v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income (loss) $ (188,159) $ (65,011) $ (180,734)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 141,295 152,776 187,807
Impairment charges 67,648 59,331 0
Amortization of intangibles (1,148) (158) (95)
Recognition of deferred income (432) (271) (820)
Bad debt expense 2,099 2,254 3,602
Deferred income tax expense (benefit) (242) 11 (28)
Equity in (earnings) loss of unconsolidated entities 325 2,370 1,134
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (79,799) (94,406) (11,488)
(Gain) loss on derecognition of assets (39,054) (167,177) 0
(Gain) loss on extinguishment of debt (335) (2,774) (53,386)
Realized and unrealized (gain) loss on derivatives 5,346 6,480 2,200
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 22,956 19,421 28,203
Amortization of deferred franchise fees 0 0 34
Write-off of deferred franchise fees 0 0 20
Equity-based compensation (761) 2,097 4,027
Non-cash interest income (1,596) (1,326) (821)
Changes in operating assets and liabilities, exclusive of the effect of the consolidation of VIE and disposition of asset and hotel properties and derecognition of assets:      
Accounts receivable and inventories 537 1,641 (7,330)
Prepaid expenses and other assets 7,185 (1,714) (1,648)
Accounts payable and accrued expenses and accrued interest payable 3,103 9,305 4,355
Accrued interest associated with hotels in receivership 39,038 42,509 14,024
Due to/from related parties (892) (3,037) 11,241
Due to/from third-party hotel managers (4,326) (1,931) (789)
Due to/from Ashford Inc., net 8,509 14,253 14,896
Operating lease liabilities (324) (394) 104
Operating lease right-of-use assets 321 387 (111)
Other liabilities 3,038 1,772 (7)
Net cash provided by (used in) operating activities (15,668) (23,592) 14,390
Cash Flows from Investing Activities      
Improvements and additions to hotel properties (71,150) (108,013) (137,428)
Net proceeds from disposition of assets and hotel properties 242,437 300,022 29,214
Net proceeds from sale of historical tax credits 18,761 0 0
Payments for initial franchise fees 0 (200) (599)
Proceeds from notes receivable 0 2,512 5,250
Issuance of note receivable (26) (4,490) (6,868)
Proceeds from property insurance 734 1,452 2,478
Restricted cash received from initial consolidation of VIE 0 0 18,201
Net cash provided by (used in) investing activities 190,756 191,283 (89,752)
Cash Flows from Financing Activities      
Borrowings on indebtedness 560,407 63,793 134,802
Repayments of indebtedness (709,174) (388,339) (396,947)
Payments for loan costs and exit fees (50,311) (20,941) (13,220)
Payments for dividends and distributions (23,957) (20,365) (14,943)
Purchases of common stock (44) (49) (90)
Redemption of preferred stock 0 0 (78)
Payments for derivatives (5,120) (16,286) (28,256)
Proceeds from derivatives 3,038 27,805 59,351
Proceeds from common stock offerings 0 8,783 1,031
Proceeds from preferred stock offerings 39,708 84,843 79,564
Costs for issuances of common shares (143) 0 0
Payments on finance lease liabilities (456) (477) (249)
Issuance of Stirling OP common units 56 129 0
Redemption of Stirling OP common units (685) 0 0
Contributions from noncontrolling interests 7,514 4,866 6,905
Distributions to noncontrolling interest in consolidated entities 0 (2,512) 0
Net cash provided by (used in) financing activities (179,167) (258,750) (172,130)
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) (4,079) (91,059) (247,492)
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534 559,026
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 216,396 220,475 311,534
Supplemental Cash Flow Information      
Interest paid 224,299 268,778 325,420
Income taxes paid (refunded) (1,954) (287) (2,644)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 31,144 15,244 22,460
Non-cash extinguishment of debt 0 8,881 154,192
Non-cash loan principal associated with default interest and late charges 14,080 0 0
Non-cash extinguishment of preferred stock 0 14,581 7,724
Issuance of common stock from preferred stock exchanges 0 8,317 4,334
Non-cash preferred stock dividends 3,958 1,940 387
Unsettled proceeds from derivatives 0 179 1,674
Non-cash derecognition of assets 0 231,645 0
Dividends and distributions declared but not paid 4,247 3,952 3,566
Contribution from Stirling Advisor 5,303 0 0
Assumption of debt from consolidation of VIE 0 0 35,052
Assumption of other finance liability from consolidation of VIE 0 0 26,729
Acquisition of hotel property from consolidation of VIE 0 0 61,100
Non-cash distributions to non-controlling interest 0 0 588
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 112,907 165,231 417,064
Restricted cash at beginning of period 99,695 146,079 141,962
Cash, cash equivalents and restricted cash at beginning of period 212,602 311,310 559,026
Cash and cash equivalents at beginning of period included in assets held for sale 15 1 0
Restricted cash at beginning of period included in assets held for sale 7,858 223 0
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534 559,026
Cash and cash equivalents at end of period 66,145 112,907 165,231
Restricted cash at end of period 149,580 99,695 146,079
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 215,725 212,602 311,310
Cash and cash equivalents at end of period included in assets held for sale 671 15 1
Restricted cash at end of period included in assets held for sale 0 7,858 223
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 216,396 $ 220,475 $ 311,534