RLJ Lodging Trust Lodging Trust reports $4.57 million net income for Q3 2026

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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As of July 31, October 29, 2026, 152,375,872 152,336,663 common shares of beneficial interest of the Registrant, $0.01 par value per share, were outstanding.

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Financial statements 196 changes

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Total assets $ 5,233,686 $ 4,742,130

June September 30, 2026 December 31, 2025

Investment in hotel properties, net $ 4,047,317 3,922,238 $ 4,112,387

Investment in unconsolidated joint ventures 7,494 7,234 7,357

Cash and cash equivalents 937,599 448,342 410,160

Restricted cash reserves 35,768 37,485 31,901

Hotel and other receivables, net of allowance of $ 96 208 and $ 170 , respectively

Lease right-of-use assets 122,785 121,610 123,524

Prepaid expense and other assets 52,699 52,344 27,158

Hotel properties held for sale, net 105,847 —

Total assets $ 4,726,668 $ 4,742,130

1 unchanged paragraph

Lease liabilities 119,262 118,189

Accrued interest 20,470 20,532

Distributions payable 30,893 30,934

Total liabilities 3,068,759 2,559,470

Debt, net $ 2,695,154 2,196,326 $ 2,197,218

Accounts payable and other liabilities 156,580 168,505 141,568

Advance deposits and deferred revenue 46,400 49,149 51,029

Lease liabilities 118,630 118,189

Accrued interest 5,822 20,532

Distributions payable 31,239 30,934

Liabilities associated with hotel properties held for sale 5,257 —

Total liabilities 2,574,928 2,559,470

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Series A Cumulative Convertible Preferred Shares, $ 0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $ 328,266 , at June September 30, 2026 and December 31, 2025

Common shares of beneficial interest, $ 0.01 par value, 450,000,000 shares authorized; 152,375,872 152,336,663 and 151,085,078 shares issued and outstanding at June September 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 2,982,795 2,987,969 2,977,616

Distributions in excess of net earnings ( 1,206,064 1,230,993 ) ( 1,178,456 )

Accumulated other comprehensive income 6,738 13,416 1,919

Total shareholders' equity 2,151,929 2,138,851 2,169,526

1 unchanged paragraph

Noncontrolling interest in the Operating Partnership 5,570 5,447 5,696

Noncontrolling interest in consolidated joint ventures 7,428 7,442 7,438

Total noncontrolling interests 12,998 12,889 13,134

Total equity 2,164,927 2,151,740 2,182,660

Total liabilities and equity $ 5,233,686 4,726,668 $ 4,742,130

1 unchanged paragraph

Room revenue $ 311,760 $ 296,101 $ 587,017 $ 563,755

Food and beverage revenue 43,735 41,934 83,452 79,447

Other revenue 27,493 25,068 52,496 48,020

Total revenues 382,988 363,103 722,965 691,222

Room expense 77,931 74,565 150,663 145,416

Food and beverage expense 32,093 30,375 62,855 59,664

Management and franchise fee expense 29,321 28,393 54,395 53,595

Other operating expenses 99,727 92,787 196,153 184,498

Total property operating expenses 239,072 226,120 464,066 443,173

Depreciation and amortization 47,496 46,363 94,691 92,151

Property tax, insurance and other 26,784 26,490 53,756 53,693

General and administrative 13,424 11,138 26,403 23,784

Transaction costs 692 56 724 112

Total operating expenses 327,468 310,167 639,640 612,913

Other income, net 987 1,148 1,819 2,036

Interest income 3,265 3,361 6,203 6,616

Interest expense ( 28,116 ) ( 27,876 ) ( 55,793 ) ( 55,428 )

(Loss) gain on sale of hotel properties, net ( 116 ) ( 378 ) ( 3,763 ) 943

Income before equity in income (loss) from unconsolidated joint ventures 31,514 29,157 31,392 32,442

Income before income tax expense 31,614 28,970 31,529 32,436

Income tax expense ( 286 ) ( 339 ) ( 550 ) ( 633 )

Net income 31,328 28,631 30,979 31,803

Net income attributable to RLJ 31,036 28,453 30,895 31,815

Net income attributable to common shareholders $ 24,757 $ 22,174 $ 18,338 $ 19,258

Consolidated Statements of Operations and Comprehensive Income (Amounts in thousands, except share and per share data) (Loss)

(Amounts in thousands, except share and per share data)

For the three months ended June September 30, For the six nine months ended June September 30,

Room revenue $ 288,366 $ 267,367 $ 875,383 $ 831,122

Food and beverage revenue 38,183 36,884 121,635 116,331

Other revenue 27,927 25,794 80,423 73,814

Total revenues 354,476 330,045 1,077,441 1,021,267

Room expense 78,239 74,685 228,902 220,101

Food and beverage expense 30,693 29,314 93,548 88,978

Management and franchise fee expense 26,826 25,253 81,221 78,848

Other operating expenses 102,640 94,112 298,793 278,610

Total property operating expenses 238,398 223,364 702,464 666,537

Depreciation and amortization 47,723 46,996 142,414 139,147

Property tax, insurance and other 24,636 26,647 78,392 80,340

General and administrative 13,325 11,782 39,728 35,566

Transaction costs 142 128 866 240

Total operating expenses 324,224 308,917 963,864 921,830

Other income, net 1,034 670 2,853 2,706

Interest income 3,666 3,502 9,869 10,118

Interest expense ( 29,831 ) ( 28,309 ) ( 85,624 ) ( 83,737 )

