 2,462 $ (540) $ — $ (540) 555.93 % 555.93 % Hotel net income (loss) margin 11.18 % 11.18 % (2.69) % (2.69) % 13.87 % 13.87 % Hotel EBITDA $ 5,525 $ — $ 5,525 $ 4,121 $ — $ 4,121 34.07 % 34.07 % Hotel EBITDA margin 25.09 % 25.09 % 20.52 % 20.52 % 4.57 % 4.57 % Selected Operating Information: RevPAR $ 251.39 $ — $ 251.39 $ 221.54 $ — $ 221.54 13.47 % 13.47 % Occupancy 71.17 % — % 71.17 % 69.75 % — % 69.75 % 2.04 % 2.04 % ADR $ 353.24 $ — $ 353.24 $ 317.60 $ — $ 317.60 11.22 % 11.22 % THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 22,112 $ — $ 22,112 $ 23,525 $ — $ 23,525 (6.01) % (6.01) % Total hotel revenue $ 54,417 $ — $ 54,417 $ 52,748 $ — $ 52,748 3.16 % 3.16 % Hotel net income (loss) $ 13,323 $ — $ 13,323 $ 12,721 $ — $ 12,721 4.73 % 4.73 % Hotel net income (loss) margin 24.48 % 24.48 % 24.12 % 24.12 % 0.36 % 0.36 % Hotel EBITDA $ 17,314 $ — $ 17,314 $ 16,435 $ — $ 16,435 5.35 % 5.35 % Hotel EBITDA margin 31.82 % 31.82 % 31.16 % 31.16 % 0.66 % 0.66 % Selected Operating Information: RevPAR $ 442.63 $ — $ 442.63 $ 468.32 $ — $ 468.32 (5.49) % (5.49) % Occupancy 74.28 % — % 74.28 % 73.56 % — % 73.56 % 0.98 % 0.98 % ADR $ 595.91 $ — $ 595.91 $ 636.68 $ — $ 636.68 (6.40) % (6.40) % THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 16,592 $ — $ 16,592 $ 15,428 $ — $ 15,428 7.54 % 7.54 % Total hotel revenue $ 30,071 $ — $ 30,071 $ 25,569 $ — $ 25,569 17.61 % 17.61 % Hotel net income (loss) $ (1,763) $ — $ (1,763) $ (4,129) $ — $ (4,129) 57.30 % 57.30 % Hotel net income (loss) margin (5.86) % (5.86) % (16.15) % (16.15) % 10.29 % 10.29 % Hotel EBITDA $ 5,656 $ — $ 5,656 $ 2,980 $ — $ 2,980 89.80 % 89.80 % Hotel EBITDA margin 18.81 % 18.81 % 11.65 % 11.65 % 7.16 % 7.16 % Selected Operating Information: RevPAR $ 500.94 $ — $ 500.94 $ 463.23 $ — $ 463.23 8.14 % 8.14 % Occupancy 52.70 % — % 52.70 % 51.23 % — % 51.23 % 2.87 % 2.87 % ADR $ 950.48 $ — $ 950.48 $ 904.24 $ — $ 904.24 5.11 % 5.11 % MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ 13,460 $ — $ 13,460 $ 13,245 $ — $ 13,245 1.62 % 1.62 % Total hotel revenue $ 17,635 $ — $ 17,635 $ 16,670 $ — $ 16,670 5.79 % 5.79 % Hotel net income (loss) $ 2,674 $ — $ 2,674 $ 2,157 $ — $ 2,157 23.97 % 23.97 % Hotel net income (loss) margin 15.16 % 15.16 % 12.94 % 12.94 % 2.22 % 2.22 % Hotel EBITDA $ 6,114 $ — $ 6,114 $ 5,632 $ — $ 5,632 8.56 % 8.56 % Hotel EBITDA margin 34.67 % 34.67 % 33.79 % 33.79 % 0.88 % 0.88 % Selected Operating Information: RevPAR $ 201.53 $ — $ 201.53 $ 197.22 $ — $ 197.22 2.19 % 2.19 % Occupancy 72.12 % — % 72.12 % 69.85 % — % 69.85 % 3.25 % 3.25 % ADR $ 279.45 $ — $ 279.45 $ 282.36 $ — $ 282.36 (1.03) % (1.03) % Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 20
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THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 26,515 $ — $ 26,515 $ 28,676 $ — $ 28,676 (7.54) % (7.54) % Total hotel revenue $ 41,863 $ — $ 41,863 $ 45,302 $ — $ 45,302 (7.59) % (7.59) % Hotel net income (loss) $ 11,014 $ — $ 11,014 $ 11,297 $ — $ 11,297 (2.51) % (2.51) % Hotel net income (loss) margin 26.31 % 26.31 % 24.94 % 24.94 % 1.37 % 1.37 % Hotel EBITDA $ 13,462 $ — $ 13,462 $ 16,078 $ — $ 16,078 (16.27) % (16.27) % Hotel EBITDA margin 32.16 % 32.16 % 35.49 % 35.49 % (3.33) % (3.33) % Selected Operating Information: RevPAR $ 813.85 $ — $ 813.85 $ 875.35 $ — $ 875.35 (7.03) % (7.03) % Occupancy 69.58 % — % 69.58 % 73.83 % — % 73.83 % (5.76) % (5.76) % ADR $ 1,169.72 $ — $ 1,169.72 $ 1,185.56 $ — $ 1,185.56 (1.34) % (1.34) % CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 4,790 $ — $ 4,790 $ 5,001 $ — $ 5,001 (4.22) % (4.22) % Total hotel revenue $ 6,431 $ — $ 6,431 $ 6,756 $ — $ 6,756 (4.81) % (4.81) % Hotel net income (loss) $ (2,538) $ — $ (2,538) $ (2,742) $ — $ (2,742) 7.44 % 7.44 % Hotel net income (loss) margin (39.47) % (39.47) % (40.59) % (40.59) % 1.12 % 1.12 % Hotel EBITDA $ (705) $ — $ (705) $ (474) $ — $ (474) (48.73) % (48.73) % Hotel EBITDA margin (10.96) % (10.96) % (7.02) % (7.02) % (3.94) % (3.94) % Selected Operating Information: RevPAR $ 185.02 $ — $ 185.02 $ 192.16 $ — $ 192.16 (3.72) % (3.72) % Occupancy 67.90 % — % 67.90 % 68.80 % — % 68.80 % (1.31) % (1.31) % ADR $ 272.50 $ — $ 272.50 $ 279.30 $ — $ 279.30 (2.43) % (2.43) % THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 34,935 $ — $ 34,935 $ 31,447 $ — $ 31,447 11.09 % 11.09 % Total hotel revenue $ 50,839 $ — $ 50,839 $ 46,017 $ — $ 46,017 10.48 % 10.48 % Hotel net income (loss) $ 8,680 $ — $ 8,680 $ 7,233 $ — $ 7,233 20.01 % 20.01 % Hotel net income (loss) margin 17.07 % 17.07 % 15.72 % 15.72 % 1.35 % 1.35 % Hotel EBITDA $ 15,089 $ — $ 15,089 $ 13,179 $ — $ 13,179 14.49 % 14.49 % Hotel EBITDA margin 29.68 % 29.68 % 28.64 28.64 % 1.04 % 1.04 % Selected Operating Information: RevPAR $ 1,820.81 $ — $ 1,820.81 $ 1,630.05 $ — $ 1,630.05 11.70 % 11.70 % Occupancy 66.66 % — % 66.66 % 59.63 % — % 59.63 % 11.79 % 11.79 % ADR $ 2,731.35 $ — $ 2,731.35 $ 2,733.57 $ — $ 2,733.57 (0.08) % (0.08) % FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 24,046 $ — $ 24,046 $ 22,848 $ — $ 22,848 5.24 % 5.24 % Total hotel revenue $ 45,166 $ — $ 45,166 $ 41,926 $ — $ 41,926 7.73 % 7.73 % Hotel net income (loss) $ 5,602 $ — $ 5,602 $ 4,227 $ — $ 4,227 32.53 % 32.53 % Hotel net income (loss) margin 12.40 % 12.40 % 10.08 % 10.08 % 2.32 % 2.32 % Hotel EBITDA $ 17,101 $ — $ 17,101 $ 16,051 $ — $ 16,051 6.54 % 6.54 % Hotel EBITDA margin 37.86 % 37.86 % 38.28 38.28 % (0.42) % (0.42) % Selected Operating Information: RevPAR $ 632.62 $ — $ 632.62 $ 597.81 $ — $ 597.81 5.82 % 5.82 % Occupancy 65.51 % — % 65.51 % 60.74 % — % 60.74 % 7.85 % 7.85 % ADR $ 965.74 $ — $ 965.74 $ 984.29 $ — $ 984.29 (1.88) % (1.88) % Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance 21
