Enhanced Investments - Financial Portal

Published: 2022-08-03 00:00:00 ET

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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 2022 RESULTS

Comparable RevPAR Increased 43% to $314

Net Income Attributable to Common Stockholders was $10.3 Million

Adjusted EBITDAre was $50.1 Million

Comparable Hotel EBITDA was $57.4 Million

AFFO per Share was $0.37

DALLAS –August 3, 2022 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2022. 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, 2022, 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, 2022, with the second quarter ended June 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

•Comparable RevPAR for all hotels increased 43% over the prior year quarter to $313.96. Comparable ADR was flat compared to the prior year quarter at $441.25 and Comparable Occupancy increased 42.8% over the prior year quarter to 71.2%. Compared to the second quarter of 2019, Comparable RevPAR was 27.6% higher, Comparable ADR was 41.5% higher, and Comparable Occupancy was 9.8% lower.

•Net income attributable to common stockholders for the quarter was $10.3 million or $0.12 per diluted share.

•Adjusted funds from operations (AFFO) was $0.37 per diluted share for the quarter compared to $0.20 in the prior year quarter, reflecting a growth rate of 85%.

•Adjusted EBITDAre was $50.1 million for the quarter, reflecting a growth rate of 155% over the prior year quarter, and 52.8% higher than what the Company reported in the second quarter of 2019.

•Comparable Hotel EBITDA was $57.4 million for the quarter, which was 87.8% higher than the prior year quarter and 42.7% higher than the second quarter of 2019.

•The Company ended the quarter with cash and cash equivalents of $251.0 million and restricted cash of $48.1 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 $19.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 42.7% at the end of the second quarter.

BHR Reports Second Quarter Results

Page 2

August 3, 2022

•Capex invested during the quarter was $9.1 million.

CAPITAL STRUCTURE

At June 30, 2022, the Company had total assets of $2.1 billion and $1.2 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 4.3%.

During the third quarter of 2021, the Company commenced the sale of its Series E and Series M non-traded preferred stock. During the second quarter and the month of July, the Company raised approximately $37.6 million and $50.6 million of net proceeds from the sale of its preferred stock, respectively. To date, the Company has issued approximately 7.1 million shares of its Series E and Series M non-traded preferred stock raising approximately $161.5 million of net proceeds.

On June 1, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.01 per diluted share for the Company’s common stock for the second quarter ending June 30, 2022. The dividend, which equates to an annual rate of $0.04 per share, was paid on July 15, 2022, to stockholders of record as of June 30, 2022. 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.

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.

“Despite a volatile macroeconomic environment, particularly concerning stock prices, interest rates and inflation, our portfolio continued to deliver outstanding results. In fact, it has continued to extend its outperformance compared to 2019,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “The portfolio significantly exceeded 2019 in terms of both RevPAR and EBITDA, and reported Hotel EBITDA margins that exceeded the comparable period by over 300 basis points,” he continued. “As expected, our urban portfolio has come roaring back as a significant growth engine, reporting over $20 million of EBITDA for the quarter comprising over 35% of portfolio Hotel EBITDA for the quarter. With this contribution, we were able to report our highest ever Company level Adjusted EBITDAre for the quarter. Looking ahead, we expect more of the same -- strong leisure demand balanced by our soon to be fully recovered urban portfolio,” Stockton concluded.

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, August 4, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Thursday, August 11, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13730709.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2022 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online

BHR Reports Second Quarter Results

Page 3

August 3, 2022

at the Company’s website, www.bhrreit.com on Thursday, August 4, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

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

* * * * *

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

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

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; 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, 2022		December 31, 2021
ASSETS
Investments in hotel properties, gross	$	2,043,950	$	1,845,078
Accumulated depreciation	(418,066)		(399,481)
Investments in hotel properties, net	1,625,884		1,445,597
Cash and cash equivalents	251,032		215,998
Restricted cash	48,117		47,376
Accounts receivable, net of allowance of $219 and $134, respectively	32,888		23,701

Inventories	4,489		3,128

Prepaid expenses	4,260		4,352

Investment in OpenKey	1,707		1,689
Derivative assets	2,170		139
Other assets	17,789		23,588
Operating lease right-of-use assets	79,978		80,462
Intangible assets, net	4,072		4,261

Due from related parties, net	1,068		1,770
Due from third-party hotel managers	19,145		27,461
Total assets	$	2,092,599	$	1,879,522

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,237,504	$	1,172,678
Accounts payable and accrued expenses	112,686		96,316
Dividends and distributions payable	3,535		2,173

Due to Ashford Inc., net	2,701		1,474

Due to third-party hotel managers	1,044		610
Operating lease liabilities	60,839		60,937

Derivative liabilities	705		1,435
Other liabilities	20,590		20,034
Total liabilities	1,439,604		1,355,657

5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2022 and December 31, 2021	65,426		65,426
Series E Redeemable Preferred Stock, $0.01 par value, 4,508,488 and 1,710,399 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	103,697		39,339
Series M Redeemable Preferred Stock, $0.01 par value, 395,945 and 29,044 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	9,750		715
Redeemable noncontrolling interests in operating partnership	40,291		36,087
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2022 and December 31, 2021	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 71,310,367 and 65,365,470 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	712		653
Additional paid-in capital	738,353		707,418
Accumulated deficit	(290,307)		(309,240)
Total stockholders' equity of the Company	448,774		398,847
Noncontrolling interest in consolidated entities	(14,943)		(16,549)
Total equity	433,831		382,298
Total liabilities and equity	$	2,092,599	$	1,879,522

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,
	2022		2021		2022		2021
REVENUE
Rooms	$	112,527	$	63,837	$	217,719	$	118,160
Food and beverage	42,269		19,853		78,976		36,482
Other	20,098		13,420		40,079		26,316
Total hotel revenue	174,894		97,110		336,774		180,958


EXPENSES
Hotel operating expenses:
Rooms	24,134		13,482		44,318		24,497
Food and beverage	31,894		16,322		59,922		30,274
Other expenses	52,087		33,476		98,294		62,019
Management fees	5,538		2,952		9,686		5,484
Total hotel operating expenses	113,653		66,232		212,220		122,274
Property taxes, insurance and other	5,277		7,190		13,880		14,454
Depreciation and amortization	19,571		18,244		38,012		36,597

Advisory services fee:
Base advisory fee	3,226		2,678		6,165		5,223
Reimbursable expenses	1,173		510		2,269		1,002
Incentive fee	(731)		1,266		246		1,637
Stock/unit-based compensation	2,637		2,285		4,947		3,672
(Gain) loss on legal settlements	(114)		(989)		(114)		(989)
Transaction costs	—		296		—		296
Corporate, general and administrative:
Stock/unit-based compensation	543		506		588		516
Other general and administrative	2,895		1,877		5,345		3,467
Total operating expenses	148,130		100,095		283,558		188,149
Gain (loss) on insurance settlement and disposition of assets	—		197		—		696
OPERATING INCOME (LOSS)	26,764		(2,788)		53,216		(6,495)
Equity in earnings (loss) of unconsolidated entity	(74)		(66)		(146)		(130)
Interest income	162		12		187		21

Interest expense	(9,705)		(6,633)		(17,563)		(12,662)
Amortization of loan costs	(576)		(593)		(1,240)		(1,320)
Write-off of loan costs and exit fees	(22)		(1,177)		(98)		(1,528)

Unrealized gain (loss) on derivatives	1,208		(58)		1,616		(78)
INCOME (LOSS) BEFORE INCOME TAXES	17,757		(11,303)		35,972		(22,192)
Income tax (expense) benefit	(1,077)		(61)		(3,688)		(206)
NET INCOME (LOSS)	16,680		(11,364)		32,284		(22,398)
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,468)		849		(1,442)		2,096
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(846)		1,282		(1,813)		2,361
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	14,366		(9,233)		29,029		(17,941)
Preferred dividends	(4,064)		(1,893)		(7,367)		(4,281)
Gain (loss) on extinguishment of preferred stock	—		(4,411)		—		(4,484)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	10,302	$	(15,537)	$	21,662	$	(26,706)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	0.14	$	(0.32)	$	0.31	$	(0.61)
Weighted average common shares outstanding – basic	70,740		47,820		68,325		43,737
Diluted:
Net income (loss) attributable to common stockholders	$	0.12	$	(0.32)	$	0.27	$	(0.61)
Weighted average common shares outstanding – diluted	107,669		47,820		98,798		43,737
Dividends declared per common share:	$	0.01	$	—	$	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,
	2022		2021		2022		2021
Net income (loss)	$	16,680	$	(11,364)	$	32,284	$	(22,398)

Interest expense and amortization of loan costs	10,281		7,226		18,803		13,982
Depreciation and amortization	19,571		18,244		38,012		36,597
Income tax expense (benefit)	1,077		61		3,688		206
Equity in (earnings) loss of unconsolidated entity	74		66		146		130
Company's portion of EBITDA of OpenKey	(75)		(65)		(146)		(128)
EBITDA	47,608		14,168		92,787		28,389

(Gain) loss on insurance settlement and disposition of assets	—		(197)		—		(696)

EBITDAre	47,608		13,971		92,787		27,693
Amortization of favorable (unfavorable) contract assets (liabilities)	118		138		226		276
Transaction and conversion costs	771		828		1,326		1,168