Gain (loss) on sale of hotel properties, net 9 ( 141 ) ( 3,754 ) 802

Loss on extinguishment of indebtedness, net — 26 ) ( 34 — ( 399 ) ( 34 )

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and 116 more changes in the filing

Note 1: General 2 changes

1 unchanged paragraph

Substantially all of the Company's assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of June September 30, 2026, there were 153,146,802 153,106,692 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5 % of the outstanding OP units.

As of June September 30, 2026, the Company owned 92 hotel properties with approximately 20,600 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100 % interest in 90 of its hotel properties, a 95 % controlling interest in one hotel property, and a 50 % non-controlling interest in an entity owning one hotel property. The Company consolidates its real estate interests in the 91 hotel properties in which it holds a controlling interest, and the Company records the real estate interest in the one hotel property in which it holds an indirect 50 % non-controlling interest using the equity method of accounting. The Company leases 91 of the 92 hotel properties to its taxable REIT subsidiaries ("TRSs"), of which the Company owns a controlling financial interest.

Note 2: Summary of Significant Accounting Policies 2 changes

2 unchanged paragraphs

The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity and statements of cash flows.

5 unchanged paragraphs

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies and enhances hedge accounting guidance. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company utilizes interest rate derivative instruments, typically interest rate swaps and caps, to mitigate exposure to interest rate changes. The Company is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

Note 3: Investment in Hotel Properties 7 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

Land and improvements $ 1,117,792 1,100,279 $ 1,123,123

Buildings and improvements 4,212,614 4,069,838 4,199,471

Furniture, fixtures and equipment 883,575 846,758 873,410

Accumulated depreciation ( 2,166,664 2,094,637 ) ( 2,083,617 )

Investment in hotel properties, net $ 4,047,317 3,922,238 $ 4,112,387

For the three and six nine months ended June September 30, 2026, the Company recognized depreciation expense related to its investment in hotel properties of approximately $ 47.4 47.6 million and $ 94.4 142.0 million, respectively. For the three and six nine months ended June September 30, 2025, the Company recognized depreciation expense related to its investment in hotel properties of approximately $ 46.2 46.8 million and $ 91.9 138.7 million, respectively.

Note 5: Revenue 50 changes

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For the three months ended June September 30, 2026 For the three months ended June September 30, 2025

1 unchanged paragraph

Northern California $ 41,292 $ 3,952 $ 2,478 $ 47,722 $ 38,308 $ 3,499 $ 2,250 $ 44,057

Southern California 35,501 4,764 4,940 45,205 34,290 4,466 4,288 43,044

South Florida 30,661 5,812 3,350 39,823 27,982 5,217 2,943 36,142

New York City 20,363 3,440 1,053 24,856 19,230 3,257 934 23,421

Chicago 18,390 2,533 1,052 21,975 15,977 2,376 975 19,328

Louisville 12,854 5,586 931 19,371 13,394 5,750 875 20,019

Washington, DC 18,032 378 673 19,083 16,830 318 807 17,955

Charleston 13,337 3,762 1,159 18,258 12,481 3,443 1,000 16,924

Boston 14,959 1,226 716 16,901 15,124 1,449 616 17,189

Houston 12,971 838 1,110 14,919 12,483 934 1,156 14,573

Other 93,400 11,444 10,031 114,875 90,002 11,225 9,224 110,451

Total $ 311,760 $ 43,735 $ 27,493 $ 382,988 $ 296,101 $ 41,934 $ 25,068 $ 363,103

Southern California $ 38,862 $ 4,982 $ 5,456 $ 49,300 $ 36,583 $ 5,074 $ 5,035 $ 46,692

Northern California 42,417 3,169 2,864 48,450 38,636 2,961 2,461 44,058

South Florida 20,860 4,236 3,324 28,420 19,956 3,884 2,824 26,664

Chicago 22,092 2,272 983 25,347 18,413 2,501 1,064 21,978

New York City 20,947 2,946 1,022 24,915 19,535 2,547 1,020 23,102

Boston 14,911 940 829 16,680 13,975 1,266 891 16,132

Louisville 9,679 4,822 904 15,405 8,947 4,797 924 14,668

Washington, DC 14,065 297 579 14,941 12,319 354 739 13,412

Charleston 9,387 3,042 1,112 13,541 9,003 2,880 1,030 12,913

Houston 8,476 697 974 10,147 9,400 753 1,052 11,205

Other 86,670 10,780 9,880 107,330 80,600 9,867 8,754 99,221

Total $ 288,366 $ 38,183 $ 27,927 $ 354,476 $ 267,367 $ 36,884 $ 25,794 $ 330,045

For the six nine months ended June September 30, 2026 For the six nine months ended June September 30, 2025

