XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.25.2

Summary of Fair Value of Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, All Other Investments [Abstract] |
Summary of Fair Value of Financial Instruments | Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments, such as notes receivable and indebtedness, requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Financial assets measured at fair value: |  |  |  |  |  |  |
Derivative assets | $ | 2,445 |  |  | $ | 2,445 |  |  | $ | 2,594 |  |  | $ | 2,594 |
Financial liabilities measured at fair value: |  |  |  |  |  |  |
Embedded debt derivative | $ | — |  |  | $ | — |  |  | $ | 29,099 |  |  | $ | 29,099 |
Financial assets not measured at fair value: |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 101,275 |  |  | $ | 101,275 |  |  | $ | 112,922 |  |  | $ | 112,922 |
Restricted cash (1) | 154,580 |  |  | 154,580 |  |  | 107,553 |  |  | 107,553 |
Accounts receivable, net (1) | 48,042 |  |  | 48,042 |  |  | 36,231 |  |  | 36,231 |
Notes receivable, net | 11,382 |  |  | 11,382 |  |  | 10,565 |  |  | 10,565
Due from third-party hotel managers | 21,813 |  |  | 21,813 |  |  | 21,604 |  |  | 21,604 |
Financial liabilities not measured at fair value: |  |  |  |  |  |  |
Indebtedness (1) | $ | 2,700,426 |  |  | $ | 2,701,198 |  |  | $ | 2,705,981 |  |  | $ | 2,695,013 |
Indebtedness associated with hotels in receivership | 301,040 |  |  | 248,323 |  |  | 314,640 |  |  | 257,546 |
Accounts payable and accrued expenses (1) | 131,634 |  |  | 131,634 |  |  | 138,895 |  |  | 138,895 |
Accrued interest payable (1) | 20,080 |  |  | 20,080 |  |  | 10,576 |  |  | 10,576 |
Accrued interest associated with hotels in receivership | 69,435 |  |  | 69,435 |  |  | 52,031 |  |  | 52,031 |
Dividends and distributions payable | 4,166 |  |  | 4,166 |  |  | 3,952 |  |  | 3,952 |
Due to Ashford Inc., net (1) | 9,003 |  |  | 9,003 |  |  | 25,653 |  |  | 25,653 |
Due to related parties, net (1) | 2,793 |  |  | 2,793 |  |  | 2,850 |  |  | 2,850 |
Due to third-party hotel managers | 1,401 |  |  | 1,401 |  |  | 1,145 |  |  | 1,145 |
____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of June 30, 2025 and December 31, 2024. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, accounts payable and accrued expenses, accrued interest payable, accrued interest associated with hotels in receivership, dividends and distributions payable, due to/from related parties, net, due to/from Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique. Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. This is considered a Level 2 valuation technique. Derivative assets and embedded debt derivative. See notes 7 and 9 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness and indebtedness associated with hotels in receivership. Fair value of indebtedness is determined using the loan terms, collateral value and financial data such as loan-to-value ratios, debt service coverage ratios, and interest rates for comparable loans. We estimated the fair value of total indebtedness to be approximately 100.0% of the carrying value of $2.7 billion at June 30, 2025 and approximately 99.6% of the carrying value of $2.7 billion at December 31, 2024. We estimated the fair value of indebtedness associated with hotels in receivership to be approximately 82.5% of the carrying value of $301.0 million at June 30, 2025 and approximately 81.9% of the carrying value of $314.6 million at December 31, 2024. These fair value estimates are considered a Level 2 valuation technique.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration