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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-36400

ASHFORD INC.
(Exact name of registrant as specified in its charter)
Nevada84-2331507
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common StockAINCNYSE American LLC
Preferred Stock Purchase RightsNYSE American LLC
    
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.001 par value per share3,430,500
(Class)Outstanding at May 9, 2024



ASHFORD INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS





PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
March 31, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents ($10,596 and $7,574, respectively, attributable to VIEs)
$52,364 $52,054 
Restricted cash14,961 23,216 
Restricted investment109 128 
Accounts receivable, net of allowance for credit losses of $2,141 and $2,090, respectively ($152 and $693, respectively, attributable to VIEs)
34,469 26,945 
Due from affiliates 41 
Due from Ashford Trust ($94 and $326, respectively, attributable to VIEs)
11,475 18,933 
Due from Braemar ($28 and $24, respectively, attributable to VIEs)
5,993 714 
Inventories ($230 and $386, respectively, attributable to VIEs)
2,545 2,481 
Prepaid expenses and other assets ($676 and $530, respectively, attributable to VIEs)
16,395 16,418 
Total current assets138,311 140,930 
Investments ($5,000 and $5,000, respectively, reported at fair value and attributable to VIEs)
9,301 9,265 
Property and equipment, net ($513 and $707, respectively, attributable to VIEs)
57,454 56,852 
Operating lease right-of-use assets20,844 21,193 
Deferred tax assets, net
4,240 4,358 
Goodwill
61,013 61,013 
Intangible assets, net204,569 210,095 
Other assets, net1,339 1,101 
Total assets$497,071 $504,807 
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses ($917 and $1,919, respectively, attributable to VIEs)
$37,006 $54,837 
Dividends payable37,881 28,508 
Due to affiliates789  
Deferred income ($238 and $210, respectively, attributable to VIEs)
10,234 11,963 
Notes payable, net ($237 and $387, respectively, attributable to VIEs)
4,358 4,387 
Finance lease liabilities382 437 
Operating lease liabilities4,339 4,160 
Claims liabilities and other31,331 31,112 
Total current liabilities126,320 135,404 
Deferred income ($0 and $1,192, respectively, attributable to VIEs)
8,683 6,415 
Deferred tax liability, net31,015 29,517 
Deferred compensation plan613 891 
Notes payable, net135,474 132,579 
Finance lease liabilities2,778 2,832 
Operating lease liabilities18,546 19,174 
Other liabilities2,628 2,590 
Total liabilities326,057 329,402 
Commitments and contingencies (note 9)
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023
478,000 478,000 
Redeemable noncontrolling interests1,999 1,972 
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,560,279 and 3,317,786 shares issued and 3,430,643 and 3,212,312 shares outstanding at March 31, 2024 and December 31, 2023, respectively
4 3 
Additional paid-in capital298,764 299,304 
Accumulated deficit(616,927)(609,312)
Accumulated other comprehensive income (loss)(160)(213)
Treasury stock, at cost, 129,636 and 105,474 shares at March 31, 2024 and December 31, 2023, respectively
(1,411)(1,354)
Total equity (deficit) of the Company(319,730)(311,572)
Noncontrolling interests in consolidated entities10,745 7,005 
Total equity (deficit)(308,985)(304,567)
Total liabilities, mezzanine equity and equity (deficit)$497,071 $504,807 
See Notes to Condensed Consolidated Financial Statements.
2


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
20242023
REVENUES:
Advisory services fees$11,744 $12,303 
Hotel management fees12,470 12,187 
Design and construction fees9,447 6,929 
Audio visual 44,912 40,357 
Other16,251 9,074 
Cost reimbursement revenue114,310 104,272 
Total revenues209,134 185,122 
EXPENSES:
Salaries and benefits22,664 22,775 
Cost of revenues for design and construction2,030 2,866 
Cost of revenues for audio visual30,882 27,828 
Depreciation and amortization6,381 7,000 
General and administrative16,857 9,710 
Other8,923 6,102 
Reimbursed expenses114,377 104,198 
Total expenses202,114 180,479 
OPERATING INCOME (LOSS)7,020 4,643 
Equity in earnings (loss) of unconsolidated entities36 (459)
Interest expense(4,156)(2,837)
Amortization of loan costs(276)(241)
Interest income692 277 
Realized gain (loss) on investments (80)
Other income (expense)545 493 
INCOME (LOSS) BEFORE INCOME TAXES3,861 1,796 
Income tax (expense) benefit(2,346)(620)
NET INCOME (LOSS)1,515 1,176 
Net (income) loss from consolidated entities attributable to noncontrolling interests171 288 
Net (income) loss attributable to redeemable noncontrolling interests(92)(155)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY1,594 1,309 
Preferred dividends, declared and undeclared(9,202)(9,034)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(7,608)$(7,725)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(2.43)$(2.59)
Weighted average common shares outstanding - basic3,134 2,984 
Diluted:
Net income (loss) attributable to common stockholders$(2.43)$(2.59)
Weighted average common shares outstanding - diluted3,160 2,984 
See Notes to Condensed Consolidated Financial Statements.
3


