EXHIBIT 99.1

NEWS RELEASE


Contact:	Deric Eubanks	Allison Beach	Joe Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	(972) 490-9600	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

FOURTH QUARTER AND FULL YEAR 2025 RESULTS

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

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

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

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

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

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

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

•Adjusted EBITDAre was $28.8 million for the quarter.

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

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

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

•Capex invested during the quarter was $23.4 million.

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

BHR Reports Forth Quarter and Full Year Results

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February 26, 2026

FULL YEAR 2025 FINANCIAL HIGHLIGHTS

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

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

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

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

•Adjusted EBITDAre for the year was $147.0 million.

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

•Capex invested during the year was $77.9 million.

RECENT OPERATING HIGHLIGHTS

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

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

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

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

INITIATION OF SALE PROCESS

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

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

CAPITAL STRUCTURE

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

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

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February 26, 2026

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

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

DIVIDENDS

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

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

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

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

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

BHR Reports Forth Quarter and Full Year Results

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February 26, 2026

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

INVESTOR CONFERENCE CALL AND SIMULCAST

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

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

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

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

* * * * *

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

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

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

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

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February 26, 2026

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	December 31, 2025		December 31, 2024
ASSETS
Investments in hotel properties, gross	$	1,902,328	$	2,252,574
Accumulated depreciation	(344,061)		(473,888)
Investments in hotel properties, net	1,558,267		1,778,686
Cash and cash equivalents	124,354		135,465
Restricted cash	42,479		49,592
Investment in securities (amortized cost of $0 and $42,279, respectively)	—		41,535
Accounts receivable, net of allowance of $113 and $459, respectively	32,843		31,754

Inventories	4,741		4,664
Note receivable	8,896		8,283
Prepaid expenses	6,987		5,116
Deposit paid to Ashford Inc.	17,000		—
Deferred costs, net	75		75
Investment in OpenKey	89		145
Derivative assets	56		356
Other assets	15,368		19,538
Operating lease right-of-use assets	30,743		34,852
Intangible assets, net	2,746		3,125


Due from third-party hotel managers	17,088		22,873

Total assets	$	1,861,732	$	2,136,059

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,103,450	$	1,210,018
Accounts payable and accrued expenses	142,123		143,566
Redeemable preferred stock redemptions payable	30,864		—
Dividends and distributions payable	7,672		9,255

Due to Ashford Inc., net	5,148		4,267
Due to related parties, net	257		1,055
Due to third-party hotel managers	1,467		1,476
Operating lease liabilities	20,058		19,984


Other liabilities	25,572		24,268

Total liabilities	1,336,611		1,413,889

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	65,426		65,426
Series E redeemable preferred stock, $0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	265,695		352,502
Series M redeemable preferred stock, $0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	34,217		36,916
Redeemable noncontrolling interests in operating partnership	19,005		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 December 31, 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 December 31, 2025 and December 31, 2024, respectively	682		665
Additional paid-in capital	706,488		718,536
Accumulated other comprehensive income (loss)	—		(684)
Accumulated deficit	(568,503)		(477,804)
Total stockholders' equity of the Company	138,683		240,729
Noncontrolling interest in consolidated entities	2,095		(3,367)
Total equity	140,778		237,362
Total liabilities and equity	$	1,861,732	$	2,136,059

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
REVENUE
Rooms	$	97,373	$	105,155	$	428,990	$	452,361
Food and beverage	45,542		45,359		179,538		181,250
Other	22,647		22,826		95,487		94,793
Total hotel revenue	165,562		173,340		704,015		728,404


EXPENSES
Hotel operating expenses:
Rooms	24,135		25,177		104,367		106,465
Food and beverage	35,184		36,522		141,846		145,901
Other expenses	55,390		56,333		223,977		225,864
Management fees	5,104		5,587		21,995		23,500
Total hotel operating expenses	119,813		123,619		492,185		501,730
Property taxes, insurance and other	7,685		11,768		34,253		42,508
Depreciation and amortization	22,659		23,541		92,578		98,733
Impairment charges	54,492		—		54,492		—
Advisory services fee:
Base advisory fee	3,698		3,670		14,290		13,838
Reimbursable expenses	3,536		3,163		13,939		11,620
Incentive fee	662		623		1,408		2,735
Stock/unit-based compensation	(427)		(124)		(451)		2,294


