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The following unaudited pro forma financial information of the Company, as of and for the six months ended June 30, 2026 and for the year ended December 31, 2025, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on June 30, 2026. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2025, and the six months ended June 30, 2026, assumes the disposition closed on January 1, 2025. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of the hotel property and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain resulting from the disposition of the hotel property is preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
ASSETS
Investment in hotel properties, gross	$	1,402,848	$	90,194	$	—		$	1,312,654
Accumulated depreciation	(304,522)		(11,326)		—			(293,196)
Investment in hotel properties, net	1,098,326		78,868		—			1,019,458
Cash and cash equivalents	93,865		4,565		187,490		(C) (i)	187,417
					4,298		(C) (i)
					(93,671)		(C) (ii)
Restricted cash	52,604		1,596		—			51,008

Accounts receivable, net of allowance of $129	27,671		1,015		—			26,656
Inventories	3,278		127		—			3,151
Note receivable	9,197		—		—			9,197
Prepaid expenses	4,342		368		—			3,974
Deposit paid to Ashford Inc.	17,000		—		—			17,000
Deferred costs, net	73		—		—			73
Derivative assets	373		—		—			373
Operating lease right-of-use assets	330		11		—			319
Other assets	9,912		48		—			9,864


Due from third-party hotel managers	13,884		—		—			13,884
Assets held for sale	327,886		—		—			327,886

Total assets	$	1,658,741	$	86,598	$	98,117		$	1,670,260
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	745,918	$	93,593	$	—		$	652,325
Accounts payable and accrued expenses	98,222		3,113		—			95,109
Redeemable preferred stock redemptions payable	54,760		—		—			54,760
Dividends and distributions payable	3,807		—		—			3,807
Due to Ashford Inc., net	680		114		—			566
Due to related parties, net	199		194		—			5
Due to third-party hotel managers	657		—		—			657
Operating lease liabilities	383		11		—			372
Other liabilities	7,500		—		—			7,500
Liabilities associated with assets held for sale	268,178		—		—			268,178


Total liabilities	1,180,304		97,025		—			1,083,279
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026	65,426		—		—			65,426
Series E redeemable preferred stock, $0.01 par value, 8,637,450 shares issued and outstanding at June 30, 2026	215,936		—		—			215,936
Series M redeemable preferred stock, $0.01 par value, 1,312,137 shares issued and outstanding at June 30, 2026	32,820		—		—			32,820
Redeemable noncontrolling interests in operating partnership	15,197		—		—			15,197
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026	16		—		—			16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 shares issued and outstanding at June 30, 2026	687		—		—			687
Additional paid-in capital	707,922		(10,427)		78,868		(C) (i)	707,922
					4,298		(C) (i)
					(93,593)		(C) (ii)


Accumulated deficit	(561,597)		—		108,622		(C) (i)	(453,053)
					(78)		(C) (ii)
Total stockholders’ equity of the Company	147,028		(10,427)		98,117			255,572
Noncontrolling interest in consolidated entities	2,030		—		—			2,030
Total equity	149,058		(10,427)		98,117			257,602
Total liabilities and equity	$	1,658,741	$	86,598	$	98,117		$	1,670,260


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
REVENUE
Rooms	$	428,990	$	23,332	$	—		$	405,658
Food and beverage	179,538		4,495		—			175,043
Other	95,487		3,011		—			92,476
Total hotel revenue	704,015		30,838		—			673,177


EXPENSES
Hotel operating expenses:
Rooms	104,367		3,332		—			101,035
Food and beverage	141,846		3,406		—			138,440
Other expenses	223,977		6,966		—			217,011
Management fees	21,995		924		—			21,071
Total hotel operating expenses	492,185		14,628		—			477,557
Property taxes, insurance and other	34,253		2,049		—			32,204
Depreciation and amortization	92,578		1,589		—			90,989
Impairment charges	54,492		—		—			54,492
Advisory services fee	29,186		—		—			29,186


