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Braemar Hotel & Resorts Inc.

10/27/2021 | Press release | Distributed by Public on 10/27/2021 14:08

BRAEMAR HOTELS & RESORTS REPORTS THIRD QUARTER 2021 RESULTS - Form 8-K

BRAEMAR HOTELS & RESORTS REPORTS
THIRD QUARTER 2021 RESULTS
Third Quarter Comparable RevPAR Increased 168%
Net Loss Attributable to Common Stockholders for the Third Quarter was $(9.0) Million
Third Quarter Adjusted EBITDAre was $21.9 Million
Third Quarter Comparable Hotel EBITDA was $27.8 Million
Third Quarter AFFO per Share was $0.17
Completed the Acquisition of the Mr. C Beverly Hills Hotel

DALLAS - October 27, 2021 - Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the third quarter ended September 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 September 30, 2021, was owned as of the beginning of each of the periods presented.Unless otherwise stated, all reported results compare the third quarter ended September 30, 2021, with the third quarter ended September 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 168% to $222.52 during the quarter.Comparable ADR increased 16.3% to $360.94 and comparable occupancy increased 130.1% to 61.7%.Comparable RevPAR for all hotels decreased 6.1% compared to the comparable period in 2019.
•Net loss attributable to common stockholders for the quarter was $(9.0) million or $(0.15) per diluted share.
•Adjusted funds from operations (AFFO) was $0.17 per diluted share for the quarter compared to $(0.21) in the prior year quarter.
•Adjusted EBITDAre was $21.9 million for the quarter.
•Comparable Hotel EBITDA was $27.8 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $195.5 million and restricted cash of $44.8 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 $20.4 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.
•During the quarter, the Company closed on the 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 48% at the end of the third quarter.
•Capex invested during the quarter was $6.8 million.


BHR Reports Third Quarter Results
Page 2
October 27, 2021
THE MR. C BEVERLY HILLS HOTEL ACQUISITION
During the quarter, the Company completed the acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C"). In addition, the Company acquired 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 hotel was built in 1965 and underwent an extensive renovation in 2011, becoming the Mr. C, thereby taking its name from the acclaimed Cipriani family. 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 was $77.9 million and consisted 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 was 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.

CAPITAL STRUCTURE
At September 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 issued approximately 5.8 million shares of common stock under its At-The-Market offering, raising approximately $30.3 million in gross proceeds.

During the quarter, the Company commenced the sale of its Series E and Series M non-traded perpetual preferred. To date, the Company has issued 396,244 shares of its Series E non-traded perpetual preferred raising approximately $8.9 million of net proceeds, and has issued 14,644 shares of its Series M non-traded perpetual preferred raising approximately $0.4 million of net proceeds.

Subsequent to quarter end, the Company finalized an extension of its mortgage loans for the Bardessono Resort & Spa with a final maturity in August 2022, and the Hotel Yountville with a final maturity in May 2022.Both hotels are located in Yountville, California.Each of the loans was extended for one year beyond their initial maturity on the same terms as the original loan.The Company has no debt maturities for the balance of 2021 and only one loan with a balance of $67.5 million that has a final maturity in 2022.

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 third quarter ended September 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.


BHR Reports Third Quarter Results
Page 3
October 27, 2021
PORTFOLIO REVPAR
As of September 30, 2021, the portfolio consisted of fourteen hotels.

•Comparable RevPAR increased 168% to $222.52 for all hotels on a 16.3% increase in comparable ADR and a 130.1% increase in comparable 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 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 strong operating performance of our hotels," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "While our September results dropped slightly due to market concerns about the COVID-19 Delta variant, overall leisure demand remained strong during the quarter, and our portfolio was cash flow positive for the third consecutive quarterly period. Twelve of our 14 properties generated positive Hotel EBITDA, with 10 of our 14 properties achieving greater than 60% occupancy for the quarter.Strong forward bookings suggest further improved operating results for the fourth quarter.With a portfolio that is benefiting from a luxury resort orientation while having some key urban asset exposure to provide further upside as conditions improve, we believe Braemar is well-positioned to continue to capitalize on the recovery in the lodging industry."

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, October 28, 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 Thursday, November 4, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13722816.

The Company will also provide an online simulcast and rebroadcast of its third 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 Thursday, October 28, 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.
*****


BHR Reports Third Quarter Results
Page 4
October 27, 2021
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; 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)

September 30, 2021 December 31, 2020
ASSETS
Investments in hotel properties, gross $ 1,847,755 $ 1,784,849
Accumulated depreciation (395,753) (360,259)
Investments in hotel properties, net 1,452,002 1,424,590
Cash and cash equivalents 195,517 78,606
Restricted cash 44,753 34,544
Accounts receivable, net of allowance of $126 and $227, respectively 17,317 13,557
Inventories 2,718 2,551
Prepaid expenses 4,297 4,405
Investment in OpenKey 1,627 1,708
Derivative assets 74 -
Other assets 14,439 14,898
Operating lease right-of-use assets 80,593 81,260
Intangible assets, net 4,356 4,640
Due from related parties, net 1,910 991
Due from third-party hotel managers 20,390 12,271
Total assets $ 1,839,993 $ 1,674,021
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,172,787 $ 1,130,594
Accounts payable and accrued expenses 89,265 61,758
Dividends and distributions payable 2,112 2,736
Due to Ashford Inc., net 820 2,772
Due to third-party hotel managers 1,665 1,393
Operating lease liabilities 60,876 60,917
Derivative liabilities 1,338 -
Other liabilities 20,699 18,077
Total liabilities 1,349,562 1,278,247
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 and 5,031,473 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 65,426 106,949
Series E Redeemable Preferred Stock, $0.01 par value, 265,637 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020 6,110 -
Series M Redeemable Preferred Stock, $0.01 par value, 14,644 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020 361 -
Redeemable noncontrolling interests in operating partnership 39,948 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 September 30, 2021 and December 31, 2020 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 63,974,117 and 38,274,770 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 639 382
Additional paid-in capital 698,481 541,870
Accumulated deficit (303,836) (266,010)
Total stockholders' equity of the Company 395,300 276,258
Noncontrolling interest in consolidated entities (16,714) (15,088)
Total equity 378,586 261,170
Total liabilities and equity $ 1,839,993 $ 1,674,021

