Investment in Unconsolidated Entity (Tables)

3 Months Ended

Mar. 31, 2019

The following table summarizes our carrying value and ownership interest in OpenKey:



	March 31, 2019			December 31, 2018
Carrying value of the investment in OpenKey (in thousands)	$	1,872		$	1,766
Ownership interest in OpenKey	8.4		%	8.2		%

The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):



	Three Months Ended March 31,
Line Item	2019			2018
Equity in earnings (loss) of unconsolidated entity	$	(50	)	$	(3	)

Ashford Inc.

Condensed Consolidated Balance Sheets

(unaudited)



	March 31, 2019		December 31, 2018
Total assets	$	420,106	$	379,005
Total liabilities	144,363		108,726
Series B cumulative convertible preferred stock	201,338		200,847
Redeemable noncontrolling interests	3,810		3,531
Total stockholders’ equity of Ashford Inc.	69,968		65,443
Noncontrolling interests in consolidated entities	627		458
Total equity	70,595		65,901
Total liabilities and equity	$	420,106	$	379,005
Our investment in Ashford Inc., at fair value	$	10,821	$	10,114

Ashford Inc.

Condensed Consolidated Statements of Operations

(unaudited)



	Three Months Ended March 31,
	2019			2018
Total revenue	$	63,320		$	48,168
Total operating expenses	(60,778		)	(53,204		)
Operating income (loss)	2,542			(5,036		)
Equity in earnings (loss) of unconsolidated entities	(275		)	—
Interest expense and loan amortization cost	(366		)	(166		)
Other income (expense)	(33		)	73
Income tax (expense) benefit	(1,300		)	(706		)
Net income (loss)	568			(5,835		)
(Income) loss from consolidated entities attributable to noncontrolling interests	163			173
Net (income) loss attributable to redeemable noncontrolling interests	(21		)	(61		)
Net income (loss) attributable to Ashford Inc.	$	710		$	(5,723	)
Preferred dividends	(2,791		)	—
Amortization of preferred stock discount	(491		)	—
Net income attributable to common stockholders	$	(2,572	)	$	(5,723	)
Our unrealized gain (loss) on investment in Ashford Inc.	$	707		$	528