1 unchanged paragraph

Northern California $ 85,952 $ 8,445 $ 4,837 $ 99,234 $ 73,419 $ 6,962 $ 4,263 $ 84,644

South Florida 75,229 12,359 6,560 94,148 68,570 11,359 5,978 85,907

Southern California 65,828 9,597 9,186 84,611 65,167 9,132 7,726 82,025

New York City 33,555 5,185 2,041 40,781 31,520 4,906 1,730 38,156

Chicago 27,196 4,325 1,765 33,286 24,677 4,251 1,603 30,531

Louisville 21,044 9,989 1,739 32,772 22,415 10,330 1,790 34,535

Charleston 22,368 7,119 2,196 31,683 21,077 6,164 1,898 29,139

Washington, DC 29,782 590 1,210 31,582 29,539 483 1,598 31,620

Houston 26,938 1,736 2,207 30,881 25,692 2,042 2,331 30,065

Boston 21,512 2,047 1,247 24,806 22,598 2,440 1,075 26,113

Other 177,613 22,060 19,508 219,181 179,081 21,378 18,028 218,487

Total $ 587,017 $ 83,452 $ 52,496 $ 722,965 $ 563,755 $ 79,447 $ 48,020 $ 691,222

Northern California $ 128,369 $ 11,613 $ 7,702 $ 147,684 $ 112,056 $ 9,922 $ 6,724 $ 128,702

Southern California 104,690 14,579 14,642 133,911 101,750 14,206 12,760 128,716

South Florida 96,089 16,595 9,884 122,568 88,526 15,243 8,802 112,571

New York City 54,502 8,132 3,063 65,697 51,055 7,454 2,749 61,258

Chicago 49,287 6,597 2,749 58,633 43,091 6,751 2,667 52,509

Louisville 30,723 14,811 2,643 48,177 31,362 15,126 2,714 49,202

Washington, DC 43,847 887 1,788 46,522 41,858 837 2,337 45,032

Charleston 31,756 10,161 3,308 45,225 30,080 9,044 2,928 42,052

Boston 36,423 2,987 2,077 41,487 36,573 3,707 1,966 42,246

Houston 35,414 2,434 3,181 41,029 35,092 2,795 3,383 41,270

Other 264,283 32,839 29,386 326,508 259,679 31,246 26,784 317,709

Total $ 875,383 $ 121,635 $ 80,423 $ 1,077,441 $ 831,122 $ 116,331 $ 73,814 $ 1,021,267

Note 6: Debt 48 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

Senior Notes, net $ 997,583 497,774 $ 996,401

1 unchanged paragraph

Term Loans, net 1,507,719 1,508,747 1,020,057

Mortgage loans, net 189,852 189,805 180,760

Debt, net $ 2,695,154 2,196,326 $ 2,197,218

During the six nine months ended June September 30, 2026, the Company completed a series of refinancing transactions (the "2026 Refinancing Transactions") that consisted of four components: (i) an extension of the Company's Revolver (as defined below), (ii) the upsize and recast of an existing term loan, (iii) the issuance of a new seven-year term loan, and (iv) the refinancing of mortgage debt previously scheduled to mature in 2026. The Company used the incremental borrowings from the 2026 Refinancing Transactions to repay the 3.75 % senior notes due 2026 (the "2026 Senior Notes") at maturity on July 1, 2026. As a result of the 2026 Refinancing Transactions, the Company's next scheduled debt maturity (after extension options) occurs in 2029.

1 unchanged paragraph

Interest Rate Maturity Date June September 30, 2026 December 31, 2025

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2026 Senior Notes (1)(2) 3.75 % July 2026 500,000 500,000

2026 Senior Notes (2) N/A N/A — 500,000

Deferred financing costs, net ( 2,417 2,226 ) ( 3,599 )

Total senior notes, net $ 997,583 497,774 $ 996,401

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• $ 569.0 million delayed draw term loan with a scheduled maturity date of February 11, 2031 (the "$ 569 Million Term Loan Maturing 2031"), of which $ 225.0 million was drawn in February 2026 and $ 344.0 million was fully drawn on June as of September 30, 2026; and

• $ 150.0 million delayed draw term loan with a scheduled maturity date of February 11, 2033 (the "$ 150 Million Term Loan Maturing 2033"), which was fully drawn by the Company on June as of September 30, 2026.

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Interest Rate at June September 30, 2026 (1) Maturity Date June September 30, 2026 December 31, 2025

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5.06 4.97 % September 2027 (3) 500,000 500,000

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5.40 5.51 % April 2028 (3) 300,000 300,000

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5.40 5.51 % February 2031 569,000 225,000

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5.80 5.91 % February 2033 150,000 —

Deferred financing costs, net (6) ( 11,281 10,253 ) ( 4,943 )

Total Revolver and Term Loans, net $ 1,507,719 1,508,747 $ 1,020,057

(1) Interest rate at June September 30, 2026 gives effect to interest rate hedges.

(2) At both June September 30, 2026 and December 31, 2025, there was $ 600.0 million of borrowing capacity on the Revolver. In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied.