Write-off of loan costs and exit fees	22		1,177		98		1,528

Unrealized (gain) loss on derivatives	(1,208)		58		(1,616)		78
Stock/unit-based compensation	3,185		2,805		5,550		4,221
Legal, advisory and settlement costs	315		(632)		632		(427)
Advisory services incentive fee	(731)		1,266		246		1,637



Company's portion of adjustments to EBITDAre of OpenKey	(1)		1		5		6
Adjusted EBITDAre	$	50,079	$	19,612	$	99,254	$	36,180

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,
	2022		2021		2022		2021
Net income (loss)	$	16,680	$	(11,364)	$	32,284	$	(22,398)
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,468)		849		(1,442)		2,096
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(846)		1,282		(1,813)		2,361
Preferred dividends	(4,064)		(1,893)		(7,367)		(4,281)
Gain (loss) on extinguishment of preferred stock	—		(4,411)		—		(4,484)
Net income (loss) attributable to common stockholders	10,302		(15,537)		21,662		(26,706)
Depreciation and amortization on real estate	18,927		17,565		36,722		35,224

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	846		(1,282)		1,813		(2,361)
Equity in (earnings) loss of unconsolidated entity	74		66		146		130
(Gain) loss on insurance settlement and disposition of assets	—		(197)		—		(696)
Company's portion of FFO of OpenKey	(74)		(65)		(146)		(129)
FFO available to common stockholders and OP unitholders	30,075		550		60,197		5,462
Series B Cumulative Convertible Preferred Stock dividends	1,058		1,068		2,116		2,631
(Gain) loss on extinguishment of preferred stock	—		4,411		—		4,484
Transaction and conversion costs	771		828		1,326		1,168

Interest expense on convertible notes	1,108		649		2,211		649
Interest expense accretion on refundable membership club deposits	178		190		368		392
Write-off of loan costs and exit fees	22		1,177		98		1,528
Amortization of loan costs	553		571		1,195		1,277

Unrealized (gain) loss on derivatives	(1,208)		58		(1,616)		78
Stock/unit-based compensation	3,185		2,805		5,550		4,221
Legal, advisory and settlement costs	315		(632)		632		(427)
Advisory services incentive fee	(731)		1,266		246		1,637



Company's portion of adjustments to FFO of OpenKey	(1)		1		5		6
Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis	$	35,325	$	12,942	$	72,328	$	23,106
Adjusted FFO per diluted share available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis	$	0.37	$	0.20	$	0.79	$	0.38
Weighted average diluted shares	94,367		63,649		91,939		60,297

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2022

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (7)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA(8)		Comparable TTM EBITDA Debt Yield
Apollo	The Ritz-Carlton St. Thomas	August 2022	August 2024	LIBOR + 3.95%	$	—		$	42,500		(1)	$	42,500		$	31,836	74.9	%
BAML	The Ritz-Carlton Sarasota	April 2023	April 2023	LIBOR + 2.65%	—			99,000			(2)	99,000			32,058		32.4	%
BAML	Hotel Yountville	May 2023	May 2023	LIBOR + 2.55%	—			51,000			(2)	51,000			7,457		14.6	%
BAML	See footnote	June 2023	June 2025	LIBOR + 2.16%	—			435,000			(3)	435,000			17,612		4.1	%
BAML	Bardessono Hotel and Spa	August 2023	August 2023	LIBOR + 2.55%	—			40,000			(2)	40,000			10,656		26.6	%
BAML	The Ritz-Carlton Lake Tahoe	January 2024	January 2024	LIBOR + 2.10%	—			54,000			(2)	54,000			11,777		21.8	%
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	February 2024	February 2024	LIBOR + 1.70%	—			195,000				195,000			17,194		8.8	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2024	February 2027	SOFR + 2.86%	—			70,500			(4)	70,500			14,397		20.4	%
Knighthead Funding	The Ritz-Carlton Reserve Dorado Beach	March 2024	March 2026	LIBOR + 6.00%	—			54,000			(5)	54,000			17,556		32.5	%
LoanCore	Mr. C Beverly Hills Hotel	August 2024	August 2024	LIBOR + 3.60%	—			30,000			(6)	30,000			3,488		11.6	%
BAML	Pier House Resort & Spa	September 2024	September 2024	LIBOR + 1.85%	—			80,000			(2)	80,000			20,603		25.8	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A
Total					$	86,250		$	1,151,000			$	1,237,250		$	184,634	14.9	%
Percentage					7.0		%	93.0		%		100.0		%
Weighted average interest rate					4.50		%	4.24		%		4.26		%

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

(1) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in August 2021. This mortgage loan has a LIBOR floor of 1.00%.

(2) This mortgage loan has a LIBOR floor of 0.25%.

(3) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in June 2022. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

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

(5) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.

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

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

(8) 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, 2022

(dollars in thousands)

(unaudited)


Lender	Hotels	2022		2023		2024		2025		2026		Thereafter		Total
BAML	Hotel Yountville	$	—	$	51,000	$	—	$	—	$	—	$	—	$	51,000
BAML	Bardessono Hotel and Spa	—		40,000		—		—		—		—		40,000
BAML	The Ritz-Carlton Sarasota	—		98,000		—		—		—		—		98,000
BAML	The Ritz-Carlton Lake Tahoe	—		—		54,000		—		—		—		54,000
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	—		—		195,000		—		—		—		195,000
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	—		—		—		435,000		—		—		435,000
Knighthead Funding	The Ritz-Carlton Reserve Dorado Beach	—		—		—		—		54,000		—		54,000
Convertible Senior Notes	N/A	—		—		—		—		86,250		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		—		—		—		—		70,500		70,500
Principal due in future periods		$	—	$	189,000	$	401,500	$	435,000	$	140,250	$	70,500	$	1,236,250
Scheduled amortization payments remaining		500		500		—		—		—		—		1,000
Total indebtedness		$	500	$	189,500	$	401,500	$	435,000	$	140,250	$	70,500	$	1,237,250

(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
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	113,978		$	104		$	114,082		$	63,443		$	16,199		$	79,642		79.65	%	43.24	%
	RevPAR	$	313.68		$	—		$	313.96		$	187.31		$	685.02		$	219.80		67.46	%	42.84	%
	Occupancy	71.15		%	—		%	71.15		%	49.17		%	59.09		%	49.81		%	44.72	%	42.84	%
	ADR	$	440.85		$	—		$	441.25		$	380.98		$	1,159.30		$	441.24		15.71	%	—	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	221,029		$	10,256		$	231,285		$	117,029		$	32,622		$	149,651		88.87	%	54.55	%
	RevPAR	$	308.95		$	1,402.17		$	320.01		$	173.72		$	669.07		$	207.15		77.85	%	54.49	%
	Occupancy	63.18		%	50.36		%	63.05		%	43.07		%	49.81		%	43.53		%	46.68	%	44.85	%
	ADR	$	489.02		$	2,784.54		$	507.58		$	403.33		$	1,343.34		$	475.93		21.25	%	6.65	%

NOTES:

(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2022, 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 and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(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) The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	108,391		$	104		$	108,495		$	60,267		$	16,199		$	76,466		79.85	%	41.89	%
	RevPAR	$	327.95		$	—		$	328.26		$	197.05		$	685.02		$	232.07		66.43	%	41.45	%
	Occupancy	72.56		%	—		%	72.56		%	49.34		%	59.09		%	50.04		%	47.05	%	45.00	%
	ADR	$	451.95		$	—		$	452.39		$	399.33		$	1,159.30		$	463.73		13.18	%	(2.45)	%


ALL HOTELS NOT UNDER RENOVATION:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	212,854		$	10,256		$	223,110		$	112,955		$	32,622		$	145,577		88.44	%	53.26	%
	RevPAR	$	327.43		$	1,402.17		$	339.39		$	185.68		$	669.07		$	221.55		76.34	%	53.19	%
	Occupancy	64.55		%	50.36		%	64.39		%	44.23		%	49.81		%	44.64		%	45.95	%	44.24	%
	ADR	$	507.25		$	2,784.54		$	527.06		$	419.81		$	1,343.34		$	496.26		20.83	%	6.21	%

NOTES:

(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at June 30, 2022, and not under renovation during the three months ended June 30, 2022, 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 and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(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) The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.

