Summary of Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:

Derivative assets	$	1,212	$	1,212	$	410	$	410




Financial assets not measured at fair value (1):
Cash and cash equivalents	$	79,809	$	79,809	$	66,816	$	66,816
Restricted cash	141,203		141,203		149,580		149,580
Accounts receivable, net	44,662		44,662		32,879		32,879
Notes receivable, net	12,486		12,486		12,187		12,187


Due from third-party hotel managers	24,535		24,535		25,667		25,667

Financial liabilities not measured at fair value (1):
Indebtedness	$	2,369,044	$	2,369,377	$	2,587,185	$	2,587,088
Indebtedness associated with hotels in receivership	252,000		209,538		272,800		229,172
Accounts payable and accrued expenses	144,447		144,447		125,817		125,817
Accrued interest payable	32,183		32,183		14,347		14,347
Accrued interest associated with hotels in receivership	83,979		83,979		82,338		82,338
Dividends and distributions payable	4,247		4,247		4,247		4,247
Due to Ashford Inc., net	65,914		65,914		40,708		40,708

Due to related parties, net	12,667		12,667		1,958		1,958
Due to third-party hotel managers	1,306		1,306		882		882

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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of March 31, 2026 and December 31, 2025.

ASHFORD HOSPITALITY TRUST INC 10-Q