EX-99.1 2 bhr2023q2earningsrelease.htm EX-99.1

EXHIBIT 99.1

NEWS RELEASE

Contact:			Deric Eubanks			Jordan Jennings			Joseph Calabrese
			Chief Financial Officer			Investor Relations			Financial Relations Board
			(972) 490-9600			(972) 778-9487			(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

SECOND QUARTER 2023 RESULTS

DALLAS – August 1, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2023. 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, 2023, 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, 2023 with the second quarter ended June 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 4.2% over the prior year quarter to $309. Comparable ADR decreased 5.2% over the prior year quarter to $436 and Comparable Occupancy increased 1.0% over the prior year quarter to 70.9%.

•Net loss attributable to common stockholders for the quarter was $(13.0) million or $(0.20) per diluted share.

•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter.

•Adjusted EBITDAre was $46.3 million for the quarter.

•Comparable Hotel EBITDA was $53.7 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $128.0 million and restricted cash of $63.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $15.4 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 37.3% at the end of the second quarter.

•Capex invested during the quarter was $17.5 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront. The loan was paid down by $142 million and has a current balance of $293.2 million.

•Subsequent to quarter end, the Company entered into a new $200 million corporate financing that includes a $150 million term loan and a $50 million credit facility.

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BHR Reports First Quarter Results

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August 1, 2023

•Subsequent to quarter end, the Company announced the planned conversion of its Mr. C Beverly Hills Hotel to Hilton’s LXR brand under the new name, Cameo Beverly Hills.

MR. C BRAND CONVERSION

Subsequent to quarter end, the Company announced the rebranding and planned conversion of its Mr. C Beverly Hills (“Mr. C”) in Los Angeles, California to the Cameo Beverly Hills. Beginning August 4, 2023, Cameo Beverly Hills will be available for booking on Hilton’s website at hilton.com and join Hilton Honors, Hilton’s award-winning guest loyalty program. Following an extensive renovation, which is expected to be completed by the end of 2025, the hotel will join LXR Hotels & Resorts (“LXR”). One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.

The conversion of the hotel, which was built in 1965, will reflect its unique history and distinctive location in the heart of West Los Angeles near iconic amenities and high-end shopping on Rodeo Drive. The Company is planning an approximately $25 million renovation to further elevate this distinctive hotel that will enable a revitalized luxury guest experience when it is completed. Added amenities and enhanced design elements will include upgrades to the guestrooms, guest bathrooms, restaurant, lobby, pool, fitness area, and meeting spaces. Remington will continue to manage the property after the conversion under a management agreement.

CAPITAL STRUCTURE

As of June 30, 2023, the Company had total assets of $2.3 billion and $1.1 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 7.0%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR, and the Company’s corresponding interest rate caps, approximately 79% of the Company’s consolidated debt is effectively fixed and approximately 21% is effectively floating.

During the quarter, the Company finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront. The loan was extended until June 2024. In conjunction with the extension, the Company paid down $142 million of the loan utilizing corporate cash on hand, which reduced the loan balance to approximately $293 million. As part of the extension the Company also purchased an interest rate cap through June 2024 with a strike rate of 4.69%.

Subsequent to quarter end, the Company completed a $200 million corporate financing. The financing includes a $150 million term loan and $50 million credit facility. The corporate financing is secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel and Spa.

DIVIDENDS

On July 11, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the third quarter ending September 30, 2023. The dividend, which equates to an annual rate of $0.20 per share, will be paid on October 16, 2023, to stockholders of record as of September 29, 2023. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

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BHR Reports First Quarter Results

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August 1, 2023

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.

“Braemar’s urban hotels delivered solid second quarter operating performance,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We remain extremely pleased with the continued momentum of these hotels which has been driven by strong corporate and group demand. Further, despite challenging year-over-year comparisons, our resorts continued to perform well with strong margins. We also continue to make solid progress addressing loan maturities and look forward to making additional announcements related to our liability management program,” he added. “We couldn’t be more excited about the conversion of our Mr. C Beverly Hills to Hilton’s LXR brand and expect the strength of Hilton’s reservation system to have a significant positive impact on the demand at that property. Looking ahead to the second half of 2023, we believe our portfolio is well-positioned for continued strong performance.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Wednesday, August 2, 2023, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13739430.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2023 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Wednesday, August 2, 2023, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.

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.

* * * * *

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BHR Reports First Quarter Results

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August 1, 2023

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

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

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

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

			June 30, 2023						December 31, 2022
ASSETS
Investments in hotel properties, gross			$	2,360,842					$	2,325,093
Accumulated depreciation			(470,484)						(440,492)
Investments in hotel properties, net			1,890,358						1,884,601
Cash and cash equivalents			128,025						261,541
Restricted cash			63,439						54,155
Accounts receivable, net of allowance of $200 and $339, respectively			32,864						51,448
Inventories			5,119						5,238
Prepaid expenses			18,172						7,044
Deferred costs, net			75						—
Investment in OpenKey			1,699						1,689
Derivative assets			6,308						6,482
Other assets			17,078						14,621
Operating lease right-of-use assets			78,917						79,449
Intangible assets, net			3,693						3,883
Due from related parties, net			333						938
Due from third-party hotel managers			15,430						26,625
Total assets			$	2,261,510					$	2,397,714
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net			$	1,135,958					$	1,334,130
Accounts payable and accrued expenses			135,096						133,978
Dividends and distributions payable			8,917						8,184
Due to Ashford Inc., net			4,558						10,005
Due to third-party hotel managers			1,579						2,096
Operating lease liabilities			60,538						60,692
Derivative liabilities			165						284
Other liabilities			22,508						22,343
Total liabilities			1,369,319						1,571,712
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2023 and December 31, 2022			65,426						65,426
Series E Redeemable Preferred Stock, $0.01 par value, 16,485,987 and 12,656,529 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			379,403						291,076
Series M Redeemable Preferred Stock, $0.01 par value, 1,959,622 and 1,428,332 shares issued and outstanding at June 30,2023 and December 31, 2022, respectively			48,405						35,182
Redeemable noncontrolling interests in operating partnership			35,174						40,555
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2023 and December 31, 2022			16						16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,993,893 and 69,919,065 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			659						699
Additional paid-in capital			716,987						734,134
Accumulated deficit			(341,210)						(324,740)
Total stockholders' equity of the Company			376,452						410,109
Noncontrolling interest in consolidated entities			(12,669)						(16,346)
Total equity			363,783						393,763
Total liabilities and equity			$	2,261,510					$	2,397,714

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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,
			2023						2022						2023						2022
REVENUE
Rooms			$	117,137					$	112,527					$	254,664					$	217,719
Food and beverage			47,776						42,269						100,004						78,976
Other			21,794						20,098						47,340						40,079
Total hotel revenue			186,707						174,894						402,008						336,774
EXPENSES
Hotel operating expenses:
Rooms			26,705						24,134						54,063						44,318
Food and beverage			36,365						31,894						76,104						59,922
Other expenses			56,297						52,087						118,592						98,294
Management fees			5,880						5,538						12,585						9,686
Total hotel operating expenses			125,247						113,653						261,344						212,220
Property taxes, insurance and other			9,396						5,277						17,512						13,880
Depreciation and amortization			22,567						19,571						45,088						38,012
Advisory services fee:
Base advisory fee			3,667						3,226						7,307						6,165
Reimbursable expenses			2,042						1,173						4,064						2,269
Incentive fee			—						(731)						—						246
Stock/unit-based compensation			2,506						2,637						4,792						4,947
(Gain) loss on legal settlements			—						(114)						—						(114)
Corporate, general and administrative:
Stock/unit-based compensation			391						543						428						588
Other general and administrative			3,505						2,895						6,288						5,345
Total operating expenses			169,321						148,130						346,823						283,558
OPERATING INCOME (LOSS)			17,386						26,764						55,185						53,216
Equity in earnings (loss) of unconsolidated entity			(75)						(74)						(148)						(146)
Interest income			2,295						162						4,403						187
Interest expense			(22,915)						(9,705)						(45,026)						(17,563)
Amortization of loan costs			(685)						(576)						(1,447)						(1,240)
Write-off of loan costs and exit fees			(248)						(22)						(260)						(98)
Gain (loss) on extinguishment of debt			—						—						2,318						—
Realized and unrealized gain (loss) on derivatives			1,029						1,208						695						1,616
INCOME (LOSS) BEFORE INCOME TAXES			(3,213)						17,757						15,720						35,972
Income tax (expense) benefit			75						(1,077)						(2,254)						(3,688)
NET INCOME (LOSS)			(3,138)						16,680						13,466						32,284
(Income) loss attributable to noncontrolling interest in consolidated entities			367						(1,468)						58						(1,442)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			925						(846)						664						(1,813)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(1,846)						14,366						14,188						29,029
Preferred dividends			(10,877)						(4,064)						(21,227)						(7,367)
Deemed dividends on redeemable preferred stock			(301)						—						(2,755)						—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(13,024)					$	10,302					$	(9,794)					$	21,662
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders			$	(0.20)					$	0.14					$	(0.14)					$	0.31
Weighted average common shares outstanding – basic			65,806						70,740						68,378						68,325
Diluted:
Net income (loss) attributable to common stockholders			$	(0.20)					$	0.12					$	(0.14)					$	0.27
Weighted average common shares outstanding – diluted			65,806						107,669						68,378						98,798
Dividends declared per common share:			$	0.05					$	0.01					$	0.10					$	0.02

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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,
			2023						2022						2023						2022
Net income (loss)			$	(3,138)					$	16,680					$	13,466					$	32,284
Interest expense and amortization of loan costs			23,600						10,281						46,473						18,803
Depreciation and amortization			22,567						19,571						45,088						38,012
Income tax expense (benefit)			(75)						1,077						2,254						3,688
Equity in (earnings) loss of unconsolidated entity			75						74						148						146
Company's portion of EBITDA of OpenKey			(80)						(75)						(157)						(146)
EBITDA and EBITDAre			42,949						47,608						107,272						92,787
Amortization of favorable (unfavorable) contract assets (liabilities)			118						118						237						226
Transaction and conversion costs			1,056						771						2,251						1,326
Write-off of loan costs and exit fees			248						22						260						98
Realized and unrealized (gain) loss on derivatives			(1,029)						(1,208)						(695)						(1,616)
Stock/unit-based compensation			2,899						3,185						5,227						5,550
Legal, advisory and settlement costs			12						315						81						632
Advisory services incentive fee			—						(731)						—						246
(Gain) loss on extinguishment of debt			—						—						(2,318)						—
Company's portion of adjustments to EBITDAre of OpenKey			—						(1)						—						5
Adjusted EBITDAre			$	46,253					$	50,079					$	112,315					$	99,254

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,
			2023						2022						2023						2022
Net income (loss)			$	(3,138)					$	16,680					$	13,466					$	32,284
(Income) loss attributable to noncontrolling interest in consolidated entities			367						(1,468)						58						(1,442)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			925						(846)						664						(1,813)
Preferred dividends			(10,877)						(4,064)						(21,227)						(7,367)
Deemed dividends on redeemable preferred stock			(301)						—						(2,755)						—
Net income (loss) attributable to common stockholders			(13,024)						10,302						(9,794)						21,662
Depreciation and amortization on real estate			21,763						18,927						43,548						36,722
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(925)						846						(664)						1,813
Equity in (earnings) loss of unconsolidated entity			75						74						148						146
Company's portion of FFO of OpenKey			(85)						(74)						(163)						(146)
FFO available to common stockholders and OP unitholders			7,804						30,075						33,075						60,197
Deemed dividends on redeemable preferred stock			301						—						2,755						—
Transaction and conversion costs			1,056						771						2,251						1,326
Write-off of loan costs and exit fees			248						22						260						98
Unrealized (gain) loss on derivatives			1,253						(1,208)						3,454						(1,616)
Stock/unit-based compensation			2,899						3,185						5,227						5,550
Legal, advisory and settlement costs			12						315						81						632
Interest expense accretion on refundable membership club deposits			164						178						342						368
Amortization of loan costs			661						553						1,400						1,195
Advisory services incentive fee			—						(731)						—						246
(Gain) loss on extinguishment of debt			—						—						(2,318)						—
Company's portion of adjustments to FFO of OpenKey			—						(1)						—						5
Adjusted FFO available to common stockholders and OP unitholders			$	14,398					$	33,159					$	46,527					$	68,001
Adjusted FFO per diluted share available to common stockholders and OP unitholders			$	0.20					$	0.43					$	0.63					$	0.92
Weighted average diluted shares			71,317						76,642						74,300						74,214

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2023

(dollars in thousands)

(unaudited)

Lender						Hotels						Current Maturity						Final Maturity (10)						Interest Rate						Fixed-Rate Debt						Floating-Rate Debt						Total Debt						Comparable TTM Hotel Net Income						Comparable TTM Hotel Net Income Debt Yield						Comparable TTM Hotel EBITDA(11)						Comparable TTM Hotel EBITDA Debt Yield
BAML						Bardessono Hotel and Spa						August 2023						August 2023						SOFR (2) + 2.65%						$	—					$	40,000					$	40,000					$	1,743					4.4		%				$	7,179					17.9		%
Apollo						The Ritz-Carlton St. Thomas						August 2023						August 2024						LIBOR (1) + 3.95%						—						42,500			(3)			42,500						12,899						30.4		%				24,970						58.8		%
BAML						The Ritz-Carlton Sarasota						October 2023						April 2024						SOFR (2) + 3.60%						—						98,000			(4)			98,000						10,147						10.4		%				25,023						25.5		%
BAML						Hotel Yountville						November 2023						May 2024						SOFR (2) + 2.65%						—						51,000			(4)			51,000						945						1.9		%				6,014						11.8		%
BAML						The Ritz-Carlton Lake Tahoe						January 2024						January 2024						SOFR (2) + 2.20%						—						54,000						54,000						2,614						4.8		%				10,904						20.2		%
Prudential						Capital Hilton and Hilton La Jolla Torrey Pines						February 2024						February 2024						LIBOR (1) + 1.70%						—						195,000						195,000						19,174						9.8		%				32,954						16.9		%
Credit Agricole						Park Hyatt Beaver Creek Resort & Spa						February 2024						February 2027						SOFR (2) + 2.86%						—						70,500						70,500						3,706						5.3		%				13,666						19.4		%
BAML						See footnote						June 2024						June 2025						LIBOR (1) + 2.61%						—						293,180			(6)			293,180						7,562						2.6		%				37,749						12.9		%
LoanCore						Mr. C Beverly Hills Hotel						August 2024						August 2024						LIBOR (1) + 3.60%						—						30,000			(7)			30,000						(2,274)						(7.6)		%				2,641						8.8		%
BAML						Pier House Resort & Spa						September 2024						September 2024						SOFR (2) + 1.95%						—						80,000						80,000						8,544						10.7		%				15,925						19.9		%
Aareal Capital Corporation						Four Seasons Resort Scottsdale						December 2025						December 2027						SOFR (2) + 3.75%						—						100,000			(8)			100,000						3,889						3.9		%				21,692						21.7		%
Convertible Senior Notes						N/A						June 2026						June 2026						4.50%						86,250						—						86,250						N/A						N/A						N/A						N/A
Unencumbered Hotel						The Ritz-Carlton Reserve Dorado Beach																								—						—						—						11,203						N/A						20,040						N/A
Total																														$	86,250					$	1,054,180					$	1,140,430					$	80,152					7.0		%				$	218,757					19.2		%
Percentage																														7.6		%				92.4		%				100.0		%
Weighted average interest rate (9)																														4.50		%				7.18		%				6.97		%

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

(1)    LIBOR rate was 5.22% at June 30, 2023.

