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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		$	2,939	$	2,545
Reimbursable expenses (1)		1,096		492
Equity-based compensation (2)		2,310		1,387
Incentive fee		977		371
Total		$	7,322	$	4,795

________

(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 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 Item		2022		2021
Corporate, general and administrative		$	527	$	340