Ashford (AINC) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 11, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36400
Entity Registrant Name	ASHFORD INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-2331507
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Entity Common Stock, Shares Outstanding		3,022,756
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 32,089	$ 45,270
Restricted cash	34,346	37,396
Restricted investment	1,240	290
Accounts receivable, net	5,269	3,458
Due from affiliates	490	353
Inventories	1,711	1,546
Prepaid expenses and other	7,818	7,629
Total current assets	84,163	111,282
Investments in unconsolidated entities	3,701	3,687
Property and equipment, net ($15,174 and $12,972, respectively, attributable to VIEs)	86,102	88,760
Operating lease right-of-use assets	28,609	30,431
Goodwill	56,622	56,622
Intangible assets, net ($3,314 and $3,409, respectively, attributable to VIEs)	258,659	271,432
Other assets	4,269	3,225
Total assets	522,125	565,439
Current liabilities:
Accounts payable and accrued expenses	28,027	40,378
Dividends payable	25,166	16,280
Due to affiliates	97	1,471
Deferred income	7,582	12,738
Deferred compensation plan	38	29
Notes payable, net ($1,168 and $972, respectively, attributable to VIEs)	24,836	5,347
Finance lease liabilities	872	841
Operating lease liabilities	3,692	3,691
Other liabilities	27,752	29,905
Total current liabilities	118,062	110,680
Deferred income	12,081	8,621
Deferred tax liability, net	35,699	37,904
Deferred compensation plan	4,444	1,678
Notes payable, net ($6,758 and $6,911, respectively, attributable to VIEs)	34,168	57,349
Finance lease liabilities	43,956	43,143
Operating lease liabilities	25,057	26,881
Total liabilities	273,467	286,256
Commitments and contingencies (note 8)
MEZZANINE EQUITY
Redeemable noncontrolling interests	94	1,834
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,022,756 and 2,868,288 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	292,534	293,597
Accumulated deficit	(520,787)	(491,483)
Accumulated other comprehensive income (loss)	(429)	(1,156)
Treasury stock, at cost, 48,264 and 32,031 shares at June 30, 2021 and December 31, 2020, respectively	(582)	(438)
Total equity (deficit) of the Company	(229,261)	(199,477)
Noncontrolling interests in consolidated entities	251	(121)
Total equity (deficit)	(229,010)	(199,598)
Total liabilities and equity	522,125	565,439
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding, net of discount, as of June 30, 2021 and December 31, 2020	477,574	476,947
Ashford Trust
Current assets:
Due from related parties	751	13,198
Braemar
Current assets:
Due from related parties	$ 449	$ 2,142

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 86,102	$ 88,760
Intangible assets, net ($3,314 and $3,409, respectively, attributable to VIEs)	258,659	271,432
Current liabilities:
Notes payable, net ($1,168 and $972, respectively, attributable to VIEs)	24,836	5,347
Notes payable, net ($6,758 and $6,911, respectively, attributable to VIEs)	$ 34,168	$ 57,349
EQUITY (DEFICIT)
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	3,022,756	2,868,288
Common stock, shares outstanding (in shares)	3,022,756	2,868,288
Treasury stock (in shares)	48,264	32,031
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)	19,120,000	19,120,000
Preferred stock, shares issued (in shares)	19,120,000	19,120,000
Variable Interest Entity, Primary Beneficiary
ASSETS
Property and equipment, net	$ 15,174	$ 12,972
Intangible assets, net ($3,314 and $3,409, respectively, attributable to VIEs)	3,314	3,409
Current liabilities:
Notes payable, net ($1,168 and $972, respectively, attributable to VIEs)	1,168	972
Notes payable, net ($6,758 and $6,911, respectively, attributable to VIEs)	$ 6,758	$ 6,911

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Total revenues	$ 88,340	$ 45,598	$ 152,273	$ 179,440
EXPENSES
Salaries and benefits	17,392	13,677	33,168	29,987
Depreciation and amortization	8,259	10,109	16,398	20,078
General and administrative	6,591	4,341	11,859	10,524
Impairment	0	0	0	178,213
Other	5,059	1,361	8,670	5,587
Reimbursed expenses	48,145	24,055	81,825	99,566
Total expenses	93,340	56,737	164,958	369,030
OPERATING INCOME (LOSS)	(5,000)	(11,139)	(12,685)	(189,590)
Equity in earnings (loss) of unconsolidated entities	(58)	17	(172)	253
Interest expense	(1,288)	(1,246)	(2,555)	(2,422)
Amortization of loan costs	(45)	(90)	(131)	(156)
Interest income	72	1	135	29
Realized gain (loss) on investments	(179)	(11)	(373)	(386)
Other income (expense)	(172)	66	(285)	(455)
INCOME (LOSS) BEFORE INCOME TAXES	(6,670)	(12,402)	(16,066)	(192,727)
Income tax (expense) benefit	697	3,484	1,648	5,569
NET INCOME (LOSS)	(5,973)	(8,918)	(14,418)	(187,158)
(Income) loss from consolidated entities attributable to noncontrolling interests	234	278	329	438
Net (income) loss attributable to redeemable noncontrolling interests	19	644	195	1,084
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(5,720)	(7,996)	(13,894)	(185,636)
Preferred dividends, declared and undeclared	(8,633)	(7,940)	(17,239)	(15,815)
Amortization of preferred stock discount	(311)	(795)	(627)	(1,605)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (14,664)	$ (16,731)	$ (31,760)	$ (203,056)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (5.31)	$ (7.37)	$ (11.66)	$ (90.81)
Weighted average common shares outstanding – basic (in shares)	2,764	2,269	2,724	2,236
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (5.31)	$ (7.37)	$ (11.66)	$ (90.81)
Weighted average common shares outstanding – diluted (in shares)	2,764	2,269	2,724	2,236
Advisory services
REVENUE
Total revenues	$ 10,062	$ 11,430	$ 19,989	$ 23,266
Hotel management fees
REVENUE
Total revenues	6,515	3,691	10,987	9,815
Design and construction fees
REVENUE
Total revenues	1,867	2,052	3,409	5,990
EXPENSES
Cost of revenues	1,022	878	1,780	2,329
Audio visual
REVENUE
Total revenues	9,451	970	13,062	30,644
EXPENSES
Cost of revenues	6,872	2,316	11,258	22,746
Other
REVENUE
Total revenues	12,166	3,337	22,795	10,028
Cost reimbursement revenue
REVENUE
Total revenues	$ 48,279	$ 24,118	$ 82,031	$ 99,697

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (5,973)	$ (8,918)	$ (14,418)	$ (187,158)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	104	147	104	586
Unrealized gain (loss) on restricted investment	277	56	250	(800)
Less reclassification for realized (gain) loss on restricted investment included in net income	179	11	373	386
COMPREHENSIVE INCOME (LOSS)	(5,413)	(8,704)	(13,691)	(186,986)
Comprehensive (income) loss attributable to noncontrolling interests	234	278	329	438
Comprehensive (income) loss attributable to redeemable noncontrolling interests	19	625	195	1,014
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (5,160)	$ (7,801)	$ (13,167)	$ (185,534)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019		2,203
Beginning balance at Dec. 31, 2019	$ 42,024	$ 2	$ 285,825	$ (244,084)	$ (216)	$ (131)	$ 628		$ 4,131
Beginning balance (in shares) at Dec. 31, 2019						(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		330
Equity-based compensation	2,594	$ 1	2,590				3
Forfeiture of restricted common shares (in shares)		(27)				(27)
Forfeiture of restricted common shares	0		280			$ (280)
Purchase of treasury stock (in shares)		(2)				(2)
Purchase of treasury stock	(17)					$ (17)
Amortization of preferred stock discount	(1,605)			(1,605)				$ 1,605
Dividends declared and undeclared - preferred stock	$ (15,815)			(15,815)
Deferred compensation plan distribution (in shares)	1	1
Deferred compensation plan distribution	$ 6		6
Employee advances	110		110
Contributions from noncontrolling interests	77						77
Reallocation of carrying value	(56)		(37)				(19)		56
Redemption value adjustment	(509)			(509)					509
Foreign currency translation adjustment	516				516				70
Unrealized gain (loss) on available for sale securities	(800)				(800)
Reclassification for realized loss (gain) on available for sale securities	386				386
Net income (loss)	(185,636)			(185,636)
Net income (loss)	(186,074)						(438)		(1,084)
Ending balance (in shares) at Jun. 30, 2020		2,505
Ending balance at Jun. 30, 2020	(159,163)	$ 3	288,774	(447,649)	(114)	$ (428)	251		3,682
Ending balance (in shares) at Jun. 30, 2020						(31)
Beginning balance (in shares) at Dec. 31, 2019								19,120
Beginning balance at Dec. 31, 2019								$ 474,060
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(1,605)			(1,605)				$ 1,605
Ending balance (in shares) at Jun. 30, 2020								19,120
Ending balance at Jun. 30, 2020								$ 475,665
Beginning balance (in shares) at Dec. 31, 2019		2,203
Beginning balance at Dec. 31, 2019	42,024	$ 2	285,825	(244,084)	(216)	$ (131)	628		4,131
Beginning balance (in shares) at Dec. 31, 2019						(2)
Ending balance (in shares) at Dec. 31, 2020		2,868
Ending balance at Dec. 31, 2020	(199,598)	$ 3	293,597	(491,483)	(1,156)	$ (438)	(121)		1,834
Ending balance (in shares) at Dec. 31, 2020						(32)
Beginning balance (in shares) at Dec. 31, 2019								19,120
Beginning balance at Dec. 31, 2019								$ 474,060
Ending balance (in shares) at Dec. 31, 2020								19,120
Ending balance at Dec. 31, 2020								$ 476,947
Beginning balance (in shares) at Mar. 31, 2020		2,460
Beginning balance at Mar. 31, 2020	(142,544)	$ 2	288,114	(430,731)	(309)	$ (149)	529		4,120
Beginning balance (in shares) at Mar. 31, 2020						(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		73
Equity-based compensation	404	$ 1	403
Forfeiture of restricted common shares (in shares)		(27)				(26)
Forfeiture of restricted common shares	0		267			$ (267)
Purchase of treasury stock (in shares)		(2)				(1)
Purchase of treasury stock	(12)					$ (12)
Amortization of preferred stock discount	(795)			(795)				$ 795
Dividends declared and undeclared - preferred stock	$ (7,940)			(7,940)
Deferred compensation plan distribution (in shares)	0	1
Deferred compensation plan distribution	$ 4		4
Employee advances	(14)		(14)
Redemption value adjustment	(187)			(187)					187
Foreign currency translation adjustment	128				128				19
Unrealized gain (loss) on available for sale securities	56				56
Reclassification for realized loss (gain) on available for sale securities	11				11
Net income (loss)	(7,996)			(7,996)
Net income (loss)	(8,274)						(278)		(644)
Ending balance (in shares) at Jun. 30, 2020		2,505
Ending balance at Jun. 30, 2020	(159,163)	$ 3	288,774	(447,649)	(114)	$ (428)	251		3,682
Ending balance (in shares) at Jun. 30, 2020						(31)
Beginning balance (in shares) at Mar. 31, 2020								19,120
Beginning balance at Mar. 31, 2020								$ 474,870
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(795)			(795)				$ 795
Ending balance (in shares) at Jun. 30, 2020								19,120
Ending balance at Jun. 30, 2020								$ 475,665
Beginning balance (in shares) at Dec. 31, 2020		2,868
Beginning balance at Dec. 31, 2020	(199,598)	$ 3	293,597	(491,483)	(1,156)	$ (438)	(121)		1,834
Beginning balance (in shares) at Dec. 31, 2020						(32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		169
Equity-based compensation	2,530		2,527				3
Forfeiture of restricted common shares (in shares)		(2)				(2)
Forfeiture of restricted common shares	0		23			$ (23)
Purchase of treasury stock (in shares)		(14)				(14)
Purchase of treasury stock	(121)					$ (121)
Amortization of preferred stock discount	(627)			(627)				$ 627
Dividends declared and undeclared - preferred stock	$ (17,239)			(17,239)
Deferred compensation plan distribution (in shares)	2	2
Deferred compensation plan distribution	$ 26		26
Employee advances	49		49
Acquisition of noncontrolling interest in consolidated entities	(431)		(3,315)	2,559			325		(1,648)
Reallocation of carrying value	0		(373)				373
Redemption value adjustment	(103)			(103)					103
Foreign currency translation adjustment	104
Unrealized gain (loss) on available for sale securities	250				250
Reclassification for realized loss (gain) on available for sale securities	373				373
Net income (loss)	(13,894)			(13,894)
Net income (loss)	(14,223)						(329)		(195)
Ending balance (in shares) at Jun. 30, 2021		3,023
Ending balance at Jun. 30, 2021	(229,010)	$ 3	292,534	(520,787)	(429)	$ (582)	251		94
Ending balance (in shares) at Jun. 30, 2021						(48)
Beginning balance (in shares) at Dec. 31, 2020								19,120
Beginning balance at Dec. 31, 2020								$ 476,947
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(627)			(627)				$ 627
Ending balance (in shares) at Jun. 30, 2021								19,120
Ending balance at Jun. 30, 2021								$ 477,574
Beginning balance (in shares) at Mar. 31, 2021		3,010
Beginning balance at Mar. 31, 2021	(215,463)	$ 3	292,140	(506,044)	(989)	$ (548)	(25)		37
Beginning balance (in shares) at Mar. 31, 2021						(45)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		15
Equity-based compensation	1,216		1,215				1
Forfeiture of restricted common shares (in shares)		(1)				(1)
Forfeiture of restricted common shares	0		15			$ (15)
Purchase of treasury stock (in shares)		(2)				(2)
Purchase of treasury stock	(19)					$ (19)
Amortization of preferred stock discount	(311)			(311)				$ 311
Dividends declared and undeclared - preferred stock	$ (8,633)			(8,633)
Deferred compensation plan distribution (in shares)	1	1
Deferred compensation plan distribution	$ 19		19
Employee advances	(196)		(196)
Acquisition of noncontrolling interest in consolidated entities	(153)		(475)	(3)			325
Reallocation of carrying value	0		(184)				184		0
Redemption value adjustment	(76)			(76)					76
Foreign currency translation adjustment	104				104
Unrealized gain (loss) on available for sale securities	277				277
Reclassification for realized loss (gain) on available for sale securities	179				179
Net income (loss)	(5,720)			(5,720)
Net income (loss)	(5,954)						(234)		(19)
Ending balance (in shares) at Jun. 30, 2021		3,023
Ending balance at Jun. 30, 2021	(229,010)	$ 3	$ 292,534	(520,787)	$ (429)	$ (582)	$ 251		$ 94
Ending balance (in shares) at Jun. 30, 2021						(48)
Beginning balance (in shares) at Mar. 31, 2021								19,120
Beginning balance at Mar. 31, 2021								$ 477,263
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	$ (311)			$ (311)				$ 311
Ending balance (in shares) at Jun. 30, 2021								19,120
Ending balance at Jun. 30, 2021								$ 477,574