(4) Excluded hotels under renovation:

Marriott Seattle Waterfront

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	176,082		$	97,110		81.32	%	$	339,484		$	180,958		87.60	%
	Non-comparable adjustments	—			23,014					15,168			44,577
	Comparable total hotel revenue	$	176,082		$	120,124		46.58	%	$	354,652		$	225,535		57.25	%

	Hotel EBITDA	$	57,066		$	24,728		130.77	%	$	112,747		$	45,227		149.29	%
	Non-comparable adjustments	355			5,842					3,634			12,572
	Comparable hotel EBITDA	$	57,421		$	30,570		87.83	%	$	116,381		$	57,799		101.35	%
	Hotel EBITDA margin	32.41		%	25.46		%	6.95	%	33.21		%	24.99		%	8.22	%
	Comparable hotel EBITDA margin	32.61		%	25.45		%	7.16	%	32.82		%	25.63		%	7.19	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	2,387		$	27		8,740.74	%	$	3,198		$	(378)		946.03	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	54,679		$	24,701		121.36	%	$	109,549		$	45,605		140.21	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	55,034		$	30,543		80.19	%	$	113,183		$	58,177		94.55	%

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


ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	169,292		$	93,316		81.42	%	$	329,386		$	176,139		87.00	%
	Non-comparable adjustments	—			23,014					15,168			44,577
	Comparable total hotel revenue	$	169,292		$	116,330		45.53	%	$	344,554		$	220,716		56.11	%

	Hotel EBITDA	$	54,226		$	23,565		130.11	%	$	109,787		$	44,701		145.60	%
	Non-comparable adjustments	355			5,842					3,634			12,572
	Comparable hotel EBITDA	$	54,581		$	29,407		85.61	%	$	113,421		$	57,273		98.04	%
	Hotel EBITDA margin	32.03		%	25.25		%	6.78	%	33.33		%	25.38		%	7.95	%
	Comparable hotel EBITDA margin	32.24		%	25.28		%	6.96	%	32.92		%	25.95		%	6.97	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	2,387		$	27		8,740.74	%	$	3,198		$	(378)		(946.03)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	51,839		$	23,538		120.24	%	$	106,589		$	45,079		136.45	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	52,194		$	29,380		77.65	%	$	110,223		$	57,651		91.19	%

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

(4) Excluded hotels under renovation:

Marriott Seattle Waterfront

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
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	9,719		$	—		$	9,719		$	1,204		$	—		$	1,204		707.23	%	707.23	%
	Total hotel revenue	$	13,694		$	—		$	13,694		$	1,576		$	—		$	1,576		768.91	%	768.91	%
	Hotel EBITDA	$	4,584		$	—		$	4,584		$	(1,706)		$	—		$	(1,706)		368.70	%	368.70	%
	Hotel EBITDA margin	33.47		%				33.47		%	(108.25)		%				(108.25)		%	141.72	%	141.72	%
	Selected Operating Information:
	RevPAR	$	194.18		$	—		$	194.18		$	24.06		$	—		$	24.06		707.16	%	707.16	%
	Occupancy	75.86		%	—		%	75.86		%	17.97		%	—		%	17.97		%	322.16	%	322.16	%
	ADR	$	255.97		$	—		$	255.97		$	133.88		$	—		$	133.88		91.20	%	91.20	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	7,638		$	—		$	7,638		$	4,298		$	—		$	4,298		77.71	%	77.71	%
	Total hotel revenue	$	13,222		$	—		$	13,222		$	6,587		$	—		$	6,587		100.73	%	100.73	%
	Hotel EBITDA	$	4,963		$	—		$	4,963		$	1,815		$	—		$	1,815		173.44	%	173.44	%
	Hotel EBITDA margin	37.54		%				37.54		%	27.55		%				27.55		%	9.99	%	9.99	%
	Selected Operating Information:
	RevPAR	$	213.03		$	—		$	213.03		$	119.88		$	—		$	119.88		77.71	%	77.71	%
	Occupancy	85.40		%	—		%	85.40		%	61.72		%	—		%	61.72		%	38.36	%	38.36	%
	ADR	$	249.46		$	—		$	249.46		$	194.23		$	—		$	194.23		28.44	%	28.44	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,542		$	—		$	7,542		$	2,953		$	—		$	2,953		155.40	%	155.40	%
	Total hotel revenue	$	10,162		$	—		$	10,162		$	3,813		$	—		$	3,813		166.51	%	166.51	%
	Hotel EBITDA	$	5,642		$	—		$	5,642		$	(156)		$	—		$	(156)		3,716.67	%	3,716.67	%
	Hotel EBITDA margin	55.52		%				55.52		%	(4.09)		%				(4.09)		%	59.61	%	59.61	%
	Selected Operating Information:
	RevPAR	$	199.71		$	—		$	199.71		$	78.24		$	—		$	78.24		155.26	%	155.26	%
	Occupancy	74.33		%	—		%	74.33		%	40.34		%	—		%	40.34		%	84.27	%	84.27	%
	ADR	$	268.69		$	—		$	268.69		$	193.96		$	—		$	193.96		38.53	%	38.53	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	5,699		$	—		$	5,699		$	4,804		$	—		$	4,804		18.63	%	18.63	%
	Total hotel revenue	$	7,293		$	—		$	7,293		$	6,132		$	—		$	6,132		18.93	%	18.93	%
	Hotel EBITDA	$	2,903		$	—		$	2,903		$	2,658		$	—		$	2,658		9.22	%	9.22	%
	Hotel EBITDA margin	39.81		%				39.81		%	43.35		%				43.35		%	(3.54)	%	(3.54)	%
	Selected Operating Information:
	RevPAR	$	963.50		$	—		$	963.50		$	812.30		$	—		$	812.30		18.61	%	18.61	%
	Occupancy	71.85		%	—		%	71.85		%	77.38		%	—		%	77.38		%	(7.14)	%	(7.14)	%
	ADR	$	1,340.96		$	—		$	1,340.96		$	1,049.76		$	—		$	1,049.76		27.74	%	27.74	%

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	7,015		$	—		$	7,015		$	6,697		$	—		$	6,697		4.75	%	4.75	%
	Total hotel revenue	$	8,710		$	—		$	8,710		$	8,419		$	—		$	8,419		3.46	%	3.46	%
	Hotel EBITDA	$	4,754		$	—		$	4,754		$	4,913		$	—		$	4,913		(3.24)	%	(3.24)	%
	Hotel EBITDA margin	54.58		%				54.58		%	58.36		%				58.36		%	(3.78)	%	(3.78)	%
	Selected Operating Information:
	RevPAR	$	542.86		$	—		$	542.86		$	518.26		$	—		$	518.26		4.75	%	4.75	%
	Occupancy	74.42		%	—		%	74.42		%	91.29		%	—		%	91.29		%	(18.48)	%	(18.48)	%
	ADR	$	729.50		$	—		$	729.50		$	567.74		$	—		$	567.74		28.49	%	28.49	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	4,309		$	—		$	4,309		$	3,429		$	—		$	3,429		25.66	%	25.66	%
	Total hotel revenue	$	5,122		$	—		$	5,122		$	3,992		$	—		$	3,992		28.31	%	28.31	%
	Hotel EBITDA	$	2,253		$	—		$	2,253		$	1,759		$	—		$	1,759		28.08	%	28.08	%
	Hotel EBITDA margin	43.99		%				43.99		%	44.06		%				44.06		%	(0.07)	%	(0.07)	%
	Selected Operating Information:
	RevPAR	$	591.91		$	—		$	591.91		$	470.87		$	—		$	470.87		25.71	%	25.71	%
	Occupancy	61.32		%	—		%	61.32		%	70.03		%	—		%	70.03		%	(12.44)	%	(12.44)	%
	ADR	$	965.30		$	—		$	965.30		$	672.41		$	—		$	672.41		43.56	%	43.56	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	2,306		$	—		$	2,306		$	1,555		$	—		$	1,555		48.30	%	48.30	%
	Total hotel revenue	$	6,652		$	—		$	6,652		$	4,266		$	—		$	4,266		55.93	%	55.93	%
	Hotel EBITDA	$	(180)		$	—		$	(180)		$	(401)		$	—		$	(401)		55.11	%	55.11	%
	Hotel EBITDA margin	(2.71)		%				(2.71)		%	(9.40)		%				(9.40)		%	6.69	%	6.69	%
	Selected Operating Information:
	RevPAR	$	133.35		$	—		$	133.35		$	89.88		$	—		$	89.88		48.36	%	48.36	%
	Occupancy	44.90		%	—		%	44.90		%	31.71		%	—		%	31.71		%	41.58	%	41.58	%
	ADR	$	297.00		$	—		$	297.00		$	283.43		$	—		$	283.43		4.79	%	4.79	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,158		$	—		$	6,158		$	2,416		$	—		$	2,416		154.88	%	154.88	%
	Total hotel revenue	$	7,587		$	—		$	7,587		$	2,665		$	—		$	2,665		184.69	%	184.69	%
	Hotel EBITDA	$	2,480		$	—		$	2,480		$	154		$	—		$	154		1,510.39	%	1,510.39	%
	Hotel EBITDA margin	32.69		%				32.69		%	5.78		%				5.78		%	26.91	%	26.91	%
	Selected Operating Information:
	RevPAR	$	135.62		$	—		$	135.62		$	53.20		$	—		$	53.20		154.95	%	154.95	%
	Occupancy	62.18		%	—		%	62.18		%	32.71		%	—		%	32.71		%	90.11	%	90.11	%
	ADR	$	218.10		$	—		$	218.10		$	162.63		$	—		$	162.63		34.10	%	34.10	%

