Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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


	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:

Derivative assets	$	36,532	$	36,532	$	47,182	$	47,182

Financial liabilities measured at fair value:
Embedded debt derivative	$	22,660	$	22,660	$	23,687	$	23,687

Financial assets not measured at fair value:
Cash and cash equivalents (1)	$	254,060	$	254,060	$	417,064	$	417,064
Restricted cash	167,473		167,473		141,962		141,962
Accounts receivable, net (1)	58,382		58,382		49,809		49,809
Notes receivable, net	5,241		4,979 to 5,503		5,062		4,809 to 5,315
Due from Ashford Inc., net	—		—		486		486
Due from related parties, net	2,731		2,731		6,570		6,570
Due from third-party hotel managers	19,035		19,035		22,462		22,462

Financial liabilities not measured at fair value:
Indebtedness	$	3,701,087	$3,374,340 to $3,729,533		$	3,815,023	$3,500,635 to $3,869,122
Accounts payable and accrued expenses (1)	134,773		134,773		115,970		115,970
Accrued interest payable	15,602		15,602		15,287		15,287
Dividends and distributions payable	3,378		3,378		3,118		3,118
Due to Ashford Inc., net (1)	8,030		8,030		—		—


Due to third-party hotel managers	1,459		1,459		1,319		1,319

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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, 2023.