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended March 31,
20242023
NET INCOME (LOSS)$1,515 $1,176 
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment53 (92)
COMPREHENSIVE INCOME (LOSS)1,568 1,084 
Comprehensive (income) loss attributable to noncontrolling interests171 288 
Comprehensive (income) loss attributable to redeemable noncontrolling interests(92)(155)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY$1,647 $1,217 
See Notes to Condensed Consolidated Financial Statements.

4


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands)

Common StockAdditional Paid-in CapitalAccumulated
 Deficit
Accumulated Other Comprehensive Income (Loss)Treasury StockNoncontrolling Interests in Consolidated EntitiesTotalConvertible Preferred StockRedeemable Noncontrolling Interests
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2023
3,212 $3 $299,304 $(609,312)$(213)(105)$(1,354)$7,005 $(304,567)19,120 $478,000 $1,972 
Equity-based compensation243 1 358 — — — — — 359 — — 100 
Issuance of subsidiary common stock to noncontrolling interests
— — (180)— — — — 180  — — — 
Forfeiture of restricted common shares— — 6 — — — (6)—  — — — 
Purchase of treasury stock(24)— — — — (24)(51)— (51)— — — 
Dividends declared and undeclared - preferred stock— — — (9,202)— — — — (9,202)— — — 
Acquisition of noncontrolling interest in consolidated entities— — (342)— — — — 128 (214)— — — 
Contributions from noncontrolling interests, net of issuance costs
— — (382)— — — — 3,603 3,221 — — — 
Redemption value adjustment— — — (7)— — — — (7)— — 7 
Distributions to noncontrolling interests
— — — — — — — — — — — (172)
Foreign currency translation adjustment— — — — 53 — — — 53 — — — 
Net income (loss)— — — 1,594 — — — (171)1,423 — — 92 
Balance at March 31, 20243,431 $4 $298,764 $(616,927)$(160)(129)$(1,411)$10,745 $(308,985)19,120 $478,000 $1,999 

Common StockAdditional Paid-in CapitalAccumulated
 Deficit
Accumulated Other Comprehensive Income (Loss)Treasury StockNoncontrolling Interests in Consolidated EntitiesTotalConvertible Preferred StockRedeemable Noncontrolling Interests
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2022
3,110 $3 $297,715 $(568,482)$78 (71)$(947)$167 $(271,466)19,120 $478,000 $1,614 
Equity-based compensation116 — 410 — — — — — 410 — — 67 
Forfeiture of restricted common shares(1)— 11 — — (1)(11)—  — — — 
Purchase of treasury stock(28)— — — — (28)(341)— (341)— — — 
Dividends declared and undeclared - preferred stock— — — (9,034)— — — — (9,034)— — — 
Employee advances— — (18)— — — — — (18)— — — 
Redemption value adjustment— — — (5)— — — — (5)— — 5 
Distributions to consolidated noncontrolling interests— — — — — — — — — — — (172)
Foreign currency translation adjustment— — — — (92)— — — (92)— — — 
Net income (loss)— — — 1,309 — — — (288)1,021 — — 155 
Balance at March 31, 2023
3,197 $3 $298,118 $(576,212)$(14)(100)$(1,299)$(121)$(279,525)19,120 $478,000 $1,669 
See Notes to Condensed Consolidated Financial Statements.
5


