v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 63,924 $ (54,637)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 60,634 72,615
Impairment charges 112,649 1,447
Amortization of intangibles (135) (77)
Recognition of deferred income (204) (144)
Bad debt expense 477 902
Deferred income tax expense (benefit) (28) (33)
Equity in (earnings) loss of unconsolidated entities 155 387
(Gain) loss on disposition of assets and hotel properties (250,076) (38,552)
(Gain) loss on derecognition of assets (14,618) (19,946)
(Gain) loss on extinguishment of debt 1,975 15
Realized and unrealized (gain) loss on derivatives (801) 3,576
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 10,107 17,704
Equity-based compensation 56 167
Gain on sale of historical tax credits (3,223) 0
Interest income paid-in-kind (788) (790)
Interest expense paid-in-kind 450 0
Changes in operating assets and liabilities, exclusive of the effect of dispositions of assets and hotel properties and derecognition of assets:    
Accounts receivable and inventories (9,996) (13,384)
Prepaid expenses and other assets 11,992 5,879
Accounts payable and accrued expenses and accrued interest payable 12,316 13,275
Accrued interest associated with hotels in receivership 18,169 19,946
Due to/from related parties (2,130) (57)
Due to/from third-party hotel managers 1,702 47
Due to/from Ashford Inc., net 9,473 (16,986)
Operating lease liabilities (125) (213)
Operating lease right-of-use assets 173 214
Other liabilities (4) (3)
Net cash provided by (used in) operating activities 22,124 (8,648)
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (37,643) (39,767)
Net proceeds from disposition of assets and hotel properties 592,771 126,404
Net proceeds from sale of historical tax credits 3,223 18,761
Proceeds from notes receivable 95 0
Issuance of note receivable 0 (27)
Proceeds from property insurance 2,103 449
Cash removed on derecognition of hotel property (4,709) 0
Net cash provided by (used in) investing activities 555,840 105,820
Cash Flows from Financing Activities    
Borrowings on indebtedness 0 506,747
Repayments of indebtedness (578,081) (542,293)
Payments for loan costs and exit fees (3,765) (42,118)
Payments for dividends and distributions 0 (11,614)
Purchases of common stock (2) (4)
Redemption of operating partnership units (2) 0
Payments for derivatives (45) (4,783)
Proceeds from derivatives 0 2,356
Proceeds from preferred stock offerings 0 28,146
Costs for issuances of common shares (79) 0
Payments on finance lease liabilities (278) (221)
Issuance of Stirling OP common units 0 51
Contributions from noncontrolling interests 0 1,941
Distributions to noncontrolling interests (168) 0
Net cash provided by (used in) financing activities (582,420) (61,792)
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) (4,456) 35,380
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) 211,940 255,855
Supplemental Cash Flow Information    
Interest paid 101,654 111,712
Income taxes paid (refunded) (1,525) (1,773)
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 39,889 9,292
Non-cash loan principal associated with default interest and late charges 0 4,826
Non-cash preferred stock dividends 0 1,912
Unsettled proceeds from derivatives 0 80
Non-cash derecognition of assets 25,491 0
Dividends and distributions declared but not paid 4,247 4,166
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 72,510 99,965
Restricted cash at end of period 136,985 153,870
Cash, cash equivalents and restricted cash at end of period 209,495 253,835
Cash and cash equivalents at end of period included in assets held for sale 2,445 1,310
Restricted cash at end of period included in assets held for sale 0 710
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 211,940 $ 255,855