Earnings release
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岩 BRAEMAR HOTELS & RESORTS EXHIBIT 99.1 NEWS RELEASE Contact : Justin Coe Chief Accounting Officer ( 972 ) 490-9600 Joe Calabrese Financial Relations Board ( 212 ) 827-3772 BRAEMAR HOTELS & RESORTS REPORTS SECOND QUARTER 2026 RESULTS DALLAS - August 5 , 2026 – Braemar Hotels & Resorts Inc. ( NYSE : BHR ) ( “ Braemar ” or the “ Company ” ) today reported financial results and performance measures for the second quarter ended June 30 , 2026. The comparable performance measurements for Occupancy , Average Daily Rate ( ADR ) , Revenue Per Available Room ( RevPAR ) , and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of June 30 , 2026 was owned as of the beginning of each of the periods presented . Unless otherwise stated , all reported results compare the second quarter ended June 30 , 2026 with the second quarter ended June 30 , 2025 ( see discussion below ) . The reconciliation of non - GAAP financial measures is included in the financial tables accompanying this press release . SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS Comparable Total RevPAR for all hotels increased 10.6 % over the prior year quarter to $ 652 . Comparable RevPAR for all hotels totaled $ 396 , an increase of 12.3 % over the prior year quarter and the highest second quarter RevPAR result in the Company's history . Comparable ADR increased 13.1 % over the prior year quarter to $ 545 and Comparable Occupancy decreased 0.7 % over the prior year quarter to 72.6 % . Net loss attributable to common stockholders for the quarter was $ 0.7 million or ( $ 0.01 ) per diluted share . Adjusted funds from operations ( AFFO ) was $ 0.13 per diluted share for the quarter . • Adjusted EBITDAre was $ 37.8 million for the quarter . • Comparable Hotel EBITDA was $ 48.4 million for the quarter , up 14.2 % over the prior year quarter . The Company ended the quarter with cash and cash equivalents of $ 93.9 million and restricted cash of $ 52.6 million . The vast majority of the restricted cash is comprised of manager - held reserves . At the end of the quarter , there was also $ 13.9 million due from third - party hotel managers , which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs . • Net debt to gross assets was 43.5 % at the end of the second quarter . • Capex invested during the quarter was $ 5.8 million . • During the quarter , the Company redeemed approximately $ 16.3 million of its non - traded preferred stock in cash .
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BHR Reports Second Quarter Results Page 2 August 5, 2026 RECENT OPERATING HIGHLIGHTS • Following the recent conversion to Hilton’s LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 38.4% over the prior year quarter. • The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,658, an increase of approximately 28.4% over the prior year quarter, with Hotel EBITDA of approximately $7.0 million, an increase of 97.2% over the prior year quarter. • On May 26, 2026, the Company closed on the previously announced sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026. • On June 29, 2026, the Company announced that it has extended its $43.4 million mortgage loan secured by the 170- room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms. • Subsequent to quarter end, the Company announced on July 14, 2026 that it closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on July 13, 2026, the Company entered into a definitive agreement to sell the Pier House Resort & Spa for $190.0 million ($1.3 million per key) and received a $6.0 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments. The Company provides no assurances that the sale will be completed on these terms or at all. CAPITAL STRUCTURE As of June 30, 2026, the Company had total assets of $1.7 billion and $1.0 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.82%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company’s debt was effectively floating rate. DIVIDENDS On July 24, 2026, the Company announced that its Board of Directors declared the following cash dividends: • Series B (5.5% Cumulative Convertible Preferred Stock): $0.3438 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026. • Series D (8.25% Cumulative Preferred Stock): $0.5156 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026. • Series E Redeemable Preferred Stock: $0.15625 per share, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026).
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BHR Reports Second Quarter Results Page 3 August 5, 2026 • Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026). The Board of Directors will review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof. HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. “I’m extremely pleased with our record-breaking second quarter performance, highlighted by comparable RevPAR growth of approximately 12.3%, comparable Hotel EBITDA growth of 14.2% and 93 basis points of margin expansion to 28.6%. This Hotel EBITDA growth is particularly notable given the challenging snow year at our Ritz-Carlton Lake Tahoe property. The remainder of our luxury portfolio delivered exceptional property-level performance during the quarter, led by comparable RevPAR growth of 38.4% at Cameo Beverly Hills, 28.4% at The Ritz-Carlton Reserve Dorado Beach, and 20.6% at The Ritz-Carlton, St. Thomas,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Our top-line growth this quarter was driven primarily by rate, as comparable ADR increased 13.1% while occupancy remained essentially flat, reflecting the pricing power of our luxury portfolio in supply-constrained U.S. and Caribbean markets.” “Additionally, with the recent closings of four property sales and our announced agreement to sell Pier House Resort & Spa, we continue to make meaningful progress on our management spin-out and transition to a self-managed REIT. We look forward to providing additional updates in the near future.” NON-GAAP MEASURES We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
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BHR Reports Second Quarter Results Page 4 August 5, 2026 This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov. About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) June 30, 2026 December 31,2025 ASSETS Investments in hotel properties, gross $ 1,402,848 $ 1,902,328 Accumulated depreciation (304,522) (344,061) Investments in hotel properties, net 1,098,326 1,558,267 Cash and cash equivalents 93,865 124,354 Restricted cash 52,604 42,479 Accounts receivable, net of allowance of $136 and $113, respectively 27,671 32,843 Inventories 3,278 4,741 Note receivable 9,197 8,896 Prepaid expenses 4,342 6,987 Deposit paid to Ashford Inc. 17,000 17,000 Deferred costs, net 73 75 Investment in OpenKey — 89 Derivative assets 373 56 Other assets 9,912 15,368 Operating lease right-of-use assets 330 30,743 Intangible assets, net — 2,746 Due from third-party hotel managers 13,884 17,088 Assets held for sale 327,886 — Total assets $ 1,658,741 $ 1,861,732 LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 745,918 $ 1,103,450 Accounts payable and accrued expenses 98,222 142,123 Redeemable preferred stock redemptions payable 54,760 30,864 Dividends and distributions payable 3,807 7,672 Due to Ashford Inc., net 680 5,148 Due to related parties, net 199 257 Due to third-party hotel managers 657 1,467 Operating lease liabilities 383 20,058 Other liabilities 7,500 25,572 Liabilities associated with assets held for sale 268,178 — Total liabilities 1,180,304 1,336,611 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 andDecember 31, 2025, respectively 65,426 65,426 Series E redeemable preferred stock, $0.01 par value, 8,637,450 and 10,818,280 shares issued and outstanding at June 30, 2026 andDecember 31, 2025, respectively 215,936 265,695 Series M redeemable preferred stock, $0.01 par value, 1,312,137 and 1,368,091 shares issued and outstanding at June 30, 2026 andDecember 31, 2025, respectively 32,820 34,217 Redeemable noncontrolling interests in operating partnership 15,197 19,005 Equity: Preferred stock, $0.01 par value, 80,000,000 shares authorized: 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 and December 31, 2025 16 16 Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at June 30,2026 and December 31, 2025, respectively 687 682 Additional paid-in capital 707,922 706,488 Accumulated deficit (561,597) (568,503) Total stockholders' equity of the Company 147,028 138,683 Noncontrolling interest in consolidated entities 2,030 2,095 Total equity 149,058 140,778 Total liabilities and equity $ 1,658,741 $ 1,861,732 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, 2026 2025 2026 2025 REVENUE Rooms $ 102,183 $ 109,824 $ 230,984 $ 245,916 Food and beverage 45,322 45,571 97,664 97,359 Other 23,521 23,682 51,361 51,622 Total hotel revenue 171,026 179,077 380,009 394,897 EXPENSES Hotel operating expenses: Rooms 24,218 27,285 49,096 55,504 Food and beverage 34,897 35,767 73,807 75,977 Other expenses 52,924 56,445 112,802 116,821 Management fees 5,138 5,541 11,332 12,451 Total hotel operating expenses 117,177 125,038 247,037 260,753 Property taxes, insurance and other 7,507 7,892 12,159 18,357 Depreciation and amortization 21,433 23,360 44,012 46,755 Advisory services fee: Base advisory fee 3,789 3,477 7,557 7,053 Reimbursable expenses 3,491 3,577 7,127 6,578 Incentive fee — 188 — 270 Stock/unit-based compensation — (51) — (99) Corporate, general and administrative: Stock/unit-based compensation — 5 — 5 Other general and administrative 4,413 (2,303) 9,280 591 Total operating expenses 157,810 161,183 327,172 340,263 Gain (loss) on disposition of assets and hotel property 17,395 — 17,398 — OPERATING INCOME (LOSS) 30,611 17,894 70,235 54,634 Equity in earnings (loss) of unconsolidated entity — — (31) — Interest income 774 1,519 1,584 3,407 Other income (expense) — (1,250) — (1,250) Interest expense (18,072) (22,674) (36,858) (45,369) Amortization of loan costs (2,441) (2,687) (4,850) (4,819) Write-off of loan costs and exit fees (1,484) (3) (1,489) (1,467) Realized and unrealized gain (loss) on derivatives 35 15 283 (183) INCOME (LOSS) BEFORE INCOME TAXES 9,423 (7,186) 28,874 4,953 Income tax (expense) benefit (2,481) 345 (3,898) (1,122) NET INCOME (LOSS) 6,942 (6,841) 24,976 3,831 (Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 48 1,489 (299) 1,751 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 7,038 (5,467) 24,742 5,531 Preferred dividends (7,741) (8,992) (15,781) (18,261) Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (711) $ (16,018) $ 4,190 $ (18,565) INCOME (LOSS) PER SHARE – BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28) Weighted average common shares outstanding – basic 68,679 67,279 68,556 67,013 Diluted: Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28) Weighted average common shares outstanding – diluted 68,679 67,279 68,556 67,013 Dividends declared per common share $ — $ 0.05 $ — $ 0.10 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, 2026 2025 2026 2025 Net income (loss) $ 6,942 $ (6,841)$ 24,976 $ 3,831 Interest expense and amortization of loan costs 20,513 25,361 41,708 50,188 Depreciation and amortization 21,433 23,360 44,012 46,755 Income tax expense (benefit) 2,481 (345) 3,898 1,122 Equity in (earnings) loss of unconsolidated entity — — 31 — EBITDA 51,369 41,535 114,625 101,896 (Gain) loss on disposition of assets and hotel property (17,395) — (17,398) — EBITDAre 33,974 41,535 97,227 101,896 Amortization of favorable (unfavorable) contract assets (liabilities) 107 107 214 214 Transaction and conversion costs 1,144 471 3,819 1,166 Write-off of loan costs and exit fees 1,484 3 1,489 1,467 Realized and unrealized (gain) loss on derivatives (35) (15) (283) 183 Stock/unit-based compensation — (47) — (95) Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482) Advisory services incentive fee — 188 — 270 Other (income) expense — 1,250 — 1,250 Severance 311 — 548 — Adjusted EBITDAre $ 37,793 $ 38,866 $ 104,326 $ 101,869 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) $ 6,942 $ (6,841)$ 24,976 $ 3,831 (Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership48 1,489 (299) 1,751 Preferred dividends (7,741) (8,992) (15,781) (18,261) Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835) Net income (loss) attributable to common stockholders (711) (16,018) 4,190 (18,565) Depreciation and amortization on real estate 21,433 22,690 44,012 45,366 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(48) (1,489) 299 (1,751) Equity in (earnings) loss of unconsolidated entity — — 31 — (Gain) loss on disposition of assets and hotel property (17,395) — (17,398) — FFO available to common stockholders and OP unitholders 3,279 5,183 31,134 25,050 Deemed dividends on redeemable preferred stock 8 1,559 4,771 5,835 Transaction and conversion costs 1,144 471 3,819 1,166 Write-off of premiums, loan costs and exit fees 1,484 3 1,489 1,467 Unrealized (gain) loss on derivatives (33) 165 (273) 551 Stock/unit-based compensation — (47) — (95) Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482) Interest expense accretion on refundable membership club deposits 120 135 255 286 Amortization of loan costs 2,441 2,651 4,850 4,748 Advisory services incentive fee — 188 — 270 Other (income) expense — 1,250 — 1,250 Severance 311 — 548 — Adjusted FFO available to common stockholders and OP unitholders $ 9,562 $ 6,932 $ 47,905 $ 36,046 Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.13 $ 0.09 $ 0.65 $ 0.49 Weighted average diluted shares 73,271 73,571 73,272 73,573 Net of adjustment for noncontrolling interest in consolidated entities in 2025. (1) (1) (1) 7
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS June 30, 2026 (dollars in thousands) (unaudited) Lender Hotels CurrentMaturity FinalMaturity Interest Rate Fixed-RateDebt Floating-RateDebt TotalDebt TTMHotel NetIncome TTM HotelNet IncomeDebt Yield ComparableTTM HotelEBITDA ComparableTTM HotelEBITDADebt Yield BAML See footnote August 2026 August 2029 SOFR (1) +3.24% $ — $ 407,000 (2) $ 407,000 $ 24,069 5.9 % $ 72,589 17.8 % BAML The Ritz-Carlton LakeTahoe October 2026 January 2027 SOFR (1) +3.25% — 43,413 (3) 43,413 (7,841) (18.1)% 7,553 17.4 % Aareal CapitalCorporation Capital Hilton December2026 December2028 SOFR (1) +3.75% — 110,600 (4) 110,600 (4,478) (4.0)% 15,875 14.4 % JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) +2.83% — 209,902 (5) 209,902 (2,205) (1.1)% 49,241 23.5 % Aareal CapitalCorporation Four Seasons ResortScottsdale August 2028 August 2030 SOFR (1) +3.00% — 180,000 (6) 180,000 3,088 1.7 % 28,316 15.7 % Unencumbered Hotel Cameo Beverly Hills — — — (10,839) N/A (4,058) N/A Total $ — $ 950,915 $ 950,915 $ 1,794 0.2 % $ 169,516 17.8 % Percentage — % 100.0 % 100.0 % Weighted average interestrate — % 6.82 % 6.82 % All indebtedness is non-recourse. The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. SOFR rate was 3.65% at June 30, 2026. This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. This mortgage loan has one three-month extension option subject to satisfaction of certain conditions. 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%. 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. 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%. The weighted average interest rates are adjusted for in-the-money interest rate caps. The final maturity date assumes all available extension options will be exercised. See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. (8) (9) (7) (1) (2) (3) (4) (5) (6) (7) (8) (9) 8
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED June 30, 2026 (dollars in thousands) (unaudited) Lender Hotels 2026 2027 2028 2029 2030 Thereafter Total BAML The Ritz-Carlton Lake Tahoe $ — $ 43,413 $ — $ — $ — $ — $ 43,413 Aareal Capital Corporation Capital Hilton — — 106,600 — — — 106,600 BAML See footnote 1 — — — 407,000 — — 407,000 JPMorgan Chase See footnote 2 — — — — 209,902 — 209,902 Aareal Capital Corporation Four Seasons Resort Scottsdale — — — — 174,000 — 174,000 Due at maturity $ — $ 43,413 $ 106,600 $ 407,000 $ 383,902 $ — $ 940,915 Amortization payments: Aareal Capital Corporation Capital Hilton — 2,000 2,000 — — — 4,000 Aareal Capital Corporation Four Seasons Resort Scottsdale — — 750 3,000 2,250 — 6,000 Total indebtedness $ — $ 45,413 $ 109,350 $ 410,000 $ 386,152 $ — $ 950,915 The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel. (1) (2) 9
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS (unaudited) ALL HOTELS: Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance Rooms revenue (in thousands)$ 103,543 $ (752) $ 102,791 $ 110,883 $ (19,261) $ 91,622 (6.62)% 12.19 % RevPAR $ 382.86 $ (70.84) $ 395.60 $ 318.14 $ (217.75) $ 352.29 20.34 % 12.29 % Occupancy 70.84 % (27.53)% 72.61 % 71.85 % (68.15)% 73.10 % (1.41)% (0.67)% ADR $ 540.47 $ (257.34) $ 544.85 $ 442.81 $ (319.53) $ 481.90 22.05 % 13.06 % ALL HOTELS: Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance Rooms revenue (inthousands) $ 235,574 $ (13,801) $ 221,773 $ 250,139 $ (47,409) $ 202,730 (5.82)% 9.39 % RevPAR $ 432.22 $ (493.15) $ 428.92 $ 360.83 $ (269.48) $ 391.90 19.78 % 9.45 % Occupancy 67.65 % (57.77)% 68.18 % 68.23 % (68.02)% 68.31 % (0.85)% (0.19)% ADR $ 638.93 $ (853.69) $ 629.09 $ 528.83 $ (396.19) $ 573.75 20.82 % 9.65 % NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. 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, 2026 2025 % Variance 2026 2025 % Variance Total hotel revenue $ 172,138 $ 179,943 (4.34)% $ 383,764 $ 398,352 (3.66)% Non-comparable adjustments (2,728) (26,568) (24,503) (66,573) Comparable total hotel revenue $ 169,410 $ 153,375 10.45 % $ 359,261 $ 331,779 8.28 % Hotel net income (loss) $ 34,753 $ 16,054 116.48 % $ 78,986 $ 52,811 49.56 % Non-comparable adjustments (14,670) 660 (20,266) (7,407) Comparable hotel net income (loss) $ 20,083 $ 16,714 20.16 % $ 58,720 $ 45,404 29.33 % Hotel net income (loss) margin 20.19 % 8.92 % 11.27 % 20.58 % 13.26 % 7.32 % Comparable hotel net income margin 11.85 % 10.90 % 0.95 % 16.34 % 13.69 % 2.65 % Hotel EBITDA $ 47,952 $ 47,793 0.33 % $ 123,415 $ 118,534 4.12 % Non-comparable adjustments 455 (5,399) (8,485) (19,645) Comparable hotel EBITDA $ 48,407 $ 42,394 14.18 % $ 114,930 $ 98,889 16.22 % Hotel EBITDA margin 27.86 % 26.56 % 1.30 % 32.16 % 29.76 % 2.40 % Comparable hotel EBITDA margin 28.57 % 27.64 % 0.93 % 31.99 % 29.81 % 2.18 % Hotel net income (loss) adjustments attributable to consolidated noncontrollinginterests $ — $ 100 (100.00)% $ 13 (100.00)% Hotel net income (loss) attributable to the Company and OP unitholders $ 34,753 $ 15,954 117.83 % $ 78,986 $ 52,798 49.60 % Comparable hotel net income (loss) attributable to the Company and OPunitholders $ 20,083 $ 16,610 20.91 % $ 58,720 $ 45,363 29.44 % Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$ — $ 1,516 (100.00)% $ 2,800 (100.00)% Hotel EBITDA attributable to the Company and OP unitholders $ 47,952 $ 46,277 3.62 % $ 123,415 $ 115,734 6.64 % Comparable hotel EBITDA attributable to the Company and OP unitholders$ 48,407 $ 40,875 18.43 % $ 114,930 $ 96,072 19.63 % NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 11
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 13,161 $ — $ 13,161 $ 12,819 $ — $ 12,819 2.67 % 2.67 % Total hotel revenue $ 19,228 $ — $ 19,228 $ 18,445 $ — $ 18,445 4.25 % 4.25 % Hotel net income (loss) $ 1,633 $ — $ 1,633 $ 418 $ — $ 418 290.67 % 290.67 % Hotel net income (loss) margin 8.49 % 8.49 % 2.27 % 2.27 % 6.22 % 6.22 % Hotel EBITDA $ 6,621 $ — $ 6,621 $ 6,076 $ — $ 6,076 8.97 % 8.97 % Hotel EBITDA margin 34.43 % 34.43 % 32.94 % 32.94 % 1.49 % 1.49 % Selected Operating Information: RevPAR $ 258.72 $ — $ 258.72 $ 251.99 $ — $ 251.99 2.67 % 2.67 % Occupancy 84.48 % — % 84.48 % 84.68 % — % 84.68 % (0.24)% (0.24)% ADR $ 306.25 $ — $ 306.25 $ 297.60 $ — $ 297.60 2.91 % 2.91 % HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ — $ — $ — $ — $ — $ — — % — % Total hotel revenue $ — $ — $ — $ — $ — $ — — % — % Hotel net income (loss) $ — $ — $ — $ (18) $ 18 $ — 100.00 % — % Hotel net income (loss) margin — % — % — % — % — % — % Hotel EBITDA $ — $ — $ — $ (12) $ 12 $ — 100.00 % — % Hotel EBITDA margin — % — % — % — % — % — % Selected Operating Information: RevPAR $ — $ — $ — $ — $ — $ — — % — % Occupancy — % — % — % — % — % — % — % — % ADR $ — $ — $ — $ — $ — $ — — % — % SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 9,414 $ — $ 9,414 $ 8,511 $ — $ 8,511 10.61 % 10.61 % Total hotel revenue $ 12,288 $ — $ 12,288 $ 11,620 $ — $ 11,620 5.75 % 5.75 % Hotel net income (loss) $ 2,556 $ — $ 2,556 $ 3,772 $ — $ 3,772 (32.24)% (32.24)% Hotel net income (loss) margin 20.80 % 20.80 % 32.46 % 32.46 % (11.66)% (11.66)% Hotel EBITDA $ 3,831 $ — $ 3,831 $ 4,913 $ — $ 4,913 (22.02)% (22.02)% Hotel EBITDA margin 31.18 % 31.18 % 42.28 % 42.28 % (11.10)% (11.10)% Selected Operating Information: RevPAR $ 249.29 $ — $ 249.29 $ 225.38 $ — $ 225.38 10.61 % 10.61 % Occupancy 80.83 % — % 80.83 % 80.01 % — % 80.01 % 1.02 % 1.02 % ADR $ 308.43 $ — $ 308.43 $ 281.70 $ — $ 281.70 9.49 % 9.49 % BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 4,491 $ — $ 4,491 $ 4,280 $ — $ 4,280 4.93 % 4.93 % Total hotel revenue $ 6,094 $ — $ 6,094 $ 5,819 $ — $ 5,819 4.73 % 4.73 % Hotel net income (loss) $ 1,131 $ — $ 1,131 $ 886 $ — $ 886 27.65 % 27.65 % Hotel net income (loss) margin 18.56 % 18.56 % 15.23 % 15.23 % 3.33 % 3.33 % Hotel EBITDA $ 2,026 $ — $ 2,026 $ 1,728 $ — $ 1,728 17.25 % 17.25 % Hotel EBITDA margin 33.25 % 33.25 % 29.70 % 29.70 % 3.55 % 3.55 % Selected Operating Information: RevPAR $ 759.31 $ — $ 759.31 $ 723.58 $ — $ 723.58 4.94 % 4.94 % Occupancy 66.78 % — % 66.78 % 71.83 % — % 71.83 % (7.03)% (7.03)% ADR $ 1,137.04 $ — $ 1,137.04 $ 1,007.29 $ — $ 1,007.29 12.88 % 12.88 % 12