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net income (loss)	$ (14,418)	$ (187,158)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	19,375	22,869
Change in fair value of deferred compensation plan	2,801	(2,697)
Equity-based compensation	2,740	2,313
Equity in (earnings) loss in unconsolidated entities	172	(253)
Deferred tax expense (benefit)	(2,205)	(8,097)
Change in fair value of contingent consideration	23	617
Impairment	0	178,213
(Gain) loss on disposal of assets	1,164	33
Amortization of other assets	594	652
Amortization of loan costs	131	156
Realized loss on restricted investments	373	386
Write off of deferred loan costs	34	62
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(1,802)	2,785
Due from affiliates	(137)	50
Inventories	(622)	60
Prepaid expenses and other	(336)	828
Investment in unconsolidated entities	(186)	0
Operating lease right-of-use assets	1,822	1,932
Other assets	(11)	(58)
Accounts payable and accrued expenses	(11,114)	(2,149)
Due to affiliates	(1,374)	37
Other liabilities	(2,176)	16,028
Operating lease liabilities	(1,823)	(1,930)
Deferred income	(1,586)	7,041
Net cash provided by (used in) operating activities	4,143	37,786
Cash Flows from Investing Activities
Additions to property and equipment	(2,620)	(2,146)
Proceeds from sale of property and equipment, net	1,816	4
Additional purchase price paid for Remington working capital adjustment	0	(1,293)
Purchase of common stock of related parties	(873)	0
Acquisition of assets related to RED	(1,536)	(548)
Issuance of note receivable	(2,881)	0
Net cash provided by (used in) investing activities	(6,094)	(3,983)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	(8,353)	(8,663)
Payments on revolving credit facilities	(620)	(11,348)
Borrowings on revolving credit facilities	0	8,884
Proceeds from notes payable	325	44,797
Payments on notes payable	(5,347)	(16,591)
Payments on finance lease liabilities	(91)	(476)
Payments of loan costs	0	(290)
Purchase of treasury stock	(121)	(17)
Employee advances	49	110
Payment of contingent consideration	0	(1,384)
Contributions from noncontrolling interest	0	77
Net cash provided by (used in) financing activities	(14,158)	15,099
Effect of foreign exchange rate changes on cash and cash equivalents	(122)	542
Net change in cash, cash equivalents and restricted cash	(16,231)	49,444
Cash, cash equivalents and restricted cash at beginning of period	82,666	53,249
Cash, cash equivalents and restricted cash at end of period	66,435	102,693
Supplemental Cash Flow Information
Interest paid	2,304	2,016
Income taxes paid (refunded), net	1,613	(14)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Deferred compensation plan distribution	26	6
Capital expenditures accrued but not paid	149	781
Finance lease additions	0	1,864
Acquisition of noncontrolling interest in consolidated entities	2,127	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	32,089	65,518
Restricted cash	34,346	37,175
Cash, cash equivalents and restricted cash	66,435	102,693
Ashford Trust
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	12,683	4,805
Due to Ashford Trust	0	516
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	$ 21	$ 745

