BHR

• In August, initiated a sale process for Braemar, engaged Robert W. Baird & Co. as financial advisor and real estate broker co-advisors for individual asset sales. - Fourth quarter portfolio had comparable rev par of $340, resorts had comparable rev par of $536 and comparable hotel EBITDA of $32.5 million. - Sold the 410-room Clancy in San Francisco for $115 million, paid down debt and retained net proceeds. - Rebranded and repositioned Cameo Beverly Hills to Hilton's luxury LXR brand. - Redeemed approximately $149 million of non-traded preferred stock. - Resort assets were key drivers, with Ritz Carlton Sarasota, Four Seasons Resort Scottsdale True North, etc. performing well. - Capital expenditures in 2025 included renovation of Cameo Beverly Hills, guest room renovations at other properties, etc., and 2026 anticipated spending between $25 - $35 million.

• Expect to continue redeeming non-traded preferred stock to deleverage platform and improve cash flow per share. - Anticipate spending between $25 and $35 million in capital expenditures in 2026.

For the fourth quarter, the portfolio delivered 1.8% growth in comparable total revenue. Our resorts had comparable fourth quarter REVPAR increasing 4.1% and comparable hotel EBITDA increasing 6%. For the full year, comparable total revenue growth was 2.8% and Comparable Hotel EBITDA growth was 3.1%.

• No deadline or definitive timetable set for sale process completion, no assurance of sale. - Operating environment in hospitality industry poses risks. - Renovation activity can impact portfolio results. - Weather-related factors can affect performance.

We have no questions at this time