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 2021 RESULTS

Second Quarter RevPAR Increased 875%

Net Loss Attributable to Common Stockholders for the Second Quarter was $(15.5) Million

Second Quarter Adjusted EBITDAre was $19.6 Million

Second Quarter Comparable Hotel EBITDA was $24.7 Million

Second Quarter Comparable Average Daily Rate Increased 35.1%

Second Quarter AFFO per Share was $0.20

Announced Planned Acquisition of the Mr. C Beverly Hills Hotel

Completed $86.25 Million Convertible Senior Notes Offering

Second Quarter in a Row of Cash Flow Positive at the Corporate Level

DALLAS – July 29, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2021. 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, 2021, 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, 2021, with the second quarter ended June 30, 2020 (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 875% to $187.31 during the quarter on a 35.1% increase in ADR and a 621.6% increase in occupancy. Comparable RevPAR for all hotels decreased 19.6% compared to the comparable period in 2019.

•Net loss attributable to common stockholders for the quarter was $(15.5) million or $(0.32) per diluted share.

•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter compared to $(0.68) in the prior year quarter.

•Adjusted EBITDAre was $19.6 million for the quarter.

•Comparable Hotel EBITDA was $24.7 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $157.7 million and restricted cash of $57.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $21.5 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.

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July 29, 2021

•During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026.

•During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California for total consideration of $77.9 million.

•Net debt to gross assets was 49% at the end of the second quarter.

•Capex invested during the quarter was $4.4 million.

THE MR. C BEVERLY HILLS HOTEL ACQUISITION

During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the “Mr. C”). In addition, the Company will acquire five luxury condominium residences adjacent to the hotel.

With its premier location in the heart of West Los Angeles, the Mr. C is in the middle of over 45 million sq. ft. of office space, supporting substantial corporate demand and a wide array of world-renowned leisure demand generators, including unrivaled shopping with high-end retailers, vibrant restaurants and various art and cultural attractions. The Mr. C was built in 1965 and underwent an extensive renovation in 2011. It has 138 luxurious and spacious rooms, including 22 suites. The hotel offers an array of amenities, including a full-service spa, and three food and beverage outlets (in addition to in-room dining). The property also boasts the acclaimed The Restaurant at Mr. C, over 24,000 sq. ft. of flexible indoor/outdoor meeting space, a 4,500 sq. ft. outdoor pool terrace with daybeds and cabanas, a state-of-the-art fitness center with personal fitness training, and a business center. Additionally, the hotel includes five newly-constructed and fully-furnished residences offering the hotel’s personalized services and luxurious, world-class amenities. These residences blend contemporary architecture with elegant, minimalistic design and range in size from 2,000 to 3,400 sq. ft. The residences are currently offered for extended-stay rental.

The total consideration for the acquisition is $77.9 million and will consist of $65.4 million for the hotel ($474,000 per key) and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition is expected to be funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6.00, and a $30 million mortgage loan. The acquisition is expected to be completed soon.

BRAEMAR JOINS RUSSELL 2000®, RUSSELL 3000® AND RUSSELL MICROCAP® INDEXES

Braemar was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index, as part of the Russell Indexes annual reconstitution. The additions were effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

CAPITAL STRUCTURE

At June 30, 2021, the Company had total assets of $1.8 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 2.6%.

During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026 (the “Notes”). The Notes are senior unsecured obligations of Braemar and will be convertible for cash, shares of the Company’s common stock, or a

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July 29, 2021

combination of cash and shares of the Company’s common stock, at Braemar’s option. The initial conversion rate for the Notes is 157.7909 shares of the Company’s common stock per $1,000 principal amount of Notes, and the initial conversion price is approximately $6.34 per share of the Company’s common stock. Braemar used a portion of the net proceeds of the offering to repay the amount outstanding under its secured term loan and expects to use the remaining net proceeds of the offering for general corporate purposes, including, but not limited to, capital expenditures or potential acquisitions.

During the quarter, and subsequent to the end of the quarter, the Company issued approximately 8.5 million shares of common stock under its At-The-Market offering, raising approximately $51.6 million in gross proceeds.

As previously announced, during the first quarter 2021, the Company entered into a Standby Equity Distribution Agreement (“SEDA”), pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock at the Company’s request at any time during a 36-month commitment period. During the second quarter, the Company issued 500,000 shares of common stock under the SEDA, raising $3.0 million of net proceeds. Since entering into the SEDA, the Company has issued 1,700,000 shares of common stock for net proceeds of approximately $10.0 million.

During the second quarter, the Company entered into an equity line pursuant to which the Company will be able to sell up to $35 million of shares of common stock. During the second quarter, the Company issued 765,957 shares of common stock under the equity line, raising $4.2 million of net proceeds.

The Company continues to opportunistically exchange shares of its preferred stock into shares of its common stock. These exchanges have all been completed at a discount to the liquidation value of the preferred stock, and in total, the Company has exchanged approximately 2.0 million shares of its Series B Preferred Stock, equating to 38.8% of the original share count, into approximately 7.3 million shares of common stock.

Subsequent to the end of the quarter, the Company commenced the sale of its Series E and Series M non-traded perpetual preferred. To date, the Company has issued 85,660 shares of its Series E non-traded perpetual preferred raising approximately $2.1 million of gross proceeds.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock or common units for the second quarter ended June 30, 2021. The Board of Directors also announced that it plans to continue its suspension of the common stock dividend during 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward.

PORTFOLIO REVPAR

As of June 30, 2021, the portfolio consisted of thirteen hotels.

•Comparable RevPAR increased 875% to $187.31 for all hotels on a 35.1% increase in ADR and a 621.6% increase in occupancy.

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

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July 29, 2021

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.

“We continue to be pleased with the operating performance of our hotels,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Leisure demand was strong during the quarter, our luxury resorts continue to perform very well, and our portfolio was cash flow positive for the second consecutive quarterly period. Our planned acquisition of the Mr. C hotel is a compelling opportunity to further diversify our portfolio by acquiring an irreplaceable luxury property in a premier location in the heart of West Los Angeles that fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts. We are also pleased to be added to the Russell 2000®, Russell 3000®, and the Russell Microcap® indexes which we believe will help increase our visibility within the investment community and reflect our continued positive momentum and efforts to maximize value for our shareholders. Looking ahead, leisure travelers continue to lead the lodging recovery, new bookings at our properties remain strong, and, with the highest quality portfolio in the public markets, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Friday, July 30, 2021, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Friday, August 6, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13720452.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Friday, July 30, 2021, 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,”

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July 29, 2021

“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; the timing and outcome of the Securities and Exchange Commission’s investigation; 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; 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, 2021		December 31, 2020
ASSETS
Investments in hotel properties, gross	$	1,774,306	$	1,784,849
Accumulated depreciation	(384,373)		(360,259)
Investments in hotel properties, net	1,389,933		1,424,590
Cash and cash equivalents	157,677		78,606
Restricted cash	57,413		34,544
Accounts receivable, net of allowance of $286 and $227, respectively	18,707		13,557
Inventories	2,481		2,551
Prepaid expenses	5,073		4,405
Investment in OpenKey	1,578		1,708
Derivative assets	1		—
Other assets	18,593		14,898
Operating lease right-of-use assets	80,710		81,260
Intangible assets, net	4,451		4,640
Due from related parties, net	1,953		991
Due from third-party hotel managers	21,546		12,271
Total assets	$	1,760,116	$	1,674,021
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,144,175	$	1,130,594
Accounts payable and accrued expenses	84,460		61,758
Dividends and distributions payable	2,075		2,736
Due to Ashford Inc., net	2,516		2,772
Due to third-party hotel managers	1,834		1,393
Operating lease liabilities	60,797		60,917
Other liabilities	18,537		18,077
Total liabilities	1,314,394		1,278,247
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,108,017 and 5,031,473 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	66,064		106,949
Redeemable noncontrolling interests in operating partnership	29,398		27,655
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, 2021 and December 31, 2020	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 57,311,232 and 38,274,770 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	573		382
Additional paid-in capital	661,576		541,870
Accumulated deficit	(295,641)		(266,010)
Total stockholders' equity of the Company	366,524		276,258
Noncontrolling interest in consolidated entities	(16,264)		(15,088)
Total equity	350,260		261,170
Total liabilities and equity	$	1,760,116	$	1,674,021

