v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investments in hotel properties, gross ($82,787 and $82,787 attributable to VIEs) $ 2,617,922 $ 3,069,016
Accumulated depreciation ($(6,594) and $(5,558) attributable to VIEs) (810,924) (983,772)
Investments in hotel properties, net ($76,193 and $77,229 attributable to VIEs) 1,806,998 2,085,244
Contract asset 335,979 355,138
Cash and cash equivalents ($1,011 and $468 attributable to VIEs) 78,042 66,145
Restricted cash ($4,203 and $4,731 attributable to VIEs) 141,203 149,580
Accounts receivable ($170 and $143 attributable to VIEs), net of allowance of $435 and $424, respectively 43,426 32,752
Inventories ($34 and $44 attributable to VIEs) 3,106 3,598
Notes receivable, net 12,486 12,187
Investments in unconsolidated entities 7,063 7,265
Deferred costs, net ($79 and $80 attributable to VIEs) 1,210 1,529
Derivative assets 1,212 410
Operating lease right-of-use assets 41,035 43,582
Prepaid expenses and other assets ($153 and $40 attributable to VIEs) 53,235 32,057
Assets held for sale 55,779 18,478
Total assets 2,605,309 2,833,632
Liabilities:    
Indebtedness, net ($15,910 and $15,961 attributable to VIEs) 2,287,163 2,526,608
Debt associated with hotels in receivership 252,000 272,800
Finance lease liability 17,417 17,536
Accounts payable and accrued expenses ($15,427 and $15,534 attributable to VIEs) 140,837 123,773
Accrued interest payable ($151 and $152 attributable to VIEs) 31,787 13,993
Accrued interest associated with hotels in receivership 83,979 82,338
Dividends and distributions payable 4,247 4,247
Operating lease liabilities 44,042 44,045
Other liabilities ($28,919 and $28,897 attributable to VIEs) 36,695 36,768
Liabilities related to assets held for sale 66,613 41,292
Total liabilities 3,044,043 3,206,874
Commitments and contingencies (note $14)
Redeemable noncontrolling interests in operating partnership 19,945 20,516
Equity (deficit):    
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 65 65
Additional paid-in capital 2,402,044 2,402,015
Accumulated deficit (3,097,325) (3,028,489)
Total stockholders’ equity (deficit) of the Company (695,159) (626,352)
Noncontrolling interest in consolidated entities 14,856 15,511
Total equity (deficit) (680,303) (610,841)
Total liabilities and equity/deficit 2,605,309 2,833,632
Ashford, Inc.    
Liabilities:    
Other accounts payable 65,638 40,643
Related Party    
Liabilities:    
Other accounts payable 12,319 1,949
Nonrelated Party    
ASSETS    
Due from third-party hotel managers 24,535 25,667
Liabilities:    
Other accounts payable 1,306 882
Preferred Stock, Series J    
Liabilities:    
Redeemable preferred stock 183,655 179,818
Preferred Stock, Series K    
Liabilities:    
Redeemable preferred stock 18,591 18,215
Preferred Stock, Series L    
Liabilities:    
Redeemable preferred stock 5,547 5,484
Preferred Stock, Series M    
Liabilities:    
Redeemable preferred stock 13,831 13,566
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