5

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
REVENUE
Rooms $ 77,560 $ 28,118 $ 195,720 $ 105,119
Food and beverage 24,494 8,537 60,976 39,417
Other 14,123 8,099 40,439 30,633
Total hotel revenue 116,177 44,754 297,135 175,169
EXPENSES
Hotel operating expenses:
Rooms 17,072 7,975 41,569 29,300
Food and beverage 20,252 7,994 50,526 35,544
Other expenses 36,124 20,516 98,143 75,585
Management fees 3,595 1,321 9,079 5,664
Total hotel operating expenses 77,043 37,806 199,317 146,093
Property taxes, insurance and other 12,622 6,929 27,076 21,833
Depreciation and amortization 18,284 18,507 54,881 55,398
Advisory services fee:
Base advisory fee 2,758 2,386 7,981 7,579
Reimbursable expenses 694 404 1,696 1,360
Incentive fee (1,637) - - -
Non-cash stock/unit-based compensation 2,994 1,785 6,666 5,606
(Gain) loss on legal settlements - - (989) -
Transaction costs 275 - 571 -
Corporate, general and administrative:
Non-cash stock/unit-based compensation 39 144 555 275
Other general and administrative 2,055 1,261 5,522 4,575
Total operating expenses 115,127 69,222 303,276 242,719
Gain (loss) on insurance settlement and disposition of assets - 10,149 696 10,149
OPERATING INCOME (LOSS) 1,050 (14,319) (5,445) (57,401)
Equity in earnings (loss) of unconsolidated entity (68) (58) (198) (138)
Interest income 13 12 34 165
Other income (expense) - (3,604) - (3,806)
Interest expense (7,935) (8,170) (20,597) (35,460)
Amortization of loan costs (429) (689) (1,749) (2,707)
Write-off of loan costs and exit fees (432) (1,335) (1,960) (3,572)
Unrealized gain (loss) on derivatives 142 3,561 64 3,748
INCOME (LOSS) BEFORE INCOME TAXES (7,659) (24,602) (29,851) (99,171)
Income tax (expense) benefit (560) 1,545 (766) 4,622
NET INCOME (LOSS) (8,219) (23,057) (30,617) (94,549)
(Income) loss attributable to noncontrolling interest in consolidated entities 450 1,999 2,546 4,975
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 823 2,381 3,184 10,036
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (6,946) (18,677) (24,887) (79,538)
Preferred dividends (1,977) (2,554) (6,258) (7,664)
Gain (loss) on extinguishment of preferred stock (111) - (4,595) -
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,034) $ (21,231) $ (35,740) $ (87,202)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.15) $ (0.63) $ (0.73) $ (2.63)
Weighted average common shares outstanding - basic 59,207 33,923 48,954 33,103
Diluted:
Net income (loss) attributable to common stockholders $ (0.15) $ (0.63) $ (0.73) $ (2.63)
Weighted average common shares outstanding - diluted 59,207 33,923 48,954 33,103
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 Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net income (loss) $ (8,219) $ (23,057) $ (30,617) $ (94,549)
Interest expense and amortization of loan costs 8,364 8,859 22,346 38,167
Depreciation and amortization 18,284 18,507 54,881 55,398
Income tax expense (benefit) 560 (1,545) 766 (4,622)
Equity in (earnings) loss of unconsolidated entity 68 58 198 138
Company's portion of EBITDA of OpenKey (68) (56) (196) (135)
EBITDA 18,989 2,766 47,378 (5,603)
(Gain) loss on insurance settlement and disposition of assets - (10,149) (696) (10,149)
EBITDAre 18,989 (7,383) 46,682 (15,752)
Amortization of favorable (unfavorable) contract assets (liabilities) 118 207 394 621
Transaction and conversion costs 980 517 2,148 1,128
Other (income) expense - 3,604 - 3,806
Write-off of loan costs and exit fees 432 1,335 1,960 3,572
Unrealized (gain) loss on derivatives (142) (3,561) (64) (3,748)
Non-cash stock/unit-based compensation 3,044 2,006 7,265 6,039
Legal, advisory and settlement costs 107 142 (320) 1,168
Advisory services incentive fee (1,637) - - -
Company's portion of adjustments to EBITDAre of OpenKey 1 1 7 6
Adjusted EBITDAre $ 21,892 $ (3,132) $ 58,072 $ (3,160)
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 Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net income (loss) $ (8,219) $ (23,057) $ (30,617) $ (94,549)
(Income) loss attributable to noncontrolling interest in consolidated entities 450 1,999 2,546 4,975
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 823 2,381 3,184 10,036
Preferred dividends (1,977) (2,554) (6,258) (7,664)
Gain (loss) on extinguishment of preferred stock (111) - (4,595) -
Net income (loss) attributable to common stockholders (9,034) (21,231) (35,740) (87,202)
Depreciation and amortization on real estate 17,619 17,791 52,843 53,142
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (823) (2,381) (3,184) (10,036)
Equity in (earnings) loss of unconsolidated entity 68 58 198 138
(Gain) loss on insurance settlement and disposition of assets - (10,149) (696) (10,149)
Company's portion of FFO of OpenKey (68) (57) (197) (137)
FFO available to common stockholders and OP unitholders 7,762 (15,969) 13,224 (54,244)
Series B Cumulative Convertible Preferred Stock dividends 1,058 1,729 3,689 5,189
(Gain) loss on extinguishment of preferred stock 111 - 4,595 -
Transaction and conversion costs 980 517 2,148 1,128
Other (income) expense - 3,604 - 3,806
Interest expense on convertible notes 1,361 - 2,010 -
Interest expense accretion on refundable membership club deposits 190 201 582 616
Write-off of loan costs and exit fees 432 1,335 1,960 3,572
Amortization of loan costs 407 670 1,684 2,651
Unrealized (gain) loss on derivatives (142) (3,561) (64) (3,748)
Non-cash stock/unit-based compensation 3,044 2,006 7,265 6,039
Legal, advisory and settlement costs 107 142 (320) 1,168
Advisory services incentive fee (1,637) - - -
Company's portion of adjustments to FFO of OpenKey 1 1 7 6
Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis $ 13,674 $ (9,325) $ 36,780 $ (33,817)
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 $ 0.17 $ (0.21) $ 0.56 $ (0.77)
Weighted average diluted shares 82,585 44,793 65,593 44,088

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2021
(dollars in thousands)
(unaudited)

Lender Hotels Current
Maturity
Final
Maturity (6)
Interest Rate Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA(7)
Comparable TTM EBITDA
Debt Yield
JPMorgan Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR + 3.00% $ - $ 67,500 (1) $ 67,500 $ 8,414 12.5 %
BAML See footnote June 2022 June 2025 LIBOR + 2.16% - 435,000 (2) 435,000 (6,573) (1.5) %
Apollo The Ritz-Carlton St. Thomas August 2022 August 2024 LIBOR + 3.95% - 42,500 (3) 42,500 23,163 54.5 %
BAML The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR + 2.65% - 99,750 (4) 99,750 21,563 21.6 %
BAML Hotel Yountville May 2023 May 2023 LIBOR + 2.55% - 51,000 (4) 51,000 4,306 8.4 %
BAML Bardessono Hotel and Spa August 2023 August 2023 LIBOR + 2.55% - 40,000 (4) 40,000 6,978 17.4 %
BAML The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR + 2.10% - 54,000 (4) 54,000 3,426 6.3 %
Prudential Capital Hilton and Hilton La Jolla Torrey Pines February 2024 February 2024 LIBOR + 1.70% - 195,203 195,203 (2,825) (1.5) %
LoanCore Mr. C Beverly Hills Hotel August 2024 August 2024 LIBOR + 3.60% - 30,000 (5) 30,000 1,630 5.4 %
BAML Pier House Resort & Spa September 2024 September 2024 LIBOR + 1.85% - 80,000 (4) 80,000 15,180 19.0 %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250 - 86,250 N/A N/A
Total $ 86,250 $ 1,094,953 $ 1,181,203 $ 75,262 6.4 %
Percentage 7.3 % 92.7 % 100.0 %
Weighted average interest rate 4.50 % 2.50 % 2.64 %
All indebtedness is non-recourse.
(1) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.
(2) 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 Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(3) 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%.
(4) This mortgage loan has a LIBOR floor of 0.25%.
(5) This mortgage loan has a LIBOR floor of 1.50%.
(6) The final maturity date assumes all available extension options will be exercised.
(7) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2021
(dollars in thousands)
(unaudited)
Lender Hotels 2021 2022 2023 2024 2025 Thereafter Total
JPMorgan Park Hyatt Beaver Creek Resort & Spa $ - $ 67,500 $ - $ - $ - $ - $ 67,500
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
Convertible Senior Notes N/A - - - - - 86,250 86,250
Principal due in future periods $ - $ 67,500 $ 189,000 $ 401,500 $ 435,000 $ 86,250 $ 1,179,250
Scheduled amortization payments remaining 453 1,000 500 - - - 1,953
Total indebtedness $ 453 $ 68,500 $ 189,500 $ 401,500 $ 435,000 $ 86,250 $ 1,181,203
(1) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended September 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) $ 77,301 $ 2,028 $ 79,329 $ 27,681 $ 1,960 $ 29,641 179.26 % 167.63 %
RevPAR $ 220.31 $ 221.79 $ 222.52 $ 80.84 $ 82.59 $ 83.15 172.53 % 167.63 %
Occupancy 61.62 % 62.54 % 61.65 % 26.80 % 24.48 % 26.79 % 129.94 % 130.12 %
ADR $ 357.51 $ 354.65 $ 360.94 $ 301.64 $ 337.32 $ 310.36 18.52 % 16.30 %
ALL HOTELS:
Nine Months Ended September 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) $ 194,330 $ 7,228 $ 201,558 $ 104,067 $ 6,510 $ 110,577 86.74 % 82.28 %
RevPAR $ 189.67 $ 131.07 $ 190.53 $ 102.14 $ 112.46 $ 104.24 85.69 % 82.78 %
Occupancy 49.42 % 40.65 % 49.21 % 31.10 % 33.45 % 31.20 % 58.92 % 57.74 %
ADR $ 383.76 $ 322.42 $ 387.20 $ 328.42 $ 336.23 $ 334.16 16.85 % 15.87 %
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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 ten condominium units not owned by the Lake Tahoe Ritz-Carlton in order to be comparable to the current period.


