Summary of Fair Value of Financial Instruments (Tables)

The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):


	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

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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of September 30, 2026.