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RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 163,930 $ — $ 163,930 $ 176,263 $ (14,127) $ 162,136 (7.00) % 1.11 % Total hotel revenue $ 281,938 $ — $ 281,938 $ 298,073 $ (25,852) $ 272,221 (5.41) % 3.57 % Hotel net income (loss) $ 46,622 $ 114 $ 46,736 $ 45,788 $ (6,660) $ 39,128 1.82 % 19.44 % Hotel net income (loss) margin 16.54 % 16.58 % 15.36 % 14.37 % 1.18 % 2.21 % Hotel EBITDA $ 87,980 $ 70 $ 88,050 $ 93,917 $ (8,758) $ 85,159 (6.32) % 3.39 % Hotel EBITDA margin 31.21 % 31.23 % 31.51 % 31.28 % (0.30) % (0.05) % Selected Operating Information: RevPAR $ 631.14 $ — $ 631.14 $ 529.51 $ 197.01 $ 620.81 19.19 % 1.66 % Occupancy 64.38 % — % 64.38 % 67.30 % 78.59 % 64.20 % (4.34) % 0.28 % ADR $ 980.34 $ — $ 980.34 $ 786.84 $ 250.70 $ 967.04 24.59 % 1.38 % URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 86,209 $ — $ 86,209 $ 82,279 $ — $ 82,279 4.78 % 4.78 % Total hotel revenue $ 116,414 $ — $ 116,414 $ 111,672 $ — $ 111,672 4.25 % 4.25 % Hotel net income (loss) $ 6,189 $ — $ 6,189 $ 4,482 $ — $ 4,482 38.09 % 38.09 % Hotel net income (loss) margin 5.32 % 5.32 % 4.01 % 4.01 % 1.31 % 1.31 % Hotel EBITDA $ 30,554 $ — $ 30,554 $ 28,140 $ — $ 28,140 8.58 % 8.58 % Hotel EBITDA margin 26.25 % 26.25 % 25.20 % 25.20 % 1.05 % 1.05 % Selected Operating Information: RevPAR $ 198.87 $ — $ 198.87 $ 188.82 $ — $ 188.82 5.32 % 5.32 % Occupancy 70.54 % — % 70.54 % 70.49 % — % 70.49 % 0.07 % 0.07 % ADR $ 281.93 $ — $ 281.93 $ 267.89 $ — $ 267.89 5.24 % 5.24 % BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 250,139 $ — $ 250,139 $ 258,542 $ (14,127) $ 244,415 (3.25) % 2.34 % Total hotel revenue $ 398,352 $ — $ 398,352 $ 409,745 $ (25,852) $ 383,893 (2.78) % 3.77 % Hotel net income (loss) $ 52,811 $ 114 $ 52,925 $ 50,270 $ (6,660) $ 43,610 5.05 % 21.36 % Hotel net income (loss) margin 13.26 % 13.29 % 12.27 % 11.36 % 0.99 % 1.93 % Hotel EBITDA $ 118,534 $ 70 $ 118,604 $ 122,057 $ (8,758) $ 113,299 (2.89) % 4.68 % Hotel EBITDA margin 29.76 % 29.77 % 29.79 % 29.51 % (0.03) % 0.26 % Selected Operating Information: RevPAR $ 360.83 $ — $ 360.83 $ 336.37 $ (197.01) $ 350.71 7.27 % 2.89 % Occupancy 68.23 % — % 68.23 % 69.10 % (78.59) % 68.13 % (1.26) % 0.15 % ADR $ 528.83 $ — $ 528.83 $ 486.76 $ (250.70) $ 514.77 8.64 % 2.73 % Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. (4) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills (6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA 22
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 43,145 $ — $ 43,145 Total hotel revenue $ 65,463 $ — $ 65,463 Hotel net income $ (9,147) $ — $ (9,147) Hotel net income margin (13.97) % (13.97) % Hotel EBITDA $ 18,240 $ — $ 18,240 Hotel EBITDA margin 27.86 % 27.86 % Selected Operating Information: RevPAR $ 211.46 $ — $ 211.46 Occupancy 77.20 % — % 77.20 % ADR $ 273.92 $ — $ 273.92 HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ 1,373 $ (1,373) $ — Total hotel revenue $ 2,049 $ (2,049) $ — Hotel net income $ 88,132 $ (88,132) $ — Hotel net income margin 4,301.22 % — % Hotel EBITDA $ 276 $ (276) $ — Hotel EBITDA margin 13.47 % — % Selected Operating Information: RevPAR $ 217.79 $ (217.79) $ — Occupancy 84.31 % (84.31) % — % ADR $ 258.32 $ (258.32) $ — SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 27,874 $ — $ 27,874 Total hotel revenue $ 37,431 $ — $ 37,431 Hotel net income $ 1,493 $ — $ 1,493 Hotel net income margin 3.99 % 3.99 % Hotel EBITDA $ 6,065 $ — $ 6,065 Hotel EBITDA margin 16.20 % 16.20 % Selected Operating Information: RevPAR $ 184.02 $ — $ 184.02 Occupancy 71.43 % — % 71.43 % ADR $ 257.62 $ — $ 257.62 BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 14,779 $ — $ 14,779 Total hotel revenue $ 20,420 $ — $ 20,420 Hotel net income $ 797 $ — $ 797 Hotel net income margin 3.90 % 3.90 % Hotel EBITDA $ 4,574 $ — $ 4,574 Hotel EBITDA margin 22.40 % 22.40 % Selected Operating Information: RevPAR $ 622.91 $ — $ 622.91 Occupancy 62.58 % — % 62.58 % ADR $ 995.45 $ — $ 995.45 TTM Ended June 30, Actual Non-comparable Adjustments Comparable 2025 2025 2025 23
