Summit Hotel Properties, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements Summit Hotel Properties, Inc. Condensed Consolidated Balance Sheets (In thousands, except share amounts) June 30, 2026 December 31, 2025 (Unaudited) ASSETS Investments in lodging property, net $ 2,570,706 $ 2,640,367 Assets held for sale, net 18,413 11,967 Cash and cash equivalents 36,933 36,110 Restricted cash 5,531 5,102 Right-of-use assets, net 31,662 32,028 Trade receivables, net 22,213 17,347 Prepaid expenses and other 14,068 7,104 Deferred charges, net 6,064 10,051 Other assets 22,604 15,954 Total assets $ 2,728,194 $ 2,776,030 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY Liabilities: Debt, net of debt issuance costs $ 1,371,470 $ 1,394,014 Lease liabilities, net 23,971 24,091 Accounts payable 7,876 7,537 Accrued expenses and other 83,622 76,417 Total liabilities 1,486,939 1,502,059 Commitments and contingencies (Note 11) — — Redeemable non-controlling interests 50,219 50,219 Equity: Preferred stock, $ 0.01 par value per share, 100,000,000 shares authorized: 6.25 % Series E - 6,400,000 shares issued and outstanding at June 30, 2026 and December 31, 2025 (aggregate liquidation preference of $ 160,861 at June 30, 2026 and December 31, 2025, respectively) 64 64 5.875 % Series F - 4,000,000 shares issued and outstanding at June 30, 2026 and December 31, 2025 (aggregate liquidation preference of $ 100,506 at June 30, 2026 and December 31, 2025, respectively) 40 40 Common stock, $ 0.01 par value per share, 500,000,000 shares authorized, 107,854,017 and 108,798,686 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,079 1,088 Additional paid-in capital 1,260,506 1,264,470 Accumulated other comprehensive income 6,306 2,115 Accumulated deficit and distributions in excess of retained earnings ( 429,048 ) ( 405,622 ) Total stockholders’ equity 838,947 862,155 Non-controlling interests 352,089 361,597 Total equity 1,191,036 1,223,752 Total liabilities, redeemable non-controlling interests and equity $ 2,728,194 $ 2,776,030 See Notes to the Condensed Consolidated Financial Statements 1 Summit Hotel Properties, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Room $ 176,137 $ 170,599 $ 338,701 $ 334,330 Food and beverage 11,098 11,195 22,558 22,185 Ot