10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 % Variance 2021 2020 % Variance
Total hotel revenue $ 116,210 $ 44,754 159.66 % $ 297,168 $ 175,169 69.65 %
Non-comparable adjustments 2,044 2,047 7,703 7,760
Comparable total hotel revenue $ 118,254 $ 46,801 152.67 % $ 304,871 $ 182,929 66.66 %
Hotel EBITDA $ 27,261 $ 358 7,514.80 % $ 72,488 $ 11,864 510.99 %
Non-comparable adjustments 518 66 1,228 460
Comparable hotel EBITDA $ 27,779 $ 424 6,451.65 % $ 73,716 $ 12,324 498.15 %
Hotel EBITDA margin 23.46 % 0.80 % 22.66 % 24.39 % 6.77 % 17.62 %
Comparable hotel EBITDA margin 23.49 % 0.91 % 22.58 % 24.18 % 6.74 % 17.44 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 388 $ (338) 214.79 % $ 10 $ (465) 102.15 %
Hotel EBITDA attributable to the Company and OP unitholders $ 26,873 $ 696 3,761.06 % $ 72,478 $ 12,329 487.87 %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 27,391 $ 762 3,494.62 % $ 73,706 $ 12,789 476.32 %
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended September 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 $ 2,476 $ - $ 2,476 $ 331 $ - $ 331 648.04 % 648.04 %
Total hotel revenue $ 3,325 $ - $ 3,325 $ 627 $ - $ 627 430.30 % 430.30 %
Hotel EBITDA $ (1,197) $ - $ (1,197) $ (1,640) $ - $ (1,640) 27.01 % 27.01 %
Hotel EBITDA margin (36.00) % (36.00) % (261.56) % (261.56) % 225.56 % 225.56 %
Selected Operating Information:
RevPAR $ 48.93 $ - $ 48.93 $ 6.53 $ - $ 6.53 649.14 % 649.14 %
Occupancy 32.22 % - % 32.22 % 5.23 % - % 5.23 % 515.63 % 515.63 %
ADR $ 151.88 $ - $ 151.88 $ 124.81 $ - $ 124.81 21.69 % 21.69 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 6,157 $ - $ 6,157 $ 2,513 $ - $ 2,513 145.01 % 145.01 %
Total hotel revenue $ 8,627 $ - $ 8,627 $ 3,410 $ - $ 3,410 152.99 % 152.99 %
Hotel EBITDA $ 2,747 $ - $ 2,747 $ 288 $ - $ 288 853.82 % 853.82 %
Hotel EBITDA margin 31.84 % 31.84 % 8.45 % 8.45 % 23.39 % 23.39 %
Selected Operating Information:
RevPAR $ 169.85 $ - $ 169.85 $ 69.32 $ - $ 69.32 145.02 % 145.02 %
Occupancy 73.12 % - % 73.12 % 48.47 % - % 48.47 % 50.85 % 50.85 %
ADR $ 232.29 $ - $ 232.29 $ 143.02 $ - $ 143.02 62.42 % 62.42 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 5,233 $ - $ 5,233 $ 1,706 $ - $ 1,706 206.74 % 206.74 %
Total hotel revenue $ 6,818 $ - $ 6,818 $ 2,073 $ - $ 2,073 228.90 % 228.90 %
Hotel EBITDA $ (2,086) $ - $ (2,086) $ (1,152) $ - $ (1,152) (81.08) % (81.08) %
Hotel EBITDA margin (30.60) % (30.60) % (55.57) % (55.57) % 24.97 % 24.97 %
Selected Operating Information:
RevPAR $ 137.07 $ - $ 137.07 $ 44.69 $ - $ 44.69 206.74 % 206.74 %
Occupancy 61.87 % - % 61.87 % 29.44 % - % 29.44 % 110.17 % 110.17 %
ADR $ 221.54 $ - $ 221.54 $ 151.79 $ - $ 151.79 45.95 % 45.95 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 6,427 $ - $ 6,427 $ 2,706 $ - $ 2,706 137.51 % 137.51 %
Total hotel revenue $ 8,003 $ - $ 8,003 $ 3,408 $ - $ 3,408 134.83 % 134.83 %
Hotel EBITDA $ 3,573 $ - $ 3,573 $ 1,156 $ - $ 1,156 209.08 % 209.08 %
Hotel EBITDA margin 44.65 % 44.65 % 33.92 % 33.92 % 10.73 % 10.73 %
Selected Operating Information:
RevPAR $ 1,074.83 $ - $ 1,074.83 $ 452.50 $ - $ 452.50 137.53 % 137.53 %
Occupancy 79.82 % - % 79.82 % 51.47 % - % 51.47 % 55.07 % 55.07 %
ADR $ 1,346.63 $ - $ 1,346.63 $ 879.12 $ - $ 879.12 53.18 % 53.18 %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 5,756 $ - $ 5,756 $ 2,389 $ - $ 2,389 140.94 % 140.94 %
Total hotel revenue $ 7,235 $ - $ 7,235 $ 3,168 $ - $ 3,168 128.38 % 128.38 %
Hotel EBITDA $ 3,915 $ - $ 3,915 $ 1,155 $ - $ 1,155 238.96 % 238.96 %
Hotel EBITDA margin 54.11 % 54.11 % 36.46 % 36.46 % 17.65 % 17.65 %
Selected Operating Information:
RevPAR $ 440.63 $ - $ 440.63 $ 182.88 $ - $ 182.88 140.94 % 140.94 %
Occupancy 76.73 % - % 76.73 % 56.95 % - % 56.95 % 34.73 % 34.73 %
ADR $ 574.26 $ - $ 574.26 $ 321.12 $ - $ 321.12 78.83 % 78.83 %
12