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(4) In February 2026, the Company refinanced this term loan, extending the scheduled maturity date to February 2031 and upsizing the facility to a $ 569.0 million delayed draw term loan The Company drew $ 225.0 million in February 2026 and the remaining $ 344.0 million on June which was fully drawn as of September 30, 2026.

(5) In February 2026, the Company entered into a new $ 150.0 million delayed draw term loan which matures in February 2033 and was fully drawn by the Company on June as of September 30, 2026.

(6) Excludes $ 7.0 6.5 million and $ 2.2 million as of June September 30, 2026 and December 31, 2025, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

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Number of Assets Encumbered Interest Rate at June September 30, 2026 Maturity Date June September 30, 2026 December 31, 2025

Mortgage loan (1) 3 5.17 5.21 % (3) April 2029 $ 91,700 $ 69,750

Mortgage loan (1) 4 5.16 5.20 % (3) April 2029 72,700 85,000

Mortgage loan (2) 1 5.06 % January 2029 25,932 25,841 26,112

Deferred financing costs, net ( 480 436 ) ( 102 )

Total mortgage loans, net $ 189,852 189,805 $ 180,760

(1) In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. During the six nine months ended June September 30, 2026, the Company received additional proceeds of $ 23.4 million on the $ 69.8 million mortgage loan with the addition of another hotel property previously unencumbered, while paying down $ 1.5 million and $ 12.3 million on the $ 69.8 million and $ 85.0 million mortgage loans, respectively. The hotels encumbered by each mortgage loan are cross-collateralized and require payments of interest only through maturity.

(2) Includes $ 0.9 0.8 million and $ 1.1 million at June September 30, 2026 and December 31, 2025, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity.

(3) Interest rate at June September 30, 2026 gives effect to interest rate hedges.

Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At June September 30, 2026, all mortgage loans were in compliance with the relevant maintenance covenants and were not subject to any cash trap events.

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Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,375

Revolver and Term Loans 14,167 13,757 28,138 27,292

Mortgage loans 2,396 2,386 4,523 4,741

Amortization of deferred financing costs 1,920 1,901 3,812 3,732

Total interest expense $ 28,116 $ 27,876 $ 55,793 $ 55,428

For the three months ended June September 30, For the six nine months ended June September 30,

Senior Notes $ 5,000 $ 9,695 $ 24,375 $ 29,070

Revolver and Term Loans 20,986 13,551 49,123 40,841

Mortgage loans 2,473 3,019 6,997 7,761

Amortization of deferred financing costs 1,806 1,900 5,617 5,632

Non-cash interest expense related to interest rate hedges ( 78 234 ) 144 ( 78 311 ) 288 433

Undesignated interest rate caps 23 ( 23 200 ) — ( 177 ) —

Total interest expense $ 29,831 $ 28,309 $ 85,624 $ 83,737

Note 7: Derivatives and Hedging Activities 34 changes

The following interest rate swaps have been designated as cash flow hedges (in thousands):

The following represents the Company's interest rate swaps and caps (in thousands):

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Hedge type (1) Swap/cap

rate Effective Date Maturity Date June September 30, 2026 December 31, 2025 June September 30, 2026 December 31, 2025

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Swap-cash flow-Daily SOFR 2.95 % April 2024 April 2027 125,000 125,000 1,031 953 697

Swap-cash flow-Daily SOFR 3.70 % July 2024 July 2027 25,000 25,000 53 110 ( 147 )

Swap-cash flow-Daily SOFR 3.45 % July 2024 July 2027 25,000 25,000 121 163 ( 48 )

Swap-cash flow-Daily SOFR 3.71 % July 2024 July 2027 25,000 25,000 51 109 ( 150 )

Swap-cash flow-Daily SOFR 3.10 % July 2025 July 2027 25,000 25,000 215 234 87

Swap-cash flow-Daily SOFR 3.20 % January 2025 January 2028 25,000 25,000 283 413 43

Swap-cash flow-Daily SOFR 3.40 % January 2025 January 2028 25,000 25,000 205 346 ( 60 )

Swap-cash flow-Daily SOFR 4.59 % July 2027 July 2028 25,000 — 56 —

Swap-cash flow-Daily SOFR 4.60 % July 2027 July 2028 25,000 — 54 —

Swap-cash flow-Daily SOFR 3.30 % October 2025 October 2028 25,000 25,000 336 662 ( 9 )

Swap-cash flow-Daily SOFR 3.30 % January 2025 January 2029 25,000 25,000 358 736 ( 5 )

Swap-cash flow-Daily SOFR 3.19 % January 2026 January 2029 25,000 25,000 427 800 64

Swap-cash flow-Daily SOFR 3.25 % January 2026 January 2029 50,000 50,000 778 1,528 39

Swap-cash flow-Daily SOFR 3.29 % January 2026 January 2029 50,000 50,000 726 1,481 ( 22 )

Swap-cash flow-Daily SOFR 4.58 % July 2027 January 2029 25,000 — 88 —

Swap-cash flow-Daily SOFR 4.59 % July 2027 January 2029 25,000 — 84 —

Swap-cash flow-Daily SOFR 3.00 % April 2026 April 2029 25,000 25,000 585 1,006 183

