v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in hotel properties, gross ($82,787 and $82,787 attributable to VIEs) $ 2,291,237 $ 3,069,016
Accumulated depreciation ($(7,631) and $(5,558) attributable to VIEs) (747,916) (983,772)
Investments in hotel properties, net ($75,156 and $77,229 attributable to VIEs) 1,543,321 2,085,244
Contract asset 368,298 355,138
Cash and cash equivalents ($1,563 and $468 attributable to VIEs) 72,510 66,145
Restricted cash ($4,260 and $4,731 attributable to VIEs) 136,985 149,580
Accounts receivable ($220 and $143 attributable to VIEs), net of allowance of $213 and $424, respectively 38,883 32,752
Inventories ($24 and $44 attributable to VIEs) 2,672 3,598
Notes receivable, net 12,880 12,187
Investments in unconsolidated entities 7,110 7,265
Deferred costs, net ($79 and $80 attributable to VIEs) 837 1,529
Derivative assets 1,256 410
Operating lease right-of-use assets 37,283 43,582
Prepaid expenses and other assets ($107 and $40 attributable to VIEs) 17,124 32,057
Assets held for sale 70,071 18,478
Total assets 2,334,450 2,833,632
Liabilities:    
Indebtedness, net ($15,586 and $15,961 attributable to VIEs) 1,905,747 2,504,637
Debt associated with hotels in receivership 273,971 294,771
Finance lease liability 17,258 17,536
Accounts payable and accrued expenses ($15,773 and $15,534 attributable to VIEs) 114,368 123,773
Accrued interest payable ($146 and $152 attributable to VIEs) 31,224 12,176
Accrued interest associated with hotels in receivership 94,327 84,155
Dividends and distributions payable 4,247 4,247
Operating lease liabilities 37,676 44,045
Other liabilities ($28,942 and $28,897 attributable to VIEs) 36,624 36,768
Liabilities related to assets held for sale 74,813 41,292
Total liabilities 2,643,964 3,206,874
Commitments and contingencies (note $14)
Redeemable noncontrolling interests in operating partnership 20,800 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 June 30, 2026 and December 31, 2025, respectively 65 65
Additional paid-in capital 2,402,052 2,402,015
Accumulated deficit (2,973,059) (3,028,489)
Total stockholders’ equity (deficit) of the Company (570,885) (626,352)
Noncontrolling interest in consolidated entities 14,347 15,511
Total equity (deficit) (556,538) (610,841)
Total liabilities and equity/deficit 2,334,450 2,833,632
Ashford, Inc.    
Liabilities:    
Other accounts payable 52,552 40,643
Related Party    
ASSETS    
Due from related parties, net and third-party hotel managers 980 0
Liabilities:    
Other accounts payable 0 1,949
Nonrelated Party    
ASSETS    
Due from related parties, net and third-party hotel managers 24,240 25,667
Liabilities:    
Other accounts payable 1,157 882
Preferred Stock, Series J    
Liabilities:    
Series L Preferred Stock 187,498 179,818
Preferred Stock, Series K    
Liabilities:    
Series L Preferred Stock 18,972 18,215
Preferred Stock, Series L    
Liabilities:    
Series L Preferred Stock 5,658 5,484
Preferred Stock, Series M    
Liabilities:    
Series L Preferred Stock 14,096 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