Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):


	September 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:


Derivative assets	$	4,945	$	4,945	$	6,482	$	6,482
Financial liabilities measured at fair value:
Derivative liabilities	$	11	$	11	$	284	$	284
Financial assets not measured at fair value:
Cash and cash equivalents	$	149,496	$	149,496	$	261,541	$	261,541
Restricted cash	57,333		57,333		54,155		54,155
Accounts receivable, net	35,939		35,939		51,448		51,448



Due from Ashford Inc.	1,538		1,538		—		—
Due from related parties, net	520		520		938		938
Due from third-party hotel managers	14,200		14,200		26,625		26,625
Financial liabilities not measured at fair value:
Indebtedness	$	1,185,686	$1,089,720 to $1,204,427		$	1,337,250	$1,229,671 to $1,359,110
Accounts payable and accrued expenses	144,064		144,064		133,978		133,978
Dividends and distributions payable	8,967		8,967		8,184		8,184

Due to Ashford Inc.	—		—		10,005		10,005

Due to third-party hotel managers	1,615		1,615		2,096		2,096