Swap-cash flow-Daily SOFR 3.05 % April 2026 April 2029 25,000 25,000 551 975 147

Swap-cash flow-Daily SOFR (1) (2) 3.55 % June 2026 April 2029 65,000 65,000 553 1,770 453

Swap-cash flow-Daily SOFR (2) (3) 3.52 % June 2026 April 2029 60,000 60,000 559 1,678 501

Swap-cash flow-Daily SOFR 4.54 % July 2027 July 2029 50,000 — 260 —

Swap-cash flow-Daily SOFR 4.56 % July 2027 July 2029 25,000 — 117 —

Swap-cash flow-Daily SOFR 4.58 % July 2027 July 2029 25,000 — 110 —

Cap-Daily SOFR 4.00 % June 2026 June 2027 200,000 — 415 —

Cap-Daily SOFR 4.00 % June 2026 June 2027 100,000 — 236 —

(1) All interest rate swaps have been designated as cash flow hedges, while the interest rate caps are not designated as hedging instruments for accounting purposes.

(1) (2) In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.85 % to 3.55 %. The Company dedesignated the original cash flow hedge, and $ 0.5 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $ 0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.

(2) (3) In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.75 % to 3.52 %. The Company dedesignated the original cash flow hedge, and $ 0.6 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $ 0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.

As of June September 30, 2026 and December 31, 2025, the aggregate fair value of the interest rate swap and cap assets of $ 6.8 14.4 million and $ 2.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2025, the aggregate fair value of the interest rate swap liabilities of $ 0.4 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

As of June September 30, 2026 and December 31, 2025, there was approximately $ 6.7 13.4 million and $ 1.9 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three or six nine month periods ended June September 30, 2026 or 2025. For the three and six nine months ended June September 30, 2026, gains of approximately $ 0.8 million and $ 1.5 2.4 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and six nine months ended June September 30, 2025, gains of approximately $ 2.8 2.5 million and $ 5.5 8.1 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $ 4.4 6.1 million of the unrealized gains included in accumulated other comprehensive income at June September 30, 2026 is expected to be reclassified into earnings within the next 12 months.

Note 8: Fair Value 13 changes

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• Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 1 inputs in the fair value hierarchy. except for the 2026 Senior Notes at June 30, 2026, which the Company estimated by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 3 inputs in the fair value hierarchy. The Company repaid the 2026 Senior Notes at maturity on July 1, 2026. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy.

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June September 30, 2026 December 31, 2025

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Senior Notes, net $ 997,583 497,774 $ 975,558 465,000 $ 996,401 $ 970,000

Revolver and Term Loans, net 1,507,719 1,522,353 1,508,747 1,519,000 1,020,057 1,013,892

Mortgage loans, net 189,852 186,563 189,805 186,672 180,760 178,457

Debt, net $ 2,695,154 2,196,326 $ 2,684,474 2,170,672 $ 2,197,218 $ 2,162,349

1 unchanged paragraph

The following table presents the Company's fair value hierarchy for those financial assets measured at fair value on a recurring basis as of June September 30, 2026 (in thousands):

Fair Value at June September 30, 2026

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Interest rate swap asset $ — $ 6,832 $ — $ 6,832

Total $ — $ 6,832 $ — $ 6,832

Interest rate swap and cap assets $ — $ 14,384 $ — $ 14,384

Total $ — $ 14,384 $ — $ 14,384

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The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company's counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of June September 30, 2026, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Note 9: Income Taxes 1 change

1 unchanged paragraph

The Company had no accruals for tax uncertainties as of June September 30, 2026 and December 31, 2025.

Note 10: Commitments and Contingencies 5 changes

1 unchanged paragraph

The Company may be obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and other items. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0 % to 5.0 % of the individual hotel's revenues for future capital expenditures (including the periodic replacement or refurbishment of FF&E). Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of June September 30, 2026 and December 31, 2025, approximately $ 35.8 37.5 million and $ 31.9 million, respectively, was available in the restricted cash reserves for future capital expenditures.

2 unchanged paragraphs

As of June September 30, 2026, 91 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three to 25 years. This number includes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.5 % and 3.5 % of hotel revenues, except for those management agreements that include the benefits of a franchise agreement, which incur a base management fee between 2.0 % and 7.0 % of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel.

Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the three and six nine months ended June September 30, 2026, the Company incurred management fee expense of approximately $ 11.3 10.2 million and $ 21.1 31.3 million, respectively. For the three and six nine months ended June September 30, 2025, the Company incurred management fee expense of approximately $ 10.9 9.6 million and $ 20.4 30.0 million, respectively.

1 unchanged paragraph

As of June September 30, 2026, 53 of the Company's consolidated hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, three hotels are not operated with a hotel brand so they do not have franchise agreements. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee between 2.0 % and 6.0 % of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0 % and 4.3 % of room revenue. Certain hotels are also charged a royalty fee between 1.5 % and 3.0 % of food and beverage revenues.

Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the three and six nine months ended June September 30, 2026, the Company incurred franchise fee expense of approximately $ 18.0 16.7 million and $ 33.3 49.9 million, respectively. For the three and six nine months ended June September 30, 2025, the Company incurred franchise fee expense of approximately $ 17.5 15.7 million and $ 33.2 48.9 million, respectively.