6

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,
	2021		2020		2021		2020
REVENUE
Rooms	$	63,837	$	6,533	$	118,160	$	77,001
Food and beverage	19,853		2,077		36,482		30,880
Other	13,420		4,285		26,316		22,534
Total hotel revenue	97,110		12,895		180,958		130,415
EXPENSES
Hotel operating expenses:
Rooms	13,482		3,445		24,497		21,325
Food and beverage	16,322		3,649		30,274		27,550
Other expenses	33,476		12,979		62,019		55,069
Management fees	2,952		466		5,484		4,343
Total hotel operating expenses	66,232		20,539		122,274		108,287
Property taxes, insurance and other	7,190		7,244		14,454		14,904
Depreciation and amortization	18,244		18,553		36,597		36,891
Advisory services fee:
Base advisory fee	2,678		2,572		5,223		5,193
Reimbursable expenses	510		412		1,002		956
Incentive fee	1,266		—		1,637		—
Non-cash stock/unit-based compensation	2,285		1,917		3,672		3,821
(Gain) loss on legal settlements	(989)		—		(989)		—
Corporate, general and administrative:
Non-cash stock/unit-based compensation	506		96		516		131
Other general and administrative	1,877		1,417		3,467		3,314
Total operating expenses	100,095		52,750		188,149		173,497
Gain (loss) on insurance settlement and disposition of assets	197		—		696		—
OPERATING INCOME (LOSS)	(2,788)		(39,855)		(6,495)		(43,082)
Equity in earnings (loss) of unconsolidated entity	(66)		(40)		(130)		(80)
Interest income	12		24		21		153
Other income (expense)	—		(64)		—		(202)
Interest expense	(6,633)		(16,464)		(12,662)		(27,290)
Amortization of loan costs	(593)		(947)		(1,320)		(2,018)
Write-off of loan costs and exit fees	(1,177)		(2,237)		(1,528)		(2,237)
Unrealized gain (loss) on derivatives	(58)		(969)		(78)		187
INCOME (LOSS) BEFORE INCOME TAXES	(11,303)		(60,552)		(22,192)		(74,569)
Income tax (expense) benefit	(61)		4,447		(206)		3,077
NET INCOME (LOSS)	(11,364)		(56,105)		(22,398)		(71,492)
(Income) loss attributable to noncontrolling interest in consolidated entities	849		2,404		2,096		2,976
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,282		5,770		2,361		7,655
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(9,233)		(47,931)		(17,941)		(60,861)
Preferred dividends	(1,893)		(2,555)		(4,281)		(5,110)
Gain (loss) on extinguishment of preferred stock	(4,411)		—		(4,484)		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(15,537)	$	(50,486)	$	(26,706)	$	(65,971)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.32)	$	(1.53)	$	(0.61)	$	(2.02)
Weighted average common shares outstanding – basic	47,820		32,907		43,737		32,688
Diluted:
Net income (loss) attributable to common stockholders	$	(0.32)	$	(1.53)	$	(0.61)	$	(2.02)
Weighted average common shares outstanding – diluted	47,820		32,907		43,737		32,688
Dividends declared per common share:	$	—	$	—	$	—	$	—

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	(11,364)	$	(56,105)	$	(22,398)	$	(71,492)
Interest expense and amortization of loan costs	7,226		17,411		13,982		29,308
Depreciation and amortization	18,244		18,553		36,597		36,891
Income tax expense (benefit)	61		(4,447)		206		(3,077)
Equity in (earnings) loss of unconsolidated entity	66		40		130		80
Company's portion of EBITDA of OpenKey	(65)		(40)		(128)		(79)
EBITDA	14,168		(24,588)		28,389		(8,369)
(Gain) loss on insurance settlement and disposition of assets	(197)		—		(696)		—
EBITDAre	13,971		(24,588)		27,693		(8,369)
Amortization of favorable (unfavorable) contract assets (liabilities)	138		207		276		414
Transaction and conversion costs	828		120		1,168		611
Other (income) expense	—		64		—		202
Write-off of loan costs and exit fees	1,177		2,237		1,528		2,237
Unrealized (gain) loss on derivatives	58		969		78		(187)
Non-cash stock/unit-based compensation	2,805		2,048		4,221		4,033
Legal, advisory and settlement costs	(632)		413		(427)		1,026
Advisory services incentive fee	1,266		—		1,637		—
Company's portion of adjustments to EBITDAre of OpenKey	1		2		6		5
Adjusted EBITDAre	$	19,612	$	(18,528)	$	36,180	$	(28)

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,
	2021		2020		2021		2020
Net income (loss)	$	(11,364)	$	(56,105)	$	(22,398)	$	(71,492)
(Income) loss attributable to noncontrolling interest in consolidated entities	849		2,404		2,096		2,976
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,282		5,770		2,361		7,655
Preferred dividends	(1,893)		(2,555)		(4,281)		(5,110)
Gain (loss) on extinguishment of preferred stock	(4,411)		—		(4,484)		—
Net income (loss) attributable to common stockholders	(15,537)		(50,486)		(26,706)		(65,971)
Depreciation and amortization on real estate	17,565		17,792		35,224		35,351
Impairment charges on real estate	—		—		—		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,282)		(5,770)		(2,361)		(7,655)
Equity in (earnings) loss of unconsolidated entity	66		40		130		80
(Gain) loss on insurance settlement and disposition of assets	(197)		—		(696)		—
Company's portion of FFO of OpenKey	(65)		(40)		(129)		(80)
FFO available to common stockholders and OP unitholders	550		(38,464)		5,462		(38,275)
Series B Cumulative Convertible Preferred Stock dividends	1,068		1,730		2,631		3,460
(Gain) loss on extinguishment of preferred stock	4,411		—		4,484		—
Transaction and conversion costs	828		120		1,168		611
Other (income) expense	—		64		—		202
Interest expense on convertible notes	649		—		649		—
Interest expense accretion on refundable membership club deposits	190		202		392		415
Write-off of loan costs and exit fees	1,177		2,237		1,528		2,237
Amortization of loan costs	571		928		1,277		1,981
Unrealized (gain) loss on derivatives	58		969		78		(187)
Non-cash stock/unit-based compensation	2,805		2,048		4,221		4,033
Legal, advisory and settlement costs	(632)		413		(427)		1,026
Advisory services incentive fee	1,266		—		1,637		—
Company's portion of adjustments to FFO of OpenKey	1		2		6		5
Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis	$	12,942	$	(29,751)	$	23,106	$	(24,492)
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	$	0.20	$	(0.68)	$	0.38	$	(0.56)
Weighted average diluted shares	63,649		43,715		60,297		43,731

8

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2021

(dollars in thousands)

(unaudited)

Lender	Hotels	Current Maturity	Final Maturity (5)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA(6)		Comparable TTM EBITDA Debt Yield
Apollo	Ritz-Carlton, St. Thomas	August 2021	August 2024	LIBOR + 3.95%	$	—		$	42,500		(1)	$	42,500		$	17,994	42.3	%
JPMorgan	Park Hyatt Beaver Creek	April 2022	April 2022	LIBOR + 3.00%	—			67,500			(2)	67,500			5,168		7.7	%
BAML	Hotel Yountville	May 2022	May 2022	LIBOR + 2.55%	—			51,000			(3)	51,000			2,052		4.0	%
BAML	See footnote	June 2022	June 2025	LIBOR + 2.16%	—			435,000			(4)	435,000			(12,181)		(2.8)	%
BAML	Bardessono	August 2022	August 2022	LIBOR + 2.55%	—			40,000			(3)	40,000			4,561		11.4	%
BAML	Ritz-Carlton, Sarasota	April 2023	April 2023	LIBOR + 2.65%	—			100,000			(3)	100,000			19,723		19.7
BAML	Ritz-Carlton, Lake Tahoe	January 2024	January 2024	LIBOR + 2.10%	—			54,000			(3)	54,000			3,148		5.8	%
Prudential	Capital Hilton and Hilton Torrey Pines	February 2024	February 2024	LIBOR + 1.70%	—			195,929				195,929			(5,727)		(2.9)	%
BAML	Pier House Resort	September 2024	September 2024	LIBOR + 1.85%	—			80,000			(3)	80,000			12,420		15.5	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A
Total					$	86,250		$	1,065,929			$	1,152,179		$	47,158	4.1	%
Percentage					7.5		%	92.5		%		100.0		%
Weighted average interest rate					4.50		%	2.44		%		2.59		%

All indebtedness is non-recourse.

(1)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.00%.

(2)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.