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Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 6,247 $ — $ 6,247 $ 5,618 $ — $ 5,618 11.20 % 11.20 % Total hotel revenue $ 8,459 $ — $ 8,459 $ 7,491 $ — $ 7,491 12.92 % 12.92 % Hotel net income (loss) $ 3,912 $ — $ 3,912 $ 2,921 $ — $ 2,921 33.93 % 33.93 % Hotel net income (loss) margin 46.25 % 46.25 % 38.99 % 38.99 % 7.26 % 7.26 % Hotel EBITDA $ 4,279 $ — $ 4,279 $ 3,371 $ — $ 3,371 26.94 % 26.94 % Hotel EBITDA margin 50.59 % 50.59 % 45.00 % 45.00 % 5.59 % 5.59 % Selected Operating Information: RevPAR $ 483.47 $ — $ 483.47 $ 434.78 $ — $ 434.78 11.20 % 11.20 % Occupancy 79.82 % — % 79.82 % 71.46 % — % 71.46 % 11.70 % 11.70 % ADR $ 605.72 $ — $ 605.72 $ 608.43 $ — $ 608.43 (0.45)% (0.45)% HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 3,447 $ — $ 3,447 $ 2,925 $ — $ 2,925 17.85 % 17.85 % Total hotel revenue $ 4,498 $ — $ 4,498 $ 4,061 $ — $ 4,061 10.76 % 10.76 % Hotel net income (loss) $ 1,012 $ — $ 1,012 $ 733 $ — $ 733 38.06 % 38.06 % Hotel net income (loss) margin 22.50 % 22.50 % 18.05 % 18.05 % 4.45 % 4.45 % Hotel EBITDA $ 1,764 $ — $ 1,764 $ 1,329 $ — $ 1,329 32.73 % 32.73 % Hotel EBITDA margin 39.22 % 39.22 % 32.73 % 32.73 % 6.49 % 6.49 % Selected Operating Information: RevPAR $ 473.50 $ — $ 473.50 $ 401.78 $ — $ 401.78 17.85 % 17.85 % Occupancy 64.24 % — % 64.24 % 62.36 % — % 62.36 % 3.01 % 3.01 % ADR $ 737.03 $ — $ 737.03 $ 644.27 $ — $ 644.27 14.40 % 14.40 % PARK HYATT BEAVER CREEK RESORT &SPA Selected Financial Information: Rooms revenue $ 752 $ (752) $ — $ 1,471 $ (1,471) $ — (48.88)% — % Total hotel revenue $ 2,728 $ (2,728) $ — $ 4,516 $ (4,516) $ — (39.59)% — % Hotel net income (loss) $ 14,657 $ (14,657) $ — $ (4,702) $ 4,702 $ — 411.72 % — % Hotel net income (loss) margin 537.28 % — % (104.12)% — % 641.40 % — % Hotel EBITDA $ (486) $ 486 $ — $ (1,831) $ 1,831 $ — 73.46 % — % Hotel EBITDA margin (17.82)% — % (40.54)% — % 22.72 % — % Selected Operating Information: RevPAR $ 70.84 $ 70.84 $ 70.84 $ 83.72 $ 83.72 $ 83.72 (15.38)% (15.38)% Occupancy 27.53 % 27.53 % 27.53 % 27.17 % 27.17 % 27.17 % 1.32 % 1.32 % ADR $ 257.34 $ 257.34 $ 257.34 $ 308.20 $ 308.20 $ 308.20 (16.50)% (16.50)% THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 9,641 $ — $ 9,641 $ 8,565 $ — $ 8,565 12.56 % 12.56 % Total hotel revenue $ 12,676 $ — $ 12,676 $ 10,956 $ — $ 10,956 15.70 % 15.70 % Hotel net income (loss) $ 3,910 $ — $ 3,910 $ 2,803 $ — $ 2,803 39.49 % 39.49 % Hotel net income (loss) margin 30.85 % 30.85 % 25.58 % 25.58 % 5.27 % 5.27 % Hotel EBITDA $ 5,213 $ — $ 5,213 $ 4,139 $ — $ 4,139 25.95 % 25.95 % Hotel EBITDA margin 41.12 % 41.12 % 37.78 % 37.78 % 3.34 % 3.34 % Selected Operating Information: RevPAR $ 212.32 $ — $ 212.32 $ 188.61 $ — $ 188.61 12.57 % 12.57 % Occupancy 73.89 % — % 73.89 % 75.95 % — % 75.95 % (2.71)% (2.71)% ADR $ 287.34 $ — $ 287.34 $ 248.35 $ — $ 248.35 15.70 % 15.70 % 13
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Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance THE CLANCY Selected Financial Information: Rooms revenue $ — $ — $ — $ 8,911 $ (8,911) $ — (100.00)% — % Total hotel revenue $ — $ — $ — $ 10,713 $ (10,713) $ — (100.00)% — % Hotel net income (loss) $ (18) $ 18 $ — $ 1,022 $ (1,022) $ — (101.76)% — % Hotel net income (loss) margin — % — % 9.54 % — % (9.54)% — % Hotel EBITDA $ — $ — $ — $ 2,501 $ (2,501) $ — (100.00)% — % Hotel EBITDA margin — % — % 23.35 % — % (23.35)% — % Selected Operating Information: RevPAR $ — $ — $ — $ 238.83 $ 238.83 $ — (100.00)% — % Occupancy — % — % — % 74.47 % 74.47 % — % (100.00)% — % ADR $ — $ — $ — $ 320.71 $ 320.71 $ — (100.00)% — % THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 11,283 $ — $ 11,283 $ 9,555 $ — $ 9,555 18.08 % 18.08 % Total hotel revenue $ 28,134 $ — $ 28,134 $ 24,533 $ — $ 24,533 14.68 % 14.68 % Hotel net income (loss) $ 6,677 $ — $ 6,677 $ 4,621 $ — $ 4,621 44.49 % 44.49 % Hotel net income (loss) margin 23.73 % 23.73 % 18.84 % 18.84 % 4.89 % 4.89 % Hotel EBITDA $ 8,357 $ — $ 8,357 $ 6,761 $ — $ 6,761 23.61 % 23.61 % Hotel EBITDA margin 29.70 % 29.70 % 27.56 % 27.56 % 2.14 % 2.14 % Selected Operating Information: RevPAR $ 449.23 $ — $ 449.23 $ 380.44 $ — $ 380.44 18.08 % 18.08 % Occupancy 78.39 % — % 78.39 % 71.31 % — % 71.31 % 9.93 % 9.93 % ADR $ 573.05 $ — $ 573.05 $ 533.50 $ — $ 533.50 7.41 % 7.41 % THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 3,886 $ — $ 3,886 $ 4,353 $ — $ 4,353 (10.73)% (10.73)% Total hotel revenue $ 8,127 $ — $ 8,127 $ 10,655 $ — $ 10,655 (23.73)% (23.73)% Hotel net income (loss) $ (4,772) $ — $ (4,772) $ (3,021) $ — $ (3,021) (57.96)% (57.96)% Hotel net income (loss) margin (58.72)% (58.72)% (28.35)% (28.35)% (30.37)% (30.37)% Hotel EBITDA $ (1,118) $ — $ (1,118) $ 664 $ — $ 664 (268.37)% (268.37)% Hotel EBITDA margin (13.76)% (13.76)% 6.23 % 6.23 % (19.99)% (19.99)% Selected Operating Information: RevPAR $ 233.36 $ — $ 233.36 $ 261.42 $ — $ 261.42 (10.73)% (10.73)% Occupancy 35.78 % — % 35.78 % 49.66 % — % 49.66 % (27.95)% (27.95)% ADR $ 652.16 $ — $ 652.16 $ 526.40 $ — $ 526.40 23.89 % 23.89 % MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ — $ — $ — $ 8,879 $ (8,879) $ — (100.00)% — % Total hotel revenue $ — $ — $ — $ 11,339 $ (11,339) $ — (100.00)% — % Hotel net income (loss) $ 31 $ (31) $ — $ 3,038 $ (3,038) $ — (98.98)% — % Hotel net income (loss) margin — % — % 26.79 % — % (26.79)% — % Hotel EBITDA $ 31 $ (31) $ — $ 4,741 $ (4,741) $ — (99.35)% — % Hotel EBITDA margin — % — % 41.81 % — % (41.81)% — % Selected Operating Information: RevPAR $ — $ — $ — $ 264.42 $ 264.42 $ — (100.00)% — % Occupancy — % — % — % 82.56 % 82.56 % — % (100.00)% — % ADR $ — $ — $ — $ 320.29 $ 320.29 $ — (100.00)% — % 14
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Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 12,260 $ — $ 12,260 $ 10,168 $ — $ 10,168 20.57 % 20.57 % Total hotel revenue $ 20,990 $ — $ 20,990 $ 17,487 $ — $ 17,487 20.03 % 20.03 % Hotel net income (loss) $ 2,178 $ — $ 2,178 $ 3,115 $ — $ 3,115 (30.08)% (30.08)% Hotel net income (loss) margin 10.38 % 10.38 % 17.81 % 17.81 % (7.43)% (7.43)% Hotel EBITDA $ 4,878 $ — $ 4,878 $ 4,149 $ — $ 4,149 17.57 % 17.57 % Hotel EBITDA margin 23.24 % 23.24 % 23.73 % 23.73 % (0.49)% (0.49)% Selected Operating Information: RevPAR $ 748.48 $ — $ 748.48 $ 620.74 $ — $ 620.74 20.58 % 20.58 % Occupancy 68.26 % — % 68.26 % 63.57 % — % 63.57 % 7.38 % 7.38 % ADR $ 1,096.51 $ — $ 1,096.51 $ 976.44 $ — $ 976.44 12.30 % 12.30 % CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 3,553 $ — $ 3,553 $ 2,616 $ — $ 2,616 35.82 % 35.82 % Total hotel revenue $ 4,230 $ — $ 4,230 $ 3,293 $ — $ 3,293 28.45 % 28.45 % Hotel net income (loss) $ (1,899) $ — $ (1,899) $ (1,161) $ — $ (1,161) (63.57)% (63.57)% Hotel net income (loss) margin (44.89)% (44.89)% (35.26)% (35.26)% (9.63)% (9.63)% Hotel EBITDA $ 173 $ — $ 173 $ (223) $ — $ (223) 177.58 % 177.58 % Hotel EBITDA margin 4.09 % 4.09 % (6.77)% (6.77)% 10.86 % 10.86 % Selected Operating Information: RevPAR $ 278.23 $ — $ 278.23 $ 201.08 $ — $ 201.08 38.37 % 38.37 % Occupancy 72.07 % — % 72.07 % 75.72 % — % 75.72 % (4.82)% (4.82)% ADR $ 386.08 $ — $ 386.08 $ 265.57 $ — $ 265.57 45.38 % 45.38 % THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 15,994 $ — $ 15,994 $ 12,454 $ — $ 12,454 28.42 % 28.42 % Total hotel revenue $ 26,119 $ — $ 26,119 $ 19,735 $ — $ 19,735 32.35 % 32.35 % Hotel net income (loss) $ 4,482 $ — $ 4,482 $ 1,460 $ — $ 1,460 206.99 % 206.99 % Hotel net income (loss) margin 17.16 % 17.16 % 7.40 % 7.40 % 9.76 % 9.76 % Hotel EBITDA $ 6,989 $ — $ 6,989 $ 3,544 $ — $ 3,544 97.21 % 97.21 % Hotel EBITDA margin 26.76 % 26.76 % 17.96 % 17.96 % 8.80 % 8.80 % Selected Operating Information: RevPAR $ 1,657.98 $ — $ 1,657.98 $ 1,291.06 $ — $ 1,291.06 28.42 % 28.42 % Occupancy 70.53 % — % 70.53 % 61.50 % — % 61.50 % 14.68 % 14.68 % ADR $ 2,350.86 $ — $ 2,350.86 $ 2,099.39 $ — $ 2,099.39 11.98 % 11.98 % FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 9,414 $ — $ 9,414 $ 9,758 $ — $ 9,758 (3.53)% (3.53)% Total hotel revenue $ 18,567 $ — $ 18,567 $ 19,280 $ — $ 19,280 (3.70)% (3.70)% Hotel net income (loss) $ (737) $ — $ (737) $ 167 $ — $ 167 (541.32)% (541.32)% Hotel net income (loss) margin (3.97)% (3.97)% 0.87 % 0.87 % (4.84)% (4.84)% Hotel EBITDA $ 5,394 $ — $ 5,394 $ 5,943 $ — $ 5,943 (9.24)% (9.24)% Hotel EBITDA margin 29.05 % 29.05 % 30.82 % 30.82 % (1.77)% (1.77)% Selected Operating Information: RevPAR $ 492.62 $ — $ 492.62 $ 510.64 $ — $ 510.64 (3.53)% (3.53)% Occupancy 51.44 % — % 51.44 % 62.56 % — % 62.56 % (17.77)% (17.77)% ADR $ 957.58 $ — $ 957.58 $ 816.25 $ — $ 816.25 17.31 % 17.31 % 15