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PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 23,070 $ — $ 23,070 Total hotel revenue $ 30,271 $ — $ 30,271 Hotel net income $ 11,077 $ — $ 11,077 Hotel net income margin 36.59 % 36.59 % Hotel EBITDA $ 13,846 $ — $ 13,846 Hotel EBITDA margin 45.74 % 45.74 % Selected Operating Information: RevPAR $ 445.11 $ — $ 445.11 Occupancy 72.04 % — % 72.04 % ADR $ 617.87 $ — $ 617.87 HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 10,598 $ — $ 10,598 Total hotel revenue $ 14,023 $ — $ 14,023 Hotel net income $ 1,057 $ — $ 1,057 Hotel net income margin 7.54 % 7.54 % Hotel EBITDA $ 3,423 $ — $ 3,423 Hotel EBITDA margin 24.41 % 24.41 % Selected Operating Information: RevPAR $ 362.96 $ — $ 362.96 Occupancy 55.63 % — % 55.63 % ADR $ 652.46 $ — $ 652.46 PARK HYATT BEAVER CREEK RESORT & SPA Selected Financial Information: Rooms revenue $ 24,269 $ — $ 24,269 Total hotel revenue $ 46,849 $ — $ 46,849 Hotel net income $ 24 $ — $ 24 Hotel net income margin 0.05 % 0.05 % Hotel EBITDA $ 11,234 $ — $ 11,234 Hotel EBITDA margin 23.98 % 23.98 % Selected Operating Information: RevPAR $ 344.50 $ — $ 344.50 Occupancy 54.12 % — % 54.12 % ADR $ 636.54 $ — $ 636.54 THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 29,539 $ — $ 29,539 Total hotel revenue $ 38,432 $ — $ 38,432 Hotel net income $ 7,803 $ — $ 7,803 Hotel net income margin 20.30 % 20.30 % Hotel EBITDA $ 13,102 $ — $ 13,102 Hotel EBITDA margin 34.09 % 34.09 % Selected Operating Information: RevPAR $ 162.18 $ — $ 162.18 Occupancy 68.39 % — % 68.39 % ADR $ 237.15 $ — $ 237.15 TTM Ended June 30, Actual Non-comparable Adjustments Comparable 2025 2025 2025 24
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THE CLANCY Selected Financial Information: Rooms revenue $ 32,145 $ — $ 32,145 Total hotel revenue $ 38,323 $ — $ 38,323 Hotel net income $ 395 $ — $ 395 Hotel net income margin 1.03 % 1.03 % Hotel EBITDA $ 7,137 $ — $ 7,137 Hotel EBITDA margin 18.62 % 18.62 % Selected Operating Information: RevPAR $ 214.79 $ — $ 214.79 Occupancy 66.98 % — % 66.98 % ADR $ 320.69 $ — $ 320.69 THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 35,194 $ — $ 35,194 Total hotel revenue $ 88,432 $ — $ 88,432 Hotel net income $ 14,330 $ — $ 14,330 Hotel net income margin 16.20 % 16.20 % Hotel EBITDA $ 22,803 $ — $ 22,803 Hotel EBITDA margin 25.79 % 25.79 % Selected Operating Information: RevPAR $ 349.35 $ — $ 349.35 Occupancy 62.78 % — % 62.78 % ADR $ 556.44 $ — $ 556.44 THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 30,197 $ — $ 30,197 Total hotel revenue $ 55,246 $ — $ 55,246 Hotel net income $ (6,719) $ — $ (6,719) Hotel net income margin (12.16) % (12.16) % Hotel EBITDA $ 7,763 $ — $ 7,763 Hotel EBITDA margin 14.05 % 14.05 % Selected Operating Information: RevPAR $ 452.09 $ — $ 452.09 Occupancy 52.90 % — % 52.90 % ADR $ 854.62 $ — $ 854.62 MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ 30,533 $ — $ 30,533 Total hotel revenue $ 39,740 $ — $ 39,740 Hotel net income $ 6,689 $ — $ 6,689 Hotel net income margin 16.83 % 16.83 % Hotel EBITDA $ 14,478 $ — $ 14,478 Hotel EBITDA margin 36.43 % 36.43 % Selected Operating Information: RevPAR $ 226.70 $ — $ 226.70 Occupancy 74.10 % — % 74.10 % ADR $ 305.95 $ — $ 305.95 TTM Ended June 30, Actual Non-comparable Adjustments Comparable 2025 2025 2025 25
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THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 42,882 $ — $ 42,882 Total hotel revenue $ 70,936 $ — $ 70,936 Hotel net income $ 9,029 $ — $ 9,029 Hotel net income margin 12.73 % 12.73 % Hotel EBITDA $ 18,004 $ — $ 18,004 Hotel EBITDA margin 25.38 % 25.38 % Selected Operating Information: RevPAR $ 652.67 $ — $ 652.67 Occupancy 61.65 % — % 61.65 % ADR $ 1,058.68 $ — $ 1,058.68 CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 9,400 $ — $ 9,400 Total hotel revenue $ 12,814 $ — $ 12,814 Hotel net income $ (5,573) $ — $ (5,573) Hotel net income margin (43.49) % (43.49) % Hotel EBITDA $ (1,716) $ — $ (1,716) Hotel EBITDA margin (13.39) % (13.39) % Selected Operating Information: RevPAR $ 180.11 $ — $ 180.11 Occupancy 66.50 % — % 66.50 % ADR $ 270.84 $ — $ 270.84 THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 58,164 $ — $ 58,164 Total hotel revenue $ 87,042 $ — $ 87,042 Hotel net income $ 7,207 $ — $ 7,207 Hotel net income margin 8.28 % 8.28 % Hotel EBITDA $ 21,049 $ — $ 21,049 Hotel EBITDA margin 24.18 % 24.18 % Selected Operating Information: RevPAR $ 1,503.36 $ — $ 1,503.36 Occupancy 61.02 % — % 61.02 % ADR $ 2,463.58 $ — $ 2,463.58 FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 37,901 $ — $ 37,901 Total hotel revenue $ 75,353 $ — $ 75,353 Hotel net income (loss) $ 923 $ — $ 923 Hotel net income (loss) margin 1.22 % 1.22 % Hotel EBITDA $ 24,336 $ — $ 24,336 Hotel EBITDA margin 32.30 % 32.30 % Selected Operating Information: RevPAR $ 494.47 $ — $ 494.47 Occupancy 56.11 % — % 56.11 % ADR $ 881.26 $ — $ 881.26 TTM Ended June 30, Actual Non-comparable Adjustments Comparable 2025 2025 2025 26