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

(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in June 2020. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

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

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

9

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2021

(dollars in thousands)

(unaudited)

Lender	Hotels	2021		2022		2023		2024		2025		Thereafter		Total
JPMorgan	Park Hyatt Beaver Creek	$	—	$	67,500	$	—	$	—	$	—	$	—	$	67,500
BAML	Hotel Yountville	—		51,000		—		—		—		—		51,000
BAML	Bardessono	—		40,000		—		—		—		—		40,000
BAML	Ritz-Carlton, Sarasota	—		—		98,000		—		—		—		98,000
BAML	Ritz-Carlton, Lake Tahoe	—		—		—		54,000		—		—		54,000
Prudential	Capital Hilton and Hilton Torrey Pines	—		—		—		195,000		—		—		195,000
Apollo	Ritz-Carlton, St. Thomas	—		—		—		42,500		—		—		42,500
BAML	Pier House Resort	—		—		—		80,000		—		—		80,000
BAML	See footnote 1	—		—		—		—		435,000		—		435,000
Convertible Senior Notes	N/A	—		—		—		—		—		86,250		86,250
Principal due in future periods		$	—	$	158,500	$	98,000	$	371,500	$	435,000	$	86,250	$	1,149,250
Scheduled amortization payments remaining		1,429		1,000		500		—		—		—		2,929
Total indebtedness		$	1,429	$	159,500	$	98,500	$	371,500	$	435,000	$	86,250	$	1,152,179

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

10

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
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
	Rooms revenue (in thousands)	$	63,443		$	—		$	63,443		$	6,510		$	—		$	6,510		874.55	%	874.55	%
	RevPAR	$	187.31		$	—		$	187.31		$	19.22		$	—		$	19.22		874.55	%	874.55	%
	Occupancy	49.17		%	—		%	49.17		%	6.81		%	—		%	6.81		%	621.64	%	621.64	%
	ADR	$	380.98		$	—		$	380.98		$	282.11		$	—		$	282.11		35.05	%	35.05	%

ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
	Rooms revenue (in thousands)	$	117,029		$	—		$	117,029		$	76,386		$	—		$	76,386		53.21	%	53.21	%
	RevPAR	$	173.72		$	—		$	173.72		$	112.93		$	—		$	112.93		53.83	%	53.83	%
	Occupancy	43.07		%	—		%	43.07		%	33.28		%	—		%	33.28		%	29.42	%	29.42	%
	ADR	$	403.33		$	—		$	403.33		$	339.34		$	—		$	339.34		18.86	%	18.86	%

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

(2)    The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2021			2020			% Variance		2021			2020			% Variance
	Total hotel revenue	$	97,110		$	12,895		653.08	%	$	180,958		$	130,415		38.76	%
	Non-comparable adjustments	—			—					—			(138)
	Comparable total hotel revenue	$	97,110		$	12,895		653.08	%	$	180,958		$	130,277		38.90	%
	Hotel EBITDA	$	24,728		$	(15,804)		256.47	%	$	45,227		$	11,506		293.07	%
	Non-comparable adjustments	—			—					—			—
	Comparable hotel EBITDA	$	24,728		$	(15,804)		256.47	%	$	45,227		$	11,506		293.07	%
	Hotel EBITDA margin	25.46		%	(122.56)		%	148.02	%	24.99		%	8.82		%	16.17	%
	Comparable hotel EBITDA margin	25.46		%	(122.56)		%	148.02	%	24.99		%	8.83		%	16.16	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	27		$	(1,084)		102.49	%	$	(378)		$	(127)		(197.64)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	24,701		$	(14,720)		267.81	%	$	45,605		$	11,633		292.03	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	24,701		$	(14,720)		267.81	%	$	45,605		$	11,633		292.03	%

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

12

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
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	1,204		$	—		$	1,204		$	(9)		$	—		$	(9)		13,477.78	%	13,477.78	%
	Total hotel revenue	$	1,576		$	—		$	1,576		$	354		$	—		$	354		345.20	%	345.20	%
	Hotel EBITDA	$	(1,706)		$	—		$	(1,706)		$	(2,642)		$	—		$	(2,642)		35.43	%	35.43	%
	Hotel EBITDA margin	(108.25)		%				(108.25)		%	(746.33)		%				(746.33)		%	638.08	%	638.08	%
	Selected Operating Information:
	RevPAR	$	24.06		$	—		$	24.06		$	(0.17)		$	—		$	(0.17)		14,245.02	%	14,245.02	%
	Occupancy	17.97		%	—		%	17.97		%	—		%	—		%	—		%	100.00	%	100.00	%
	ADR	$	133.88		$	—		$	133.88		$	—		$	—		$	—		100.00	%	100.00	%
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	4,298		$	—		$	4,298		$	509		$	—		$	509		744.40	%	744.40	%
	Total hotel revenue	$	6,587		$	—		$	6,587		$	665		$	—		$	665		890.53	%	890.53	%
	Hotel EBITDA	$	1,815		$	—		$	1,815		$	(1,695)		$	—		$	(1,695)		207.08	%	207.08	%
	Hotel EBITDA margin	27.55		%				27.55		%	(254.89)		%				(254.89)		%	282.44	%	282.44	%
	Selected Operating Information:
	RevPAR	$	119.88		$	—		$	119.88		$	14.22		$	—		$	14.22		743.30	%	743.30	%
	Occupancy	61.72		%	—		%	61.72		%	10.90		%	—		%	10.90		%	466.39	%	466.39	%
	ADR	$	194.23		$	—		$	194.23		$	130.45		$	—		$	130.45		48.89	%	48.89	%
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	2,953		$	—		$	2,953		$	311		$	—		$	311		849.52	%	849.52	%
	Total hotel revenue	$	3,813		$	—		$	3,813		$	416		$	—		$	416		816.59	%	816.59	%
	Hotel EBITDA	$	(156)		$	—		$	(156)		$	(1,761)		$	—		$	(1,761)		91.14	%	91.14	%
	Hotel EBITDA margin	(4.09)		%				(4.09)		%	(423.32)		%				(423.32)		%	419.23	%	419.23	%
	Selected Operating Information:
	RevPAR	$	78.24		$	—		$	78.24		$	8.23		$	—		$	8.23		851.03	%	851.03	%
	Occupancy	40.34		%	—		%	40.34		%	6.21		%	—		%	6.21		%	549.32	%	549.32	%
	ADR	$	193.96		$	—		$	193.96		$	132.43		$	—		$	132.43		46.47	%	46.47	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	4,804		$	—		$	4,804		$	617		$	—		$	617		678.61	%	678.61	%
	Total hotel revenue	$	6,132		$	—		$	6,132		$	801		$	—		$	801		665.54	%	665.54	%
	Hotel EBITDA	$	2,658		$	—		$	2,658		$	(786)		$	—		$	(786)		438.17	%	438.17	%
	Hotel EBITDA margin	43.35		%				43.35		%	(98.13)		%				(98.13)		%	141.48	%	141.48	%
	Selected Operating Information:
	RevPAR	$	812.30		$	—		$	812.30		$	104.21		$	—		$	104.21		679.50	%	679.50	%
	Occupancy	77.38		%	—		%	77.38		%	12.73		%	—		%	12.73		%	507.84	%	507.84	%
	ADR	$	1,049.76		$	—		$	1,049.76		$	818.57		$	—		$	818.57		28.24	%	28.24	%
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	6,697		$	—		$	6,697		$	805		$	—		$	805		731.93	%	731.93	%
	Total hotel revenue	$	8,419		$	—		$	8,419		$	1,026		$	—		$	1,026		720.57	%	720.57	%
	Hotel EBITDA	$	4,913		$	—		$	4,913		$	(332)		$	—		$	(332)		1,579.82	%	1,579.82	%
	Hotel EBITDA margin	58.36		%				58.36		%	(32.36)		%				(32.36)		%	90.72	%	90.72	%
	Selected Operating Information:
	RevPAR	$	518.26		$	—		$	518.26		$	62.29		$	—		$	62.29		732.01	%	732.01	%
	Occupancy	91.29		%	—		%	91.29		%	17.97		%	—		%	17.97		%	408.01	%	408.01	%
	ADR	$	567.74		$	—		$	567.74		$	346.65		$	—		$	346.65		63.78	%	63.78	%

