Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
		2023		2022		2021
Advisory services fee
Base advisory fee		$	13,982	$	12,790	$	10,806
Reimbursable expenses (1)		8,353		4,653		2,297
Equity-based compensation (2)		8,754		10,601		9,538
Incentive fee		—		803		—
Total		$	31,089	$	28,847	$	22,641

________

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

(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.

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		2023		2022		2021
Corporate, general and administrative		$	4,330	$	9,461	$	1,983

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, 2023
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets (3)		Preferred Stock (4)		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	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—	$	—
Ashford Securities	Broker/Dealer	6,385		—		—		—		1,972		—		—		—		—		—		4,413		—
INSPIRE	Audio visual services	4,165		—		—		—		—		4,268		—		—		—		—		103		—
Lismore Capital	Debt placement and related services	2,426		—		987		150		—		—		—		—		—		—		—		1,289
OpenKey	Mobile key app	41		—		—		—		—		—		41		—		—		—		—		—
Premier	Design and construction services	12,652		11,618		—		—		—		—		—		—		—		1,034		—		—
Pure Wellness	Hypoallergenic premium rooms	149		—		—		—		—		—		149		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	427		—		—		—		—		308		692		—		—		—		43		—
Remington Hospitality	Hotel management services (4)	3,913		—		—		—		—		—		1,394		2,519		—		—		—		—


		Year Ended December 31, 2022
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Hotel Revenue		Other Hotel Expenses		Management fees		Preferred Stock (4)		Property Taxes, Insurance and Other		Advisory Services Fee		Corporate General and Administrative
Ashford LLC	Insurance claims services	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Ashford Securities	Broker/Dealer	9,735		—		—		—		—		—		274		—		—		9,461
Ashford Securities	Dealer Manager Fees	5,766		—		—		—		—		—		5,766		—		—		—
INSPIRE	Audio visual services	3,800		—		—		3,800		—		—		—		—		—		—
Lismore Capital	Debt placement and related services	750		—		750		—		—		—		—		—		—		—
Lismore Capital	Broker Services	637		—		637		—		—		—		—		—		—		—
OpenKey	Mobile key app	39		—		—		—		39		—		—		—		—		—
Premier	Design and construction services	9,875		9,262		—		—		—		—		—		—		613		—
Pure Wellness	Hypoallergenic premium rooms	150		—		—		—		150		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	525		—		—		236		761		—		—		—		—		—
Remington Hospitality	Hotel management services (4)	4,288		—		—		—		1,416		2,872		—		—		—		—


		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 (4)		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 Hospitality	Hotel management services (4)	3,243		—		—		—		—		934		—		2,309		—		—		—		—

________

(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)Represents the amortization of the Lismore work fees and success fees.

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

(5)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 (from) Ashford Inc.
Company	Product or Service	December 31, 2023		December 31, 2022
Ashford LLC	Advisory services	$	1,004	$	1,576
Ashford LLC	Casualty Insurance	608		—
Ashford LLC	Insurance claims services	1		2
INSPIRE	Audio visual services	483		952
OpenKey	Mobile key app	5		—


Ashford Securities	Contribution Agreement	(3,522)		—
Ashford Securities	Capital raise services	19		6,514
Premier	Design and construction services	2,674		829
RED Leisure	Watersports activities and travel/transportation services	199		132
		$	1,471	$	10,005