Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended March 31,
		2026		2025
Advisory services fee
Base advisory fee		$	8,308	$	8,069
Reimbursable expenses (1)		11,687		3,182
Equity-based compensation (2)		28		(67)
Incentive fee		—		93
Total advisory services fee		$	20,023	$	11,277

________

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

(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 by Stirling OP prior to the termination of the Stirling OP advisory agreement (in thousands):


	Three Months Ended March 31,
		2025
Advisory services fee
Base advisory fee		$	126
Reimbursable expenses (1)		26

Performance participation fee		116
Total advisory services fee		$	268

________

(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):


	Three Months Ended March 31,
Line Item		2026		2025
Corporate, general and administrative		$	299	$	1,580