# EDGAR Filing Document

**Accession Number:** 0001604738
**File Stem:** 0001604738-23-000019
**Filing Date:** 2023-3
**Character Count:** 32013
**Document Hash:** eaed1e3e6663dff0e0e9844b73976f02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001604738-23-000019.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001604738-23-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20230322

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ashford Inc.
- **CENTRAL INDEX KEY:** 0001604738
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **IRS NUMBER:** 465292553
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36400
- **FILM NUMBER:** 23750816

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** (972) 490-9600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ashford Inc
- **DATE OF NAME CHANGE:** 20140403

?xml version="1.0" ? ainc-20230322

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): March 22, 2023** 

**ASHFORD INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-36400** | **84-2331507** |
| **(State or other jurisdiction of incorporation<br> or organization)** | **(Commission<br>File Number)** | **(IRS employer<br>identification number)** |
| **14185 Dallas Parkway** | | |
| **Suite 1200** | | |
| **Dallas** | | |
| **Texas** |  | **75254** |
| **(Address of principal executive offices)** |  | **(Zip code)** |

---

**Registrant's telephone number, including area code: (972) 490-9600** 

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock | AINC | NYSE American LLC |
| Preferred Stock Purchase Rights | | NYSE American LLC |

---

------

**ITEM 7.01&nbsp;&nbsp;&nbsp;&nbsp;REGULATION FD DISCLOSURE** 

On March 22, 2023, Ashford Inc. (the "Company") released an investor presentation. The investor presentation is attached hereto as Exhibit 99.1.

The investor presentation is being furnished pursuant to General Instruction B.2 of Form 8-K and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor is it subject to the liabilities of that section or deemed incorporated by reference in any filing by the Company under the Exchange Act unless specifically identified therein as being incorporated therein by reference.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS** 

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[March 2023 Investor Presentation](aincinvestorpresentation.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 22, 2023

---

| | |
|:---|:---|
| ASHFORD INC. | ASHFORD INC. |
| By: | /s/ ALEX ROSE |
|  | Alex Rose |
|  | Executive Vice President, General Counsel & Secretary |

---

## Exhibit 99.1

![](aincinvestorpresentation001.jpg)

NYSE American: AINC Investor Presentation \| March 2023

------

![](aincinvestorpresentation002.jpg)

Page 2 In keeping with the Securities and Exchange Commission ("SEC") "Safe Harbor" guidelines, certain statements made in this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," "target," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our business and investment strategy, our understanding of our competition, current market trends and opportunities, projected operating results, and projected capital expenditures. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. We undertake no obligation to update or revise the statements made therein, except as may be required by law. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated including, without limitation: extreme weather conditions that may cause property damage or interrupt business; actions by our clients' lenders to accelerate loan balances and foreclose on our clients' hotel properties that are security for our clients' loans; uncertainty associated with the ability of the Company to remain in compliance with all covenants in our credit agreements and of our subsidiaries to remain in compliance with the covenants of their debt and related agreements; general volatility of the capital markets, the general economy or the hospitality industry, whether the result of market events or otherwise, and the market price of our common stock; availability, terms and deployment of capital; our ability to regain Form S-3 eligibility; changes in our industry and the market in which we operate, interest rates or the general economy; the degree and nature of our competition; actual and potential conflicts of interest with or between Remington, Ashford Trust and Braemar, our executive officers and our non-independent directors; availability of qualified personnel; changes in governmental regulations, accounting rules, tax rates and similar matters; our ability to implement and maintain effective internal controls; legislative and regulatory changes; the possibility that we may not realize any or all of the anticipated benefits from transactions to acquire businesses, or from our business initiatives; disruptions relating to the acquisition or integration of Premier, Remington, Chesapeake or any other business we invest in or acquire, which may harm relationships with customers, employees and regulators; and unexpected costs relating to the acquisition or integration of any business we invest in or acquire. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak and the numerous government travel restrictions imposed in response thereto. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. These and other risk factors are more fully discussed in the Company's filings with the SEC. Adjusted EBITDA is calculated by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to non-controlling interests, transaction costs, and other expenses. Adjusted EBITDA is a non-GAAP measure and reconciliations have been provided in prior earnings releases and filings with the SEC or in the appendix to this presentation. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Ashford Inc., or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security, and the information contained herein does not form part of any prospectus of Ashford Inc. that may be used to offer or sell securities. Prior to investing in Ashford, potential investors should carefully review Ashford's periodic filings with the SEC, including, but not limited to, Ashford's most current Form 10-K, Form 10-Q and Form 8-K's, including the risk factors included therein. Safe Harbor and Important Information on non-GAAP Measures