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	9,753		$	—		$	9,753		$	2,823		$	—		$	2,823		245.48	%	245.48	%
	Total hotel revenue	$	11,094		$	—		$	11,094		$	3,331		$	—		$	3,331		233.05	%	233.05	%
	Hotel EBITDA	$	3,749		$	—		$	3,749		$	(1,024)		$	—		$	(1,024)		466.11	%	466.11	%
	Hotel EBITDA margin	33.79		%				33.79		%	(30.74)		%				(30.74)		%	64.53	%	64.53	%
	Selected Operating Information:
	RevPAR	$	261.39		$	—		$	261.39		$	75.65		$	—		$	75.65		245.51	%	245.51	%
	Occupancy	79.31		%	—		%	79.31		%	51.57		%	—		%	51.57		%	53.80	%	53.80	%
	ADR	$	329.57		$	—		$	329.57		$	146.70		$	—		$	146.70		124.65	%	124.65	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	12,616		$	—		$	12,616		$	11,178		$	—		$	11,178		12.86	%	12.86	%
	Total hotel revenue	$	27,252		$	—		$	27,252		$	22,717		$	—		$	22,717		19.96	%	19.96	%
	Hotel EBITDA	$	8,995		$	—		$	8,995		$	7,723		$	—		$	7,723		16.47	%	16.47	%
	Hotel EBITDA margin	33.01		%				33.01		%	34.00		%				34.00		%	(0.99)	%	(0.99)	%
	Selected Operating Information:
	RevPAR	$	502.29		$	—		$	502.29		$	461.80		$	—		$	461.80		8.77	%	8.77	%
	Occupancy	85.79		%	—		%	85.79		%	87.14		%	—		%	87.14		%	(1.54)	%	(1.54)	%
	ADR	$	585.49		$	—		$	585.49		$	529.98		$	—		$	529.98		10.47	%	10.47	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	3,787		$	—		$	3,787		$	3,605		$	787		$	4,392		5.05	%	(13.78)	%
	Total hotel revenue	$	8,310		$	—		$	8,310		$	7,716		$	354		$	8,070		7.70	%	2.97	%
	Hotel EBITDA	$	(616)		$	—		$	(616)		$	(306)		$	—		$	(306)		(101.31)	%	(101.31)	%
	Hotel EBITDA margin	(7.41)		%				(7.41)		%	(3.97)		%				(3.79)		%	(3.44)	%	(3.62)	%
	Selected Operating Information:
	RevPAR	$	228.65		$	—		$	228.65		$	233.04		$	—		$	268.17		(1.89)	%	(14.74)	%
	Occupancy	45.27		%	—		%	45.27		%	51.92		%	—		%	52.06		%	(12.80)	%	(13.03)	%
	ADR	$	505.05		$	—		$	505.05		$	448.85		$	—		$	515.14		12.52	%	(1.96)	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	5,587		$	—		$	5,587		$	3,176		$	—		$	3,176		75.91	%	75.91	%
	Total hotel revenue	$	6,790		$	—		$	6,790		$	3,794		$	—		$	3,794		78.97	%	78.97	%
	Hotel EBITDA	$	2,840		$	—		$	2,840		$	1,163		$	—		$	1,163		144.20	%	144.20	%
	Hotel EBITDA margin	41.83		%				41.83		%	30.65		%				30.65		%	11.18	%	11.18	%
	Selected Operating Information:
	RevPAR	$	170.06		$	—		$	170.06		$	96.68		$	—		$	96.68		75.89	%	75.89	%
	Occupancy	56.96		%	—		%	56.96		%	47.50		%	—		%	47.50		%	19.92	%	19.92	%
	ADR	$	298.54		$	—		$	298.54		$	203.55		$	—		$	203.55		46.67	%	46.67	%

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	15,344		$	—		$	15,344		$	15,305		$	—		$	15,305		0.25	%	0.25	%
	Total hotel revenue	$	24,413		$	—		$	24,413		$	22,102		$	—		$	22,102		10.46	%	10.46	%
	Hotel EBITDA	$	8,664		$	—		$	8,664		$	8,136		$	—		$	8,136		6.49	%	6.49	%
	Hotel EBITDA margin	35.49		%				35.49		%	36.81		%				36.81		%	(1.32)	%	(1.32)	%
	Selected Operating Information:
	RevPAR	$	936.76		$	—		$	936.76		$	934.37		$	—		$	934.37		0.26	%	0.26	%
	Occupancy	83.02		%	—		%	83.02		%	87.88		%	—		%	87.88		%	(5.53)	%	(5.53)	%
	ADR	$	1,128.41		$	—		$	1,128.41		$	1,063.29		$	—		$	1,063.29		6.12	%	6.12	%

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	3,418		$	104		$	3,522		$	—		$	2,005		$	2,005		—	%	75.66	%
	Total hotel revenue	$	5,297		$	—		$	5,297		$	—		$	3,197		$	3,197		—	%	65.69	%
	Hotel EBITDA	$	1,041		$	—		$	1,041		$	—		$	619		$	619		—	%	68.17	%
	Hotel EBITDA margin	19.65		%				19.65		%	—		%				19.36		%	19.65	%	0.29	%
	Selected Operating Information:
	RevPAR	$	262.67		$	—		$	270.63		$	—		$	154.08		$	154.08		—	%	75.64	%
	Occupancy	78.87		%	—		%	78.87		%	—		%	50.28		%	50.28		%	—	%	56.87	%
	ADR	$	333.02		$	—		$	343.11		$	—		$	306.45		$	306.45		—	%	11.96	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	13,087		$	—		$	13,087		$	—		$	13,407		$	13,407		—	%	(2.39)	%
	Total hotel revenue	$	20,484		$	—		$	20,484		$	—		$	19,463		$	19,463		—	%	5.25	%
	Hotel EBITDA	$	4,994		$	355		$	5,349		$	—		$	5,223		$	5,223		—		2.41	%
	Hotel EBITDA margin	24.38		%				26.11		%	—		%				26.84		%	24.38	%	(0.73)	%
	Selected Operating Information:
	RevPAR	$	1,356.87		$	—		$	1,356.87		$	—		$	1,378.52		$	1,378.52		—	%	(1.57)	%
	Occupancy	65.76		%	—		%	65.76		%	—		%	71.31		%	71.31		%	—	%	(7.79)	%
	ADR	$	2,063.44		$	—		$	2,063.44		$	—		$	1,933.03		$	1,933.03		—	%	6.75	%


		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	113,978		$	104		$	114,082		$	63,443		$	16,199		$	79,642		79.65	%	43.24	%
	Total hotel revenue	$	176,082		$	—		$	176,082		$	97,110		$	23,014		$	120,124		81.32	%	46.58	%
	Hotel EBITDA	$	57,066		$	355		$	57,421		$	24,728		$	5,842		$	30,570		130.77	%	87.83	%
	Hotel EBITDA margin	32.41		%				32.61		%	25.46		%				25.45		%	6.95	%	7.16	%
	Selected Operating Information:
	RevPAR	$	313.68		$	—		$	313.96		$	187.31		$	685.02		$	219.80		67.46	%	42.84	%
	Occupancy	71.15		%	—		%	71.15		%	49.17		%	59.09		%	49.81		%	44.72	%	42.84	%
	ADR	$	440.85		$	—		$	441.25		$	380.98		$	1,159.30		$	441.24		15.71	%	—	%

NOTES:

(2) Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.

(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) 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
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	13,600		$	—		$	13,600		$	3,235		$	—		$	3,235		320.40	%	320.40	%
	Total hotel revenue	$	20,325		$	—		$	20,325		$	3,985		$	—		$	3,985		410.04	%	410.04	%
	Hotel EBITDA	$	4,664		$	—		$	4,664		$	(2,554)		$	—		$	(2,554)		282.62	%	282.62	%
	Hotel EBITDA margin	22.95		%				22.95		%	(64.09)		%				(64.09)		%	87.04	%	87.04	%
	Selected Operating Information:
	RevPAR	$	136.61		$	—		$	136.61		$	32.50		$	—		$	32.50		320.33	%	320.33	%
	Occupancy	57.22		%	—		%	57.22		%	22.84		%	—		%	22.84		%	150.49	%	150.49	%
	ADR	$	238.75		$	—		$	238.75		$	142.28		$	—		$	142.28		67.80	%	67.80	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	12,896		$	—		$	12,896		$	5,908		$	—		$	5,908		118.28	%	118.28	%
	Total hotel revenue	$	23,015		$	—		$	23,015		$	8,866		$	—		$	8,866		159.59	%	159.59	%
	Hotel EBITDA	$	8,126		$	—		$	8,126		$	1,043		$	—		$	1,043		679.10	%	679.10	%
	Hotel EBITDA margin	35.31		%				35.31		%	11.76		%				11.76		%	23.55	%	23.55	%
	Selected Operating Information:
	RevPAR	$	180.83		$	—		$	180.83		$	82.84		$	—		$	82.84		118.29	%	118.29	%
	Occupancy	75.87		%	—		%	75.87		%	47.10		%	—		%	47.10		%	61.10	%	61.10	%
	ADR	$	238.34		$	—		$	238.34		$	175.90		$	—		$	175.90		35.50	%	35.50	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	10,301		$	—		$	10,301		$	4,374		$	—		$	4,374		135.51	%	135.51	%
	Total hotel revenue	$	14,047		$	—		$	14,047		$	5,601		$	—		$	5,601		150.79	%	150.79	%
	Hotel EBITDA	$	4,359		$	—		$	4,359		$	(1,348)		$	—		$	(1,348)		423.37	%	423.37	%
	Hotel EBITDA margin	31.03		%				31.03		%	(24.07)		%				(24.07)		%	55.10	%	55.10	%
	Selected Operating Information:
	RevPAR	$	137.14		$	—		$	137.14		$	58.23		$	—		$	58.23		135.50	%	135.50	%
	Occupancy	59.25		%	—		%	59.25		%	32.01		%	—		%	32.01		%	85.08	%	85.08	%
	ADR	$	231.45		$	—		$	231.45		$	181.90		$	—		$	181.90		27.24	%	27.24	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	9,206		$	—		$	9,206		$	6,565		$	—		$	6,565		40.23	%	40.23	%
	Total hotel revenue	$	12,208		$	—		$	12,208		$	8,504		$	—		$	8,504		43.56	%	43.56	%
	Hotel EBITDA	$	4,312		$	—		$	4,312		$	2,864		$	—		$	2,864		50.56	%	50.56	%
	Hotel EBITDA margin	35.32		%				35.32		%	33.68		%				33.68		%	1.64	%	1.64	%
	Selected Operating Information:
	RevPAR	$	782.51		$	—		$	782.51		$	558.04		$	—		$	558.04		40.23	%	40.23	%
	Occupancy	64.57		%	—		%	64.57		%	60.32		%	—		%	60.32		%	7.05	%	7.05	%
	ADR	$	1,211.82		$	—		$	1,211.82		$	925.08		$	—		$	925.08		31.00	%	31.00	%

