Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:


Investment in securities	$	41,493	$	41,493	$	—	$	—
Derivative assets	480		480		2,847		2,847
Financial liabilities measured at fair value:
Derivative liabilities	$	—	$	—	$	12	$	12
Financial assets not measured at fair value:
Cash and cash equivalents	$	168,675	$	168,675	$	85,599	$	85,599
Restricted cash	48,461		48,461		80,904		80,904
Accounts receivable, net	32,479		32,479		39,199		39,199

Note receivable	5,855		5,855		—		—



Due from third-party hotel managers	19,855		19,855		17,739		17,739
Financial liabilities not measured at fair value:
Indebtedness	$	1,221,844	$	1,185,109	$	1,171,459	$	1,124,377
Accounts payable and accrued expenses	144,868		144,868		149,867		149,867
Dividends and distributions payable	9,271		9,271		9,158		9,158

Due to Ashford Inc.	5,489		5,489		1,471		1,471
Due to related parties, net	16		16		603		603
Due to third-party hotel managers	1,509		1,509		1,608		1,608