------

![](aincinvestorpresentation003.jpg)

About Us – Advisor. Operator. Innovator. The only publicly-traded asset manager & service provider focused on the hospitality industry 40+ years of history in the hospitality & real estate industry Best-in-class asset management, with deep industry relationships and scale Page 3

------

![](aincinvestorpresentation004.jpg)

Overview NYSE: BHR Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provide global asset management, investment management and related services to the real estate and hospitality sectors Geographically Diversified Portfolio Well-Positioned for Growth NYSE: AHT Highest RevPAR among Publicly Traded Lodging REITs(1) (1) As of December 31st, 2022 (2) Excludes WorldQuest Hotels(1) 16 Gross Assets ~$2.8B Hotels(1)(2) 100 Gross Assets ~$5.3B Page 4 Advisory Platform AUM – Perpetual Life Public REITs Operating Platform Strategic Market Leading Hospitality Focused Companies

------

![](aincinvestorpresentation005.jpg)

Our Strategy- Multiple Paths to Growth Best-in-Class Asset Management and Operations with Deep Industry Relationships Page 5 Grow Assets Under Management Expand Service Offerings Grow Third- Party Business Recovery of Hotel Industry

------

![](aincinvestorpresentation006.jpg)

Page 6 Braemar Hotels & Resorts Portfolio Highlights (1) 16 Hotels 4,181 Rooms >$300 RevPAR $2.8B Gross Assets 15 Markets $233 $101 $238 $312 $0 $50 $100 $150 $200 $250 $300 $350 2019 2020 2021 2022 Comparable RevPAR (2) (1) As of 12/31/2022 (2) As reported in BHR Earnings Releases: 2019 as reported on 2/25/2021; 2020 as reported on 2/24/2022; 2021 and 2022 as reported on 2/22/2023 (3) Source: STR (https://str.com/press-release/str-te-make-modest-upgrade-first-us-hotel-forecast-2023) 6.9% 7.1% 6.4% 0% 2% 4% 6% 8% 2023 2024 2025 STR Luxury RevPAR Growth Forecast (3) The Four Seasons Scottsdale Park Hyatt Beaver Creek Bardessono The Ritz-Carlton St. Thomas

------

![](aincinvestorpresentation007.jpg)

Page 7 Ashford Hospitality Trust Portfolio Highlights (1) 100 Hotels 22,316 Rooms 27 States $5.3B Gross Assets 45 Markets 8.9% 9.1% 6.7% 0% 2% 4% 6% 8% 10% 2023 2024 2025 STR Upper Upscale RevPAR Growth Forecast (2) (1) As of 12/31/2022, excludes WorldQuest (2) Source: STR (https://str.com/press-release/str-te-make-modest-upgrade-first-us-hotel-forecast-2023) (3) TTM 2022, excluding assets disposed of in 2022 and WorldQuest La Posada de Santa Fe One Ocean Resort and Spa W Atlanta Downtown Lakeway Resort and Spa 6% 55% 30% 2% 7% INDEPENDENT Revenue by Brand(3)

------

![](aincinvestorpresentation008.jpg)

3/20/2023 8 Update on Growth Initiatives Recovery of Hotel Industry(1) 88.0 97.8 100.5 104.8 107.4 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 Demand Index 95.3 113.4 115.3 120.3 124.6 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 ADR Index 83.2 107.9 111.6 119.8 124.9 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 RevPAR Index Industry RevPAR exceeded 2019 in 2022 (1) Indexed to 2019; Source: STR (https://str.com/press-release/str-te-maintain-adr-and-revpar-forecast-last-revision-2022) Page 8 Grow Assets Under Management Grow Third-Party Business • Ashford is ramping up growth via Ashford Securities capital raises  BHR issued $460M in non-traded preferred  AHT is effective on registration statement for non-traded preferred  Launched a growth oriented private offering that will invest in all types of commercial real estate in Texas • Remington recently acquired Chesapeake Hospitality  Added approximately 30 third-party hotels  Remington's third-party business is now ~38% of its hotels under management • Premier continues to grow its third-party business

------

![](aincinvestorpresentation009.jpg)