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	16,381		$	—		$	16,381		$	12,280		$	—		$	12,280		33.40	%	33.40	%
	Total hotel revenue	$	19,935		$	—		$	19,935		$	15,477		$	—		$	15,477		28.80	%	28.80	%
	Hotel EBITDA	$	11,723		$	—		$	11,723		$	9,159		$	—		$	9,159		27.99	%	27.99	%
	Hotel EBITDA margin	58.81		%				58.81		%	59.18		%				59.18		%	(0.37)	%	(0.37)	%
	Selected Operating Information:
	RevPAR	$	637.33		$	—		$	637.33		$	477.78		$	—		$	477.78		33.40	%	33.40	%
	Occupancy	80.69		%	—		%	80.69		%	87.67		%	—		%	87.67		%	(7.96)	%	(7.96)	%
	ADR	$	789.81		$	—		$	789.81		$	544.95		$	—		$	544.95		44.93	%	44.93	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	6,440		$	—		$	6,440		$	4,447		$	—		$	4,447		44.82	%	44.82	%
	Total hotel revenue	$	7,809		$	—		$	7,809		$	5,286		$	—		$	5,286		47.73	%	47.73	%
	Hotel EBITDA	$	2,682		$	—		$	2,682		$	1,658		$	—		$	1,658		61.76	%	61.76	%
	Hotel EBITDA margin	34.34		%				34.34		%	31.37		%				31.37		%	2.97	%	2.97	%
	Selected Operating Information:
	RevPAR	$	444.79		$	—		$	444.79		$	307.09		$	—		$	307.09		44.84	%	44.84	%
	Occupancy	50.21		%	—		%	50.21		%	51.44		%	—		%	51.44		%	(2.39)	%	(2.39)	%
	ADR	$	885.91		$	—		$	885.91		$	597.02		$	—		$	597.02		48.39	%	48.39	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	14,483		$	—		$	14,483		$	7,935		$	—		$	7,935		82.52	%	82.52	%
	Total hotel revenue	$	28,093		$	—		$	28,093		$	16,017		$	—		$	16,017		75.39	%	75.39	%
	Hotel EBITDA	$	8,845		$	—		$	8,845		$	4,057		$	—		$	4,057		118.02	%	118.02	%
	Hotel EBITDA margin	31.48		%				31.48		%	25.33		%				25.33		%	6.15	%	6.15	%
	Selected Operating Information:
	RevPAR	$	421.14		$	—		$	421.14		$	230.72		$	—		$	230.72		82.53	%	82.53	%
	Occupancy	61.05		%	—		%	61.05		%	47.93		%	—		%	47.93		%	27.37	%	27.37	%
	ADR	$	689.83		$	—		$	689.83		$	481.38		$	—		$	481.38		43.30	%	43.30	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	9,233		$	—		$	9,233		$	3,657		$	—		$	3,657		152.47	%	152.47	%
	Total hotel revenue	$	11,379		$	—		$	11,379		$	4,030		$	—		$	4,030		182.36	%	182.36	%
	Hotel EBITDA	$	2,481		$	—		$	2,481		$	(624)		$	—		$	(624)		497.60	%	497.60	%
	Hotel EBITDA margin	21.80		%				21.80		%	(15.48)		%				(15.48)		%	37.28	%	37.28	%
	Selected Operating Information:
	RevPAR	$	102.23		$	—		$	102.23		$	40.49		$	—		$	40.49		152.49	%	152.49	%
	Occupancy	50.46		%	—		%	50.46		%	26.22		%	—		%	26.22		%	92.41	%	92.41	%
	ADR	$	202.61		$	—		$	202.61		$	154.40		$	—		$	154.40		31.22	%	31.22	%

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	14,489		$	—		$	14,489		$	3,967		$	—		$	3,967		265.24	%	265.24	%
	Total hotel revenue	$	16,694		$	—		$	16,694		$	4,688		$	—		$	4,688		256.10	%	256.10	%
	Hotel EBITDA	$	3,851		$	—		$	3,851		$	(2,811)		$	—		$	(2,811)		237.00	%	237.00	%
	Hotel EBITDA margin	23.07		%				23.07		%	(59.96)		%				(59.96)		%	83.03	%	83.03	%
	Selected Operating Information:
	RevPAR	$	195.24		$	—		$	195.24		$	53.46		$	—		$	53.46		265.21	%	265.21	%
	Occupancy	66.13		%	—		%	66.13		%	37.27		%	—		%	37.27		%	77.42	%	77.42	%
	ADR	$	295.25		$	—		$	295.25		$	143.43		$	—		$	143.43		105.85	%	105.85	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	28,333		$	—		$	28,333		$	21,946		$	—		$	21,946		29.10	%	29.10	%
	Total hotel revenue	$	57,675		$	—		$	57,675		$	42,827		$	—		$	42,827		34.67	%	34.67	%
	Hotel EBITDA	$	21,480		$	—		$	21,480		$	15,085		$	—		$	15,085		42.39	%	42.39	%
	Hotel EBITDA margin	37.24		%				37.24		%	35.22		%				35.22		%	2.02	%	2.02	%
	Selected Operating Information:
	RevPAR	$	567.15		$	—		$	567.15		$	455.83		$	—		$	455.83		24.42	%	24.42	%
	Occupancy	82.08		%	—		%	82.08		%	81.35		%	—		%	81.35		%	0.89	%	0.89	%
	ADR	$	691.00		$	—		$	691.00		$	560.30		$	—		$	560.30		23.33	%	23.33	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	16,973		$	—		$	16,973		$	10,079		$	2,262		$	12,341		68.40	%	37.53	%
	Total hotel revenue	$	28,406		$	—		$	28,406		$	19,652		$	1,018		$	20,670		44.55	%	37.43	%
	Hotel EBITDA	$	6,473		$	—		$	6,473		$	2,531		$	—		$	2,531		155.75	%	155.75	%
	Hotel EBITDA margin	22.79		%				22.79		%	12.88		%				12.24		%	9.91	%	10.55	%
	Selected Operating Information:
	RevPAR	$	515.23		$	—		$	515.23		$	327.55		$	—		$	378.78		57.30	%	36.02	%
	Occupancy	55.09		%	—		%	55.09		%	56.82		%	—		%	57.28		%	(3.05)	%	(3.82)	%
	ADR	$	935.23		$	—		$	935.23		$	576.42		$	—		$	661.31		62.25	%	41.42	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	8,175		$	—		$	8,175		$	4,074		$	—		$	4,074		100.66	%	100.66	%
	Total hotel revenue	$	10,098		$	—		$	10,098		$	4,819		$	—		$	4,819		109.55	%	109.55	%
	Hotel EBITDA	$	2,960		$	—		$	2,960		$	526		$	—		$	526		462.74	%	462.74	%
	Hotel EBITDA margin	29.31		%				29.31		%	10.92		%				10.92		%	18.39	%	18.39	%
	Selected Operating Information:
	RevPAR	$	125.11		$	—		$	125.11		$	62.36		$	—		$	62.36		100.64	%	100.64	%
	Occupancy	49.52		%	—		%	49.52		%	32.28		%	—		%	32.28		%	53.37	%	53.37	%
	ADR	$	252.67		$	—		$	252.67		$	193.15		$	—		$	193.15		30.82	%	30.82	%

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	34,526		$	—		$	34,526		$	28,562		$	—		$	28,562		20.88	%	20.88	%
	Total hotel revenue	$	51,309		$	—		$	51,309		$	41,206		$	—		$	41,206		24.52	%	24.52	%
	Hotel EBITDA	$	19,927		$	—		$	19,927		$	15,641		$	—		$	15,641		27.40	%	27.40	%
	Hotel EBITDA margin	38.84		%				38.84		%	37.96		%				37.96		%	0.88	%	0.88	%
	Selected Operating Information:
	RevPAR	$	1,059.74		$	—		$	1,059.74		$	876.66		$	—		$	876.66		20.88	%	20.88	%
	Occupancy	82.49		%	—		%	82.49		%	83.27		%	—		%	83.27		%	(0.94)	%	(0.94)	%
	ADR	$	1,284.70		$	—		$	1,284.70		$	1,052.81		$	—		$	1,052.81		22.03	%	22.03	%

