Determining the estimated fair values of certain financial instruments such as indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled.


	September 30, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:



Derivative assets	$	379	$	379	$	56	$	56


Financial assets not measured at fair value (1):
Cash and cash equivalents	$	99,479	$	99,479	$	124,354	$	124,354
Restricted cash	48,598		48,598		42,479		42,479
Accounts receivable, net	26,729		26,729		32,843		32,843

Note receivable	9,359		9,359		8,896		8,896



Due from third-party hotel managers	16,508		16,508		17,088		17,088
Financial liabilities not measured at fair value (1):
Indebtedness	$	624,414	$	624,414	$	1,112,741	$	1,113,025
Accounts payable and accrued expenses	139,607		139,607		142,123		142,123
Redeemable preferred stock redemptions payable	63,480		63,480		30,864		30,864
Dividends and distributions payable	3,780		3,780		7,672		7,672

Due to Ashford Inc., net	179,333		179,333		5,148		5,148
Due to related parties, net	—		—		257		257
Due to third-party hotel managers	625		625		1,467		1,467

Cash, cash equivalents and restricted cash. These financial assets have maturities of less than 90 days and most bear interest at market rates. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.

Accounts receivable, net, due to/from related parties, net, accounts payable and accrued expenses, redeemable preferred stock redemptions payable, dividends and distributions payable, due to Ashford Inc. and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique.

Indebtedness. Fair value of indebtedness is determined using the loan terms, collateral value and financial data such as loan-to-value ratios, debt service coverage ratios, and interest rates for comparable loans. We estimated the fair value of the total indebtedness to be approximately 100.0% of the carrying value of $624.4 million as of September 30, 2026, and approximately 100.0% of the carrying value of $1.1 billion as of December 31, 2025. These fair value estimates are considered a Level 2 valuation technique.