CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Investments in hotel properties, gross	$ 1,906,327	$ 1,902,328
Accumulated depreciation	(361,588)	(344,061)
Investments in hotel properties, net	1,544,739	1,558,267
Cash and cash equivalents	93,385	124,354
Restricted cash	55,357	42,479
Accounts receivable, net of allowance of $136 and $113, respectively	37,045	32,843
Inventories	4,870	4,741
Note receivable	9,045	8,896
Prepaid expenses	8,286	6,987
Deferred costs, net	74	75
Investment in unconsolidated entity	0	89
Derivative assets	341	56
Operating lease right-of-use assets	30,597	30,743
Other assets	17,685	15,368
Intangible assets, net	2,652	2,746
Total assets	1,849,497	1,861,732
Liabilities:
Indebtedness, net	1,106,029	1,103,450
Accounts payable and accrued expenses	139,573	142,123
Redeemable preferred stock redemptions payable	46,719	30,864
Dividends and distributions payable	3,907	7,672
Operating lease liabilities	20,058	20,058
Other liabilities	24,963	25,572
Total liabilities	1,346,565	1,336,611
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership	15,925	19,005
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2026 and December 31, 2025	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	687	682
Additional paid-in capital	707,874	706,488
Accumulated deficit	(561,566)	(568,503)
Total stockholders’ equity of the Company	147,011	138,683
Noncontrolling interest in consolidated entities	2,078	2,095
Total equity	149,089	140,778
Total liabilities and equity	1,849,497	1,861,732
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	45,700	30,200
Series preferred stock	239,042	265,695
Series M Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	1,000	642
Series preferred stock	33,450	34,217
Ashford Inc.
ASSETS
Deposit paid to Ashford Inc.	17,000	17,000
Liabilities:
Due to related parties and nonrelated parties	1,924	5,148
Related Party
ASSETS
Due from third-party hotel managers	367	0
Liabilities:
Due to related parties and nonrelated parties	0	257
Nonrelated Party
ASSETS
Due from third-party hotel managers	28,054	17,088
Liabilities:
Due to related parties and nonrelated parties	$ 3,392	$ 1,467