v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Cash Flows from Operating Activities    
Net income (loss) $ (65,457) $ (22,198)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 32,006 37,339
Impairment charges 112,649 0
Amortization of intangibles (96) (39)
Recognition of deferred income (102) (72)
Bad debt expense 375 397
Deferred income tax expense (benefit) (39) (34)
Equity in (earnings) loss of unconsolidated entities 202 431
(Gain) loss on disposition of assets and hotel properties (100,030) (31,868)
(Gain) loss on derecognition of assets (7,790) (10,046)
(Gain) loss on extinguishment of debt 25 13
Realized and unrealized (gain) loss on derivatives (757) 2,740
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 5,291 9,563
Equity-based compensation 28 (54)
Gain on sale of historical tax credits (3,223) 0
Interest income paid-in-kind 394 393
Interest expense paid-in-kind 222 0
Changes in operating assets and liabilities, exclusive of the effect of dispositions of assets and hotel properties:    
Accounts receivable and inventories (13,582) (12,562)
Prepaid expenses and other assets 2,625 (2,342)
Accounts payable and accrued expenses and accrued interest payable 27,036 796
Accrued interest associated with hotels in receivership 7,820 10,046
Due to/from related parties 10,709 1,682
Due to/from third-party hotel managers 1,556 (245)
Due to/from Ashford Inc., net 20,395 (8,144)
Operating lease liabilities (3) (107)
Operating lease right-of-use assets 60 105
Other liabilities (3) 0
Net cash provided by (used in) operating activities 29,523 (24,992)
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (16,962) (19,851)
Net proceeds from disposition of assets and hotel properties 209,153 119,204
Net proceeds from sale of historical tax credits 3,223 0
Payments for initial franchise fees 0 (66)
Proceeds from notes receivable 95 0
Proceeds from property insurance 1,624 213
Net cash provided by (used in) investing activities 197,133 99,500
Cash Flows from Financing Activities    
Borrowings on indebtedness 0 471,562
Repayments of indebtedness (218,353) (523,535)
Payments for loan costs and exit fees (3,460) (33,591)
Payments for dividends and distributions 0 (5,647)
Purchases of common stock (2) 0
Redemption of operating partnership units (2) 0
Payments for derivatives (45) (4,342)
Proceeds from derivatives 0 1,876
Proceeds from preferred stock offerings 0 23,709
Costs for issuances of common shares (59) 0
Payments on finance lease liabilities (119) (89)
Issuance of Stirling OP common units 0 51
Net cash provided by (used in) financing activities (222,040) (70,006)
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) 4,616 4,502
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 216,396 220,475
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 221,012 224,977
Supplemental Cash Flow Information    
Interest paid 51,267 54,507
Income taxes paid (refunded) (1,050) (15)
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 47,830 11,958
Receivable of net proceeds from disposition of hotel property 24,147 0
Non-cash preferred stock dividends 0 913
Unsettled proceeds from derivatives 0 88
Dividends and distributions declared but not paid 4,247 4,125
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 66,145 112,907
Restricted cash at beginning of period 149,580 99,695
Cash, cash equivalents and restricted cash at beginning of period 215,725 212,602
Cash and cash equivalents at beginning of period included in assets held for sale 671 15
Restricted cash at beginning of period included in assets held for sale 0 7,858
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 216,396 220,475
Cash and cash equivalents at end of period 78,042 85,787
Restricted cash at end of period 141,203 139,190
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 219,245 224,977
Cash and cash equivalents at end of period included in assets held for sale 1,767 0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 221,012 $ 224,977