The Board of Directors of Braemar Hotels & Resorts Inc. approved the company's dividend policy for 2023. The Company expects to pay a quarterly cash dividend of $0.05 per share for 2023, or $0.20 per share on an annualized basis. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve.

The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.