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RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 278,427 $ (1,373) $ 277,054 Total hotel revenue $ 490,621 $ (2,049) $ 488,572 Hotel net income $ 125,857 $ (88,132) $ 37,725 Hotel net income margin 25.65 % 7.72 % Hotel EBITDA $ 127,308 $ (276) $ 127,032 Hotel EBITDA margin 25.95 % 26.00 % Selected Operating Information: RevPAR $ 525.25 $ — $ 525.25 Occupancy 59.91 % — % 59.91 % ADR $ 876.73 $ — $ 876.73 URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 172,636 $ — $ 172,636 Total hotel revenue $ 232,203 $ — $ 232,203 Hotel net income $ 1,660 $ — $ 1,660 Hotel net income margin 0.71 % 0.71 % Hotel EBITDA $ 57,306 $ — $ 57,306 Hotel EBITDA margin 24.68 % 24.68 % Selected Operating Information: RevPAR $ 197.48 $ — $ 197.48 Occupancy 71.50 % — % 71.50 % ADR $ 276.22 $ — $ 276.22 BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 451,063 $ (1,373) $ 449,690 Total hotel revenue $ 722,824 $ (2,049) $ 720,775 Hotel net income $ 127,517 $ (88,132) $ 39,385 Hotel net income margin 17.64 % 5.46 % Hotel EBITDA $ 184,614 $ (276) $ 184,338 Hotel EBITDA margin 25.54 % 25.57 % Selected Operating Information: RevPAR $ 321.21 $ (217.79) $ 321.68 Occupancy 67.12 % (84.31) % 67.05 % ADR $ 478.54 $ (258.32) $ 479.79 TTM Ended June 30, Actual Non-comparable Adjustments Comparable 2025 2025 2025 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. (4) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills (6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA 27
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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 2025 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 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 $ 179,943 $ — $ 179,943 $ 218,409 $ — $ 218,409 $ 175,217 $ — $ 175,217 $ 149,255 $ (2,049) $ 147,206 Hotel net income (loss) $ 16,054 $ 18 $ 16,072 $ 36,757 $ 96 $ 36,853 $ (3,126) $ 114 $ (3,012) $ 77,832 $ (88,360) $ (10,528) Hotel net income (loss) margin 8.92 % 8.93 % 16.83 % 16.87 % (1.78) % (1.72) % 52.15 % (7.15) % Hotel EBITDA $ 47,793 $ 12 $ 47,805 $ 70,741 $ 58 $ 70,799 $ 41,030 $ 51 $ 41,081 $ 25,050 $ (397) $ 24,653 Hotel EBITDA margin 26.56 % 26.57 % 32.39 % 32.42 % 23.42 % 23.45 % 16.78 % 16.75 % Hotel net income (loss) % of total TTM 12.6 % 40.8 % 28.8 % 93.6 % (2.5) % (7.7) % 61.0 % (26.7) % EBITDA % of total TTM 25.9 % 25.9 % 38.3 % 38.4 % 22.2 % 22.3 % 13.6 % 13.4 % JV interests in Hotel net income (loss) $ 100 $ 4 $ 104 $ (88) $ 25 $ (63) $ (2,357) $ 29 $ (2,328) $ 22,091 $ (22,090) $ 1 JV interests in EBITDA $ 1,516 $ 3 $ 1,519 $ 1,284 $ 14 $ 1,298 $ 940 $ 13 $ 953 $ 890 $ (100) $ 790 Actual Non- comparable Adjustments Comparable 2025 2025 2025 TTM TTM TTM Total hotel revenue $ 722,824 $ (2,049) $ 720,775 Hotel net income (loss) $ 127,517 $ (88,132) $ 39,385 Hotel net income (loss) margin 17.64 % 5.46 % Hotel EBITDA $ 184,614 $ (276) $ 184,338 Hotel EBITDA margin 25.54 % 25.57 % 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) $ 19,746 $ (22,032) $ (2,286) JV interests in EBITDA $ 4,630 $ (70) $ 4,560 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 28
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE June 30, 2025 (in thousands, except share price) (unaudited) June 30, 2025 Common stock shares outstanding 68,219 Partnership units outstanding (common stock equivalents) 5,416 Combined common stock shares and partnership units outstanding 73,635 Common stock price $ 2.45 Market capitalization $ 180,406 Series B cumulative convertible preferred stock $ 76,950 Series D cumulative preferred stock $ 40,000 Series E redeemable preferred stock $ 334,781 Series M redeemable preferred stock $ 35,511 Indebtedness $ 1,220,763 Joint venture partner's share of consolidated indebtedness $ (27,650) Net working capital (see below) $ (67,961) Total enterprise value (TEV) $ 1,792,800 Cash and cash equivalents $ 75,905 Restricted cash $ 54,720 Accounts receivable, net $ 31,508 Investment in securities $ 17,134 Prepaid expenses $ 5,339 Due from third-party hotel managers, net $ 22,314 Total current assets $ 206,920 Accounts payable, net & accrued expenses $ 127,061 Dividends and distributions payable $ 8,627 Due to affiliates, net $ 3,271 Total current liabilities $ 138,959 Net working capital* $ 67,961 * Includes the Company's pro rata share of net working capital in Hilton joint venture. The table does not include $5.4 million of indebtedness and approximately $1 million in cash related to the consolidation of a joint venture. 29
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) 2025 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Rooms Actual Actual Estimated Estimated Cameo Beverly Hills 143 x x Hotel Yountville 80 x x x x Park Hyatt Beaver Creek 193 x x x Total 1 2 3 3 (a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table. 30
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) 2025 2025 2024 2024 June 30, 2025 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter TTM Net income (loss) $ 16,054 $ 36,757 $ (3,126) $ 77,832 $ 127,517 Non-property adjustments (23) 869 188 (86,124) (85,090) Interest income (381) (348) (352) (749) (1,830) Interest expense 7,381 8,385 17,229 9,106 42,101 Amortization of loan costs 461 588 559 584 2,192 Depreciation and amortization 23,360 23,395 23,541 25,078 95,374 Income tax expense (benefit) (210) 526 440 (582) 174 Non-hotel EBITDA ownership expense 1,151 569 2,551 (95) 4,176 Hotel EBITDA including amounts attributable to noncontrolling interest 47,793 70,741 41,030 25,050 184,614 Non-comparable adjustments 12 58 51 (397) (276) Comparable hotel EBITDA $ 47,805 $ 70,799 $ 41,081 $ 24,653 $ 184,338 31
