XML 15 R2.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) $ 3,207,483 $ 3,350,086
Accumulated depreciation ($(4,522) and $(30,365) attributable to VIEs) (1,012,304) (1,030,879)
Investments in hotel properties, net ($78,265 and $129,012 attributable to VIEs) 2,195,179 2,319,207
Contract asset 380,160 366,671
Cash and cash equivalents ($634 and $7,286 attributable to VIEs) 81,903 112,907
Restricted cash ($4,677 and $3,430 attributable to VIEs) 164,219 99,695
Accounts receivable ($188 and $614 attributable to VIEs), net of allowance of $789 and $435, respectively 42,100 35,579
Inventories ($43 and $57 attributable to VIEs) 3,747 3,631
Notes receivable, net 11,784 10,565
Investments in unconsolidated entities 7,331 7,590
Deferred costs, net ($81 and $181 attributable to VIEs) 1,669 1,788
Derivative assets 1,022 2,594
Operating lease right-of-use assets 43,585 43,780
Prepaid expenses and other assets ($62 and $3,090 attributable to VIEs) 27,367 39,144
Assets held for sale 21,450 96,628
Total assets 3,008,436 3,160,985
Liabilities:    
Indebtedness, net ($16,007 and $65,548 attributable to VIEs) 2,610,256 2,629,289
Debt associated with hotels in receivership 301,040 314,640
Finance lease liability 17,540 17,992
Accounts payable and accrued expenses ($16,042 and $19,963 attributable to VIEs) 146,617 137,506
Accrued interest payable ($147 and $230 attributable to VIEs) 13,600 10,212
Accrued interest associated with hotels in receivership 79,120 52,031
Dividends and distributions payable ($0 and $1 attributable to VIEs) 4,220 3,952
Operating lease liabilities 44,077 44,369
Other liabilities ($28,870 and $28,784 attributable to VIEs) 38,055 34,011
Liabilities related to assets held for sale 29,236 99,139
Total liabilities 3,308,060 3,372,771
Commitments and contingencies (note $16)
Redeemable noncontrolling interests in operating partnership 21,209 22,509
Equity (deficit):    
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,186,482 and 5,636,595 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 62 56
Additional paid-in capital 2,400,801 2,392,518
Accumulated deficit (2,949,658) (2,811,868)
Total stockholders’ equity (deficit) of the Company (548,738) (419,237)
Noncontrolling interest in consolidated entities 15,850 13,402
Total equity (deficit) (532,888) (405,835)
Total liabilities and equity/deficit 3,008,436 3,160,985
Ashford, Inc.    
Liabilities:    
Other accounts payable 16,080 25,635
Related Party    
Liabilities:    
Other accounts payable 7,177 2,850
Nonrelated Party    
ASSETS    
Due from related parties, net ($— and $— attributable to VIEs) 26,920 21,206
Liabilities:    
Other accounts payable 1,042 1,145
Preferred Stock, Series J    
Liabilities:    
Redeemable preferred stock 178,743 156,671
Preferred Stock, Series K    
Liabilities:    
Redeemable preferred stock 18,348 14,869
Preferred Stock, Series L    
Liabilities:    
Redeemable preferred stock 4,463 0
Preferred Stock, Series M    
Liabilities:    
Redeemable preferred stock 10,501 0
Preferred Stock, Series D    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 11 11
Preferred Stock, Series F    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series G    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 15 15
Preferred Stock, Series H    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series I    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: $ 11 $ 11