Corporate, general and administrative:
Stock/unit-based compensation	—		46		5		315
Other general and administrative	7,347		3,210		11,749		14,046
Total operating expenses	219,465		169,516		714,448		687,819
Gain (loss) on disposition of assets and hotel properties	41,827		(45)		82,797		88,165
OPERATING INCOME (LOSS)	(12,076)		3,779		72,364		128,750
Equity in earnings (loss) of unconsolidated entity	(56)		(1,394)		(56)		(1,608)
Interest income	1,345		2,607		6,246		7,135
Other income (expense)	(322)		—		(1,572)		—
Interest expense	(20,530)		(24,591)		(88,361)		(101,737)
Amortization of loan costs	(2,633)		(1,846)		(10,178)		(6,387)
Write-off of loan costs and exit fees	—		(16)		(1,833)		(6,111)
Gain (loss) on extinguishment of debt	(1,133)		—		(2,686)		(22)
Realized and unrealized gain (loss) on derivatives	(54)		62		(355)		585
INCOME (LOSS) BEFORE INCOME TAXES	(35,459)		(21,399)		(26,431)		20,605
Income tax (expense) benefit	(1,505)		(368)		(1,979)		(842)
NET INCOME (LOSS)	(36,964)		(21,767)		(28,410)		19,763
(Income) loss attributable to noncontrolling interest in consolidated entities	(36)		389		325		(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3,409		2,725		5,767		4,472
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(33,591)		(18,653)		(22,318)		(1,693)
Preferred dividends	(8,345)		(9,702)		(35,273)		(40,295)
Deemed dividends on redeemable preferred stock	(4,026)		(2,783)		(15,112)		(8,958)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(45,962)	$	(31,138)	$	(72,703)	$	(50,946)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.67)	$	(0.47)	$	(1.07)	$	(0.77)
Weighted average common shares outstanding – basic	68,219		66,523		67,621		66,500
Diluted:
Net income (loss) attributable to common stockholders	$	(0.67)	$	(0.47)	$	(1.07)	$	(0.77)
Weighted average common shares outstanding – diluted	73,279		66,523		67,621		66,500
Dividends declared per common share	$	0.05	$	0.05	$	0.20	$	0.20

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(36,964)	$	(21,767)	$	(28,410)	$	19,763

Interest expense and amortization of loan costs	23,163		26,437		98,539		108,124
Depreciation and amortization	22,659		23,541		92,578		98,733
Income tax expense (benefit)	1,505		368		1,979		842
Equity in (earnings) loss of unconsolidated entity	56		1,394		56		1,608
Company's portion of EBITDA of OpenKey	—		(53)		—		(268)
EBITDA	10,419		29,920		164,742		228,802
Impairment charges on real estate	54,492		—		54,492		—
(Gain) loss on disposition of assets and hotel properties	(41,827)		45		(82,797)		(88,165)

EBITDAre	23,084		29,965		136,437		140,637
Amortization of favorable (unfavorable) contract assets (liabilities)	107		107		428		453
Transaction and conversion costs	4,728		1,077		7,502		(4,447)
Write-off of loan costs and exit fees	—		16		1,833		6,111
Realized and unrealized (gain) loss on derivatives	54		(62)		355		(585)
Stock/unit-based compensation	(426)		(78)		(446)		2,611
Legal, advisory and settlement costs	726		1,320		(3,138)		12,676
Advisory services incentive fee	(746)		(2,112)		—		—
(Gain) loss on extinguishment of debt	1,133		—		2,686		22
Other (income) expense	322		—		1,572		—
(Gain) loss on insurance settlements	(196)		(8)		(196)		(8)
Severance	—		—		—		102

Company's portion of adjustments to EBITDAre of OpenKey	—		—		—		3
Adjusted EBITDAre	$	28,786	$	30,225	$	147,033	$	157,575

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				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(36,964)	$	(21,767)	$	(28,410)	$	19,763
(Income) loss attributable to noncontrolling interest in consolidated entities	(36)		389		325		(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3,409		2,725		5,767		4,472
Preferred dividends	(8,345)		(9,702)		(35,273)		(40,295)
Deemed dividends on redeemable preferred stock	(4,026)		(2,783)		(15,112)		(8,958)

Net income (loss) attributable to common stockholders	(45,962)		(31,138)		(72,703)		(50,946)
Depreciation and amortization on real estate (1)	22,659		22,813		90,523		94,944
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(3,409)		(2,725)		(5,767)		(4,472)
Equity in (earnings) loss of unconsolidated entity	56		1,394		56		1,608
Impairment charges on real estate	54,492		—		54,492		—
(Gain) loss on disposition of assets and hotel properties	(41,827)		45		(82,815)		(61,925)
Company's portion of FFO of OpenKey	—		(69)		—		(322)
FFO available to common stockholders and OP unitholders	(13,991)		(9,680)		(16,214)		(21,113)
Deemed dividends on redeemable preferred stock	4,026		2,783		15,112		8,958

Transaction and conversion costs	4,728		1,077		7,502		(4,447)
Write-off of premiums, loan costs and exit fees	—		16		1,833		6,111
Unrealized (gain) loss on derivatives	121		373		971		4,071
Stock/unit-based compensation	(426)		(78)		(446)		2,611
Legal, advisory and settlement costs	726		1,320		(3,138)		12,676
Interest expense accretion on refundable membership club deposits	136		150		557		616
Amortization of loan costs (1)	2,633		1,812		10,071		6,080
Advisory services incentive fee	(746)		(2,112)		—		—
(Gain) loss on extinguishment of debt	1,133		—		2,686		22
Other (income) expense	322		—		1,572		—
(Gain) loss on insurance settlements	(196)		(8)		(196)		(8)
Severance	—		—		—		102


