Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

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


	Year Ended December 31,
		2024		2023		2022
Advisory services fee
Base advisory fee		$	13,838	$	13,982	$	12,790
Reimbursable expenses (1)		11,620		8,353		4,653
Equity-based compensation (2)		2,294		8,754		10,601
Incentive fee		2,735		—		803
Total		$	30,487	$	31,089	$	28,847

________

(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		2024		2023		2022
Corporate, general and administrative		$	(4,547)	$	4,330	$	9,461

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, 2024
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets	Other Hotel Revenue		Other Hotel Expenses		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Interest Income		Corporate General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	Insurance claims services	$	2	$	—	$	—		$	—	$	—	$	—	$	2	$	—	$	—	$	—	$	—

Ashford Securities	Broker/Dealer	(4,473)		—		—		—	—		—		—		—		—		—		(4,473)		—
INSPIRE	Audio visual services	4,525		—		—		—	4,415		—		—		—		—		—		110		—
Lismore Capital	Debt placement and related services	2,799		—		1,112		75	—		—		—		—		—		—		—		1,612

OpenKey	Mobile key app	36		—		—		—	—		36		—		—		—		—		—		—
Premier	Design and construction services	15,886		14,133		—		—	—		363		—		—		1,390		—		—		—
Pure Wellness	Hypoallergenic premium rooms	146		—		—		—	—		146		—		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	1,119		—		—		—	336		713		—		—		—		—		70		—
Warwick	Insurance	1,291		—		—		—	—		50		—		1,241		—		—		—		—


Ashford LLC	Cash management services	(91)		—		—		—	—		—		—		—		—		(91)		—		—
Remington Hospitality	Hotel management services (5)	4,089		—		—		—	—		1,612		2,477		—		—		—		—		—


		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 (5)	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 (5)	4,288		—		—		—		1,416		2,872		—		—		—		—

________

(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 nonrefundable work 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, 2024		December 31, 2023
Ashford LLC	Advisory services	$	1,536	$	1,004
Ashford LLC	Casualty Insurance	1,044		608
Ashford LLC	Insurance claims services	—		1
INSPIRE	Audio visual services	501		483
OpenKey	Mobile key app	—		5


Ashford Securities	Contribution Agreement	—		(3,522)
Ashford Securities	Capital raise services	10		19
Premier	Design and construction services	968		2,674
RED Leisure	Watersports activities and travel/transportation services	208		199
		$	4,267	$	1,471