Recent Developments Page 9 $29M $48M $76M $0 $15 $30 $45 $60 $75 $90 2020 2021 2022 ($ in M illi on s) TTM Adjusted EBITDA (1) Includes third-party revenue for Remington, Premier, Inspire, and RED (2) As of 12/31/2022 (3) As of 3/17/2023 53 third-party contracts(2) 53 third-party contracts(2) $469M non-traded preferred stock issued(3) $41M $66M $133M $0 $25 $50 $75 $100 $125 $150 2020 2021 2022 ($ in M illi on s) Third-Party Revenue(1)

------

![](aincinvestorpresentation010.jpg)

Page 10 (1) As of 3/16/2023 • AHT Non-Traded Preferred • Growth Oriented Private Offering Focused on Commercial Real Estate in Texas Growing AUM Current Investment Products Reps Worked with Ashford Securities 13,448 Signed Selling Agreements ("SSAs") 79 Total Capital Raised $460M BHR Offering Complete Reps Working with Ashford Securities(1) 4,431 Signed Selling Agreements ("SSAs")(1) 24 AHT Offering Underway

------

![](aincinvestorpresentation011.jpg)

Effects of AUM Increase Page 11 Incremental Revenue $1.6M Incremental EBITDA $1.0M For Every Additional $100M of AUM, We Expect:

------

![](aincinvestorpresentation012.jpg)

Takeaways – Strong Post-Pandemic Potential I. Recovery of hotel industry II. Grow assets under management III. Grow third-party business IV. Expand service offerings 4 Ways to Grow Page 12 Attractive Investment With a compelling growth story, we believe Ashford offers an appealing investment opportunity With 40+ years of history in the hospitality industry, best-in-class asset management, deep industry relationships and scale, we believe we are uniquely positioned for success Experts in the Business

------

![](aincinvestorpresentation013.jpg)

Page 13 Long-Term Guidance

------

![](aincinvestorpresentation014.jpg)

Four Ways the Company Can Grow 143 103 115 155 170 187 204 111 47 70 142 185 206 237 $0 $100 $200 $300 $400 $500 2019 P.F. 2020 Act. 2021 Act. 2022 Act. 2024 Est. 2025 Est. 2026 Est. AUM & Third-Party Revenue(1) 62 29 48 76 85 97 115 $0 $40 $80 $120 2019 P.F. 2020 Act. 2021 Act. 2022 Act. 2024 Est. 2025 Est. 2026 Est. Adj. EBITDA Long-Term Growth Projections - AUM & Third-Party Business I. Recovery of hotel industry II. Grow assets under management III. Grow third-party business IV. Expand service offerings (In Millions) (In Millions) Third-party revenue as a percent of total revenue is expected to go from 44% in 2019 to 54% by 2026 Page 14(1) Includes revenue from Robert Douglas and Ashford Securities (2) Pro Forma (P.F.) assumes the Remington, Sebago, Marietta and BAV acquisitions occurred January 1, 2019. Assumes current ownership share. CAGR (2021 – 2026) Adj. EBITDA Margin 12% AUM Revenue 28% Third-Party Revenue 19% Adjusted EBITDA 26% 2021 24% 2024 26% 2026 KEY: AUM Third-Party (2) (2)

------

![](aincinvestorpresentation015.jpg)

Appendix Page 15

------

![](aincinvestorpresentation016.jpg)

3/20/2023 16 Remington Portfolio Mix Page 16 Remington Managed Hotels(1) (1) Hotels open and operating at the end of each quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 AUM 72 72 72 72 72 72 73 73 73 73 73 73 3rd Party 2 2 2 2 4 5 7 9 13 42 44 45 TOTAL 74 74 74 74 76 77 80 82 86 115 117 118 2020 2021 2022

------

![](aincinvestorpresentation017.jpg)