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Three Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 67,774 $ (752) $ 67,022 $ 60,582 $ (1,471) $ 59,111 11.87 % 13.38 % Total hotel revenue $ 123,716 $ (2,728) $ 120,988 $ 113,577 $ (4,516) $ 109,061 8.93 % 10.94 % Hotel net income (loss) $ 28,540 $ (14,657) $ 13,883 $ 6,162 $ 4,720 $ 10,882 363.16 % 27.58 % Hotel net income (loss) margin 23.07 % 11.47 % 5.43 % 9.98 % 17.64 % 1.49 % Hotel EBITDA $ 32,083 $ 486 $ 32,569 $ 25,646 $ 1,843 $ 27,489 25.10 % 18.48 % Hotel EBITDA margin 25.93 % 26.92 % 22.58 % 25.21 % 3.35 % 1.71 % Selected Operating Information: RevPAR $ 548.17 $ 70.84 $ 593.00 $ 463.92 $ 83.72 $ 523.01 18.16 % 13.38 % Occupancy 60.93 % (27.53)% 64.06 % 59.18 % — % 64.15 % 2.96 % (0.14)% ADR $ 899.74 $ (257.34) $ 925.66 $ 783.98 $ — $ 815.29 14.77 % 13.54 % URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 35,769 $ — $ 35,769 $ 50,301 $ (17,790) $ 32,511 (28.89)% 10.02 % Total hotel revenue $ 48,422 $ — $ 48,422 $ 66,366 $ (22,052) $ 44,314 (27.04)% 9.27 % Hotel net income (loss) $ 6,213 $ (13) $ 6,200 $ 9,892 $ (4,060) $ 5,832 (37.19)% 6.31 % Hotel net income (loss) margin 12.83 % 12.80 % 14.91 % 13.16 % (2.08)% (0.36)% Hotel EBITDA $ 15,869 $ (31) $ 15,838 $ 22,147 $ (7,242) $ 14,905 (28.35)% 6.26 % Hotel EBITDA margin 32.77 % 32.71 % 33.37 % 33.63 % (0.60)% (0.92)% Selected Operating Information: RevPAR $ 243.64 $ — $ 243.64 $ 230.80 $ 250.95 $ 221.08 5.56 % 10.20 % Occupancy 79.19 % — % 79.19 % 79.44 % 78.30 % 79.99 % (0.31)% (1.00)% ADR $ 307.68 $ — $ 307.68 $ 290.54 $ 320.50 $ 276.40 5.90 % 11.32 % BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 103,543 $ (752) $ 102,791 $ 110,883 $ (19,261) $ 91,622 (6.62)% 12.19 % Total hotel revenue $ 172,138 $ (2,728) $ 169,410 $ 179,943 $ (26,568) $ 153,375 (4.34)% 10.45 % Hotel net income (loss) $ 34,753 $ (14,670) $ 20,083 $ 16,054 $ 660 $ 16,714 116.48 % 20.16 % Hotel net income (loss) margin 20.19 % 11.85 % 8.92 % 10.90 % 11.27 % 0.95 % Hotel EBITDA $ 47,952 $ 455 $ 48,407 $ 47,793 $ (5,399) $ 42,394 0.33 % 14.18 % Hotel EBITDA margin 27.86 % 28.57 % 26.56 % 27.64 % 1.30 % 0.93 % Selected Operating Information: RevPAR $ 382.86 $ (70.84) $ 395.60 $ 318.14 $ (217.75) $ 352.29 20.34 % 12.29 % Occupancy 70.84 % (27.53)% 72.61 % 71.85 % (68.15)% 73.10 % (1.41)% (0.67)% ADR $ 540.47 $ (257.34) $ 544.85 $ 442.81 $ (319.53) $ 481.90 22.05 % 13.06 % NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz- Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (4) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills (5) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 16
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 22,523 $ — $ 22,523 $ 23,623 $ — $ 23,623 (4.66)% (4.66)% Total hotel revenue $ 35,102 $ — $ 35,102 $ 35,752 $ — $ 35,752 (1.82)% (1.82)% Hotel net income (loss) $ 408 $ — $ 408 $ 164 $ — $ 164 148.78 % 148.78 % Hotel net income (loss) margin 1.16 % 1.16 % 0.46 % 0.46 % 0.70 % 0.70 % Hotel EBITDA $ 10,280 $ — $ 10,280 $ 11,267 $ — $ 11,267 (8.76)% (8.76)% Hotel EBITDA margin 29.29 % 29.29 % 31.51 % 31.51 % (2.22)% (2.22)% Selected Operating Information: RevPAR $ 222.61 $ — $ 222.61 $ 233.48 $ — $ 233.48 (4.66)% (4.66)% Occupancy 77.16 % — % 77.16 % 77.74 % — % 77.74 % (0.75)% (0.75)% ADR $ 288.48 $ — $ 288.48 $ 300.32 $ — $ 300.32 (3.94)% (3.94)% HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ — $ — $ — $ — $ — $ — — % — % Total hotel revenue $ — $ — $ — $ — $ — $ — — % — % Hotel net income (loss) $ — $ — $ — $ (114) $ 114 $ — 100.00 % — % Hotel net income (loss) margin — % — % — % — % — % — % Hotel EBITDA $ — $ — $ — $ (70) $ 70 $ — 100.00 % — % Hotel EBITDA margin — % — % — % — % — % — % Selected Operating Information: RevPAR $ — $ — $ — $ — $ — $ — — % — % Occupancy — % — % — % — % — % — % — % — % ADR $ — $ — $ — $ — $ — $ — — % — % SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 12,639 $ — $ 12,639 $ 11,646 $ — $ 11,646 8.53 % 8.53 % Total hotel revenue $ 16,741 $ — $ 16,741 $ 15,938 $ — $ 15,938 5.04 % 5.04 % Hotel net income (loss) $ 2,831 $ — $ 2,831 $ 214 $ — $ 214 1,222.90 % 1,222.90 % Hotel net income (loss) margin 16.91 % 16.91 % 1.34 % 1.34 % 15.57 % 15.57 % Hotel EBITDA $ 5,207 $ — $ 5,207 $ 2,508 $ — $ 2,508 107.62 % 107.62 % Hotel EBITDA margin 31.10 % 31.10 % 15.74 % 15.74 % 15.36 % 15.36 % Selected Operating Information: RevPAR $ 168.26 $ — $ 168.26 $ 155.05 $ — $ 155.05 8.52 % 8.52 % Occupancy 64.21 % — % 64.21 % 64.09 % — % 64.09 % 0.19 % 0.19 % ADR $ 262.05 $ — $ 262.05 $ 241.91 $ — $ 241.91 8.33 % 8.33 % BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 7,237 $ — $ 7,237 $ 6,568 $ — $ 6,568 10.19 % 10.19 % Total hotel revenue $ 10,086 $ — $ 10,086 $ 9,211 $ — $ 9,211 9.50 % 9.50 % Hotel net income (loss) $ 562 $ — $ 562 $ (269) $ — $ (269) 308.92 % 308.92 % Hotel net income (loss) margin 5.57 % 5.57 % (2.92)% (2.92)% 8.49 % 8.49 % Hotel EBITDA $ 2,361 $ — $ 2,361 $ 1,509 $ — $ 1,509 56.46 % 56.46 % Hotel EBITDA margin 23.41 % 23.41 % 16.38 % 16.38 % 7.03 % 7.03 % Selected Operating Information: RevPAR $ 615.09 $ — $ 615.09 $ 558.25 $ — $ 558.25 10.18 % 10.18 % Occupancy 58.12 % — % 58.12 % 60.34 % — % 60.34 % (3.68)% (3.68)% ADR $ 1,058.28 $ — $ 1,058.28 $ 925.17 $ — $ 925.17 14.39 % 14.39 % 17
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Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 14,905 $ — $ 14,905 $ 13,472 $ — $ 13,472 10.64 % 10.64 % Total hotel revenue $ 19,374 $ — $ 19,374 $ 17,417 $ — $ 17,417 11.24 % 11.24 % Hotel net income (loss) $ 9,963 $ — $ 9,963 $ 8,043 $ — $ 8,043 23.87 % 23.87 % Hotel net income (loss) margin 51.42 % 51.42 % 46.18 % 46.18 % 5.24 % 5.24 % Hotel EBITDA $ 10,712 $ — $ 10,712 $ 8,957 $ — $ 8,957 19.59 % 19.59 % Hotel EBITDA margin 55.29 % 55.29 % 51.43 % 51.43 % 3.86 % 3.86 % Selected Operating Information: RevPAR $ 579.92 $ — $ 579.92 $ 524.16 $ — $ 524.16 10.64 % 10.64 % Occupancy 83.81 % — % 83.81 % 75.59 % — % 75.59 % 10.87 % 10.87 % ADR $ 691.95 $ — $ 691.95 $ 693.39 $ — $ 693.39 (0.21)% (0.21)% HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 4,865 $ — $ 4,865 $ 4,396 $ — $ 4,396 10.67 % 10.67 % Total hotel revenue $ 6,491 $ — $ 6,491 $ 6,036 $ — $ 6,036 7.54 % 7.54 % Hotel net income (loss) $ (94) $ — $ (94) $ (279) $ — $ (279) 66.31 % 66.31 % Hotel net income (loss) margin (1.45)% (1.45)% (4.62)% (4.62)% 3.17 % 3.17 % Hotel EBITDA $ 1,441 $ — $ 1,441 $ 886 $ — $ 886 62.64 % 62.64 % Hotel EBITDA margin 22.20 % 22.20 % 14.68 % 14.68 % 7.52 % 7.52 % Selected Operating Information: RevPAR $ 335.98 $ — $ 335.98 $ 303.59 $ — $ 303.59 10.67 % 10.67 % Occupancy 50.02 % — % 50.02 % 48.93 % — % 48.93 % 2.23 % 2.23 % ADR $ 671.68 $ — $ 671.68 $ 620.46 $ — $ 620.46 8.26 % 8.26 % PARK HYATT BEAVER CREEK RESORT &SPA Selected Financial Information: Rooms revenue $ 13,801 $ (13,801) $ — $ 15,294 $ (15,294) $ — (9.76)% — % Total hotel revenue $ 24,503 $ (24,503) $ — $ 26,918 $ (26,918) $ — (8.97)% — % Hotel net income (loss) $ 20,250 $ (20,250) $ — $ 2,385 $ (2,385) $ — 749.06 % — % Hotel net income (loss) margin 82.64 % — % 8.86 % — % 73.78 % — % Hotel EBITDA $ 8,454 $ (8,454) $ — $ 8,076 $ (8,076) $ — 4.68 % — % Hotel EBITDA margin 34.50 % — % 30.00 % — % 4.50 % — % Selected Operating Information: RevPAR $ 493.15 $ 493.15 $ 493.15 $ 437.81 $ 437.81 $ 437.81 12.64 % 12.64 % Occupancy 57.77 % 57.77 % 57.77 % 53.48 % 53.48 % 53.48 % 8.02 % 8.02 % ADR $ 853.69 $ 853.69 $ 853.69 $ 818.61 $ 818.61 $ 818.61 4.29 % 4.29 % THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 15,398 $ — $ 15,398 $ 14,035 $ — $ 14,035 9.71 % 9.71 % Total hotel revenue $ 20,641 $ — $ 20,641 $ 18,638 $ — $ 18,638 10.75 % 10.75 % Hotel net income (loss) $ 4,124 $ — $ 4,124 $ 3,213 $ — $ 3,213 28.35 % 28.35 % Hotel net income (loss) margin 19.98 % 19.98 % 17.24 % 17.24 % 2.74 % 2.74 % Hotel EBITDA $ 6,806 $ — $ 6,806 $ 5,845 $ — $ 5,845 16.44 % 16.44 % Hotel EBITDA margin 32.97 % 32.97 % 31.36 % 31.36 % 1.61 % 1.61 % Selected Operating Information: RevPAR $ 170.48 $ — $ 170.48 $ 155.39 $ — $ 155.39 9.71 % 9.71 % Occupancy 66.59 % — % 66.59 % 66.91 % — % 66.91 % (0.48)% (0.48)% ADR $ 256.03 $ — $ 256.03 $ 232.25 $ — $ 232.25 10.24 % 10.24 % 18
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Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance THE CLANCY Selected Financial Information: Rooms revenue $ — $ — $ — $ 18,655 $ (18,655) $ — (100.00)% — % Total hotel revenue $ — $ — $ — $ 22,020 $ (22,020) $ — (100.00)% — % Hotel net income (loss) $ (15) $ 15 $ — $ 2,462 $ (2,462) $ — (100.61)% — % Hotel net income (loss) margin — % — % 11.18 % — % — % — % Hotel EBITDA $ — $ — $ — $ 5,525 $ (5,525) $ — (100.00)% — % Hotel EBITDA margin — % — % 25.09 % — % — % — % Selected Operating Information: RevPAR $ — $ — $ — $ 251.39 $ 251.39 $ 251.39 — % (100.00)% Occupancy — % — % — % 71.17 % 71.17 % 71.17 % — % (100.00)% ADR $ — $ — $ — $ 353.24 $ 353.24 $ 353.24 — % (100.00)% THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 25,340 $ — $ 25,340 $ 22,112 $ — $ 22,112 14.60 % 14.60 % Total hotel revenue $ 60,940 $ — $ 60,940 $ 54,417 $ — $ 54,417 11.99 % 11.99 % Hotel net income (loss) $ 16,468 $ — $ 16,468 $ 13,323 $ — $ 13,323 23.61 % 23.61 % Hotel net income (loss) margin 27.02 % 27.02 % 24.48 % 24.48 % 2.54 % 2.54 % Hotel EBITDA $ 20,366 $ — $ 20,366 $ 17,314 $ — $ 17,314 17.63 % 17.63 % Hotel EBITDA margin 33.42 % 33.42 % 31.82 % 31.82 % 1.60 % 1.60 % Selected Operating Information: RevPAR $ 507.25 $ — $ 507.25 $ 442.63 $ — $ 442.63 14.60 % 14.60 % Occupancy 79.03 % — % 79.03 % 74.28 % — % 74.28 % 6.39 % 6.39 % ADR $ 641.87 $ — $ 641.87 $ 595.91 $ — $ 595.91 7.71 % 7.71 % THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 16,185 $ — $ 16,185 $ 16,592 $ — $ 16,592 (2.45)% (2.45)% Total hotel revenue $ 27,650 $ — $ 27,650 $ 30,071 $ — $ 30,071 (8.05)% (8.05)% Hotel net income (loss) $ (2,753) $ — $ (2,753) $ (1,763) $ — $ (1,763) (56.15)% (56.15)% Hotel net income (loss) margin (9.96)% (9.96)% (5.86)% (5.86)% (4.10)% (4.10)% Hotel EBITDA $ 4,661 $ — $ 4,661 $ 5,656 $ — $ 5,656 (17.59)% (17.59)% Hotel EBITDA margin 16.86 % 16.86 % 18.81 % 18.81 % (1.95)% (1.95)% Selected Operating Information: RevPAR $ 488.64 $ — $ 488.64 $ 500.94 $ — $ 500.94 (2.46)% (2.46)% Occupancy 45.97 % — % 45.97 % 52.70 % — % 52.70 % (12.77)% (12.77)% ADR $ 1,063.06 $ — $ 1,063.06 $ 950.48 $ — $ 950.48 11.84 % 11.84 % MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ — $ — $ — $ 13,460 $ (13,460) $ — (100.00)% — % Total hotel revenue $ — $ — $ — $ 17,635 $ (17,635) $ — (100.00)% — % Hotel net income (loss) $ 31 $ (31) $ — $ 2,674 $ (2,674) $ — (98.84)% — % Hotel net income (loss) margin — % — % 15.16 % — % — % — % Hotel EBITDA $ 31 $ (31) $ — $ 6,114 $ (6,114) $ — (99.49)% — % Hotel EBITDA margin — % — % 34.67 % — % — % — % Selected Operating Information: RevPAR $ — $ — $ — $ 201.53 $ 201.53 $ — — % — % Occupancy — % — % — % 72.12 % 72.12 % — % — % — % ADR $ — $ — $ — $ 279.45 $ 279.45 $ — — % — % 19
