v3.26.1
Summary of Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
March 31, 2026December 31, 2025
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets measured at fair value:
Derivative assets$1,212 $1,212 $410 $410 
Financial assets not measured at fair value (1):
Cash and cash equivalents
$79,809 $79,809 $66,816 $66,816 
Restricted cash
141,203 141,203 149,580 149,580 
Accounts receivable, net
44,662 44,662 32,879 32,879 
Notes receivable, net12,486 12,486 12,187 
12,187
Due from third-party hotel managers
24,535 24,535 25,667 25,667 
Financial liabilities not measured at fair value (1):
Indebtedness
$2,369,044 $2,369,377 $2,587,185 $2,587,088 
Indebtedness associated with hotels in receivership252,000 209,538 272,800 229,172 
Accounts payable and accrued expenses
144,447 144,447 125,817 125,817 
Accrued interest payable
32,183 32,183 14,347 14,347 
Accrued interest associated with hotels in receivership83,979 83,979 82,338 82,338 
Dividends and distributions payable4,247 4,247 4,247 4,247 
Due to Ashford Inc., net
65,914 65,914 40,708 40,708 
Due to related parties, net
12,667 12,667 1,958 1,958 
Due to third-party hotel managers1,306 1,306 882 882 
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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of March 31, 2026 and December 31, 2025.