Company's portion of adjustments to FFO of OpenKey	—		—		—		3
Adjusted FFO available to common stockholders and OP unitholders	$	(1,534)	$	(4,347)	$	20,310	$	15,682
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.02)	$	(0.06)	$	0.28	$	0.21
Weighted average diluted shares	73,280		73,383		73,487		72,947

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2025

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (8)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (9)		Comparable TTM Hotel EBITDA Debt Yield
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2026	February 2027	SOFR (1) + 2.86%	$	—		$	70,500		(2)	$	70,500		$	(1,483)	(2.1)	%	$	10,759	15.3	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
BAML	The Ritz-Carlton Lake Tahoe	July 2026	July 2026	SOFR (1) + 3.25%	—			43,413				43,413			(6,851)		(15.8)	%	8,548		19.7	%
BAML	See footnote	August 2026	August 2029	SOFR (1) + 3.24%	—			407,000			(3)	407,000			17,262		4.2	%	63,801		15.7	%
Aareal Capital Corporation	Capital Hilton	December 2026	December 2028	SOFR (1) + 3.75%	—			110,600			(4)	110,600			(4,722)		(4.3)	%	16,862		15.2	%
JPMorgan Chase	See footnote	March 2027	March 2030	SOFR (1) + 2.83%	—			209,902			(5)	209,902			(12,279)		(5.8)	%	40,209		19.2	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	August 2028	August 2030	SOFR (1) + 3.00%	—			180,000			(6)	180,000			3,492		1.9	%	28,020		15.6	%
Unencumbered Hotel	Cameo Beverly Hills				—			—				—			(8,424)		N/A		(3,964)		N/A





Total					$	86,250		$	1,021,415			$	1,107,665		$	(13,005)	(1.2)	%	$	164,235	14.8	%
Percentage					7.8		%	92.2		%		100.0		%
Weighted average interest rate (7)					4.50		%	6.83		%		6.65		%

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

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

(1) SOFR rate was 3.69% at December 31, 2025.

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

(3) 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.

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

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

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

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2025

(dollars in thousands)

(unaudited)


Lender	Hotels	2026		2027		2028		2029		2030		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	43,413	$	—	$	—	$	—	$	—	$	—	$	43,413
Convertible Senior Notes	N/A	86,250		—		—		—		—		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		70,500		—		—		—		—		70,500
Aareal Capital Corporation	Capital Hilton	—		—		106,600		—		—		—		106,600
BAML	See footnote 1	—		—		—		407,000		—		—		407,000
JPMorgan Chase	See footnote 2	—		—		—		—		209,902		—		209,902
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		174,000		—		174,000






Principal due in future periods		$	129,663	$	70,500	$	106,600	$	407,000	$	383,902	$	—	$	1,097,665
Scheduled amortization payments remaining		—		2,000		2,750		3,000		2,250		—		10,000
Total indebtedness		$	129,663	$	72,500	$	109,350	$	410,000	$	386,152	$	—	$	1,107,665

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	99,711		$	(4,296)		$	95,415		$	107,449		$	(12,053)		$	95,396		(7.20)	%	0.02	%
	RevPAR	$	337.50		$	(291.44)		$	339.92		$	304.94		$	(168.16)		$	339.86		10.68	%	0.02	%
	Occupancy	61.36		%	(72.62)		%	60.77		%	63.54		%	(61.46)		%	64.07		%	(3.43)	%	(5.15)	%
	ADR	$	549.99		$	(401.34)		$	559.32		$	479.92		$	(273.59)		$	530.45		14.60	%	5.44	%


ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	436,807		$	(50,276)		$	386,531		$	459,466		$	(75,837)		$	383,629		(4.93)	%	0.76	%
	RevPAR	$	330.73		$	(242.76)		$	347.09		$	310.52		$	(208.85)		$	343.59		6.51	%	1.02	%
	Occupancy	65.94		%	(73.40)		%	64.56		%	67.63		%	(71.51)		%	66.37		%	(2.50)	%	(2.73)	%
	ADR	$	501.54		$	(330.74)		$	537.65		$	459.13		$	(292.05)		$	517.68		9.24	%	3.86	%

NOTES:

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

(2) 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 December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	91,434		$	(4,296)		$	87,138		$	96,985		$	(12,051)		$	84,934		(5.72)	%	2.59	%
	RevPAR	$	355.55		$	(291.44)		$	359.45		$	308.78		$	(168.16)		$	350.36		15.15	%	2.59	%
	Occupancy	65.36		%	(72.62)		%	64.92		%	64.52		%	(61.46)		%	65.43		%	1.30	%	(0.78)	%
	ADR	$	543.96		$	(401.34)		$	553.66		$	478.57		$	(273.59)		$	535.50		13.66	%	3.39	%


ALL HOTELS NOT UNDER RENOVATION:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	396,082		$	(50,275)		$	345,807		$	414,439		$	(75,837)		$	338,602		(4.43)	%	2.13	%
	RevPAR	$	338.86		$	(242.76)		$	359.55		$	312.22		$	(208.85)		$	351.15		8.53	%	2.39	%
	Occupancy	67.97		%	(73.40)		%	66.80		%	68.43		%	(71.51)		%	67.26		%	(0.67)	%	(0.68)	%
	ADR	$	498.55		$	(330.74)		$	538.26		$	456.29		$	(292.05)		$	522.05		9.26	%	3.11	%