(2)    SOFR rate was 5.14% at June 30, 2023.

(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.

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

(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

(6)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(7)    This mortgage loan has a LIBOR floor of 1.50%.

(8)    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%.

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

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

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

8

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2023

(dollars in thousands)

(unaudited)

Lender						Hotels						2023						2024						2025						2026						2027						Thereafter						Total
BAML						Bardessono Hotel and Spa						$	40,000					$	—					$	—					$	—					$	—					$	—					$	40,000
BAML						Hotel Yountville						—						51,000						—						—						—						—						51,000
BAML						The Ritz-Carlton Lake Tahoe						—						54,000						—						—						—						—						54,000
Prudential						Capital Hilton and Hilton La Jolla Torrey Pines						—						195,000						—						—						—						—						195,000
BAML						The Ritz-Carlton Sarasota						—						97,000						—						—						—						—						97,000
Apollo						The Ritz-Carlton St. Thomas						—						42,500						—						—						—						—						42,500
LoanCore						Mr. C Beverly Hills Hotel						—						30,000						—						—						—						—						30,000
BAML						Pier House Resort & Spa						—						80,000						—						—						—						—						80,000
BAML						See footnote 1						—						—						293,180						—						—						—						293,180
Convertible Senior Notes						N/A						—						—						—						86,250						—						—						86,250
Credit Agricole						Park Hyatt Beaver Creek Resort & Spa						—						—						—						—						70,500						—						70,500
Aareal Capital Corporation						Four Seasons Resort Scottsdale						—						—						—						—						96,000						—						96,000
Principal due in future periods												$	40,000					$	549,500					$	293,180					$	86,250					$	166,500					$	—					$	1,135,430
Scheduled amortization payments remaining												500						500						—						2,000						2,000						—						5,000
Total indebtedness												$	40,500					$	550,000					$	293,180					$	88,250					$	168,500					$	—					$	1,140,430

(1)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

9

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	118,603					$	—					$	118,603					$	113,978					$	9,509					$	123,487					4.06		%				(3.96)		%
			RevPAR			$	309.21					$	—					$	309.21					$	313.68					$	497.61					$	322.87					(1.43)		%				(4.23)		%
			Occupancy			70.91		%				—		%				70.91		%				71.15		%				52.61		%				70.23		%				(0.34)		%				0.97		%
			ADR			$	436.07					$	—					$	436.07					$	440.85					$	945.93					$	459.75					(1.08)		%				(5.15)		%

ALL HOTELS:
						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	258,426					$	—					$	258,426					$	221,029					$	31,160					$	252,189					16.92		%				2.47		%
			RevPAR			$	338.78					$	—					$	338.78					$	308.95					$	687.51					$	331.51					9.66		%				2.19		%
			Occupancy			67.90		%				—		%				67.90		%				63.18		%				52.47		%				62.54		%				7.47		%				8.57		%
			ADR			$	498.95					$	—					$	498.95					$	489.02					$	1,310.20					$	530.07					2.03		%				(5.87)		%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

ALL HOTELS      NOT UNDER RENOVATION:
						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	97,783					$	—					$	97,783					$	91,643					$	9,509					$	101,152					6.70		%				(3.33)		%
			RevPAR			$	317.07					$	—					$	317.07					$	317.99					$	497.61					$	329.16					(0.29)		%				(3.67)		%
			Occupancy			69.72		%				—		%				69.72		%				69.06		%				52.61		%				68.04		%				0.96		%				2.47		%
			ADR			$	454.81					$	—					$	454.81					$	460.46					$	945.93					$	483.80					(1.23)		%				(5.99)		%

ALL HOTELS      NOT UNDER RENOVATION:
						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
			Rooms revenue (in thousands)			$	215,194					$	—					$	215,194					$	179,096					$	31,160					$	210,256					20.16		%				2.35		%
			RevPAR			$	350.87					$	—					$	350.87					$	316.48					$	687.51					$	343.99					10.87		%				2.00		%
			Occupancy			66.34		%				—		%				66.34		%				62.56		%				52.47		%				61.81		%				6.04		%				7.33		%
			ADR			$	528.89					$	—					$	528.89					$	505.90					$	1,310.20					$	556.53					4.54		%				(4.97)		%

NOTES:

(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    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.

(4)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

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,
						2023						2022						% Variance						2023						2022						% Variance
			Total hotel revenue			$	187,905					$	176,082					6.71		%				$	405,085					$	339,484					19.32		%
			Non-comparable adjustments			—						16,915												—						50,226
			Comparable total hotel revenue			$	187,905					$	192,997					(2.64)		%				$	405,085					$	389,710					3.95		%
			Hotel net income (loss)			$	18,143					$	31,259					(41.96)		%				$	55,896					$	63,463					(11.92)		%
			Non-comparable adjustments			—						2,784												—						8,246
			Comparable hotel net income (loss)			$	18,143					$	34,043					(46.71)		%				$	55,896					$	71,709					(22.05)		%
			Hotel net income (loss) margin			9.66		%				17.75		%				(8.09)		%				13.80		%				18.69		%				(4.89)		%
			Comparable hotel net income margin			—		%				17.64		%				(17.64)		%				13.80		%				18.40		%				(4.60)		%
			Hotel EBITDA			$	53,660					$	57,066					(5.97)		%				$	126,456					$	112,747					12.16		%
			Non-comparable adjustments			—						6,404												—						16,878
			Comparable hotel EBITDA			$	53,660					$	63,470					(15.46)		%				$	126,456					$	129,625					(2.44)		%
			Hotel EBITDA margin			28.56		%				32.41		%				(3.85)		%				31.22		%				33.21		%				(1.99)		%
			Comparable hotel EBITDA margin			28.56		%				32.89		%				(4.33)		%				31.22		%				33.26		%				(2.04)		%
			Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests			$	1,757					$	1,630					7.82		%				$	2,911					$	1,689					72.38		%
			Hotel net income (loss) attributable to the Company and OP unitholders			$	16,386					$	29,629					(44.70)		%				$	52,985					$	61,774					(14.23)		%
			Comparable hotel net income (loss) attributable to the Company and OP unitholders			$	16,386					$	32,413					(49.45)		%				$	52,985					$	70,020					(24.33)		%
			Hotel EBITDA adjustments attributable to consolidated noncontrolling interests			$	2,618					$	2,387					9.70		%				$	4,561					$	3,198					42.63		%
			Hotel EBITDA attributable to the Company and OP unitholders			$	51,042					$	54,679					(6.65)		%				$	121,896					$	109,550					11.27		%
			Comparable hotel EBITDA attributable to the Company and OP unitholders			$	51,042					$	61,083					(16.44)		%				$	121,896					$	126,428					(3.58)		%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

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

11

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS      NOT UNDER RENOVATION:						Three Months Ended																		Six Months Ended
						June 30,																		June 30,
						2023						2022						% Variance						2023						2022						% Variance
			Total hotel revenue			$	148,224					$	135,136					9.69		%				$	321,746					$	261,484					23.05		%
			Non-comparable adjustments			—						16,915												—						50,226
			Comparable total hotel revenue			$	148,224					$	152,051					(2.52)		%				$	321,746					$	311,710					3.22		%
			Hotel net income (loss)			$	11,623					$	22,089					(47.38)		%				$	40,891					$	45,883					(10.88)		%
			Non-comparable adjustments			—						2,784												—						8,246
			Comparable hotel net income (loss)			$	11,623					$	24,873					(53.27)		%				$	40,891					$	54,129					(24.46)		%
			Hotel net income (loss) margin			7.84		%				16.35		%				(8.51)		%				12.71		%				17.55		%				(4.84)		%
			Comparable hotel net income margin			7.84		%				16.36		%				(8.52)		%				12.71		%				17.37		%				(4.66)		%
			Hotel EBITDA			$	41,198					$	43,487					(5.26)		%				$	100,090					$	86,603					15.57		%
			Non-comparable adjustments			—						6,404												—						16,878
			Comparable hotel EBITDA			$	41,198					$	49,891					(17.42)		%				$	100,090					$	103,481					(3.28)		%
			Hotel EBITDA margin			27.79		%				32.18		%				(4.39)		%				31.11		%				33.12		%				(2.01)		%
			Comparable hotel EBITDA margin			27.79		%				32.81		%				(5.02)		%				31.11		%				33.20		%				(2.09)		%
			Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests			$	1,757					$	1,630					7.82		%				$	2,911					$	1,689					72.38		%
			Hotel net income (loss) attributable to the Company and OP unitholders			$	9,866					$	20,459					(51.78)		%				$	37,980					$	44,194					(14.06)		%
			Comparable hotel net income (loss) attributable to the Company and OP unitholders			$	9,866					$	23,243					(57.55)		%				$	37,980					$	52,440					(27.57)		%
			Hotel EBITDA adjustments attributable to consolidated noncontrolling interests			$	2,618					$	2,387					9.70		%				$	4,561					$	3,198					42.63		%
			Hotel EBITDA attributable to the Company and OP unitholders			$	38,580					$	41,100					(6.13)		%				$	95,530					$	83,406					14.54		%
			Comparable hotel EBITDA attributable to the Company and OP unitholders			$	38,580					$	47,504					(18.79)		%				$	95,530					$	100,284					(4.74)		%

NOTES:

(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

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

(5)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

12

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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-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
CAPITAL HILTON WASHINGTON D.C.
			Selected Financial Information:
			Rooms revenue			$	11,433					$	—					$	11,433					$	9,719					$	—					$	9,719					17.64		%				17.64		%
			Total hotel revenue			$	17,580					$	—					$	17,580					$	13,694					$	—					$	13,694					28.38		%				28.38		%
			Hotel net income (loss)			$	3,924					$	—					$	3,924					$	2,584					$	—					$	2,584					51.86		%				51.86		%
			Hotel net income (loss) margin			22.32		%										22.32		%				18.87		%										18.87		%				3.45		%				3.45		%
			Hotel EBITDA			$	6,342					$	—					$	6,342					$	4,584					$	—					$	4,584					38.35		%				38.35		%
			Hotel EBITDA margin			36.08		%										36.08		%				33.47		%										33.47		%				2.61		%				2.61		%
			Selected Operating Information:
			RevPAR			$	228.41					$	—					$	228.41					$	194.18					$	—					$	194.18					17.63		%				17.63		%
			Occupancy			82.06		%				—		%				82.06		%				75.86		%				—		%				75.86		%				8.17		%				8.17		%
			ADR			$	278.35					$	—					$	278.35					$	255.97					$	—					$	255.97					8.74		%				8.74		%
HILTON LA JOLLA TORREY PINES
			Selected Financial Information:
			Rooms revenue			$	7,242					$	—					$	7,242					$	7,638					$	—					$	7,638					(5.18)		%				(5.18)		%
			Total hotel revenue			$	12,411					$	—					$	12,411					$	13,222					$	—					$	13,222					(6.13)		%				(6.13)		%
			Hotel net income (loss)			$	3,105					$	—					$	3,105					$	3,939					$	—					$	3,939					(21.17)		%				(21.17)		%
			Hotel net income (loss) margin			25.02		%										25.02		%				29.79		%										29.79		%				(4.77)		%				(4.77)		%
			Hotel EBITDA			$	4,130					$	—					$	4,130					$	4,963					$	—					$	4,963					(16.78)		%				(16.78)		%
			Hotel EBITDA margin			33.28		%										33.28		%				37.54		%										37.54		%				(4.26)		%				(4.26)		%
			Selected Operating Information:
			RevPAR			$	201.99					$	—					$	201.99					$	213.03					$	—					$	213.03					(5.18)		%				(5.18)		%
			Occupancy			82.23		%				—		%				82.23		%				85.40		%				—		%				85.40		%				(3.71)		%				(3.71)		%
			ADR			$	245.65					$	—					$	245.65					$	249.46					$	—					$	249.46					(1.53)		%				(1.53)		%
SOFITEL CHICAGO MAGNIFICENT MILE
			Selected Financial Information:
			Rooms revenue			$	7,738					$	—					$	7,738					$	7,542					$	—					$	7,542					2.60		%				2.60		%
			Total hotel revenue			$	10,097					$	—					$	10,097					$	10,162					$	—					$	10,162					(0.64)		%				(0.64)		%
			Hotel net income (loss)			$	1,890					$	—					$	1,890					$	4,103					$	—					$	4,103					(53.94)		%				(53.94)		%
			Hotel net income (loss) margin			18.72		%										18.72		%				40.38		%										40.38		%				(21.66)		%				(21.66)		%
			Hotel EBITDA			$	3,033					$	—					$	3,033					$	5,642					$	—					$	5,642					(46.24)		%				(46.24)		%
			Hotel EBITDA margin			30.04		%										30.04		%				55.52		%										55.52		%				(25.48)		%				(25.48)		%
			Selected Operating Information:
			RevPAR			$	204.90					$	—					$	204.90					$	199.71					$	—					$	199.71					2.60		%				2.60		%
			Occupancy			74.60		%				—		%				74.60		%				74.33		%				—		%				74.33		%				0.36		%				0.36		%
			ADR			$	274.66					$	—					$	274.66					$	268.69					$	—					$	268.69					2.22		%				2.22		%
BARDESSONO HOTEL AND SPA
			Selected Financial Information:
			Rooms revenue			$	4,761					$	—					$	4,761					$	5,699					$	—					$	5,699					(16.46)		%				(16.46)		%
			Total hotel revenue			$	6,283					$	—					$	6,283					$	7,293					$	—					$	7,293					(13.85)		%				(13.85)		%
			Hotel net income (loss)			$	764					$	—					$	764					$	1,820					$	—					$	1,820					(58.02)		%				(58.02)		%
			Hotel net income (loss) margin			12.16		%										12.16		%				24.96		%										24.96		%				(12.80)		%				(12.80)		%
			Hotel EBITDA			$	2,244					$	—					$	2,244					$	2,903					$	—					$	2,903					(22.70)		%				(22.70)		%
			Hotel EBITDA margin			35.72		%										35.72		%				39.81		%										39.81		%				(4.09)		%				(4.09)		%
			Selected Operating Information:
			RevPAR			$	804.88					$	—					$	804.88					$	963.50					$	—					$	963.50					(16.46)		%				(16.46)		%
			Occupancy			72.87		%				—		%				72.87		%				71.85		%				—		%				71.85		%				1.42		%				1.42		%
			ADR			$	1,104.60					$	—					$	1,104.60					$	1,340.96					$	—					$	1,340.96					(17.63)		%				(17.63)		%

