Determining the estimated fair values of certain financial instruments such as indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled.


	March 31, 2025				December 31, 2024
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:


Investment in securities	$	42,394	$	42,394	$	41,535	$	41,535
Derivative assets	478		478		356		356


Financial assets not measured at fair value:
Cash and cash equivalents	$	81,689	$	81,689	$	135,465	$	135,465
Restricted cash	54,546		54,546		49,592		49,592
Accounts receivable, net	39,899		39,899		31,754		31,754

Note receivable	8,434		8,434		8,283		8,283



Due from third-party hotel managers	25,462		25,462		22,873		22,873
Financial liabilities not measured at fair value:
Indebtedness	$	1,219,984	$	1,218,557	$	1,222,003	$	1,207,420
Accounts payable and accrued expenses	136,090		136,090		143,566		143,566
Dividends and distributions payable	8,692		8,692		9,255		9,255

Due to Ashford Inc., net	3,511		3,511		4,267		4,267
Due to related parties, net	1,700		1,700		1,055		1,055
Due to third-party hotel managers	2,389		2,389		1,476		1,476

Cash, cash equivalents and restricted cash. These financial assets have maturities of less than 90 days and most bear interest at market rates. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.

Accounts receivable, net, due to/from related parties, net, accounts payable and accrued expenses, dividends and distributions payable, due to Ashford Inc and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique.

Note receivable. The carrying amount of note receivable approximates its fair value. We estimate the fair value of the note receivable to approximate the carrying value of $8.4 million as of March 31, 2025 and the carrying value of $8.3 million as of December 31, 2024. This is considered a Level 2 valuation technique.

Indebtedness, net. Fair value of indebtedness is determined using the loan terms, collateral value and financial data such as loan-to-value ratios, debt service coverage ratios, and interest rates for comparable loans. We estimated the fair value of the total indebtedness to be approximately 99.9% of the carrying value of $1.2 billion as of March 31, 2025, and approximately 98.8% of the carrying value of $1.2 billion as of December 31, 2024. These fair value estimates are considered a Level 2 valuation technique.