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,703		$	—		$	6,703		$	—		$	2,938		$	2,938		—	%	128.15	%
	Total hotel revenue	$	9,917		$	—		$	9,917		$	—		$	4,641		$	4,641		—	%	113.68	%
	Hotel EBITDA	$	1,918		$	—		$	1,918		$	—		$	710		$	710		—	%	170.14	%
	Hotel EBITDA margin	19.34		%				19.34		%	—		%				15.30		%	19.34	%	4.04	%
	Selected Operating Information:
	RevPAR	$	258.96		$	—		$	258.96		$	—		$	113.53		$	113.53		—	%	128.10	%
	Occupancy	72.57		%	—		%	72.57		%	—		%	36.42		%	36.42		%	—	%	99.24	%
	ADR	$	356.87		$	—		$	356.87		$	—		$	311.71		$	311.71		—	%	14.49	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	19,290		$	10,256		$	29,546		$	—		$	27,422		$	27,422		—		7.75	%
	Total hotel revenue	$	28,574		$	15,168		$	43,742		$	—		$	38,918		$	38,918		—		12.40	%
	Hotel EBITDA	$	8,946		$	3,634		$	12,580		$	—		$	11,862		$	11,862		—		6.05	%
	Hotel EBITDA margin	31.31		%				28.76		%	—						30.48		%	31.31		(1.72)	%
	Selected Operating Information:
	RevPAR	$	1,625.00		$	1,402.17		$	1,540.06		$	—		$	1,301.74		$	1,301.74		—		18.31	%
	Occupancy	67.38		%	50.36		%	60.89		%	—		%	64.95		%	64.95		%	—	%	(6.25)	%
	ADR	$	2,411.81		$	2,784.54		$	2,529.32		$	—		$	2,004.27		$	2,004.27		—	%	26.20	%


		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	221,029		$	10,256		$	231,285		$	117,029		$	32,622		$	149,651		88.87	%	54.55	%
	Total hotel revenue	$	339,484		$	15,168		$	354,652		$	180,958		$	44,577		$	225,535		87.60	%	57.25	%
	Hotel EBITDA	$	112,747		$	3,634		$	116,381		$	45,227		$	12,572		$	57,799		149.29	%	101.35	%
	Hotel EBITDA margin	33.21		%				32.82		%	24.99		%				25.63		%	8.22	%	7.19	%
	Selected Operating Information:
	RevPAR	$	308.95		$	1,402.17		$	320.01		$	173.72		$	669.07		$	207.15		77.85	%	54.49	%
	Occupancy	63.18		%	50.36		%	63.05		%	43.07		%	49.81		%	43.53		%	46.68	%	44.85	%
	ADR	$	489.02		$	2,784.54		$	507.58		$	403.33		$	1,343.34		$	475.93		21.25	%	6.65	%

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.

(4) 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
		2022			2022			2022
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	20,138		$	—		$	20,138
	Total hotel revenue	$	30,269		$	—		$	30,269
	Hotel EBITDA	$	3,876		$	—		$	3,876
	Hotel EBITDA margin	12.81		%				12.81		%
	Selected Operating Information:
	RevPAR	$	100.31		$	—		$	100.31
	Occupancy	47.52		%	—		%	47.52		%
	ADR	$	211.10		$	—		$	211.10

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	23,915		$	—		$	23,915
	Total hotel revenue	$	39,965		$	—		$	39,965
	Hotel EBITDA	$	13,318		$	—		$	13,318
	Hotel EBITDA margin	33.32		%				33.32		%
	Selected Operating Information:
	RevPAR	$	166.30		$	—		$	166.30
	Occupancy	72.07		%	—		%	72.07		%
	ADR	$	230.73		$	—		$	230.73

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	20,349		$	—		$	20,349
	Total hotel revenue	$	27,439		$	—		$	27,439
	Hotel EBITDA	$	2,147		$	—		$	2,147
	Hotel EBITDA margin	7.82		%				7.82		%
	Selected Operating Information:
	RevPAR	$	134.34		$	—		$	134.34
	Occupancy	60.44		%	—		%	60.44		%
	ADR	$	222.28		$	—		$	222.28

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	21,032		$	—		$	21,032
	Total hotel revenue	$	27,033		$	—		$	27,033
	Hotel EBITDA	$	10,656		$	—		$	10,656
	Hotel EBITDA margin	39.42		%				39.42		%
	Selected Operating Information:
	RevPAR	$	886.50		$	—		$	886.50
	Occupancy	70.02		%	—		%	70.02		%
	ADR	$	1,266.01		$	—		$	1,266.01

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	29,183		$	—		$	29,183
	Total hotel revenue	$	35,866		$	—		$	35,866
	Hotel EBITDA	$	20,603		$	—		$	20,603
	Hotel EBITDA margin	57.44		%				57.44		%
	Selected Operating Information:
	RevPAR	$	563.05		$	—		$	563.05
	Occupancy	78.37		%	—		%	78.37		%
	ADR	$	718.49		$	—		$	718.49


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	14,879		$	—		$	14,879
	Total hotel revenue	$	17,698		$	—		$	17,698
	Hotel EBITDA	$	7,457		$	—		$	7,457
	Hotel EBITDA margin	42.13		%				42.13		%
	Selected Operating Information:
	RevPAR	$	509.57		$	—		$	509.57
	Occupancy	57.29		%	—		%	57.29		%
	ADR	$	889.44		$	—		$	889.44

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	23,851		$	—		$	23,851
	Total hotel revenue	$	48,260		$	—		$	48,260
	Hotel EBITDA	$	14,397		$	—		$	14,397
	Hotel EBITDA margin	29.83		%				29.83		%
	Selected Operating Information:
	RevPAR	$	343.93		$	—		$	343.93
	Occupancy	61.44		%	—		%	61.44		%
	ADR	$	559.76		$	—		$	559.76

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	17,465		$	—		$	17,465
	Total hotel revenue	$	21,507		$	—		$	21,507
	Hotel EBITDA	$	5,029		$	—		$	5,029
	Hotel EBITDA margin	23.38		%				23.38		%
	Selected Operating Information:
	RevPAR	$	95.89		$	—		$	95.89
	Occupancy	48.96		%	—		%	48.96		%
	ADR	$	195.86		$	—		$	195.86

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	25,149		$	—		$	25,149
	Total hotel revenue	$	29,386		$	—		$	29,386
	Hotel EBITDA	$	4,445		$	—		$	4,445
	Hotel EBITDA margin	15.13		%				15.13		%
	Selected Operating Information:
	RevPAR	$	168.04		$	—		$	168.04
	Occupancy	70.27		%	—		%	70.27		%
	ADR	$	239.13		$	—		$	239.13

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	47,279		$	—		$	47,279
	Total hotel revenue	$	97,656		$	—		$	97,656
	Hotel EBITDA	$	32,058		$	—		$	32,058
	Hotel EBITDA margin	32.83		%				32.83		%
	Selected Operating Information:
	RevPAR	$	476.89		$	—		$	476.89
	Occupancy	77.44		%	—		%	77.44		%
	ADR	$	615.83		$	—		$	615.83


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	30,059		$	918		$	30,977
	Total hotel revenue	$	52,439		$	413		$	52,852
	Hotel EBITDA	$	11,777		$	—		$	11,777
	Hotel EBITDA margin	22.46		%				22.28		%
	Selected Operating Information:
	RevPAR	$	459.32		$	—		$	468.90
	Occupancy	54.26		%	—		%	54.41		%
	ADR	$	846.51		$	—		$	861.85
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	19,206		$	—		$	19,206
	Total hotel revenue	$	23,594		$	—		$	23,594
	Hotel EBITDA	$	5,991		$	—		$	5,991
	Hotel EBITDA margin	25.39		%				25.39		%
	Selected Operating Information:
	RevPAR	$	145.76		$	—		$	145.76
	Occupancy	60.77		%	—		%	60.77		%
	ADR	$	239.85		$	—		$	239.85

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	60,783		$	—		$	60,783
	Total hotel revenue	$	90,424		$	—		$	90,424
	Hotel EBITDA	$	31,836		$	—		$	31,836
	Hotel EBITDA margin	35.21		%				35.21		%
	Selected Operating Information:
	RevPAR	$	925.17		$	—		$	925.17
	Occupancy	79.13		%	—		%	79.13		%
	ADR	$	1,169.14		$	—		$	1,169.14

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	11,234		$	935		$	12,169
	Total hotel revenue	$	16,509		$	1,631		$	18,140
	Hotel EBITDA	$	2,970		$	518		$	3,488
	Hotel EBITDA margin	17.99		%				19.23		%
	Selected Operating Information:
	RevPAR	$	238.04		$	—		$	233.12
	Occupancy	68.64		%	—		%	68.06		%
	ADR	$	346.78		$	—		$	342.54

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	19,290		$	32,617		$	51,907
	Total hotel revenue	$	28,574		$	50,387		$	78,961
	Hotel EBITDA	$	8,946		$	8,610		$	17,556
	Hotel EBITDA margin	31.31		%				22.23		%
	Selected Operating Information:
	RevPAR	$	1,625.00		$	1,216.22		$	1,341.66
	Occupancy	67.38		%	54.22		%	58.26		%
	ADR	$	2,411.81		$	2,243.08		$	2,302.96


		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	383,812		$	34,470		$	418,282
	Total hotel revenue	$	586,619		$	52,431		$	639,050
	Hotel EBITDA	$	175,506		$	9,128		$	184,634
	Hotel EBITDA margin	29.92		%				28.89		%
	Selected Operating Information:
	RevPAR	$	269.71		$	1,062.46		$	287.38
	Occupancy	62.28		%	55.80		%	62.13		%
	ADR	$	433.09		$	1,903.96		$	462.53