13

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						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
PIER HOUSE RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	5,903					$	—					$	5,903					$	7,015					$	—					$	7,015					(15.85)		%				(15.85)		%
			Total hotel revenue			$	7,484					$	—					$	7,484					$	8,710					$	—					$	8,710					(14.08)		%				(14.08)		%
			Hotel net income (loss)			$	1,709					$	—					$	1,709					$	3,530					$	—					$	3,530					(51.59)		%				(51.59)		%
			Hotel net income (loss) margin			22.84		%										22.84		%				40.53		%										40.53		%				(17.69)		%				(17.69)		%
			Hotel EBITDA			$	3,775					$	—					$	3,775					$	4,754					$	—					$	4,754					(20.59)		%				(20.59)		%
			Hotel EBITDA margin			50.44		%										50.44		%				54.58		%										54.58		%				(4.14)		%				(4.14)		%
			Selected Operating Information:
			RevPAR			$	456.90					$	—					$	456.90					$	542.86					$	—					$	542.86					(15.83)		%				(15.83)		%
			Occupancy			71.18		%				—		%				71.18		%				74.42		%				—		%				74.42		%				(4.35)		%				(4.35)		%
			ADR			$	641.89					$	—					$	641.89					$	729.50					$	—					$	729.50					(12.01)		%				(12.01)		%
HOTEL YOUNTVILLE
			Selected Financial Information:
			Rooms revenue			$	3,254					$	—					$	3,254					$	4,309					$	—					$	4,309					(24.48)		%				(24.48)		%
			Total hotel revenue			$	3,982					$	—					$	3,982					$	5,122					$	—					$	5,122					(22.26)		%				(22.26)		%
			Hotel net income (loss)			$	13					$	—					$	13					$	1,247					$	—					$	1,247					(98.96)		%				(98.96)		%
			Hotel net income (loss) margin			0.33		%										0.33		%				24.35		%										24.35		%				(24.02)		%				(24.02)		%
			Hotel EBITDA			$	1,420					$	—					$	1,420					$	2,253					$	—					$	2,253					(36.97)		%				(36.97)		%
			Hotel EBITDA margin			35.66		%										35.66		%				43.99		%										43.99		%				(8.33)		%				(8.33)		%
			Selected Operating Information:
			RevPAR			$	447.05					$	—					$	447.05					$	591.91					$	—					$	591.91					(24.47)		%				(24.47)		%
			Occupancy			58.54		%				—		%				58.54		%				61.32		%				—		%				61.32		%				(4.53)		%				(4.53)		%
			ADR			$	763.61					$	—					$	763.61					$	965.30					$	—					$	965.30					(20.89)		%				(20.89)		%
PARK HYATT BEAVER CREEK RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	1,866					$	—					$	1,866					$	2,306					$	—					$	2,306					(19.08)		%				(19.08)		%
			Total hotel revenue			$	5,366					$	—					$	5,366					$	6,652					$	—					$	6,652					(19.33)		%				(19.33)		%
			Hotel net income (loss)			$	(4,002)					$	—					$	(4,002)					$	(1,949)					$	—					$	(1,949)					(105.34)		%				(105.34)		%
			Hotel net income (loss) margin			(74.58)		%										(74.58)		%				(29.30)		%										(29.30)		%				(45.28)		%				(45.28)		%
			Hotel EBITDA			$	(1,190)					$	—					$	(1,190)					$	(180)					$	—					$	(180)					(561.11)		%				(561.11)		%
			Hotel EBITDA margin			(22.18)		%										(22.18)		%				(2.71)		%										(2.71)		%				(19.47)		%				(19.47)		%
			Selected Operating Information:
			RevPAR			$	106.17					$	—					$	106.17					$	133.35					$	—					$	133.35					(20.38)		%				(20.38)		%
			Occupancy			33.93		%				—		%				33.93		%				44.90		%				—		%				44.90		%				(24.43)		%				(24.43)		%
			ADR			$	312.86					$	—					$	312.86					$	297.00					$	—					$	297.00					5.34		%				5.34		%
THE NOTARY HOTEL
			Selected Financial Information:
			Rooms revenue			$	7,643					$	—					$	7,643					$	6,158					$	—					$	6,158					24.11		%				24.11		%
			Total hotel revenue			$	9,642					$	—					$	9,642					$	7,587					$	—					$	7,587					27.09		%				27.09		%
			Hotel net income (loss)			$	1,388					$	—					$	1,388					$	402					$	—					$	402					245.27		%				245.27		%
			Hotel net income (loss) margin			14.40		%										14.40		%				5.30		%										5.30		%				9.10		%				9.10		%
			Hotel EBITDA			$	3,586					$	—					$	3,586					$	2,480					$	—					$	2,480					44.60		%				44.60		%
			Hotel EBITDA margin			37.19		%										37.19		%				32.69		%										32.69		%				4.50		%				4.50		%
			Selected Operating Information:
			RevPAR			$	168.33					$	—					$	168.33					$	135.62					$	—					$	135.62					24.12		%				24.12		%
			Occupancy			70.66		%				—		%				70.66		%				62.18		%				—		%				62.18		%				13.64		%				13.64		%
			ADR			$	238.24					$	—					$	238.24					$	218.10					$	—					$	218.10					9.23		%				9.23		%

14

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						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
THE CLANCY
			Selected Financial Information:
			Rooms revenue			$	8,217					$	—					$	8,217					$	9,753					$	—					$	9,753					(15.75)		%				(15.75)		%
			Total hotel revenue			$	9,779					$	—					$	9,779					$	11,094					$	—					$	11,094					(11.85)		%				(11.85)		%
			Hotel net income (loss)			$	37					$	—					$	37					$	931					$	—					$	931					(96.03)		%				(96.03)		%
			Hotel net income (loss) margin			0.38		%										0.38		%				8.39		%										8.39		%				(8.01)		%				(8.01)		%
			Hotel EBITDA			$	2,450					$	—					$	2,450					$	3,749					$	—					$	3,749					(34.65)		%				(34.65)		%
			Hotel EBITDA margin			25.05		%										25.05		%				33.79		%										33.79		%				(8.74)		%				(8.74)		%
			Selected Operating Information:
			RevPAR			$	220.23					$	—					$	220.23					$	261.39					$	—					$	261.39					(15.75)		%				(15.75)		%
			Occupancy			75.35		%				—		%				75.35		%				79.31		%				—		%				79.31		%				(4.99)		%				(4.99)		%
			ADR			$	292.28					$	—					$	292.28					$	329.57					$	—					$	329.57					(11.31)		%				(11.31)		%
THE RITZ-CARLTON SARASOTA
			Selected Financial Information:
			Rooms revenue			$	9,387					$	—					$	9,387					$	12,616					$	—					$	12,616					(25.59)		%				(25.59)		%
			Total hotel revenue			$	22,101					$	—					$	22,101					$	27,252					$	—					$	27,252					(18.90)		%				(18.90)		%
			Hotel net income (loss)			$	2,593					$	—					$	2,593					$	6,586					$	—					$	6,586					(60.63)		%				(60.63)		%
			Hotel net income (loss) margin			11.73		%										11.73		%				24.17		%										24.17		%				(12.44)		%				(12.44)		%
			Hotel EBITDA			$	6,120					$	—					$	6,120					$	8,995					$	—					$	8,995					(31.96)		%				(31.96)		%
			Hotel EBITDA margin			27.69		%										27.69		%				33.01		%										33.01		%				(5.32)		%				(5.32)		%
			Selected Operating Information:
			RevPAR			$	373.75					$	—					$	373.75					$	502.29					$	—					$	502.29					(25.59)		%				(25.59)		%
			Occupancy			63.35		%				—		%				63.35		%				85.79		%				—		%				85.79		%				(26.16)		%				(26.16)		%
			ADR			$	590.01					$	—					$	590.01					$	585.49					$	—					$	585.49					0.77		%				0.77		%
THE RITZ-CARLTON LAKE TAHOE
			Selected Financial Information:
			Rooms revenue			$	4,533					$	—					$	4,533					$	3,787					$	—					$	3,787					19.70		%				19.70		%
			Total hotel revenue			$	9,863					$	—					$	9,863					$	8,310					$	—					$	8,310					18.69		%				18.69		%
			Hotel net income (loss)			$	(2,450)					$	—					$	(2,450)					$	(2,170)					$	—					$	(2,170)					(12.90)		%				(12.90)		%
			Hotel net income (loss) margin			(24.84)		%										(24.84)		%				(26.11)		%										(26.11)		%				1.27		%				1.27		%
			Hotel EBITDA			$	(115)					$	—					$	(115)					$	(616)					$	—					$	(616)					81.33		%				81.33		%
			Hotel EBITDA margin			(1.17)		%										(1.17)		%				(7.41)		%										(7.41)		%				6.24		%				6.24		%
			Selected Operating Information:
			RevPAR			$	272.17					$	—					$	272.17					$	228.65					$	—					$	228.65					19.03		%				19.03		%
			Occupancy			53.05		%				—		%				53.05		%				45.27		%				—		%				45.27		%				17.19		%				17.19		%
			ADR			$	513.08					$	—					$	513.08					$	505.05					$	—					$	505.05					1.59		%				1.59		%
MARRIOTT SEATTLE WATERFRONT
			Selected Financial Information:
			Rooms revenue			$	8,193					$	—					$	8,193					$	5,587					$	—					$	5,587					46.64		%				46.64		%
			Total hotel revenue			$	9,941					$	—					$	9,941					$	6,790					$	—					$	6,790					46.41		%				46.41		%
			Hotel net income (loss)			$	2,729					$	—					$	2,729					$	1,510					$	—					$	1,510					80.73		%				80.73		%
			Hotel net income (loss) margin			27.45		%										27.45		%				22.24		%										22.24		%				5.21		%				5.21		%
			Hotel EBITDA			$	4,313					$	—					$	4,313					$	2,840					$	—					$	2,840					51.87		%				51.87		%
			Hotel EBITDA margin			43.39		%										43.39		%				41.83		%										41.83		%				1.56		%				1.56		%
			Selected Operating Information:
			RevPAR			$	243.99					$	—					$	243.99					$	170.06					$	—					$	170.06					43.47		%				43.47		%
			Occupancy			78.58		%				—		%				78.58		%				56.96		%				—		%				56.96		%				37.96		%				37.96		%
			ADR			$	310.50					$	—					$	310.50					$	298.54					$	—					$	298.54					4.01		%				4.01		%

15

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						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
THE RITZ-CARLTON ST. THOMAS
			Selected Financial Information:
			Rooms revenue			$	13,176					$	—					$	13,176					$	15,344					$	952					$	16,296					(14.13)		%				(19.15)		%
			Total hotel revenue			$	21,544					$	—					$	21,544					$	24,413					$	952					$	25,365					(11.75)		%				(15.06)		%
			Hotel net income (loss)			$	3,586					$	—					$	3,586					$	5,742					$	952					$	6,694					(37.55)		%				(46.43)		%
			Hotel net income (loss) margin			16.65		%										16.65		%				23.52		%										26.39		%				(6.87)		%				(9.74)		%
			Hotel EBITDA			$	6,848					$	—					$	6,848					$	8,664					$	952					$	9,616					(20.96)		%				(28.79)		%
			Hotel EBITDA margin			31.79		%										31.79		%				35.49		%										37.91		%				(3.70)		%				(6.12)		%
			Selected Operating Information:
			RevPAR			$	804.45					$	—					$	804.45					$	936.76					$	—					$	994.90					(14.12)		%				(19.14)		%
			Occupancy			75.53		%				—		%				75.53		%				83.02		%				—		%				83.02		%				(9.02)		%				(9.02)		%
			ADR			$	1,065.06					$	—					$	1,065.06					$	1,128.41					$	—					$	1,198.44					(5.61)		%				(11.13)		%
MR. C BEVERLY HILLS HOTEL
			Selected Financial Information:
			Rooms revenue			$	3,306					$	—					$	3,306					$	3,418					$	104					$	3,522					(3.28)		%				(6.13)		%
			Total hotel revenue			$	4,632					$	—					$	4,632					$	5,297					$	—					$	5,297					(12.55)		%				(12.55)		%
			Hotel net income (loss)			$	(595)					$	—					$	(595)					$	(34)					$	—					$	(34)					(1,650.00)		%				(1,650.00)		%
			Hotel net income (loss) margin			(12.85)		%										(12.85)		%				(0.64)		%										(0.64)		%				(12.21)		%				(12.21)		%
			Hotel EBITDA			$	648					$	—					$	648					$	1,041					$	—					$	1,041					(37.75)		%				(37.75)		%
			Hotel EBITDA margin			13.99		%										13.99		%				19.65		%										19.65		%				(5.66)		%				(5.66)		%
			Selected Operating Information:
			RevPAR			$	254.01					$	—					$	254.01					$	262.67					$	—					$	270.63					(3.30)		%				(6.14)		%
			Occupancy			79.52		%				—		%				79.52		%				78.87		%				—		%				78.87		%				0.82		%				0.82		%
			ADR			$	319.43					$	—					$	319.43					$	333.02					$	—					$	343.11					(4.08)		%				(6.90)		%
THE RITZ-CARLTON RESERVE DORADO BEACH
			Selected Financial Information:
			Rooms revenue			$	14,027					$	—					$	14,027					$	13,087					$	—					$	13,087					7.18		%				7.18		%
			Total hotel revenue			$	21,965					$	—					$	21,965					$	20,484					$	—					$	20,484					7.23		%				7.23		%
			Hotel net income (loss)			$	3,960					$	—					$	3,960					$	3,018					$	355					$	3,373					31.21		%				17.40		%
			Hotel net income (loss) margin			18.03		%										18.03		%				14.73		%										16.47		%				3.30		%				1.56		%
			Hotel EBITDA			$	5,826					$	—					$	5,826					$	4,994					$	355					$	5,349					16.66		%				8.92		%
			Hotel EBITDA margin			26.52		%										26.52		%				24.38		%										26.11		%				2.14		%				0.41		%
			Selected Operating Information:
			RevPAR			$	1,454.20					$	—					$	1,454.20					$	1,356.87					$	—					$	1,356.87					7.17		%				7.17		%
			Occupancy			64.07		%				—		%				64.07		%				65.76		%				—		%				65.76		%				(2.57)		%				(2.57)		%
			ADR			$	2,269.78					$	—					$	2,269.78					$	2,063.44					$	—					$	2,063.44					10.00		%				10.00		%
FOUR SEASONS RESORT SCOTTSDALE
			Selected Financial Information:
			Rooms revenue			$	7,924					$	—					$	7,924					$	—					$	8,453					$	8,453					—		%				(6.26)		%
			Total hotel revenue			$	15,235					$	—					$	15,235					$	—					$	15,963					$	15,963					—		%				(4.56)		%
			Hotel net income (loss)			$	(508)					$	—					$	(508)					$	—					$	1,477					$	1,477					—		%				(134.39)		%
			Hotel net income (loss) margin			(3.33)		%										(3.33)		%				—		%										9.25		%				(3.33)		%				(12.58)		%
			Hotel EBITDA			$	4,230					$	—					$	4,230					$	—					$	5,097					$	5,097					—		%				(17.01)		%
			Hotel EBITDA margin			27.77		%										27.77		%				—		%										31.93		%				27.77		%				(4.16)		%
			Selected Operating Information:
			RevPAR			$	414.67					$	—					$	414.67					$	—					$	442.36					$	442.36					—		%				(6.26)		%
			Occupancy			48.66		%				—		%				48.66		%				—		%				52.61		%				52.61		%				—		%				(7.51)		%
			ADR			$	852.18					$	—					$	852.18					$	—					$	840.90					$	840.90					—		%				1.34		%