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company,” “we,” “us” or “our”) is a Nevada corporation that provides products and services primarily to clients in the hospitality industry, including Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc. (“Braemar”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”). We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) debt placement and related services; (x) real estate advisory and brokerage services; and (xi) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford Hospitality Advisors LLC (“Ashford LLC”), Ashford Hospitality Services LLC (“Ashford Services”) and their respective subsidiaries. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of the respective boards of directors of Ashford Trust and Braemar. Ashford Trust is focused on investing in full-service hotels in the upscale and upper upscale segments in the United States that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”). We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. In our capacity as an advisor, we are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. Additionally, Remington Lodging & Hospitality, LLC (“Remington”), a subsidiary of the Company, operates certain hotel properties owned by Ashford Trust and Braemar. COVID-19, Management’s Plans and Liquidity In December 2019, COVID-19 was identified in Wuhan, China, and subsequently spread to other regions of the world, which has resulted in significant travel restrictions and extended shutdown of numerous businesses throughout the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Our clients, Ashford Trust and Braemar, have reported that the negative impact on room demand within their respective portfolios stemming from COVID-19 is significant, which has resulted and is expected to result in significantly reduced occupancy and RevPAR. Furthermore, the prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry has experienced postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, the Company dramatically reduced staffing and expenses at its products and services businesses and at its corporate office. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. In addition, one or more possible recurrences of COVID-19 case surges could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will continue to have a significant negative impact on the Company’s results of operations, financial position and cash flow in 2021 and potentially beyond. As a result, in March 2020, the Company amended payment terms pursuant to certain hotel management agreements to better manage corporate working capital, reduced planned capital expenditures, significantly reduced operating expenses and reduced the cash compensation of its executive officers and other employees, including an arrangement pursuant to which Mr. Monty J. Bennett received his base salary in the form of common stock issued under the Company’s 2014 Incentive Plan, as amended. Additionally, the Company did not declare dividends which were due with respect to its Series D Convertible Preferred Stock for the second and fourth quarters of 2020 and the second quarter of 2021. As of June 30, 2021, the Company had aggregate undeclared preferred stock dividends of approximately $25.2 million, which relates to the second quarter of 2021 and the second and fourth quarters of 2020. During the first quarter of 2021, base salaries for the Company’s executive officers and other employees were restored to pre-reduction levels and the arrangement by which Mr. Monty J. Bennett received his base salary in the form of common stock ended. Additionally, on March 25, 2021, the Company declared $8.4 million in dividends which were due with respect to its Series D Convertible Preferred Stock for the first quarter of 2021. When preparing financial statements, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, the Company considered its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next 12 months. We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in the inability of our portfolio companies to borrow unused amounts under their respective lines of credit. As of June 30, 2021, our Term Loan Agreement (as defined below) was in compliance with all covenants or other requirements. Debt held by our subsidiaries was in compliance with all covenants or other requirements. Additionally, Presentation Technologies, LLC, our subsidiary doing business as JSAV (“JSAV”), executed a credit agreement amendment on December 31, 2020, which extended the maturity date of the loan and includes a fixed charge coverage ratio covenant which commences with the quarter ending March 31, 2023. As a result of the impact of COVID-19, JSAV is reliant on Ashford Inc. to make contributions to cover JSAV’s projected operating shortfall and amortization and interest payments on its outstanding debt within one year of the issuance of the financial statements. All such contributions are subject to the discretion of Ashford Inc. As such, all of JSAV’s outstanding debt balance has been classified as a current liability within our condensed consolidated balance sheet as of June 30, 2021. The classification of JSAV’s outstanding debt as a current liability has no impact on Ashford Inc.’s going concern assessment because the JSAV debt has no recourse to Ashford Inc. See note 5 for additional details. We cannot predict when hotel operating levels at our clients, Ashford Trust and Braemar, will return to normalized levels after the effects of the pandemic subside, whether our clients’ hotels will be forced to shut down operations or whether one or more governmental entities may impose additional travel restrictions due to a resurgence of COVID-19 cases in the future. As a result of these factors resulting from the impact of the pandemic, we are unable to estimate future financial performance with certainty. However, based primarily on our assessment of the ability of our key customers, Ashford Trust and Braemar, to pay their obligations to the Company in accordance with the advisory agreements, the Company has concluded that management’s current plan alleviates the substantial doubt about its ability to continue as a going concern. Additional factors considered in our assessment include our completed loan amendments, other agreements, our current cash on hand, our forecast of future operating results for the next 12 months from the date of this report and the actions we have taken to improve our liquidity. Facts and circumstances could change in the future that are outside of management’s control, such as changes in Ashford Trust’s and Braemar’s financial position and liquidity, additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19, which could subsequently change our assessment. See notes 5 and 13. Other Developments On December 31, 2020, we acquired all of the redeemable noncontrolling interest shares in JSAV for $150,000. As a result of the acquisition, our ownership in JSAV increased from approximately 88% to 100%. During the first quarter of 2021, we paid the remainder of contingent consideration due to the sellers of BAV Services, Inc. (“BAV”) in connection with the acquisition of BAV, including $350,000 related to the earn-out which was paid on January 11, 2021, and the final stock collar consideration payments in the amounts of $870,000 and $888,000 which were paid on February 1, 2021 and March 4, 2021, respectively. In January 2021, Remington executed two new hotel management contracts with a third-party hotel owner. In conjunction, Remington loaned approximately $2.9 million to the hotel owner. The loan requires interest only payments each quarter at an annual rate of 10% commencing on March 31, 2021. The principal balance and any outstanding accrued interest on the loan shall be due and payable to Remington in full on December 31, 2022. The note receivable is recorded with “other assets” in our condensed consolidated balance sheet. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that Ashford Trust maintain a minimum Consolidated Tangible Net Worth until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control in order to provide Ashford Trust additional flexibility to dispose of underperforming assets negatively impacted by COVID-19. In connection with the transactions contemplated by the Credit Agreement, dated as of January 15, 2021 (the “Credit Agreement”), by and among Ashford Trust, Oaktree Capital Management L.P. (“Oaktree”) and the lenders party thereto, on January 15, 2021, the Company entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of 80% of such fees paid during the fiscal year ended December 31, 2019 (the “Advisory Fee Cap”), (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore Capital II LLC (formerly known as Lismore Capital LLC) (“Lismore”) in connection with the transactions contemplated by the Credit Agreement. See notes 3 and 13. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey, Inc. (“OpenKey”) for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium, or cash at our sole discretion. As a result of the acquisition, our ownership in OpenKey increased to 74.76% with the remainder held by noncontrolling interest holders, including 17.07% and 7.97% owned by Ashford Trust and Braemar, respectively, as of March 9, 2021. On May 3, 2021, we acquired shares in RED Hospitality & Leisure LLC (“RED”) from a noncontrolling interest holder, increasing our ownership of RED from 84.21% to 97.87% effective retroactively on January 1, 2021, for a total purchase price of $200,000. The purchase price will be paid in the form of shares of the Company’s common stock, delivered quarterly in $25,000 increments, beginning on the closing date and ending November 15, 2022. The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2021. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Ashford OpenKey (3) Pure (4) RED (5) Ashford Inc. ownership interest 99.87 % 75.37 % 70.00 % 97.87 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % — % Noncontrolling interests in consolidated entities — % 24.63 % 30.00 % 2.13 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 94 n/a n/a n/a Redemption value adjustment, year-to-date 102 n/a n/a n/a Redemption value adjustment, cumulative 586 n/a n/a n/a Carrying value of noncontrolling interests n/a 129 133 (11) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,329 2,355 24,492 Liabilities (8)(9) n/a 1,011 2,299 14,883 Notes payable (8) n/a — — 7,667 Revolving credit facility (8) n/a — 100 247 December 31, 2020 Ashford OpenKey (3) Pure Wellness (4) RED (5) Ashford Inc. ownership interest 99.86 % 49.04 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.14 % 25.06 % — % — % Noncontrolling interests in consolidated entities — % 25.90 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 35 $ 1,799 n/a n/a Redemption value adjustment, year-to-date 371 466 n/a n/a Redemption value adjustment, cumulative 486 2,563 n/a n/a Carrying value of noncontrolling interests n/a 164 89 (374) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,287 1,677 21,204 Liabilities (8)(9) n/a 837 1,767 13,817 Notes payable (8) n/a — — 7,627 Revolving credit facility (8) n/a — 100 247 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. See also notes 1 and 5. (4) Represents ownership interests in PRE Opco LLC (“Pure Wellness”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality and commercial office industry. See also notes 1 and 9. (5) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. On May 3, 2021, we acquired shares in RED from a noncontrolling interest holder, increasing our ownership of RED from 84.21% to 97.87%. RED is a provider of watersports activities and other travel and transportation services and includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. We are provided a preferred return on our investment in RED’s legacy U.S. Virgin Islands operations and Sebago which is accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 9. (6) Total assets consist primarily of cash and cash equivalents, property and equipment, intangibles and other assets that can only be used to settle the subsidiaries’ obligations. (7) The assets of Sebago are not available to settle the obligations of the entity that conducts RED’s legacy U.S. Virgin Islands operations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED’s legacy U.S. Virgin Islands operations, for which the creditor has recourse to Ashford Inc. See note 5. (9) See our condensed consolidated balance sheets for disclosure by line item of material assets and liabilities of the VIEs consolidated by the Company. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. No such impairment was recorded during the three and six months ended June 30, 2021 and 2020. We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at June 30, 2021 and December 31, 2020. We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three and six months ended June 30, 2021 and 2020. In the event that the assumptions used to estimate fair value change in the future, we may be required to record an impairment charge related to this investment. Our investment in Real Estate Advisory Holdings LLC (“REA Holdings”) is accounted for under the equity method as we have significant influence over the voting interest entity. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): June 30, 2021 December 31, 2020 Carrying value of the investment in REA Holdings $ 2,800 2,873 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity in earnings (loss) in unconsolidated entities $ 96 $ 17 $ (18) $ 253 Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash was comprised of the following (in thousands): June 30, 2021 December 31, 2020 REIT Advisory: Insurance claim reserves (1) $ 26,685 $ 26,304 Remington: Managed hotel properties’ reserves (2) 4,670 5,908 Insurance claim reserves (3) 1,074 1,532 Total Remington restricted cash 5,744 7,440 JSAV: Debt service related operating reserves (4) 928 — Marietta: Capital improvement reserves (5) 189 2,852 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 989 3,652 Total restricted cash $ 34,346 $ 37,396 ________ (1) Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our condensed consolidated balance sheets. (2) Cash received from hotel properties managed by Remington is used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable which is presented net within “due from Ashford Trust” and “due from Braemar” in our condensed consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses.” (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities.” (4) Cash is restricted due to operating reserves required under JSAV’s amended credit agreement to service interest expense and projected operating costs. See note 5. (5) Includes cash reserves for capital improvements associated with renovations at the hotel leased by our consolidated subsidiary, Marietta Leasehold, L.P. (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. The liability related to the restricted cash balance for the hotel’s renovations are included in “accounts payable and accrued expenses.” (6) Restricted cash is held in escrow in accordance with the Marietta lease agreement. The cash held in escrow is funded from hotel cash flows and can only be used for repairs and maintenance or capital improvements at the property. Property and Equipment, net —Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost. As of June 30, 2021 and December 31, 2020, property and equipment, net of accumulated depreciation, included assets related to our consolidated subsidiary Marietta’s finance lease of $42.2 million and $42.8 million, ERFP assets of $14.0 million and $18.3 million, audio visual equipment at JSAV of $9.1 million and $11.6 million and marine vessels at RED of $12.1 million and $9.9 million, respectively. Other Liabilities —As of June 30, 2021 and December 31, 2020, other liabilities included reserves in the amount of $26.7 million and $26.3 million, respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets. As of June 30, 2021 and December 31, 2020, other liabilities also included $1.0 million and $1.5 million, respectively, of reserves for Remington health insurance claims, and reserves of $0 and $2.1 million, respectively, for the fair value of contingent consideration due to the sellers of BAV. Revenue Recognition —See note 3. Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2017 through 2020 remain subject to potential examination by certain federal and state taxing authorities. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to the business. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended March 31, 2020. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company filed a claim to carryback the 2018 tax net operating loss to a prior year as provided for by the CARES Act. The Company received the carryback amount of $1.0 million in March of 2021. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law and extends several COVID-19 tax related measures passed as part of the CARES Act. Among these is the extension of the deferral period of the remittance of Social Security taxes. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended December 31, 2020. The Company had deferred $2.5 million of Social Security taxes within “accounts payable and accrued expenses” in our consolidated balance sheet as of December 31, 2020 related to the Consolidated Appropriations Act, 2021. Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact ASU 2016-13 and ASU 2019-10 may have on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to provide guidance and relief for transitioning to alternative reference rates. ASU 2021 is effective immediately for all entities. We are currently evaluating the impact ASU 2020-04 and 2021-01 may have on our condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our condensed consolidated financial statements and related disclosures.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to January 14, 2021, the base fee was paid monthly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from greater than $10.0 billion to less than $6.0 billion plus the Net Asset Fee Adjustment, as defined in the Amended and Restated Advisory Agreement, subject to certain minimums. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. Under the Second Amended and Restated Advisory Agreement, advisory fees earned each year from Ashford Trust in excess of the Advisory Fee Cap are a form of variable consideration that is constrained and deferred until such fees are probable of not being subject to significant reversal. The Advisory Fee Cap is $29.0 million each year as stated in the Credit Agreement. As a result, until the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full to Oaktree by Ashford Trust, base advisory fee revenue recognized each month is equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12th of $29.0 million. Any cash received from Ashford Trust for base advisory fees in excess of revenue recognized is deferred until no longer constrained. Any portion of deferred advisory fees that becomes unconstrained during the same year in which the fees were earned will be recognized on a straight line basis over the remainder of the year with a cumulative catch-up in the interim period in which the constraint is resolved. Any portion of deferred advisory fees that becomes unconstrained in a year subsequent to the year in which the fees were earned will be recognized in the interim period in which the constraint is resolved. For Braemar, the base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in the advisory agreement, as amended, subject to certain minimums. Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”), as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter subject to meeting the FCCR Condition. Hotel Management Revenue Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to the amended and restated hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. Design and Construction Revenue Design and construction revenue (formerly called project management revenue) primarily consists of revenue generated within our Premier segment by providing design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our JSAV segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present: (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue; or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Other Revenue Other revenue includes revenue provided by certain of our hospitality products and service businesses, including RED. RED’s revenue is primarily generated through the provision of watersports activities and ferry and excursion services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by Lismore. For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust and Braemar, with no added mark-up. These costs primarily consist of expenses related to Ashford Securities, overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements. We record cost reimbursement revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Prior to December 31, 2020, we additionally were reimbursed by Ashford Trust for expenses incurred by Ashford Investment Management, LLC (“AIM”) for managing Ashford Trust’s excess cash under the Investment Management Agreement. AIM was not compensated for its services but was reimbursed for all costs and expenses. Effective December 31, 2020, the Investment Management Agreement with Ashford Trust was terminated. Under our project management agreements and hotel management agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust, Braemar and other hotel owners, with no added mark-up. Project management costs primarily consist of costs for accounting, overhead and project manager services. Hotel management costs primarily consist of the properties’ payroll, payroll taxes and benefits related expenses at managed properties where we are the employer of the employees at the properties as provided for in our contracts with Ashford Trust, Braemar and other hotel owners. We recognize revenue within the “cost reimbursement revenue” in our condensed consolidated statements of operations when the amounts may be billed to Ashford Trust, Braemar and other hotel owners, and we recognize expenses within “reimbursed expenses” in our condensed consolidated statements of operations as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized software programs and the related reimbursements we receive from Ashford Trust and Braemar in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred income that will be recognized within the next twelve months is recorded as current deferred income and the remaining portion is recorded as noncurrent. The increase in the deferred income balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenue recognized that was included in the deferred income balance at the beginning of the period. The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2021 2020 Balance as of March 31 $ 20,519 $ 18,250 Increases to deferred income 4,307 4,578 Recognition of revenue (1) (5,163) (2,591) Balance as of June 30 $ 19,663 $ 20,237 ________ (1) Deferred income recognized in the three months ended June 30, 2021, includes (a) $527,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $669,000 of audio visual revenue, (c) $2.3 million of other revenue related to the Ashford Trust Agreement with Lismore (see note 13) and (d) $1.7 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the three months ended June 30, 2020, includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $219,000 of audio visual revenue, (c) $1.3 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore and (d) $483,000 of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred Income 2021 2020 Balance as of January 1 $ 21,359 $ 13,280 Increases to deferred income 10,218 11,656 Recognition of revenue (1) (11,914) (4,699) Balance as of June 30 $ 19,663 $ 20,237 ________ (1) Deferred income recognized in the six months ended June 30, 2021, includes (a) $1.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.2 million of audio visual revenue, (c) $6.6 million of other revenue primarily related to the Ashford Trust Agreement with Lismore (see note 13) and (d) $3.1 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the six months ended June 30, 2020, includes (a) $1.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.1 million of audio visual revenue, (c) $1.3 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore and (d) $1.1 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services, and (iii) debt placement and related fees that will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. See note 13. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at June 30, 2021. The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred income until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $5.3 million and $3.5 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $751,000 and $13.2 million in “due from Ashford Trust”, and $449,000 and $2.1 million included in “due from Braemar” related to REIT advisory services at June 30, 2021 and December 31, 2020, respectively. We had no significant impairments related to these receivables during the three and six months ended June 30, 2021 and 2020. See note 13. Disaggregated Revenue Our revenues were comprised of the following for the three and six months ended June 30, 2021 and 2020, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services revenue: Base advisory fee $ 9,932 $ 11,130 $ 19,731 $ 22,667 Incentive advisory fee — 169 — 339 Other advisory revenue 130 131 258 260 Total advisory services revenue 10,062 11,430 19,989 23,266 Hotel management: Base fee 5,308 3,691 9,165 9,815 Incentive fee 1,207 — 1,822 — Total hotel management revenue 6,515 3,691 10,987 9,815 Design and construction revenue 1,867 2,052 3,409 5,990 Audio visual revenue 9,451 970 13,062 30,644 Other revenue: Watersports, ferry and excursion services (1) 6,861 904 11,421 4,221 Debt placement and related fees (2) 2,290 1,335 6,578 1,463 Claims management services 16 72 33 129 Other services (3) 2,999 1,026 4,763 4,215 Total other revenue 12,166 3,337 22,795 10,028 Cost reimbursement revenue 48,279 24,118 82,031 99,697 Total revenues $ 88,340 $ 45,598 $ 152,273 $ 179,440 REVENUES BY SEGMENT (4) REIT advisory $ 16,745 $ 15,550 $ 31,813 $ 36,507 Remington 47,011 22,459 79,385 92,915 Premier 2,430 2,744 4,374 7,896 JSAV 9,451 970 13,062 30,644 OpenKey 477 292 931 814 Corporate and other 12,226 3,583 22,708 10,664 Total revenues $ 88,340 $ 45,598 $ 152,273 $ 179,440 ________ (1) Watersports, ferry and excursion services are earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing services to Ashford Trust and Braemar. (3) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries OpenKey and Pure Wellness, to Ashford Trust, Braemar and third parties, and the revenue of Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. (4) We have five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness, Lismore and REA Holdings into an “all other” category, which we refer to as “Corporate and Other.” See note 15 for discussion of segment reporting. Geographic Information Our REIT Advisory, Remington, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our JSAV reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our JSAV reporting segment geographically for the three and six months ended June 30, 2021 and 2020, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 7,837 $ 887 $ 10,752 $ 22,645 Mexico 1,260 38 1,671 6,509 Dominican Republic 354 45 639 1,490 $ 9,451 $ 970 $ 13,062 $ 30,644

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Impairment of Goodwill and Intangible Assets —During the first quarter of 2020, as a result of our reduced cash flow projections and the significant decline in our market capitalization as a result of the COVID-19 pandemic, we recognized goodwill impairment charges of $170.6 million, of which $121.0 million related to our Remington segment, and $49.5 million related to our Premier segment. We engaged a third-party valuation expert to assist us in performing an interim quantitative assessment to determine whether it was more likely than not that the carrying value of goodwill in our reporting units was impaired as of March 31, 2020. The fair value estimates for all reporting units were based on a blended analysis of the present value of future cash flows and the market value approach. See note 6. Based on our quantitative assessment as of March 31, 2020, we determined that the fair values of Remington and Premier were less than the carrying values of these reporting units. The carrying value of Remington was reduced by a $5.5 million impairment of the Remington trademarks prior to assessing goodwill for impairment. The excess carrying value of Remington and Premier over the estimate of fair value was recorded in “impairment” on our condensed consolidated statements of operations. No impairment charges or any other adjustments related to goodwill were recorded for the three and six months ended June 30, 2021 or the three months ended June 30, 2020 . As of June 30, 2021, our Remington segment had $54.6 million of goodwill remaining and our Premier and JSAV segments had no goodwill remaining. Intangible Assets During the first quarter of 2020, we engaged a third-party valuation expert to assist in determining the fair value of our indefinite-lived trademarks. We recognized intangible asset impairment charges of $7.6 million related to trademarks within our Remington and JSAV segments which resulted from changes in estimated future revenues based on a valuation using the relief-from-royalty method, which includes unobservable inputs including royalty rates and projected revenues. No impairment charges related to intangible assets were recorded for the three and six months ended June 30, 2021 or the three months ended June 30, 2020. The carrying amount of goodwill as of June 30, 2021 is as follows (in thousands): Remington Corporate and Other (1) Consolidated Balance at June 30, 2021 $ 54,605 $ 2,017 $ 56,622 ________ (1) Corporate and Other includes the goodwill acquired from RED’s acquisition of Sebago and the Company’s acquisition of Pure Wellness. Intangible assets, net as of June 30, 2021 and December 31, 2020, are as follows (in thousands): June 30, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (22,259) $ 85,341 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (35,524) 158,476 194,000 — (29,428) 164,572 JSAV customer relationships 9,319 — (3,850) 5,469 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (303) 2,797 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (149) 26 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (62,085) $ 252,109 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 JSAV trademarks 1,160 — 1,160 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ — $ 6,550 $ 14,531 $ (7,981) $ 6,550 Amortization expense for definite-lived intangible assets was $6.4 million and $12.8 million for the three and six months ended June 30, 2021, respectively. Amortization expense for definite-lived intangible assets was $7.0 million and $13.8 million for the three and six months ended June 30, 2020, respectively. The useful lives of our customer relationships range from 5 to 15 years. Our Remington management contracts, Premier management contracts and boat slip rights intangible assets were assigned useful lives of 22, 30, and 20 years, respectively.

Notes Payable, net

Notes Payable, net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate June 30, 2021 December 31, 2020 Term loan (7) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 28,688 $ 33,688 Note payable (10) Ashford Inc. February 29, 2028 4.00% 1,867 — Term loan (5) (8) JSAV January 1, 2024 Prime Rate (4) + 1.25% 20,000 20,000 Revolving credit facility (5) (8) JSAV January 1, 2024 Prime Rate (4) + 1.25% 486 1,106 Revolving credit facility (5) (11) Pure Wellness On demand Prime Rate (4) + 1.00% 100 100 Term loan (6) (12) RED October 5, 2025 Prime Rate (4) + 1.75% 520 571 Revolving credit facility (6) (13) RED August 5, 2021 Prime Rate (4) + 1.75% 247 247 Draw term loan (6) (14) RED June 5, 2027 Prime Rate (4) + 1.75% 1,328 1,375 Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,521 1,584 Term loan (5) (16) RED July 17, 2029 6.00% (14) 1,663 1,663 Term loan (5) (17) RED July 17, 2023 6.50% 735 859 Draw term loan (5) (18) RED August 5, 2028 Prime Rate (4) + 2.00% 1,900 1,575 Notes payable 59,055 62,768 Capitalized default interest, net (9) 359 427 Deferred loan costs, net (410) (499) Notes payable including capitalized default interest and deferred loan costs, net 59,004 62,696 Less current portion (19) (24,836) (5,347) Notes payable, net - non-current $ 34,168 $ 57,349 __________________ (1) Base Rate, as defined in the term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50%, or (iii) LIBOR plus 1.00%. (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 0.10% and 0.14% at June 30, 2021 and December 31, 2020, respectively. (4) Prime Rate was 3.25% and 3.25% at June 30, 2021 and December 31, 2020, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 29, 2021, the Company amended its Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A. (as so amended, the “Seventh Amendment”). The Seventh Amendment (a) increases the required amortization rate from 1.25% to 2.50% each quarter commencing July 1, 2021, (b) requires the Company to maintain a minimum liquidity of $15.0 million at all times, including pro forma for preferred dividends, and (c) restricts dividends and stock repurchases, other than preferred dividends, so long as there is no default under the Term Loan Agreement. Principal payment amounts are subject to maintaining a fixed charge coverage ratio below specified thresholds, which if not met, increase the principal payment due each quarter from 2.50% to 5.0% of the outstanding principal balance. Upon signing the Seventh Amendment, the Company made a $5.0 million prepayment to Bank of America, N.A. as consideration for their execution and delivery of the Seventh Amendment. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (8) On December 31, 2020, JSAV amended its credit agreement dated as of November 1, 2017 (the “JSAV Amendment”). As a result of the JSAV amendment, the credit agreement revised the maximum borrowing capacity of the revolving credit facility from $3.5 million to $3.0 million. The JSAV amendment additionally replaced JSAV’s previous term loan, draw term loan and equipment loans with a $20.0 million senior secured term loan. The JSAV amendment also extended the maturity date of JSAV’s obligations under the revolving credit facility and term loan to January 1, 2024, with the potential for a further one-year extension at JSAV’s option subject to satisfaction of certain conditions, including a payment of a one-time, permanent principal reduction of the term loan of not less than $2.5 million and other fees as of the date of JSAV’s election to extend. Pursuant to the JSAV Amendment, JSAV’s obligations to comply with certain financial and other covenants was waived until March 31, 2023. As a result of the JSAV Amendment, amounts borrowed under the revolving credit facility and the term loan will bear interest at the prime rate plus a margin of 1.25%, with the margin increasing by 0.25% beginning on July 1, 2021 and at the beginning of each successive quarter thereafter. JSAV will pay a commitment fee of 1.5% of the term loan in installments, with the possibility that the last $100,000 installment, scheduled to be paid on December 31, 2022, be forgiven if JSAV’s obligations under the JSAV Amendment have been satisfied in full in advance of that date. The JSAV Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, JSAV will be required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. In connection with the credit agreement dated as of November 1, 2017, JSAV entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0%. The fair value of the interest rate cap at June 30, 2021 and December 31, 2020, was not material. (9) On December 31, 2020, the Company determined the JSAV Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020, as the carrying amount of the original loan was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the JSAV term loan balance at December 31, 2020, and are amortized over the remaining term of the loan using the effective interest method. (10) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium or cash at our sole discretion. (11) On April 6, 2017, Pure Wellness entered into a $100,000 line of credit. On July 20, 2020, Pure Wellness increased the line of credit to $250,000. (12) On March 23, 2018, RED entered into a term loan of $750,000. (13) On August 5, 2020, RED renewed its $250,000 revolving credit facility. (14) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million. (15) On August 31, 2018, RED entered into a term loan of $1.8 million. (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (17) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million. (18) On March 24, 2020, RED entered into a draw term loan with a maximum aggregate principal amount of $1.9 million. The draw term loan requires payment of interest only until March 5, 2021. (19) The current portion of “notes payable, net” as of June 30, 2021 primarily consists of JSAV’s outstanding term loan and revolving credit facility which was classified as current. As a result of the impact of COVID-19, JSAV is reliant on Ashford Inc. to make contributions to cover JSAV’s projected operating shortfall and amortization and interest payments on its outstanding debt within one year of the issuance of the financial statements. All such contributions are subject to the discretion of Ashford Inc. As such, all of JSAV’s outstanding debt balance has been classified as a current liability within our condensed consolidated balance sheet as of June 30, 2021. The current portion of “notes payable, net” also includes $2.8 million related to our Term Loan with Bank of America, N.A. We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in the inability of our portfolio companies to borrow unused amounts under their respective lines of credit. As of