Note 11: Equity 5 changes

1 unchanged paragraph

During the six nine months ended June September 30, 2026 and 2025, the Company declared a cash dividend of $ 0.15 per common share in each of the first, and second and third quarters of 2026 and 2025.

1 unchanged paragraph

Program"). During the six nine months ended June September 30, 2026, the Company did not repurchase and retire any common shares. As of June September 30, 2026, the 2026 Share Repurchase Program had a remaining capacity of $ 250.0 million.

During the six nine months ended June September 30, 2025, the Company repurchased and retired approximately 3.1 3.3 million common shares for approximately $ 27.2 28.6 million.

1 unchanged paragraph

During the six nine months ended June September 30, 2026 and 2025, the Company declared a cash dividend of $ 0.4875 on each Series A Preferred Share in each of the first, and second and third quarters of 2026 and 2025.

4 unchanged paragraphs

The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of June September 30, 2026, 770,930 770,029 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Note 12: Equity Incentive Plan 9 changes

3 unchanged paragraphs

A summary of the unvested restricted shares as of June September 30, 2026 is as follows:

4 unchanged paragraphs

Forfeited ( 5,347 ) 7.76

Unvested at June 30, 2026 2,460,381 $ 8.75

Forfeited ( 44,556 ) 7.06

Unvested at September 30, 2026 2,421,172 $ 8.78

For the three and six nine months ended June September 30, 2026, the Company recognized approximately $ 2.2 2.3 million and $ 4.3 6.5 million, respectively, of share-based compensation expense related to restricted share awards. For the three and six nine months ended June September 30, 2025, the Company recognized approximately $ 2.2 2.0 million and $ 4.5 6.5 million, respectively, of share-based compensation expense related to restricted share awards. As of June September 30, 2026, there was $ 18.1 15.2 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.1 1.9 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the six nine months ended June September 30, 2026 and 2025 was approximately $ 7.1 million and $ 7.3 7.6 million, respectively.

10 unchanged paragraphs

(1) In February 2026, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 362,000 restricted shares, all of which vested immediately. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the six nine months ended June September 30, 2026 was approximately $ 2.8 million.

For the three and six nine months ended June September 30, 2026, the Company recognized approximately $ 1.8 2.4 million and $ 3.4 5.8 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and six nine months ended June September 30, 2025, the Company recognized approximately $ 0.7 2.0 million and $ 2.7 4.8 million, respectively, of share-based compensation expense related to the performance unit awards. As of June September 30, 2026, there was $ 18.3 15.8 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.1 1.9 years.

As of June September 30, 2026, there were 3,757,205 3,796,414 common shares available for future grant under the 2026 Plan, which includes potential common shares that may convert from performance units if certain target criterion is met.

Note 13: Earnings per Common Share 21 changes

Basic earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net (loss) income attributable to common shareholders used in the basic and diluted earnings per share calculations.

The limited partners' outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six nine months ended June September 30, 2026 and 2025, since the limited partners' share of income would also be added back to net (loss) income attributable to common shareholders.

1 unchanged paragraph

Net income attributable to RLJ $ 31,036 $ 28,453 $ 30,895 $ 31,815

Weighted-average number of common shares - basic 149,883,674 149,532,971 149,605,007 150,217,440

Unvested restricted shares 422,357 55,741 387,083 133,859

Unvested performance units 622,652 10,241 390,189 3,784

Weighted-average number of common shares - diluted 150,928,683 149,598,953 150,382,279 150,355,083

For the three months ended June September 30, For the six nine months ended June September 30,

Net income (loss) attributable to RLJ $ 4,568 $ ( 3,736 ) $ 35,463 $ 28,079

Less: Preferred dividends ( 6,279 ) ( 6,279 ) ( 12,557 18,836 ) ( 12,557 18,836 )

Less: Dividends paid on unvested restricted shares ( 369 363 ) ( 300 295 ) ( 696 1,059 ) ( 586 881 )

Less: Undistributed earnings attributable to unvested restricted shares — 31 ) — — —

Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 24,357 ( 2,074 ) $ 21,874 ( 10,310 ) $ 17,642 15,568 $ 18,672 8,362

Weighted-average number of common shares - basic 149,915,491 149,129,419 149,709,639 149,850,781

Unvested restricted shares — — 615,980 133,839

Unvested performance units — — 578,179 2,596

Weighted-average number of common shares - diluted 149,915,491 149,129,419 150,903,798 149,987,216

Net (loss) income per share attributable to common shareholders - basic $ 0.16 ( 0.01 ) $ 0.15 ( 0.07 ) $ 0.12 0.10 $ 0.12 0.06

Net (loss) income per share attributable to common shareholders - diluted $ 0.16 ( 0.01 ) $ 0.15 ( 0.07 ) $ 0.12 0.10 $ 0.12 0.06

For the three months ended September 30, 2026 and 2025, an aggregate of 2,654,820 and 216,114 , respectively, unvested restricted shares and performance units were excluded from the diluted weighted-average number of common shares, as their effect would have been anti-dilutive.