NOTES:

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

(3) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended								Year Ended
		December 31,								December 31,
		2025			2024			% Variance		2025			2024			% Variance
	Total hotel revenue	$	167,475		$	175,217		(4.42)	%	$	710,412		$	734,217		(3.24)	%
	Non-comparable adjustments	(5,032)			(15,581)					(61,324)			(103,066)
	Comparable total hotel revenue	$	162,443		$	159,636		1.76	%	$	649,088		$	631,151		2.84	%

	Hotel net income (loss)	$	(6,496)		$	(3,126)		(107.81)	%	$	80,080		$	124,976		(35.92)	%
	Non-comparable adjustments	(42,907)			946					(93,085)			(98,471)
	Comparable hotel net income (loss)	$	(49,403)		$	(2,180)		(2,166.19)	%	$	(13,005)		$	26,505		(149.07)	%
	Hotel net income (loss) margin	(3.88)		%	(1.78)		%	(2.10)	%	11.27		%	17.02		%	(5.75)	%
	Comparable hotel net income margin	(30.41)		%	(1.37)		%	(29.04)	%	(2.00)		%	4.20		%	(6.20)	%

	Hotel EBITDA	$	39,640		$	41,030		(3.39)	%	$	183,736		$	188,137		(2.34)	%
	Non-comparable adjustments	(1,631)			(2,609)					(19,501)			(28,833)
	Comparable hotel EBITDA	$	38,009		$	38,421		(1.07)	%	$	164,235		$	159,304		3.10	%
	Hotel EBITDA margin	23.67		%	23.42		%	0.25	%	25.86		%	25.62		%	0.24	%
	Comparable hotel EBITDA margin	23.40		%	24.07		%	(0.67)	%	25.30		%	25.24		%	0.06	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	10		$	(2,357)		100.43	%	$	(430)		$	22,471		(101.91)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	(6,506)		$	(769)		(746.07)	%	$	80,510		$	102,505		(21.46)	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(48,930)		$	148		(33,052.92)	%	$	(11,824)		$	27,761		(142.59)	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	857		$	940		(8.81)	%	$	4,594		$	7,016		(34.52)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	38,783		$	40,091		(3.26)	%	$	179,142		$	181,121		(1.09)	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	37,201		$	37,468		(0.71)	%	$	160,020		$	154,565		3.53	%

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Year Ended
		December 31,								December 31,
		2025			2024			% Variance		2025			2024			% Variance
	Total hotel revenue	$	153,515		$	158,099		(2.90)	%	$	641,200		$	658,460		(2.62)	%
	Non-comparable adjustments	(5,032)			(15,581)					(61,324)			(103,065)
	Comparable total hotel revenue	$	148,483		$	142,518		4.19	%	$	579,876		$	555,395		4.41	%

	Hotel net income (loss)	$	15,227		$	(515)		3,056.70	%	$	105,082		$	127,680		(17.70)	%
	Non-comparable adjustments	(42,908)			946					(93,086)			(98,471)
	Comparable hotel net income (loss)	$	(27,681)		$	431		(6,522.51)	%	$	11,996		$	29,209		(58.93)	%
	Hotel net income (loss) margin	9.92		%	(0.33)		%	10.25	%	16.39		%	19.39		%	(3.00)	%
	Comparable hotel net income margin	(18.64)		%	0.30		%	(18.94)	%	2.07		%	5.26		%	(3.19)	%

	Hotel EBITDA	$	40,185		$	38,838		3.47	%	$	173,884		$	173,576		0.18	%
	Non-comparable adjustments	(1,631)			(2,609)					(19,501)			(28,833)
	Comparable hotel EBITDA	$	38,554		$	36,229		6.42	%	$	154,383		$	144,743		6.66	%
	Hotel EBITDA margin	26.18		%	24.57		%	1.61	%	27.12		%	26.36		%	0.76	%
	Comparable hotel EBITDA margin	25.97		%	25.42		%	0.55	%	26.62		%	26.06		%	0.56	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	10		$	(2,357)		100.43	%	$	(430)		$	22,471		(101.91)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	15,217		$	1,842		726.10	%	$	105,512		$	105,209		0.29	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(27,208)		$	2,759		(1,086.00)	%	$	13,177		$	30,465		(56.75)	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	857		$	940		(8.81)	%	$	4,594		$	7,016		(34.52)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	39,328		$	37,899		3.77	%	$	169,290		$	166,560		1.64	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	37,746		$	35,276		7.00	%	$	150,168		$	140,004		7.26	%

NOTES:

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

(5) Excluded hotels under renovation:

Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	9,274		$	—		$	9,274		$	9,810		$	—		$	9,810		(5.46)	%	(5.46)	%
	Total hotel revenue	$	14,766		$	—		$	14,766		$	15,455		$	—		$	15,455		(4.46)	%	(4.46)	%
	Hotel net income (loss)	$	(1,890)		$	—		$	(1,890)		$	(9,314)		$	—		$	(9,314)		79.71	%	79.71	%
	Hotel net income (loss) margin	(12.80)		%				(12.80)		%	(60.27)		%				(60.27)		%	47.47	%	47.47	%
	Hotel EBITDA	$	3,232		$	—		$	3,232		$	3,810		$	—		$	3,810		(15.17)	%	(15.17)	%
	Hotel EBITDA margin	21.89		%				21.89		%	24.65		%				24.65		%	(2.76)	%	(2.76)	%
	Selected Operating Information:
	RevPAR	$	180.33		$	—		$	180.33		$	190.75		$	—		$	190.75		(5.46)	%	(5.46)	%
	Occupancy	68.71		%	—		%	68.71		%	73.23		%	—		%	73.23		%	(6.17)	%	(6.17)	%
	ADR	$	262.45		$	—		$	262.45		$	260.46		$	—		$	260.46		0.76	%	0.76	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Hotel net income (loss)	$	40		$	(40)		$	—		$	(114)		$	114		$	—		135.09	%	—	%
	Hotel net income (loss) margin	—		%				—		%	—		%				—		%	—	%	—	%
	Hotel EBITDA	$	74		$	(74)		$	—		$	(51)		$	51		$	—		245.10	%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,097		$	—		$	7,097		$	7,191		$	—		$	7,191		(1.31)	%	(1.31)	%
	Total hotel revenue	$	9,995		$	—		$	9,995		$	9,822		$	—		$	9,822		1.76	%	1.76	%
	Hotel net income (loss)	$	(30,388)		$	—		$	(30,388)		$	(787)		$	—		$	(787)		(3,761.25)	%	(3,761.25)	%
	Hotel net income (loss) margin	(304.03)		%				(304.03)		%	(8.01)		%				(8.01)		%	(296.02)	%	(296.02)	%
	Hotel EBITDA	$	1,006		$	—		$	1,006		$	356		$	—		$	356		182.58	%	182.58	%
	Hotel EBITDA margin	10.07		%				10.07		%	3.62		%				3.62		%	6.45	%	6.45	%
	Selected Operating Information:
	RevPAR	$	185.88		$	—		$	185.88		$	188.34		$	—		$	188.34		(1.31)	%	(1.31)	%
	Occupancy	71.40		%	—		%	71.40		%	75.06		%	—		%	75.06		%	(4.88)	%	(4.88)	%
	ADR	$	260.33		$	—		$	260.33		$	250.92		$	—		$	250.92		3.75	%	3.75	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	3,963		$	—		$	3,963		$	3,537		$	—		$	3,537		12.04	%	12.04	%
	Total hotel revenue	$	5,458		$	—		$	5,458		$	4,993		$	—		$	4,993		9.31	%	9.31	%
	Hotel net income (loss)	$	(8,458)		$	—		$	(8,458)		$	44		$	—		$	44		(19,322.73)	%	(19,322.73)	%
	Hotel net income (loss) margin	(154.97)		%				(154.97)		%	0.88		%				0.88		%	(155.85)	%	(155.85)	%
	Hotel EBITDA	$	1,134		$	—		$	1,134		$	1,182		$	—		$	1,182		(4.06)	%	(4.06)	%
	Hotel EBITDA margin	20.78		%				20.78		%	23.67		%				23.67		%	(2.89)	%	(2.89)	%
	Selected Operating Information:
	RevPAR	$	662.69		$	—		$	662.69		$	591.46		$	—		$	591.46		12.04	%	12.04	%
	Occupancy	68.66		%	—		%	68.66		%	55.74		%	—		%	55.74		%	23.18	%	23.18	%
	ADR	$	965.14		$	—		$	965.14		$	1,061.18		$	—		$	1,061.18		(9.05)	%	(9.05)	%