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our assets and liabilities measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total June 30, 2021 Assets Restricted Investment: Ashford Trust common stock $ 720 (1) $ — $ — $ 720 Braemar common stock 520 (1) — — 520 Total $ 1,240 $ — $ — $ 1,240 Liabilities Subsidiary compensation plan $ — $ (144) (1) $ — $ (144) Deferred compensation plan (4,482) — — (4,482) Total $ (4,482) $ (144) $ — $ (4,626) Net $ (3,242) $ (144) $ — $ (3,386) __________________ (1) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through June 30, 2021, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2020 Assets Restricted Investment: Ashford Trust common stock $ 88 (2) $ — $ — $ 88 Braemar common stock 202 (2) — — 202 Total $ 290 $ — $ — $ 290 Liabilities Contingent consideration $ (1,735) (1) $ — $ — $ (1,735) Subsidiary compensation plan — (89) (2) — (89) Deferred compensation plan (1,707) — — (1,707) Total $ (3,442) $ (89) $ — $ (3,531) Net $ (3,152) $ (89) $ — $ (3,241) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with JSAV’s acquisition of BAV. The contingent consideration liabilities are reported as “other current liabilities” in our condensed consolidated balance sheets. See note 1. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2020, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. Assets Measured at Fair Value on a Non-recurring Basis Our non-financial assets, such as goodwill, indefinite-lived intangible assets and long-lived assets are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Goodwill During the first quarter of 2020, as a result of our reduced cash flow projections and the significant decline in our market capitalization as a result of the COVID-19 pandemic, we recognized goodwill impairment charges of $170.6 million, of which $121.0 million related to our Remington segment, and $49.5 million related to our Premier segment. We engaged a third-party valuation expert to assist us in performing an interim quantitative assessment in which we compared the fair value of the reporting units to their carrying value. The fair value estimates for all reporting units were based on a blended analysis of the present value of future cash flows and the market value approach, Level 3 inputs. The significant estimates used in the discounted cash flows model included our weighted average cost of capital, projected cash flows and the long-term rate of growth. Our cash flow assumptions were based on the actual historical performance of the reporting unit and took into account the recent severe and continued weakening of operating results as well as the anticipated rate of recovery due to the COVID-19 pandemic. The projected cash flows were based on management’s expectation of the timing of recovery from the economic downturn under various scenarios. The significant estimates used in the market approach model included identifying public companies engaged in businesses that are considered comparable to those of the reporting unit and assessing comparable revenue and earnings multiples in estimating the fair value of the reporting unit. The excess of the reporting unit's carrying value over our estimate of the fair value was recorded as the goodwill impairment charge in the first quarter of 2020. As of June 30, 2021, our Remington segment had $54.6 million goodwill remaining and our Premier and JSAV segments had no goodwill remaining. No impairment charges or any other adjustments related to goodwill were recorded for the three and six months ended June 30, 2021 or the three months ended June 30, 2020. Changes in circumstances due to the potential long-term economic impact and near-term financial impacts of the COVID-19 pandemic could result in additional impairment losses of all or a portion of our remaining goodwill and intangible asset balances. We will continue to monitor and evaluate our results and evaluate the likelihood of any potential impairment charges at our reporting units. Indefinite-Lived Intangible Assets As a result of the negative impact of the COVID-19 pandemic on our business, we concluded that sufficient indicators existed to require us to perform an interim quantitative assessment of intangible assets as of March 31, 2020. During the first quarter of 2020, we engaged a third-party valuation expert to assist in determining the fair value of our indefinite-lived trademarks. We recognized intangible asset impairment charges of $7.6 million related to trademarks within our Remington and JSAV segments which resulted from changes in estimated future revenues based on a valuation using the relief-from-royalty method, which includes unobservable inputs including royalty rates and projected revenues. No impairment charges related to intangible assets were recorded for the three and six months ended June 30, 2021 or the three months ended June 30, 2020. Effect of Fair Value Measured Assets and Liabilities on Our Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Restricted investment: (1) Ashford Trust common stock $ (156) $ 13 $ (331) $ (200) Braemar common stock (23) (24) (42) (186) Goodwill — — — (170,572) Intangible assets, net — — — (7,641) Total $ (179) $ (11) $ (373) $ (178,599) Liabilities Contingent consideration (2) $ — $ (154) $ (23) $ (617) Subsidiary compensation plan (3) (150) (37) (273) 165 Deferred compensation plan (3) (2,743) (880) (2,801) 2,697 Total $ (2,893) $ (1,071) $ (3,097) $ 2,245 Net $ (3,072) $ (1,082) $ (3,470) $ (176,354) __________________ (1) Represents the realized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (2) Represents the changes in fair value of the contingent consideration liabilities related to the level of achievement of certain performance targets and stock consideration collars associated with the acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: June 30, 2021 Equity securities (1) $ 1,449 $ — $ (209) $ 1,240 __________________ (1) Distribution of $845,000 of available-for-sale securities occurred in the six months ended June 30, 2021. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2020 Equity securities (1) $ 1,169 $ — $ (879) $ 290 __________________ (1) Distribution of $195,000 of available-for-sale securities had occurred as of December 31, 2020. Unrealized losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 1,240 $ 1,240 $ 290 $ 290 Financial liabilities measured at fair value: Deferred compensation plan $ 4,482 $ 4,482 $ 1,707 $ 1,707 Contingent consideration — — 1,735 1,735 Financial assets not measured at fair value: Cash and cash equivalents $ 32,089 $ 32,089 $ 45,270 $ 45,270 Restricted cash 34,346 34,346 37,396 37,396 Accounts receivable, net 5,269 5,269 3,458 3,458 Note receivable 2,881 2,881 — — Due from affiliates 490 490 353 353 Due from Ashford Trust 751 751 13,198 13,198 Due from Braemar 449 449 2,142 2,142 Investments in unconsolidated entities 3,701 3,701 3,687 3,687 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 28,027 $ 28,027 $ 40,378 $ 40,378 Dividends payable 25,166 25,166 16,280 16,280 Due to affiliates 97 97 1,471 1,471 Other liabilities 27,752 27,752 28,170 28,170 Notes payable 59,055 56,103 to 62,008 62,768 59,629 to 65,906 Restricted investment. These financial assets are carried at fair value based on quoted market prices of the underlying investments. This is considered a Level 1 valuation technique. Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Contingent consideration. The liability associated with JSAV’s acquisition of BAV was carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our condensed consolidated statements of operations. This is considered a Level 1 valuation technique. See note 6 . Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust, due from Braemar, note receivable, accounts payable and accrued expenses, dividends payable, due to affiliates and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. See note 2.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of June 30, 2021, we had approximately $11.4 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement which, under the Extension Agreement, must be fulfilled by December 31, 2022. Litigation —In June 2020, each of the Company, Braemar, Ashford Trust, and Lismore, a subsidiary of the Company (collectively with the Company, Braemar, Ashford Trust and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The Company’s administrative subpoena requires the production of documents and other information since January 1, 2018 relating to, among other things, (i) related party transactions among the Ashford Companies (including the Ashford Trust Agreement and the Braemar Agreement pursuant to which each of Ashford Trust and Braemar engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (ii) the Company’s accounting policies, procedures and internal controls related to such related party transactions. In addition, in October 2020, Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, received an administrative subpoena from the SEC requesting testimony and the production of documents and other information substantially similar to the requests in the subpoenas received by the Ashford Companies. The Company and Mr. Monty J. Bennett are responding to the administrative subpoenas. On December 20, 2016, a class action lawsuit was filed against one of the Company’s subsidiaries in The Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees who were allegedly deprived of rest breaks as a result of the subsidiary’s previous written policy requiring employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of June 30, 2021, no amounts have been accrued.

Equity (Deficit)

Equity (Deficit)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity (Deficit)	Equity (Deficit) Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Income) loss allocated to noncontrolling interests: OpenKey $ 208 $ 120 $ 411 $ 239 RED 59 165 (38) 155 Pure Wellness (33) (12) (44) 23 Other — 5 — 21 Total net (income) loss allocated to noncontrolling interests $ 234 $ 278 $ 329 $ 438