Note 14: Segment Information 40 changes

5 unchanged paragraphs

Room revenue $ 311,760 $ 296,101 $ 587,017 $ 563,755

Food and beverage revenue 43,735 41,934 83,452 79,447

Other revenue 27,493 25,068 52,496 48,020

Total revenues 382,988 363,103 722,965 691,222

Room expense 77,931 74,565 150,663 145,416

Food and beverage expense 32,093 30,375 62,855 59,664

Management and franchise fee expense 29,321 28,393 54,395 53,595

Other operating expenses 99,727 92,787 196,153 184,498

Total operating expenses 239,072 226,120 464,066 443,173

Property tax, insurance and other 26,784 26,490 53,756 53,693

Other, net (1) ( 2,485 ) ( 2,895 ) ( 4,397 ) ( 4,943 )

Hotel EBITDA $ 119,617 $ 113,388 $ 209,540 $ 199,299

For the three months ended June September 30, For the six nine months ended June September 30,

Room revenue $ 288,366 $ 267,367 $ 875,383 $ 831,122

Food and beverage revenue 38,183 36,884 121,635 116,331

Other revenue 27,927 25,794 80,423 73,814

Total revenues 354,476 330,045 1,077,441 1,021,267

Room expense 78,239 74,685 228,902 220,101

Food and beverage expense 30,693 29,314 93,548 88,978

Management and franchise fee expense 26,826 25,253 81,221 78,848

Other operating expenses 102,640 94,112 298,793 278,610

Total operating expenses 238,398 223,364 702,464 666,537

Property tax, insurance and other 24,636 26,647 78,392 80,340

Other, net (1) ( 2,851 ) ( 991 ) ( 7,248 ) ( 5,934 )

Hotel EBITDA $ 94,293 $ 81,025 $ 303,833 $ 280,324

2 unchanged paragraphs

Income before income tax expense $ 31,614 $ 28,970 $ 31,529 $ 32,436

Depreciation and amortization 47,496 46,363 94,691 92,151

Interest expense, net of interest income 24,851 24,515 49,590 48,812

General and administrative 13,424 11,138 26,403 23,784

Loss (gain) on sale of hotel properties, net 116 378 3,763 ( 943 )

Other, net 2,116 2,024 3,564 3,059

Hotel EBITDA $ 119,617 $ 113,388 $ 209,540 $ 199,299

For the three months ended June September 30, For the six nine months ended June September 30,

Income (loss) before income tax expense $ 4,870 $ ( 3,457 ) $ 36,399 $ 28,979

Depreciation and amortization 47,723 46,996 142,414 139,147

Interest expense, net of interest income 26,165 24,807 75,755 73,619

General and administrative 13,325 11,782 39,728 35,566

(Gain) loss on sale of hotel properties, net ( 9 ) 141 3,754 ( 802 )

Other, net 2,219 756 5,783 3,815

Hotel EBITDA $ 94,293 $ 81,025 $ 303,833 $ 280,324

1 unchanged paragraph

Note 15: Supplemental Information to Statements of Cash Flows (in thousands) 19 changes

For the six months ended June 30,

For the nine months ended September 30,

1 unchanged paragraph

Cash and cash equivalents $ 937,599 $ 373,896

Restricted cash reserves 35,768 27,266

Interest paid $ 52,031 $ 51,780

Cash and cash equivalents $ 448,342 $ 374,827

Restricted cash reserves 37,485 29,234

Cash, cash equivalents, and restricted cash reserves $ 973,367 485,827 $ 401,162 404,061

Interest paid $ 95,265 $ 87,534

Income taxes paid $ 739 734 $ 871 921

Operating cash flow lease payments for operating leases $ 6,995 11,055 $ 7,020 10,583

3 unchanged paragraphs

Transaction costs ( 559 ) ( 446 )

Sales price prices $ 13,187 $ 24,250

Transaction costs ( 550 ) ( 590 )

1 unchanged paragraph

Proceeds from sales of hotel properties, net $ 12,623 12,632 $ 23,782 23,638

1 unchanged paragraph

Accrued capital expenditures $ 15,979 $ 22,698

Distributions payable $ 30,893 $ 30,390

Accrued capital expenditures $ 16,645 $ 16,490

Distributions payable $ 31,239 $ 30,645

Note 16: Subsequent Events 2 changes

The Company drew $ 494.0 million on its delayed draw term loans on June 30, 2026. The Company subsequently used these borrowings, as well as other incremental borrowings from the 2026 Refinancing Transactions, to repay the 2026 Senior Notes at maturity on July 1, 2026, as discussed in Note 6, Debt.

On October 8, 2026, the Company completed the sale of seven hotel properties located near Midway Airport in Chicago, Illinois, as described in Note 4, Sales of Hotel Properties and Hotel Properties Held for Sale.

MD&A 267 changes

5 unchanged paragraphs

As of June September 30, 2026, we owned 92 hotel properties with approximately 20,600 rooms, located in 23 states and the District of Columbia. We owned, through wholly-owned subsidiaries, a 100% interest in 90 of our hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. We consolidate our real estate interests in the 91 hotel properties in which we hold a controlling interest, and we record the real estate interest in the one hotel property in which we hold an indirect 50% non-controlling interest using the equity method of accounting. We lease 91 of the 92 hotel properties to our TRSs, of which we own a controlling financial interest.