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Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 30,957 $ — $ 30,957 $ 26,515 $ — $ 26,515 16.75 % 16.75 % Total hotel revenue $ 48,686 $ — $ 48,686 $ 41,863 $ — $ 41,863 16.30 % 16.30 % Hotel net income (loss) $ 11,740 $ — $ 11,740 $ 11,014 $ — $ 11,014 6.59 % 6.59 % Hotel net income (loss) margin 24.11 % 24.11 % 26.31 % 26.31 % (2.20)% (2.20)% Hotel EBITDA $ 16,036 $ — $ 16,036 $ 13,462 $ — $ 13,462 19.12 % 19.12 % Hotel EBITDA margin 32.94 % 32.94 % 32.16 % 32.16 % 0.78 % 0.78 % Selected Operating Information: RevPAR $ 950.17 $ — $ 950.17 $ 813.85 $ — $ 813.85 16.75 % 16.75 % Occupancy 74.05 % — % 74.05 % 69.58 % — % 69.58 % 6.42 % 6.42 % ADR $ 1,283.12 $ — $ 1,283.12 $ 1,169.72 $ — $ 1,169.72 9.69 % 9.69 % CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 5,588 $ — $ 5,588 $ 4,790 $ — $ 4,790 16.66 % 16.66 % Total hotel revenue $ 6,949 $ — $ 6,949 $ 6,431 $ — $ 6,431 8.05 % 8.05 % Hotel net income (loss) $ (4,953) $ — $ (4,953) $ (2,538) $ — $ (2,538) (95.15)% (95.15)% Hotel net income (loss) margin (71.28)% (71.28)% (39.47)% (39.47)% (31.81)% (31.81)% Hotel EBITDA $ (799) $ — $ (799) $ (705) $ — $ (705) (13.33)% (13.33)% Hotel EBITDA margin (11.50)% (11.50)% (10.96)% (10.96)% (0.54)% (0.54)% Selected Operating Information: RevPAR $ 217.93 $ — $ 217.93 $ 185.02 $ — $ 185.02 17.79 % 17.79 % Occupancy 58.60 % — % 58.60 % 67.90 % — % 67.90 % (13.70)% (13.70)% ADR $ 371.88 $ — $ 371.88 $ 272.50 $ — $ 272.50 36.47 % 36.47 % THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 40,455 $ — $ 40,455 $ 34,935 $ — $ 34,935 15.80 % 15.80 % Total hotel revenue $ 60,256 $ — $ 60,256 $ 50,839 $ — $ 50,839 18.52 % 18.52 % Hotel net income (loss) $ 15,225 $ — $ 15,225 $ 8,680 $ — $ 8,680 75.40 % 75.40 % Hotel net income (loss) margin 25.27 % 25.27 % 17.07 % 17.07 % 8.20 % 8.20 % Hotel EBITDA $ 20,462 $ — $ 20,462 $ 15,089 $ — $ 15,089 35.61 % 35.61 % Hotel EBITDA margin 33.96 % 33.96 % 29.68 % 29.68 % 4.28 % 4.28 % Selected Operating Information: RevPAR $ 2,108.64 $ — $ 2,108.64 $ 1,820.81 $ — $ 1,820.81 15.81 % 15.81 % Occupancy 71.24 % — % 71.24 % 66.66 % — % 66.66 % 6.87 % 6.87 % ADR $ 2,959.93 $ — $ 2,959.93 $ 2,731.35 $ — $ 2,731.35 8.37 % 8.37 % FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 25,681 $ — $ 25,681 $ 24,046 $ — $ 24,046 6.80 % 6.80 % Total hotel revenue $ 46,345 $ — $ 46,345 $ 45,166 $ — $ 45,166 2.61 % 2.61 % Hotel net income (loss) $ 5,199 $ — $ 5,199 $ 5,602 $ — $ 5,602 (7.19)% (7.19)% Hotel net income (loss) margin 11.22 % 11.22 % 12.40 % 12.40 % (1.18)% (1.18)% Hotel EBITDA $ 17,397 $ — $ 17,397 $ 17,101 $ — $ 17,101 1.73 % 1.73 % Hotel EBITDA margin 37.54 % 37.54 % 37.86 % 37.86 % (0.32)% (0.32)% Selected Operating Information: RevPAR $ 675.64 $ — $ 675.64 $ 632.62 $ — $ 632.62 6.80 % 6.80 % Occupancy 60.36 % — % 60.36 % 65.51 % — % 65.51 % (7.86)% (7.86)% ADR $ 1,119.29 $ — $ 1,119.29 $ 965.74 $ — $ 965.74 15.90 % 15.90 % 20
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Six Months Ended June 30, Actual Non-comparableAdjustments Comparable Actual Non-comparableAdjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 179,426 $ (13,801) $ 165,625 $ 163,930 $ (15,294) $ 148,636 9.45 % 11.43 % Total hotel revenue $ 304,331 $ (24,503) $ 279,828 $ 281,938 $ (26,918) $ 255,020 7.94 % 9.73 % Hotel net income (loss) $ 76,560 $ (20,250) $ 56,310 $ 46,622 $ (2,271) $ 44,351 64.21 % 26.96 % Hotel net income (loss) margin 25.16 % 20.12 % 16.54 % 17.39 % 8.62 % 2.73 % Hotel EBITDA $ 101,890 $ (8,454) $ 93,436 $ 87,980 $ (8,006) $ 79,974 15.81 % 16.83 % Hotel EBITDA margin 33.48 % 33.39 % 31.21 % 31.36 % 2.27 % 2.03 % Selected Operating Information: RevPAR $ 709.80 $ 493.15 $ 736.76 $ 631.14 $ 437.81 $ 661.18 12.46 % 11.43 % Occupancy 66.15 % 57.77 % 67.20 % 64.38 % 53.48 % 66.07 % 2.75 % 1.71 % ADR $ 1,072.94 $ 853.69 $ 1,096.40 $ 980.34 $ 818.61 $ 1,000.68 9.45 % 9.57 % URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 56,148 $ — $ 56,148 $ 86,209 $ (32,115) $ 54,094 (34.87)% 3.80 % Total hotel revenue $ 79,433 $ — $ 79,433 $ 116,414 $ (39,655) $ 76,759 (31.77)% 3.48 % Hotel net income (loss) $ 2,426 $ (16) $ 2,410 $ 6,189 $ (5,136) $ 1,053 (60.80)% 128.87 % Hotel net income (loss) margin 3.05 % 3.03 % 5.32 % 1.37 % (2.27)% 1.66 % Hotel EBITDA $ 21,525 $ (31) $ 21,494 $ 30,554 $ (11,639) $ 18,915 (29.55)% 13.63 % Hotel EBITDA margin 27.10 % 27.06 % 26.25 % 24.64 % 0.85 % 2.42 % Selected Operating Information: RevPAR $ 192.12 $ — $ 192.12 $ 198.87 $ 227.77 $ 184.94 (3.39)% 3.88 % Occupancy 68.94 % — % 68.94 % 70.54 % 71.62 % 70.02 % (2.27)% (1.54)% ADR $ 278.69 $ — $ 278.69 $ 281.93 $ 318.04 $ 264.12 (1.15)% 5.52 % BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 235,574 $ (13,801) $ 221,773 $ 250,139 $ (47,409) $ 202,730 (5.82)% 9.39 % Total hotel revenue $ 383,764 $ (24,503) $ 359,261 $ 398,352 $ (66,573) $ 331,779 (3.66)% 8.28 % Hotel net income (loss) $ 78,986 $ (20,266) $ 58,720 $ 52,811 $ (7,407) $ 45,404 49.56 % 29.33 % Hotel net income (loss) margin 20.58 % 16.34 % 13.26 % 13.69 % 7.32 % 2.65 % Hotel EBITDA $ 123,415 $ (8,485) $ 114,930 $ 118,534 $ (19,645) $ 98,889 4.12 % 16.22 % Hotel EBITDA margin 32.16 % 31.99 % 29.76 % 29.81 % 2.40 % 2.18 % Selected Operating Information: RevPAR $ 432.22 $ (493.15) $ 428.92 $ 360.83 $ (269.48) $ 391.90 19.78 % 9.45 % Occupancy 67.65 % (57.77)% 68.18 % 68.23 % (68.02)% 68.31 % (0.85)% (0.19)% ADR $ 638.93 $ (853.69) $ 629.09 $ 528.83 $ (396.19) $ 573.75 20.82 % 9.65 % NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz- Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (4) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills (5) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA 21
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) TTM Ended June 30, Actual Non-comparableAdjustments Comparable 2026 2026 2026 CAPITAL HILTON WASHINGTON D.C. Selected Financial Information: Rooms revenue $ 40,428 $ — $ 40,428 Total hotel revenue $ 63,930 $ — $ 63,930 Hotel net income $ (4,478) $ — $ (4,478) Hotel net income margin (7.00)% (7.00)% Hotel EBITDA $ 15,875 $ — $ 15,875 Hotel EBITDA margin 24.83 % 24.83 % Selected Operating Information: RevPAR $ 198.14 $ — $ 198.14 Occupancy 74.03 % — % 74.03 % ADR $ 267.64 $ — $ 267.64 HILTON LA JOLLA TORREY PINES Selected Financial Information: Rooms revenue $ — $ — $ — Total hotel revenue $ — $ — $ — Hotel net income $ 1,230 $ (1,230) $ — Hotel net income margin — % — % Hotel EBITDA $ 1,460 $ (1,460) $ — Hotel EBITDA margin — % — % Selected Operating Information: RevPAR $ — $ — $ — Occupancy — % — % — % ADR $ — $ — $ — SOFITEL CHICAGO MAGNIFICENT MILE Selected Financial Information: Rooms revenue $ 28,675 $ — $ 28,675 Total hotel revenue $ 38,323 $ — $ 38,323 Hotel net income $ (26,045) $ — $ (26,045) Hotel net income margin (67.96)% (67.96)% Hotel EBITDA $ 8,919 $ — $ 8,919 Hotel EBITDA margin 23.27 % 23.27 % Selected Operating Information: RevPAR $ 189.31 $ — $ 189.31 Occupancy 69.88 % — % 69.88 % ADR $ 270.89 $ — $ 270.89 BARDESSONO HOTEL AND SPA Selected Financial Information: Rooms revenue $ 16,042 $ — $ 16,042 Total hotel revenue $ 21,976 $ — $ 21,976 Hotel net income $ (6,729) $ — $ (6,729) Hotel net income margin (30.62)% (30.62)% Hotel EBITDA $ 5,553 $ — $ 5,553 Hotel EBITDA margin 25.27 % 25.27 % Selected Operating Information: RevPAR $ 676.18 $ — $ 676.18 Occupancy 66.05 % — % 66.05 % ADR $ 1,023.77 $ — $ 1,023.77 22
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TTM Ended June 30, Actual Non-comparableAdjustments Comparable 2026 2026 2026 PIER HOUSE RESORT & SPA Selected Financial Information: Rooms revenue $ 24,765 $ — $ 24,765 Total hotel revenue $ 32,794 $ — $ 32,794 Hotel net income $ 14,389 $ — $ 14,389 Hotel net income margin 43.88 % 43.88 % Hotel EBITDA $ 15,983 $ — $ 15,983 Hotel EBITDA margin 48.74 % 48.74 % Selected Operating Information: RevPAR $ 477.81 $ — $ 477.81 Occupancy 78.17 % — % 78.17 % ADR $ 611.25 $ — $ 611.25 HOTEL YOUNTVILLE Selected Financial Information: Rooms revenue $ 10,595 $ — $ 10,595 Total hotel revenue $ 13,990 $ — $ 13,990 Hotel net income $ (14,910) $ — $ (14,910) Hotel net income margin (106.58)% (106.58)% Hotel EBITDA $ 3,611 $ — $ 3,611 Hotel EBITDA margin 25.81 % 25.81 % Selected Operating Information: RevPAR $ 362.82 $ — $ 362.82 Occupancy 54.88 % — % 54.88 % ADR $ 661.06 $ — $ 661.06 PARK HYATT BEAVER CREEK RESORT & SPA Selected Financial Information: Rooms revenue $ 21,410 $ (21,410) $ — Total hotel revenue $ 43,078 $ (43,078) $ — Hotel net income $ 16,382 $ (16,382) $ — Hotel net income margin 38.03 % — % Hotel EBITDA $ 11,138 $ (11,138) $ — Hotel EBITDA margin 25.86 % — % Selected Operating Information: RevPAR $ 337.18 $ 337.18 $ 337.18 Occupancy 48.21 % 48.21 % 48.21 % ADR $ 699.36 $ 699.36 $ 699.36 THE NOTARY HOTEL Selected Financial Information: Rooms revenue $ 28,658 $ — $ 28,658 Total hotel revenue $ 38,523 $ — $ 38,523 Hotel net income $ 6,966 $ — $ 6,966 Hotel net income margin 18.08 % 18.08 % Hotel EBITDA $ 12,444 $ — $ 12,444 Hotel EBITDA margin 32.30 % 32.30 % Selected Operating Information: RevPAR $ 157.34 $ — $ 157.34 Occupancy 65.00 % — % 65.00 % ADR $ 242.07 $ — $ 242.07 23
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TTM Ended June 30, Actual Non-comparableAdjustments Comparable 2026 2026 2026 THE CLANCY Selected Financial Information: Rooms revenue $ 13,177 $ (13,177) $ — Total hotel revenue $ 15,536 $ (15,536) $ — Hotel net income $ 43,614 $ (43,614) $ — Hotel net income margin 280.73 % — % Hotel EBITDA $ 3,713 $ (3,713) $ — Hotel EBITDA margin 23.90 % — % Selected Operating Information: RevPAR $ 251.18 $ 251.18 $ — Occupancy 74.27 % 74.27 % — % ADR $ 338.22 $ 338.22 $ — THE RITZ-CARLTON SARASOTA Selected Financial Information: Rooms revenue $ 40,000 $ — $ 40,000 Total hotel revenue $ 100,448 $ — $ 100,448 Hotel net income $ 18,768 $ — $ 18,768 Hotel net income margin 18.68 % 18.68 % Hotel EBITDA $ 28,165 $ — $ 28,165 Hotel EBITDA margin 28.04 % 28.04 % Selected Operating Information: RevPAR $ 397.05 $ — $ 397.05 Occupancy 68.24 % — % 68.24 % ADR $ 581.88 $ — $ 581.88 THE RITZ-CARLTON LAKE TAHOE Selected Financial Information: Rooms revenue $ 29,900 $ — $ 29,900 Total hotel revenue $ 54,650 $ — $ 54,650 Hotel net income $ (7,841) $ — $ (7,841) Hotel net income margin (14.35)% (14.35)% Hotel EBITDA $ 7,553 $ — $ 7,553 Hotel EBITDA margin 13.82 % 13.82 % Selected Operating Information: RevPAR $ 447.65 $ — $ 447.65 Occupancy 49.45 % — % 49.45 % ADR $ 905.28 $ — $ 905.28 MARRIOTT SEATTLE WATERFRONT Selected Financial Information: Rooms revenue $ 4,982 $ (4,982) $ — Total hotel revenue $ 6,133 $ (6,133) $ — Hotel net income $ 43,235 $ (43,235) $ — Hotel net income margin 704.96 % — % Hotel EBITDA $ 2,790 $ (2,790) $ — Hotel EBITDA margin 45.49 % — % Selected Operating Information: RevPAR $ 365.41 $ 365.41 $ — Occupancy 88.50 % 88.50 % — % ADR $ 412.89 $ 412.89 $ — 24
