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Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the advisory services fees incurred (in thousands):
Three Months Ended March 31,
20252024
Advisory services fee
Base advisory fee$8,069 $7,963 
Reimbursable expenses (1)
3,182 6,398 
Equity-based compensation (2)
(67)536 
Incentive fee93 — 
Total advisory services fee$11,277 $14,897 
________
(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 following table summarizes the advisory services fees incurred (in thousands):
Three Months Ended March 31,
20252024
Advisory services fee
Base advisory fee$126 $257 
Reimbursable expenses (1)
26 47 
Performance participation fee
116 — 
Total advisory services fee$268 $304 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services
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 Item20252024
Corporate, general and administrative$1,580 $4,890