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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,
		2023		2022
Advisory services fee
Base advisory fee		$	3,640	$	2,939
Reimbursable expenses (1)		2,022		1,096
Equity-based compensation (2)		2,286		2,310
Incentive fee		—		977
Total		$	7,948	$	7,322

________

(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		2023		2022
Corporate, general and administrative		$	1,195	$	527