Ashford : Reports Second Quarter 2022 Results

		NEWS RELEASE
Contact: Deric Eubanks	Jordan Jennings	Joe Calabrese
Chief Financial Officer	Investor Relations	Financial Relations Board
[phone]	[phone]	[phone]

ASHFORD REPORTS SECOND QUARTER 2022 RESULTS

Gross Assets Under Management $8.0 Billion at Quarter End

Net Loss Attributable to Common Stockholders was $(3.5) Million

Adjusted EBITDA Increased 131% to $24.8 Million

Trailing 12-Month Adjusted EBITDA Through the Second Quarter was $71.8 Million

Adjusted Net Income Per Share Increased 89% to $2.21

Completed Acquisition of Chesapeake Hospitality

Entered into New $100 Million Corporate Financing Commitment

DALLAS, August 3, 2022 - Ashford Inc., an alternative asset management company with a portfolio of strategic operating businesses (NYSE American: AINC) ("Ashford" or the "Company"), today reported the following results and performance measures for the second quarter ended June 30, 2022. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2022, with the second quarter ended June 30, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

• High-growth,fee-based business model
• Diversified platform of multiple fee generators
• Four paths to growth:

1. Recovery of the hospitality industry;

• 1. Increase assets under management (AUM); o Growth of third-party business; and
     o Acquisition or incubation of additional businesses
• Highly-alignedmanagement team with superior long-term track record
• Leader in asset and investment management for the real estate & hospitality sectors

FINANCIAL AND OPERATING HIGHLIGHTS

• Net loss attributable to common stockholders for the quarter was $(3.5) million, or $(1.34) per diluted share. Adjusted net income for the quarter was $17.3 million, or $2.21 per diluted share, reflecting an 89% growth rate over the prior year quarter.
• Total revenue, excluding cost reimbursement revenue, for the quarter was $78.2 million, reflecting a 95% growth rate over the prior year quarter.
• Adjusted EBITDA for the quarter was $24.8 million, reflecting a 131% growth rate over the prior year quarter.
• Adjusted EBITDA on a trailing 12-month basis as of the end of the quarter was $71.8 million.
• At the end of the second quarter, the Company had approximately $8.0 billion of gross assets under management.

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• At the end of the second quarter, the Company's advised REITs had total net working capital of $848 million.
• During the quarter, the Company closed on a $100 million strategic corporate financing commitment.
• During the quarter, Remington Hotels acquired Chesapeake Hospitality to accelerate growth of its hotel management business.
• As of June 30, 2022, the Company had corporate cash of approximately $36.0 million.

ASHFORD SECURITIES UPDATE

The Company formed Ashford Securities as a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by Ashford. Ashford Securities currently has three offerings in the market, a non-traded preferred equity security for Braemar Hotels & Resorts ("Braemar") (NYSE: BHR), a non-traded preferred equity security for Ashford Hospitality Trust ("Ashford Trust") (NYSE: AHT), and, as part of the Company's strategy to invest in areas outside of the hospitality industry, a growth- oriented private offering that will target investments in all types of commercial real estate in the state of Texas. To date, Ashford Securities has placed $178.1 million of Braemar's non-traded preferred stock.

Longer term, the Company believes there is a substantial opportunity to offer differentiated alternative investment products through financial intermediaries to help investors further diversify their portfolios and grow the Company's assets under management.

REMINGTON UPDATE

Remington's high-margin,low-capex Hotel Management business continues to benefit from the recovery in the lodging industry and grow its third-party business. In the second quarter, Remington generated hotel management fee revenue of $13.4 million, Net Income Attributable to the Company of $4.4 million, and Adjusted EBITDA of $8.3 million. Second quarter Adjusted EBITDA growth was 141% over the prior year quarter.

During the quarter, Remington acquired privately held Chesapeake Hospitality, a premier third-party hotel management company. The strategic transaction is expected to increase the scale and scope of Remington's hotel management business while expanding Remington's geographic footprint to complementary Midwestern markets, including Pittsburgh, Milwaukee, Detroit, and St. Louis. Further, the acquisition adds several IHG Hotels & Resorts to its portfolio, as well as the 877-key Showboat Atlantic City, which is now the largest hotel in Remington's portfolio. The combined company will operate under the Remington brand and will be focused on leveraging its enhanced scale to pursue profitable growth opportunities, including the continued expansion of hotel management business to third parties. This transaction also diversifies Remington's client base away from Ashford's advised REITs.

