v3.26.1
Summary of Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2026December 31, 2025
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets measured at fair value:
Derivative assets$1,256 $1,256 $410 $410 
Financial assets not measured at fair value (1):
Cash and cash equivalents
$74,955 $74,955 $66,816 $66,816 
Restricted cash
136,985 136,985 149,580 149,580 
Accounts receivable, net
41,109 41,109 32,879 32,879 
Notes receivable, net12,880 12,880 12,187 
12,187
Due from related parties, net 178 178 — — 
Due from third-party hotel managers
24,240 24,240 25,667 25,667 
Financial liabilities not measured at fair value (1):
Indebtedness
$1,987,282 $1,987,680 $2,565,214 $2,565,117 
Debt associated with hotels in receivership273,971 231,509 294,771 251,143 
Accounts payable and accrued expenses
119,120 119,120 125,817 125,817 
Accrued interest payable
31,508 31,508 12,530 12,530 
Accrued interest associated with hotels in receivership94,327 94,327 84,155 84,155 
Dividends and distributions payable4,247 4,247 4,247 4,247 
Due to Ashford Inc., net
53,360 53,360 40,708 40,708 
Due to related parties, net
— — 1,958 1,958 
Due to third-party hotel managers1,157 1,157 882 882 
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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of June 30, 2026 and December 31, 2025.