Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 206

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 206
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 equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc. 

In the 2024 period, we recorded an advisory services fee of $23.2 million, which included a base advisory fee of $10.2 million, reimbursable expenses of $8.5 million, $2.4 million associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc. and an incentive fee of $2.1 million.

Corporate General and Administrative. Corporate general and administrative expense was $4.4 million in the 2025 period and consisted of $6.6 million in professional fees, $2.2 million of public company costs and $931,000 in miscellaneous expenses. These expenses were partially offset by an expense reduction of $5.4 million from an insurance recovery for prior legal expenses.

Corporate general and administrative expense was $11.1 million in the 2024 period and consisted of $7.8 million in professional fees, $6.0 million of reimbursed legal costs, $1.6 million in public company costs, and $1.3 million in miscellaneous expenses. Additionally, during the 2024 period there was a revision to the estimated contribution amount associated with the Fourth Amended and Restated Contribution Agreement with Ashford Securities that resulted in a $5.6 million reduction to expense. 

Gain (loss) on disposition of assets and hotel property. In the 2025 period, we recorded a gain of approximately $41.0 million primarily related to the sale of Seattle Marriott Waterfront. In the 2024 period we recorded a gain of approximately $88.2 million primarily related to the sale of Hilton La Jolla Torrey Pines. 

Equity in Earnings (Loss) of Unconsolidated Entity. There was no equity in earnings (loss) of unconsolidated entity in the 2025 period as a result of impairing the OpenKey investment in the fourth quarter of 2024. In the 2024 period we recorded equity in loss of unconsolidated entity of $214,000 related to our investment in OpenKey. 

Other Income (Expense). Other expense was $1.3 million in the 2025 period due to a realized loss from the sale of a portion of CMBS.

Interest Income. Interest income was $4.9 million and $4.5 million in the 2025 period and the 202