At the end of the second quarter, Remington managed 115 properties that were open and operating - 41 under third-party management agreements and 74 for Ashford Trust and Braemar - located in 27 states and Washington, D.C. across 23 brands, including 17 independent and boutique properties.

INSPIRE UPDATE

INSPIRE provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making INSPIRE a leading single-source solution for its clients' meeting and event needs. INSPIRE has seen its hospitality business come back very strongly as both corporate and social groups have been eager to gather. It has seen a similar recovery in its show services segment. During the second quarter of 2022, INSPIRE had revenue of $36.0 million, Net

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Income Attributable to the Company of $4.4 million, and Adjusted EBITDA of $9.0 million. Second quarter revenue growth was 281% over the prior year quarter.

PREMIER UPDATE

Premier provides comprehensive and cost-effective architecture, design, development, and project management services. It also provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects. Its operations are responsible for managing and implementing substantially all capital improvements at Ashford Trust and Braemar hotels. Additionally, it has extensive experience working with many of the major hotel brands in the areas of renovating, converting, developing or repositioning hotels. Similar to Remington, Premier has also made a concerted effort to grow its third-party business, and to date, Premier has signed 39 third-party engagements, totaling $11.8 million in fees. In the second quarter, Premier generated $4.7 million of design and construction fee revenue, Net Loss Attributable to the Company of $(2.9) million, and Adjusted EBITDA of $1.1 million.

RED HOSPITALITY & LEISURE UPDATE

RED Hospitality is a leading provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands ("USVI"), Puerto Rico, Florida and Turks & Caicos. RED Hospitality has several potential avenues for future growth including opportunities to expand into other hotels at Ashford-advised REITs or non-Ashford hotels in the USVI, elsewhere in the Caribbean, and in the U.S. RED Hospitality has continued to benefit from the resurgence in leisure travel and the desire of consumers for unique and memorable experiences. In the second quarter, RED Hospitality generated $7.7 million of revenue, Net Income Attributable to the Company of $1.1 million, and $2.4 million of Adjusted EBITDA. Second quarter revenue growth was 12% over the prior year quarter.

FINANCIAL RESULTS

Net loss attributable to common stockholders for the quarter totaled $(3.5) million, or $(1.34) per diluted share. Adjusted net income for the quarter was $17.3 million, or $2.21 per diluted share.

For the quarter ended June 30, 2022, base advisory fee revenue was $11.8 million. The base advisory fee revenue in the second quarter was comprised of $8.6 million from Ashford Trust and $3.2 million from Braemar.

Adjusted EBITDA for the quarter was $24.8 million, reflecting a growth rate of 131% over the prior year quarter.

CAPITAL STRUCTURE

At the end of the second quarter of 2022, the Company had approximately $8.0 billion of gross assets under management from its advised platforms. The Company had corporate cash of $36.0 million and 7.6 million fully diluted shares. The Company's fully diluted shares include 4.1 million common shares associated with its Series D convertible preferred stock. The Company had $99.0 million of loans at June 30, 2022, of which approximately $15,000 related to its joint venture partners' share of such loans.

During the quarter, the Company closed on a $100 million strategic corporate financing. The new Corporate Term Loan (the "Loan") has an initial term of five years with three, one-year extension options subject to the satisfaction of certain conditions and bears interest at a rate of LIBOR + 7.35%. At closing, the Company drew down $50 million on the Loan and has the option to draw the additional $50 million over the next 24 months. The Company currently has $70 million drawn on the Loan. The proceeds of the Loan were used to pay off the Company's existing term loan and for general corporate purposes. Future proceeds will be used for general corporate purposes, including potential acquisitions.

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During the quarter, the Company's Board of Directors declared cash dividends for the Company's Series D Convertible Preferred Stock ("Preferred Stock") reflecting accrued and unpaid dividends for the quarters ending June 30, 2020 and December 31, 2020. The Company paid an aggregate cash dividend of $0.932 per share of Preferred Stock, representing approximately 50% of the accrued dividends. The Preferred Stock dividends were paid on April 15, 2022. The Company currently expects to pay the remaining accrued balance some time in 2023.

QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS

ASHFORD TRUST HIGHLIGHTS

• Reported Adjusted EBITDAre of $96.4 million for the second quarter.
• Now has an effective registration statement for its Series J and Series K Redeemable Preferred Stock.

BRAEMAR HOTELS & RESORTS HIGHLIGHTS

• Reported Adjusted EBITDAre of $50.1 million for the second quarter.
• Second quarter RevPAR for Braemar was $314, which exceeded second quarter 2019 RevPAR by 28%.
• To date, Braemar has issued approximately $178 million of its non-traded preferred stock.

"Ashford delivered solid second quarter results, and we remain confident that the Ashford group of companies is well-positioned to capitalize on the recovery we continue to see in the hospitality industry," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer. "Looking at our advised platforms, our REITs are well positioned and both generated significant positive cash flow in the second quarter. Braemar has the highest quality portfolio in the public markets, has been benefiting from its resort- heavy focus, and in the second quarter, started to see its urban hotels significantly ramp up as corporate transient and group demand came back strongly. Ashford Trust's high-quality, geographically diverse portfolio is also benefitting from increased demand and notable rate increases in many key markets. I was also pleased to see Ashford Trust generate significant positive cash flow in the quarter. Looking ahead, we believe both of our advised REITs are poised for further growth in 2022 and beyond."

Mr. Bennett continued, "Other areas of our business, like INSPIRE, are also benefitting from a strong increase in demand while Remington and Premier both realized solid growth in their third-party business. Additionally, Ashford Securities is ramping well and raising capital. We remain pleased with the continued strong performance in capital raising and are very excited about our first investment offering outside of the hospitality industry." Mr. Bennett added, "Moving forward, we believe the lodging industry and our advised REITs are well-positioned for any potential weakness in economic conditions, and the demand trends that we are seeing continue to be strong. We're excited about Remington Hotel's recently completed acquisition of Chesapeake Hospitality and the strong growth in third-party business that resulted from that transaction. Additionally, the corporate financing that we closed during the quarter gives us access to attractive capital to continue to grow our platform and consider additional strategic bolt-on acquisitions. With our talented and dedicated management team, I am excited about the future prospects for our Company."

INVESTOR CONFERENCE CALL AND SIMULCAST

The Company will conduct a conference call on Thursday, August 4, 2022, at 12:00 p.m. ET. The number to call for this interactive teleconference is [phone]. A replay of the conference call will be available through Thursday, August 11, 2022, by dialing [phone] and entering the confirmation number, 13730711.

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The Company will also provide an online simulcast and rebroadcast of its second quarter 2022 earnings release conference call. The live broadcast of the Company's quarterly conference call will be available online at the Company's website, www.ashfordinc.com on Thursday, August 4, 2022, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Included in this press release are certain supplemental measures of performance, which are not measures of operating performance under GAAP, to assist investors in evaluating the Company's historical or future financial performance. These supplemental measures include adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted Net Income. We believe that Adjusted EBITDA and Adjusted Net Income provide investors and management with a meaningful indicator of operating performance. Management also uses Adjusted EBITDA and Adjusted Net Income, among other measures, to evaluate profitability. We calculate Adjusted EBITDA by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to noncontrolling interests, transaction costs, and other expenses. We calculate Adjusted Net Income by subtracting or adding to net income (loss): net income (loss) to noncontrolling interests, transaction costs, and other expenses. Our methodology for calculating Adjusted EBITDA and Adjusted Net Income may differ from the methodologies used by other comparable companies, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. Neither Adjusted EBITDA nor Adjusted Net Income represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income (loss) as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity nor are such measures indicative of funds available to satisfy our cash needs. The Company urges investors to carefully review the U.S. GAAP financial information as shown in our periodic reports on Form 10-Q and Form 10- K, as amended and our Current Reports on Form 8-K.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

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Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Inc.'s control.

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: the impact of COVID-19, including one or more possible recurrences of COVID-19 case surges that would cause state and local governments to reinstate travel restrictions and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to maintain compliance with NYSE American LLC continued listing standards; our ability to regain Form S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the