16

---

						Three Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
RESORT PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	72,073					$	—					$	72,073					$	71,801					$	9,405					$	81,206					0.38		%				(11.25)		%
			Total hotel revenue			$	126,234					$	—					$	126,234					$	121,458					$	16,915					$	138,373					3.93		%				(8.77)		%
			Hotel net income (loss)			$	8,770					$	—					$	8,770					$	21,763					$	2,784					$	24,547					(59.70)		%				(64.27)		%
			Hotel net income (loss) margin			6.95		%										6.95		%				17.92		%										17.74		%				(10.97)		%				(10.79)		%
			Hotel EBITDA			$	33,288					$	—					$	33,288					$	36,730					$	6,404					$	43,134					(9.37)		%				(22.83)		%
			Hotel EBITDA margin			26.37		%										26.37		%				30.24		%										31.17		%				(3.87)		%				(4.80)		%
			Selected Operating Information:
			RevPAR			$	433.04					$	—					$	433.04					$	488.56					$	492.20					$	488.98					(11.36)		%				(11.44)		%
			Occupancy			63.57		%				—		%				63.57		%				71.92		%				52.61		%				69.70		%				(11.61)		%				(8.79)		%
			ADR			$	681.19					$	—					$	681.19					$	679.32					$	935.63					$	701.58					0.28		%				(2.91)		%
URBAN PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	46,530					$	—					$	46,530					$	42,177					$	104					$	42,281					10.32		%				10.05		%
			Total hotel revenue			$	61,671					$	—					$	61,671					$	54,624					$	—					$	54,624					12.90		%				12.90		%
			Hotel net income (loss)			$	9,373					$	—					$	9,373					$	9,496					$	—					$	9,496					(1.30)		%				(1.30)		%
			Hotel net income (loss) margin			15.20		%										15.20		%				17.38		%										17.38		%				(2.18)		%				(2.18)		%
			Hotel EBITDA			$	20,372					$	—					$	20,372					$	20,336					$	—					$	20,336					0.18		%				0.18		%
			Hotel EBITDA margin			33.03		%										33.03		%				37.23		%										37.23		%				(4.20)		%				(4.20)		%
			Selected Operating Information:
			RevPAR			$	214.30					$	—					$	214.30					$	194.90					$	—					$	195.38					9.95		%				9.68		%
			Occupancy			76.53		%				—		%				76.53		%				70.63		%				—		%				70.63		%				8.35		%				8.35		%
			ADR			$	280.00					$	—					$	280.00					$	275.94					$	—					$	276.62					1.47		%				1.22		%
BRAEMAR PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	118,603					$	—					$	118,603					$	113,978					$	9,509					$	123,487					4.06		%				(3.96)		%
			Total hotel revenue			$	187,905					$	—					$	187,905					$	176,082					$	16,915					$	192,997					6.71		%				(2.64)		%
			Hotel net income (loss)			$	18,143					$	—					$	18,143					$	31,259					$	2,784					$	34,043					(41.96)		%				(46.71)		%
			Hotel net income (loss) margin			9.66		%										9.66		%				17.75		%										17.64		%				(8.09)		%				(7.98)		%
			Hotel EBITDA			$	53,660					$	—					$	53,660					$	57,066					$	6,404					$	63,470					(5.97)		%				(15.46)		%
			Hotel EBITDA margin			28.56		%										28.56		%				32.41		%										32.89		%				(3.85)		%				(4.33)		%
			Selected Operating Information:
			RevPAR			$	309.21					$	—					$	309.21					$	313.68					$	497.61					$	322.87					(1.43)		%				(4.23)		%
			Occupancy			70.91		%				—		%				70.91		%				71.15		%				52.61		%				70.23		%				(0.34)		%				0.97		%
			ADR			$	436.07					$	—					$	436.07					$	440.85					$	945.93					$	459.75					(1.08)		%				(5.15)		%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

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

(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

17

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
CAPITAL HILTON WASHINGTON D.C.
			Selected Financial Information:
			Rooms revenue			$	20,210					$	—					$	20,210					$	13,600					$	—					$	13,600					48.60		%				48.60		%
			Total hotel revenue			$	32,278					$	—					$	32,278					$	20,325					$	—					$	20,325					58.81		%				58.81		%
			Hotel net income (loss)			$	5,658					$	—					$	5,658					$	742					$	—					$	742					662.53		%				662.53		%
			Hotel net income (loss) margin			17.53		%										17.53		%				3.65		%										3.65		%				13.88		%				13.88		%
			Hotel EBITDA			$	10,240					$	—					$	10,240					$	4,664					$	—					$	4,664					119.55		%				119.55		%
			Hotel EBITDA margin			31.72		%										31.72		%				22.95		%										22.95		%				8.77		%				8.77		%
			Selected Operating Information:
			RevPAR			$	203.01					$	—					$	203.01					$	136.61					$	—					$	136.61					48.61		%				48.61		%
			Occupancy			76.73		%				—		%				76.73		%				57.22		%				—		%				57.22		%				34.10		%				34.10		%
			ADR			$	264.58					$	—					$	264.58					$	238.75					$	—					$	238.75					10.82		%				10.82		%
HILTON LA JOLLA TORREY PINES
			Selected Financial Information:
			Rooms revenue			$	13,904					$	—					$	13,904					$	12,896					$	—					$	12,896					7.82		%				7.82		%
			Total hotel revenue			$	24,281					$	—					$	24,281					$	23,015					$	—					$	23,015					5.50		%				5.50		%
			Hotel net income (loss)			$	5,987					$	—					$	5,987					$	6,016					$	—					$	6,016					(0.48)		%				(0.48)		%
			Hotel net income (loss) margin			24.66		%										24.66		%				26.14		%										26.14		%				(1.48)		%				(1.48)		%
			Hotel EBITDA			$	8,002					$	—					$	8,002					$	8,126					$	—					$	8,126					(1.53)		%				(1.53)		%
			Hotel EBITDA margin			32.96		%										32.96		%				35.31		%										35.31		%				(2.35)		%				(2.35)		%
			Selected Operating Information:
			RevPAR			$	194.97					$	—					$	194.97					$	180.83					$	—					$	180.83					7.82		%				7.82		%
			Occupancy			78.59		%				—		%				78.59		%				75.87		%				—		%				75.87		%				3.59		%				3.59		%
			ADR			$	248.09					$	—					$	248.09					$	238.34					$	—					$	238.34					4.09		%				4.09		%
SOFITEL CHICAGO MAGNIFICENT MILE
			Selected Financial Information:
			Rooms revenue			$	11,304					$	—					$	11,304					$	10,301					$	—					$	10,301					9.74		%				9.74		%
			Total hotel revenue			$	15,001					$	—					$	15,001					$	14,047					$	—					$	14,047					6.79		%				6.79		%
			Hotel net income (loss)			$	967					$	—					$	967					$	1,188					$	—					$	1,188					(18.60)		%				(18.60)		%
			Hotel net income (loss) margin			6.45		%										6.45		%				8.46		%										8.46		%				(2.01)		%				(2.01)		%
			Hotel EBITDA			$	3,418					$	—					$	3,418					$	4,359					$	—					$	4,359					(21.59)		%				(21.59)		%
			Hotel EBITDA margin			22.79		%										22.79		%				31.03		%										31.03		%				(8.24)		%				(8.24)		%
			Selected Operating Information:
			RevPAR			$	150.49					$	—					$	150.49					$	137.14					$	—					$	137.14					9.73		%				9.73		%
			Occupancy			64.75		%				—		%				64.75		%				59.25		%				—		%				59.25		%				9.28		%				9.28		%
			ADR			$	232.43					$	—					$	232.43					$	231.45					$	—					$	231.45					0.42		%				0.42		%
BARDESSONO HOTEL AND SPA
			Selected Financial Information:
			Rooms revenue			$	7,435					$	—					$	7,435					$	9,206					$	—					$	9,206					(19.24)		%				(19.24)		%
			Total hotel revenue			$	10,061					$	—					$	10,061					$	12,208					$	—					$	12,208					(17.59)		%				(17.59)		%
			Hotel net income (loss)			$	(540)					$	—					$	(540)					$	2,205					$	—					$	2,205					(124.49)		%				(124.49)		%
			Hotel net income (loss) margin			(5.37)		%										(5.37)		%				18.06		%										18.06		%				(23.43)		%				(23.43)		%
			Hotel EBITDA			$	2,364					$	—					$	2,364					$	4,312					$	—					$	4,312					(45.18)		%				(45.18)		%
			Hotel EBITDA margin			23.50		%										23.50		%				35.32		%										35.32		%				(11.82)		%				(11.82)		%
			Selected Operating Information:
			RevPAR			$	631.94					$	—					$	631.94					$	782.51					$	—					$	782.51					(19.24)		%				(19.24)		%
			Occupancy			61.04		%				—		%				61.04		%				64.57		%				—		%				64.57		%				(5.47)		%				(5.47)		%
			ADR			$	1,035.33					$	—					$	1,035.33					$	1,211.82					$	—					$	1,211.82					(14.56)		%				(14.56)		%

18

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						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
PIER HOUSE RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	13,917					$	—					$	13,917					$	16,381					$	—					$	16,381					(15.04)		%				(15.04)		%
			Total hotel revenue			$	17,343					$	—					$	17,343					$	19,935					$	—					$	19,935					(13.00)		%				(13.00)		%
			Hotel net income (loss)			$	5,523					$	—					$	5,523					$	9,356					$	—					$	9,356					(40.97)		%				(40.97)		%
			Hotel net income (loss) margin			31.85		%										31.85		%				46.93		%										46.93		%				(15.08)		%				(15.08)		%
			Hotel EBITDA			$	9,533					$	—					$	9,533					$	11,723					$	—					$	11,723					(18.68)		%				(18.68)		%
			Hotel EBITDA margin			54.97		%										54.97		%				58.81		%										58.81		%				(3.84)		%				(3.84)		%
			Selected Operating Information:
			RevPAR			$	541.48					$	—					$	541.48					$	637.33					$	—					$	637.33					(15.04)		%				(15.04)		%
			Occupancy			76.48		%				—		%				76.48		%				80.69		%				—		%				80.69		%				(5.22)		%				(5.22)		%
			ADR			$	708.03					$	—					$	708.03					$	789.81					$	—					$	789.81					(10.35)		%				(10.35)		%
HOTEL YOUNTVILLE
			Selected Financial Information:
			Rooms revenue			$	5,306					$	—					$	5,306					$	6,440					$	—					$	6,440					(17.61)		%				(17.61)		%
			Total hotel revenue			$	6,595					$	—					$	6,595					$	7,809					$	—					$	7,809					(15.55)		%				(15.55)		%
			Hotel net income (loss)			$	(984)					$	—					$	(984)					$	618					$	—					$	618					(259.22)		%				(259.22)		%
			Hotel net income (loss) margin			(14.92)		%										(14.92)		%				7.91		%										7.91		%				(22.83)		%				(22.83)		%
			Hotel EBITDA			$	1,738					$	—					$	1,738					$	2,682					$	—					$	2,682					(35.20)		%				(35.20)		%
			Hotel EBITDA margin			26.35		%										26.35		%				34.34		%										34.34		%				(7.99)		%				(7.99)		%
			Selected Operating Information:
			RevPAR			$	366.46					$	—					$	366.46					$	444.79					$	—					$	444.79					(17.61)		%				(17.61)		%
			Occupancy			53.64		%				—		%				53.64		%				50.21		%				—		%				50.21		%				6.83		%				6.83		%
			ADR			$	683.20					$	—					$	683.20					$	885.91					$	—					$	885.91					(22.88)		%				(22.88)		%
PARK HYATT BEAVER CREEK RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	16,207					$	—					$	16,207					$	14,483					$	—					$	14,483					11.90		%				11.90		%
			Total hotel revenue			$	29,051					$	—					$	29,051					$	28,093					$	—					$	28,093					3.41		%				3.41		%
			Hotel net income (loss)			$	3,456					$	—					$	3,456					$	5,418					$	—					$	5,418					(36.21)		%				(36.21)		%
			Hotel net income (loss) margin			11.90		%										11.90		%				19.29		%										19.29		%				(7.39)		%				(7.39)		%
			Hotel EBITDA			$	8,891					$	—					$	8,891					$	8,845					$	—					$	8,845					0.52		%				0.52		%
			Hotel EBITDA margin			30.60		%										30.60		%				31.48		%										31.48		%				(0.88)		%				(0.88)		%
			Selected Operating Information:
			RevPAR			$	465.17					$	—					$	465.17					$	421.14					$	—					$	421.14					10.45		%				10.45		%
			Occupancy			57.40		%				—		%				57.40		%				61.05		%				—		%				61.05		%				(5.98)		%				(5.98)		%
			ADR			$	810.41					$	—					$	810.41					$	689.83					$	—					$	689.83					17.48		%				17.48		%
THE NOTARY HOTEL
			Selected Financial Information:
			Rooms revenue			$	12,163					$	—					$	12,163					$	9,233					$	—					$	9,233					31.73		%				31.73		%
			Total hotel revenue			$	15,440					$	—					$	15,440					$	11,379					$	—					$	11,379					35.69		%				35.69		%
			Hotel net income (loss)			$	30					$	—					$	30					$	(1,598)					$	—					$	(1,598)					101.88		%				101.88		%
			Hotel net income (loss) margin			0.19		%										0.19		%				(14.04)		%										(14.04)		%				14.23		%				14.23		%
			Hotel EBITDA			$	4,280					$	—					$	4,280					$	2,481					$	—					$	2,481					72.51		%				72.51		%
			Hotel EBITDA margin			27.72		%										27.72		%				21.80		%										21.80		%				5.92		%				5.92		%
			Selected Operating Information:
			RevPAR			$	134.66					$	—					$	134.66					$	102.23					$	—					$	102.23					31.72		%				31.72		%
			Occupancy			60.60		%				—		%				60.60		%				50.46		%				—		%				50.46		%				20.10		%				20.10		%
			ADR			$	222.21					$	—					$	222.21					$	202.61					$	—					$	202.61					9.67		%				9.67		%