13

		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,429		$	—		$	3,429		$	390		$	—		$	390		779.23	%	779.23	%
	Total hotel revenue	$	3,992		$	—		$	3,992		$	529		$	—		$	529		654.63	%	654.63	%
	Hotel EBITDA	$	1,759		$	—		$	1,759		$	(497)		$	—		$	(497)		453.92	%	453.92	%
	Hotel EBITDA margin	44.06		%				44.06		%	(93.95)		%				(93.95)		%	138.01	%	138.01	%
	Selected Operating Information:
	RevPAR	$	470.87		$	—		$	470.87		$	53.58		$	—		$	53.58		778.80	%	778.80	%
	Occupancy	70.03		%	—		%	70.03		%	9.60		%	—		%	9.60		%	629.33	%	629.33	%
	ADR	$	672.41		$	—		$	672.41		$	558.04		$	—		$	558.04		20.49	%	20.49	%
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	1,555		$	—		$	1,555		$	116		$	—		$	116		1,240.52	%	1,240.52	%
	Total hotel revenue	$	4,266		$	—		$	4,266		$	476		$	—		$	476		796.22	%	796.22	%
	Hotel EBITDA	$	(401)		$	—		$	(401)		$	(1,687)		$	—		$	(1,687)		76.23	%	76.23	%
	Hotel EBITDA margin	(9.40)		%				(9.40)		%	(354.41)		%				(354.41)		%	345.01	%	345.01	%
	Selected Operating Information:
	RevPAR	$	89.88		$	—		$	89.88		$	6.72		$	—		$	6.72		1,238.47	%	1,238.47	%
	Occupancy	31.71		%	—		%	31.71		%	2.80		%	—		%	2.80		%	1,032.85	%	1,032.85	%
	ADR	$	283.43		$	—		$	283.43		$	239.89		$	—		$	239.89		18.15	%	18.15	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	2,416		$	—		$	2,416		$	534		$	—		$	534		352.43	%	352.43	%
	Total hotel revenue	$	2,665		$	—		$	2,665		$	618		$	—		$	618		331.23	%	331.23	%
	Hotel EBITDA	$	154		$	—		$	154		$	(1,104)		$	—		$	(1,104)		113.95	%	113.95	%
	Hotel EBITDA margin	5.78		%				5.78		%	(178.64)		%				(178.64)		%	184.42	%	184.42	%
	Selected Operating Information:
	RevPAR	$	53.20		$	—		$	53.20		$	11.76		$	—		$	11.76		352.36	%	352.36	%
	Occupancy	32.71		%	—		%	32.71		%	7.85		%	—		%	7.85		%	316.87	%	316.87	%
	ADR	$	162.63		$	—		$	162.63		$	149.87		$	—		$	149.87		8.51	%	8.51	%
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	2,823		$	—		$	2,823		$	25		$	—		$	25		11,192.00	%	11,192.00	%
	Total hotel revenue	$	3,331		$	—		$	3,331		$	154		$	—		$	154		2,062.99	%	2,062.99	%
	Hotel EBITDA	$	(1,024)		$	—		$	(1,024)		$	(1,880)		$	—		$	(1,880)		45.53	%	45.53	%
	Hotel EBITDA margin	(30.74)		%				(30.74)		%	(1,220.78)		%				(1,220.78)		%	1,190.04	%	1,190.04	%
	Selected Operating Information:
	RevPAR	$	75.65		$	—		$	75.65		$	0.67		$	—		$	0.67		11,151.84	%	11,151.84	%
	Occupancy	51.57		%	—		%	51.57		%	0.18		%	—		%	0.18		%	27,785.51	%	27,785.51	%
	ADR	$	146.70		$	—		$	146.70		$	363.57		$	—		$	363.57		(59.65)	%	(59.65)	%
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	11,178		$	—		$	11,178		$	2,503		$	—		$	2,503		346.58	%	346.58	%
	Total hotel revenue	$	22,717		$	—		$	22,717		$	6,235		$	—		$	6,235		264.35	%	264.35	%
	Hotel EBITDA	$	7,723		$	—		$	7,723		$	1,210		$	—		$	1,210		538.26	%	538.26	%
	Hotel EBITDA margin	34.00		%				34.00		%	19.41		%				19.41		%	14.59	%	14.59	%
	Selected Operating Information:
	RevPAR	$	461.80		$	—		$	461.80		$	103.39		$	—		$	103.39		346.64	%	346.64	%
	Occupancy	87.14		%	—		%	87.14		%	29.20		%	—		%	29.20		%	198.46	%	198.46	%
	ADR	$	529.98		$	—		$	529.98		$	354.15		$	—		$	354.15		49.65	%	49.65	%

14

		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	3,605		$	—		$	3,605		$	347		$	—		$	347		938.90	%	938.90	%
	Total hotel revenue	$	7,716		$	—		$	7,716		$	552		$	—		$	552		1,297.83	%	1,297.83	%
	Hotel EBITDA	$	(306)		$	—		$	(306)		$	(1,638)		$	—		$	(1,638)		81.32	%	81.32	%
	Hotel EBITDA margin	(3.97)		%				(3.97)		%	(296.74)		%				(296.74)		%	292.77	%	292.77	%
	Selected Operating Information:
	RevPAR	$	233.04		$	—		$	233.04		$	22.42		$	—		$	22.42		939.27	%	939.27	%
	Occupancy	51.92		%	—		%	51.92		%	5.66		%	—		%	5.66		%	817.94	%	817.94	%
	ADR	$	448.85		$	—		$	448.85		$	396.45		$	—		$	396.45		13.22	%	13.22	%
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	3,176		$	—		$	3,176		$	67		$	—		$	67		4,640.30	%	4,640.30	%
	Total hotel revenue	$	3,794		$	—		$	3,794		$	131		$	—		$	131		2,796.18	%	2,796.18	%
	Hotel EBITDA	$	1,163		$	—		$	1,163		$	(1,234)		$	—		$	(1,234)		194.25	%	194.25	%
	Hotel EBITDA margin	30.65		%				30.65		%	(941.98)		%				(941.98)		%	972.63	%	972.63	%
	Selected Operating Information:
	RevPAR	$	96.68		$	—		$	96.68		$	2.05		$	—		$	2.05		4,626.75	%	4,626.75	%
	Occupancy	47.50		%	—		%	47.50		%	0.93		%	—		%	0.93		%	5,016.07	%	5,016.07	%
	ADR	$	203.55		$	—		$	203.55		$	220.31		$	—		$	220.31		(7.61)	%	(7.61)	%
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	15,305		$	—		$	15,305		$	295		$	—		$	295		5,088.14	%	5,088.14	%
	Total hotel revenue	$	22,102		$	—		$	22,102		$	938		$	—		$	938		2,256.29	%	2,256.29	%
	Hotel EBITDA	$	8,136		$	—		$	8,136		$	(1,758)		$	—		$	(1,758)		562.80	%	562.80	%
	Hotel EBITDA margin	36.81		%				36.81		%	(187.42)		%				(187.42)		%	224.23	%	224.23	%
	Selected Operating Information:
	RevPAR	$	934.37		$	—		$	934.37		$	18.00		$	—		$	18.00		5,091.61	%	5,091.61	%
	Occupancy	87.88		%	—		%	87.88		%	4.19		%	—		%	4.19		%	1,998.25	%	1,998.25	%
	ADR	$	1,063.29		$	—		$	1,063.29		$	429.74		$	—		$	429.74		147.43	%	147.43	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	63,443		$	—		$	63,443		$	6,510		$	—		$	6,510		874.55	%	874.55	%
	Total hotel revenue	$	97,110		$	—		$	97,110		$	12,895		$	—		$	12,895		653.08	%	653.08	%
	Hotel EBITDA	$	24,728		$	—		$	24,728		$	(15,804)		$	—		$	(15,804)		256.47	%	256.47	%
	Hotel EBITDA margin	25.46		%				25.46		%	(122.56)		%				(122.56)		%	148.02	%	148.02	%
	Selected Operating Information:
	RevPAR	$	187.31		$	—		$	187.31		$	19.22		$	—		$	19.22		874.55	%	874.55	%
	Occupancy	49.17		%	—		%	49.17		%	6.81		%	—		%	6.81		%	621.64	%	621.64	%
	ADR	$	380.98		$	—		$	380.98		$	282.11		$	—		$	282.11		35.05	%	35.05	%

