Braemar Hotels & Resorts 8K Reports Second Quarter 2023 Results | BHR 2 Aug 23

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.

BHR Reports First Quarter Results

Page 2

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.

BHR Reports First Quarter Results

Page 3

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.

* * * * *

BHR Reports First Quarter Results

Page 4

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.

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

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

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

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.

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.

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.

(4) Excluded hotels under renovation:

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

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:

(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.

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:

(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.

(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.

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)	%


		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	%


		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	%


		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	%


		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:

(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.

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)	%


		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	%


		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	%


		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	%


		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:

(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.

(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

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


		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


		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


		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


		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:

(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.

(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

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:

(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.

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

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.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Bardessono Hotel and Spa

Capital Hilton Washington D.C.

550

Hotel Yountville

The Ritz-Carlton Lake Tahoe

170

The Ritz-Carlton Sarasota

276

Total

(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.

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

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

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:

(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.

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

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:

(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.

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

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:

(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.

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

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:

(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.

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:

(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.

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:

(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.

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:

(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.

Braemar Hotels & Resorts (BHR) 8-KBraemar Hotels & Resorts Reports Second Quarter 2023 Results