Investment in Unconsolidated Entity (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Equity Method Investments [Line Items]

The following tables summarize the condensed balance sheets as of March 31, 2016 and December 31, 2015, and the condensed statement of operations for the three months ended March 31, 2016 of the AQUA U.S. Fund (in thousands):

Ashford Quantitative Alternative (U.S.) Fund, LP

Condensed Balance Sheets

(unaudited)



	March 31, 2016		December 31, 2015
Total assets	$	100,938	$	106,792
Partners’ capital	100,938		106,792
Total liabilities and partners’ capital	$	100,938	$	106,792
Our ownership interest in the AQUA U.S. Fund	$	45,715	$	48,365

Condensed Income Statement

Ashford Quantitative Alternative (U.S.) Fund, LP

Condensed Statement of Operations

(unaudited)



	Three Months Ended
	March 31, 2016
Total investment income	$	18
Net expenses	(189		)
Net investment income	(171		)
Net unrealized gain on investments	1,118
Net realized loss on investments	(6,801		)
Net loss attributable to the AQUA U.S. Fund	$	(5,854	)
Our equity in loss of the AQUA U.S. Fund	$	(2,650	)

Ashford Inc. [Member]

Schedule of Equity Method Investments [Line Items]

Condensed Balance Sheet

The following tables summarize the condensed balance sheets as of March 31, 2016, and the condensed statement of operations for the three months ended March 31, 2016, of Ashford Inc. (in thousands):

Ashford Inc.

Condensed Consolidated Balance Sheets

(unaudited)



	March 31, 2016		December 31, 2015
Total assets	$	164,799	$	166,991
Total liabilities	31,997		30,115
Redeemable noncontrolling interests	1,119		240
Total stockholders’ equity of Ashford Inc.	30,565		32,165
Noncontrolling interests in consolidated entities	101,118		104,471
Total equity	131,683		136,636
Total liabilities and equity	$	164,799	$	166,991
Our investment in Ashford Inc., at fair value	$	8,884	$	10,377

Condensed Income Statement

Ashford Inc.

Condensed Consolidated Statement of Operations

(unaudited)



	Three Months Ended
	March 31, 2016
Total revenue	$	13,409
Total operating expenses	(13,921		)
Operating loss	(512		)
Realized and unrealized loss on investment in unconsolidated entity	(1,460		)
Realized and unrealized loss on investments	(5,684		)
Other	(102		)
Income tax expense	(640		)
Net loss	(8,398		)
Loss from consolidated entities attributable to noncontrolling interests	6,548
Net loss attributable to redeemable noncontrolling interests	118
Net loss attributable to Ashford Inc.	$	(1,732	)
Our unrealized loss on investment in Ashford Inc.	$	(1,493	)