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

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

15

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
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	3,235		$	—		$	3,235		$	6,526		$	—		$	6,526		(50.43)	%	(50.43)	%
	Total hotel revenue	$	3,985		$	—		$	3,985		$	10,886		$	—		$	10,886		(63.39)	%	(63.39)	%
	Hotel EBITDA	$	(2,554)		$	—		$	(2,554)		$	(1,562)		$	—		$	(1,562)		(63.51)	%	(63.51)	%
	Hotel EBITDA margin	(64.09)		%				(64.09)		%	(14.35)		%				(14.35)		%	(49.74)	%	(49.74)	%
	Selected Operating Information:
	RevPAR	$	32.50		$	—		$	32.50		$	65.20		$	—		$	65.20		(50.15)	%	(50.15)	%
	Occupancy	22.84		%	—		%	22.84		%	29.75		%	—		%	29.75		%	(23.21)	%	(23.21)	%
	ADR	$	142.28		$	—		$	142.28		$	219.18		$	—		$	219.18		(35.09)	%	(35.09)	%
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	5,908		$	—		$	5,908		$	5,623		$	—		$	5,623		5.07	%	5.07	%
	Total hotel revenue	$	8,866		$	—		$	8,866		$	10,061		$	—		$	10,061		(11.88)	%	(11.88)	%
	Hotel EBITDA	$	1,043		$	—		$	1,043		$	1,055		$	—		$	1,055		(1.14)	%	(1.14)	%
	Hotel EBITDA margin	11.76		%				11.76		%	10.49		%				10.49		%	1.27	%	1.27	%
	Selected Operating Information:
	RevPAR	$	82.84		$	—		$	82.84		$	78.42		$	—		$	78.42		5.64	%	5.64	%
	Occupancy	47.10		%	—		%	47.10		%	36.95		%	—		%	36.95		%	27.44	%	27.44	%
	ADR	$	175.90		$	—		$	175.90		$	212.21		$	—		$	212.21		(17.11)	%	(17.11)	%
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	4,374		$	—		$	4,374		$	2,932		$	—		$	2,932		49.18	%	49.18	%
	Total hotel revenue	$	5,601		$	—		$	5,601		$	4,184		$	—		$	4,184		33.87	%	33.87	%
	Hotel EBITDA	$	(1,348)		$	—		$	(1,348)		$	(3,631)		$	—		$	(3,631)		62.88	%	62.88	%
	Hotel EBITDA margin	(24.07)		%				(24.07)		%	(86.78)		%				(86.78)		%	62.71	%	62.71	%
	Selected Operating Information:
	RevPAR	$	58.23		$	—		$	58.23		$	38.81		$	—		$	38.81		50.03	%	50.03	%
	Occupancy	32.01		%	—		%	32.01		%	28.81		%	—		%	28.81		%	11.12	%	11.12	%
	ADR	$	181.90		$	—		$	181.90		$	134.72		$	—		$	134.72		35.02	%	35.02	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	6,565		$	—		$	6,565		$	2,593		$	—		$	2,593		153.18	%	153.18	%
	Total hotel revenue	$	8,504		$	—		$	8,504		$	3,706		$	—		$	3,706		129.47	%	129.47	%
	Hotel EBITDA	$	2,864		$	—		$	2,864		$	(679)		$	—		$	(679)		521.80	%	521.80	%
	Hotel EBITDA margin	33.68		%				33.68		%	(18.32)		%				(18.32)		%	52.00	%	52.00	%
	Selected Operating Information:
	RevPAR	$	558.04		$	—		$	558.04		$	219.26		$	—		$	219.26		154.51	%	154.51	%
	Occupancy	60.32		%	—		%	60.32		%	33.42		%	—		%	33.42		%	80.48	%	80.48	%
	ADR	$	925.08		$	—		$	925.08		$	656.00		$	—		$	656.00		41.02	%	41.02	%
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	12,280		$	—		$	12,280		$	6,354		$	—		$	6,354		93.26	%	93.26	%
	Total hotel revenue	$	15,477		$	—		$	15,477		$	8,025		$	—		$	8,025		92.86	%	92.86	%
	Hotel EBITDA	$	9,159		$	—		$	9,159		$	3,446		$	—		$	3,446		165.79	%	165.79	%
	Hotel EBITDA margin	59.18		%				59.18		%	42.94		%				42.94		%	16.24	%	16.24	%
	Selected Operating Information:
	RevPAR	$	477.78		$	—		$	477.78		$	245.84		$	—		$	245.84		94.35	%	94.35	%
	Occupancy	87.67		%	—		%	87.67		%	47.66		%	—		%	47.66		%	83.95	%	83.95	%
	ADR	$	544.95		$	—		$	544.95		$	515.78		$	—		$	515.78		5.65	%	5.65	%

16

		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	4,447		$	—		$	4,447		$	1,783		$	—		$	1,783		149.41	%	149.41	%
	Total hotel revenue	$	5,286		$	—		$	5,286		$	2,414		$	—		$	2,414		118.97	%	118.97	%
	Hotel EBITDA	$	1,658		$	—		$	1,658		$	(480)		$	—		$	(480)		445.42	%	445.42	%
	Hotel EBITDA margin	31.37		%				31.37		%	(19.88)		%				(19.88)		%	51.25	%	51.25	%
	Selected Operating Information:
	RevPAR	$	307.09		$	—		$	307.09		$	122.44		$	—		$	122.44		150.81	%	150.81	%
	Occupancy	51.44		%	—		%	51.44		%	27.96		%	—		%	27.96		%	83.96	%	83.96	%
	ADR	$	597.02		$	—		$	597.02		$	437.90		$	—		$	437.90		36.34	%	36.34	%
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	7,935		$	—		$	7,935		$	8,267		$	—		$	8,267		(4.02)	%	(4.02)	%
	Total hotel revenue	$	16,017		$	—		$	16,017		$	15,788		$	—		$	15,788		1.45	%	1.45	%
	Hotel EBITDA	$	4,057		$	—		$	4,057		$	3,866		$	—		$	3,866		4.94	%	4.94	%
	Hotel EBITDA margin	25.33		%				25.33		%	24.49		%				24.49		%	0.84	%	0.84	%
	Selected Operating Information:
	RevPAR	$	230.72		$	—		$	230.72		$	239.08		$	—		$	239.08		(3.50)	%	(3.50)	%
	Occupancy	47.93		%	—		%	47.93		%	32.64		%	—		%	32.64		%	46.83	%	46.83	%
	ADR	$	481.38		$	—		$	481.38		$	732.41		$	—		$	732.41		(34.27)	%	(34.27)	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	3,657		$	—		$	3,657		$	5,000		$	—		$	5,000		(26.86)	%	(26.86)	%
	Total hotel revenue	$	4,030		$	—		$	4,030		$	6,525		$	—		$	6,525		(38.24)	%	(38.24)	%
	Hotel EBITDA	$	(624)		$	—		$	(624)		$	(482)		$	—		$	(482)		(29.46)	%	(29.46)	%
	Hotel EBITDA margin	(15.48)		%				(15.48)		%	(7.39)		%				(7.39)		%	(8.09)	%	(8.09)	%
	Selected Operating Information:
	RevPAR	$	40.49		$	—		$	40.49		$	55.06		$	—		$	55.06		(26.46)	%	(26.46)	%
	Occupancy	26.22		%	—		%	26.22		%	32.26		%	—		%	32.26		%	(18.71)	%	(18.71)	%
	ADR	$	154.40		$	—		$	154.40		$	170.68		$	—		$	170.68		(9.54)	%	(9.54)	%
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	3,967		$	—		$	3,967		$	7,537		$	—		$	7,537		(47.37)	%	(47.37)	%
	Total hotel revenue	$	4,688		$	—		$	4,688		$	8,736		$	—		$	8,736		(46.34)	%	(46.34)	%
	Hotel EBITDA	$	(2,811)		$	—		$	(2,811)		$	290		$	—		$	290		(1,069.31)	%	(1,069.31)	%
	Hotel EBITDA margin	(59.96)		%				(59.96)		%	3.32		%				3.32		%	(63.28)	%	(63.28)	%
	Selected Operating Information:
	RevPAR	$	53.46		$	—		$	53.46		$	101.00		$	—		$	101.00		(47.07)	%	(47.07)	%
	Occupancy	37.27		%	—		%	37.27		%	32.47		%	—		%	32.47		%	14.80	%	14.80	%
	ADR	$	143.43		$	—		$	143.43		$	311.10		$	—		$	311.10		(53.90)	%	(53.90)	%
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	21,946		$	—		$	21,946		$	10,944		$	—		$	10,944		100.53	%	100.53	%
	Total hotel revenue	$	42,827		$	—		$	42,827		$	25,663		$	—		$	25,663		66.88	%	66.88	%
	Hotel EBITDA	$	15,085		$	—		$	15,085		$	6,864		$	—		$	6,864		119.77	%	119.77	%
	Hotel EBITDA margin	35.22		%				35.22		%	26.75		%				26.75		%	8.47	%	8.47	%
	Selected Operating Information:
	RevPAR	$	455.83		$	—		$	455.83		$	226.05		$	—		$	226.05		101.65	%	101.65	%
	Occupancy	81.35		%	—		%	81.35		%	50.22		%	—		%	50.22		%	62.00	%	62.00	%
	ADR	$	560.30		$	—		$	560.30		$	450.13		$	—		$	450.13		24.47	%	24.47	%