Three Months Ended September 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 $ 4,584 $ - $ 4,584 $ 1,641 $ - $ 1,641 179.34 % 179.34 %
Total hotel revenue $ 5,269 $ - $ 5,269 $ 1,983 $ - $ 1,983 165.71 % 165.71 %
Hotel EBITDA $ 2,654 $ - $ 2,654 $ 400 $ - $ 400 563.50 % 563.50 %
Hotel EBITDA margin 50.37 % 50.37 % 20.17 % 20.17 % 30.20 % 30.20 %
Selected Operating Information:
RevPAR $ 622.77 $ - $ 622.77 $ 222.99 $ - $ 222.99 179.28 % 179.28 %
Occupancy 70.27 % - % 70.27 % 35.72 % - % 35.72 % 96.73 % 96.73 %
ADR $ 886.24 $ - $ 886.24 $ 624.27 $ - $ 624.27 41.96 % 41.96 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 4,123 $ - $ 4,123 $ 1,688 $ - $ 1,688 144.25 % 144.25 %
Total hotel revenue $ 10,443 $ - $ 10,443 $ 4,039 $ - $ 4,039 158.55 % 158.55 %
Hotel EBITDA $ 3,529 $ - $ 3,529 $ 283 $ - $ 283 1,147.00 % 1,147.00 %
Hotel EBITDA margin 33.79 % 33.79 % 7.01 % 7.01 % 26.78 % 26.78 %
Selected Operating Information:
RevPAR $ 235.90 $ - $ 235.90 $ 96.54 $ - $ 96.54 144.34 % 144.34 %
Occupancy 73.67 % - % 73.67 % 34.74 % - % 34.74 % 112.05 % 112.05 %
ADR $ 320.20 $ - $ 320.20 $ 277.89 $ - $ 277.89 15.23 % 15.23 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 3,911 $ - $ 3,911 $ 1,088 $ - $ 1,088 259.47 % 259.47 %
Total hotel revenue $ 4,734 $ - $ 4,734 $ 1,155 $ - $ 1,155 309.87 % 309.87 %
Hotel EBITDA $ 1,255 $ - $ 1,255 $ (646) $ - $ (646) 294.27 % 294.27 %
Hotel EBITDA margin 26.51 % 26.51 % (55.93) % (55.93) % 82.44 % 82.44 %
Selected Operating Information:
RevPAR $ 85.19 $ - $ 85.19 $ 23.69 $ - $ 23.69 259.59 % 259.59 %
Occupancy 45.83 % - % 45.83 % 14.13 % - % 14.13 % 224.21 % 224.21 %
ADR $ 185.90 $ - $ 185.90 $ 167.61 $ - $ 167.61 10.91 % 10.91 %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 5,186 $ - $ 5,186 $ 1 $ - $ 1 518,500.00 % 518,500.00 %
Total hotel revenue $ 6,179 $ - $ 6,179 $ 55 $ - $ 55 11,134.55 % 11,134.55 %
Hotel EBITDA $ 437 $ - $ 437 $ (1,995) $ - $ (1,995) 121.90 % 121.90 %
Hotel EBITDA margin 7.07 % 7.07 % (3,627.27) % (3,627.27) % 3,634.34 % 3,634.34 %
Selected Operating Information:
RevPAR $ 137.48 $ - $ 137.48 $ 0.02 $ - $ 0.02 577,223.88 % 577,223.88 %
Occupancy 74.69 % - % 74.69 % - % - % - % - % - %
ADR $ 184.06 $ - $ 184.06 $ - $ - $ - - % - %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 7,982 $ - $ 7,982 $ 4,714 $ - $ 4,714 69.33 % 69.33 %
Total hotel revenue $ 16,468 $ - $ 16,468 $ 10,372 $ - $ 10,372 58.77 % 58.77 %
Hotel EBITDA $ 3,634 $ - $ 3,634 $ 1,794 $ - $ 1,794 102.56 % 102.56 %
Hotel EBITDA margin 22.07 % 22.07 % 17.30 % 17.30 % 4.77 % 4.77 %
Selected Operating Information:
RevPAR $ 326.15 $ - $ 326.15 $ 192.64 $ - $ 192.64 69.30 % 69.30 %
Occupancy 66.86 % - % 66.86 % 54.97 % - % 54.97 % 21.63 % 21.63 %
ADR $ 487.83 $ - $ 487.83 $ 350.45 $ - $ 350.45 39.20 % 39.20 %
13

Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 4,690 $ 918 $ 5,608 $ 4,206 $ 874 $ 5,080 11.51 % 10.39 %
Total hotel revenue $ 10,171 $ 413 $ 10,584 $ 7,079 $ 393 $ 7,472 43.68 % 41.65 %
Hotel EBITDA $ 1,410 $ - $ 1,410 $ 1,132 $ - $ 1,132 24.56 % 24.56 %
Hotel EBITDA margin 13.86 % 13.32 % 15.99 % 15.15 % (2.13) % (1.83) %
Selected Operating Information:
RevPAR $ 294.25 $ - $ 338.66 $ 268.91 $ - $ 306.77 9.42 % 10.40 %
Occupancy 48.76 % - % 49.55 % 58.77 % - % 58.63 % (17.03) % (15.49) %
ADR $ 603.50 $ - $ 683.52 $ 457.60 $ - $ 523.23 31.88 % 30.63 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 6,906 $ - $ 6,906 $ 1,056 $ - $ 1,056 553.98 % 553.98 %
Total hotel revenue $ 8,248 $ - $ 8,248 $ 1,177 $ - $ 1,177 600.76 % 600.76 %
Hotel EBITDA $ 1,690 $ - $ 1,690 $ (519) $ - $ (519) 425.63 % 425.63 %
Hotel EBITDA margin 20.49 % 20.49 % (44.10) % (44.10) % 64.59 % 64.59 %
Selected Operating Information:
RevPAR $ 207.94 $ - $ 207.94 $ 31.81 $ - $ 31.81 553.77 % 553.77 %
Occupancy 79.44 % - % 79.44 % 16.28 % - % 16.28 % 387.85 % 387.85 %
ADR $ 261.76 $ - $ 261.76 $ 195.33 $ - $ 195.33 34.01 % 34.01 %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 12,335 $ - $ 12,335 $ 3,642 $ - $ 3,642 238.69 % 238.69 %
Total hotel revenue $ 18,418 $ - $ 18,418 $ 6,208 $ - $ 6,208 196.68 % 196.68 %
Hotel EBITDA $ 5,271 $ - $ 5,271 $ 102 $ - $ 102 5,067.65 % 5,067.65 %
Hotel EBITDA margin 28.62 % 28.62 % 1.64 % 1.64 % 26.98 % 26.98 %
Selected Operating Information:
RevPAR $ 744.89 $ - $ 744.89 $ 219.95 $ - $ 219.95 238.66 % 238.66 %
Occupancy 77.18 % - % 77.18 % 39.55 % - % 39.55 % 95.13 % 95.13 %
ADR $ 965.14 $ - $ 965.14 $ 556.10 $ - $ 556.10 73.55 % 73.55 %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 1,535 $ 1,110 $ 2,645 $ - $ 1,086 $ 1,086 - % 143.55 %
Total hotel revenue $ 2,272 $ 1,631 $ 3,903 $ - $ 1,654 $ 1,654 - % 135.97 %
Hotel EBITDA $ 429 $ 518 $ 947 $ - $ 66 $ 66 - % 1,334.85 %
Hotel EBITDA margin 18.88 % 24.26 % - % 3.99 % 18.88 % 20.27 %
Selected Operating Information:
RevPAR $ 188.14 $ 221.79 $ 200.94 $ - $ 82.59 $ 82.59 - % 143.31 %
Occupancy 54.42 % 62.54 % 57.51 % - % 24.48 % 24.48 % - % 134.90 %
ADR $ 345.71 $ 354.65 $ 349.41 $ - $ 337.32 $ 337.32 - % 3.58 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 77,301 $ 2,028 $ 79,329 $ 27,681 $ 1,960 $ 29,641 179.26 % 167.63 %
Total hotel revenue $ 116,210 $ 2,044 $ 118,254 $ 44,754 $ 2,047 $ 46,801 159.66 % 152.67 %
Hotel EBITDA $ 27,261 $ 518 $ 27,779 $ 358 $ 66 $ 424 7,514.80 % 6,451.65 %
Hotel EBITDA margin 23.46 % 23.49 % 0.80 % 0.91 % 22.66 % 22.58 %
Selected Operating Information:
RevPAR $ 220.31 $ 221.79 $ 222.52 $ 80.84 $ 82.59 $ 83.15 172.53 % 167.63 %
Occupancy 61.62 % 62.54 % 61.65 % 26.80 % 24.48 % 26.79 % 129.94 % 130.12 %
ADR $ 357.51 $ 354.65 $ 360.94 $ 301.64 $ 337.32 $ 310.36 18.52 % 16.30 %
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) 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.
14