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.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE & 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
	2022			2022		2022			2022			2022		2022			2021			2021		2021			2021			2021		2021
	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	$	176,082		$	—	$	176,082		$	163,402		$	15,168	$	178,570		$	130,925		$	20,321	$	151,246		$	116,210		$	16,942	$	133,152
Hotel EBITDA	$	57,066		$	355	$	57,421		$	55,681		$	3,279	$	58,960		$	35,498		$	5,195	$	40,693		$	27,261		$	299	$	27,560
Hotel EBITDA Margin	32.41		%			32.61		%	34.08		%			33.02		%	27.11		%			26.91		%	23.46		%			20.70		%

EBITDA % of Total TTM	32.5		%			31.1		%	31.8		%			32.0		%	20.2		%			22.0		%	15.5		%			14.9		%

JV Interests in EBITDA	$	2,387		$	—	$	2,387		$	811		$	—	$	811		$	713		$	—	$	713		$	388		$	—	$	388

	Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022
	TTM			TTM		TTM
Total Hotel Revenue	$	586,619		$	52,431	$	639,050
Hotel EBITDA	$	175,506		$	9,128	$	184,634
Hotel EBITDA Margin	29.92		%			28.89		%

EBITDA % of Total TTM	100.0		%			100.0		%

JV Interests in EBITDA	$	4,299		$	—	$	4,299

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2022

(in thousands, except share price)

(unaudited)



	June 30, 2022
Common stock shares outstanding	71,310
Partnership units outstanding (common stock equivalents)	8,396
Combined common stock shares and partnership units outstanding	79,706
Common stock price	$	4.29
Market capitalization	$	341,939
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	112,712
Series M redeemable preferred stock	$	9,899
Indebtedness	$	1,237,250
Joint venture partner's share of consolidated indebtedness	$	(48,750)
Net working capital (see below)	$	(232,047)
Total enterprise value (TEV)	$	1,537,953






Cash and cash equivalents	$	247,544
Restricted cash	$	46,714
Accounts receivable, net	$	31,493

Prepaid expenses	$	4,073

Due from third-party hotel managers, net	$	18,321

Total current assets	$	348,145

Accounts payable, net & accrued expenses	$	111,109
Dividends and distributions payable	$	3,535
Due to affiliates, net	$	1,454

Total current liabilities	$	116,098

Net working capital*	$	232,047

* 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)

2022

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Marriott Seattle Waterfront

361

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2022		2022		2021		2021		June 30, 2022
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	31,259	$	32,204	$	11,933	$	3,548	$	78,944
Non-property adjustments	—		76		(9)		945		1,012
Interest income	(14)		(11)		(11)		(10)		(46)
Interest expense	4,522		3,646		3,685		3,517		15,370
Amortization of loan costs	462		553		350		320		1,685
Depreciation and amortization	19,571		18,441		18,881		18,284		75,177
Income tax expense (benefit)	424		223		27		6		680
Non-hotel EBITDA ownership expense	842		549		642		651		2,684
Hotel EBITDA including amounts attributable to noncontrolling interest	57,066		55,681		35,498		27,261		175,506
Non-comparable adjustments	355		3,279		5,195		299		9,128
Comparable hotel EBITDA	$	57,421	$	58,960	$	40,693	$	27,560	$	184,634

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		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	—		—		—		—		—		—		—		—		—		—		—		—		—		—		355		355
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	$	8,664	$	1,041	$	5,349	$	57,421
ALL HOTELS NOT UNDER RENOVATION:
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)	$	—	$	8,664	$	1,041	$	4,994	$	54,226
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		355		355
Comparable hotel EBITDA	$	4,584	$	4,963	$	5,642	$	2,903	$	4,754	$	2,253	$	(180)	$	2,480	$	3,749	$	8,995	$	(616)	$	—	$	8,664	$	1,041	$	5,349	$	54,581

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	4,754	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,754
BAML (Bardessono Hotel and Spa)	—		—		—		2,903		—		—		—		—		—		—		—		—		—		—		—		2,903
BAML (Hotel Yountville)	—		—		—		—		—		2,253		—		—		—		—		—		—		—		—		—		2,253
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		8,664		—		—		8,664
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	4,584		4,963		—		—		—		—		—		—		—		—		—		—		—		—		—		9,547
BAML Pool (see footnote 3)	—		—		5,642		—		—		—		—		2,480		3,749		—		—		2,840		—		—		—		14,711
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(180)		—		—		—		—		—		—		—		—		(180)
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		8,995		—		—		—		—		—		8,995
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(616)		—		—		—		—		(616)
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		1,041		—		1,041
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,349		5,349
Total	$	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	$	5,349	$	57,421

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:

Marriott Seattle Waterfront

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 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		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,842)	$	2,077	$	(2,915)	$	385	$	5,826	$	(629)	$	7,367	$	(2,000)	$	(2,867)	$	10,252	$	5,754	$	(1,106)	$	8,580	$	(170)	$	3,492	$	32,204	$	(16,600)	$	15,604
Non-property adjustments	—		—		—		—		—		—		76		—		—		—		—		—		—		—		—		76		(76)		—
Interest income	—		—		—		—		—		—		—		—		(2)		(5)		—		(2)		(2)		—		—		(11)		11		—
Interest expense	—		—		—		256		395		320		526		—		—		862		297		34		526		391		39		3,646		4,212		7,858
Amortization of loan cost	—		—		—		50		76		60		128		—		—		91		37		—		—		41		70		553		111		664
Depreciation and amortization	1,840		1,022		1,627		603		668		676		927		1,983		2,969		1,251		792		1,191		1,932		609		351		18,441		—		18,441
Income tax expense (benefit)	—		—		—		—		—		—		—		3		—		—		—		—		220		—		—		223		2,388		2,611
Non-hotel EBITDA ownership expense	82		64		5		115		4		2		1		15		2		34		209		3		7		6		—		549		(549)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	80		3,163		(1,283)		1,409		6,969		429		9,025		1		102		12,485		7,089		120		11,263		877		3,952		55,681		(10,503)		45,178
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(20)		(791)		—		—		—		—		—		—		—		—		—		—		—		—		—		(811)		811		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		72		72
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(71)		(71)
Hotel EBITDA attributable to the Company and OP unitholders	$	60	$	2,372	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	3,952	$	54,870	$	(9,691)	$	45,179
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,279		3,279
Comparable hotel EBITDA	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	7,231	$	58,960

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	6,969	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,969
BAML (Bardessono Hotel and Spa)	—		—		—		1,409		—		—		—		—		—		—		—		—		—		—		—		1,409
BAML (Hotel Yountville)	—		—		—		—		—		429		—		—		—		—		—		—		—		—		—		429
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		11,263		—		—		11,263
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	80		3,163		—		—		—		—		—		—		—		—		—		—		—		—		—		3,243
BAML Pool (see footnote 3)	—		—		(1,283)		—		—		—		—		1		102		—		—		120		—		—		—		(1,060)
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		9,025		—		—		—		—		—		—		—		—		9,025
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		12,485		—		—		—		—		—		12,485
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		7,089		—		—		—		—		7,089
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		877		—		877
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		7,231		7,231
Total	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	7,231	$	58,960

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, 2021
	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		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,447)	$	1,388	$	(1,776)	$	1,731	$	3,787	$	1,059	$	577	$	(683)	$	(3,338)	$	4,512	$	2,544	$	261	$	3,745	$	(427)	$	—	$	11,933	$	(14,227)	$	(2,294)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		(9)		—		(9)		9		—
Interest income	—		—		—		—		—		—		—		—		(1)		(6)		—		(3)		(1)		—		—		(11)		11		—
Interest expense	—		—		—		262		405		328		534		—		—		880		304		34		538		400		—		3,685		4,411		8,096
Amortization of loan cost	—		—		—		49		75		60		—		—		—		89		37		—		—		40		—		350		109		459
Depreciation and amortization	1,821		1,035		1,628		605		696		665		901		1,981		3,498		1,422		754		1,044		2,232		599		—		18,881		—		18,881
Income tax expense (benefit)	—		—		—		—		—		—		—		(12)		—		—		—		—		39		—		—		27		531		558
Non-hotel EBITDA ownership expense	35		22		22		124		2		9		11		7		(2)		47		255		5		85		20		—		642		(642)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	409		2,445		(126)		2,771		4,965		2,121		2,023		1,293		157		6,944		3,894		1,341		6,638		623		—		35,498		(9,798)		25,700
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(102)		(611)		—		—		—		—		—		—		—		—		—		—		—		—		—		(713)		713		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		54		54
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(54)		(54)
Hotel EBITDA attributable to the Company and OP unitholders	$	307	$	1,834	$	(126)	$	2,771	$	4,965	$	2,121	$	2,023	$	1,293	$	157	$	6,944	$	3,894	$	1,341	$	6,638	$	623	$	—	$	34,785	$	(9,085)	$	25,700
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		5,195
Comparable hotel EBITDA	$	409	$	2,445	$	(126)	$	2,771	$	4,965	$	2,121	$	2,023	$	1,293	$	157	$	6,944	$	3,894	$	1,341	$	6,638	$	623	$	5,195	$	40,693