3/20/2023 17 GAAP Reconciliation Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Comparable information assumes the Remington, Marietta, and Sebago acquisitions occurred on January 1, 2019. Non-comparable adjustments include unaudited pre-acquisition results provided by the Remington and Sebago sellers. Assumes Ashford Inc. owned 100% of INSPIRE (JSAV), 97.75% of RED, and 75.4% of OpenKey the entire year of 2022; Assumes Ashford Inc. owned 100% of RED and 75.4% of OpenKey the entire year of 2021. Page 17 Reconciliation of Net Income to EBITDA and Adjusted EBITDA (In thousands) (unaudited) Ashford Inc. Consolidated 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (15,374) (215,788) (10,818) 2,923 (Income) loss from consolidated entities attributable to noncontrolling interests 536 1,178 678 1,171 Net (income) loss attributable to redeemable noncontrolling interests 983 2,245 215 (448) Net income (loss) attributable to the company (13,855) (212,365) (9,925) 3,646 Interest Expense 1,861 5,179 5,150 9,997 Amortization of loan costs 277 312 327 761 Depreciation and amortization 30,047 44,055 37,609 37,058 Income tax expense (benefit) 1,435 (14,255) (162) 8,530 Net (income) loss attributable to unitholders redeemable noncontrolling interests (54) (432) (63) 448 EBITDA 19,711 (177,506) 32,936 60,440 Non-cash stock-based compensation 8,824 6,436 4,949 4,117 Market change in deferred compensation (5,732) (3,012) - - Deferred compensation plans - - 1,671 (477) Change in contingent consideration fair value 4,058 447 22 650 Transaction related costs 11,340 1,049 3,424 2,451 Loss on disposal of assets - 8,330 1,595 3,052 Reimbursed software costs, net (2,015) (409) (507) (386) Legal, advisory and settlement costs - 922 1,820 1,298 Severance and executive recruiting costs 1,186 3,934 1,330 2,468 Amortization of hotel signing fees and lock subsidies 810 539 518 596 Other (gain) loss (116) 175 (553) 1,476 Impairment - 188,563 1,160 - Adjusted EBITDA 38,066 29,468 48,365 75,685 85,000 97,000 115,000 Non-comparable adjustments (1) 23,460 (452) (27) - - - - Comparable Adjusted EBITDA 61,526 29,016 48,338 75,685 85,000 97,000 115,000

------

![](aincinvestorpresentation018.jpg)

3/20/2023 18 GAAP Reconciliation Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. Page 18 Reconciliation of Net Income to EBITDA and Adjusted EBITDA (In thousands) (unaudited) Premier 2019 2020 2021 2022 2024 2025 2026 Net income (loss) 21 (57,879) (9,105) (3,953) (Income) loss from consolidated entities attributable to noncontrolling interests - - - - Net (income) loss attributable to redeemable noncontrolling interests - - - - Net income (loss) attributable to the company 21 (57,879) (9,105) (3,953) Interest Expense - - - - Amortization of loan costs - - - - Depreciation and amortization 12,494 12,628 12,230 11,899 Income tax expense (benefit) 1,248 (3,267) (2,414) 528 Net (income) loss attributable to unitholders redeemable noncontrolling interests - - - - EBITDA 13,763 (48,518) 711 8,474 Non-cash stock-based compensation 90 82 64 72 Market change in deferred compensation - - - - Deferred compensation plans - - - - Change in contingent consideration fair value - - - - Transaction related costs - - - - Loss on disposal of assets - - - - Reimbursed software costs, net - - - - Legal, advisory and settlement costs - - - - Severance and executive recruiting costs 106 483 - 77 Amortization of hotel signing fees and lock subsidies - - - - Other (gain) loss - - 114 87 Impairment - 49,524 - - Adjusted EBITDA 13,959 1,571 889 8,710 14,000 17,000 21,000 Non-comparable adjustments (1) - - - - - - - Comparable Adjusted EBITDA 13,959 1,571 889 8,710 14,000 17,000 21,000

------

![](aincinvestorpresentation019.jpg)

3/20/2023 19 Page 19 Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Comparable information assumes the Remington acquisition occurred on January 1, 2019. Non-comparable adjustments include unaudited pre-acquisition results provided by the Remington seller. GAAP Reconciliation (In thousands) (unaudited) Reconciliation of Net Income to EBITDA and Adjusted EBITDA Remington 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (626) (133,367) (1,647) 8,150 (Income) loss from consolidated entities attributable to noncontrolling interests - - - - Net (income) loss attributable to redeemable noncontrolling interests - - - - Net income (loss) attributable to the company (626) (133,367) (1,647) 8,150 Interest Expense - - - - Amortization of loan costs - - - - Depreciation and amortization 2,459 13,943 12,141 12,362 Income tax expense (benefit) 140 (3,108) 1,406 1,845 Net (income) loss attributable to unitholders redeemable noncontrolling interests - - - - EBITDA 1,973 (122,532) 11,900 22,357 Non-cash stock-based compensation 46 299 696 258 Market change in deferred compensation - - - - Deferred compensation plans - - - - Change in contingent consideration fair value - - - 650 Transaction related costs 13 245 161 1,929 Loss on disposal of assets - - - - Reimbursed software costs, net - - - - Legal, advisory and settlement costs - - 53 12 Severance and executive recruiting costs 429 910 96 69 Amortization of hotel signing fees and lock subsidies - - - - Other (gain) loss - - (375) 13 Impairment - 126,548 - - Adjusted EBITDA 2,461 5,470 12,531 25,288 27,000 31,000 38,000 Non-comparable adjustments (1) 18,993 - - - - - - Comparable Adjusted EBITDA 21,454 5,470 12,531 25,288 27,000 31,000 38,000