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 19 $ 25 $ 43 $ 361 JSAV — 497 — 478 OpenKey — 122 152 245 Total net (income) loss allocated to redeemable noncontrolling interests $ 19 $ 644 $ 195 $ 1,084 Convertible Preferred Stock —Our convertible preferred stock is included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. Each share of Series D Convertible Preferred Stock: (i) has a liquidation value of $25 per share; (ii) accrues cumulative dividends at the rate of: (a) 6.59% per annum until November 6, 2020; (b) 6.99% per annum from November 6, 2020 until November 6, 2021; and (c) 7.28% per annum thereafter: (iii) participates in any dividend or distribution on the common stock in addition to the preferred dividends; (iv) is convertible into voting common stock at $117.50 per share; and (v) provides for customary anti-dilution protections. In the event the Company fails to pay the dividends on the Series D Convertible Preferred Stock for two consecutive quarterly periods (a “Preferred Stock Breach”), then until such arrearage is paid in cash in full: (A) the dividend rate on the Series D Convertible Preferred Stock will increase to 10.00% per annum until no Preferred Stock Breach exists; (B) no dividends on the Company’s common stock may be declared or paid, and no other distributions or redemptions may be made, on the Company’s common stock; and (C) the Board will be increased by two seats and the holders of 55% of the outstanding Series D Convertible Preferred Stock will be entitled to fill such newly created seats. The Series D Convertible Preferred Stock is held primarily by Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, Mr. Archie Bennett, Jr., who is Mr. Monty J. Bennett’s father, one of our other executive officers and several other individuals. To the extent not paid on April 15, July 15, October 15 and January 15 of each calendar year in respect of the quarterly periods ending on March 31, June 30, September 30 and December 31, respectively (each such date, a “Dividend Payment Date”), all accrued dividends on any share shall accumulate and compound on the applicable Dividend Payment Date whether or not declared by the Board and whether or not funds are legally available for the payment thereof. All accrued dividends shall remain accumulated, compounding dividends until paid in cash pursuant hereto or converted to common shares. The Series D Convertible Preferred Stock is entitled to vote alongside our voting common stock on an as-converted basis, subject to applicable voting limitations. So long as any shares of Series D Convertible Preferred Stock are outstanding, the Company is prohibited from taking specified actions without the consent of the holders of 55% of the outstanding Series D Convertible Preferred Stock, including: (i) modifying the terms, rights, preferences, privileges or voting powers of the Series D Convertible Preferred Stock; (ii) altering the rights, preferences or privileges of any capital stock of the Company so as to affect adversely the Series D Convertible Preferred Stock; (iii) issuing any security senior to the Series D Convertible Preferred Stock, or any shares of Series D Convertible Preferred Stock other than pursuant to the Combination Agreement dated May 31, 2019 between us, the Bennetts, Remington Holdings, L.P. and certain other parties, as amended (the “Combination Agreement”); (iv) entering into any agreement that expressly prohibits or restricts the payment of dividends on the Series D Convertible Preferred Stock or the common stock of the Company or the exercise of the Change of Control Put Option (as defined in the Combination Agreement); or (v) other than the payment of dividends on the Series D Convertible Preferred Stock or payments to purchase any of the Series D Convertible Preferred Stock, transferring all or a substantial portion of the Company’s or its subsidiaries’ cash balances or other assets to a person other than the Company or its subsidiaries, other than by means of a dividend payable by the Company pro rata to the holders of the Company common stock (together with a corresponding dividend payable to the holders of the Series D Convertible Preferred Stock). After June 30, 2026, we will have the option to purchase all or any portion of the Series D Convertible Preferred Stock, in $25.0 million increments, on a pro rata basis among all holders of the Series D Convertible Preferred Stock (subject to the ability of the holders to provide for an alternative allocation amongst themselves), at a price per share equal to: (i) $25.125; plus (ii) all accrued and unpaid dividends (provided any holder of Series D Convertible Preferred Stock shall be entitled to exercise its right to convert its shares of Series D Convertible Preferred Stock into common stock not fewer than five Under the applicable authoritative accounting guidance, the increasing dividend rate feature of the Series D Convertible Preferred Stock results in a discount that must be reflected in the fair value of the preferred stock, which was reflected in “Series D Convertible Preferred Stock, net of discount” on our condensed consolidated balance sheets. For the three and six months ended June 30, 2021, we recorded $311,000 and $627,000, respectively, of amortization related to preferred stock discounts. For the three and six months ended June 30, 2020, we recorded $795,000 and $1.6 million, respectively, of amortization related to preferred stock discounts. On March 25, 2021, the Company declared dividends which were due with respect to its Series D Convertible Preferred Stock for the first quarter of 2021. The declared $8.4 million of dividends were paid on April 15, 2021. The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second quarter of 2021. As of June 30, 2021, the Company had aggregate undeclared preferred stock dividends of approximately $25.2 million, which relates to the second quarter of 2021 and the second and fourth quarters of 2020. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) in the period incurred in our condensed consolidated statements of operations. All accrued dividends accumulate and compound until paid in cash or converted into common stock of the Company pursuant to the Certificate of Designation for the Series D Convertible Preferred Stock. Unpaid dividends, declared and undeclared, totaling $25.2 million at June 30, 2021, are recorded as a liability in our condensed consolidated balance sheets as “dividends payable.” Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Preferred dividends - declared $ — $ 4,002 $ 8,353 $ 7,940 Preferred dividends per share - declared $ — $ 0.2093 $ 0.4369 $ 0.4153 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): June 30, 2021 December 31, 2020 Aggregate preferred dividends - undeclared $ 25,166 $ 16,280 Aggregate preferred dividends - undeclared per share $ 1.3162 $ 0.8515

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and six months ended June 30, 2021 and 2020 are presented below by award type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity-based compensation Stock option amortization (1) $ 543 $ (397) $ 1,549 $ 1,692 Employee equity grant expense (2) 309 247 541 352 Director and other non-employee equity grants expense (3) 525 414 650 269 Total equity-based compensation $ 1,377 $ 264 $ 2,740 $ 2,313 Other equity-based compensation REIT equity-based compensation (4) $ 4,840 $ 2,309 $ 8,177 $ 9,200 $ 6,217 $ 2,573 $ 10,917 $ 11,513 ________ (1) As of June 30, 2021, the Company had approximately $1.5 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.7 years. The benefit recorded in the three months ended June 30, 2020, is primarily due to the forfeiture of 98,603 options from the voluntary resignation of Douglas A. Kessler, Senior Managing Director of the Company, in May of 2020. (2) As of June 30, 2021, the Company had approximately $2.6 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.2 years. See note 1. (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees.

