Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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


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

Derivative assets	$	13,696	$	13,696	$	47,182	$	47,182

Financial liabilities measured at fair value:
Embedded debt derivative	$	23,696	$	23,696	$	23,687	$	23,687

Financial assets not measured at fair value:
Cash and cash equivalents (1)	$	165,232	$	165,232	$	417,064	$	417,064
Restricted cash (1)	146,302		146,302		141,962		141,962
Accounts receivable, net (1)	45,692		45,692		49,809		49,809
Notes receivable, net	7,369		7,369		5,062		5,062
Due from Ashford Inc., net	—		—		486		486
Due from related parties, net	—		—		6,570		6,570
Due from third-party hotel managers (1)	21,681		21,681		22,462		22,462

Financial liabilities not measured at fair value:
Indebtedness (1)	$	3,393,259	$3,249,657		$	3,815,023	$3,684,879
Accounts payable and accrued expenses (1)	129,554		129,554		115,970		115,970
Accrued interest payable (1)	27,064		27,064		15,287		15,287
Dividends and distributions payable	3,566		3,566		3,118		3,118
Due to Ashford Inc., net (1)	13,262		13,262		—		—

Due to related parties, net	5,874		5,874		—		—
Due to third-party hotel managers	1,193		1,193		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 December 31, 2023.