For U.S. federal income tax purposes, we elected to be taxed as a REIT commencing with our taxable year ended December 31, 2011. Substantially all of our assets and liabilities are held by, and all of our operations are conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of June September 30, 2026, we owned, through a combination of direct and indirect interests, 99.5% of the units of limited partnership interest in the OP units.

5 unchanged paragraphs

• The refinancing of a term loan to extend the scheduled maturity to February 2031 and upsize it to a $569.0 million delayed draw term loan, of which $225.0 million was funded in February 2026 and $344.0 million was fully drawn on June as of September 30, 2026.

• The issuance of a new $150.0 million delayed draw term loan which matures in February 2033 and was fully drawn on June as of September 30, 2026. and matures in February 2033.

1 unchanged paragraph

• The sale of one hotel property for a sales price of $13.2 million.

• The sale of eight hotel properties in two separate transactions for a combined sales price of approximately $123.2 million.

14 unchanged paragraphs

At June September 30, 2026 and 2025, we owned 92 and 95 hotel properties, respectively. Based on when a hotel property is acquired or sold, the operating results for certain hotel properties are not comparable for the three and six nine months ended June September 30, 2026 and 2025. The non-comparable properties include four hotel properties that were sold in 2026 and 2025.

Comparison of the three months ended June September 30, 2026 to the three months ended June September 30, 2025

For the three months ended June September 30,

1 unchanged paragraph

Room revenue $ 311,760 $ 296,101 $ 15,659

Food and beverage revenue 43,735 41,934 1,801

Other revenue 27,493 25,068 2,425

Total revenues 382,988 363,103 19,885

Room expense 77,931 74,565 3,366

Food and beverage expense 32,093 30,375 1,718

Management and franchise fee expense 29,321 28,393 928

Other operating expenses 99,727 92,787 6,940

Total property operating expenses 239,072 226,120 12,952

Depreciation and amortization 47,496 46,363 1,133

Property tax, insurance and other 26,784 26,490 294

General and administrative 13,424 11,138 2,286

Transaction costs 692 56 636

Total operating expenses 327,468 310,167 17,301

Other income, net 987 1,148 (161)

Interest income 3,265 3,361 (96)

Interest expense (28,116) (27,876) (240)

Loss on extinguishment of indebtedness, net (26) (34) 8

Income before equity in income (loss) from unconsolidated joint ventures 31,514 29,157 2,357

Income before income tax expense 31,614 28,970 2,644

Income tax expense (286) (339) 53

Net income 31,328 28,631 2,697

Net income attributable to RLJ 31,036 28,453 2,583

Room revenue $ 288,366 $ 267,367 $ 20,999

Food and beverage revenue 38,183 36,884 1,299

Other revenue 27,927 25,794 2,133

Total revenues 354,476 330,045 24,431

Room expense 78,239 74,685 3,554

Food and beverage expense 30,693 29,314 1,379

Management and franchise fee expense 26,826 25,253 1,573

Other operating expenses 102,640 94,112 8,528

Total property operating expenses 238,398 223,364 15,034

Depreciation and amortization 47,723 46,996 727

Property tax, insurance and other 24,636 26,647 (2,011)

General and administrative 13,325 11,782 1,543

Transaction costs 142 128 14

Total operating expenses 324,224 308,917 15,307

Other income, net 1,034 670 364

Interest income 3,666 3,502 164

Interest expense (29,831) (28,309) (1,522)

Gain (loss) on sale of hotel properties, net (116) (378) 262 9 (141) 150

Income (loss) before equity in income loss from unconsolidated joint ventures 100 (187) 287 5,130 (3,150) 8,280

Equity in loss from unconsolidated joint ventures (260) (307) 47

Income (loss) before income tax expense 4,870 (3,457) 8,327

Income tax expense (294) (341) 47

Net income (loss) 4,576 (3,798) 8,374

Net loss (income) attributable to noncontrolling interests:

Noncontrolling interest in the Operating Partnership (128) (113) (15) 6 52 (46)

Noncontrolling interest in consolidated joint ventures (164) (65) (99) (14) 10 (24)

Net income (loss) attributable to RLJ 4,568 (3,736) 8,304

1 unchanged paragraph

Net income attributable to common shareholders $ 24,757 $ 22,174 $ 2,583

1 unchanged paragraph

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1 unchanged paragraph

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2 unchanged paragraphs

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5 unchanged paragraphs

8 unchanged paragraphs

12 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

and 207 more changes in the filing

Market risk 12 changes

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 12 more changes in the filing

Controls and procedures 2 changes

2 unchanged paragraphs

1 unchanged paragraph

and 2 more changes in the filing

Unregistered sales of stock 9 changes

1 unchanged paragraph

3 unchanged paragraphs

and 9 more changes in the filing

Other information 1 change

1 unchanged paragraph

and 1 more change in the filing

Exhibits 6 changes

7 unchanged paragraphs

11 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

and 6 more changes in the filing