Corporate general and administrative	11,754		—		—			11,754
Total expenses	714,448		18,266		—			696,182
Gain (loss) on disposition of assets and hotel property	82,797		—		108,622		(C) (i)	191,419
OPERATING INCOME (LOSS)	72,364		12,572		108,622			168,414
Equity in earnings (loss) of unconsolidated entity	(56)		—		—			(56)
Interest income	6,246		—		—			6,246
Other income (expense)	(1,572)		—		—			(1,572)
Interest expense and amortization of premiums and loan costs	(98,539)		(8,065)		—			(90,474)
Write-off of premiums, loan costs and exit fees	(1,833)		—		—			(1,833)
Gain (loss) on extinguishment of debt	(2,686)		—		(78)		(C) (ii)	(2,764)
Realized and unrealized gain (loss) on derivatives	(355)		—		—			(355)
INCOME (LOSS) BEFORE INCOME TAXES	(26,431)		4,507		108,544			77,606
Income tax (expense) benefit	(1,979)		—		2		(C) (iii)	(1,977)
NET INCOME (LOSS)	(28,410)		4,507		108,546			75,629
(Income) loss attributable to noncontrolling interest in consolidated entities	325		—		—			325
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,767		—		(7,189)		(C) (iv)	(1,422)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(22,318)		4,507		101,357			74,532
Preferred dividends	(35,273)		—		—			(35,273)
Deemed dividends on preferred stock	(15,112)		—		—			(15,112)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS	$	(72,703)	$	4,507	$	101,357		$	24,147
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders	$	(1.07)						$	0.36
Weighted average common shares outstanding—basic	67,621							67,621
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders	$	(1.07)						$	0.32
Weighted average common shares outstanding—diluted	67,621							103,226


	Braemar Consolidated Historical (A)		Pier House Resort & Spa (B)		Adjustments			Braemar Consolidated Pro Forma
REVENUE
Rooms	$	230,984	$	14,905	$	—		$	216,079
Food and beverage	97,664		2,554		—			95,110
Other	51,361		1,916		—			49,445
Total hotel revenue	380,009		19,375		—			360,634


EXPENSES
Hotel operating expenses:
Rooms	49,096		1,693		—			47,403
Food and beverage	73,807		1,707		—			72,100
Other expenses	112,802		3,728		—			109,074
Management fees	11,332		581		—			10,751
Total hotel operating expenses	247,037		7,709		—			239,328
Property taxes, insurance and other	12,159		968		—			11,191
Depreciation and amortization	44,012		735		—			43,277

Advisory services fee	14,684		—		—			14,684


Corporate general and administrative	9,280		—		—			9,280
Total expenses	327,172		9,412		—			317,760
Gain (loss) on disposition of assets and hotel property	17,398		—		—			17,398
OPERATING INCOME (LOSS)	70,235		9,963		—			60,272
Equity in earnings (loss) of unconsolidated entity	(31)		—		—			(31)
Interest income	1,584		—		—			1,584

Interest expense and amortization of premiums and loan costs	(41,708)		(3,714)		—			(37,994)
Write-off of premiums, loan costs and exit fees	(1,489)		—		—			(1,489)

Realized and unrealized gain (loss) on derivatives	283		—		—			283
INCOME (LOSS) BEFORE INCOME TAXES	28,874		6,249		—			22,625
Income tax (expense) benefit	(3,898)		—		222		(C) (iii)	(3,676)
NET INCOME (LOSS)	24,976		6,249		222			18,949
(Income) loss attributable to noncontrolling interest in consolidated entities	65		—		—			65
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(299)		—		378		(C) (iv)	79
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	24,742		6,249		600			19,093
Preferred dividends	(15,781)		—		—			(15,781)
Deemed dividends on preferred stock	(4,771)		—		—			(4,771)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS	$	4,190	$	6,249	$	600		$	(1,459)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders	$	0.06						$	(0.02)
Weighted average common shares outstanding—basic	68,556							68,556
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders	$	0.06						$	(0.02)
Weighted average common shares outstanding—diluted	68,556							68,556

(C)Represents adjustments for the Company’s disposition of the Pier House Resort & Spa, which includes: (i) the estimated non-recurring gain on the disposition of the hotel property for the year ended December 31, 2025; (ii) an adjustment for the write-off of deferred loan costs and fees associated with the loan paydown; (iii) an adjustment for the estimated tax effect of the hotel property no longer being part of the consolidated group for the year ended December 31, 2025 and for the six months ended June 30, 2026; and (iv) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the hotel property, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 6.91% for the year ended December 31, 2025, and 6.27% for the six months ended June 30, 2026. The pro forma gain and the related tax effects, resulting from the disposition of the hotel property are preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.