		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	6,078		$	—		$	6,078		$	5,897		$	—		$	5,897		3.07	%	3.07	%
	Total hotel revenue	$	8,002		$	—		$	8,002		$	7,721		$	—		$	7,721		3.64	%	3.64	%
	Hotel net income (loss)	$	3,286		$	—		$	3,286		$	3,021		$	—		$	3,021		8.77	%	8.77	%
	Hotel net income (loss) margin	41.06		%				41.06		%	39.13		%				39.13		%	1.93	%	1.93	%
	Hotel EBITDA	$	3,685		$	—		$	3,685		$	3,579		$	—		$	3,579		2.96	%	2.96	%
	Hotel EBITDA margin	46.05		%				46.05		%	46.35		%				46.35		%	(0.30)	%	(0.30)	%
	Selected Operating Information:
	RevPAR	$	465.22		$	—		$	465.22		$	451.42		$	—		$	451.42		3.06	%	3.06	%
	Occupancy	75.83		%	—		%	75.83		%	72.29		%	—		%	72.29		%	4.90	%	4.90	%
	ADR	$	613.47		$	—		$	613.47		$	624.46		$	—		$	624.46		(1.76)	%	(1.76)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	2,549		$	—		$	2,549		$	2,862		$	—		$	2,862		(10.94)	%	(10.94)	%
	Total hotel revenue	$	3,438		$	—		$	3,438		$	3,672		$	—		$	3,672		(6.37)	%	(6.37)	%
	Hotel net income (loss)	$	(15,353)		$	—		$	(15,353)		$	342		$	—		$	342		(4,589.18)	%	(4,589.18)	%
	Hotel net income (loss) margin	(446.57)		%				(446.57)		%	9.31		%				9.31		%	(455.88)	%	(455.88)	%
	Hotel EBITDA	$	965		$	—		$	965		$	1,103		$	—		$	1,103		(12.51)	%	(12.51)	%
	Hotel EBITDA margin	28.07		%				28.07		%	30.04		%				30.04		%	(1.97)	%	(1.97)	%
	Selected Operating Information:
	RevPAR	$	346.28		$	—		$	346.28		$	388.91		$	—		$	388.91		(10.96)	%	(10.96)	%
	Occupancy	53.06		%	—		%	53.06		%	54.21		%	—		%	54.21		%	(2.12)	%	(2.12)	%
	ADR	$	652.65		$	—		$	652.65		$	717.39		$	—		$	717.39		(9.02)	%	(9.02)	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	4,694		$	—		$	4,694		$	5,383		$	—		$	5,383		(12.80)	%	(12.80)	%
	Total hotel revenue	$	9,137		$	—		$	9,137		$	10,316		$	—		$	10,316		(11.43)	%	(11.43)	%
	Hotel net income (loss)	$	(2,734)		$	—		$	(2,734)		$	(1,259)		$	—		$	(1,259)		(117.16)	%	(117.16)	%
	Hotel net income (loss) margin	(29.92)		%				(29.92)		%	(12.20)		%				(12.20)		%	(17.72)	%	(17.72)	%
	Hotel EBITDA	$	642		$	—		$	642		$	1,562		$	—		$	1,562		(58.90)	%	(58.90)	%
	Hotel EBITDA margin	7.03		%				7.03		%	15.14		%				15.14		%	(8.11)	%	(8.11)	%
	Selected Operating Information:
	RevPAR	$	264.35		$	—		$	264.35		$	303.17		$	—		$	303.17		(12.80)	%	(12.80)	%
	Occupancy	35.84		%	—		%	35.84		%	50.95		%	—		%	50.95		%	(29.66)	%	(29.66)	%
	ADR	$	737.68		$	—		$	737.68		$	595.01		$	—		$	595.01		23.98	%	23.98	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	7,210		$	—		$	7,210		$	8,170		$	—		$	8,170		(11.75)	%	(11.75)	%
	Total hotel revenue	$	9,773		$	—		$	9,773		$	10,543		$	—		$	10,543		(7.30)	%	(7.30)	%
	Hotel net income (loss)	$	1,946		$	—		$	1,946		$	2,739		$	—		$	2,739		(28.95)	%	(28.95)	%
	Hotel net income (loss) margin	19.91		%				19.91		%	25.98		%				25.98		%	(6.07)	%	(6.07)	%
	Hotel EBITDA	$	3,390		$	—		$	3,390		$	4,025		$	—		$	4,025		(15.78)	%	(15.78)	%
	Hotel EBITDA margin	34.69		%				34.69		%	38.18		%				38.18		%	(3.49)	%	(3.49)	%
	Selected Operating Information:
	RevPAR	$	157.05		$	—		$	157.05		$	177.96		$	—		$	177.96		(11.75)	%	(11.75)	%
	Occupancy	65.29		%	—		%	65.29		%	69.48		%	—		%	69.48		%	(6.03)	%	(6.03)	%
	ADR	$	240.55		$	—		$	240.55		$	256.13		$	—		$	256.13		(6.08)	%	(6.08)	%