Deferred Compensation Plan

Deferred Compensation Plan	6 Months Ended
	Jun. 30, 2021
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Change in fair value Unrealized gain (loss) $ (2,743) $ (880) $ (2,801) $ 2,697 Distributions Fair value (1) $ 19 $ 4 $ 26 $ 6 Shares (1) 1 — 2 1 ________ (1) Distributions made to one participant. As of June 30, 2021 and December 31, 2020, the carrying value of the DCP liability was $4.5 million and $1.7 million, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. Ashford Trust — We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and its operating subsidiary, Ashford Hospitality Limited Partnership (“Ashford Trust OP”). On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that Ashford Trust maintain a minimum Consolidated Tangible Net Worth until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control in order to provide Ashford Trust additional flexibility to dispose of underperforming assets negatively impacted by COVID-19. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. See note 3 for discussion of the advisory services revenue recognition policy. Premier is party to a master project management agreement with Ashford Trust OP and Ashford TRS Corporation, a subsidiary of Ashford Trust OP, and certain of its affiliates (collectively, “Ashford Trust TRS”) to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. On March 20, 2020, we amended the master project management agreement to provide that Premier’s fees shall be paid by Ashford Trust to Premier upon the completion of any work provided by third party vendors to Ashford Trust. Remington is party to the Ashford Trust Master Hotel Management Agreement with Ashford Trust. Ashford Trust pays the Company a monthly hotel management fee equal to the greater of $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met and other general and administrative expense reimbursements. Under the original terms of the Ashford Trust Master Hotel Management Agreement, Ashford Trust paid us on the fifth day of each month for the base fees in the preceding month. On March 13, 2020, Ashford Trust entered into the Ashford Trust Hotel Management Letter Agreement with the Company. In order to allow the Company to better manage our corporate working capital and to ensure the continued efficient operation of the Ashford Trust hotels managed by Remington, Ashford Trust agreed to pay the base fee and to reimburse all expenses for Remington-managed hotels on a weekly basis for the preceding week, rather than on a monthly basis. The Ashford Trust Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by Ashford Trust. On March 20, 2020, Lismore, a wholly owned subsidiary of the Company, entered into the Ashford Trust Agreement. Pursuant to the Ashford Trust Agreement, Lismore shall, during the term of the agreement (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Ashford Trust on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. For the purposes of the Ashford Trust Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing. On July 1, 2020, Lismore and Ashford Trust amended and restated the Ashford Trust Agreement with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services to be provided by Lismore under the amended and restated agreement, Lismore received a fee of $2.6 million in three equal installments of $857,000 per month beginning July 20, 2020, and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points (0.25%) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by Ashford Trust has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points (0.10%); (ii) a fee equal to 75 basis points (0.75%) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points (1.50%) of the implied conversion value (but in any case, no less than 50% of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan. At the time of amendment, Lismore had been paid approximately $8.3 million, in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, Ashford Trust is still entitled, in the event that Ashford Trust does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion, to offset, against any fees Ashford Trust or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by Ashford Trust to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125%. For the three and six months ended June 30, 2021, the Company recognized revenue of $2.3 million and $5.7 million, respectively. For both the three and six months ended June 30, 2020, the Company recognized revenue of $689,000. As of June 30, 2021 and December 30, 2020, the Company recorded $7.0 million and $7.3 million, respectively, as deferred income. Additionally, the independent members of the Board accelerated approximately $506,000 in claw back credit due to Ashford Trust which, absent a waiver, would occur after the expiration of the Ashford Trust Agreement. Such claw back credit was due to Ashford Trust in connection with certain properties Ashford Trust no longer owns. This amount was offset against base advisory fees. Approximately $156,000 may be offset against fees under the agreement that are eligible for claw back under the agreement. The six month period ended June 30, 2021 includes a $1.1 million cumulative catch-up adjustment to revenue which was previously considered constrained. The deferred income related to the various Lismore fees described above are being recognized over the 24 month term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. See the table below for details of the revenue recognized by the Company and note 3 for additional discussion of the related deferred income. On January 4, 2021, the independent members of the Board agreed to: (i) defer Ashford Trust’s payment of the base advisory fees that were previously deferred for the months of October 2020, November 2020 and December 2020; (ii) defer approximately $2.8 million in base advisory fees with respect to the month of January 2021; (iii) defer Ashford Trust’s payment of Lismore success fees that were previously deferred for the months of October 2020, November 2020 and December 2020; and (iv) defer payment of Ashford Trust’s Lismore success fees for the month of January 2021. As a result, the foregoing payments became due on January 11, 2021. Additionally, the independent members of the board of directors of Ashford Inc. waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the advisory agreement and Ashford Trust Agreement or any damages that may have arisen in absence of such fee deferrals. On January 11, 2021, the independent members of the Board provided Ashford Trust an additional deferral of the base advisory fees and any Lismore success fees for the months of October 2020, November 2020, December 2020 and January 2021 that were previously deferred such that all such fees would be due and payable on the earlier of (x) January 18, 2021 and (y) immediately prior to the closing of Credit Agreement between Ashford Trust and Oaktree. Additionally, the Board waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the advisory agreement and Ashford Trust Agreement or any damages that may have arisen in absence of such fee deferral. In accordance with the terms of the previously disclosed deferrals, Ashford Trust paid the Company $14.4 million on January 15, 2021. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUES BY TYPE Advisory services revenue: Base advisory fee (1) $ 7,254 $ 8,557 $ 14,508 $ 17,474 Hotel management: Base management fees 4,473 3,504 7,850 9,197 Incentive management fees 1,065 — 1,601 — Total hotel management revenue (2) 5,538 3,504 9,451 9,197 Design and construction revenue (3) 634 838 1,037 3,920 Audio visual revenue (4) — — — — Other revenue Debt placement and related fees (5) 2,290 689 5,725 817 Claims management services (6) 14 27 30 46 Other services (7) 433 336 792 786 Total other revenue 2,737 1,052 6,547 1,649 Cost reimbursement revenue 38,747 19,947 66,122 88,020 Total revenues $ 54,910 $ 33,898 $ 97,665 $ 120,260 REVENUES BY SEGMENT (8) REIT advisory $ 11,204 $ 10,354 $ 21,758 $ 25,962 Remington 39,987 20,739 67,746 86,274 Premier 995 1,319 1,643 5,261 OpenKey 30 30 60 129 Corporate and other 2,694 1,456 6,458 2,634 Total revenues $ 54,910 $ 33,898 $ 97,665 $ 120,260 COST OF REVENUES Cost of audio visual revenues (4) $ 560 $ 3 $ 696 $ 2,014 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 1,270 $ 7 $ 1,573 $ 4,604 ________ (1) Advisory fees earned from Ashford Trust during the three and six months ended June 30, 2021, excluded $1.7 million and $3.2 million, respectively, of advisory fees that were constrained and deferred as a result of the $29.0 million annual Advisory Fee Cap. The deferred fees are included in deferred income in our condensed consolidated balance sheet. See note 3 for discussion of the advisory services revenue recognition policy. (2) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (3) Design and construction revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction revenue recognition policy. (4) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Claims management services include revenue earned from providing insurance claim assessment and administration services. (7) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (8) See note 15 for discussion of segment reporting. Braemar — We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. Premier is party to a master project management agreement with Braemar OP and Braemar TRS Yountville LLC, a limited liability company existing under the laws of the state of Delaware and wholly-owned subsidiary of Braemar OP (“Braemar TRS”) to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. On March 20, 2020, we amended the project management agreement to provide that Premier’s fees shall be paid by Braemar to Premier upon the completion of any work provided by third party vendors to Braemar. Remington is party to the Braemar Master Hotel Management Agreement with Braemar. Braemar pays the Company a monthly hotel management fee equal to the greater of $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met and other general and administrative expense reimbursements. Under the original terms of the Braemar master hotel management agreement, Braemar paid us on the fifth day of each month for the base fees in the preceding month. On March 13, 2020, Braemar entered into the Braemar Hotel Management Letter Agreement with the Company. In order to allow the Company to better manage its corporate working capital and to ensure the continued efficient operation of the Braemar hotels managed by Remington, Braemar agreed to pay the base fee and to reimburse all expenses for Remington-managed hotels on a weekly basis for the preceding week, rather than on a monthly basis. The Braemar Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by Braemar. On March 20, 2020, Lismore entered into an agreement with Braemar to negotiate the refinancing, modification or forbearance of the existing mortgage and mezzanine debt on Braemar’s hotels (the “Braemar Agreement”). The Braemar Agreement was terminated effective March 20, 2021. Upon entering into the Braemar Agreement, Braemar made an initial payment of approximately $1.4 million. Braemar also paid the Company a total of $1.4 million in six equal installments beginning April 20, 2020 and ending September 20, 2020, of which $681,000 was subject to claw back and was set off against the cash payment of Braemar’s base advisory fees upon the termination of the Braemar Agreement in March 2021. Braemar additionally paid the Company approximately $1.4 million in success fees in connection with signed forbearance or other agreements, of which no amounts were available for claw back. In total, Braemar paid approximately $4.1 million under the Braemar Agreement. For the three and six months ended June 30, 2021, the Company recognized revenue of $0 and $853,000, respectively, related to the Braemar Agreement. For both the three and six months ended June 30, 2020, the Company recognized revenue of $646,000 related to the Braemar Agreement. The following table summarizes the revenues related to Braemar (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 2,678 $ 2,573 $ 5,223 $ 5,193 Incentive advisory fee (1) — 169 — 339 Other advisory revenue (2) 130 131 258 260 Total advisory services revenue 2,808 2,873 5,481 5,792 Hotel management: Base management fees 584 154 915 509 Incentive management fees 142 — 221 — Total hotel management revenue (3) 726 154 1,136 509 Design and construction revenue (4) 350 712 621 1,455 Audio visual revenue (5) — — — — Other revenue Watersports, ferry and excursion services (6) 695 20 1,227 356 Debt placement and related fees (7) — 646 853 646 Claims management services (8) 2 45 3 83 Other services (9) 36 33 87 119 Total other revenue 733 744 2,170 1,204 Cost reimbursement revenue 7,404 3,490 12,200 10,360 Total revenues $ 12,021 $ 7,973 $ 21,608 $ 19,320 REVENUES BY SEGMENT (10) REIT advisory $ 5,545 $ 5,184 $ 10,059 $ 10,530 Remington 4,682 1,032 7,614 5,249 Premier 511 897 873 1,990 OpenKey 9 11 19 71 Corporate and other 1,274 849 3,043 1,480 Total revenues $ 12,021 $ 7,973 $ 21,608 $ 19,320 COST OF REVENUES Cost of audio visual revenues (5) $ 76 $ — $ 99 $ 447 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 161 $ — $ 213 $ 1,005 ________ (1) Incentive advisory fee for the three and six months ended June 30, 2020, includes the pro-rata portion of the third year installment of the 2018 incentive advisory fee. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. See note 3. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (4) Design and construction revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction revenue recognition policy. (5) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Watersports, ferry and excursion services are earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness. (10) See note 15 for discussion of segment reporting. ERFP Commitments — On June 26, 2018, the Company entered into the Ashford Trust ERFP Agreement with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. On January 15, 2019, the Company entered into the Braemar ERFP Agreement (collectively with the Ashford Trust ERFP Agreement, the “ERFP Agreements”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the ERFP Agreements, the Company agreed to provide $50 million (each, an “Aggregate ERFP Amount” and collectively, the “Aggregate ERFP Amounts”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REIT’s acquisition of hotels recommended by us, with the option to increase each Aggregate ERFP Amount to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company will pay each REIT 10% of each acquired hotel’s purchase price in exchange for furniture, fixtures and equipment (“FF&E”) at a property owned by such REIT, which will be subsequently leased by us to such REIT rent-free. Each of the REITs must provide reasonable advance notice to the Company to request ERFP funds in accordance with the respective ERFP Agreement. The ERFP Agreements require that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of the respective REITs’ acquisition of the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at the respective REIT’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. On March 13, 2020, the Company entered into the Extension Agreement related to the Ashford Trust ERFP Agreement. Under the terms of the Extension Agreement, the deadline to fund the remaining ERFP commitment under the Ashford Trust ERFP Agreement of $11.4 million, was extended from January 22, 2021 to December 31, 2022. As of June 30, 2021, the Company has no remaining ERFP commitment to Braemar under the Braemar ERFP Agreement. See note 8. On November 25, 2020, the independent members of the Ashford Trust board of directors granted the Company, in its sole and absolute discretion, the right to set-off against the remaining ERFP commitment of $11.4 million, the fees pursuant to the advisory agreement and Ashford Trust Agreement that have been or may be deferred by Ashford Inc. On April 20, 2021, the Company received written notice from Ashford Trust of Ashford Trust’s intention not to renew the Ashford Trust ERFP Agreement. As a result, the Ashford Trust ERFP Agreement terminated in accordance with its terms on June 26, 2021. The expiration of the Ashford Trust ERFP Agreement will have no impact on the Extension Agreement, which continues in full force and effect in accordance with its terms. In the first quarter of 2021, Ashford Trust purchased FF&E from the Company at the fair market value of $108,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recorded a loss on sale of the FF&E of $81,000 which is included within “other” operating expense in our condensed consolidated statements of operations and an asset of $108,000 in “due from Ashford Trust” on our condensed consolidated balance sheets. Additionally, on January 20, 2021, Ashford Trust sold Le Meridian. The hotel contained FF&E with a net book value of $399,000 which was owned by the Company and leased to Ashford Trust rent-free pursuant to the Ashford Trust ERFP Agreement. Upon sale of the hotel, Ashford Trust is required to provide replacement FF&E to the Company at the fair market value amount of the sold FF&E, pursuant to the agreement. As a result, the Company recorded an asset of $128,000 in “due from Ashford Trust” on our condensed consolidated balance sheets, related to the fair market value of replacement assets, and a loss on disposal of FF&E of $271,000 within “other” operating expense in our condensed consolidated statements of operations. During the second quarter of 2021, the Company purchased $1.6 million of FF&E from Braemar. The Company set-off the purchased FF&E against a $1.6 million outstanding receivable previously incurred by Braemar which was recorded in “due from Braemar” on our condensed consolidated balance sheets as of March 31, 2021. The FF&E purchased by the Company was subsequently leased back to Braemar rent-free. In the second quarter of 2021, Braemar purchased FF&E from the Company at the fair market value of $144,000 upon expiration of the underlying leases of the FF&E under the Braemar ERFP Agreement. The Company recorded a loss on sale of the FF&E of $267,000 which is included within “other” operating expense in our condensed consolidated statements of operations and an asset of $144,000 in "due from Braemar" on our condensed consolidated balance sheets. Ashford Securities — On September 25, 2019, the Company announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise capital in order to grow the Company’s existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar entered into a contribution agreement (the “Initial Contribution Agreement”) with Ashford Inc. pursuant to which Ashford Trust and Braemar agreed to a combined contribution of up to $15.0 million to fund the operations of Ashford Securities. These costs were allocated initially to Ashford Trust and Braemar based on an allocation percentage of 75% to Ashford Trust and 25% Braemar. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be a true up (the “Initial True-up Date”) between Ashford Trust and Braemar whereby the actual expense reimbursements paid by each company will be based on the actual amount of capital raised by Ashford Trust and Braemar, respectively. On December 31, 2020, an Amended and Restated Contribution Agreement (the “Amended and Restated Contribution Agreement”) was entered into by the Company, Ashford Trust and Braemar with respect to expenses to be reimbursed by Ashford Securities. The Initial True-Up Date did not occur, and beginning on the effective date of the Amended and Restated Contribution Agreement, costs will be allocated based upon an allocation percentage of 50% to the Company, 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be an Amended and Restated true up (the “Amended and Restated True-up Date”) among the Company, Ashford Trust and Braemar whereby the actual expense reimbursement paid by each company will be based on the actual amount of capital raised by the Company, Ashford Trust and Braemar, respectively. After the Amended and Restated True-Up Date, the expense reimbursements will be allocated among the Company, Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Additionally, Braemar’s aggregate capital contributions under the Initial Contribution Agreement and the Amended and Restated Contribution Agreement shall not exceed $3.8 million unless otherwise agreed to in writing by Braemar. As of June 30, 2021, Ashford Trust and Braemar have funded approximately $3.0 million and $1.9 million, respectively. The Company recognized $462,000 and $1.2 million of cost reimbursement revenue from Ashford Trust for the three and six months ended June 30, 2020, respectively, in our condensed consolidated statements of operations. The Company recognized $553,000 and $897,000 of cost reimbursement revenue from Braemar for the three and six months ended June 30, 2021, respectively, and $159,000 and $430,000 of cost reimbursement revenue from Braemar for the three and six months ended June 30, 2020, respectively, in our condensed consolidated statements of operations. Other Related Party Transactions — Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our condensed consolidated balance sheets. See note 2. The Company or its affiliates provide to the Bennetts or their permitted designees certain services, including, but not limited to, accounting, tax and administrative services pursuant to that certain Transition Cost Sharing Agreement entered into on November 6, 2019 in connection with Company’s acquisition of Remington from the Bennetts. The gross amount of expenses and reimbursements for these transition services for the three and six months ended June 30, 2021 was $94,000 and $201,000, respectively. The gross amount of expenses and reimbursements for these transition services for the three and six months ended June 30, 2020 was $97,000 and $153,000, respectively.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (5,720) $ (7,996) $ (13,894) $ (185,636) Less: Dividends on preferred stock, declared and undeclared (1) (8,633) (7,940) (17,239) (15,815) Less: Amortization of preferred stock discount (311) (795) (627) (1,605) Undistributed net income (loss) allocated to common stockholders (14,664) (16,731) (31,760) (203,056) Distributed and undistributed net income (loss) - basic $ (14,664) $ (16,731) $ (31,760) $ (203,056) Distributed and undistributed net income (loss) - diluted $ (14,664) $ (16,731) $ (31,760) $ (203,056) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,764 2,269 2,724 2,236 Weighted average common shares outstanding – diluted 2,764 2,269 2,724 2,236 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (5.31) $ (7.37) $ (11.66) $ (90.81) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (5.31) $ (7.37) $ (11.66) $ (90.81) ________ (1) Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 10. Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (19) $ (25) $ (43) $ (361) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (619) (152) (723) Dividends on preferred stock, declared and undeclared 8,633 7,940 17,239 15,815 Amortization of preferred stock discount 311 795 627 1,605 Total $ 8,925 $ 8,091 $ 17,671 $ 16,336 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 121 15 71 34 Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 97 561 159 481 Effect of assumed conversion of preferred stock 4,246 4,068 4,227 4,068 Total 4,468 4,648 4,461 4,587