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	4,965	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,965
BAML (Bardessono Hotel and Spa)	—		—		—		2,771		—		—		—		—		—		—		—		—		—		—		—		2,771
BAML (Hotel Yountville)	—		—		—		—		—		2,121		—		—		—		—		—		—		—		—		—		2,121
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		6,638		—		—		6,638
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	409		2,445		—		—		—		—		—		—		—		—		—		—		—		—		—		2,854
BAML Pool (see footnote 3)	—		—		(126)		—		—		—		—		1,293		157		—		—		1,341		—		—		—		2,665
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,023		—		—		—		—		—		—		—		—		2,023
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		6,944		—		—		—		—		—		6,944
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		3,894		—		—		—		—		3,894
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		623		—		623
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		5,195
Total	$	409	$	2,445	$	(126)	$	2,771	$	4,965	$	2,121	$	2,023	$	1,293	$	157	$	6,944	$	3,894	$	1,341	$	6,638	$	623	$	5,195	$	40,693

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, 2021
	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		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,090)	$	1,642	$	(3,735)	$	2,520	$	2,740	$	1,604	$	2,099	$	(875)	$	(2,710)	$	1,000	$	196	$	675	$	2,685	$	(1,203)	$	—	$	3,548	$	(11,767)	$	(8,219)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		945		—		945		(945)		—
Interest income	—		—		—		—		—		—		—		—		(1)		(5)		—		(3)		(1)		—		—		(10)		10		—
Interest expense	—		—		—		262		405		329		533		—		—		882		304		20		538		244		—		3,517		4,420		7,937
Amortization of loan cost	—		—		—		38		74		40		—		—		—		89		36		—		17		26		—		320		107		427
Depreciation and amortization	1,827		1,081		1,645		611		685		661		866		2,030		3,129		1,675		727		962		2,012		373		—		18,284		—		18,284
Income tax expense (benefit)	—		—		—		—		—		—		—		3		—		—		—		—		3		—		—		6		554		560
Non-hotel EBITDA ownership expense	66		24		4		142		11		20		31		97		19		(7)		147		36		17		44		—		651		(651)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,197)		2,747		(2,086)		3,573		3,915		2,654		3,529		1,255		437		3,634		1,410		1,690		5,271		429		—		27,261		(8,272)		18,989
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	300		(688)		—		—		—		—		—		—		—		—		—		—		—		—		—		(388)		388		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		68		68
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(68)		(68)
Hotel EBITDA attributable to the Company and OP unitholders	$	(897)	$	2,059	$	(2,086)	$	3,573	$	3,915	$	2,654	$	3,529	$	1,255	$	437	$	3,634	$	1,410	$	1,690	$	5,271	$	429	$	—	$	26,873	$	(7,884)	$	18,989
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		518		(219)		299
Comparable hotel EBITDA	$	(1,197)	$	2,747	$	(2,086)	$	3,573	$	3,915	$	2,654	$	3,529	$	1,255	$	437	$	3,634	$	1,410	$	1,690	$	5,271	$	947	$	(219)	$	27,560

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	3,915	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,915
BAML (Bardessono Hotel and Spa)	—		—		—		3,573		—		—		—		—		—		—		—		—		—		—		—		3,573
BAML (Hotel Yountville)	—		—		—		—		—		2,654		—		—		—		—		—		—		—		—		—		2,654
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		5,271		—		—		5,271
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	(1,197)		2,747		—		—		—		—		—		—		—		—		—		—		—		—		—		1,550
BAML Pool (see footnote 3)	—		—		(2,086)		—		—		—		—		1,255		437		—		—		1,690		—		—		—		1,296
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		3,529		—		—		—		—		—		—		—		—		3,529
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		3,634		—		—		—		—		—		3,634
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		1,410		—		—		—		—		1,410
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		947		—		947
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(219)		(219)
Total	$	(1,197)	$	2,747	$	(2,086)	$	3,573	$	3,915	$	2,654	$	3,529	$	1,255	$	437	$	3,634	$	1,410	$	1,690	$	5,271	$	947	$	(219)	$	27,560

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, 2021
	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		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,754)	$	717	$	(1,804)	$	1,703	$	3,834	$	743	$	(1,811)	$	(2,019)	$	(4,161)	$	4,906	$	(1,527)	$	187	$	5,571	$	—	$	—	$	2,585	$	(13,949)	$	(11,364)
Non-property adjustments	—		—		—		(100)		(97)		—		—		—		—		—		—		—		(189)		—		—		(386)		386		—
Interest income	—		—		—		—		—		—		—		—		(1)		(6)		—		(3)		—		—		—		(10)		10		—
Interest expense	—		—		—		259		400		325		523		—		—		876		301		—		532		—		—		3,216		3,417		6,633
Amortization of loan cost	—		—		—		38		73		40		7		—		—		88		36		—		25		—		—		307		286		593
Depreciation and amortization	1,875		1,086		1,654		674		759		630		880		2,168		3,127		1,736		742		971		1,942		—		—		18,244		—		18,244
Income tax expense (benefit)	—		—		—		—		—		—		—		1		—		—		—		—		16		—		—		17		44		61
Non-hotel EBITDA ownership expense	173		12		(6)		84		(56)		21		—		4		11		123		142		8		239		—		—		755		(755)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,706)		1,815		(156)		2,658		4,913		1,759		(401)		154		(1,024)		7,723		(306)		1,163		8,136		—		—		24,728		(10,561)		14,167
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	428		(455)		—		—		—		—		—		—		—		—		—		—		—		—		—		(27)		27		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		66		66
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(65)		(65)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,278)	$	1,360	$	(156)	$	2,658	$	4,913	$	1,759	$	(401)	$	154	$	(1,024)	$	7,723	$	(306)	$	1,163	$	8,136	$	—	$	—	$	24,701	$	(10,533)	$	14,168
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		619		5,223		5,842
Comparable hotel EBITDA	$	(1,706)	$	1,815	$	(156)	$	2,658	$	4,913	$	1,759	$	(401)	$	154	$	(1,024)	$	7,723	$	(306)	$	1,163	$	8,136	$	619	$	5,223	$	30,570
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(1,706)	$	1,815	$	(156)	$	2,658	$	4,913	$	1,759	$	(401)	$	154	$	(1,024)	$	7,723	$	(306)	$	—	$	8,136	$	—	$	—	$	23,565
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		619		5,223		5,842
Comparable hotel EBITDA	$	(1,706)	$	1,815	$	(156)	$	2,658	$	4,913	$	1,759	$	(401)	$	154	$	(1,024)	$	7,723	$	(306)	$	—	$	8,136	$	619	$	5,223	$	29,407

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:

Marriott Seattle Waterfront

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		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	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,634		3,634
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	$	19,927	$	1,918	$	12,580	$	116,381
ALL HOTELS NOT UNDER RENOVATION:
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	$	—	$	19,927	$	1,918	$	8,946	$	109,787
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,634		3,634
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	$	—	$	19,927	$	1,918	$	12,580	$	113,421

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:

Marriott Seattle Waterfront

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2021
	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		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(6,545)	$	(1,115)	$	(4,670)	$	802	$	6,884	$	(353)	$	1,329	$	(4,703)	$	(9,419)	$	9,830	$	53	$	(1,229)	$	11,023	$	—	$	—	$	1,887	$	(24,285)	$	(22,398)
Non-property adjustments	—		—		—		(117)		(96)		—		—		—		—		1		1		—		(671)		—		—		(882)		882		—
Interest income	—		—		—		—		—		—		—		—		(1)		(11)		—		(6)		—		—		—		(18)		18		—
Interest expense	—		—		—		515		796		646		1,008		—		—		1,756		597		—		1,058		—		—		6,376		6,286		12,662
Amortization of loan cost	—		—		—		75		145		80		14		—		—		174		71		—		51		—		—		610		710		1,320
Depreciation and amortization	3,800		2,177		3,309		1,365		1,502		1,246		1,759		4,322		6,631		3,250		1,450		1,959		3,827		—		—		36,597		—		36,597
Income tax expense (benefit)	—		(43)		—		—		—		—		—		2		—		—		—		—		59		—		—		18		188		206
Non-hotel EBITDA ownership expense	191		24		13		224		(72)		39		(53)		(245)		(22)		85		359		(198)		294		—		—		639		(639)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(2,554)		1,043		(1,348)		2,864		9,159		1,658		4,057		(624)		(2,811)		15,085		2,531		526		15,641		—		—		45,227		(16,840)		28,387
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	641		(263)		—		—		—		—		—		—		—		—		—		—		—		—		—		378		(378)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		130		130
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(128)		(128)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,913)	$	780	$	(1,348)	$	2,864	$	9,159	$	1,658	$	4,057	$	(624)	$	(2,811)	$	15,085	$	2,531	$	526	$	15,641	$	—	$	—	$	45,605	$	(17,216)	$	28,389
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		710		11,862		12,572
Comparable hotel EBITDA	$	(2,554)	$	1,043	$	(1,348)	$	2,864	$	9,159	$	1,658	$	4,057	$	(624)	$	(2,811)	$	15,085	$	2,531	$	526	$	15,641	$	710	$	11,862	$	57,799
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(2,554)	$	1,043	$	(1,348)	$	2,864	$	9,159	$	1,658	$	4,057	$	(624)	$	(2,811)	$	15,085	$	2,531	$	—	$	15,641	$	—	$	—	$	44,701
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		710		11,862		12,572
Comparable hotel EBITDA	$	(2,554)	$	1,043	$	(1,348)	$	2,864	$	9,159	$	1,658	$	4,057	$	(624)	$	(2,811)	$	15,085	$	2,531	$	—	$	15,641	$	710	$	11,862	$	57,273

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:

Marriott Seattle Waterfront