		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	4,296		$	(4,296)		$	—		$	6,204		$	(6,204)		$	—		(30.75)	%	—	%
	Total hotel revenue	$	5,032		$	(5,032)		$	—		$	7,359		$	(7,359)		$	—		(31.62)	%	—	%
	Hotel net income (loss)	$	42,776		$	(42,776)		$	—		$	(1,417)		$	1,417		$	—		3,118.77	%	—	%
	Hotel net income (loss) margin	850.08		%				—		%	(19.26)		%				—		%	869.34	%	—	%
	Hotel EBITDA	$	1,557		$	(1,557)		$	—		$	339		$	(339)		$	—		359.29	%	—	%
	Hotel EBITDA margin	30.94		%				—		%	4.61		%				—		%	26.33	%	—	%
	Selected Operating Information:
	RevPAR	$	291.44		$	291.44		$	—		$	164.47		$	164.47		$	—		77.20	%	—	%
	Occupancy	72.62		%	72.62		%	—		%	57.13		%	57.13		%	—		%	27.11	%	—	%
	ADR	$	401.34		$	401.34		$	—		$	287.90		$	287.90		$	—		39.40	%	—	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	8,707		$	—		$	8,707		$	6,939		$	—		$	6,939		25.48	%	25.48	%
	Total hotel revenue	$	23,603		$	—		$	23,603		$	18,896		$	—		$	18,896		24.91	%	24.91	%
	Hotel net income (loss)	$	3,511		$	—		$	3,511		$	1,033		$	—		$	1,033		239.88	%	239.88	%
	Hotel net income (loss) margin	14.88		%				14.88		%	5.47		%				5.47		%	9.41	%	9.41	%
	Hotel EBITDA	$	6,126		$	—		$	6,126		$	4,139		$	—		$	4,139		48.01	%	48.01	%
	Hotel EBITDA margin	25.95		%				25.95		%	21.90		%				21.90		%	4.05	%	4.05	%
	Selected Operating Information:
	RevPAR	$	342.88		$	—		$	342.88		$	273.27		$	—		$	273.27		25.47	%	25.47	%
	Occupancy	62.15		%	—		%	62.15		%	51.31		%	—		%	51.31		%	21.13	%	21.13	%
	ADR	$	551.71		$	—		$	551.71		$	532.61		$	—		$	532.61		3.59	%	3.59	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	5,977		$	—		$	5,977		$	7,376		$	—		$	7,376		(18.97)	%	(18.97)	%
	Total hotel revenue	$	10,746		$	—		$	10,746		$	12,908		$	—		$	12,908		(16.75)	%	(16.75)	%
	Hotel net income (loss)	$	(5,040)		$	—		$	(5,040)		$	(2,318)		$	—		$	(2,318)		(117.43)	%	(117.43)	%
	Hotel net income (loss) margin	(46.90)		%				(46.90)		%	(17.96)		%				(17.96)		%	(28.94)	%	(28.94)	%
	Hotel EBITDA	$	(749)		$	—		$	(749)		$	1,350		$	—		$	1,350		(155.48)	%	(155.48)	%
	Hotel EBITDA margin	(6.97)		%				(6.97)		%	10.46		%				10.46		%	(17.43)	%	(17.43)	%
	Selected Operating Information:
	RevPAR	$	355.04		$	—		$	355.04		$	438.10		$	—		$	438.10		(18.96)	%	(18.96)	%
	Occupancy	38.45		%	—		%	38.45		%	50.80		%	—		%	50.80		%	(24.31)	%	(24.31)	%
	ADR	$	923.44		$	—		$	923.44		$	862.48		$	—		$	862.48		7.07	%	7.07	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	5,849		$	(5,849)		$	—		(100.00)	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	8,222		$	(8,222)		$	—		(100.00)	%	—	%
	Hotel net income (loss)	$	91		$	(91)		$	—		$	585		$	(585)		$	—		(84.44)	%	—	%
	Hotel net income (loss) margin	—		%				—		%	7.12		%				—		%	(7.12)	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	2,321		$	(2,321)		$	—		(100.00)	%	—	%
	Hotel EBITDA margin	—		%				—		%	28.23		%				—		%	(28.23)	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	172.29		$	172.29		$	—		(100.00)	%	—	%
	Occupancy	—		%	—		%	—		%	66.28		%	66.28		%	—		%	(100.00)	%	—	%
	ADR	$	—		$	—		$	—		$	259.95		$	259.95		$	—		(100.00)	%	—	%


		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	9,577		$	—		$	9,577		$	9,657		$	—		$	9,657		(0.83)	%	(0.83)	%
	Total hotel revenue	$	15,825		$	—		$	15,825		$	16,337		$	—		$	16,337		(3.13)	%	(3.13)	%
	Hotel net income (loss)	$	2,542		$	—		$	2,542		$	1,635		$	—		$	1,635		55.47	%	55.47	%
	Hotel net income (loss) margin	16.06		%				16.06		%	10.01		%				10.01		%	6.05	%	6.05	%
	Hotel EBITDA	$	3,699		$	—		$	3,699		$	3,586		$	—		$	3,586		3.15	%	3.15	%
	Hotel EBITDA margin	23.37		%				23.37		%	21.95		%				21.95		%	1.42	%	1.42	%
	Selected Operating Information:
	RevPAR	$	578.32		$	—		$	578.32		$	583.13		$	—		$	583.13		(0.82)	%	(0.82)	%
	Occupancy	56.97		%	—		%	56.97		%	52.25		%	—		%	52.25		%	9.03	%	9.03	%
	ADR	$	1,015.15		$	—		$	1,015.15		$	1,115.98		$	—		$	1,115.98		(9.04)	%	(9.04)	%

