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Investment in Unconsolidated Entity | 9 Months Ended
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Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity Ashford Inc. As of September 30, 2017 and December 31, 2016, we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share was $60.60 and $43.14 as of September 30, 2017 and December 31, 2016, respectively. This represented an approximate 9.6% ownership interest in Ashford Inc. for both September 30, 2017 and December 31, 2016. See notes 10 and 11. As we exercise significant influence over Ashford Inc., this investment would typically be accounted for under the equity method of accounting, under ASC 323-10 - Investments - Equity Method and Joint Ventures. However, we have elected to record our investment in Ashford Inc. using the fair value option under ASC 825-10 - Fair Value Option - Financial Assets and Financial Liabilities as the fair value is readily available since Ashford Inc. common stock is traded on a national exchange. The fair value of our investment in Ashford Inc. is included in “investment in Ashford Inc., at fair value” on our condensed consolidated balance sheets, and changes in market value are included in “unrealized gain (loss) on investment in Ashford Inc.” on our condensed consolidated statements of operations. The following tables summarize the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016, and the condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited)
|  | September 30, 2017 |  | December 31, 2016
Total assets |  | $ | 84,012 |  |  | $ | 129,797 |
Total liabilities |  | 49,754 |  |  | 38,168 |
Redeemable noncontrolling interests |  | 1,936 |  |  | 1,480 |
Total stockholders’ equity of Ashford Inc. |  | 31,862 |  |  | 37,377 |
Noncontrolling interests in consolidated entities |  | 460 |  |  | 52,772 |
Total equity |  | 32,322 |  |  | 90,149 |
Total liabilities and equity |  | $ | 84,012 |  |  | $ | 129,797 |
Our investment in Ashford Inc., at fair value |  | $ | 11,810 |  |  | $ | 8,407 |
Ashford Inc. Condensed Consolidated Statements of Operations (unaudited)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Total revenue |  | $ | 19,255 |  |  | $ | 16,538 |  |  | $ | 51,907 |  |  | $ | 48,099 |
Total operating expenses |  | (21,595 | ) |  | (16,673 | ) |  | (54,965 | ) |  | (50,938 | )
Operating income (loss) |  | (2,340 | ) |  | (135 | ) |  | (3,058 | ) |  | (2,839 | )
Realized and unrealized gain (loss) on investment in unconsolidated entity |  | — |  |  | — |  |  | — |  |  | (1,460 | )
Realized and unrealized gain (loss) on investments |  | — |  |  | (441 | ) |  | (91 | ) |  | (5,889 | )
Other |  | 57 |  |  | 59 |  |  | 185 |  |  | (21 | )
Income tax (expense) benefit |  | 25 |  |  | (575 | ) |  | (9,248 | ) |  | (560 | )
Net income (loss) |  | (2,258 | ) |  | (1,092 | ) |  | (12,212 | ) |  | (10,769 | )
(Income) loss from consolidated entities attributable to noncontrolling interests |  | 102 |  |  | 486 |  |  | 267 |  |  | 6,852 |
Net (income) loss attributable to redeemable noncontrolling interests |  | 300 |  |  | 321 |  |  | 995 |  |  | 794 |
Net income (loss) attributable to Ashford Inc. |  | $ | (1,856 | ) |  | $ | (285 | ) |  | $ | (10,950 | ) |  | $ | (3,123 | )
Our unrealized gain (loss) on investment in Ashford Inc. |  | $ | 1,875 |  |  | $ | (458 | ) |  | $ | 3,403 |  |  | $ | (1,091 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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