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Three Months Ended March 31,
20242023
Cash Flows from Operating Activities
Net income (loss)$1,515 $1,176 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization8,509 8,528 
Change in fair value of deferred compensation plan(278)(220)
Equity-based compensation457 489 
Equity in (earnings) loss in unconsolidated entities(36)459 
Deferred tax expense (benefit)1,616 (787)
Change in fair value of contingent consideration(50)780 
(Gain) loss on disposal of assets15 1,017 
Amortization of other assets 166 
Amortization of loan costs276 241 
Realized loss on investment 80 
Other (gain) loss318 (57)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable(7,732)(8,272)
Due from affiliates41 (14)
Due from Ashford Trust7,458 (7,390)
Due from Braemar(5,321)9,237 
Inventories(67)(21)
Prepaid expenses and other195 2,923 
Operating lease right-of-use assets861 999 
Other assets(238)(23)
Accounts payable and accrued expenses(17,565)(19,567)
Due to affiliates789 2 
Due to Ashford Trust (747)
Claims liabilities and other808 2,952 
Operating lease liabilities(961)(994)
Deferred income507 1,600 
Net cash provided by (used in) operating activities(8,883)(7,443)
Cash Flows from Investing Activities
Additions to property and equipment(4,392)(5,126)
Proceeds from sale of property and equipment, net253 25 
Restricted cash acquired in asset acquisition of RHC
 849 
Acquisition of Alii Nui, net of cash acquired (6,702)
Acquisition of noncontrolling interest in consolidated subsidiaries(214) 
Issuance of notes receivable (361)
Net cash provided by (used in) investing activities(4,353)(11,315)
6


Three Months Ended March 31,
20242023
Cash Flows from Financing Activities
Payments for dividends on preferred stock (8,699)
Payments on revolving credit facilities(7,859) 
Borrowings on revolving credit facilities11,025 3 
Proceeds from notes payable650 20,011 
Payments on notes payable(1,609)(1,207)
Payments on finance lease liabilities(109)(101)
Payments of loan costs(19)(52)
Purchase of treasury stock(51)(341)
Employee advances (18)
Payment of contingent consideration(100) 
Contributions from noncontrolling interests, net of issuance costs3,306  
Distributions to noncontrolling interests (172)
Net cash provided by (used in) financing activities5,234 9,424 
Effect of foreign exchange rate changes on cash and cash equivalents57 23 
Net change in cash, cash equivalents and restricted cash(7,945)(9,311)
Cash, cash equivalents and restricted cash at beginning of period75,270 81,448 
Cash, cash equivalents and restricted cash at end of period$67,325 $72,137 
Supplemental Cash Flow Information
Interest paid$4,074 $2,950 
Income taxes paid (refunded), net(292)1,763 
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Alii Nui through issuance of RED Units 2,000 
Capital expenditures accrued but not paid896 378 
Finance lease additions 25 
Settlement of contingent consideration liability401  
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period$52,054 $44,390 
Restricted cash at beginning of period23,216 37,058 
Cash, cash equivalents and restricted cash at beginning of period$75,270 $81,448 
Cash and cash equivalents at end of period$52,364 $37,004 
Restricted cash at end of period14,961 35,133 
Cash, cash equivalents and restricted cash at end of period$67,325 $72,137 
See Notes to Condensed Consolidated Financial Statements.
7

Table of Contents
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. Organization and Description of Business
Ashford Inc. (the “Company,” “we,” “us” or “our”), a Nevada corporation, is an alternative asset management company with a portfolio of strategic operating businesses that provides products and services primarily to clients in the real estate and hospitality industries, including Ashford Hospitality Trust, Inc. (“Ashford Trust”), Braemar Hotels & Resorts Inc. (“Braemar”), Stirling Hotels & Resorts, Inc. (“Stirling”) and our consolidated subsidiary, the Texas Strategic Growth Fund, L.P. (“TSGF L.P.”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”).
We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) insurance policies covering general liability, workers’ compensation, business automobile claims and insurance claims services; (x) debt placement and related services; (xi) real estate advisory and brokerage services; and (xii) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford Hospitality Advisors LLC (“Ashford LLC”), Ashford Hospitality Services LLC (“Ashford Services”), Warwick Insurance Company, LLC (“Warwick”) and their respective subsidiaries.
We are currently the advisor for Ashford Trust, Braemar, Stirling and TSGF L.P. In our capacity as advisor, we are responsible for implementing the investment strategies and managing the day-to-day operations of our clients and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of each client’s respective boards of directors. Ashford Trust is focused on investing in full-service hotels in the upscale and upper upscale segments in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Stirling invests in a diverse portfolio of stabilized income-producing hotels and resorts across all chain scales primarily located in the United States and became our client on December 6, 2023. TSGF L.P. invests in all types of real estate in the state of Texas. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”). Stirling is privately held and Stirling’s subsidiary, Stirling REIT OP, LP (“Stirling OP”), is consolidated by Ashford Trust. TSGF L.P. is a privately held consolidated subsidiary of the Company.
We provide the personnel and services that we believe are necessary for each of our clients to conduct their respective businesses. We may also perform similar functions for new or additional platforms. In our capacity as an advisor, we are not responsible for managing the day-to-day operations of our client’s individual hotel properties, which duties are, and will continue to be, the responsibility of the hotel management companies that operate such hotel properties. Additionally, Remington Lodging & Hospitality, LLC (“Remington”), a subsidiary of the Company, operates certain hotel properties for Ashford Trust, Braemar, Stirling and third parties.
2. Significant Accounting Policies
Basis of Presentation and Principles of Consolidation—The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024.
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ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
A Variable Interest Entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Noncontrolling InterestsThe following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Ashford
Holdings
OpenKey (3)
TSGF L.P. (5)
Ashford Inc. ownership interest98.78 %76.78 %19.10 %
Redeemable noncontrolling interests (1) (2)
1.22 % % %
Noncontrolling interests in consolidated entities %23.22 %80.90 %
100.00 %100.00 %100.00 %
Carrying value of redeemable noncontrolling interests$1,999 n/an/a
Redemption value adjustment, year-to-date7 n/an/a
Redemption value adjustment, cumulative629 n/an/a
Carrying value of noncontrolling interestsn/a(705)11,450 