CAMEO BEVERLY HILLS
	Selected Financial Information:
	Rooms revenue	$	1,033		$	—		$	1,033		$	2,217		$	—		$	2,217		(53.41)	%	(53.41)	%
	Total hotel revenue	$	1,384		$	—		$	1,384		$	3,128		$	—		$	3,128		(55.75)	%	(55.75)	%
	Hotel net income (loss)	$	(3,635)		$	—		$	(3,635)		$	(1,694)		$	—		$	(1,694)		(114.58)	%	(114.58)	%
	Hotel net income (loss) margin	(262.64)		%				(262.64)		%	(54.16)		%				(54.16)		%	(208.48)	%	(208.48)	%
	Hotel EBITDA	$	(2,152)		$	—		$	(2,152)		$	(473)		$	—		$	(473)		(354.97)	%	(354.97)	%
	Hotel EBITDA margin	(155.49)		%				(155.49)		%	(15.12)		%				(15.12)		%	(140.37)	%	(140.37)	%
	Selected Operating Information:
	RevPAR	$	78.53		$	—		$	78.53		$	168.53		$	—		$	168.53		(53.40)	%	(53.40)	%
	Occupancy	22.31		%	—		%	22.31		%	62.31		%	—		%	62.31		%	(64.20)	%	(64.20)	%
	ADR	$	352.01		$	—		$	352.01		$	270.49		$	—		$	270.49		30.14	%	30.14	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	17,609		$	—		$	17,609		$	15,973		$	—		$	15,973		10.24	%	10.24	%
	Total hotel revenue	$	25,606		$	—		$	25,606		$	23,575		$	—		$	23,575		8.62	%	8.62	%
	Hotel net income (loss)	$	3,299		$	—		$	3,299		$	2,083		$	—		$	2,083		58.38	%	58.38	%
	Hotel net income (loss) margin	12.88		%				12.88		%	8.84		%				8.84		%	4.04	%	4.04	%
	Hotel EBITDA	$	7,068		$	—		$	7,068		$	6,009		$	—		$	6,009		17.62	%	17.62	%
	Hotel EBITDA margin	27.60		%				27.60		%	25.49		%				25.49		%	2.11	%	2.11	%
	Selected Operating Information:
	RevPAR	$	1,805.64		$	—		$	1,805.64		$	1,637.96		$	—		$	1,637.96		10.24	%	10.24	%
	Occupancy	62.35		%	—		%	62.35		%	61.35		%	—		%	61.35		%	1.63	%	1.63	%
	ADR	$	2,896.15		$	—		$	2,896.15		$	2,669.79		$	—		$	2,669.79		8.48	%	8.48	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	11,647		$	—		$	11,647		$	10,384		$	—		$	10,384		12.16	%	12.16	%
	Total hotel revenue	$	24,710		$	—		$	24,710		$	22,270		$	—		$	22,270		10.96	%	10.96	%
	Hotel net income (loss)	$	3,511		$	—		$	3,511		$	2,295		$	—		$	2,295		52.98	%	52.98	%
	Hotel net income (loss) margin	14.21		%				14.21		%	10.31		%				10.31		%	3.90	%	3.90	%
	Hotel EBITDA	$	9,963		$	—		$	9,963		$	8,193		$	—		$	8,193		21.60	%	21.60	%
	Hotel EBITDA margin	40.32		%				40.32		%	36.79		%				36.79		%	3.53	%	3.53	%
	Selected Operating Information:
	RevPAR	$	602.82		$	—		$	602.82		$	537.49		$	—		$	537.49		12.15	%	12.15	%
	Occupancy	67.45		%	—		%	67.45		%	58.99		%	—		%	58.99		%	14.34	%	14.34	%
	ADR	$	893.76		$	—		$	893.76		$	911.22		$	—		$	911.22		(1.92)	%	(1.92)	%


		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	70,801		$	—		$	70,801		$	68,008		$	—		$	68,008		4.11	%	4.11	%
	Total hotel revenue	$	126,525		$	—		$	126,525		$	120,688		$	—		$	120,688		4.84	%	4.84	%
	Hotel net income (loss)	$	(15,396)		$	(40)		$	(15,436)		$	6,762		$	114		$	6,876		(327.68)	%	(324.49)	%
	Hotel net income (loss) margin	(12.17)		%				(12.20)		%	5.60		%				5.70		%	(17.77)	%	(17.90)	%
	Hotel EBITDA	$	32,607		$	(74)		$	32,533		$	30,652		$	51		$	30,703		6.38	%	5.96	%
	Hotel EBITDA margin	25.77		%				25.71		%	25.40		%				25.44		%	0.37	%	0.27	%
	Selected Operating Information:
	RevPAR	$	536.27		$	—		$	536.27		$	515.13		$	—		$	515.14		4.10	%	4.10	%
	Occupancy	56.87		%	—		%	56.87		%	55.62		%	—		%	55.62		%	2.25	%	2.25	%
	ADR	$	942.98		$	—		$	942.98		$	926.20		$	—		$	926.22		1.81	%	1.81	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	28,910		$	(4,296)		$	24,614		$	39,441		$	(12,053)		$	27,388		(26.70)	%	(10.13)	%
	Total hotel revenue	$	40,950		$	(5,032)		$	35,918		$	54,529		$	(15,581)		$	38,948		(24.90)	%	(7.78)	%
	Hotel net income (loss)	$	8,900		$	(42,867)		$	(33,967)		$	(9,888)		$	832		$	(9,056)		190.01	%	(275.08)	%
	Hotel net income (loss) margin	21.73		%				(94.57)		%	(18.13)		%				(23.25)		%	39.86	%	(71.32)	%
	Hotel EBITDA	$	7,033		$	(1,557)		$	5,476		$	10,378		$	(2,660)		$	7,718		(32.23)	%	(29.05)	%
	Hotel EBITDA margin	17.17		%				15.25		%	19.03		%				19.82		%	(1.86)	%	(4.57)

Braemar Hotels & Resorts Inc. 8-K