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Nine Months Ended September 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 $ 5,711 $ - $ 5,711 $ 6,857 $ - $ 6,857 (16.71) % (16.71) %
Total hotel revenue $ 7,310 $ - $ 7,310 $ 11,513 $ - $ 11,513 (36.51) % (36.51) %
Hotel EBITDA $ (3,751) $ - $ (3,751) $ (3,202) $ - $ (3,202) (17.15) % (17.15) %
Hotel EBITDA margin (51.31) % (51.31) % (27.81) % (27.81) % (23.50) % (23.50) %
Selected Operating Information:
RevPAR $ 38.04 $ - $ 38.04 $ 45.50 $ - $ 45.50 (16.40) % (16.40) %
Occupancy 26.00 % - % 26.00 % 21.52 % - % 21.52 % 20.85 % 20.85 %
ADR $ 146.29 $ - $ 146.29 $ 211.48 $ - $ 211.48 (30.83) % (30.83) %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 12,065 $ - $ 12,065 $ 8,136 $ - $ 8,136 48.29 % 48.29 %
Total hotel revenue $ 17,493 $ - $ 17,493 $ 13,471 $ - $ 13,471 29.86 % 29.86 %
Hotel EBITDA $ 3,790 $ - $ 3,790 $ 1,343 $ - $ 1,343 182.20 % 182.20 %
Hotel EBITDA margin 21.67 % 21.67 % 9.97 % 9.97 % 11.70 % 11.70 %
Selected Operating Information:
RevPAR $ 112.16 $ - $ 112.16 $ 75.37 $ - $ 75.37 48.83 % 48.83 %
Occupancy 55.87 % - % 55.87 % 40.82 % - % 40.82 % 36.86 % 36.86 %
ADR $ 200.77 $ - $ 200.77 $ 184.62 $ - $ 184.62 8.75 % 8.75 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 9,607 $ - $ 9,607 $ 4,638 $ - $ 4,638 107.14 % 107.14 %
Total hotel revenue $ 12,419 $ - $ 12,419 $ 6,257 $ - $ 6,257 98.48 % 98.48 %
Hotel EBITDA $ (3,434) $ - $ (3,434) $ (4,783) $ - $ (4,783) 28.20 % 28.20 %
Hotel EBITDA margin (27.65) % (27.65) % (76.44) % (76.44) % 48.79 % 48.79 %
Selected Operating Information:
RevPAR $ 84.80 $ - $ 84.80 $ 40.79 $ - $ 40.79 107.92 % 107.92 %
Occupancy 42.08 % - % 42.08 % 29.02 % - % 29.02 % 44.98 % 44.98 %
ADR $ 201.54 $ - $ 201.54 $ 140.54 $ - $ 140.54 43.41 % 43.41 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 12,992 $ - $ 12,992 $ 5,299 $ - $ 5,299 145.18 % 145.18 %
Total hotel revenue $ 16,507 $ - $ 16,507 $ 7,114 $ - $ 7,114 132.04 % 132.04 %
Hotel EBITDA $ 6,437 $ - $ 6,437 $ 477 $ - $ 477 1,249.48 % 1,249.48 %
Hotel EBITDA margin 39.00 % 39.00 % 6.71 % 6.71 % 32.29 % 32.29 %
Selected Operating Information:
RevPAR $ 732.19 $ - $ 732.19 $ 297.57 $ - $ 297.57 146.06 % 146.06 %
Occupancy 66.89 % - % 66.89 % 39.48 % - % 39.48 % 69.42 % 69.42 %
ADR $ 1,094.59 $ - $ 1,094.59 $ 753.66 $ - $ 753.66 45.24 % 45.24 %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 18,036 $ - $ 18,036 $ 8,743 $ - $ 8,743 106.29 % 106.29 %
Total hotel revenue $ 22,712 $ - $ 22,712 $ 11,193 $ - $ 11,193 102.91 % 102.91 %
Hotel EBITDA $ 13,074 $ - $ 13,074 $ 4,601 $ - $ 4,601 184.16 % 184.16 %
Hotel EBITDA margin 57.56 % 57.56 % 41.11 % 41.11 % 16.45 % 16.45 %
Selected Operating Information:
RevPAR $ 465.26 $ - $ 465.26 $ 224.70 $ - $ 224.70 107.06 % 107.06 %
Occupancy 83.99 % - % 83.99 % 50.78 % - % 50.78 % 65.39 % 65.39 %
ADR $ 553.97 $ - $ 553.97 $ 442.48 $ - $ 442.48 25.20 % 25.20 %
15

Nine Months Ended September 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 $ 9,031 $ - $ 9,031 $ 3,424 $ - $ 3,424 163.76 % 163.76 %
Total hotel revenue $ 10,555 $ - $ 10,555 $ 4,397 $ - $ 4,397 140.05 % 140.05 %
Hotel EBITDA $ 4,312 $ - $ 4,312 $ (80) $ - $ (80) 5,490.00 % 5,490.00 %
Hotel EBITDA margin 40.85 % 40.85 % (1.82) % (1.82) % 42.67 % 42.67 %
Selected Operating Information:
RevPAR $ 413.47 $ - $ 413.47 $ 156.20 $ - $ 156.20 164.71 % 164.71 %
Occupancy 57.78 % - % 57.78 % 30.57 % - % 30.57 % 89.05 % 89.05 %
ADR $ 715.55 $ - $ 715.55 $ 511.03 $ - $ 511.03 40.02 % 40.02 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 12,058 $ - $ 12,058 $ 9,955 $ - $ 9,955 21.13 % 21.13 %
Total hotel revenue $ 26,460 $ - $ 26,460 $ 19,827 $ - $ 19,827 33.45 % 33.45 %
Hotel EBITDA $ 7,586 $ - $ 7,586 $ 4,149 $ - $ 4,149 82.84 % 82.84 %
Hotel EBITDA margin 28.67 % 28.67 % 20.93 % 20.93 % 7.74 % 7.74 %
Selected Operating Information:
RevPAR $ 232.47 $ - $ 232.47 $ 191.22 $ - $ 191.22 21.57 % 21.57 %
Occupancy 56.60 % - % 56.60 % 33.35 % - % 33.35 % 69.74 % 69.74 %
ADR $ 410.68 $ - $ 410.68 $ 573.41 $ - $ 573.41 (28.38) % (28.38) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 7,568 $ - $ 7,568 $ 6,088 $ - $ 6,088 24.31 % 24.31 %
Total hotel revenue $ 8,764 $ - $ 8,764 $ 7,680 $ - $ 7,680 14.11 % 14.11 %
Hotel EBITDA $ 631 $ - $ 631 $ (1,128) $ - $ (1,128) 155.94 % 155.94 %
Hotel EBITDA margin 7.20 % 7.20 % (14.69) % (14.69) % 21.89 % 21.89 %
Selected Operating Information:
RevPAR $ 55.55 $ - $ 55.55 $ 44.53 $ - $ 44.53 24.77 % 24.77 %
Occupancy 32.83 % - % 32.83 % 26.17 % - % 26.17 % 25.43 % 25.43 %
ADR $ 169.22 $ - $ 169.22 $ 170.12 $ - $ 170.12 (0.53) % (0.53) %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 9,153 $ - $ 9,153 $ 7,538 $ - $ 7,538 21.42 % 21.42 %
Total hotel revenue $ 10,867 $ - $ 10,867 $ 8,791 $ - $ 8,791 23.62 % 23.62 %
Hotel EBITDA $ (2,374) $ - $ (2,374) $ (1,705) $ - $ (1,705) (39.24) % (39.24) %
Hotel EBITDA margin (21.85) % (21.85) % (19.39) % (19.39) % (2.46) % (2.46) %
Selected Operating Information:
RevPAR $ 81.77 $ - $ 81.77 $ 67.10 $ - $ 67.10 21.87 % 21.87 %
Occupancy 49.88 % - % 49.88 % 21.57 % - % 21.57 % 131.30 % 131.30 %
ADR $ 163.93 $ - $ 163.93 $ 311.13 $ - $ 311.13 (47.31) % (47.31) %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 29,928 $ - $ 29,928 $ 15,658 $ - $ 15,658 91.14 % 91.14 %
Total hotel revenue $ 59,295 $ - $ 59,295 $ 36,035 $ - $ 36,035 64.55 % 64.55 %
Hotel EBITDA $ 18,719 $ - $ 18,719 $ 8,658 $ - $ 8,658 116.20 % 116.20 %
Hotel EBITDA margin 31.57 % 31.57 % 24.03 % 24.03 % 7.54 % 7.54 %
Selected Operating Information:
RevPAR $ 412.12 $ - $ 412.12 $ 214.83 $ - $ 214.83 91.84 % 91.84 %
Occupancy 76.47 % - % 76.47 % 51.81 % - % 51.81 % 47.58 % 47.58 %
ADR $ 538.95 $ - $ 538.95 $ 414.62 $ - $ 414.62 29.98 % 29.98 %
16

Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 14,769 $ 3,180 $ 17,949 $ 11,952 $ 2,103 $ 14,055 23.57 % 27.71 %
Total hotel revenue $ 29,823 $ 1,431 $ 31,254 $ 21,038 $ 808 $ 21,846 41.76 % 43.07 %
Hotel EBITDA $ 3,941 $ - $ 3,941 $ 2,382 $ - $ 2,382 65.45 % 65.45 %
Hotel EBITDA margin 13.21 % 12.61 % 11.32 % 10.90 % 1.89 % 1.71 %
Selected Operating Information:
RevPAR $ 316.19 $ - $ 365.26 $ 256.59 $ - $ 284.98 23.22 % 28.17 %
Occupancy 54.07 % - % 54.67 % 42.66 % - % 42.18 % 26.75 % 29.62 %
ADR $ 584.75 $ - $ 668.09 $ 601.48 $ - $ 675.63 (2.78) % (1.12) %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 10,980 $ - $ 10,980 $ 4,821 $ - $ 4,821 127.75 % 127.75 %
Total hotel revenue $ 13,067 $ - $ 13,067 $ 6,155 $ - $ 6,155 112.30 % 112.30 %
Hotel EBITDA $ 2,216 $ - $ 2,216 $ (1,221) $ - $ (1,221) 281.49 % 281.49 %
Hotel EBITDA margin 16.96 % 16.96 % (19.84) % (19.84) % 36.80 % 36.80 %
Selected Operating Information:
RevPAR $ 111.42 $ - $ 111.42 $ 48.74 $ - $ 48.74 128.58 % 128.58 %
Occupancy 48.18 % - % 48.18 % 23.00 % - % 23.00 % 109.43 % 109.43 %
ADR $ 231.28 $ - $ 231.28 $ 211.90 $ - $ 211.90 9.14 % 9.14 %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 40,897 $ - $ 40,897 $ 10,958 $ - $ 10,958 273.22 % 273.22 %
Total hotel revenue $ 59,624 $ - $ 59,624 $ 21,698 $ - $ 21,698 174.79 % 174.79 %
Hotel EBITDA $ 20,912 $ - $ 20,912 $ 2,373 $ - $ 2,373 781.25 % 781.25 %
Hotel EBITDA margin 35.07 % 35.07 % 10.94 % 10.94 % 24.13 % 24.13 %
Selected Operating Information:
RevPAR $ 832.26 $ - $ 832.26 $ 226.68 $ - $ 226.68 267.14 % 267.14 %
Occupancy 81.22 % - % 81.22 % 33.36 % - % 33.36 % 143.48 % 143.48 %
ADR $ 1,024.73 $ - $ 1,024.73 $ 679.57 $ - $ 679.57 50.79 % 50.79 %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 1,535 $ 4,048 $ 5,583 $ - $ 4,407 $ 4,407 - % 26.68 %
Total hotel revenue $ 2,272 $ 6,272 $ 8,544 $ - $ 6,952 $ 6,952 - % 22.90 %
Hotel EBITDA $ 429 $ 1,228 $ 1,657 $ - $ 460 $ 460 - % 260.22 %
Hotel EBITDA margin 18.88 % 19.39 % - % 6.62 % 18.88 % 12.77 %
Selected Operating Information:
RevPAR $ 188.14 $ 131.07 $ 142.99 $ - $ 112.46 $ 112.46 - % 27.15 %
Occupancy 54.42 % 40.65 % 43.53 % - % 33.45 % 33.45 % - % 30.14 %
ADR $ 345.71 $ 322.42 $ 328.50 $ - $ 336.23 $ 336.23 - % (2.30) %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 194,330 $ 7,228 $ 201,558 $ 104,067 $ 6,510 $ 110,577 86.74 % 82.28 %
Total hotel revenue $ 297,168 $ 7,703 $ 304,871 $ 175,169 $ 7,760 $ 182,929 69.65 % 66.66 %
Hotel EBITDA $ 72,488 $ 1,228 $ 73,716 $ 11,864 $ 460 $ 12,324 510.99 % 498.15 %
Hotel EBITDA margin 24.39 % 24.18 % 6.77 % 6.74 % 17.62 % 17.44 %
Selected Operating Information:
RevPAR $ 189.67 $ 131.07 $ 190.53 $ 102.14 $ 112.46 $ 104.24 85.69 % 82.78 %
Occupancy 49.42 % 41.00 % 49.21 % 31.10 % 33.45 % 31.20 % 58.92 % 57.74 %
ADR $ 383.76 $ 322.42 $ 387.20 $ 328.42 $ 336.23 $ 334.16 16.85 % 15.87 %
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) 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
17

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2021 2021 2021
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 6,449 $ - $ 6,449
Total hotel revenue $ 8,514 $ - $ 8,514
Hotel EBITDA $ (5,625) $ - $ (5,625)
Hotel EBITDA margin (66.07) % (66.07) %
Selected Operating Information:
RevPAR $ 128.62 $ - $ 128.62
Occupancy 22.50 % - % 22.50 %
ADR $ 553.94 $ - $ 553.94
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 13,488 $ - $ 13,488
Total hotel revenue $ 19,411 $ - $ 19,411
Hotel EBITDA $ 2,800 $ - $ 2,800
Hotel EBITDA margin 14.42 % 14.42 %
Selected Operating Information:
RevPAR $ 93.78 $ - $ 93.78
Occupancy 49.09 % - % 49.09 %
ADR $ 191.06 $ - $ 191.06
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 10,947 $ - $ 10,947
Total hotel revenue $ 14,045 $ - $ 14,045
Hotel EBITDA $ (4,039) $ - $ (4,039)
Hotel EBITDA margin (28.76) % (28.76) %
Selected Operating Information:
RevPAR $ 72.28 $ - $ 72.28
Occupancy 37.63 % - % 37.63 %
ADR $ 192.09 $ - $ 192.09
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 15,160 $ - $ 15,160
Total hotel revenue $ 19,313 $ - $ 19,313
Hotel EBITDA $ 6,978 $ - $ 6,978
Hotel EBITDA margin 36.13 % 36.13 %
Selected Operating Information:
RevPAR $ 639.01 $ - $ 639.01
Occupancy 60.83 % - % 60.83 %
ADR $ 1,050.55 $ - $ 1,050.55
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 21,558 $ - $ 21,558
Total hotel revenue $ 27,272 $ - $ 27,272
Hotel EBITDA $ 15,180 $ - $ 15,180
Hotel EBITDA margin 55.66 % 55.66 %
Selected Operating Information:
RevPAR $ 415.95 $ - $ 415.95
Occupancy 80.26 % - % 80.26 %
ADR $ 518.26 $ - $ 518.26
18

TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2021 2021 2021
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 10,147 $ - $ 10,147
Total hotel revenue $ 11,909 $ - $ 11,909
Hotel EBITDA $ 4,306 $ - $ 4,306
Hotel EBITDA margin 36.16 % 36.16 %
Selected Operating Information:
RevPAR $ 347.43 $ - $ 347.43
Occupancy 49.82 % - % 49.82 %
ADR $ 697.45 $ - $ 697.45
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 14,950 $ - $ 14,950
Total hotel revenue $ 32,188 $ - $ 32,188
Hotel EBITDA $ 8,414 $ - $ 8,414
Hotel EBITDA margin 26.14 % 26.14 %
Selected Operating Information:
RevPAR $ 215.58 $ - $ 215.58
Occupancy 51.32 % - % 51.32 %
ADR $ 420.11 $ - $ 420.11
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 8,829 $ - $ 8,829
Total hotel revenue $ 10,084 $ - $ 10,084
Hotel EBITDA $ 126 $ - $ 126
Hotel EBITDA margin 1.25 % 1.25 %
Selected Operating Information:
RevPAR $ 22.64 $ - $ 22.64
Occupancy 29.18 % - % 29.18 %
ADR $ 77.60 $ - $ 77.60
THE CLANCY
Selected Financial Information:
Rooms revenue $ 9,864 $ - $ 9,864
Total hotel revenue $ 11,699 $ - $ 11,699
Hotel EBITDA $ (4,364) $ - $ (4,364)
Hotel EBITDA margin (37.30) % (37.30) %
Selected Operating Information:
RevPAR $ 12.57 $ - $ 12.57
Occupancy 40.69 % - % 40.69 %
ADR $ 30.90 $ - $ 30.90
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 35,834 $ - $ 35,834
Total hotel revenue $ 72,791 $ - $ 72,791
Hotel EBITDA $ 21,563 $ - $ 21,563
Hotel EBITDA margin 29.62 % 29.62 %
Selected Operating Information:
RevPAR $ 246.07 $ - $ 246.07
Occupancy 72.40 % - % 72.40 %
ADR $ 339.88 $ - $ 339.88
19

TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2021 2021 2021
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 17,857 $ 3,950 $ 21,807
Total hotel revenue $ 36,022 $ 1,778 $ 37,800
Hotel EBITDA $ 3,426 $ - $ 3,426
Hotel EBITDA margin 9.51 % 9.06 %
Selected Operating Information:
RevPAR $ 286.40 $ - $ 331.92
Occupancy 52.22 % - % 52.66 %
ADR $ 548.41 $ - $ 630.32
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 11,763 $ - $ 11,763
Total hotel revenue $ 13,933 $ - $ 13,933
Hotel EBITDA $ 1,704 $ - $ 1,704
Hotel EBITDA margin 12.23 % 12.23 %
Selected Operating Information:
RevPAR $ 21.28 $ - $ 21.28
Occupancy 39.50 % - % 39.50 %
ADR $ 53.88 $ - $ 53.88
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 46,710 $ - $ 46,710
Total hotel revenue $ 69,520 $ - $ 69,520
Hotel EBITDA $ 23,163 $ - $ 23,163
Hotel EBITDA margin 33.32 % 33.32 %
Selected Operating Information:
RevPAR $ 350.20 $ - $ 350.20
Occupancy 74.58 % - % 74.58 %
ADR $ 469.56 $ - $ 469.56
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 1,535 $ 5,015 $ 6,550
Total hotel revenue $ 2,272 $ 7,725 $ 9,997
Hotel EBITDA $ 429 $ 1,201 $ 1,630
Hotel EBITDA margin 18.88 % 16.30 %
Selected Operating Information:
RevPAR $ 188.14 $ 113.88 $ 125.48
Occupancy 54.42 % 35.02 % 38.05 %
ADR $ 345.71 $ 325.19 $ 329.77
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 225,091 $ 8,965 $ 234,056
Total hotel revenue $ 348,973 $ 9,503 $ 358,476
Hotel EBITDA $ 74,061 $ 1,201 $ 75,262
Hotel EBITDA margin 21.22 % 20.99 %
Selected Operating Information:
RevPAR $ 164.66 $ 189.18 $ 165.48
Occupancy 43.99 % 36.84 % 43.75 %
ADR $ 374.35 $ 513.52 $ 378.27
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) 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
20

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 2021 2021 2021 2020 2020 2020
3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter
Total Hotel Revenue $ 116,210 $ 2,044 $ 118,254 $ 97,110 $ 3,551 $ 100,661 $ 83,848 $ 2,108 $ 85,956 $ 51,805 $ 1,800 $ 53,605
Hotel EBITDA $ 27,261 $ 518 $ 27,779 $ 24,728 $ 619 $ 25,347 $ 20,499 $ 91 $ 20,590 $ 1,573 $ (27) $ 1,546
Hotel EBITDA Margin 23.46 % 23.49 % 25.46 % 25.18 % 24.45 % 23.95 % 3.04 % 2.88 %
EBITDA % of Total TTM 36.8 % 36.9 % 33.4 % 33.7 % 27.7 % 27.4 % 2.1 % 2.0 %
JV Interests in EBITDA $ 388 $ - $ 388 $ 27 $ - $ 27 $ (405) $ - $ (405) $ (716) $ - $ (716)
Actual Non-comparable Adjustments Comparable
2021 2021 2021
TTM TTM TTM
Total Hotel Revenue $ 348,973 $ 9,503 $ 358,476
Hotel EBITDA $ 74,061 $ 1,201 $ 75,262
Hotel EBITDA Margin 21.22 % 20.99 %
EBITDA % of Total TTM 100.0 % 100.0 %
JV Interests in EBITDA $ (706) $ - $ (706)
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

21

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2021
(in thousands, except share price)
(unaudited)

September 30, 2021
Common stock shares outstanding 63,974
Partnership units outstanding (common stock equivalents) 8,084
Combined common stock shares and partnership units outstanding 72,058
Common stock price $ 4.85
Market capitalization $ 349,482
Series B cumulative convertible preferred stock $ 76,950
Series D cumulative preferred stock $ 40,000
Series E redeemable preferred stock $ 6,641
Series M redeemable preferred stock $ 366
Indebtedness $ 1,181,203
Joint venture partner's share of consolidated indebtedness $ (48,801)
Net working capital (see below) $ (188,775)
Total enterprise value (TEV) $ 1,417,066
Cash and cash equivalents $ 194,407
Restricted cash $ 44,051
Accounts receivable, net $ 16,919
Prepaid expenses $ 4,123
Due from affiliates, net $ 1,109
Due from third-party hotel managers, net $ 18,816
Total current assets $ 279,425
Accounts payable, net & accrued expenses $ 88,538
Dividends and distributions payable $ 2,112
Total current liabilities $ 90,650
Net working capital* $ 188,775
* Includes the Company's pro rata share of net working capital in joint ventures.
22


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2021 2021 2021 2020 September 30, 2021
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM
Net income (loss) $ 3,548 $ 2,585 $ (698) $ (19,811) $ (14,376)
Non-property adjustments 945 (386) (496) - 63
Interest income (10) (10) (8) (10) (38)
Interest expense 3,517 3,216 3,160 3,236 13,129
Amortization of loan costs 320 307 303 301 1,231
Depreciation and amortization 18,284 18,244 18,353 17,973 72,854
Income tax expense (benefit) 6 17 1 (336) (312)
Non-hotel EBITDA ownership expense 651 755 (116) 220 1,510
Hotel EBITDA including amounts attributable to noncontrolling interest 27,261 24,728 20,499 1,573 74,061
Non-comparable adjustments 518 619 91 (27) 1,201
Comparable hotel EBITDA $ 27,779 $ 25,347 $ 20,590 $ 1,546 $ 75,262

23

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 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 - - - - - - - - - - - - - 518 518
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 $ 27,779
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
JP Morgan (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
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 $ 27,779
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
24

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 Seattle Marriott Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel 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 - - - - - - - - - - - - - 619 619
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 $ 25,347

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House Resort & Spa) $ - $ - $ - $ - $ 4,913 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,913
BAML (Bardessono Hotel and Spa) - - - 2,658 - - - - - - - - - - 2,658
BAML (Hotel Yountville) - - - - - 1,759 - - - - - - - - 1,759
Apollo (The Ritz-Carlton St. Thomas) - - - - - - - - - - - - 8,136 - 8,136
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (1,706) 1,815 - - - - - - - - - - - - 109
BAML Pool (see footnote 3) - - (156) - - - - 154 (1,024) - - 1,163 - - 137
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) - - - - - - (401) - - - - - - - (401)
BAML (The Ritz-Carlton Sarasota) - - - - - - - - - 7,723 - - - - 7,723
BAML (The Ritz-Carlton Lake Tahoe) - - - - - - - - - - (306) - - - (306)
LoanCore (Mr. C Beverly Hills Hotel) - - - - - - - - - - - - - 619 619
Total $ (1,706) $ 1,815 $ (156) $ 2,658 $ 4,913 $ 1,759 $ (401) $ 154 $ (1,024) $ 7,723 $ (306) $ 1,163 $ 8,136 $ 619 $ 25,347
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
25