19

---

						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
THE CLANCY
			Selected Financial Information:
			Rooms revenue			$	16,467					$	—					$	16,467					$	14,489					$	—					$	14,489					13.65		%				13.65		%
			Total hotel revenue			$	19,540					$	—					$	19,540					$	16,694					$	—					$	16,694					17.05		%				17.05		%
			Hotel net income (loss)			$	(114)					$	—					$	(114)					$	(1,936)					$	—					$	(1,936)					94.11		%				94.11		%
			Hotel net income (loss) margin			(0.58)		%										(0.58)		%				(11.60)		%										(11.60)		%				11.02		%				11.02		%
			Hotel EBITDA			$	4,845					$	—					$	4,845					$	3,851					$	—					$	3,851					25.81		%				25.81		%
			Hotel EBITDA margin			24.80		%										24.80		%				23.07		%										23.07		%				1.73		%				1.73		%
			Selected Operating Information:
			RevPAR			$	221.90					$	—					$	221.90					$	195.24					$	—					$	195.24					13.65		%				13.65		%
			Occupancy			69.44		%				—		%				69.44		%				66.13		%				—		%				66.13		%				5.01		%				5.01		%
			ADR			$	319.54					$	—					$	319.54					$	295.25					$	—					$	295.25					8.23		%				8.23		%
THE RITZ-CARLTON SARASOTA
			Selected Financial Information:
			Rooms revenue			$	23,022					$	—					$	23,022					$	28,333					$	—					$	28,333					(18.74)		%				(18.74)		%
			Total hotel revenue			$	51,061					$	—					$	51,061					$	57,675					$	—					$	57,675					(11.47)		%				(11.47)		%
			Hotel net income (loss)			$	9,344					$	—					$	9,344					$	16,838					$	—					$	16,838					(44.51)		%				(44.51)		%
			Hotel net income (loss) margin			18.30		%										18.30		%				29.19		%										29.19		%				(10.89)		%				(10.89)		%
			Hotel EBITDA			$	16,126					$	—					$	16,126					$	21,480					$	—					$	21,480					(24.93)		%				(24.93)		%
			Hotel EBITDA margin			31.58		%										31.58		%				37.24		%										37.24		%				(5.66)		%				(5.66)		%
			Selected Operating Information:
			RevPAR			$	460.84					$	—					$	460.84					$	567.15					$	—					$	567.15					(18.74)		%				(18.74)		%
			Occupancy			69.41		%				—		%				69.41		%				82.08		%				—		%				82.08		%				(15.44)		%				(15.44)		%
			ADR			$	663.95					$	—					$	663.95					$	691.00					$	—					$	691.00					(3.91)		%				(3.91)		%
THE RITZ-CARLTON LAKE TAHOE
			Selected Financial Information:
			Rooms revenue			$	17,273					$	—					$	17,273					$	16,973					$	—					$	16,973					1.77		%				1.77		%
			Total hotel revenue			$	29,688					$	—					$	29,688					$	28,406					$	—					$	28,406					4.51		%				4.51		%
			Hotel net income (loss)			$	1,178					$	—					$	1,178					$	3,584					$	—					$	3,584					(67.13)		%				(67.13)		%
			Hotel net income (loss) margin			3.97		%										3.97		%				12.62		%										12.62		%				(8.65)		%				(8.65)		%
			Hotel EBITDA			$	5,994					$	—					$	5,994					$	6,473					$	—					$	6,473					(7.40)		%				(7.40)		%
			Hotel EBITDA margin			20.19		%										20.19		%				22.79		%										22.79		%				(2.60)		%				(2.60)		%
			Selected Operating Information:
			RevPAR			$	521.47					$	—					$	521.47					$	515.23					$	—					$	515.23					1.21		%				1.21		%
			Occupancy			60.00		%				—		%				60.00		%				55.09		%				—		%				55.09		%				8.91		%				8.91		%
			ADR			$	869.11					$	—					$	869.11					$	935.23					$	—					$	935.23					(7.07)		%				(7.07)		%
MARRIOTT SEATTLE WATERFRONT
			Selected Financial Information:
			Rooms revenue			$	12,414					$	—					$	12,414					$	8,175					$	—					$	8,175					51.85		%				51.85		%
			Total hotel revenue			$	15,274					$	—					$	15,274					$	10,098					$	—					$	10,098					51.26		%				51.26		%
			Hotel net income (loss)			$	2,098					$	—					$	2,098					$	404					$	—					$	404					419.31		%				419.31		%
			Hotel net income (loss) margin			13.74		%										13.74		%				4.00		%										4.00		%				9.74		%				9.74		%
			Hotel EBITDA			$	5,325					$	—					$	5,325					$	2,960					$	—					$	2,960					79.90		%				79.90		%
			Hotel EBITDA margin			34.86		%										34.86		%				29.31		%										29.31		%				5.55		%				5.55		%
			Selected Operating Information:
			RevPAR			$	185.87					$	—					$	185.87					$	125.11					$	—					$	125.11					48.57		%				48.57		%
			Occupancy			68.82		%				—		%				68.82		%				49.52		%				—		%				49.52		%				38.97		%				38.97		%
			ADR			$	270.09					$	—					$	270.09					$	252.67					$	—					$	252.67					6.89		%				6.89		%

20

---

						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
THE RITZ-CARLTON ST. THOMAS
			Selected Financial Information:
			Rooms revenue			$	29,476					$	—					$	29,476					$	34,526					$	1,089					$	35,615					(14.63)		%				(17.24)		%
			Total hotel revenue			$	45,309					$	—					$	45,309					$	51,309					$	1,089					$	52,398					(11.69)		%				(13.53)		%
			Hotel net income (loss)			$	9,390					$	—					$	9,390					$	14,322					$	1,089					$	15,411					(34.44)		%				(39.07)		%
			Hotel net income (loss) margin			20.72		%										20.72		%				27.91		%										29.41		%				(7.19)		%				(8.69)		%
			Hotel EBITDA			$	15,849					$	—					$	15,849					$	19,927					$	1,089					$	21,016					(20.46)		%				(24.59)		%
			Hotel EBITDA margin			34.98		%										34.98		%				38.84		%										40.11		%				(3.86)		%				(5.13)		%
			Selected Operating Information:
			RevPAR			$	904.73					$	—					$	904.73					$	1,059.74					$	—					$	1,093.18					(14.63)		%				(17.24)		%
			Occupancy			75.16		%				—		%				75.16		%				82.49		%				—		%				82.49		%				(8.89)		%				(8.89)		%
			ADR			$	1,203.70					$	—					$	1,203.70					$	1,284.70					$	—					$	1,325.23					(6.30)		%				(9.17)		%
MR. C BEVERLY HILLS HOTEL
			Selected Financial Information:
			Rooms revenue			$	6,501					$	—					$	6,501					$	6,703					$	—					$	6,703					(3.01)		%				(3.01)		%
			Total hotel revenue			$	9,176					$	—					$	9,176					$	9,917					$	—					$	9,917					(7.47)		%				(7.47)		%
			Hotel net income (loss)			$	(1,088)					$	—					$	(1,088)					$	(204)					$	—					$	(204)					(433.33)		%				(433.33)		%
			Hotel net income (loss) margin			(11.86)		%										(11.86)		%				(2.06)		%										(2.06)		%				(9.80)		%				(9.80)		%
			Hotel EBITDA			$	1,402					$	—					$	1,402					$	1,918					$	—					$	1,918					(26.90)		%				(26.90)		%
			Hotel EBITDA margin			15.28		%										15.28		%				19.34		%										19.34		%				(4.06)		%				(4.06)		%
			Selected Operating Information:
			RevPAR			$	251.17					$	—					$	251.17					$	258.96					$	—					$	258.96					(3.01)		%				(3.01)		%
			Occupancy			77.52		%				—		%				77.52		%				72.57		%				—		%				72.57		%				6.82		%				6.82		%
			ADR			$	324.00					$	—					$	324.00					$	356.87					$	—					$	356.87					(9.21)		%				(9.21)		%
THE RITZ-CARLTON RESERVE DORADO BEACH
			Selected Financial Information:
			Rooms revenue			$	30,746					$	—					$	30,746					$	19,290					$	10,256					$	29,546					59.39		%				4.06		%
			Total hotel revenue			$	46,461					$	—					$	46,461					$	28,574					$	15,168					$	43,742					62.60		%				6.22		%
			Hotel net income (loss)			$	10,130					$	—					$	10,130					$	6,510					$	2,090					$	8,600					55.61		%				17.79		%
			Hotel net income (loss) margin			21.80		%										21.80		%				22.78		%										19.66		%				(0.98)		%				2.14		%
			Hotel EBITDA			$	14,099					$	—					$	14,099					$	8,946					$	3,634					$	12,580					57.60		%				12.07		%
			Hotel EBITDA margin			30.35		%										30.35		%				31.31												28.76		%				(0.96)		%				1.59		%
			Selected Operating Information:
			RevPAR			$	1,602.55					$	—					$	1,602.55					$	1,625.00					$	1,402.17					$	1,540.06					(1.38)		%				4.06		%
			Occupancy			60.19		%				—		%				60.19		%				67.38		%				50.36		%				60.89		%				(10.67)		%				(1.15)		%
			ADR			$	2,662.50					$	—					$	2,662.50					$	2,411.81					$	2,784.54					$	2,529.32					10.39		%				5.27		%
FOUR SEASONS RESORT SCOTTSDALE
			Selected Financial Information:
			Rooms revenue			$	22,081					$	—					$	22,081					$	—					$	19,815					$	19,815					—		%				11.44		%
			Total hotel revenue			$	38,526					$	—					$	38,526					$	—					$	33,969					$	33,969					—		%				13.42		%
			Hotel net income (loss)			$	4,861					$	—					$	4,861					$	—					$	5,067					$	5,067					—		%				(4.07)		%
			Hotel net income (loss) margin			12.62		%										12.62		%				—		%										14.92		%				12.62		%				(2.30)		%
			Hotel EBITDA			$	14,350					$	—					$	14,350					$	—					$	12,155					$	12,155					—		%				18.06		%
			Hotel EBITDA margin			37.25		%										37.25		%				—												35.78		%				37.25		%				1.47		%
			Selected Operating Information:
			RevPAR			$	580.93					$	—					$	580.93					$	—					$	521.33					$	521.33					—		%				11.43		%
			Occupancy			51.02		%				—		%				51.02		%				—		%				52.88		%				52.88		%				—		%				(3.52)		%
			ADR			$	1,138.74					$	—					$	1,138.74					$	—					$	985.86					$	985.86					—		%				15.51		%

21

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						Six Months Ended June 30,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2023						2023						2023						2022						2022						2022						% Variance						% Variance
RESORT PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	179,367					$	—					$	179,367					$	158,528					$	31,160					$	189,688					13.15		%				(5.44)		%
			Total hotel revenue			$	298,376					$	—					$	298,376					$	257,024					$	50,226					$	307,250					16.09		%				(2.89)		%
			Hotel net income (loss)			$	48,345					$	—					$	48,345					$	64,867					$	8,246					$	73,113					(25.47)		%				(33.88)		%
			Hotel net income (loss) margin			16.20		%										16.20		%				25.24		%										23.80		%				(9.04)		%				(7.60)		%
			Hotel EBITDA			$	96,946					$	—					$	96,946					$	92,514					$	16,878					$	109,392					4.79		%				(11.38)		%
			Hotel EBITDA margin			32.49		%										32.49		%				35.99		%										35.60		%				(3.50)		%				(3.11)		%
			Selected Operating Information:
			RevPAR			$	541.97					$	—					$	541.97					$	556.24					$	687.51					$	574.25					(2.57)		%				(5.62)		%
			Occupancy			66.66		%				—		%				66.66		%				71.84		%				52.47		%				69.18		%				(7.21)		%				(3.64)		%
			ADR			$	813.01					$	—					$	813.01					$	774.33					$	1,310.20					$	830.10					5.00		%				(2.06)		%
URBAN PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	79,059					$	—					$	79,059					$	62,501					$	—					$	62,501					26.49		%				26.49		%
			Total hotel revenue			$	106,709					$	—					$	106,709					$	82,460					$	—					$	82,460					29.41		%				29.41		%
			Hotel net income (loss)			$	7,551					$	—					$	7,551					$	(1,404)					$	—					$	(1,404)					637.82		%				637.82		%
			Hotel net income (loss) margin			7.08		%										7.08		%				(1.70)		%										(1.70)		%				8.78		%				8.78		%
			Hotel EBITDA			$	29,510					$	—					$	29,510					$	20,233					$	—					$	20,233					45.85		%				45.85		%
			Hotel EBITDA margin			27.65		%										27.65		%				24.54		%										24.54		%				3.11		%				3.11		%
			Selected Operating Information:
			RevPAR			$	183.06					$	—					$	183.06					$	145.21					$	—					$	145.21					26.07		%				26.07		%
			Occupancy			68.84		%				—		%				68.84		%				57.44		%				—		%				57.44		%				19.85		%				19.85		%
			ADR			$	265.91					$	—					$	265.91					$	252.78					$	—					$	252.78					5.19		%				5.19		%
BRAEMAR PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	258,426					$	—					$	258,426					$	221,029					$	31,160					$	252,189					16.92		%				2.47		%
			Total hotel revenue			$	405,085					$	—					$	405,085					$	339,484					$	50,226					$	389,710					19.32		%				3.95		%
			Hotel net income (loss)			$	55,896					$	—					$	55,896					$	63,463					$	8,246					$	71,709					(11.92)		%				(22.05)		%
			Hotel net income (loss) margin			13.80		%										13.80		%				18.69		%										18.40		%				(4.89)		%				(4.60)		%
			Hotel EBITDA			$	126,456					$	—					$	126,456					$	112,747					$	16,878					$	129,625					12.16		%				(2.44)		%
			Hotel EBITDA margin			31.22		%										31.22		%				33.21		%										33.26		%				(1.99)		%				(2.04)		%
			Selected Operating Information:
			RevPAR			$	338.78					$	—					$	338.78					$	308.95					$	687.51					$	331.51					9.66		%				2.19		%
			Occupancy			67.90		%				—		%				67.90		%				63.18		%				52.47		%				62.54		%				7.47		%				8.57		%
			ADR			$	498.95					$	—					$	498.95					$	489.02					$	1,310.20					$	530.07					2.03		%				(5.87)		%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

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

(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

22

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

						TTM Ended June 30,
						Actual						Non-comparable Adjustments						Comparable
						2023						2023						2023
CAPITAL HILTON WASHINGTON D.C.
			Selected Financial Information:
			Rooms revenue			$	36,487					$	—					$	36,487
			Total hotel revenue			$	57,066					$	—					$	57,066
			Hotel net income			$	6,041					$	—					$	6,041
			Hotel net income margin			16.56		%										16.56		%
			Hotel EBITDA			$	15,750					$	—					$	15,750
			Hotel EBITDA margin			27.60		%										27.60		%
			Selected Operating Information:
			RevPAR			$	181.75					$	—					$	181.75
			Occupancy			74.84		%				—		%				74.84		%
			ADR			$	242.84					$	—					$	242.84
HILTON LA JOLLA TORREY PINES
			Selected Financial Information:
			Rooms revenue			$	28,888					$	—					$	28,888
			Total hotel revenue			$	50,342					$	—					$	50,342
			Hotel net income			$	13,133					$	—					$	13,133
			Hotel net income margin			45.46		%										45.46		%
			Hotel EBITDA			$	17,204					$	—					$	17,204
			Hotel EBITDA margin			34.17		%										34.17		%
			Selected Operating Information:
			RevPAR			$	200.88					$	—					$	200.88
			Occupancy			78.60		%				—		%				78.60		%
			ADR			$	255.56					$	—					$	255.56
SOFITEL CHICAGO MAGNIFICENT MILE
			Selected Financial Information:
			Rooms revenue			$	25,832					$	—					$	25,832
			Total hotel revenue			$	34,589					$	—					$	34,589
			Hotel net income			$	2,005					$	—					$	2,005
			Hotel net income margin			7.76		%										7.76		%
			Hotel EBITDA			$	7,347					$	—					$	7,347
			Hotel EBITDA margin			21.24		%										21.24		%
			Selected Operating Information:
			RevPAR			$	170.54					$	—					$	170.54
			Occupancy			68.09		%				—		%				68.09		%
			ADR			$	250.47					$	—					$	250.47
BARDESSONO HOTEL AND SPA
			Selected Financial Information:
			Rooms revenue			$	17,311					$	—					$	17,311
			Total hotel revenue			$	23,112					$	—					$	23,112
			Hotel net income			$	1,743					$	—					$	1,743
			Hotel net income margin			10.07		%										10.07		%
			Hotel EBITDA			$	7,179					$	—					$	7,179
			Hotel EBITDA margin			31.06		%										31.06		%
			Selected Operating Information:
			RevPAR			$	729.64					$	—					$	729.64
			Occupancy			62.20		%				—		%				62.20		%
			ADR			$	1,172.97					$	—					$	1,172.97