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TTM Ended June 30, Actual Non-comparableAdjustments Comparable 2026 2026 2026 THE RITZ-CARLTON ST. THOMAS Selected Financial Information: Rooms revenue $ 46,651 $ — $ 46,651 Total hotel revenue $ 74,752 $ — $ 74,752 Hotel net income $ 12,551 $ — $ 12,551 Hotel net income margin 16.79 % 16.79 % Hotel EBITDA $ 19,277 $ — $ 19,277 Hotel EBITDA margin 25.79 % 25.79 % Selected Operating Information: RevPAR $ 710.05 $ — $ 710.05 Occupancy 62.81 % — % 62.81 % ADR $ 1,130.40 $ — $ 1,130.40 CAMEO BEVERLY HILLS Selected Financial Information: Rooms revenue $ 8,493 $ — $ 8,493 Total hotel revenue $ 10,698 $ — $ 10,698 Hotel net income $ (10,839) $ — $ (10,839) Hotel net income margin (101.32)% (101.32)% Hotel EBITDA $ (4,058) $ — $ (4,058) Hotel EBITDA margin (37.93)% (37.93)% Selected Operating Information: RevPAR $ 163.48 $ — $ 163.48 Occupancy 47.97 % — % 47.97 % ADR $ 340.79 $ — $ 340.79 THE RITZ-CARLTON RESERVE DORADO BEACH Selected Financial Information: Rooms revenue $ 66,801 $ — $ 66,801 Total hotel revenue $ 100,540 $ — $ 100,540 Hotel net income $ 16,874 $ — $ 16,874 Hotel net income margin 16.78 % 16.78 % Hotel EBITDA $ 27,878 $ — $ 27,878 Hotel EBITDA margin 27.73 % 27.73 % Selected Operating Information: RevPAR $ 1,726.55 $ — $ 1,726.55 Occupancy 65.42 % — % 65.42 % ADR $ 2,639.08 $ — $ 2,639.08 FOUR SEASONS RESORT SCOTTSDALE Selected Financial Information: Rooms revenue $ 41,664 $ — $ 41,664 Total hotel revenue $ 80,453 $ — $ 80,453 Hotel net income (loss) $ 3,088 $ — $ 3,088 Hotel net income (loss) margin 3.84 % 3.84 % Hotel EBITDA $ 28,316 $ — $ 28,316 Hotel EBITDA margin 35.20 % 35.20 % Selected Operating Information: RevPAR $ 543.56 $ — $ 543.56 Occupancy 57.66 % — % 57.66 % ADR $ 942.61 $ — $ 942.61 25
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TTM Ended June 30, Actual Non-comparableAdjustments Comparable 2026 2026 2026 RESORT PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 297,828 $ (21,410) $ 276,418 Total hotel revenue $ 522,681 $ (43,078) $ 479,603 Hotel net income $ 53,802 $ (17,612) $ 36,190 Hotel net income margin 10.29 % 7.55 % Hotel EBITDA $ 148,934 $ (12,598) $ 136,336 Hotel EBITDA margin 28.49 % 28.43 % Selected Operating Information: RevPAR $ 576.26 $ 337.18 $ 609.74 Occupancy 61.02 % 48.21 % 62.82 % ADR $ 944.35 $ 699.36 $ 970.69 URBAN PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 124,413 $ (18,159) $ 106,254 Total hotel revenue $ 173,143 $ (21,669) $ 151,474 Hotel net income $ 52,453 $ (86,849) $ (34,396) Hotel net income margin 30.29 % (22.71)% Hotel EBITDA $ 39,683 $ (6,503) $ 33,180 Hotel EBITDA margin 22.92 % 21.90 % Selected Operating Information: RevPAR $ 189.75 $ 274.74 $ 180.22 Occupancy 68.82 % 77.20 % 67.88 % ADR $ 275.71 $ 355.88 $ 265.49 BRAEMAR PROPERTIES TOTAL Selected Financial Information: Rooms revenue $ 422,241 $ (39,569) $ 382,672 Total hotel revenue $ 695,824 $ (64,747) $ 631,077 Hotel net income $ 106,255 $ (104,461) $ 1,794 Hotel net income margin 15.27 % 0.28 % Hotel EBITDA $ 188,617 $ (19,101) $ 169,516 Hotel EBITDA margin 27.11 % 26.86 % Selected Operating Information: RevPAR $ 360.11 $ 305.34 $ 366.92 Occupancy 65.38 % 63.00 % 65.68 % ADR $ 550.78 $ 484.67 $ 558.66 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels. (3) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz- Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale (4) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills (5) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA 26
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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-comparableAdjustmentsComparableActual Non-comparableAdjustmentsComparableActual Non-comparableAdjustmentsComparableActual Non-comparableAdjustmentsComparable 2026 2026 2026 2026 2026 2026 2025 2025 2025 2025 2025 2025 2ndQuarter 2nd Quarter2nd Quarter 1stQuarter 1st Quarter1st Quarter 4thQuarter 4th Quarter4th Quarter 3rdQuarter 3rd Quarter3rd Quarter Totalhotelrevenue$172,138 $ (2,728)$ 169,410 $211,626 $ (21,775)$ 189,851 $167,475 $ (14,169)$ 153,306 $144,585 $ (26,075)$ 118,510 Hotel netincome(loss) $ 34,753 $ (14,670)$ 20,083 $ 44,233 $ (5,596)$ 38,637 $ (6,496) $ (40,173)$ (46,669) $ 33,765 $ (44,022)$ (10,257) Hotel netincome(loss)margin 20.19 % 11.85 % 20.90 % 20.35 % (3.88)% (30.44)% 23.35 % (8.65)% HotelEBITDA$ 47,952 $ 455 $ 48,407 $ 75,463 $ (8,940)$ 66,523 $ 39,640 $ (2,273)$ 37,367 $ 25,562 $ (8,343)$ 17,219 HotelEBITDAmargin 27.86 % 28.57 % 35.66 % 35.04 % 23.67 % 24.37 % 17.68 % 14.53 % Hotel netincome(loss) %of totalTTM 32.7 % 1,119.4 % 41.6 % 2,153.7 % (6.1)% (2,601.4)% 31.8 % (571.7)% EBITDA% of totalTTM 25.4 % 28.5 % 40.0 % 39.2 % 21.0 % 22.0 % 13.6 % 10.3 % JVinterestsin Hotelnetincome(loss) $ — $ — $ — $ — $ — $ — $ 10 $ (21) $ (11) $ (452) $ (297)$ (749) JVinterestsinEBITDA$ — $ — $ — $ — $ — $ — $ 857 $ (18) $ 839 $ 937 $ (346)$ 591 Actual Non-comparableAdjustmentsComparable 2026 2026 2026 TTM TTM TTM Totalhotelrevenue$695,824 $ (64,747)$ 631,077 Hotel netincome(loss) $106,255 $ (104,461)$ 1,794 Hotel netincome(loss)margin 15.27 % 0.28 % HotelEBITDA$188,617 $ (19,101)$ 169,516 HotelEBITDAmargin 27.11 % 26.86 % Hotel netincome(loss) %of totalTTM 100.0 % 100.0 % EBITDA% of totalTTM 100.0 % 100.0 % JVinterestsin Hotelnetincome(loss) $ (442) $ (318)$ (760) JVinterestsinEBITDA$ 1,794 $ (364)$ 1,430 NOTES:
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(1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. (3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 27
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE June 30, 2026 (in thousands, except share price) (unaudited) June 30, 2026 Common stock shares outstanding 68,679 Partnership units outstanding (common stock equivalents) 4,592 Combined common stock shares and partnership units outstanding 73,271 Common stock price $ 2.16 Market capitalization $ 158,265 Series B cumulative convertible preferred stock $ 76,950 Series D cumulative preferred stock $ 40,000 Series E redeemable preferred stock $ 215,936 Series M redeemable preferred stock $ 32,803 Indebtedness $ 950,915 Net working capital (see below) $ (30,591) Total enterprise value (TEV) $ 1,444,278 Cash and cash equivalents $ 97,670 Restricted cash $ 53,733 Accounts receivable, net $ 30,645 Inventory $ 4,397 Prepaid expenses $ 5,246 Due from third-party hotel managers, net $ 18,714 Total current assets $ 210,405 Accounts payable, net & accrued expenses $ 119,949 Redeemable preferred stock redemptions payable $ 54,760 Dividends and distributions payable $ 3,807 Due to affiliates, net $ 1,298 Total current liabilities $ 179,814 Net working capital * $ 30,591 The table does not include $5.4 million of indebtedness and approximately $0.5 million in cash related to the consolidation of a joint venture. 28
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) 2026 1st Quarter 2ndQuarter 3rdQuarter 4thQuarter Rooms Actual Actual EstimatedEstimated Sofitel Chicago Magnificent Mile 415 x Total 0 0 0 1 (a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2026 are included in this table. 29
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) 2026 2026 2025 2025 June 30, 2026 2ndQuarter 1stQuarter 4thQuarter 3rdQuarter TTM Net income (loss) $ 34,753 $ 44,233 $ (6,496) $ 33,765 $ 106,255 Non-property adjustments (17,393) (46) 12,472 (40,584) (45,551) Interest income (254) (240) (292) (400) (1,186) Interest expense 6,668 7,103 7,587 7,693 29,051 Amortization of loan costs 379 390 623 529 1,921 Depreciation and amortization 21,433 22,579 22,659 23,164 89,835 Income tax expense (benefit) 1,132 797 1,442 (1) 3,370 Non-hotel EBITDA ownership expense 1,234 647 1,645 1,396 4,922 Hotel EBITDA including amounts attributable to noncontrollinginterest 47,952 75,463 39,640 25,562 188,617 Non-comparable adjustments 455 (8,940) (2,273) (8,343) (19,101) Comparable hotel EBITDA $ 48,407 $ 66,523 $ 37,367 $ 17,219 $ 169,516 30
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2026 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy TheRitz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront TheRitz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ 1,633 $ — $ 2,556 $ 1,131 $3,912 $ 1,012 $14,657 $3,910 $ (18) $6,677 $(4,772)$ 31 $2,178 $(1,899)$4,482 $ (737) $34,753 $(27,811) $ 6,942 Non-propertyadjustments 2 — — — — — (17,398) — 3 — — — — — — — (17,393) 17,393 — Interest income (48) — (3) — — — — (33) — (40) (3) — (71) — (15) (41) (254) 254 — Interest expense 2,067 — — — — — 702 — — 119 757 — — — — 3,023 6,668 11,402 18,070 Amortization ofloan cost 158 — — — — — — — — — — — — — — 221 379 2,064 2,443 Depreciation andamortization 2,721 — 1,111 784 359 740 1,243 1,331 — 1,881 2,678 — 1,460 2,027 2,194 2,904 21,433 — 21,433 Income tax expense(benefit) 88 — — — — — — 6 — — — — 727 — 311 — 1,132 1,349 2,481 Non-hotel EBITDAownership expense — — 167 111 8 12 310 (1) 15 (280) 222 — 584 45 17 24 1,234 (1,234) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 6,621 — 3,831 2,026 4,279 1,764 (486) 5,213 — 8,357 (1,118) 31 4,878 173 6,989 5,394 47,952 3,417 51,369 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest — — — — — — — — — — — — — — — — — — — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — — — Company's portionof EBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 6,621 $ — $ 3,831 $ 2,026 $4,279 $ 1,764 $ (486) $5,213 $ — $8,357 $(1,118) $ 31 $4,878 $ 173 $6,989 $ 5,394 $47,952 $ 3,417 $51,369 Non-comparableadjustments — — — — — — 486 — — — — (31) — — — — 455 Comparable hotelEBITDA $ 6,621 $ — $ 3,831 $ 2,026 $4,279 $ 1,764 $ — $5,213 $ — $8,357 $(1,118) $ — $4,878 $ 173 $6,989 $ 5,394 $48,407 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ — $ — $ 2,026 $4,279 $ 1,764 $ (486) $ — $ — $8,357 $(1,118) $ — $4,878 $ — $6,989 $ 5,394 $32,083 Non-comparableadjustments — — — — — — 486 — — — — — — — — — 486 Comparable hotelEBITDA $ — $ — $ — $ 2,026 $4,279 $ 1,764 $ — $ — $ — $8,357 $(1,118) $ — $4,878 $ — $6,989 $ 5,394 $32,569 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 6,621 $ — $ 3,831 $ — $ — $ — $ — $5,213 $ — $ — $ — $ 31 $ — $ 173 $ — $ — $15,869 Non-comparableadjustments — — — — — — — — — — — (31) — — — — (31) Comparable hotelEBITDA $ 6,621 $ — $ 3,831 $ — $ — $ — $ — $5,213 $ — $ — $ — $ — $ — $ 173 $ — $ — $15,838 31
