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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

The following table summarizes the advisory services fees incurred (in thousands):


	Year Ended December 31,
		2021		2020		2019
Advisory services fee
Base advisory fee		$	10,806	$	9,981	$	10,834
Reimbursable expenses (1)		2,297		1,790		2,289
Equity-based compensation (2)		9,538		7,393		7,404
Incentive fee (3)		—		(678)		—
Total		$	22,641	$	18,486	$	20,527

________

(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.

(2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

(3) The $(678,000) incentive fee in 2020 is a result of not meeting the FCCR threshold required for paying the final installment of the incentive fee incurred in 2018.

The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):


	Year Ended December 31,
Line Item		2021		2020		2019
Corporate, general and administrative		$	1,983	$	658	$	314

The following table presents the fees related to our hotel and design and construction services agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands):


	Year Ended December 31,
	2019
Hotel management fees, including incentive hotel management fees	$	1,738

Corporate general and administrative	297
Total	$	2,035

The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):


		Year Ended December 31, 2021
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets		Other Hotel Revenue		Other Hotel Expenses		Preferred Stock (3)		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Corporate General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	Insurance claims services	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	—
Ashford Securities	Broker/Dealer	1,983		—		—		—		—		—		—		—		—		—		1,983		—
Ashford Securities	Dealer Manager Fees	410		—		—		—		—		—		410		—		—		—		—		—
INSPIRE	Audio visual services	1,001		—		—		—		1,001		—		—		—		—		—		—		—
Lismore Capital	Debt placement and related services	491		—		150		—		—		—		—		—		—		—		—		341
Lismore Capital	Broker services	3		—		—		—		—		—		—		—		—		—		—		3
OpenKey	Mobile key app	38		—		—		—		—		38		—		—		—		—		—		—
Premier	Design and construction services	3,009		2,653		—		—		—		—		—		—		—		356		—		—
Pure Wellness	Hypoallergenic premium rooms	141		—		—		—		—		141		—		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	321		—		—		—		321		—		—		—		—		—		—		—
Remington Hotels	Hotel management services (4)	3,243		—		—		—		—		934		—		2,309		—		—		—		—


		Year Ended December 31, 2020
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Other Assets		Other Hotel Revenue		Other Hotel Expenses		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	FF&E purchases	$	1,816	$	1,816	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ashford LLC	Insurance claims services	108		—		—		—		—		—		108		—		—

INSPIRE	Audio visual services	592		—		—		592		—		—		—		—		—
Lismore Capital	Debt placement and related services	4,093		—		1,022		—		—		—		—		—		3,071
OpenKey	Mobile key app	38		—		—		—		38		—		—		—		—
Premier	Design and construction services	2,849		2,505		—		—		—		—		—		344		—
Pure Wellness	Hypoallergenic premium rooms	52		—		—		—		52		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	139		—		—		139		—		—		—		—		—
Remington Hotels	Hotel management services (4)	1,446		—		—		—		410		1,036		—		—		—


		Year Ended December 31, 2019
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Hotel Revenue		Other Hotel Expenses		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Corporate General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	Insurance claims services	$	135	$	—	$	—	$	—	$	—	$	—	$	135	$	—	$	—	$	—

INSPIRE	Audio visual services	560		—		—		560		—		—		—		—		—		—
Lismore Capital	Debt placement and related services	1,208		—		(995)		—		—		—		—		—		—		213
OpenKey	Mobile key app	34		—		—		—		34		—		—		—		—		—
Premier	Design and construction services	10,123		9,584		—		—		—		—		—		539		—		—
Pure Wellness	Hypoallergenic premium rooms	194		148		—		—		46		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	946		—		—		—		946		—		—		—		—		—
Remington Hotels	Hotel management services (4)	572		—		—		—		323		249		—		—		—		—

________

(1)Recorded in FF&E and depreciated over the estimated useful life.

(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.

(3)Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds.

(4)Other hotel expenses include incentive hotel management fees and other hotel management costs.

The following table summarizes the components of due to Ashford Inc. (in thousands):


		Due to Ashford Inc.
Company	Product or Service	December 31, 2021		December 31, 2020
Ashford LLC	Advisory services	$	394	$	165
Ashford LLC	FF&E purchases	—		1,816
Ashford LLC	Insurance claims services	1		12
INSPIRE	Audio visual services	418		1
OpenKey	Mobile key app	—		3



Premier	Design and construction services	470		631
RED Leisure	Watersports activities and travel/transportation services	191		144
		$	1,474	$	2,772