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2025 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc. Net income (loss) $ 418 $ (18) $ 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 — — — — — — — — — — — — — — 12 Comparable hotel EBITDA $ 6,076 $ — $ 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 $ 47,805 ALL HOTELS NOT UNDER RENOVATION: Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,076 $ (12) $ 4,913 $ 1,728 $ 3,371 $ — $ — $ 4,139 $ 2,501 $ 6,761 $ 664 $ 4,741 $ 4,149 $ (223) $ 3,544 $ 5,943 $ 48,295 Non-comparable adjustments — 12 — — — — — — — — — — — — — — 12 Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ — $ — $ 4,139 $ 2,501 $ 6,761 $ 664 $ 4,741 $ 4,149 $ (223) $ 3,544 $ 5,943 $ 48,307 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (12) $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,646 Non-comparable adjustments — 12 — — — — — — — — — — — — — — 12 Comparable hotel EBITDA $ — $ — $ — $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ — $ — $ 6,761 $ 664 $ — $ 4,149 $ — $ 3,544 $ 5,943 $ 25,658 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ 2,501 $ — $ — $ 4,741 $ — $ (223) $ — $ — $ 22,147 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $ 4,139 $ 2,501 $ — $ — $ 4,741 $ — $ (223) $ — $ — $ 22,147 Exhibit 1 32
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COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended June 30, 2025 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Aareal (Capital Hilton) $ 6,076 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 6,076 JPMorgan Chase (see footnote 3) — — 4,913 — — — — 4,139 2,501 — — 4,741 — — 3,544 — 19,838 BAML (see foonote 4) — — — 1,728 3,371 1,329 — — — 6,761 — — 4,149 — — — 17,338 Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — (1,831) — — — — — — — — — (1,831) BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 664 — — — — — 664 Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 5,943 5,943 Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (223) — — (223) Total $ 6,076 $ — $ 4,913 $ 1,728 $ 3,371 $ 1,329 $ (1,831) $ 4,139 $ 2,501 $ 6,761 $ 664 $ 4,741 $ 4,149 $ (223) $ 3,544 $ 5,943 $ 47,805 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. (5) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek Exhibit 1 33
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2025 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc. Net income (loss) $ (254) $ (96) $ (3,557) $ (1,155) $ 5,122 $ (1,012) $ 7,087 $ 410 $ 1,440 $ 8,702 $ 1,258 $ (364) $ 7,899 $ (1,377) $ 7,218 $ 5,436 $ 36,757 $ (26,085) $ 10,672 Non-property adjustments 3 — — — — — — — — — — — — — 866 — 869 (869) — Interest income (36) (4) (1) — — — — (27) (64) (28) (7) (27) (96) — (8) (50) (348) 348 — Interest expense 2,233 — — — — — 1,267 — — 151 856 20 — — 1,031 2,827 8,385 14,310 22,695 Amortization of loan cost 140 — — — 34 — — — — — 31 — — — 135 248 588 1,544 2,132 Depreciation and amortization 3,028 — 1,117 738 407 567 1,516 1,290 1,646 1,978 2,567 1,732 1,388 734 1,994 2,693 23,395 — 23,395 Income tax expense (benefit) 97 — — — — — — 5 — — — — 119 — 305 — 526 941 1,467 Non-hotel EBITDA ownership expense (20) 42 36 198 22 3 36 28 2 (250) 287 12 3 161 5 4 569 (569) — Hotel EBITDA including amounts attributable to noncontrolling interest 5,191 (58) (2,405) (219) 5,585 (442) 9,906 1,706 3,024 10,553 4,992 1,373 9,313 (482) 11,546 11,158 70,741 (10,380) 60,361 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,298) 14 — — — — — — — — — — — — — — (1,284) 1,284 — Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — — — Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDA attributable to the Company and OP unitholders $ 3,893 $ (44) $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ 1,373 $ 9,313 $ (482) $ 11,546 $ 11,158 $ 69,457 $ (9,096) $ 60,361 Non-comparable adjustments — 58 — — — — — — — — — — — — — — 58 Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ 1,373 $ 9,313 $ (482) $ 11,546 $ 11,158 $ 70,799 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (58) $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,334 Non-comparable adjustments — 58 — — — — — — — — — — — — — — 58 Comparable hotel EBITDA $ — $ — $ — $ (219) $ 5,585 $ (442) $ 9,906 $ — $ — $ 10,553 $ 4,992 $ — $ 9,313 $ — $ 11,546 $ 11,158 $ 62,392 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ 3,024 $ — $ — $ 1,373 $ — $ (482) $ — $ — $ 8,407 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 5,191 $ — $ (2,405) $ — $ — $ — $ — $ 1,706 $ 3,024 $ — $ — $ 1,373 $ — $ (482) $ — $ — $ 8,407 Exhibit 1 34
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COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended March 31, 2025 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Aareal (Capital Hilton) $ 5,191 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 5,191 JPMorgan Chase (see footnote 3) — — (2,405) — — — — 1,706 3,024 — — 1,373 — — 11,546 — 15,244 BAML (see foonote 4) — — — (219) 5,585 (442) — — — 10,553 — — 9,313 — — — 24,790 Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 9,906 — — — — — — — — — 9,906 BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 4,992 — — — — — 4,992 Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 11,158 11,158 Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (482) — — (482) Total $ 5,191 $ — $ (2,405) $ (219) $ 5,585 $ (442) $ 9,906 $ 1,706 $ 3,024 $ 10,553 $ 4,992 $ 1,373 $ 9,313 $ (482) $ 11,546 $ 11,158 $ 70,799 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Exhibit 1 35