December 31, 2023
Ashford
Holdings
OpenKey (3)
Pure
Wellness
(4)
TSGF L.P. (5)
Ashford Inc. ownership interest99.49 %76.78 %70.00 %25.29 %
Redeemable noncontrolling interests (1) (2)
0.51 % % % %
Noncontrolling interests in consolidated entities %23.22 %30.00 %74.71 %
100.00 %100.00 %100.00 %100.00 %
Carrying value of redeemable noncontrolling interests$1,972 n/an/a
n/a
Redemption value adjustment, year-to-date9 n/an/a
n/a
Redemption value adjustment, cumulative622 n/an/a
n/a
Carrying value of noncontrolling interestsn/a(537)(127)7,669 
________
(1)    Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value.
(2)    Redeemable noncontrolling interests in Ashford Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest.
(3)    Represents ownership interests in OpenKey, Inc. (“OpenKey”), a consolidated VIE for which we are considered the primary beneficiary. OpenKey is a hospitality-focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms.
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Table of Contents
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
(4)    Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), our wholly owned subsidiary which provides hypoallergenic premium rooms in the hospitality and commercial office industry. On January 1, 2024, we acquired the remaining outstanding shares in Pure Wellness from the previous noncontrolling interest holders for $214,000, increasing our ownership of Pure Wellness from 70% to 100%. Prior to our acquisition of Pure Wellness’ noncontrolling interest, Pure Wellness was a consolidated VIE for which we were considered the primary beneficiary.
(5)    Represents ownership interests in TSGF L.P., a consolidated VIE for which we are considered the primary beneficiary.
Investments—We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests or voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our equity method investments for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its fair value is less than the carrying amount of our investment. No such impairment was recorded during the three months ended March 31, 2024 and 2023.
Our subsidiary TSGF L.P. is accounted for as an investment company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under Financial Accounting Standards Board (“FASB”) ASC 946. TSGF L.P.’s investment is reflected in “investments” in our condensed consolidated balance sheets at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of “other income (expense)” in our condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price). The fair value of TSGF L.P.’s investment as of March 31, 2024 and December 31, 2023 was $5.0 million. See note 7.
We additionally hold an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at March 31, 2024 and December 31, 2023. We account for the investment at fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2024 and 2023. In the event that the assumptions used to determine fair value change in the future, we may be required to record an impairment charge related to this investment.
Our investment in Real Estate Advisory Holdings LLC (“REA Holdings”) is accounted for under the equity method as we have significant influence over the voting interest entity. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands):
March 31, 2024December 31, 2023
Carrying value of the investment in REA Holdings$2,416 $2,370 
Ownership interest in REA Holdings30 %30 %
The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands):
Three Months Ended March 31,
20242023
Equity in earnings (loss) in unconsolidated entities REA Holdings$46 $(459)
The Company additionally holds various investments which are individually immaterial that are accounted for under the equity method. As of March 31, 2024 and December 31, 2023, the combined carrying value of these equity method investments was $1.4 million and $1.4 million, respectively.
Use of Estimates—The preparation of these condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
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Table of Contents
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Restricted CashRestricted cash was comprised of the following (in thousands):
March 31, 2024December 31, 2023
Advisory:
Insurance claim reserves (1)
$11,969 $18,947 
Remington:
Managed hotel properties’ reserves (2)
1,172 2,508 
Insurance claim reserves (3)
1,820 1,761 
Total Remington restricted cash2,992 4,269 
Total restricted cash$14,961 $23,216 
________
(1)    Prior to the incorporation of Warwick, Ashford Inc. collected funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds were deposited into restricted cash and are used to pay casualty claims as incurred. The claim liability related to the restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets.
(2)    Cash received from hotel properties managed by Remington is used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable which is presented net within “due to/from Ashford Trust”, “due from Braemar” and “due to/from affiliates” in our condensed consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses” in our condensed consolidated balance sheets.
(3)    Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets.