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. 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 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 - - - - - - - - - - - - - 91 91
Comparable hotel EBITDA $ (848) $ (772) $ (1,192) $ 206 $ 4,246 $ (101) $ 4,458 $ (778) $ (1,787) $ 7,362 $ 2,837 $ (637) $ 7,505 $ 91 $ 20,590

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House Resort & Spa) $ - $ - $ - $ - $ 4,246 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,246
BAML (Bardessono Hotel and Spa) - - - 206 - - - - - - - - - - 206
BAML (Hotel Yountville) - - - - - (101) - - - - - - - - (101)
Apollo (The Ritz-Carlton St. Thomas) - - - - - - - - - - - - 7,505 - 7,505
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (848) (772) - - - - - - - - - - - - (1,620)
BAML Pool (see footnote 3) - - (1,192) - - - - (778) (1,787) - - (637) - - (4,394)
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) - - - - - - 4,458 - - - - - - - 4,458
BAML (The Ritz-Carlton Sarasota) - - - - - - - - - 7,362 - - - - 7,362
BAML (The Ritz-Carlton Lake Tahoe) - - - - - - - - - - 2,837 - - - 2,837
LoanCore (Mr. C Beverly Hills Hotel) - - - - - - - - - - - - - 91 91
Total $ (848) $ (772) $ (1,192) $ 206 $ 4,246 $ (101) $ 4,458 $ (778) $ (1,787) $ 7,362 $ 2,837 $ (637) $ 7,505 $ 91 $ 20,590
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
26

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. 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 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 - - - - - - - - - - - - - (27) (27)
Comparable hotel EBITDA $ (1,874) $ (990) $ (605) $ 541 $ 2,106 $ (6) $ 828 $ (505) $ (1,990) $ 2,844 $ (515) $ (512) $ 2,251 $ (27) $ 1,546

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House Resort & Spa) $ - $ - $ - $ - $ 2,106 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,106
BAML (Bardessono Hotel and Spa) - - - 541 - - - - - - - - - - 541
BAML (Hotel Yountville) - - - - - (6) - - - - - - - - (6)
Apollo (The Ritz-Carlton St. Thomas) - - - - - - - - - - - - 2,251 - 2,251
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (1,874) (990) - - - - - - - - - - - - (2,864)
BAML Pool (see footnote 3) - - (605) - - - - (505) (1,990) - - (512) - - (3,612)
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) - - - - - - 828 - - - - - - - 828
BAML (The Ritz-Carlton Sarasota) - - - - - - - - - 2,844 - - - - 2,844
BAML (The Ritz-Carlton Lake Tahoe) - - - - - - - - - - (515) - - - (515)
LoanCore (Mr. C Beverly Hills Hotel) - - - - - - - - - - - - - (27) (27)
Total $ (1,874) $ (990) $ (605) $ 541 $ 2,106 $ (6) $ 828 $ (505) $ (1,990) $ 2,844 $ (515) $ (512) $ 2,251 $ (27) $ 1,546
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
27

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. 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 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 - - - - - - - - - - - - - 66 66
Comparable hotel EBITDA $ (1,640) $ 288 $ (1,152) $ 1,156 $ 1,155 $ 400 $ 283 $ (646) $ (1,995) $ 1,794 $ 1,132 $ (519) $ 102 $ 66 $ 424
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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.

28

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine 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 Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (9,635) $ 527 $ (8,405) $ 3,322 $ 9,624 $ 1,251 $ 3,428 $ (5,578) $ (12,129) $ 10,830 $ 249 $ (554) $ 13,708 $ (1,203) $ 5,435 $ (36,052) $ (30,617)
Non-property adjustments - - - (117) (96) - - - - 1 1 - (671) 945 63 (63) -
Interest income - - - - - - - - (2) (16) - (9) (1) - (28) 28 -
Interest expense - - - 777 1,201 975 1,541 - - 2,638 901 20 1,596 244 9,893 10,706 20,599
Amortization of loan cost - - - 113 219 120 14 - - 263 107 - 68 26 930 817 1,747
Depreciation and amortization 5,627 3,258 4,954 1,976 2,187 1,907 2,625 6,352 9,760 4,925 2,177 2,921 5,839 373 54,881 - 54,881
Income tax expense (benefit) - (43) - - - - - 5 - - - - 62 - 24 742 766
Non-hotel EBITDA ownership expense 257 48 17 366 (61) 59 (22) (148) (3) 78 506 (162) 311 44 1,290 (1,290) -
Hotel EBITDA including amounts attributable to noncontrolling interest (3,751) 3,790 (3,434) 6,437 13,074 4,312 7,586 631 (2,374) 18,719 3,941 2,216 20,912 429 72,488 (25,112) 47,376
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 941 (951) - - - - - - - - - - - - (10) 10 -
Equity in earnings (loss) of unconsolidated entities - - - - - - - - - - - - - - - 198 198
Company's portion of EBITDA of OpenKey - - - - - - - - - - - - - - - (196) (196)
Hotel EBITDA attributable to the Company and OP unitholders $ (2,810) $ 2,839 $ (3,434) $ 6,437 $ 13,074 $ 4,312 $ 7,586 $ 631 $ (2,374) $ 18,719 $ 3,941 $ 2,216 $ 20,912 $ 429 $ 72,478 $ (25,100) $ 47,378
Non-comparable adjustments - - - - - - - - - - - - - 1,228 1,228
Comparable hotel EBITDA $ (3,751) $ 3,790 $ (3,434) $ 6,437 $ 13,074 $ 4,312 $ 7,586 $ 631 $ (2,374) $ 18,719 $ 3,941 $ 2,216 $ 20,912 $ 1,657 $ 73,716
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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.

29

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2020
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 Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (9,061) $ (2,235) $ (9,983) $ (3,795) $ (95) $ (3,781) $ (1,671) $ (8,071) $ (11,021) $ (666) $ (2,041) $ (4,509) $ 5,022 $ - $ (51,907) $ (42,642) $ (94,549)
Non-property adjustments - - - 100 200 128 - - - 250 135 - (10,149) - (9,336) 9,336 -
Interest income (10) (16) - - - - - (6) (9) (24) - (24) (1) - (90) 90 -
Interest expense - - - 1,211 2,022 1,536 1,781 - - 3,738 1,463 - 1,745 - 13,496 21,964 35,460
Amortization of loan cost - - - 108 210 114 6 - - 249 101 - 78 - 866 1,841 2,707
Depreciation and amortization 5,752 3,935 4,999 2,432 2,243 1,829 3,689 6,600 8,974 4,469 2,075 2,952 5,449 - 55,398 - 55,398
Income tax expense (benefit) - (474) - - - - - 6 - - - - 7 - (461) (4,161) (4,622)
Non-hotel EBITDA ownership expense 117 133 201 421 21 94 344 343 351 642 649 360 222 - 3,898 (3,898) -
Hotel EBITDA including amounts attributable to noncontrolling interest (3,202) 1,343 (4,783) 477 4,601 (80) 4,149 (1,128) (1,705) 8,658 2,382 (1,221) 2,373 - 11,864 (17,470) (5,606)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 800 (335) - - - - - - - - - - - - 465 (465) -
Equity in earnings (loss) of unconsolidated entities - - - - - - - - - - - - - - - 138 138
Company's portion of EBITDA of OpenKey - - - - - - - - - - - - - - - (135) (135)
Hotel EBITDA attributable to the Company and OP unitholders $ (2,402) $ 1,008 $ (4,783) $ 477 $ 4,601 $ (80) $ 4,149 $ (1,128) $ (1,705) $ 8,658 $ 2,382 $ (1,221) $ 2,373 $ - $ 12,329 $ (17,932) $ (5,603)
Non-comparable adjustments - - - - - - - - - - - - - 460 460
Comparable hotel EBITDA $ (3,202) $ 1,343 $ (4,783) $ 477 $ 4,601 $ (80) $ 4,149 $ (1,128) $ (1,705) $ 8,658 $ 2,382 $ (1,221) $ 2,373 $ 460 $ 12,324
NOTES:
(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at September 30, 2021, 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.

30