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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2021

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advisory services fee
Base advisory fee	$	9,476	$	8,654	$	27,217	$	26,128
Reimbursable expenses (1)	2,412		1,557		6,702		4,955
Equity-based compensation (2)	1,979		2,122		5,191		6,765		(3)
Incentive fee	(6,472)		—		—		—
Total advisory services fee	$	7,395	$	12,333	$	39,110	$	37,848

________

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

(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.

(3) During the nine months ended September 30, 2020, 7,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the nine months ended September 30, 2020.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Line Item	2021		2020		2021		2020
Corporate, general and administrative	$	—	$	591	$	19	$	1,604