23

---

						TTM Ended June 30,
						Actual						Non-comparable Adjustments						Comparable
						2023						2023						2023
PIER HOUSE RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	24,955					$	—					$	24,955
			Total hotel revenue			$	31,512					$	—					$	31,512
			Hotel net income			$	8,544					$	—					$	8,544
			Hotel net income margin			34.24		%										34.24		%
			Hotel EBITDA			$	15,925					$	—					$	15,925
			Hotel EBITDA margin			50.54		%										50.54		%
			Selected Operating Information:
			RevPAR			$	481.49					$	—					$	481.49
			Occupancy			72.72		%				—		%				72.72		%
			ADR			$	662.10					$	—					$	662.10
HOTEL YOUNTVILLE
			Selected Financial Information:
			Rooms revenue			$	13,180					$	—					$	13,180
			Total hotel revenue			$	15,980					$	—					$	15,980
			Hotel net income			$	945					$	—					$	945
			Hotel net income margin			7.17		%										7.17		%
			Hotel EBITDA			$	6,014					$	—					$	6,014
			Hotel EBITDA margin			37.63		%										37.63		%
			Selected Operating Information:
			RevPAR			$	451.37					$	—					$	451.37
			Occupancy			55.76		%				—		%				55.76		%
			ADR			$	809.48					$	—					$	809.48
PARK HYATT BEAVER CREEK RESORT & SPA
			Selected Financial Information:
			Rooms revenue			$	26,977					$	—					$	26,977
			Total hotel revenue			$	51,573					$	—					$	51,573
			Hotel net income			$	3,706					$	—					$	3,706
			Hotel net income margin			13.74		%										13.74		%
			Hotel EBITDA			$	13,666					$	—					$	13,666
			Hotel EBITDA margin			26.50		%										26.50		%
			Selected Operating Information:
			RevPAR			$	386.48					$	—					$	386.48
			Occupancy			58.76		%				—		%				58.76		%
			ADR			$	657.68					$	—					$	657.68
THE NOTARY HOTEL
			Selected Financial Information:
			Rooms revenue			$	25,167					$	—					$	25,167
			Total hotel revenue			$	31,597					$	—					$	31,597
			Hotel net income			$	1,123					$	—					$	1,123
			Hotel net income margin			4.46		%										4.46		%
			Hotel EBITDA			$	9,472					$	—					$	9,472
			Hotel EBITDA margin			29.98		%										29.98		%
			Selected Operating Information:
			RevPAR			$	138.18					$	—					$	138.18
			Occupancy			60.95		%				—		%				60.95		%
			ADR			$	226.71					$	—					$	226.71

24

---

						TTM Ended June 30,
						Actual						Non-comparable Adjustments						Comparable
						2023						2023						2023
THE CLANCY
			Selected Financial Information:
			Rooms revenue			$	33,312					$	—					$	33,312
			Total hotel revenue			$	39,009					$	—					$	39,009
			Hotel net income			$	(1,050)					$	—					$	(1,050)
			Hotel net income margin			(3.15)		%										(3.15)		%
			Hotel EBITDA			$	9,348					$	—					$	9,348
			Hotel EBITDA margin			23.96		%										23.96		%
			Selected Operating Information:
			RevPAR			$	222.60					$	—					$	222.60
			Occupancy			71.69		%				—		%				71.69		%
			ADR			$	310.50					$	—					$	310.50
THE RITZ-CARLTON SARASOTA
			Selected Financial Information:
			Rooms revenue			$	40,899					$	—					$	40,899
			Total hotel revenue			$	91,750					$	—					$	91,750
			Hotel net income			$	10,147					$	—					$	10,147
			Hotel net income margin			24.81		%										24.81		%
			Hotel EBITDA			$	25,023					$	—					$	25,023
			Hotel EBITDA margin			27.27		%										27.27		%
			Selected Operating Information:
			RevPAR			$	407.10					$	—					$	407.10
			Occupancy			68.17		%				—		%				68.17		%
			ADR			$	597.18					$	—					$	597.18
THE RITZ-CARLTON LAKE TAHOE
			Selected Financial Information:
			Rooms revenue			$	31,563					$	—					$	31,563
			Total hotel revenue			$	56,061					$	—					$	56,061
			Hotel net income			$	2,614					$	—					$	2,614
			Hotel net income margin			8.28		%										8.28		%
			Hotel EBITDA			$	10,904					$	—					$	10,904
			Hotel EBITDA margin			19.45		%										19.45		%
			Selected Operating Information:
			RevPAR			$	473.84					$	—					$	473.84
			Occupancy			58.65		%				—		%				58.65		%
			ADR			$	807.85					$	—					$	807.85
MARRIOTT SEATTLE WATERFRONT
			Selected Financial Information:
			Rooms revenue			$	25,684					$	—					$	25,684
			Total hotel revenue			$	31,561					$	—					$	31,561
			Hotel net income			$	5,484					$	—					$	5,484
			Hotel net income margin			21.35		%										21.35		%
			Hotel EBITDA			$	11,582					$	—					$	11,582
			Hotel EBITDA margin			36.70		%										36.70		%
			Selected Operating Information:
			RevPAR			$	192.81					$	—					$	192.81
			Occupancy			66.47		%				—		%				66.47		%
			ADR			$	290.04					$	—					$	290.04

25

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						TTM Ended June 30,
						Actual						Non-comparable Adjustments						Comparable
						2023						2023						2023
THE RITZ-CARLTON ST. THOMAS
			Selected Financial Information:
			Rooms revenue			$	53,376					$	(1,089)					$	52,287
			Total hotel revenue			$	81,654					$	(1,089)					$	80,565
			Hotel net income			$	13,988					$	(1,089)					$	12,899
			Hotel net income margin			26.21		%										24.67		%
			Hotel EBITDA			$	26,059					$	(1,089)					$	24,970
			Hotel EBITDA margin			31.91		%										30.99		%
			Selected Operating Information:
			RevPAR			$	812.44					$	—					$	795.86
			Occupancy			70.18		%				—		%				70.18		%
			ADR			$	1,157.73					$	—					$	1,134.10
MR. C BEVERLY HILLS HOTEL
			Selected Financial Information:
			Rooms revenue			$	13,270					$	—					$	13,270
			Total hotel revenue			$	18,743					$	—					$	18,743
			Hotel net income			$	(2,274)					$	—					$	(2,274)
			Hotel net income margin			(17.14)		%										(17.14)		%
			Hotel EBITDA			$	2,641					$	—					$	2,641
			Hotel EBITDA margin			14.09		%										14.09		%
			Selected Operating Information:
			RevPAR			$	254.23					$	—					$	254.23
			Occupancy			76.71		%				—		%				76.71		%
			ADR			$	331.40					$	—					$	331.40
THE RITZ-CARLTON RESERVE DORADO BEACH
			Selected Financial Information:
			Rooms revenue			$	53,528					$	—					$	53,528
			Total hotel revenue			$	82,404					$	—					$	82,404
			Hotel net income			$	11,203					$	—					$	11,203
			Hotel net income margin			20.93		%										20.93		%
			Hotel EBITDA			$	20,040					$	—					$	20,040
			Hotel EBITDA margin			24.32		%										24.32		%
			Selected Operating Information:
			RevPAR			$	1,383.48					$	—					$	1,383.48
			Occupancy			58.15		%				—		%				58.15		%
			ADR			$	2,378.97					$	—					$	2,378.97
FOUR SEASONS RESORT SCOTTSDALE
			Selected Financial Information:
			Rooms revenue			$	25,188					$	9,515					$	34,703
			Total hotel revenue			$	43,720					$	22,091					$	65,811
			Hotel net income (loss)			$	5,794					$	(1,905)					$	3,889
			Hotel net income (loss) margin			23.00		%										11.21		%
			Hotel EBITDA			$	16,060					$	5,632					$	21,692
			Hotel EBITDA margin			36.73		%										32.96		%
			Selected Operating Information:
			RevPAR			$	565.76					$	296.12					$	452.74
			Occupancy			50.16		%				38.70		%				45.35		%
			ADR			$	1,127.98					$	765.26					$	998.25

26

---

						TTM Ended June 30,
						Actual						Non-comparable Adjustments						Comparable
						2023						2023						2023
RESORT PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	315,865					$	8,426					$	324,291
			Total hotel revenue			$	528,108					$	21,002					$	549,110
			Hotel net income			$	71,817					$	(2,994)					$	68,823
			Hotel net income margin			22.74		%										21.22		%
			Hotel EBITDA			$	158,074					$	4,543					$	162,617
			Hotel EBITDA margin			29.93		%										29.61		%
			Selected Operating Information:
			RevPAR			$	497.93					$	262.22					$	486.57
			Occupancy			66.41		%				38.70		%				65.07		%
			ADR			$	749.78					$	677.65					$	747.71
URBAN PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	159,752					$	—					$	159,752
			Total hotel revenue			$	212,565					$	—					$	212,565
			Hotel net income			$	11,329					$	—					$	11,329
			Hotel net income margin			7.09		%										7.09		%
			Hotel EBITDA			$	56,140					$	—					$	56,140
			Hotel EBITDA margin			26.41		%										26.41		%
			Selected Operating Information:
			RevPAR			$	183.75					$	—					$	183.75
			Occupancy			69.04		%				—		%				69.04		%
			ADR			$	266.13					$	—					$	266.13
BRAEMAR PROPERTIES TOTAL
			Selected Financial Information:
			Rooms revenue			$	475,617					$	8,426					$	484,043
			Total hotel revenue			$	740,673					$	21,002					$	761,675
			Hotel net income			$	83,146					$	(2,994)					$	80,152
			Hotel net income margin			17.48		%										16.56		%
			Hotel EBITDA			$	214,214					$	4,543					$	218,757
			Hotel EBITDA margin			28.92		%										28.72		%
			Selected Operating Information:
			RevPAR			$	316.28					$	262.22					$	315.15
			Occupancy			67.93		%				38.70		%				67.32		%
			ADR			$	465.58					$	677.65					$	468.13

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

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

(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

27

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)

			Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable
			2023						2023						2023						2023						2023						2023						2022						2022						2022						2022						2022						2022
			2nd Quarter						2nd Quarter						2nd Quarter						1st Quarter						1st Quarter						1st Quarter						4th Quarter						4th Quarter						4th Quarter						3rd Quarter						3rd Quarter						3rd Quarter
Total hotel revenue			$	187,905					$	—					$	187,905					$	217,180					$	—					$	217,180					$	173,363					$	13,930					$	187,293					$	162,225					$	7,072					$	169,297
Hotel net income (loss)			$	18,143					$	—					$	18,143					$	37,753					$	—					$	37,753					$	13,699					$	1,574					$	15,273					$	13,551					$	(4,569)					$	8,982
Hotel net income (loss) margin			9.66		%										9.66		%				17.38		%										17.38		%				7.90		%										8.15		%				8.35		%										5.31		%
Hotel EBITDA			$	53,660					$	—					$	53,660					$	72,796					$	—					$	72,796					$	47,065					$	5,141					$	52,206					$	40,693					$	(598)					$	40,095
Hotel EBITDA margin			28.56		%										28.56		%				33.52		%										33.52		%				27.15		%										27.87		%				25.08		%										23.68		%
Hotel net income (loss) % of total TTM			21.8		%										22.6		%				45.4		%										47.1		%				16.5		%										19.1		%				16.3		%										11.2		%
EBITDA % of total TTM			25.0		%										24.5		%				34.0		%										33.3		%				22.0		%										23.9		%				19.0		%										18.3		%
JV interests in Hotel net income (loss)			$	1,757					$	—					$	1,757					$	1,154					$	—					$	1,154					$	714					$	—					$	714					$	1,169					$	—					$	1,169
JV interests in EBITDA			$	2,618					$	—					$	2,618					$	1,943					$	—					$	1,943					$	1,798					$	—					$	1,798					$	1,880					$	—					$	1,880
			Actual						Non-comparable Adjustments						Comparable
			2023						2023						2023
			TTM						TTM						TTM
Total hotel revenue			$	740,673					$	21,002					$	761,675
Hotel net income (loss)			$	83,146					$	(2,995)					$	80,151
Hotel net income (loss) margin			11.23		%										10.52		%
Hotel EBITDA			$	214,214					$	4,543					$	218,757
Hotel EBITDA margin			28.92		%										28.72		%
Hotel net income (loss) % of total TTM			100.0		%										100.0		%
EBITDA % of total TTM			100.0		%										100.0		%
JV interests in Hotel net income (loss)			$	4,793					$	—					$	4,793
JV interests in EBITDA			$	8,239					$	—					$	8,239

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

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

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

28

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2023

(in thousands, except share price)

(unaudited)

			June 30, 2023
Common stock shares outstanding			65,994
Partnership units outstanding (common stock equivalents)			7,224
Combined common stock shares and partnership units outstanding			73,218
Common stock price			$	4.02
Market capitalization			$	294,336
Series B cumulative convertible preferred stock			$	76,950
Series D cumulative preferred stock			$	40,000
Series E redeemable preferred stock			$	412,150
Series M redeemable preferred stock			$	48,991
Indebtedness			$	1,140,430
Joint venture partner's share of consolidated indebtedness			$	(48,750)
Net working capital (see below)			$	(107,861)
Total enterprise value (TEV)			$	1,856,246
Cash and cash equivalents			$	125,809
Restricted cash			$	61,249
Accounts receivable, net			$	31,132
Prepaid expenses			$	17,675
Due from third-party hotel managers, net			$	14,044
Total current assets			$	249,909
Accounts payable, net & accrued expenses			$	129,520
Dividends and distributions payable			$	8,917
Due to affiliates, net			$	3,611
Total current liabilities			$	142,048
Net working capital*			$	107,861

* Includes the Company's pro rata share of net working capital in joint ventures.

29

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Actual

Estimated

Estimated

Bardessono Hotel and Spa

65

x

Capital Hilton Washington D.C.

550

x

x

x

x

Hotel Yountville

80

x

The Ritz-Carlton Lake Tahoe

170

x

x

The Ritz-Carlton Sarasota

276

x

x

x

Total

1

2

3

5

(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.

