Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Advisory Services Fee Incurred and Reimbursed Operating Expenses

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


	Year Ended December 31,
		2025		2024		2023
Advisory services fee
Base advisory fee		$	14,290	$	13,838	$	13,982
Reimbursable expenses (1)		13,939		11,620		8,353
Equity-based compensation (2)		(451)		2,294		8,754
Incentive fee		1,408		2,735		—
Total		$	29,186	$	30,487	$	31,089

________

(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 amounts expensed related to operating expenses of Ashford Securities reimbursed by Braemar (in thousands):


	Year Ended December 31,
Line Item		2025		2024		2023
Corporate, general and administrative		$	1,193	$	(4,547)	$	4,330

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, 2025
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		Interest Income		Corporate General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	Insurance claims services	$	18	$	—	$	—	$	—	$	—	$	—	$	18	$	—	$	—	$	—	$	—

Ashford Securities	Broker/Dealer	1,193		—		—		—		—		—		—		—		—		1,193		—
INSPIRE	Audio visual services	3,878		—		—		3,723		—		—		—		—		—		155		—
Lismore Capital	Debt placement and related services	1,693		—		1,584		—		—		—		—		—		—		—		109

OpenKey	Mobile key app	44		—		—		—		44		—		—		—		—		—		—
Premier	Design and construction services	12,417		10,524		—		—		382		—		—		1,511		—		—		—
Pure Wellness	Hypoallergenic premium rooms	182		—		—		—		182		—		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	1,232		—		—		453		674		—		—		—		—		105		—
Warwick	Insurance	1,418		—		—		—		—		—		1,418		—		—		—		—


Ashford LLC	Cash management services	10		—		—		—		—		—		—		—		(10)		—		—
Remington Hospitality	Hotel management services (5)	5,117		—		—		—		1,650		3,467		—		—		—		—		—


		Year Ended December 31, 2024
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets (3)		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	4,371	—		—		—		—		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	1,043	—		—		—		—		308		692		—		—		—		43		—
Remington Hospitality	Hotel management services (5)	3,913	—		—		—		—		—		1,394		2,519		—		—		—		—

________

(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, 2025		December 31, 2024
Ashford LLC	Advisory services	$	1,918	$	1,536
Ashford LLC	Casualty insurance	1,357		1,044

INSPIRE	Audio visual services	1,012		501




Ashford Securities	Broker/Dealer	58		10
Premier	Design and construction services	660		968
RED Leisure	Watersports activities and travel/transportation services	143		208
		$	5,148	$	4,267