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Investment in Unconsolidated Entity (Tables)
 6 Months Ended
Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following table summarizes our carrying value and ownership interest in OpenKey:
 
June 30, 2019
 
December 31, 2018
Carrying value of the investment in OpenKey (in thousands)
$
1,821

 
$
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 June 30,
 
Six Months Ended June 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Equity in earnings (loss) of unconsolidated entity
 
$
(51
)
 
$
(62
)
 
$
(101
)
 
$
(65
)
Ashford Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
June 30, 2019
 
December 31, 2018
Total assets
$
418,178

 
$
379,005

Total liabilities
142,743

 
108,726

Series B cumulative convertible preferred stock
201,822

 
200,847

Redeemable noncontrolling interests
3,615

 
3,531

Total stockholders’ equity of Ashford Inc.
69,588

 
65,443

Noncontrolling interests in consolidated entities
410

 
458

Total equity
69,998

 
65,901

Total liabilities and equity
$
418,178

 
$
379,005

Our investment in Ashford Inc., at fair value
$
6,195

 
$
10,114


Ashford Inc.
Condensed Consolidated Statements of Operations
(unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Total revenue
 
$
63,466

 
$
54,811

 
$
126,786

 
$
102,979

Total operating expenses
 
(62,523
)
 
(43,941
)
 
(123,301
)
 
(97,145
)
Operating income (loss)
 
943

 
10,870

 
3,485

 
5,834

Equity in earnings (loss) of unconsolidated entities
 
(298
)
 
—

 
(573
)
 
—

Interest expense and loan amortization cost
 
(515
)
 
(185
)
 
(881
)
 
(351
)
Other income (expense)
 
(33
)
 
(148
)
 
(66
)
 
(75
)
Income tax (expense) benefit
 
(426
)
 
(1,605
)
 
(1,726
)
 
(2,311
)
Net income (loss)
 
(329
)
 
8,932

 
239

 
3,097

(Income) loss from consolidated entities attributable to noncontrolling interests
 
131

 
118

 
294

 
291

Net (income) loss attributable to redeemable noncontrolling interests
 
310

 
(90
)
 
289

 
(151
)
Net income (loss) attributable to Ashford Inc.
 
$
112

 
$
8,960

 
$
822

 
$
3,237

Preferred dividends
 
(2,791
)
 
—

 
(5,583
)
 
—

Amortization of preferred stock discount
 
(484
)
 
—

 
(975
)
 
—

Net income attributable to common stockholders
 
$
(3,163
)
 
$
8,960

 
$
(5,736
)
 
$
3,237

Our unrealized gain (loss) on investment in Ashford Inc.
 
$
(4,626
)
 
$
(6,024
)
 
$
(3,919
)
 
$
(5,496
)