Summary of Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:



Derivative assets	$	341	$	341	$	56	$	56


Financial assets not measured at fair value:
Cash and cash equivalents	$	93,385	$	93,385	$	124,354	$	124,354
Restricted cash	55,357		55,357		42,479		42,479
Accounts receivable, net	37,045		37,045		32,843		32,843

Note receivable	9,045		9,045		8,896		8,896


Due from related parties, net	367		367		—		—
Due from third-party hotel managers	28,054		28,054		17,088		17,088
Financial liabilities not measured at fair value:
Indebtedness	$	1,112,911	$	1,113,025	$	1,112,741	$	1,113,025
Accounts payable and accrued expenses	139,573		139,573		142,123		142,123
Redeemable preferred stock redemptions payable	46,719		46,719		30,864		30,864
Dividends and distributions payable	3,907		3,907		7,672		7,672

Due to Ashford Inc., net	1,924		1,924		5,148		5,148
Due to related parties, net	—		—		257		257
Due to third-party hotel managers	3,392		3,392		1,467		1,467