------

![](aincinvestorpresentation020.jpg)

3/20/2023 20 Page 20 Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Assumes Ashford Inc. owned 100% of INSPIRE (JSAV) the entire year of 2020 GAAP Reconciliation (In thousands) Reconciliation of Net Income to EBITDA and Adjusted EBITDA INSPIRE 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (3,069) (18,202) (5,248) 6,603 (Income) loss from consolidated entities attributable to noncontrolling interests - - - - Net (income) loss attributable to redeemable noncontrolling interests 247 1,148 - - Net income (loss) attributable to the company (2,822) (17,054) (5,248) 6,603 Interest Expense 979 1,139 876 1,262 Amortization of loan costs 48 51 121 130 Depreciation and amortization 5,850 6,158 6,830 6,660 Income tax expense (benefit) (376) (5,060) (1,326) 4,073 Net (income) loss attributable to unitholders redeemable noncontrolling interests - - - - EBITDA 3,679 (14,766) 1,253 18,728 Non-cash stock-based compensation 30 46 68 49 Market change in deferred compensation - - - - Deferred compensation plans - - - - Change in contingent consideration fair value 3,037 449 22 - Transaction related costs 570 - 483 55 Loss on disposal of assets - 291 897 167 Reimbursed software costs, net - - - - Legal, advisory and settlement costs - 4 338 (60) Severance and executive recruiting costs 602 733 - 19 Amortization of hotel signing fees and lock subsidies 709 503 488 556 Other (gain) loss (117) 14 (213) 45 Impairment - 12,430 1,160 - Adjusted EBITDA 8,510 (296) 4,496 19,559 22,000 24,000 27,000 Non-comparable adjustments (1) 1,486 129 - - - - - Comparable Adjusted EBITDA 9,996 (167) 4,496 19,559 22,000 24,000 27,000 (unaudited)

------

![](aincinvestorpresentation021.jpg)

3/20/2023 21 GAAP Reconciliation Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Comparable information assumes the Sebago acquisition occurred on January 1, 2019. Non-comparable adjustments include unaudited pre-acquisition results provided by the Sebago seller. Assumes Ashford Inc. owned 97.75% of RED the entire year of 2020; Assumes Ashford Inc. owned 100% of RED the entire year of 2021. Page 21 Reconciliation of Net Income to EBITDA and Adjusted EBITDA (In thousands) (unaudited) RED 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (520) (715) 2,934 1,468 (Income) loss from consolidated entities attributable to noncontrolling interests (105) 412 (51) - Net (income) loss attributable to redeemable noncontrolling interests - - - - Net income (loss) attributable to the company (625) (303) 2,883 1,468 Interest Expense 285 455 616 769 Amortization of loan costs 21 3 86 52 Depreciation and amortization 461 922 1,275 2,010 Income tax expense (benefit) 510 (523) 1,025 557 Net (income) loss attributable to unitholders redeemable noncontrolling interests - - - - EBITDA 652 554 5,885 4,856 Non-cash stock-based compensation - - - 18 Market change in deferred compensation - - - - Deferred compensation plans - - 70 65 Change in contingent consideration fair value 1,021 (2) - - Transaction related costs 214 50 324 544 Loss on disposal of assets - 4 53 9 Reimbursed software costs, net - - - - Legal, advisory and settlement costs - - - 95 Severance and executive recruiting costs - - 8 8 Amortization of hotel signing fees and lock subsidies - - - - Other (gain) loss - - - - Impairment - - - - Adjusted EBITDA 1,887 606 6,340 5,595 11,000 11,000 13,000 Non-comparable adjustments (1) 1,539 (99) 129 - - - - Comparable Adjusted EBITDA 3,426 507 6,469 5,595 11,000 11,000 13,000