17

		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2021			2021			2021			2020			2020			2020			% Variance		% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	10,079		$	—		$	10,079		$	7,746		$	—		$	7,746		30.12	%	30.12	%
	Total hotel revenue	$	19,652		$	—		$	19,652		$	13,959		$	(138)		$	13,821		40.78	%	42.19	%
	Hotel EBITDA	$	2,531		$	—		$	2,531		$	1,250		$	—		$	1,250		102.48	%	102.48	%
	Hotel EBITDA margin	12.88		%				12.88		%	8.95		%				9.04		%	3.93	%	3.84	%
	Selected Operating Information:
	RevPAR	$	327.55		$	—		$	327.55		$	250.36		$	—		$	250.36		30.83	%	30.83	%
	Occupancy	56.82		%	—		%	56.82		%	34.52		%	—		%	34.52		%	64.62	%	64.62	%
	ADR	$	576.42		$	—		$	576.42		$	725.30		$	—		$	725.30		(20.53)	%	(20.53)	%
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	4,074		$	—		$	4,074		$	3,765		$	—		$	3,765		8.21	%	8.21	%
	Total hotel revenue	$	4,819		$	—		$	4,819		$	4,978		$	—		$	4,978		(3.19)	%	(3.19)	%
	Hotel EBITDA	$	526		$	—		$	526		$	(702)		$	—		$	(702)		174.93	%	174.93	%
	Hotel EBITDA margin	10.92		%				10.92		%	(14.10)		%				(14.10)		%	25.02	%	25.02	%
	Selected Operating Information:
	RevPAR	$	62.36		$	—		$	62.36		$	57.31		$	—		$	57.31		8.81	%	8.81	%
	Occupancy	32.28		%	—		%	32.28		%	26.40		%	—		%	26.40		%	22.29	%	22.29	%
	ADR	$	193.15		$	—		$	193.15		$	217.07		$	—		$	217.07		(11.02)	%	(11.02)	%
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	28,562		$	—		$	28,562		$	7,316		$	—		$	7,316		290.40	%	290.40	%
	Total hotel revenue	$	41,206		$	—		$	41,206		$	15,490		$	—		$	15,490		166.02	%	166.02	%
	Hotel EBITDA	$	15,641		$	—		$	15,641		$	2,271		$	—		$	2,271		588.73	%	588.73	%
	Hotel EBITDA margin	37.96		%				37.96		%	14.66		%				14.66		%	23.30	%	23.30	%
	Selected Operating Information:
	RevPAR	$	876.66		$	—		$	876.66		$	230.19		$	—		$	230.19		280.84	%	280.84	%
	Occupancy	83.27		%	—		%	83.27		%	30.13		%	—		%	30.13		%	176.38	%	176.38	%
	ADR	$	1,052.81		$	—		$	1,052.81		$	764.04		$	—		$	764.04		37.80	%	37.80	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	117,029		$	—		$	117,029		$	76,386		$	—		$	76,386		53.21	%	53.21	%
	Total hotel revenue	$	180,958		$	—		$	180,958		$	130,415		$	(138)		$	130,277		38.76	%	38.90	%
	Hotel EBITDA	$	45,227		$	—		$	45,227		$	11,506		$	—		$	11,506		293.07	%	293.07	%
	Hotel EBITDA margin	24.99		%				24.99		%	8.82		%				8.83		%	16.17	%	16.16	%
	Selected Operating Information:
	RevPAR	$	173.72		$	—		$	173.72		$	112.93		$	—		$	112.93		53.83	%	53.83	%
	Occupancy	43.07		%	—		%	43.07		%	33.28		%	—		%	33.28		%	29.42	%	29.42	%
	ADR	$	403.33		$	—		$	403.33		$	339.34		$	—		$	339.34		18.86	%	18.86	%

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

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

18

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
		2021			2021			2021
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	4,304		$	—		$	4,304
	Total hotel revenue	$	5,816		$	—		$	5,816
	Hotel EBITDA	$	(6,068)		$	—		$	(6,068)
	Hotel EBITDA margin	(104.33)		%				(104.33)		%
	Selected Operating Information:
	RevPAR	$	21.44		$	—		$	21.44
	Occupancy	15.70		%	—		%	15.70		%
	ADR	$	136.56		$	—		$	136.56
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	9,844		$	—		$	9,844
	Total hotel revenue	$	14,194		$	—		$	14,194
	Hotel EBITDA	$	341		$	—		$	341
	Hotel EBITDA margin	2.40		%				2.40		%
	Selected Operating Information:
	RevPAR	$	68.45		$	—		$	68.45
	Occupancy	42.87		%	—		%	42.87		%
	ADR	$	159.65		$	—		$	159.65
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,420		$	—		$	7,420
	Total hotel revenue	$	9,300		$	—		$	9,300
	Hotel EBITDA	$	(3,105)		$	—		$	(3,105)
	Hotel EBITDA margin	(33.39)		%				(33.39)		%
	Selected Operating Information:
	RevPAR	$	49.00		$	—		$	49.00
	Occupancy	29.45		%	—		%	29.45		%
	ADR	$	166.35		$	—		$	166.35
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	11,439		$	—		$	11,439
	Total hotel revenue	$	14,718		$	—		$	14,718
	Hotel EBITDA	$	4,561		$	—		$	4,561
	Hotel EBITDA margin	30.99		%				30.99		%
	Selected Operating Information:
	RevPAR	$	482.15		$	—		$	482.15
	Occupancy	53.68		%	—		%	53.68		%
	ADR	$	898.16		$	—		$	898.16
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	18,191		$	—		$	18,191
	Total hotel revenue	$	23,205		$	—		$	23,205
	Hotel EBITDA	$	12,420		$	—		$	12,420
	Hotel EBITDA margin	53.52		%				53.52		%
	Selected Operating Information:
	RevPAR	$	350.98		$	—		$	350.98
	Occupancy	75.27		%	—		%	75.27		%
	ADR	$	466.28		$	—		$	466.28

19

		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2021			2021			2021
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	7,204		$	—		$	7,204
	Total hotel revenue	$	8,623		$	—		$	8,623
	Hotel EBITDA	$	2,052		$	—		$	2,052
	Hotel EBITDA margin	23.80		%				23.80		%
	Selected Operating Information:
	RevPAR	$	246.67		$	—		$	246.67
	Occupancy	41.11		%	—		%	41.11		%
	ADR	$	600.07		$	—		$	600.07
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	12,515		$	—		$	12,515
	Total hotel revenue	$	25,784		$	—		$	25,784
	Hotel EBITDA	$	5,168		$	—		$	5,168
	Hotel EBITDA margin	20.04		%				20.04		%
	Selected Operating Information:
	RevPAR	$	180.45		$	—		$	180.45
	Occupancy	41.50		%	—		%	41.50		%
	ADR	$	434.80		$	—		$	434.80
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,006		$	—		$	6,006
	Total hotel revenue	$	6,505		$	—		$	6,505
	Hotel EBITDA	$	(1,775)		$	—		$	(1,775)
	Hotel EBITDA margin	(27.29)		%				(27.29)		%
	Selected Operating Information:
	RevPAR	$	22.64		$	—		$	22.64
	Occupancy	21.19		%	—		%	21.19		%
	ADR	$	106.85		$	—		$	106.85
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	4,679		$	—		$	4,679
	Total hotel revenue	$	5,575		$	—		$	5,575
	Hotel EBITDA	$	(6,796)		$	—		$	(6,796)
	Hotel EBITDA margin	(121.90)		%				(121.90)		%
	Selected Operating Information:
	RevPAR	$	12.57		$	—		$	12.57
	Occupancy	21.86		%	—		%	21.86		%
	ADR	$	57.51		$	—		$	57.51
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	32,566		$	—		$	32,566
	Total hotel revenue	$	66,695		$	—		$	66,695
	Hotel EBITDA	$	19,723		$	—		$	19,723
	Hotel EBITDA margin	29.57		%				29.57		%
	Selected Operating Information:
	RevPAR	$	246.07		$	—		$	246.07
	Occupancy	69.40		%	—		%	69.40		%
	ADR	$	354.55		$	—		$	354.55

20

		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2021			2021			2021
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	17,373		$	—		$	17,373
	Total hotel revenue	$	32,930		$	—		$	32,930
	Hotel EBITDA	$	3,148		$	—		$	3,148
	Hotel EBITDA margin	9.56		%				9.56		%
	Selected Operating Information:
	RevPAR	$	279.97		$	—		$	279.97
	Occupancy	54.76		%	—		%	54.76		%
	ADR	$	511.25		$	—		$	511.25
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	5,913		$	—		$	5,913
	Total hotel revenue	$	6,862		$	—		$	6,862
	Hotel EBITDA	$	(505)		$	—		$	(505)
	Hotel EBITDA margin	(7.36)		%				(7.36)		%
	Selected Operating Information:
	RevPAR	$	21.28		$	—		$	21.28
	Occupancy	23.58		%	—		%	23.58		%
	ADR	$	90.26		$	—		$	90.26
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	38,017		$	—		$	38,017
	Total hotel revenue	$	57,310		$	—		$	57,310
	Hotel EBITDA	$	17,994		$	—		$	17,994
	Hotel EBITDA margin	31.40		%				31.40		%
	Selected Operating Information:
	RevPAR	$	350.20		$	—		$	350.20
	Occupancy	65.10		%	—		%	65.10		%
	ADR	$	537.98		$	—		$	537.98
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	175,471		$	—		$	175,471
	Total hotel revenue	$	277,517		$	—		$	277,517
	Hotel EBITDA	$	47,158		$	—		$	47,158
	Hotel EBITDA margin	16.99		%				16.99		%
	Selected Operating Information:
	RevPAR	$	129.16		$	—		$	129.16
	Occupancy	35.10		%	—		%	35.10		%
	ADR	$	367.99		$	—		$	367.99

