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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	$	2,758	$	2,386	$	7,981	$	7,579
Reimbursable expenses (1)	694		404		1,696		1,360
Equity-based compensation (2)	2,994		1,785		6,666		5,606
Incentive fee	(1,637)		—		—		—
Total	$	4,809	$	4,575	$	16,343	$	14,545

________

(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 September 30,				Nine Months Ended September 30,
Line Item	2021		2020		2021		2020
Corporate, general and administrative	$	642	$	228	$	1,505	$	558