------

![](aincinvestorpresentation022.jpg)

3/20/2023 22 Page 22 Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Comparable information assumes the Marietta acquisition occurred on January 1, 2019. Assumes Ashford Inc. 75.4% of OpenKey the entire year of 2020 and 2021 (2) Includes operating results for Pure Wellness, OpenKey, Lismore Capital, and Marietta Leasehold L.P.; 2019 includes Robert Douglas GAAP Reconciliation (In thousands) (unaudited) Reconciliation of Net Income to EBITDA and Adjusted EBITDA Other Businesses (2) 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (1,491) 964 5,573 (2,188) (Income) loss from consolidated entities attributable to noncontrolling interests 641 766 729 1,171 Net (income) loss attributable to redeemable noncontrolling interests 682 665 152 - Net income (loss) attributable to the company (168) 2,395 6,454 (1,017) Interest Expense 363 2,477 2,561 2,406 Amortization of loan costs 16 - - - Depreciation and amortization 125 659 501 314 Income tax expense (benefit) 353 1,730 2,648 947 Net (income) loss attributable to unitholders redeemable noncontrolling interests - - - - EBITDA 689 7,261 12,164 2,650 Non-cash stock-based compensation 18 4 3 - Market change in deferred compensation - - - - Deferred compensation plans - - - - Change in contingent consideration fair value - - - - Transaction related costs 80 - - - Loss on disposal of assets - - - 48 Reimbursed software costs, net - - - - Legal, advisory and settlement costs - - - - Severance and executive recruiting costs 40 97 39 1 Amortization of hotel signing fees and lock subsidies 101 36 30 40 Other (gain) loss 1 16 (1) 1,244 Impairment - 61 - - Adjusted EBITDA 929 7,475 12,235 3,983 2,000 2,000 2,000 Non-comparable adjustments (1) 1,442 (482) (156) - - - - Comparable Adjusted EBITDA 2,371 6,993 12,079 3,983 2,000 2,000 2,000

------

![](aincinvestorpresentation023.jpg)

3/20/2023 23 GAAP Reconciliation Note: For 2024-2026, Ashford is unable to present a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures. Accordingly, investors are cautioned not to place undue reliance on this information. (1) Includes all of the revenue and corporate expenses associated with providing the asset management and advisory services to other entities. Page 23 Reconciliation of Net Income to EBITDA and Adjusted EBITDA (In thousands) REIT Advisory (1) 2019 2020 2021 2022 2024 2025 2026 Net income (loss) (9,689) (6,589) (3,325) (7,157) (Income) loss from consolidated entities attributable to noncontrolling interests - - - - Net (income) loss attributable to redeemable noncontrolling interests 54 432 63 (448) Net income (loss) attributable to the company (9,635) (6,157) (3,262) (7,605) Interest Expense 234 1,108 1,097 5,560 Amortization of loan costs 192 258 120 579 Depreciation and amortization 8,658 9,745 4,632 3,813 Income tax expense (benefit) (440) (4,027) (1,501) 580 Net (income) loss attributable to unitholders redeemable noncontrolling interests (54) (432) (63) 448 EBITDA (1,045) 495 1,023 3,375 Non-cash stock-based compensation 8,640 6,005 4,118 3,720 Market change in deferred compensation (5,732) (3,012) - - Deferred compensation plans - - 1,601 (542) Change in contingent consideration fair value - - - - Transaction related costs 10,463 754 2,456 (77) Loss on disposal of assets - 8,035 645 2,828 Reimbursed software costs, net (2,015) (409) (507) (386) Legal, advisory and settlement costs - 918 1,429 1,251 Severance and executive recruiting costs 9 1,711 1,187 2,294 Amortization of hotel signing fees and lock subsidies - - - - Other (gain) loss - 145 (78) 87 Impairment - - - - Adjusted EBITDA 10,320 14,642 11,874 12,550 7,000 9,000 12,000 Non-comparable adjustments (1) - - - - - - - Comparable Adjusted EBITDA 10,320 14,642 11,874 12,550 7,000 9,000 12,000 (unaudited)

------

![](aincinvestorpresentation024.jpg)

NYSE American: AINC Investor Presentation \| March 2023

------