Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):


	June 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:

Derivative assets	$	11,132	$	11,132	$	501	$	501

Financial liabilities measured at fair value:
Embedded debt derivative	$	23,997	$	23,997	$	27,906	$	27,906

Financial assets not measured at fair value:
Cash and cash equivalents (1)	$	538,406	$	538,406	$	592,110	$	592,110
Restricted cash (1)	126,555		126,555		99,534		99,534
Accounts receivable, net (1)	57,206		57,206		37,720		37,720
Notes receivable, net	4,889		4,645 to 5,134		8,723		8,287 to 9,159
Due from Ashford Inc., net	—		—		25		25
Due from related parties, net	6,232		6,232		7,473		7,473
Due from third-party hotel managers	24,684		24,684		26,896		26,896

Financial liabilities not measured at fair value:
Indebtedness (1)	$	3,845,578	$3,475,706 to $3,841,566		$	3,851,845	$3,407,210 to $3,765,858
Accounts payable and accrued expenses (1)	132,975		132,975		117,650		117,650
Accrued interest payable (1)	11,068		11,068		15,432		15,432
Dividends and distributions payable	3,104		3,104		3,104		3,104
Due to Ashford Inc., net	1,123		1,123		—		—

Due to related parties, net	—		—		728		728
Due to third-party hotel managers	1,498		1,498		1,204		1,204

____________________________________

(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of June 30, 2022.