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Exhibit 1 COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended June 30, 2026 CapitalHiltonWashingtonD.C. HiltonLa JollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Aareal (Capital Hilton) $ 6,621 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 6,621 JPMorgan Chase (see footnote 3)— — 3,831 — — — — 5,213 — — — — — — 6,989 — 16,033 BAML (see footnote 4) — — — 2,026 4,279 1,764 — — — 8,357 — — 4,878 — — — 21,304 Credit Agricole (Park HyattBeaver Creek Resort & Spa) — — — — — — — — — — — — — — — — — BAML (The Ritz-Carlton LakeTahoe) — — — — — — — — — — (1,118) — — — — — (1,118) Aareal (Four Seasons ResortScottsdale) — — — — — — — — — — — — — — — 5,394 5,394 Unencumbered (Cameo BeverlyHills) — — — — — — — — — — — — — 173 — — 173 Total $ 6,621 $ — $ 3,831 $ 2,026 $ 4,279 $ 1,764 $ — $ 5,213 $ — $ 8,357 $(1,118) $ — $ 4,878 $ 173 $ 6,989 $ 5,394 $48,407 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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 and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. 32
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2026 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort& Spa HotelYountville ParkHyattBeaverCreekResort& Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota TheRitz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ (1,225)$ — $ 275 $ (569) $6,051 $(1,106)$5,593 $ 214 $ 3 $ 9,791 $2,019 $ — $ 9,562 $(3,054)$10,743 $ 5,936 $44,233 $(26,199)$18,034 Non-propertyadjustments (43) — — — — — — — (3) — — — — — — — (46) 46 — Interest income (42) — (1) — — — — (30) — (45) (2) — (70) — (13) (37) (240) 240 — Interest expense 2,055 — — — — — 1,154 — — 135 752 — — — — 3,007 7,103 11,683 18,786 Amortization ofloan cost 154 — — — — — — — — — 20 — — — — 216 390 2,019 2,409 Depreciation andamortization 2,759 — 1,094 787 376 764 2,190 1,404 — 2,143 2,716 — 1,448 1,863 2,154 2,881 22,579 — 22,579 Income taxexpense (benefit) — — — — — — — 4 — — — — 214 — 579 — 797 620 1,417 Non-hotelEBITDAownership expense 1 — 8 117 6 19 3 1 — (15) 274 — 4 219 10 — 647 (647) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 3,659 — 1,376 335 6,433 (323) 8,940 1,593 — 12,009 5,779 — 11,158 (972) 13,473 12,003 75,463 (12,238) 63,225 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest — — — — — — — — — — — — — — — — — — — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — 31 31 Company's portionof EBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 3,659 $ — $ 1,376 $ 335 $6,433 $ (323) $8,940 $1,593 $ — $12,009 $5,779 $ — $11,158 $ (972) $13,473 $12,003 $75,463 $(12,207)$63,256 Non-comparableadjustments — — — — — — (8,940) — — — — — — — — — (8,940) Comparable hotelEBITDA $ 3,659 $ — $ 1,376 $ 335 $6,433 $ (323) $ — $1,593 $ — $12,009 $5,779 $ — $11,158 $ (972) $13,473 $12,003 $66,523 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ — $ — $ 335 $6,433 $ (323) $8,940 $ — $ — $12,009 $5,779 $ — $11,158 $ — $13,473 $12,003 $69,807 Non-comparableadjustments — — — — — — (8,940) — — — — — — — — — (8,940) Comparable hotelEBITDA $ — $ — $ — $ 335 $6,433 $ (323) $ — $ — $ — $12,009 $5,779 $ — $11,158 $ — $13,473 $12,003 $60,867 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 3,659 $ — $ 1,376 $ — $ — $ — $ — $1,593 $ — $ — $ — $ — $ — $ (972) $ — $ — $ 5,656 Non-comparableadjustments — — — — — — — — — — — — — — — — — Comparable hotelEBITDA $ 3,659 $ — $ 1,376 $ — $ — $ — $ — $1,593 $ — $ — $ — $ — $ — $ (972) $ — $ — $ 5,656 33
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Exhibit 1 COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended March 31, 2026 CapitalHiltonWashingtonD.C. HiltonLa JollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Aareal (Capital Hilton) $ 3,659 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,659 JPMorgan Chase (see footnote 3)— — 1,376 — — — — 1,593 — — — — — — 13,473 — 16,442 BAML (see footnote 4) — — — 335 6,433 (323) — — — 12,009 — — 11,158 — — — 29,612 Credit Agricole (Park HyattBeaver Creek Resort & Spa) — — — — — — — — — — — — — — — — — BAML (The Ritz-Carlton LakeTahoe) — — — — — — — — — — 5,779 — — — — — 5,779 Aareal (Four Seasons ResortScottsdale) — — — — — — — — — — — — — — — 12,003 12,003 Unencumbered (Cameo BeverlyHills) — — — — — — — — — — — — — (972) — — (972) Total $ 3,659 $ — $ 1,376 $ 335 $ 6,433 $ (323) $ — $ 1,593 $ — $12,009 $ 5,779 $ — $11,158 $ (972) $13,473 $12,003 $66,523 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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 and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. 34
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended December 31, 2025 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort& Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy TheRitz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront TheRitz-CarltonSt.Thomas CameoBeverlyHills TheRitz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ (1,890)$ 40 $(30,388)$ (8,458)$3,286 $(15,353)$(2,734)$1,946 $42,776 $3,511 $(5,040)$ 91 $2,542 $(3,635)$3,299 $ 3,511 $(6,496)$(30,468)$(36,964) Non-propertyadjustments 3 — 30,256 8,672 — 15,564 — — (41,730) (129) (67) (97) — — — — 12,472 (12,472) — Interest income (44) (14) (3) — — — — (31) (25) (39) (3) — (77) — (10) (46) (292) 292 — Interest expense 2,191 — — — — — 1,237 — — 135 804 — — — — 3,220 7,587 12,943 20,530 Amortization ofloan cost 150 — — — — — — — — — 58 — — — — 415 623 2,010 2,633 Depreciation andamortization 2,805 — 1,084 766 379 721 2,165 1,391 509 2,171 2,772 — 1,448 1,447 2,130 2,871 22,659 — 22,659 Income taxexpense (benefit) 8 — — — — — — 63 — — — — (244) — 1,615 — 1,442 63 1,505 Non-hotelEBITDAownershipexpense 9 48 57 154 20 33 (26) 21 27 477 727 6 30 36 34 (8) 1,645 (1,645) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 3,232 74 1,006 1,134 3,685 965 642 3,390 1,557 6,126 (749) — 3,699 (2,152) 7,068 9,963 39,640 (29,277) 10,363 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest (839) (18) — — — — — — — — — — — — — — (857) 857 — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — 56 56 Company'sportion ofEBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 2,393 $ 56 $ 1,006 $ 1,134 $3,685 $ 965 $ 642 $3,390 $ 1,557 $6,126 $ (749) $ — $3,699 $(2,152)$7,068 $ 9,963 $38,783 $(28,364)$ 10,419 Non-comparableadjustments — (74) — — — — (642) — (1,557) — — — — — — — (2,273) Comparable hotelEBITDA $ 3,232 $ — $ 1,006 $ 1,134 $3,685 $ 965 $ — $3,390 $ — $6,126 $ (749) $ — $3,699 $(2,152)$7,068 $ 9,963 $37,367 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ 74 $ — $ 1,134 $3,685 $ 965 $ 642 $ — $ — $6,126 $ (749) $ — $3,699 $ — $7,068 $ 9,963 $32,607 Non-comparableadjustments — (74) — — — — (642) — — — — — — — — — (716) Comparable hotelEBITDA $ — $ — $ — $ 1,134 $3,685 $ 965 $ — $ — $ — $6,126 $ (749) $ — $3,699 $ — $7,068 $ 9,963 $31,891 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 3,232 $ — $ 1,006 $ — $ — $ — $ — $3,390 $ 1,557 $ — $ — $ — $ — $(2,152)$ — $ — $ 7,033 Non-comparableadjustments — — — — — — — — (1,557) — — — — — — — (1,557) Comparable hotelEBITDA $ 3,232 $ — $ 1,006 $ — $ — $ — $ — $3,390 $ — $ — $ — $ — $ — $(2,152)$ — $ — $ 5,476 35
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Exhibit 1 COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended December 31, 2025 CapitalHiltonWashingtonD.C. HiltonLa JollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Aareal (Capital Hilton) $ 3,232 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,232 JPMorgan Chase (see footnote 3)— — 1,006 — — — — 3,390 — — — — — — 7,068 — 11,464 BAML (see footnote 4) — — — 1,134 3,685 965 — — — 6,126 — — 3,699 — — — 15,609 Credit Agricole (Park HyattBeaver Creek Resort & Spa) — — — — — — — — — — — — — — — — — BAML (The Ritz-Carlton LakeTahoe) — — — — — — — — — — (749) — — — — — (749) Aareal (Four Seasons ResortScottsdale) — — — — — — — — — — — — — — — 9,963 9,963 Unencumbered (Cameo BeverlyHills) — — — — — — — — — — — — — (2,152) — — (2,152) Total $ 3,232 $ — $ 1,006 $ 1,134 $ 3,685 $ 965 $ — $ 3,390 $ — $ 6,126 $ (749) $ — $ 3,699 $(2,152)$ 7,068 $ 9,963 $37,367 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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 and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. 36
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended September 30, 2025 CapitalHiltonWashingtonD.C. HiltonLa JollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort& Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota TheRitz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ (2,996)$1,190 $ 1,512 $ 1,167 $1,140 $ 537 $(1,134)$ 896 $ 853 $(1,211) $ (48) $ 43,113 $(1,731)$(2,251)$(1,650)$(5,622)$33,765 $(29,042)$ 4,723 Non-propertyadjustments 22 73 — — — — — — — — — (41,043) — — — 364 (40,584) 40,584 — Interest income (52) (1) (24) — — — — (34) (75) (39) (3) (11) (96) — (10) (55) (400) 400 — Interest expense 2,282 — — — — — 1,295 — — 135 840 8 — — — 3,133 7,693 14,769 22,462 Amortization ofloan cost 147 — — — 35 — — — — — 38 — — — — 309 529 2,197 2,726 Depreciation andamortization 2,819 — 1,095 766 401 656 1,859 1,380 1,372 2,308 2,487 672 1,384 1,106 2,069 2,790 23,164 — 23,164 Income taxexpense (benefit) 73 — — — — — — 5 — — — — (19) — (60) — (1) (647) (648) Non-hotelEBITDAownershipexpense 68 124 123 125 10 12 22 1 6 480 327 20 4 38 (1) 37 1,396 (1,396) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 2,363 1,386 2,706 2,058 1,586 1,205 2,042 2,248 2,156 1,673 3,641 2,759 (458) (1,107) 348 956 25,562 26,865 52,427 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest (590) (347) — — — — — — — — — — — — — — (937) 937 — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — — — Company'sportion ofEBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 1,773 $1,039 $ 2,706 $ 2,058 $1,586 $ 1,205 $ 2,042 $2,248 $2,156 $ 1,673 $3,641 $ 2,759 $ (458) $(1,107)$ 348 $ 956 $24,625 $ 27,802 $52,427 Non-comparableadjustments — (1,386) — — — — (2,042) — (2,156) — — (2,759) — — — — (8,343) Comparable hotelEBITDA $ 2,363 $ — $ 2,706 $ 2,058 $1,586 $ 1,205 $ — $2,248 $ — $ 1,673 $3,641 $ — $ (458) $(1,107)$ 348 $ 956 $17,219 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $1,386 $ — $ 2,058 $1,586 $ 1,205 $ 2,042 $ — $ — $ 1,673 $3,641 $ — $ (458) $ — $ 348 $ 956 $14,437 Non-comparableadjustments — (1,386) — — — — (2,042) — — — — — — — — — (3,428) Comparable hotelEBITDA $ — $ — $ — $ 2,058 $1,586 $ 1,205 $ — $ — $ — $ 1,673 $3,641 $ — $ (458) $ — $ 348 $ 956 $11,009 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 2,363 $ — $ 2,706 $ — $ — $ — $ — $2,248 $2,156 $ — $ — $ 2,759 $ — $(1,107)$ — $ — $11,125 Non-comparableadjustments — — — — — — — — (2,156) — — (2,759) — — — — (4,915) Comparable hotelEBITDA $ 2,363 $ — $ 2,706 $ — $ — $ — $ — $2,248 $ — $ — $ — $ — $ — $(1,107)$ — $ — $ 6,210 37
