Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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


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

Derivative assets	$	25,493	$	25,493	$	47,182	$	47,182

Financial liabilities measured at fair value:
Embedded debt derivative	$	23,096	$	23,096	$	23,687	$	23,687

Financial assets not measured at fair value:
Cash and cash equivalents (1)	$	184,737	$	184,737	$	417,064	$	417,064
Restricted cash (1)	172,182		172,182		141,962		141,962
Accounts receivable, net (1)	73,940		73,940		49,809		49,809
Notes receivable, net	5,934		5,637 to 6,230		5,062		4,809 to 5,315
Due from Ashford Inc., net	—		—		486		486
Due from related parties, net (1)	4,404		4,404		6,570		6,570
Due from third-party hotel managers	24,145		24,145		22,462		22,462

Financial liabilities not measured at fair value:
Indebtedness (1)	$	3,624,259	$3,329,331 to $3,679,785		$	3,815,023	$3,500,635 to $3,869,122
Accounts payable and accrued expenses (1)	153,719		153,719		115,970		115,970
Accrued interest payable (1)	25,281		25,281		15,287		15,287
Dividends and distributions payable	3,568		3,568		3,118		3,118
Due to Ashford Inc., net (1)	9,019		9,019		—		—


Due to third-party hotel managers	1,134		1,134		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 September 30, 2023.