Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

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


	Year Ended December 31,
		2025		2024		2023
Advisory services fee
Base advisory fee		$	32,875	$	32,017	$	33,109
Reimbursable expenses (1)		16,250		23,662		12,473
Equity-based compensation (2)		(773)		1,801		3,268

Total advisory services fee		$	48,352	$	57,480	$	48,850

________

(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 Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

The following table summarizes the advisory services fees incurred prior to September 2, 2025 (in thousands):


	Year Ended December 31,
		2025		2024		2023
Advisory services fee
Base advisory fee		$	363	$	478	$	67
Reimbursable expenses (1)		111		194		10

Performance participation fee		213		454		—
Total advisory services fee		$	687	$	1,126	$	77

________

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

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


	Year Ended December 31,
Line Item		2025		2024		2023
Corporate, general and administrative		$	7,194	$	9,489	$	3,030

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 Assets		Other Hotel Revenue		Management Fees		Other Hotel Expenses
Ashford LLC	Insurance claims services	$	11	$	—	$	—	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	8,819		—		—		—		—		—		—

INSPIRE	Audio visual commissions	9,326		—		—		—		9,240		—		—

Lismore Capital	Debt placement and related services	2,439		—		1,584		—		—		—		—

OpenKey	Mobile key app	78		—		—		—		—		—		78
Premier	Design and construction services	17,933		15,362		—		—		—		—		400
Warwick	Insurance related services	8,199		—		—		—		—		—		—
Ashford LLC	Cash management services	8		—		—		—		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,135		—		—		—		—		—		1,135
Remington Hospitality	Hotel management services (3)	49,430		—		—		—		—		24,167		25,263


		Year Ended December 31, 2025
Company	Product or Service	Total		Property Taxes, Insurance and Other		Advisory Services Fee		Interest Income		Corporate, General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees		Preferred Stock
Ashford LLC	Insurance claims services	$	11	$	11	$	—	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	8,819		—		—		—		7,194		—		1,625

INSPIRE	Audio visual commissions	9,326		—		—		—		86		—		—

Lismore Capital	Debt placement and related services	2,439		—		—		—		—		855		—

OpenKey	Mobile key app	78		—		—		—		—		—		—
Premier	Design and construction services	17,933		—		2,171		—		—		—		—
Warwick	Insurance related services	8,199		8,199		—		—		—		—		—
Ashford LLC	Cash management services	8		—		—		(8)		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,135		—		—		—		—		—		—
Remington Hospitality	Hotel management services (3)	49,430		—		—		—		—		—		—


		Year Ended December 31, 2024
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets		Other Hotel Revenue		Management Fees		Other Hotel Expenses

Ashford LLC	Insurance claims services	$	9	$	—	$	—	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	11,816		—		—		—		—		—		—






INSPIRE	Audio visual commissions	8,788		—		—		—		8,905		—		—
Lismore Capital	Debt placement and related services	3,406		—		—		475		—		—		—
OpenKey	Mobile key app	91		—		—		—		—		—		91
Premier	Design and construction services	19,812		17,256		—		—		—		—		437
Warwick	Insurance related services	9,559		—		—		—		—		—		31
Ashford LLC	Cash management services	67		—		—		—		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,208		—		—		—		—		—		1,208
Remington Hospitality	Hotel management services (3)	54,569		—		—		—		—		25,900		28,668


		Year Ended December 31, 2024
Company	Product or Service	Total		Property Taxes, Insurance and Other		Advisory Services Fee		Interest Income		Corporate, General and Administrative		Write-off of premiums, loan costs and exit fees		Preferred Stock

Ashford LLC	Insurance claims services	$	9	$	9	$	—	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	11,816		—		—		—		9,489		—		2,327






INSPIRE	Audio visual commissions	8,788		—		—		—		117		—		—
Lismore Capital	Debt placement and related services	3,406		—		—		—		—		2,931		—
OpenKey	Mobile key app	91		—		—		—		—		—		—
Premier	Design and construction services	19,812		—		2,119		—		—		—		—
Warwick	Insurance related services	9,559		9,528		—		—		—		—		—
Ashford LLC	Cash management services	67		—		—		(67)		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,208		—		—		—		—		—		—
Remington Hospitality	Hotel management services (3)	54,569		—		—		—		—		—		—


		Year Ended December 31, 2023
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Assets		Other Hotel Revenue		Management Fees		Other Hotel Expenses

Ashford LLC	Insurance claims services	$	9	$	—	$	—	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	5,120		—		—		—		—		—		—

INSPIRE	Audio visual commissions	9,955		—		—		—		10,064		—		—

Lismore Capital	Debt placement and related services	2,444		—		767		525		—		—		—

OpenKey	Mobile key app	122		—		—		—		—		—		122
Premier	Design and construction services	22,961		21,106		—		—		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,393		—		—		—		—		—		1,393
Remington Hospitality	Hotel management services (3)	57,587		—		—		—		—		30,787		26,800


		Year Ended December 31, 2023
Company	Product or Service	Total		Property Taxes, Insurance and Other		Advisory Services Fee		Corporate, General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees		Preferred Stock

Ashford LLC	Insurance claims services	$	9	$	9	$	—	$	—	$	—	$	—
Ashford Securities	Capital raise services	5,120		—		—		3,030		—		2,090

INSPIRE	Audio visual commissions	9,955		—		—		109		—		—

Lismore Capital	Debt placement and related services	2,444		—		—		—		1,152		—

OpenKey	Mobile key app	122		—		—		—		—		—
Premier	Design and construction services	22,961		—		1,855		—		—		—
Pure Wellness	Hypoallergenic premium rooms	1,393		—		—		—		—		—
Remington Hospitality	Hotel management services (3)	57,587		—		—		—		—		—

________

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

The following table summarizes amounts due (to) from Ashford Inc. (in thousands):


		Due (to) from Ashford Inc.
Company	Product or Service	December 31, 2025		December 31, 2024
Ashford LLC	Advisory services	$	(23,499)	$	(10,047)

AIM	Cash management services	—		(4)
Ashford LLC	Casualty insurance	(9,247)		(8,350)
Ashford Securities	Capital raise services/Broker dealer expense	(148)		(226)
INSPIRE	Audio visual	(609)		(858)
OpenKey	Mobile key app	—		(3)
Premier	Design and construction services	(7,061)		(1,478)
Ashford LLC	Stirling startup and ongoing operating expenses	(39)		(4,639)
Pure Wellness	Hypoallergenic premium rooms	(40)		(30)

		$	(40,643)	$	(25,635)