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

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

21

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
	2021			2021		2021			2021			2021		2021			2020			2020		2020			2020			2020		2020
	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	$	97,110		$	—	$	97,110		$	83,848		$	—	$	83,848		$	51,805		$	—	$	51,805		$	44,754		$	—	$	44,754
Hotel EBITDA	$	24,728		$	—	$	24,728		$	20,499		$	—	$	20,499		$	1,573		$	—	$	1,573		$	358		$	—	$	358
Hotel EBITDA Margin	25.46		%			25.46		%	24.45		%			24.45		%	3.04		%			3.04		%	0.80		%			0.80		%
EBITDA % of Total TTM	52.4		%			52.4		%	43.5		%			43.5		%	3.3		%			3.3		%	0.8		%			0.8		%
JV Interests in EBITDA	$	27		$	—	$	27		$	(405)		$	—	$	(405)		$	(716)		$	—	$	(716)		$	(338)		$	—	$	(338)
	Actual			Non-comparable Adjustments		Comparable
	2021			2021		2021
	TTM			TTM		TTM
Total Hotel Revenue	$	277,517		$	—	$	277,517
Hotel EBITDA	$	47,158		$	—	$	47,158
Hotel EBITDA Margin	16.99		%			16.99		%
EBITDA % of Total TTM	100.0		%			100.0		%
JV Interests in EBITDA	$	(1,432)		$	—	$	(1,432)

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

22

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2021

(in thousands, except share price)

(unaudited)

	June 30, 2021
Common stock shares outstanding	57,311
Partnership units outstanding (common stock equivalents)	5,584
Combined common stock shares and partnership units outstanding	62,895
Common stock price	$	6.21
Market capitalization	$	390,579
Series B cumulative convertible preferred stock	$	77,700
Series D cumulative preferred stock	$	40,000
Indebtedness	$	1,152,179
Joint venture partner's share of consolidated indebtedness	$	(48,982)
Net working capital (see below)	$	(169,884)
Total enterprise value (TEV)	$	1,441,592
Cash and cash equivalents	$	156,899
Restricted cash	$	56,671
Accounts receivable, net	$	18,233
Prepaid expenses	$	4,934
Due from third-party hotel managers, net	$	19,775
Total current assets	$	256,512
Accounts payable, net & accrued expenses	$	83,995
Dividends and distributions payable	$	2,075
Due to affiliates, net	$	558
Total current liabilities	$	86,628
Net working capital*	$	169,884

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

23

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2021		2021		2020		2020		June 30, 2021
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	2,585	$	(698)	$	(19,811)	$	(10,667)	$	(28,591)
Non-property adjustments	(386)		(496)		—		(10,149)		(11,031)
Interest income	(10)		(8)		(10)		(10)		(38)
Interest expense	3,216		3,160		3,236		2,315		11,927
Amortization of loan costs	307		303		301		297		1,208
Depreciation and amortization	18,244		18,353		17,973		18,507		73,077
Income tax expense (benefit)	17		1		(336)		8		(310)
Non-hotel EBITDA ownership expense	755		(116)		220		57		916
Hotel EBITDA including amounts attributable to noncontrolling interest	24,728		20,499		1,573		358		47,158
Non-comparable adjustments	—		—		—		—		—
Comparable hotel EBITDA	$	24,728	$	20,499	$	1,573	$	358	$	47,158

24

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.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		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	—		—		—		—		—		—		—		—		—		—		—		—		—		—
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	$	24,728

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—	$	—	$	—	$	—	$	4,913	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,913
BAML (Bardessono)	—		—		—		2,658		—		—		—		—		—		—		—		—		—		2,658
BAML (Hotel Yountville)	—		—		—		—		—		1,759		—		—		—		—		—		—		—		1,759
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		8,136		8,136
Prudential (Capital Hilton and Hilton Torrey Pines)	(1,706)		1,815		—		—		—		—		—		—		—		—		—		—		—		109
BAML Pool (see footnote 2)	—		—		(156)		—		—		—		—		154		(1,024)		—		—		1,163		—		137
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		(401)		—		—		—		—		—		—		(401)
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		7,723		—		—		—		7,723
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(306)		—		—		(306)
Total	$	(1,706)	$	1,815	$	(156)	$	2,658	$	4,913	$	1,759	$	(401)	$	154	$	(1,024)	$	7,723	$	(306)	$	1,163	$	8,136	$	24,728

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

25

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2021
	Capital Hilton Washington D.C.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(2,791)	$	(1,832)	$	(2,866)	$	(901)	$	3,050	$	(1,096)	$	3,140	$	(2,684)	$	(5,258)	$	4,924	$	1,580	$	(1,416)	$	5,452	$	(698)	$	(10,336)	$	(11,034)
Non-property adjustments	—		—		—		(17)		1		—		—		—		—		1		1		—		(482)		(496)		496		—
Interest income	—		—		—		—		—		—		—		—		—		(5)		—		(3)		—		(8)		8		—
Interest expense	—		—		—		256		396		321		485		—		—		880		296		—		526		3,160		2,869		6,029
Amortization of loan cost	—		—		—		37		72		40		7		—		—		86		35		—		26		303		424		727
Depreciation and amortization	1,925		1,091		1,655		691		743		616		879		2,154		3,504		1,514		708		988		1,885		18,353		—		18,353
Income tax expense (benefit)	—		(43)		—		—		—		—		—		1		—		—		—		—		43		1		144		145
Non-hotel EBITDA ownership expense	18		12		19		140		(16)		18		(53)		(249)		(33)		(38)		217		(206)		55		(116)		116		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(848)		(772)		(1,192)		206		4,246		(101)		4,458		(778)		(1,787)		7,362		2,837		(637)		7,505		20,499		(6,279)		14,220
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	213		192		—		—		—		—		—		—		—		—		—		—		—		405		(405)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		64		64
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(63)		(63)
Hotel EBITDA attributable to the Company and OP unitholders	$	(635)	$	(580)	$	(1,192)	$	206	$	4,246	$	(101)	$	4,458	$	(778)	$	(1,787)	$	7,362	$	2,837	$	(637)	$	7,505	$	20,904	$	(6,683)	$	14,221
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(848)	$	(772)	$	(1,192)	$	206	$	4,246	$	(101)	$	4,458	$	(778)	$	(1,787)	$	7,362	$	2,837	$	(637)	$	7,505	$	20,499

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—	$	—	$	—	$	—	$	4,246	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,246
BAML (Bardessono)	—		—		—		206		—		—		—		—		—		—		—		—		—		206
BAML (Hotel Yountville)	—		—		—		—		—		(101)		—		—		—		—		—		—		—		(101)
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		7,505		7,505
Prudential (Capital Hilton and Hilton Torrey Pines)	(848)		(772)		—		—		—		—		—		—		—		—		—		—		—		(1,620)
BAML Pool (see footnote 2)	—		—		(1,192)		—		—		—		—		(778)		(1,787)		—		—		(637)		—		(4,394)
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		4,458		—		—		—		—		—		—		4,458
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		7,362		—		—		—		7,362
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		2,837		—		—		2,837
Total	$	(848)	$	(772)	$	(1,192)	$	206	$	4,246	$	(101)	$	4,458	$	(778)	$	(1,787)	$	7,362	$	2,837	$	(637)	$	7,505	$	20,499

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

26

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2020
	Capital Hilton Washington D.C.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,661)	$	(1,778)	$	(2,247)	$	(565)	$	861	$	(991)	$	(533)	$	(2,571)	$	(5,156)	$	372	$	(1,872)	$	(1,492)	$	(178)	$	(19,811)	$	(10,317)	$	(30,128)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		—		—		—		—		—		—		—		—		(5)		—		(3)		—		(10)		10		—
Interest expense	—		—		—		263		404		329		500		—		—		896		306		—		538		3,236		2,999		6,235
Amortization of loan cost	—		—		—		37		72		39		7		—		—		85		35		—		26		301		401		702
Depreciation and amortization	1,896		1,097		1,668		694		763		612		873		2,168		3,054		1,523		697		997		1,931		17,973		—		17,973
Income tax expense (benefit)	—		(229)		—		—		—		—		—		(17)		—		—		—		—		(90)		(336)		552		216
Non-hotel EBITDA ownership expense	(107)		(80)		(26)		112		6		5		(19)		(85)		112		(27)		319		(14)		24		220		(220)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,874)		(990)		(605)		541		2,106		(6)		828		(505)		(1,990)		2,844		(515)		(512)		2,251		1,573		(6,575)		(5,002)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	469		247		—		—		—		—		—		—		—		—		—		—		—		716		(716)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		79		79
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(79)		(79)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,405)	$	(743)	$	(605)	$	541	$	2,106	$	(6)	$	828	$	(505)	$	(1,990)	$	2,844	$	(515)	$	(512)	$	2,251	$	2,289	$	(7,291)	$	(5,002)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(1,874)	$	(990)	$	(605)	$	541	$	2,106	$	(6)	$	828	$	(505)	$	(1,990)	$	2,844	$	(515)	$	(512)	$	2,251	$	1,573

