Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Advisory services fee
Base advisory fee	$	3,269	$	2,758	$	9,434	$	7,981
Reimbursable expenses (1)	1,191		694		3,460		1,696
Equity-based compensation (2)	3,346		2,994		8,293		6,666
Incentive fee	1,048		(1,637)		1,294		—
Total	$	8,854	$	4,809	$	22,481	$	16,343

________

(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 September 30,				Nine Months Ended September 30,
Line Item	2022		2021		2022		2021
Corporate, general and administrative	$	5,520	$	642	$	6,711	$	1,505