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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Investment in hotel properties, gross | $ 3,273,437 | $ 3,350,086
Accumulated depreciation | (1,029,900) | (1,030,879)
Investment in hotel properties, net | 2,243,537 | 2,319,207
Cash and cash equivalents | 99,965 | 112,907
Restricted cash | 153,870 | 99,695
Accounts receivable, net | 47,746 | 35,579
Allowance for doubtful accounts receivable | 560 | 435
Inventories | 3,686 | 3,631
Deferred costs | 1,706 | 1,788
Other assets | 32,993 | 39,144
Indebtedness, net | 2,644,765 | 2,629,289
Accounts payable and accrued expenses | 130,135 | 137,506
Accrued interest payable | 19,851 | 10,212
Dividends and distributions declared but not paid | 4,166 | 3,952
Other liabilities | $ 33,940 | $ 34,011
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01
Preferred stock, shares authorized (in shares) | 55,000,000 | 55,000,000
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01
Common stock, shares authorized (in shares) | 395,000,000 | 395,000,000
Common stock, shares issued (in shares) | 5,908,610 | 5,636,595
Common stock, shares outstanding (in shares) | 5,908,610 | 5,636,595
Ashford, Inc. |  |
Other accounts payable | $ 8,939 | $ 25,635
Related Party |  |
Other accounts payable | 2,666 | 2,850
Nonrelated Party |  |
Other receivables | 21,813 | 21,206
Other accounts payable | $ 1,401 | $ 1,145
Preferred Stock, Series J |  |
Redeemable Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01
Redeemable Preferred Stock, shares issued (in shares) | 7,699,923 | 6,799,638
Redeemable Preferred Stock, shares outstanding (in shares) | 7,699,923 | 6,799,638
Preferred Stock, Series K |  |
Redeemable Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01
Redeemable Preferred Stock, shares issued (in shares) | 747,299 | 601,175
Redeemable Preferred Stock, shares outstanding (in shares) | 747,299 | 601,175
Preferred Stock, Series L |  |
Redeemable Preferred Stock, par value (in dollars per share) | $ 0.01 |
Redeemable Preferred Stock, shares issued (in shares) | 112,181 |
Redeemable Preferred Stock, shares outstanding (in shares) | 112,181 |
Preferred Stock, Series M |  |
Redeemable Preferred Stock, par value (in dollars per share) | $ 0.01 |
Redeemable Preferred Stock, shares issued (in shares) | 145,232 |
Redeemable Preferred Stock, shares outstanding (in shares) | 145,232 |
Preferred Stock, Series D |  |
Preferred stock, shares issued (in shares) | 1,111,127 |
Preferred stock, shares outstanding (in shares) | 1,111,127 |
Preferred Stock, Series F |  |
Preferred stock, shares issued (in shares) | 1,037,044 |
Preferred stock, shares outstanding (in shares) | 1,037,044 |
Preferred Stock, Series G |  |
Preferred stock, shares issued (in shares) | 1,470,948 |
Preferred stock, shares outstanding (in shares) | 1,470,948 |
Preferred Stock, Series H |  |
Preferred stock, shares issued (in shares) | 1,037,956 |
Preferred stock, shares outstanding (in shares) | 1,037,956 |
Preferred Stock, Series I |  |
Preferred stock, shares issued (in shares) | 1,034,303 |
Preferred stock, shares outstanding (in shares) | 1,034,303 |
Variable Interest Entity, Primary Beneficiary |  |
Investment in hotel properties, gross | $ 140,376 | $ 159,378
Accumulated depreciation | (34,311) | (30,365)
Investment in hotel properties, net | 106,065 | 129,012
Cash and cash equivalents | 4,979 | 7,286
Restricted cash | 3,743 | 3,430
Accounts receivable, net | 787 | 614
Inventories | 55 | 57
Deferred costs | 166 | 181
Other assets | 3,089 | 3,090
Indebtedness, net | 46,981 | 65,548
Accounts payable and accrued expenses | 17,896 | 19,963
Accrued interest payable | 363 | 230
Dividends and distributions declared but not paid | 0 | 1
Other liabilities | 28,841 | 28,784
Variable Interest Entity, Primary Beneficiary | Ashford, Inc. |  |
Other accounts payable | 5,815 | 5,997
Variable Interest Entity, Primary Beneficiary | Related Party |  |
Other accounts payable | 98 | 113
Variable Interest Entity, Primary Beneficiary | Nonrelated Party |  |
Other accounts payable | $ 28 | $ 22

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