30

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Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			2023						2023						2022						2022						June 30, 2023
			2nd Quarter						1st Quarter						4th Quarter						3rd Quarter						TTM
Net income (loss)			$	18,143					$	37,753					$	13,699					$	13,551					$	83,146
Non-property adjustments			(12)						12						(55)						(1)						(56)
Interest income			(259)						(235)						(145)						(63)						(702)
Interest expense			11,425						11,066						8,416						6,373						37,280
Amortization of loan costs			562						642						476						496						2,176
Depreciation and amortization			22,567						22,521						20,506						19,604						85,198
Income tax expense (benefit)			507						340						219						(99)						967
Non-hotel EBITDA ownership expense			727						697						3,949						832						6,205
Hotel EBITDA including amounts attributable to noncontrolling interest			53,660						72,796						47,065						40,693						214,214
Non-comparable adjustments			—						—						5,141						(598)						4,543
Comparable hotel EBITDA			$	53,660					$	72,796					$	52,206					$	40,095					$	218,757

31

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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, 2023
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	3,924					$	3,105					$	1,890					$	764					$	1,709					$	13					$	(4,002)					$	1,388					$	37					$	2,593					$	(2,450)					$	2,729					$	3,586					$	(595)					$	3,960					$	(508)					$	18,143					$	(21,281)					$	(3,138)
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						(12)						—						—						—						—						—						(12)						12						—
Interest income			(64)						(84)						(6)						—						—						—						—						(8)						(28)						(54)						27						(15)						(10)						—						—						(17)						(259)						259						—
Interest expense			—						—						—						772						1,378						981						1,399						—						—						2,075						961						20						963						667						—						2,209						11,425						11,490						22,915
Amortization of loan cost			—						—						—						—						80						8						201						—						—						—						39						—						27						44						—						163						562						123						685
Depreciation and amortization			2,438						1,044						1,146						588						587						406						1,118						2,035						2,445						1,444						1,117						1,536						2,123						515						1,637						2,388						22,567						—						22,567
Income tax expense (benefit)			125						49						—						—						—						—						—						4						—						—						—						—						133						—						196						—						507						(582)						(75)
Non-hotel EBITDA ownership expense			(81)						16						3						120						21						12						94						167						(4)						62						203						43						26						17						33						(5)						727						(727)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			6,342						4,130						3,033						2,244						3,775						1,420						(1,190)						3,586						2,450						6,120						(115)						4,313						6,848						648						5,826						4,230						53,660						(10,706)						42,954
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(1,586)						(1,033)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(2,619)						2,619						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						75						75
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(80)						(80)
Hotel EBITDA attributable to the Company and OP unitholders			$	4,756					$	3,097					$	3,033					$	2,244					$	3,775					$	1,420					$	(1,190)					$	3,586					$	2,450					$	6,120					$	(115)					$	4,313					$	6,848					$	648					$	5,826					$	4,230					$	51,041					$	(8,092)					$	42,949
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	6,342					$	4,130					$	3,033					$	2,244					$	3,775					$	1,420					$	(1,190)					$	3,586					$	2,450					$	6,120					$	(115)					$	4,313					$	6,848					$	648					$	5,826					$	4,230					$	53,660
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	4,130					$	3,033					$	2,244					$	3,775					$	1,420					$	(1,190)					$	3,586					$	2,450					$	—					$	(115)					$	4,313					$	6,848					$	648					$	5,826					$	4,230					$	41,198
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	—					$	4,130					$	3,033					$	2,244					$	3,775					$	1,420					$	(1,190)					$	3,586					$	2,450					$	—					$	(115)					$	4,313					$	6,848					$	648					$	5,826					$	4,230					$	41,198
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	4,130					$	—					$	2,244					$	3,775					$	1,420					$	(1,190)					$	—					$	—					$	6,120					$	(115)					$	—					$	6,848					$	—					$	5,826					$	4,230					$	33,288
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	—					$	4,130					$	—					$	2,244					$	3,775					$	1,420					$	(1,190)					$	—					$	—					$	6,120					$	(115)					$	—					$	6,848					$	—					$	5,826					$	4,230					$	33,288
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	6,342					$	—					$	3,033					$	—					$	—					$	—					$	—					$	3,586					$	2,450					$	—					$	—					$	4,313					$	—					$	648					$	—					$	—					$	20,372
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	6,342					$	—					$	3,033					$	—					$	—					$	—					$	—					$	3,586					$	2,450					$	—					$	—					$	4,313					$	—					$	648					$	—					$	—					$	20,372

32

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Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

			Three Months Ended June 30, 2023
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total
BAML (Pier House Resort & Spa)			$	—					$	—					$	—					$	—					$	3,775					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3,775
BAML (Bardessono Hotel and Spa)			—						—						—						2,244						—						—						—						—						—						—						—						—						—						—						—						—						2,244
BAML (Hotel Yountville)			—						—						—						—						—						1,420						—						—						—						—						—						—						—						—						—						—						1,420
Apollo (The Ritz-Carlton St. Thomas)			—						—						—						—						—						—						—						—						—						—						—						—						6,848						—						—						—						6,848
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)			6,342						4,130						—						—						—						—						—						—						—						—						—						—						—						—						—						—						10,472
BAML Pool (see footnote 3)			—						—						3,033						—						—						—						—						3,586						2,450						—						—						4,313						—						—						—						—						13,382
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)			—						—						—						—						—						—						(1,190)						—						—						—						—						—						—						—						—						—						(1,190)
BAML (The Ritz-Carlton Sarasota)			—						—						—						—						—						—						—						—						—						6,120						—						—						—						—						—						—						6,120
BAML (The Ritz-Carlton Lake Tahoe)			—						—						—						—						—						—						—						—						—						—						(115)						—						—						—						—						—						(115)
LoanCore (Mr. C Beverly Hills Hotel)			—						—						—						—						—						—						—						—						—						—						—						—						—						648						—						—						648
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						5,826						—						5,826
Aareal (Four Seasons Resort Scottsdale)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						4,230						4,230
Total			$	6,342					$	4,130					$	3,033					$	2,244					$	3,775					$	1,420					$	(1,190)					$	3,586					$	2,450					$	6,120					$	(115)					$	4,313					$	6,848					$	648					$	5,826					$	4,230					$	53,660

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

33

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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, 2023
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	1,734					$	2,882					$	(923)					$	(1,304)					$	3,814					$	(997)					$	7,458					$	(1,358)					$	(151)					$	6,751					$	3,628					$	(631)					$	5,804					$	(493)					$	6,170					$	5,369					$	37,753					$	(21,149)					$	16,604
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						12						—						—						—						—						—						12						(12)						—
Interest income			(65)						(73)						—						—						—						—						—						(5)						(19)						(42)						—						(9)						(9)						—						—						(13)						(235)						235						—
Interest expense			—						—						—						717						1,268						902						1,301						—						—						1,891						894						20						901						622						281						2,269						11,066						11,045						22,111
Amortization of loan cost			—						—						—						—						79						—						199						—						—						95						39						—						27						43						—						160						642						120						762
Depreciation and amortization			2,186						1,027						1,235						594						593						393						1,108						2,031						2,545						1,305						1,230						1,625						2,136						549						1,637						2,327						22,521						—						22,521
Income tax expense (benefit)			26						12						—						—						—						—						—						5						—						—						—						—						136						—						161						—						340						1,989						2,329
Non-hotel EBITDA ownership expense			17						24						73						113						4						20						15						21						20						6						306						7						6						33						24						8						697						(697)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			3,898						3,872						385						120						5,758						318						10,081						694						2,395						10,006						6,109						1,012						9,001						754						8,273						10,120						72,796						(8,469)						64,327
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(975)						(968)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(1,943)						1,943						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						73						73
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(77)						(77)
Hotel EBITDA attributable to the Company and OP unitholders			$	2,923					$	2,904					$	385					$	120					$	5,758					$	318					$	10,081					$	694					$	2,395					$	10,006					$	6,109					$	1,012					$	9,001					$	754					$	8,273					$	10,120					$	70,853					$	(6,530)					$	64,323
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	3,898					$	3,872					$	385					$	120					$	5,758					$	318					$	10,081					$	694					$	2,395					$	10,006					$	6,109					$	1,012					$	9,001					$	754					$	8,273					$	10,120					$	72,796
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	3,872					$	—					$	120					$	5,758					$	318					$	10,081					$	—					$	—					$	10,006					$	6,109					$	—					$	9,001					$	—					$	8,273					$	10,120					$	63,658
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	—					$	3,872					$	—					$	120					$	5,758					$	318					$	10,081					$	—					$	—					$	10,006					$	6,109					$	—					$	9,001					$	—					$	8,273					$	10,120					$	63,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	3,898					$	—					$	385					$	—					$	—					$	—					$	—					$	694					$	2,395					$	—					$	—					$	1,012					$	—					$	754					$	—					$	—					$	9,138
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	3,898					$	—					$	385					$	—					$	—					$	—					$	—					$	694					$	2,395					$	—					$	—					$	1,012					$	—					$	754					$	—					$	—					$	9,138

34

---

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

			Three Months Ended March 31, 2023
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total
BAML (Pier House Resort & Spa)			$	—					$	—					$	—					$	—					$	5,758					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	5,758
BAML (Bardessono Hotel and Spa)			—						—						—						120						—						—						—						—						—						—						—						—						—						—						—						—						120
BAML (Hotel Yountville)			—						—						—						—						—						318						—						—						—						—						—						—						—						—						—						—						318
Apollo (The Ritz-Carlton St. Thomas)			—						—						—						—						—						—						—						—						—						—						—						—						9,001						—						—						—						9,001
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)			3,898						3,872						—						—						—						—						—						—						—						—						—						—						—						—						—						—						7,770
BAML Pool (see footnote 3)			—						—						385						—						—						—						—						694						2,395						—						—						1,012						—						—						—						—						4,486
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)			—						—						—						—						—						—						10,081						—						—						—						—						—						—						—						—						—						10,081
BAML (The Ritz-Carlton Sarasota)			—						—						—						—						—						—						—						—						—						10,006						—						—						—						—						—						—						10,006
BAML (The Ritz-Carlton Lake Tahoe)			—						—						—						—						—						—						—						—						—						—						6,109						—						—						—						—						—						6,109
LoanCore (Mr. C Beverly Hills Hotel)			—						—						—						—						—						—						—						—						—						—						—						—						—						754						—						—						754
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						8,273						—						8,273
Aareal (Four Seasons Resort Scottsdale)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						10,120						10,120
Total			$	3,898					$	3,872					$	385					$	120					$	5,758					$	318					$	10,081					$	694					$	2,395					$	10,006					$	6,109					$	1,012					$	9,001					$	754					$	8,273					$	10,120					$	72,796

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

35

---

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended December 31, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	(21)					$	2,876					$	(91)					$	702					$	1,655					$	672					$	322					$	799					$	(1,477)					$	1,194					$	681					$	283					$	3,752					$	(816)					$	2,235					$	933					$	13,699					$	(18,252)					$	(4,553)
Non-property adjustments			—						—						—						—						—						—						—						(16)						—						—						—						—						(39)						—						—						—						(55)						55						—
Interest income			(38)						(50)						—						—						—						—						—						(4)						(15)						(25)						—						(7)						(2)						—						—						(4)						(145)						145						—
Interest expense			—						—						—						638						1,117						809						1,168						—						—						1,717						774						20						828						574						771						—						8,416						9,862						18,278
Amortization of loan cost			—						—						—						—						78						—						197						—						—						94						38						—						26						43						—						—						476						119						595
Depreciation and amortization			1,901						1,070						1,382						584						648						395						1,051						2,029						2,683						1,419						852						1,488						2,002						619						1,602						781						20,506						—						20,506
Income tax expense (benefit)			—						—						—						—						—						—						—						6						—						—						—						—						(124)						—						337						—						219						41						260
Non-hotel EBITDA ownership expense			1,442						13						29						114						5						8						(4)						51						(1)						1,759						236						1						163						36						97						—						3,949						(3,949)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			3,284						3,909						1,320						2,038						3,503						1,884						2,734						2,865						1,190						6,158						2,581						1,785						6,606						456						5,042						1,710						47,065						(11,979)						35,086
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(821)						(977)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(1,798)						1,798						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						108						108
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(114)						(114)
Hotel EBITDA attributable to the Company and OP unitholders			$	2,463					$	2,932					$	1,320					$	2,038					$	3,503					$	1,884					$	2,734					$	2,865					$	1,190					$	6,158					$	2,581					$	1,785					$	6,606					$	456					$	5,042					$	1,710					$	45,267					$	(10,187)					$	35,080
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						(1,652)						—						—						6,793						5,141
Comparable hotel EBITDA			$	3,284					$	3,909					$	1,320					$	2,038					$	3,503					$	1,884					$	2,734					$	2,865					$	1,190					$	6,158					$	2,581					$	1,785					$	4,954					$	456					$	5,042					$	8,503					$	52,206
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	3,909					$	—					$	2,038					$	3,503					$	1,884					$	2,734					$	—					$	—					$	6,158					$	2,581					$	—					$	6,606					$	—					$	5,042					$	1,710					$	36,165
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						(1,652)						—						—						6,793						5,141
Comparable hotel EBITDA			$	—					$	3,909					$	—					$	2,038					$	3,503					$	1,884					$	2,734					$	—					$	—					$	6,158					$	2,581					$	—					$	4,954					$	—					$	5,042					$	8,503					$	41,306
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	3,284					$	—					$	1,320					$	—					$	—					$	—					$	—					$	2,865					$	1,190					$	—					$	—					$	1,785					$	—					$	456					$	—					$	—					$	10,900
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	3,284					$	—					$	1,320					$	—					$	—					$	—					$	—					$	2,865					$	1,190					$	—					$	—					$	1,785					$	—					$	456					$	—					$	—					$	10,900

36

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Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

			Three Months Ended December 31, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total
BAML (Pier House Resort & Spa)			$	—					$	—					$	—					$	—					$	3,503					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3,503
BAML (Bardessono Hotel and Spa)			—						—						—						2,038						—						—						—						—						—						—						—						—						—						—						—						—						2,038
BAML (Hotel Yountville)			—						—						—						—						—						1,884						—						—						—						—						—						—						—						—						—						—						1,884
Apollo (The Ritz-Carlton St. Thomas)			—						—						—						—						—						—						—						—						—						—						—						—						4,954						—						—						—						4,954
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)			3,284						3,909						—						—						—						—						—						—						—						—						—						—						—						—						—						—						7,193
BAML Pool (see footnote 3)			—						—						1,320						—						—						—						—						2,865						1,190						—						—						1,785						—						—						—						—						7,160
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)			—						—						—						—						—						—						2,734						—						—						—						—						—						—						—						—						—						2,734
BAML (The Ritz-Carlton Sarasota)			—						—						—						—						—						—						—						—						—						6,158						—						—						—						—						—						—						6,158
BAML (The Ritz-Carlton Lake Tahoe)			—						—						—						—						—						—						—						—						—						—						2,581						—						—						—						—						—						2,581
LoanCore (Mr. C Beverly Hills Hotel)			—						—						—						—						—						—						—						—						—						—						—						—						—						456						—						—						456
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						5,042						—						5,042
Aareal (Four Seasons Resort Scottsdale)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						8,503						8,503
Total			$	3,284					$	3,909					$	1,320					$	2,038					$	3,503					$	1,884					$	2,734					$	2,865					$	1,190					$	6,158					$	2,581					$	1,785					$	4,954					$	456					$	5,042					$	8,503					$	52,206

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

37

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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, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	404					$	4,270					$	1,129					$	1,581					$	1,366					$	1,257					$	(72)					$	294					$	541					$	(391)					$	755					$	3,103					$	846					$	(370)					$	(1,162)					$	—					$	13,551					$	(21,934)					$	(8,383)
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—						—						(1)						—						—						—						(1)						1						—
Interest income			(15)						(22)						—						—						—						—						—						(1)						(5)						(16)						—						(2)						(2)						—						—						—						(63)						63						—
Interest expense			—						—						—						470						808						621						901						—						—						1,356						575						(62)						669						461						574						—						6,373						7,496						13,869
Amortization of loan cost			—						—						—						34						77						—						195						—						—						93						38						—						17						42						—						—						496						125						621
Depreciation and amortization			1,840						1,020						1,476						590						633						435						1,011						2,005						2,760						1,329						802						1,432						2,059						613						1,599						—						19,604						—						19,604
Income tax expense (benefit)			—						—						—						—						—						—						—						4						—						—						—						—						13						—						(116)						—						(99)						194						95
Non-hotel EBITDA ownership expense			(3)						25						4						102						5						79						6						25						17						368						159						1						3						37						4						—						832						(832)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			2,226						5,293						2,609						2,777						2,889						2,392						2,041						2,327						3,313						2,739						2,329						4,472						3,604						783						899						—						40,693						(14,887)						25,806
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(556)						(1,324)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(1,880)						1,880						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						74						74
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(74)						(74)
Hotel EBITDA attributable to the Company and OP unitholders			$	1,670					$	3,969					$	2,609					$	2,777					$	2,889					$	2,392					$	2,041					$	2,327					$	3,313					$	2,739					$	2,329					$	4,472					$	3,604					$	783					$	899					$	—					$	38,813					$	(13,007)					$	25,806
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						563						—						—						(1,161)						(598)
Comparable hotel EBITDA			$	2,226					$	5,293					$	2,609					$	2,777					$	2,889					$	2,392					$	2,041					$	2,327					$	3,313					$	2,739					$	2,329					$	4,472					$	4,167					$	783					$	899					$	(1,161)					$	40,095
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	5,293					$	—					$	2,777					$	2,889					$	2,392					$	2,041					$	—					$	—					$	2,739					$	2,329					$	—					$	3,604					$	—					$	899					$	—					$	24,963
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						563						—						—						(1,161)						(598)
Comparable hotel EBITDA			$	—					$	5,293					$	—					$	2,777					$	2,889					$	2,392					$	2,041					$	—					$	—					$	2,739					$	2,329					$	—					$	4,167					$	—					$	899					$	(1,161)					$	24,365
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	2,226					$	—					$	2,609					$	—					$	—					$	—					$	—					$	2,327					$	3,313					$	—					$	—					$	4,472					$	—					$	783					$	—					$	—					$	15,730
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	2,226					$	—					$	2,609					$	—					$	—					$	—					$	—					$	2,327					$	3,313					$	—					$	—					$	4,472					$	—					$	783					$	—					$	—					$	15,730

38

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Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

			Three Months Ended September 30, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total
BAML (Pier House Resort & Spa)			$	—					$	—					$	—					$	—					$	2,889					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	2,889
BAML (Bardessono Hotel and Spa)			—						—						—						2,777						—						—						—						—						—						—						—						—						—						—						—						—						2,777
BAML (Hotel Yountville)			—						—						—						—						—						2,392						—						—						—						—						—						—						—						—						—						—						2,392
Apollo (The Ritz-Carlton St. Thomas)			—						—						—						—						—						—						—						—						—						—						—						—						4,167						—						—						—						4,167
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)			2,226						5,293						—						—						—						—						—						—						—						—						—						—						—						—						—						—						7,519
BAML Pool (see footnote 3)			—						—						2,609						—						—						—						—						2,327						3,313						—						—						4,472						—						—						—						—						12,721
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)			—						—						—						—						—						—						2,041						—						—						—						—						—						—						—						—						—						2,041
BAML (The Ritz-Carlton Sarasota)			—						—						—						—						—						—						—						—						—						2,739						—						—						—						—						—						—						2,739
BAML (The Ritz-Carlton Lake Tahoe)			—						—						—						—						—						—						—						—						—						—						2,329						—						—						—						—						—						2,329
LoanCore (Mr. C Beverly Hills Hotel)			—						—						—						—						—						—						—						—						—						—						—						—						—						783						—						—						783
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						899						—						899
Aareal (Four Seasons Resort Scottsdale)			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(1,161)						(1,161)
Total			$	2,226					$	5,293					$	2,609					$	2,777					$	2,889					$	2,392					$	2,041					$	2,327					$	3,313					$	2,739					$	2,329					$	4,472					$	4,167					$	783					$	899					$	(1,161)					$	40,095

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

39

---

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended June 30, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	2,584					$	3,939					$	4,103					$	1,820					$	3,530					$	1,247					$	(1,949)					$	402					$	931					$	6,586					$	(2,170)					$	1,510					$	5,742					$	(34)					$	3,018					$	—					$	31,259					$	(14,579)					$	16,680
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Interest income			(2)						(1)						—						—						—						—						—						—						(2)						(6)						—						(1)						(2)						—						—						—						(14)						14						—
Interest expense			—						—						—						310						482						415						633						—						—						984						371						34						534						396						363						—						4,522						5,183						9,705
Amortization of loan cost			—						—						—						51						76						42						193						—						—						92						37						—						—						41						(70)						—						462						114						576
Depreciation and amortization			1,839						1,006						1,490						594						662						540						943						2,011						2,814						1,327						788						1,295						2,079						611						1,572						—						19,571						—						19,571
Income tax expense (benefit)			—						—						—						—						—						—						—						6						—						—						—						—						306						—						112						—						424						653						1,077
Non-hotel EBITDA ownership expense			163						19						49						128						4						9						—						61						6						12						358						2						5						27						(1)						—						842						(842)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			4,584						4,963						5,642						2,903						4,754						2,253						(180)						2,480						3,749						8,995						(616)						2,840						8,664						1,041						4,994						—						57,066						(9,457)						47,609
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(1,146)						(1,241)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(2,387)						2,387						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						74						74
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(75)						(75)
Hotel EBITDA attributable to the Company and OP unitholders			$	3,438					$	3,722					$	5,642					$	2,903					$	4,754					$	2,253					$	(180)					$	2,480					$	3,749					$	8,995					$	(616)					$	2,840					$	8,664					$	1,041					$	4,994					$	—					$	54,679					$	(7,071)					$	47,608
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						952						—						355						5,097						6,404
Comparable hotel EBITDA			$	4,584					$	4,963					$	5,642					$	2,903					$	4,754					$	2,253					$	(180)					$	2,480					$	3,749					$	8,995					$	(616)					$	2,840					$	9,616					$	1,041					$	5,349					$	5,097					$	63,470
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	4,963					$	5,642					$	2,903					$	4,754					$	2,253					$	(180)					$	2,480					$	3,749					$	—					$	(616)					$	2,840					$	8,664					$	1,041					$	4,994					$	—					$	43,487
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						952						—						355						5,097						6,404
Comparable hotel EBITDA			$	—					$	4,963					$	5,642					$	2,903					$	4,754					$	2,253					$	(180)					$	2,480					$	3,749					$	—					$	(616)					$	2,840					$	9,616					$	1,041					$	5,349					$	5,097					$	49,891
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	4,963					$	—					$	2,903					$	4,754					$	2,253					$	(180)					$	—					$	—					$	8,995					$	(616)					$	—					$	8,664					$	—					$	4,994					$	—					$	36,730
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						952						—						355						5,097						6,404
Comparable hotel EBITDA			$	—					$	4,963					$	—					$	2,903					$	4,754					$	2,253					$	(180)					$	—					$	—					$	8,995					$	(616)					$	—					$	9,616					$	—					$	5,349					$	5,097					$	43,134
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	4,584					$	—					$	5,642					$	—					$	—					$	—					$	—					$	2,480					$	3,749					$	—					$	—					$	2,840					$	—					$	1,041					$	—					$	—					$	20,336
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	4,584					$	—					$	5,642					$	—					$	—					$	—					$	—					$	2,480					$	3,749					$	—					$	—					$	2,840					$	—					$	1,041					$	—					$	—					$	20,336

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

40

---

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2023
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	5,658					$	5,987					$	967					$	(540)					$	5,523					$	(984)					$	3,456					$	30					$	(114)					$	9,344					$	1,178					$	2,098					$	9,390					$	(1,088)					$	10,130					$	4,861					$	55,896					$	(42,430)					$	13,466
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Interest income			(129)						(157)						(6)						—						—						—						—						(13)						(47)						(96)						27						(24)						(19)						—						—						(30)						(494)						494						—
Interest expense			—						—						—						1,489						2,646						1,883						2,700						—						—						3,966						1,855						40						1,864						1,289						281						4,478						22,491						22,535						45,026
Amortization of loan cost			—						—						—						—						159						8						400						—						—						95						78						—						54						87						—						323						1,204						243						1,447
Depreciation and amortization			4,624						2,071						2,381						1,182						1,180						799						2,226						4,066						4,990						2,749						2,347						3,161						4,259						1,064						3,274						4,715						45,088						—						45,088
Income tax expense (benefit)			151						61						—						—						—						—						—						9						—						—						—						—						269						—						357						—						847						1,407						2,254
Non-hotel EBITDA ownership expense			(64)						40						76						233						25						32						109						188						16						68						509						50						32						50						57						3						1,424						(1,424)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			10,240						8,002						3,418						2,364						9,533						1,738						8,891						4,280						4,845						16,126						5,994						5,325						15,849						1,402						14,099						14,350						126,456						(19,175)						107,281
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(2,561)						(2,001)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(4,562)						4,562						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						148						148
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(157)						(157)
Hotel EBITDA attributable to the Company and OP unitholders			$	7,679					$	6,001					$	3,418					$	2,364					$	9,533					$	1,738					$	8,891					$	4,280					$	4,845					$	16,126					$	5,994					$	5,325					$	15,849					$	1,402					$	14,099					$	14,350					$	121,894					$	(14,622)					$	107,272
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	10,240					$	8,002					$	3,418					$	2,364					$	9,533					$	1,738					$	8,891					$	4,280					$	4,845					$	16,126					$	5,994					$	5,325					$	15,849					$	1,402					$	14,099					$	14,350					$	126,456
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	8,002					$	3,418					$	2,364					$	9,533					$	1,738					$	8,891					$	4,280					$	4,845					$	—					$	5,994					$	5,325					$	15,849					$	1,402					$	14,099					$	14,350					$	100,090
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	—					$	8,002					$	3,418					$	2,364					$	9,533					$	1,738					$	8,891					$	4,280					$	4,845					$	—					$	5,994					$	5,325					$	15,849					$	1,402					$	14,099					$	14,350					$	100,090
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	8,002					$	—					$	2,364					$	9,533					$	1,738					$	8,891					$	—					$	—					$	16,126					$	5,994					$	—					$	15,849					$	—					$	14,099					$	14,350					$	96,946
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	—					$	8,002					$	—					$	2,364					$	9,533					$	1,738					$	8,891					$	—					$	—					$	16,126					$	5,994					$	—					$	15,849					$	—					$	14,099					$	14,350					$	96,946
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	10,240					$	—					$	3,418					$	—					$	—					$	—					$	—					$	4,280					$	4,845					$	—					$	—					$	5,325					$	—					$	1,402					$	—					$	—					$	29,510
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	10,240					$	—					$	3,418					$	—					$	—					$	—					$	—					$	4,280					$	4,845					$	—					$	—					$	5,325					$	—					$	1,402					$	—					$	—					$	29,510

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

41

---

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Six Months Ended June 30, 2022
			Capital Hilton Washington D.C.						Hilton La Jolla Torrey Pines						Sofitel Chicago Magnificent Mile						Bardessono Hotel and Spa						Pier House Resort & Spa						Hotel Yountville						Park Hyatt Beaver Creek Resort & Spa						The Notary Hotel						The Clancy						The Ritz-Carlton Sarasota						The Ritz-Carlton Lake Tahoe						Marriott Seattle Waterfront						The Ritz-Carlton St. Thomas						Mr. C Beverly Hills Hotel						The Ritz-Carlton Reserve Dorado Beach						Four Seasons Scottssdale Resort						Hotel Total						Corporate / Allocated						Braemar Hotels & Resorts Inc.
Net income (loss)			$	742					$	6,016					$	1,188					$	2,205					$	9,356					$	618					$	5,418					$	(1,598)					$	(1,936)					$	16,838					$	3,584					$	404					$	14,322					$	(204)					$	6,510					$	—					$	63,463					$	(31,179)					$	32,284
Non-property adjustments			—						—						—						—						—						—						76						—						—						—						—						—						—						—						—						—						76						(76)						—
Interest income			(2)						(1)						—						—						—						—						—						—						(4)						(11)						—						(3)						(4)						—						—						—						(25)						25						—
Interest expense			—						—						—						566						877						735						1,159						—						—						1,846						668						68						1,060						787						402						—						8,168						9,395						17,563
Amortization of loan cost			—						—						—						101						152						102						321						—						—						183						74						—						—						82						—						—						1,015						225						1,240
Depreciation and amortization			3,679						2,028						3,117						1,197						1,330						1,216						1,870						3,994						5,783						2,578						1,580						2,486						4,011						1,220						1,923						—						38,012						—						38,012
Income tax expense (benefit)			—						—						—						—						—						—						—						9						—						—						—						—						526						—						112						—						647						3,041						3,688
Non-hotel EBITDA ownership expense			245						83						54						243						8						11						1						76						8						46						567						5						12						33						(1)						—						1,391						(1,391)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			4,664						8,126						4,359						4,312						11,723						2,682						8,845						2,481						3,851						21,480						6,473						2,960						19,927						1,918						8,946						—						112,747						(19,960)						92,787
Less: EBITDA adjustments attributable to consolidated noncontrolling interest			(1,166)						(2,032)						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(3,198)						3,198						—
Equity in earnings (loss) of unconsolidated entities			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						146						146
Company's portion of EBITDA of OpenKey			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						(146)						(146)
Hotel EBITDA attributable to the Company and OP unitholders			$	3,498					$	6,094					$	4,359					$	4,312					$	11,723					$	2,682					$	8,845					$	2,481					$	3,851					$	21,480					$	6,473					$	2,960					$	19,927					$	1,918					$	8,946					$	—					$	109,549					$	(16,762)					$	92,787
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						1,089						—						3,634						12,155						16,878
Comparable hotel EBITDA			$	4,664					$	8,126					$	4,359					$	4,312					$	11,723					$	2,682					$	8,845					$	2,481					$	3,851					$	21,480					$	6,473					$	2,960					$	21,016					$	1,918					$	12,580					$	12,155					$	129,625
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	8,126					$	4,359					$	4,312					$	11,723					$	2,682					$	8,845					$	2,481					$	3,851					$	—					$	6,473					$	2,960					$	19,927					$	1,918					$	8,946					$	—					$	86,603
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						1,089						—						3,634						12,155						16,878
Comparable hotel EBITDA			$	—					$	8,126					$	4,359					$	4,312					$	11,723					$	2,682					$	8,845					$	2,481					$	3,851					$	—					$	6,473					$	2,960					$	21,016					$	1,918					$	12,580					$	12,155					$	103,481
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	—					$	8,126					$	—					$	4,312					$	11,723					$	2,682					$	8,845					$	—					$	—					$	21,480					$	6,473					$	—					$	19,927					$	—					$	8,946					$	—					$	92,514
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						1,089						—						3,634						12,155						16,878
Comparable hotel EBITDA			$	—					$	8,126					$	—					$	4,312					$	11,723					$	2,682					$	8,845					$	—					$	—					$	21,480					$	6,473					$	—					$	21,016					$	—					$	12,580					$	12,155					$	109,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest			$	4,664					$	—					$	4,359					$	—					$	—					$	—					$	—					$	2,481					$	3,851					$	—					$	—					$	2,960					$	—					$	1,918					$	—					$	—					$	20,233
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	4,664					$	—					$	4,359					$	—					$	—					$	—					$	—					$	2,481					$	3,851					$	—					$	—					$	2,960					$	—					$	1,918					$	—					$	—					$	20,233

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota.

42