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Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2021
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,
20212020
Advisory services fee
Base advisory fee$2,545 $2,621 
Reimbursable expenses (1)
492 544 
Equity-based compensation (2)
1,387 1,904 
Incentive fee 371 — 
Total$4,795 $5,069 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
(2)    Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
Three Months Ended March 31,
Line Item20212020
Corporate, general and administrative$340 $233