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—	$	—	$	—	$	—	$	2,106	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,106
BAML (Bardessono)	—		—		—		541		—		—		—		—		—		—		—		—		—		541
BAML (Hotel Yountville)	—		—		—		—		—		(6)		—		—		—		—		—		—		—		(6)
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		2,251		2,251
Prudential (Capital Hilton and Hilton Torrey Pines)	(1,874)		(990)		—		—		—		—		—		—		—		—		—		—		—		(2,864)
BAML Pool (see footnote 2)	—		—		(605)		—		—		—		—		(505)		(1,990)		—		—		(512)		—		(3,612)
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		828		—		—		—		—		—		—		828
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		2,844		—		—		—		2,844
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(515)		—		—		(515)
Total	$	(1,874)	$	(990)	$	(605)	$	541	$	2,106	$	(6)	$	828	$	(505)	$	(1,990)	$	2,844	$	(515)	$	(512)	$	2,251	$	1,573

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

27

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2020
	Capital Hilton Washington D.C.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,500)	$	(833)	$	(2,832)	$	(26)	$	(103)	$	(631)	$	(788)	$	(2,852)	$	(5,002)	$	(799)	$	189	$	(1,480)	$	7,990	$	(10,667)	$	(12,390)	$	(23,057)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(10,149)		(10,149)		10,149		—
Interest income	—		—		—		—		—		—		—		—		(1)		(5)		—		(4)		—		(10)		10		—
Interest expense	—		—		—		263		405		330		(422)		—		—		897		304		—		538		2,315		5,855		8,170
Amortization of loan cost	—		—		—		37		71		39		6		—		—		84		34		—		26		297		392		689
Depreciation and amortization	1,904		1,192		1,671		697		786		613		1,240		2,180		3,045		1,516		700		997		1,966		18,507		—		18,507
Income tax expense (benefit)	—		(1)		—		—		—		—		—		2		—		—		—		—		7		8		(1,553)		(1,545)
Non-hotel EBITDA ownership expense	(44)		(70)		9		185		(4)		49		247		24		(37)		101		(95)		(32)		(276)		57		(57)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,640)		288		(1,152)		1,156		1,155		400		283		(646)		(1,995)		1,794		1,132		(519)		102		358		2,406		2,764
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	410		(72)		—		—		—		—		—		—		—		—		—		—		—		338		(338)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		58		58
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(56)		(56)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,230)	$	216	$	(1,152)	$	1,156	$	1,155	$	400	$	283	$	(646)	$	(1,995)	$	1,794	$	1,132	$	(519)	$	102	$	696	$	2,070	$	2,766
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(1,640)	$	288	$	(1,152)	$	1,156	$	1,155	$	400	$	283	$	(646)	$	(1,995)	$	1,794	$	1,132	$	(519)	$	102	$	358

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—	$	—	$	—	$	—	$	1,155	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,155
BAML (Bardessono)	—		—		—		1,156		—		—		—		—		—		—		—		—		—		1,156
BAML (Hotel Yountville)	—		—		—		—		—		400		—		—		—		—		—		—		—		400
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		102		102
Prudential (Capital Hilton and Hilton Torrey Pines)	(1,640)		288		—		—		—		—		—		—		—		—		—		—		—		(1,352)
BAML Pool (see footnote 2)	—		—		(1,152)		—		—		—		—		(646)		(1,995)		—		—		(519)		—		(4,312)
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		283		—		—		—		—		—		—		283
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		1,794		—		—		—		1,794
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		1,132		—		—		1,132
Total	$	(1,640)	$	288	$	(1,152)	$	1,156	$	1,155	$	400	$	283	$	(646)	$	(1,995)	$	1,794	$	1,132	$	(519)	$	102	$	358

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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

28

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2020
	Capital Hilton Washington D.C.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,909)	$	(2,246)	$	(3,417)	$	(2,403)	$	(2,233)	$	(1,933)	$	(4,251)	$	(3,330)	$	(4,918)	$	(2,198)	$	(3,239)	$	(2,120)	$	(3,584)	$	(39,781)	$	(16,324)	$	(56,105)
Non-property adjustments	—		—		—		100		200		128		—		—		—		250		135		—		—		813		(813)		—
Interest income	(2)		(3)		—		—		—		—		—		(1)		(2)		(5)		—		(5)		—		(18)		18		—
Interest expense	—		—		—		521		904		661		1,478		—		—		1,535		644		—		532		6,275		10,189		16,464
Amortization of loan cost	—		—		—		36		70		38		—		—		—		83		34		—		26		287		660		947
Depreciation and amortization	1,910		1,352		1,667		877		743		609		1,225		2,170		2,966		1,482		695		976		1,881		18,553		—		18,553
Income tax expense (benefit)	—		(806)		—		—		—		—		—		2		—		—		—		—		—		(804)		(3,643)		(4,447)
Non-hotel EBITDA ownership expense	(641)		8		(11)		83		(16)		—		(139)		55		74		63		93		(85)		(613)		(1,129)		1,129		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(2,642)		(1,695)		(1,761)		(786)		(332)		(497)		(1,687)		(1,104)		(1,880)		1,210		(1,638)		(1,234)		(1,758)		(15,804)		(8,784)		(24,588)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	660		424		—		—		—		—		—		—		—		—		—		—		—		1,084		(1,084)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		40		40
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(40)		(40)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,982)	$	(1,271)	$	(1,761)	$	(786)	$	(332)	$	(497)	$	(1,687)	$	(1,104)	$	(1,880)	$	1,210	$	(1,638)	$	(1,234)	$	(1,758)	$	(14,720)	$	(9,868)	$	(24,588)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(2,642)	$	(1,695)	$	(1,761)	$	(786)	$	(332)	$	(497)	$	(1,687)	$	(1,104)	$	(1,880)	$	1,210	$	(1,638)	$	(1,234)	$	(1,758)	$	(15,804)

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

29

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.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		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	—		—		—		—		—		—		—		—		—		—		—		—		—		—
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	$	45,227

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

30

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 30, 2020
	Capital Hilton Washington D.C.		La Jolla Hilton Torrey Pines		Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		The Notary Hotel		The Clancy		Sarasota Ritz-Carlton		Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront		St. Thomas Ritz-Carlton		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(5,561)	$	(1,402)	$	(7,151)	$	(3,769)	$	8	$	(3,150)	$	(883)	$	(5,219)	$	(6,019)	$	133	$	(2,230)	$	(3,029)	$	(2,968)	$	(41,240)	$	(30,252)	$	(71,492)
Non-property adjustments	—		—		—		100		200		128		—		—		—		250		135		—		—		813		(813)		—
Interest income	(10)		(16)		—		—		—		—		—		(6)		(8)		(19)		—		(20)		(1)		(80)		80		—
Interest expense	—		—		—		948		1,617		1,206		2,203		—		—		2,841		1,159		—		1,207		11,181		16,109		27,290
Amortization of loan cost	—		—		—		71		139		75		—		—		—		165		67		—		52		569		1,449		2,018
Depreciation and amortization	3,848		2,743		3,328		1,735		1,457		1,216		2,449		4,420		5,929		2,953		1,375		1,955		3,483		36,891		—		36,891
Income tax expense (benefit)	—		(473)		—		—		—		—		—		4		—		—		—		—		—		(469)		(2,608)		(3,077)
Non-hotel EBITDA ownership expense	161		203		192		236		25		45		97		319		388		541		744		392		498		3,841		(3,841)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,562)		1,055		(3,631)		(679)		3,446		(480)		3,866		(482)		290		6,864		1,250		(702)		2,271		11,506		(19,876)		(8,370)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	390		(263)		—		—		—		—		—		—		—		—		—		—		—		127		(127)		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		80		80
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(79)		(79)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,172)	$	792	$	(3,631)	$	(679)	$	3,446	$	(480)	$	3,866	$	(482)	$	290	$	6,864	$	1,250	$	(702)	$	2,271	$	11,633	$	(20,002)	$	(8,369)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	(1,562)	$	1,055	$	(3,631)	$	(679)	$	3,446	$	(480)	$	3,866	$	(482)	$	290	$	6,864	$	1,250	$	(702)	$	2,271	$	11,506

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.

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