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Exhibit 1 COMPARABLE HOTEL EBITDA BY LOAN POOL (in thousands) (unaudited) Three Months Ended September 30, 2025 CapitalHiltonWashingtonD.C. HiltonLa JollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Aareal (Capital Hilton) $ 2,363 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 2,363 JPMorgan Chase (see footnote 3)— — 2,706 — — — — 2,248 — — — — — — 348 — 5,302 BAML (see footnote 4) — — — 2,058 1,586 1,205 — — — 1,673 — — (458) — — — 6,064 Credit Agricole (Park HyattBeaver Creek Resort & Spa) — — — — — — — — — — — — — — — — — BAML (The Ritz-Carlton LakeTahoe) — — — — — — — — — — 3,641 — — — — — 3,641 Aareal (Four Seasons ResortScottsdale) — — — — — — — — — — — — — — — 956 956 Unencumbered (Cameo BeverlyHills) — — — — — — — — — — — — — (1,107) — — (1,107) Total $ 2,363 $ — $ 2,706 $ 2,058 $ 1,586 $ 1,205 $ — $ 2,248 $ — $ 1,673 $ 3,641 $ — $ (458) $(1,107)$ 348 $ 956 $17,219 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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 and The Notary Hotel. (4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. 38
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2025 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort& Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy TheRitz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront TheRitz-CarltonSt.Thomas CameoBeverlyHills TheRitz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort HotelTotal Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ 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-propertyadjustments (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 ofloan cost 143 — — — 34 — — — — — 31 — — — — 253 461 2,226 2,687 Depreciation andamortization 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 taxexpense (benefit) (47) — — — — — — 6 — — — — (231) — 62 — (210) (135) (345) Non-hotelEBITDAownership expense530 11 37 108 15 — 2 21 3 24 266 (2) 2 105 27 2 1,151 (1,151) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 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: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest (1,520) 4 — — — — — — — — — — — — — — (1,516) 1,516 — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — — — Company's portionof EBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 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-comparableadjustments — 12 — — — — 1,831 — (2,501) — — (4,741) — — — — (5,399) Comparable hotelEBITDA $ 6,076 $ — $ 4,913 $ 1,728 $3,371 $ 1,329 $ — $4,139 $ — $6,761 $ 664 $ — $4,149 $ (223) $3,544 $ 5,943 $42,394 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ (12) $ — $ 1,728 $3,371 $ 1,329 $(1,831)$ — $ — $6,761 $ 664 $ — $4,149 $ — $3,544 $ 5,943 $25,646 Non-comparableadjustments — 12 — — — — 1,831 — — — — — — — — — 1,843 Comparable hotelEBITDA $ — $ — $ — $ 1,728 $3,371 $ 1,329 $ — $ — $ — $6,761 $ 664 $ — $4,149 $ — $3,544 $ 5,943 $27,489 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $4,139 $2,501 $ — $ — $ 4,741 $ — $ (223) $ — $ — $22,147 Non-comparableadjustments — — — — — — — — (2,501) — — (4,741) — — — — (7,242) Comparable hotelEBITDA $ 6,076 $ — $ 4,913 $ — $ — $ — $ — $4,139 $ — $ — $ — $ — $ — $ (223) $ — $ — $14,905 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels. 39
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2026 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort &Spa HotelYountville ParkHyattBeaverCreekResort &Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort Hotel Total Corporate/ Allocated BraemarHotels &ResortsInc. Net income (loss)$ 408 $ — $ 2,831 $ 562 $ 9,963 $ (94) $20,250 $4,124 $(15) $16,468 $(2,753)$ 31 $11,740 $(4,953)$15,225 $ 5,199 $ 78,986 $(54,010)$ 24,976 Non-propertyadjustments (41) — — — — — (17,398) — — — — — — — — — (17,439) 17,439 — Interest income (90) — (4) — — — — (63) — (85) (5) — (141) — (28) (78) (494) 494 — Interest expense 4,122 — — — — — 1,856 — — 254 1,509 — — — — 6,030 13,771 23,085 36,856 Amortization of loancost 312 — — — — — — — — — 20 — — — — 437 769 4,083 4,852 Depreciation andamortization 5,480 — 2,205 1,571 735 1,504 3,433 2,735 — 4,024 5,394 — 2,908 3,890 4,348 5,785 44,012 — 44,012 Income tax expense(benefit) 88 — — — — — — 10 — — — — 941 — 890 — 1,929 1,969 3,898 Non-hotel EBITDAownership expense 1 — 175 228 14 31 313 — 15 (295) 496 — 588 264 27 24 1,881 (1,881) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 10,280 — 5,207 2,361 10,712 1,441 8,454 6,806 — 20,366 4,661 31 16,036 (799) 20,462 17,397 123,415 (8,821) 114,594 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest — — — — — — — — — — — — — — — — — — — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — 31 31 Company's portionof EBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 10,280 $ — $ 5,207 $ 2,361 $10,712 $ 1,441 $ 8,454 $6,806 $ — $20,366 $ 4,661 $ 31 $16,036 $ (799) $20,462 $17,397 $123,415 $ (8,790)$114,625 Non-comparableadjustments — — — — — — (8,454) — — — — (31) — — — — (8,485) Comparable hotelEBITDA $ 10,280 $ — $ 5,207 $ 2,361 $10,712 $ 1,441 $ — $6,806 $ — $20,366 $ 4,661 $ — $16,036 $ (799) $20,462 $17,397 $114,930 ALL HOTELSNOT UNDERRENOVATION: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 10,280 $ — $ 5,207 $ 2,361 $10,712 $ 1,441 $ 8,454 $6,806 $ — $20,366 $ 4,661 $ 31 $16,036 $ (799) $20,462 $17,397 $123,415 Non-comparableadjustments — — — — — — (8,454) — — — — (31) — — — — (8,485) Comparable hotelEBITDA $ 10,280 $ — $ 5,207 $ 2,361 $10,712 $ 1,441 $ — $6,806 $ — $20,366 $ 4,661 $ — $16,036 $ (799) $20,462 $17,397 $114,930 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ — $ — $ 2,361 $10,712 $ 1,441 $ 8,454 $ — $ — $20,366 $ 4,661 $ — $16,036 $ — $20,462 $17,397 $101,890 Non-comparableadjustments — — — — — — (8,454) — — — — — — — — — (8,454) Comparable hotelEBITDA $ — $ — $ — $ 2,361 $10,712 $ 1,441 $ — $ — $ — $20,366 $ 4,661 $ — $16,036 $ — $20,462 $17,397 $ 93,436 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 10,280 $ — $ 5,207 $ — $ — $ — $ — $6,806 $ — $ — $ — $ 31 $ — $ (799) $ — $ — $ 21,525 Non-comparableadjustments — — — — — — — — — — — (31) — — — — (31) Comparable hotelEBITDA $ 10,280 $ — $ 5,207 $ — $ — $ — $ — $6,806 $ — $ — $ — $ — $ — $ (799) $ — $ — $ 21,494 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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: None 40
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Exhibit 1 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2025 CapitalHiltonWashingtonD.C. HiltonLaJollaTorreyPines SofitelChicagoMagnificentMile BardessonoHotel andSpa PierHouseResort& Spa HotelYountville ParkHyattBeaverCreekResort& Spa TheNotaryHotel TheClancy The Ritz-CarltonSarasota The Ritz-CarltonLakeTahoe MarriottSeattleWaterfront The Ritz-CarltonSt.Thomas CameoBeverlyHills The Ritz-CarltonReserveDoradoBeach FourSeasonsScottsdaleResort Hotel Total Corporate/ Allocated BraemarHotels &ResortsInc. 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-propertyadjustments (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 loancost 283 — — — 68 — — — — — 62 — — — 135 501 1,049 3,770 4,819 Depreciation andamortization 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 EBITDAownership expense 510 53 73 306 38 2 39 49 5 (226) 553 10 5 266 31 6 1,720 (1,720) — Hotel EBITDAincluding amountsattributable tononcontrollinginterest 11,267 (70) 2,508 1,509 8,957 886 8,076 5,845 5,525 17,314 5,656 6,114 13,462 (705) 15,089 17,101 118,534 (16,638) 101,896 Less: EBITDAadjustmentsattributable toconsolidatednoncontrollinginterest (2,818) 18 — — — — — — — — — — — — — — (2,800) 2,800 — Equity in earnings(loss) ofunconsolidatedentities — — — — — — — — — — — — — — — — — — — Company's portionof EBITDA ofOpenKey — — — — — — — — — — — — — — — — — — — Hotel EBITDAattributable to theCompany and OPunitholders $ 8,449 $ (52) $ 2,508 $ 1,509 $8,957 $ 886 $8,076 $5,845 $5,525 $17,314 $ 5,656 $ 6,114 $13,462 $ (705) $15,089 $17,101 $115,734 $(13,838)$101,896 Non-comparableadjustments — 70 — — — — (8,076) — (5,525) — — (6,114) — — — — (19,645) Comparable hotelEBITDA $ 11,267 $ — $ 2,508 $ 1,509 $8,957 $ 886 $ — $5,845 $ — $17,314 $ 5,656 $ — $13,462 $ (705) $15,089 $17,101 $ 98,889 ALL HOTELSNOT UNDERRENOVATION: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 11,267 $ (70) $ 2,508 $ 1,509 $8,957 $ 886 $8,076 $5,845 $5,525 $17,314 $ 5,656 $ 6,114 $13,462 $ (705) $15,089 $17,101 $118,534 Non-comparableadjustments — 70 — — — — (8,076) — (5,525) — — (6,114) — — — — (19,645) Comparable hotelEBITDA $ 11,267 $ — $ 2,508 $ 1,509 $8,957 $ 886 $ — $5,845 $ — $17,314 $ 5,656 $ — $13,462 $ (705) $15,089 $17,101 $ 98,889 RESORTPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ — $ (70) $ — $ 1,509 $8,957 $ 886 $8,076 $ — $ — $17,314 $ 5,656 $ — $13,462 $ — $15,089 $17,101 $ 87,980 Non-comparableadjustments — 70 — — — — (8,076) — — — — — — — — — (8,006) Comparable hotelEBITDA $ — $ — $ — $ 1,509 $8,957 $ 886 $ — $ — $ — $17,314 $ 5,656 $ — $13,462 $ — $15,089 $17,101 $ 79,974 URBANPROPERTIES: Hotel EBITDAincluding amountsattributable tononcontrollinginterest $ 11,267 $ — $ 2,508 $ — $ — $ — $ — $5,845 $5,525 $ — $ — $ 6,114 $ — $ (705) $ — $ — $ 30,554 Non-comparableadjustments — — — — — — — — (5,525) — — (6,114) — — — — (11,639) Comparable hotelEBITDA $ 11,267 $ — $ 2,508 $ — $ — $ — $ — $5,845 $ — $ — $ — $ — $ — $ (705) $ — $ — $ 18,915 NOTES: (1) The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. (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: None 41