v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) $ 3,069,016 $ 3,350,086
Accumulated depreciation ($(5,558) and $(30,365) attributable to VIEs) (983,772) (1,030,879)
Investments in hotel properties, net ($77,229 and $129,012 attributable to VIEs) 2,085,244 2,319,207
Contract asset 355,138 366,671
Cash and cash equivalents ($468 and $7,286 attributable to VIEs) 66,145 112,907
Restricted cash ($4,731 and $3,430 attributable to VIEs) 149,580 99,695
Accounts receivable ($143 and $614 attributable to VIEs), net of allowance of $424 and $435, respectively 32,752 35,579
Inventories ($44 and $57 attributable to VIEs) 3,598 3,631
Notes receivable, net 12,187 10,565
Investments in unconsolidated entities 7,265 7,590
Deferred costs, net ($80 and $181 attributable to VIEs) 1,529 1,788
Derivative assets 410 2,594
Operating lease right-of-use assets 43,582 43,780
Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) 32,057 39,144
Assets held for sale 18,478 96,628
Total assets 2,833,632 3,160,985
Liabilities:    
Indebtedness, net ($15,961 and $65,548 attributable to VIEs) 2,526,608 2,629,289
Debt associated with hotels in receivership 272,800 314,640
Finance lease liability 17,536 17,992
Accounts payable and accrued expenses ($15,534 and $19,963 attributable to VIEs) 123,773 137,506
Accrued interest payable ($152 and $230 attributable to VIEs) 13,993 10,212
Accrued interest associated with hotels in receivership 82,338 52,031
Dividends and distributions payable ($0 and $1 attributable to VIEs) 4,247 3,952
Operating lease liabilities 44,045 44,369
Other liabilities ($28,897 and $28,784 attributable to VIEs) 36,768 34,011
Liabilities related to assets held for sale 41,292 99,139
Total liabilities 3,206,874 3,372,771
Commitments and contingencies (note $18)
Redeemable noncontrolling interests in operating partnership 20,516 22,509
Equity (deficit):    
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 65 56
Additional paid-in capital 2,402,015 2,392,518
Accumulated deficit (3,028,489) (2,811,868)
Total stockholders’ equity (deficit) of the Company (626,352) (419,237)
Noncontrolling interest in consolidated entities 15,511 13,402
Total equity (deficit) (610,841) (405,835)
Total liabilities and equity/deficit 2,833,632 3,160,985
Ashford, Inc.    
Liabilities:    
Other accounts payable 40,643 25,635
Related Party    
Liabilities:    
Other accounts payable 1,949 2,850
Nonrelated Party    
ASSETS    
Due from third-party hotel managers 25,667 21,206
Liabilities:    
Other accounts payable 882 1,145
Preferred Stock, Series J    
Liabilities:    
Redeemable preferred stock 179,818 156,671
Preferred Stock, Series K    
Liabilities:    
Redeemable preferred stock 18,215 14,869
Preferred Stock, Series L    
Liabilities:    
Redeemable preferred stock 5,484 0
Preferred Stock, Series M    
Liabilities:    
Redeemable preferred stock 13,566 0
Preferred Stock, Series D    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 11 11
Preferred Stock, Series F    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series G    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 15 15
Preferred Stock, Series H    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series I    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: $ 11 $ 11