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended December 31, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey 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) $ (9,314) $ (114) $ (787) $ 44 $ 3,021 $ 342 $ (1,259) $ 2,739 $ (1,417) $ 1,033 $ (2,318) $ 585 $ 1,635 $ (1,694) $ 2,083 $ 2,295 $ (3,126) $ (18,641) $ (21,767) Non-property adjustments 151 45 — — — — — — — — — (8) — — — — 188 (188) — Interest income (44) (8) — — — — — (25) (65) (12) (5) (25) (105) — (8) (55) (352) 352 — Interest expense 10,049 — — — — — 1,361 — — 151 1,132 20 — — 1,496 3,020 17,229 7,362 24,591 Amortization of loan cost 46 — — — 33 — — — — — 40 — — — 198 242 559 1,287 1,846 Depreciation and amortization 3,066 — 1,121 675 445 519 1,420 1,346 1,815 1,964 2,254 1,739 1,889 702 1,896 2,690 23,541 — 23,541 Income tax expense (benefit) (15) (2) — — — — — (42) — — — — 162 — 337 — 440 (72) 368 Non-hotel EBITDA ownership expense (129) 28 22 463 80 242 40 7 6 1,003 247 10 5 519 7 1 2,551 (2,551) — Hotel EBITDA including amounts attributable to noncontrolling interest 3,810 (51) 356 1,182 3,579 1,103 1,562 4,025 339 4,139 1,350 2,321 3,586 (473) 6,009 8,193 41,030 (12,451) 28,579 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (953) 13 — — — — — — — — — — — — — — (940) 940 — Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 1,394 1,394 Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — (53) (53) Hotel EBITDA attributable to the Company and OP unitholders $ 2,857 $ (38) $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ 2,321 $ 3,586 $ (473) $ 6,009 $ 8,193 $ 40,090 $ (10,170) $ 29,920 Non-comparable adjustments — 51 — — — — — — — — — — — — — — 51 Comparable hotel EBITDA $ 3,810 $ — $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ 2,321 $ 3,586 $ (473) $ 6,009 $ 8,193 $ 41,081 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (51) $ — $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ — $ — $ 4,139 $ 1,350 $ — $ 3,586 $ — $ 6,009 $ 8,193 $ 30,652 Non-comparable adjustments — 51 — — — — — — — — — — — — — — 51 Comparable hotel EBITDA $ — $ — $ — $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ — $ — $ 4,139 $ 1,350 $ — $ 3,586 $ — $ 6,009 $ 8,193 $ 30,703 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,810 $ — $ 356 $ — $ — $ — $ — $ 4,025 $ 339 $ — $ — $ 2,321 $ — $ (473) $ — $ — $ 10,378 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 3,810 $ — $ 356 $ — $ — $ — $ — $ 4,025 $ 339 $ — $ — $ 2,321 $ — $ (473) $ — $ — $ 10,378 Exhibit 1 36
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COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended December 31, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Aareal (Capital Hilton) $ 3,810 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,810 JPMorgan Chase (see footnote 3) — — 356 — — — — 4,025 339 — — 2,321 — — 6,009 — 13,050 BAML (see foonote 4) — — — 1,182 3,579 1,103 — — — 4,139 — — 3,586 — — — 13,589 Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 1,562 — — — — — — — — — 1,562 BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 1,350 — — — — — 1,350 Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — 8,193 8,193 Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (473) — — (473) Total $ 3,810 $ — $ 356 $ 1,182 $ 3,579 $ 1,103 $ 1,562 $ 4,025 $ 339 $ 4,139 $ 1,350 $ 2,321 $ 3,586 $ (473) $ 6,009 $ 8,193 $ 41,081 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Exhibit 1 37
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended September 30, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc. Net income (loss) $ 3 $ 88,360 $ 2,065 $ 1,022 $ 13 $ 994 $ (1,102) $ 1,851 $ (650) $ (26) $ (2,638) $ 3,430 $ (3,620) $ (1,342) $ (3,554) $ (6,974) $ 77,832 $ (37,997) $ 39,835 Non-property adjustments — (88,160) — — — — (50) — — — — — 2,086 — — — (86,124) 86,124 — Interest income (66) (55) 1 — — — — (27) (70) (25) (386) (34) (18) — (4) (65) (749) 749 — Interest expense — — — — 709 — 1,471 — — 151 1,215 20 710 — 1,592 3,238 9,106 17,026 26,132 Amortization of loan cost — — — — 116 — — — — — 39 — — — 192 237 584 1,195 1,779 Depreciation and amortization 3,287 179 1,130 745 467 444 1,310 1,386 1,991 1,871 2,246 2,612 2,292 671 1,843 2,604 25,078 — 25,078 Income tax expense (benefit) 2 27 — — — — — 6 — — — — (494) — (123) — (582) (282) (864) Non-hotel EBITDA ownership expense (63) 46 5 116 6 (5) (32) 16 2 (621) 281 15 — 133 4 2 (95) 95 — Hotel EBITDA including amounts attributable to noncontrolling interest 3,163 397 3,201 1,883 1,311 1,433 1,597 3,232 1,273 1,350 757 6,043 956 (538) (50) (958) 25,050 66,910 91,960 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (790) (100) — — — — — — — — — — — — — — (890) 890 — Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 80 80 Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — (76) (76) Hotel EBITDA attributable to the Company and OP unitholders $ 2,373 $ 297 $ 3,201 $ 1,883 $ 1,311 $ 1,433 $ 1,597 $ 3,232 $ 1,273 $ 1,350 $ 757 $ 6,043 $ 956 $ (538) $ (50) $ (958) $ 24,160 $ 67,804 $ 91,964 Non-comparable adjustments — (397) — — — — — — — — — — — — — — (397) Comparable hotel EBITDA $ 3,163 $ — $ 3,201 $ 1,883 $ 1,311 $ 1,433 $ 1,597 $ 3,232 $ 1,273 $ 1,350 $ 757 $ 6,043 $ 956 $ (538) $ (50) $ (958) $ 24,653 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ 397 $ — $ 1,883 $ 1,311 $ 1,433 $ 1,597 $ — $ — $ 1,350 $ 757 $ — $ 956 $ — $ (50) $ (958) $ 8,676 Non-comparable adjustments — (397) — — — — — — — — — — — — — — (397) Comparable hotel EBITDA $ — $ — $ — $ 1,883 $ 1,311 $ 1,433 $ 1,597 $ — $ — $ 1,350 $ 757 $ — $ 956 $ — $ (50) $ (958) $ 8,279 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,163 $ — $ 3,201 $ — $ — $ — $ — $ 3,232 $ 1,273 $ — $ — $ 6,043 $ — $ (538) $ — $ — $ 16,374 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 3,163 $ — $ 3,201 $ — $ — $ — $ — $ 3,232 $ 1,273 $ — $ — $ 6,043 $ — $ (538) $ — $ — $ 16,374 Exhibit 1 38
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COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended September 30, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Aareal (Capital Hilton) $ 3,163 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,163 JPMorgan Chase (see footnote 3) — — 3,201 — — — — 3,232 1,273 — — 6,043 — — (50) — 13,699 BAML (see foonote 4) — — — 1,883 1,311 1,433 — — — 1,350 — — 956 — — — 6,933 Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) — — — — — — 1,597 — — — — — — — — — 1,597 BAML (The Ritz-Carlton Lake Tahoe) — — — — — — — — — — 757 — — — — — 757 Aareal (Four Seasons Resort Scottsdale) — — — — — — — — — — — — — — — (958) (958) Unencumbered (Cameo Beverly Hills) — — — — — — — — — — — — — (538) — — (538) Total $ 3,163 $ — $ 3,201 $ 1,883 $ 1,311 $ 1,433 $ 1,597 $ 3,232 $ 1,273 $ 1,350 $ 757 $ 6,043 $ 956 $ (538) $ (50) $ (958) $ 24,653 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Exhibit 1 39
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc. Net income (loss) $ 4,307 $ 3,957 $ 2,645 $ 1,030 $ 832 $ 1,005 $ (3,583) $ 2,744 $ (983) $ 3,478 $ (4,662) $ 2,995 $ 2,564 $ (936) $ (583) $ (778) $ 14,032 $ (27,819) $ (13,787) Non-property adjustments — — — — — — — — — — 5 — — — — — 5 (5) — Interest income (48) (110) — — — — — (19) (55) (93) 76 (34) (9) — — (67) (359) 359 — Interest expense — — — — 1,779 — 1,459 — — 151 1,204 20 1,039 68 1,579 3,211 10,510 15,324 25,834 Amortization of loan cost — — — — 115 — — — — — 38 — — — 186 232 571 880 1,451 Depreciation and amortization 3,200 1,059 1,141 665 521 428 1,170 1,555 2,104 1,872 2,045 1,740 2,247 654 1,749 2,544 24,694 — 24,694 Income tax expense (benefit) 159 66 — — — — — 5 — — — — 121 — (29) — 322 (436) (114) Non-hotel EBITDA ownership expense 238 15 15 115 10 8 12 1 394 64 244 16 5 163 3 — 1,303 (1,303) — Hotel EBITDA including amounts attributable to noncontrolling interest 7,856 4,987 3,801 1,810 3,257 1,441 (942) 4,286 1,460 5,472 (1,050) 4,737 5,967 (51) 2,905 5,142 51,078 (13,000) 38,078 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,965) (1,246) — — — — — — — — — — — — — — (3,211) 3,211 — Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 85 85 Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — (82) (82) Hotel EBITDA attributable to the Company and OP unitholders $ 5,891 $ 3,741 $ 3,801 $ 1,810 $ 3,257 $ 1,441 $ (942) $ 4,286 $ 1,460 $ 5,472 $ (1,050) $ 4,737 $ 5,967 $ (51) $ 2,905 $ 5,142 $ 47,867 $ (9,786) $ 38,081 Non-comparable adjustments — (4,987) — — — — — — — — — — — — — — (4,987) Comparable hotel EBITDA $ 7,856 $ — $ 3,801 $ 1,810 $ 3,257 $ 1,441 $ (942) $ 4,286 $ 1,460 $ 5,472 $ (1,050) $ 4,737 $ 5,967 $ (51) $ 2,905 $ 5,142 $ 46,091 ALL HOTELS NOT UNDER RENOVATION: Hotel EBITDA including amounts attributable to noncontrolling interest $ 7,856 $ 4,987 $ 3,801 $ 1,810 $ 3,257 $ — $ — $ 4,286 $ 1,460 $ 5,472 $ (1,050) $ 4,737 $ 5,967 $ (51) $ 2,905 $ 5,142 $ 50,579 Non-comparable adjustments — (4,987) — — — — — — — — — — — — — — (4,987) Comparable hotel EBITDA $ 7,856 $ — $ 3,801 $ 1,810 $ 3,257 $ — $ — $ 4,286 $ 1,460 $ 5,472 $ (1,050) $ 4,737 $ 5,967 $ (51) $ 2,905 $ 5,142 $ 45,592 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ 4,987 $ — $ 1,810 $ 3,257 $ 1,441 $ (942) $ — $ — $ 5,472 $ (1,050) $ — $ 5,967 $ — $ 2,905 $ 5,142 $ 28,989 Non-comparable adjustments — (4,987) — — — — — — — — — — — — — — (4,987) Comparable hotel EBITDA $ — $ — $ — $ 1,810 $ 3,257 $ 1,441 $ (942) $ — $ — $ 5,472 $ (1,050) $ — $ 5,967 $ — $ 2,905 $ 5,142 $ 24,002 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 7,856 $ — $ 3,801 $ — $ — $ — $ — $ 4,286 $ 1,460 $ — $ — $ 4,737 $ — $ (51) $ — $ — $ 22,089 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 7,856 $ — $ 3,801 $ — $ — $ — $ — $ 4,286 $ 1,460 $ — $ — $ 4,737 $ — $ (51) $ — $ — $ 22,089 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek Exhibit 1 40
