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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

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


	Three Months Ended March 31,
	2022		2021
Advisory services fee
Base advisory fee	$	8,735	$	8,735
Reimbursable expenses (1)	2,571		1,591
Equity-based compensation (2)	1,929		1,835
Incentive fee	151		—
Total advisory services fee	$	13,386	$	12,161

________

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

(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 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	2022		2021
Corporate, general and administrative	$	527	$	19