Accounts Receivable—Accounts receivable consists primarily of receivables from customers of audio visual services and third-party owned properties managed by Remington. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is maintained at a level adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions and other relevant factors, including specific reserves for certain accounts. As of March 31, 2024 and December 31, 2023, the allowance for doubtful accounts was $2.1 million and $2.1 million, respectively.
Notes ReceivableNotes receivable were comprised of the following (in thousands):
March 31, 2024December 31, 2023
Remington note receivable (1)
$525 $525 
Ashford LLC note receivable (2)
1,104 1,082 
REA Holdings affiliate (3)
861 845 
Other
233 245 
Total notes receivable$2,723 $2,697 
________
(1)    Remington holds a note receivable from a third party. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. As of March 31, 2024 and December 31, 2023, the outstanding principal balance is included in “prepaid expenses and other” in our condensed consolidated balance sheets.
(2)    Ashford LLC holds a note receivable from a third party. The note bears interest at 8% per annum, compounding annually. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date of November 11, 2026. The note receivable is recorded in “other assets, net” in our condensed consolidated balance sheet.
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ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
(3)    On April 3, 2023, the Company entered into a note receivable with an affiliate of REA Holdings. Principal plus any accrued interest is due to the Company on demand or, in the absence of any demand, 24 months. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date. The interest rate on the note receivable is 7.5% per annum. The note receivable is recorded in “prepaid expenses and other” in our condensed consolidated balance sheet.
Property and Equipment, Net—Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. As of March 31, 2024 and December 31, 2023, property and equipment, net of accumulated depreciation, included ERFP assets of $1.6 million and $1.7 million, audio visual equipment at INSPIRE of $15.3 million and $15.6 million and marine vessels at RED of $25.6 million and $25.0 million, respectively.
Claims Liabilities and Other—As of March 31, 2024 and December 31, 2023, claims liabilities and other included reserves in the amount of $27.3 million and $26.8 million for Warwick and Ashford LLC’s liabilities, respectively, for case-basis estimates of reported losses and incurred but not reported (“IBNR”) losses primarily from general liability and workers’ compensation which are calculated based upon loss projections utilizing industry data. In establishing its liability for losses and loss adjustment expenses, the Company utilizes the findings of an independent consulting actuary. An estimate of ultimate losses and loss expenses is projected at each reporting date. IBNR reserves are derived from the difference between projected ultimate losses and loss expenses incurred. Actuarial methodologies used by the consulting actuary include the Bornhuetter Ferguson, loss development, case reserve development, and pure premium methods. As adjustments to these estimates become necessary, such adjustments are reflected in “other” operating expenses in our condensed consolidated statements of operations.
As of March 31, 2024 and December 31, 2023, claims liabilities and other additionally included $2.0 million and $1.7 million, respectively, relating to reserves for Remington health insurance claims. As of March 31, 2024, claims liabilities and other also included the current portion of the contingent consideration liabilities of $499,000 and $1.2 million from the Company’s acquisitions of Alii Nui and Maui Dive Shop (“Alii Nui”) and Chesapeake Hospitality (“Chesapeake”), respectively. As of December 31, 2023, claims liabilities and other also included the current portion of the contingent consideration liabilities of $1.0 million and $1.3 million from the Company’s acquisitions of Alii Nui and Chesapeake, respectively. See note 7.
Other Liabilities—As of March 31, 2024 and December 31, 2023, other liabilities included the noncurrent portion of the contingent consideration liability of $1.6 million and $1.6 million from the Company’s acquisition of Chesapeake, respectively. See note 7. As of March 31, 2024 and December 31, 2023, other liabilities also included an uncertain tax position of $996,000 and $978,000, respectively.
Revenue Recognition—See note 3.
Income Taxes—We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.
ASC 740 “Income Taxes” addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities in Mexico, the Dominican Republic, the U.S. Virgin Islands, and beginning in 2023, additionally, Aruba, Puerto Rico and Costa Rica. Tax years 2019 through 2023 remain subject to potential examination by federal and certain state taxing authorities.
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Table of Contents
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Recently Adopted Accounting Standards—In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) and Derivatives