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2025 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottssdale 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 37 3 38 49 5 (226) 553 10 5 266 32 6 1,720 (1,720) — Hotel EBITDA including amounts attributable to noncontrolling interest 11,267 (70) 2,508 1,509 8,956 887 8,075 5,845 5,525 17,314 5,656 6,114 13,462 (705) 15,090 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 $ 8,956 $ 887 $ 8,075 $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,090 $ 17,101 $ 115,734 $ (13,838) $ 101,896 Non-comparable adjustments — 70 — — — — — — — — — — — — — — 70 Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ 1,509 $ 8,956 $ 887 $ 8,075 $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,090 $ 17,101 $ 118,604 ALL HOTELS NOT UNDER RENOVATION: Hotel EBITDA including amounts attributable to noncontrolling interest $ 11,267 $ (70) $ 2,508 $ 1,509 $ 8,956 $ — $ — $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,090 $ 17,101 $ 109,572 Non-comparable adjustments — 70 — — — — — — — — — — — — — — 70 Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ 1,509 $ 8,956 $ — $ — $ 5,845 $ 5,525 $ 17,314 $ 5,656 $ 6,114 $ 13,462 $ (705) $ 15,090 $ 17,101 $ 109,642 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ (70) $ — $ 1,509 $ 8,956 $ 887 $ 8,075 $ — $ — $ 17,314 $ 5,656 $ — $ 13,462 $ — $ 15,090 $ 17,101 $ 87,980 Non-comparable adjustments — 70 — — — — — — — — — — — — — — 70 Comparable hotel EBITDA $ — $ — $ — $ 1,509 $ 8,956 $ 887 $ 8,075 $ — $ — $ 17,314 $ 5,656 $ — $ 13,462 $ — $ 15,090 $ 17,101 $ 88,050 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 — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 11,267 $ — $ 2,508 $ — $ — $ — $ — $ 5,845 $ 5,525 $ — $ — $ 6,114 $ — $ (705) $ — $ — $ 30,554 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek Exhibit 1 41
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2024 Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz- Carlton Sarasota The Ritz- Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz- Carlton St. Thomas Cameo Beverly Hills The Ritz- Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc. Net income (loss) $ 4,288 $ 6,660 $ (100) $ (190) $ 3,869 $ 539 $ 3,561 $ 1,419 $ (540) $ 12,721 $ (4,129) $ 2,157 $ 11,297 $ (2,742) $ 7,233 $ 4,227 $ 50,270 $ (48,575) $ 1,695 Non-property adjustments — — — — — — — — — — 5 — — — — — 5 (5) — Interest income (86) (210) — — — — — (36) (105) (187) 147 (63) (22) — — (130) (692) 692 — Interest expense — — — — 3,553 — 2,920 — — 316 2,411 40 2,069 763 2,013 6,426 20,511 30,503 51,014 Amortization of loan cost — — — — 228 — 69 — — — 75 — — 46 247 458 1,123 1,639 2,762 Depreciation and amortization 7,337 2,149 2,264 1,272 1,038 846 2,369 3,251 4,316 3,568 3,968 3,490 4,474 1,248 3,459 5,065 50,114 — 50,114 Income tax expense (benefit) 205 130 — — — — — 10 — — — — 423 — 220 — 988 350 1,338 Non-hotel EBITDA ownership expense 240 29 21 289 26 33 14 48 450 17 503 8 (2,163) 211 7 5 (262) 262 — Hotel EBITDA including amounts attributable to noncontrolling interest 11,984 8,758 2,185 1,371 8,714 1,418 8,933 4,692 4,121 16,435 2,980 5,632 16,078 (474) 13,179 16,051 122,057 (15,134) 106,923 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (2,997) (2,189) — — — — — — — — — — — — — — (5,186) 5,186 — Equity in earnings (loss) of unconsolidated entities — — — — — — — — — — — — — — — — — 134 134 Company's portion of EBITDA of OpenKey — — — — — — — — — — — — — — — — — (139) (139) Hotel EBITDA attributable to the Company and OP unitholders $ 8,987 $ 6,569 $ 2,185 $ 1,371 $ 8,714 $ 1,418 $ 8,933 $ 4,692 $ 4,121 $ 16,435 $ 2,980 $ 5,632 $ 16,078 $ (474) $ 13,179 $ 16,051 $ 116,871 $ (9,953) $ 106,918 Non-comparable adjustments — (8,758) — — — — — — — — — — — — — — (8,758) Comparable hotel EBITDA $ 11,984 $ — $ 2,185 $ 1,371 $ 8,714 $ 1,418 $ 8,933 $ 4,692 $ 4,121 $ 16,435 $ 2,980 $ 5,632 $ 16,078 $ (474) $ 13,179 $ 16,051 $ 113,299 ALL HOTELS NOT UNDER RENOVATION: Hotel EBITDA including amounts attributable to noncontrolling interest $ 11,984 $ 8,758 $ 2,185 $ 1,371 $ 8,714 $ — $ — $ 4,692 $ 4,121 $ 16,435 $ 2,980 $ 5,632 $ 16,078 $ (474) $ 13,179 $ 16,051 $ 111,706 Non-comparable adjustments — (8,758) — — — — — — — — — — — — — — (8,758) Comparable hotel EBITDA $ 11,984 $ — $ 2,185 $ 1,371 $ 8,714 $ — $ — $ 4,692 $ 4,121 $ 16,435 $ 2,980 $ 5,632 $ 16,078 $ (474) $ 13,179 $ 16,051 $ 102,948 RESORT PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ — $ 8,758 $ — $ 1,371 $ 8,714 $ 1,418 $ 8,933 $ — $ — $ 16,435 $ 2,980 $ — $ 16,078 $ — $ 13,179 $ 16,051 $ 93,917 Non-comparable adjustments — (8,758) — — — — — — — — — — — — — — (8,758) Comparable hotel EBITDA $ — $ — $ — $ 1,371 $ 8,714 $ 1,418 $ 8,933 $ — $ — $ 16,435 $ 2,980 $ — $ 16,078 $ — $ 13,179 $ 16,051 $ 85,159 URBAN PROPERTIES: Hotel EBITDA including amounts attributable to noncontrolling interest $ 11,984 $ — $ 2,185 $ — $ — $ — $ — $ 4,692 $ 4,121 $ — $ — $ 5,632 $ — $ (474) $ — $ — $ 28,140 Non-comparable adjustments — — — — — — — — — — — — — — — — — Comparable hotel EBITDA $ 11,984 $ — $ 2,185 $ — $ — $ — $ — $ 4,692 $ 4,121 $ — $ — $ 5,632 $ — $ (474) $ — $ — $ 28,140 NOTES: (1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2025, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) Excluded hotels under renovation: Hotel Yountville, Park Hyatt Beaver Creek Exhibit 1 42