Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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


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


Investment in securities	$	41,535	$	41,535	$	—	$	—
Derivative assets	356		356		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	$	135,465	$	135,465	$	85,599	$	85,599
Restricted cash	49,592		49,592		80,904		80,904
Accounts receivable, net	31,754		31,754		39,199		39,199

Note receivable	8,283		8,283		—		—



Due from third-party hotel managers	22,873		22,873		17,739		17,739
Financial liabilities not measured at fair value:
Indebtedness	$	1,222,003	$	1,207,420	$	1,171,459	$	1,124,377
Accounts payable and accrued expenses	143,566		143,566		149,867		149,867
Dividends and distributions payable	9,255		9,255		9,158		9,158

Due to Ashford Inc.	4,267		4,267		1,471		1,471
Due to related parties, net	1,055		1,055		603		603
Due to third-party hotel managers	1,476		1,476		1,608		1,608