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our operating segments include: (a) REIT Advisory, which provides asset management and advisory services to other entities, (b) Remington, which provides hotel management services, (c) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (d) JSAV, which provides event technology and creative communications solutions services, (e) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (f) RED, a provider of watersports activities and other travel and transportation services, (g) Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia, (h) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry, and (i) Lismore and REA Holdings, which provide debt placement and related services, real estate advisory services and brokerage services. For 2021, OpenKey, RED, Marietta, Pure Wellness and Lismore and REA Holdings do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Accordingly, we have five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness and Lismore and REA Holdings into an “all other” sixth reportable segment, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. Certain information concerning our segments for the three and six months ended June 30, 2021 and 2020 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended June 30, 2021 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,062 $ — $ — $ — $ — $ — $ 10,062 Hotel management — 6,515 — — — — 6,515 Design and construction fees — — 1,867 — — — 1,867 Audio visual — — — 9,451 — — 9,451 Other 16 — — — 477 11,673 12,166 Cost reimbursement revenue (1) 6,667 40,496 563 — — 553 48,279 Total revenues 16,745 47,011 2,430 9,451 477 12,226 88,340 EXPENSES Depreciation and amortization 1,084 3,034 3,057 470 4 610 8,259 Other operating expenses (2) 267 3,333 2,274 10,027 1,314 19,721 36,936 Reimbursed expenses (1) 6,533 40,496 563 — — 553 48,145 Total operating expenses 7,884 46,863 5,894 10,497 1,318 20,884 93,340 OPERATING INCOME (LOSS) 8,861 148 (3,464) (1,046) (841) (8,658) (5,000) Equity in earnings (loss) of unconsolidated entities — (154) — — — 96 (58) Interest expense — — — (210) — (1,078) (1,288) Amortization of loan costs — — — (15) — (30) (45) Interest income — 72 — — — — 72 Realized gain (loss) on investments — (179) — — — — (179) Other income (expense) — 1 — 14 — (187) (172) INCOME (LOSS) BEFORE INCOME TAXES 8,861 (112) (3,464) (1,257) (841) (9,857) (6,670) Income tax (expense) benefit (2,179) (400) 552 257 — 2,467 697 NET INCOME (LOSS) $ 6,682 $ (512) $ (2,912) $ (1,000) $ (841) $ (7,390) $ (5,973) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.1 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Six Months Ended June 30, 2021 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,989 $ — $ — $ — $ — $ — $ 19,989 Hotel management fees — 10,987 — — — — 10,987 Design and construction fees — — 3,409 — — — 3,409 Audio visual — — — 13,062 — — 13,062 Other 33 20 — — 931 21,811 22,795 Cost reimbursement revenue (1) 11,791 68,378 965 — — 897 82,031 Total revenues 31,813 79,385 4,374 13,062 931 22,708 152,273 EXPENSES Depreciation and amortization 2,073 6,068 6,113 937 8 1,199 16,398 Other operating expenses (2) 619 6,622 3,953 16,845 2,561 36,135 66,735 Reimbursed expenses (1) 11,585 68,378 965 — — 897 81,825 Total operating expenses 14,277 81,068 11,031 17,782 2,569 38,231 164,958 OPERATING INCOME (LOSS) 17,536 (1,683) (6,657) (4,720) (1,638) (15,523) (12,685) Equity in earnings (loss) of unconsolidated entities — (154) — — — (18) (172) Interest expense — — — (413) — (2,142) (2,555) Amortization of loan costs — — — (44) — (87) (131) Interest income — 133 — — — 2 135 Realized gain (loss) on investments — (373) — — — — (373) Other income (expense) — 1 — (107) (1) (178) (285) INCOME (LOSS) BEFORE INCOME TAXES 17,536 (2,076) (6,657) (5,284) (1,639) (17,946) (16,066) Income tax (expense) benefit (4,133) (663) 1,320 1,077 — 4,047 1,648 NET INCOME (LOSS) $ 13,403 $ (2,739) $ (5,337) $ (4,207) $ (1,639) $ (13,899) $ (14,418) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $4.1 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Three Months Ended June 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 11,430 $ — $ — $ — $ — $ — $ 11,430 Hotel management — 3,691 — — — — 3,691 Design and construction fees — — 2,052 — — — 2,052 Audio visual — — — 970 — — 970 Other 83 — — — 292 2,962 3,337 Cost reimbursement revenue (1) 4,037 18,768 692 — — 621 24,118 Total revenues 15,550 22,459 2,744 970 292 3,583 45,598 EXPENSES Depreciation and amortization 2,437 3,534 3,157 488 4 489 10,109 Other operating expenses (2) — 3,357 1,823 5,059 734 11,600 22,573 Reimbursed expenses (1) 3,974 18,768 692 — — 621 24,055 Total operating expenses 6,411 25,659 5,672 5,547 738 12,710 56,737 OPERATING INCOME (LOSS) 9,139 (3,200) (2,928) (4,577) (446) (9,127) (11,139) Equity in earnings (loss) of unconsolidated entities — — — — — 17 17 Interest expense — — — (184) — (1,062) (1,246) Amortization of loan costs — — — (14) — (76) (90) Interest income — — — — — 1 1 Realized gain (loss) on investments — (11) — — — — (11) Other income (expense) — 14 — 141 (16) (73) 66 INCOME (LOSS) BEFORE INCOME TAXES 9,139 (3,197) (2,928) (4,634) (462) (10,320) (12,402) Income tax (expense) benefit (2,170) 525 559 1,171 — 3,399 3,484 NET INCOME (LOSS) $ 6,969 $ (2,672) $ (2,369) $ (3,463) $ (462) $ (6,921) $ (8,918) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.4 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Six Months Ended June 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 23,266 $ — $ — $ — $ — $ — $ 23,266 Hotel management — 9,815 — — — — 9,815 Design and construction fees — — 5,990 — — — 5,990 Audio visual — — — 30,644 — — 30,644 Other 140 — — — 814 9,074 10,028 Cost reimbursement revenue (1) 13,101 83,100 1,906 — — 1,590 99,697 Total revenues 36,507 92,915 7,896 30,644 814 10,664 179,440 EXPENSES Depreciation and amortization 4,876 6,911 6,314 992 10 975 20,078 Impairment — 126,548 49,524 2,141 — — 178,213 Other operating expenses (2) — 7,652 4,887 31,445 1,722 25,467 71,173 Reimbursed expenses (1) 12,970 83,100 1,906 — — 1,590 99,566 Total operating expenses 17,846 224,211 62,631 34,578 1,732 28,032 369,030 OPERATING INCOME (LOSS) 18,661 (131,296) (54,735) (3,934) (918) (17,368) (189,590) Equity in earnings (loss) of unconsolidated entities — — — — — 253 253 Interest expense — — — (441) — (1,981) (2,422) Amortization of loan costs — — — (28) — (128) (156) Interest income — — — — — 29 29 Realized gain (loss) on investments — (386) — — — — (386) Other income (expense) — 26 — (314) (6) (161) (455) INCOME (LOSS) BEFORE INCOME TAXES 18,661 (131,656) (54,735) (4,717) (924) (19,356) (192,727) Income tax (expense) benefit (4,423) 1,714 727 1,037 — 6,514 5,569 NET INCOME (LOSS) $ 14,238 $ (129,942) $ (54,008) $ (3,680) $ (924) $ (12,842) $ (187,158) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $5.8 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 12, 2021, Ashford Trust and Braemar invested $250,000 and $117,000, respectively, in OpenKey. On July 23, 2021, RED entered into a new term loan agreement with a maximum principal amount of $900,000 at an interest rate equal to the Prime Rate plus 2.00%. The term loan matures August 5, 2029, and RED will not be required to make any payments of principal until May 5, 2022. The term loan does not have recourse to the Company. On July 23, 2021, RED consolidated the draw term loan previously maturing August 2028 and RED’s outstanding line of credit previously maturing August 2021 into a new term loan with an outstanding principal balance of $2.2 million at an interest rate equal to the Prime Rate plus 2.00%. The new term loan matures on August 5, 2029, and RED will be required to pay monthly installments of principal and interest commencing September 5, 2021 until the maturity date. The term loan does not have recourse to the Company. On July 23, 2021, RED consolidated the draw term loan previously maturing June 2027 and two term loans previously maturing October 2025 and February 2029 into a new term loan with an outstanding principal balance of $3.5 million at an interest rate equal to the Prime Rate plus 1.75%. The new term loan matures on August 5, 2029, and RED will be required to pay monthly installments of principal and interest commencing September 5, 2021 until the maturity date. The term loan has recourse to the Company.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2021. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities—We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment.
Use of Estimates	Use of Estimates—The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Property and Equipment, net	Property and Equipment, net—Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost. As of June 30, 2021 and December 31, 2020, property and equipment, net of accumulated depreciation, included assets related to our consolidated subsidiary Marietta’s finance lease of $42.2 million and $42.8 million, ERFP assets of $14.0 million and $18.3 million, audio visual equipment at JSAV of $9.1 million and $11.6 million and marine vessels at RED of $12.1 million and $9.9 million, respectively.
Other Liabilities	Other Liabilities—As of June 30, 2021 and December 31, 2020, other liabilities included reserves in the amount of $26.7 million and $26.3 million, respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets.
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2017 through 2020 remain subject to potential examination by certain federal and state taxing authorities. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to the business. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended March 31, 2020. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company filed a claim to carryback the 2018 tax net operating loss to a prior year as provided for by the CARES Act. The Company received the carryback amount of $1.0 million in March of 2021.
Recently Adopted and Issued Accounting Standards	Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact ASU 2016-13 and ASU 2019-10 may have on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to provide guidance and relief for transitioning to alternative reference rates. ASU 2021 is effective immediately for all entities. We are currently evaluating the impact ASU 2020-04 and 2021-01 may have on our condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our condensed consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to January 14, 2021, the base fee was paid monthly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from greater than $10.0 billion to less than $6.0 billion plus the Net Asset Fee Adjustment, as defined in the Amended and Restated Advisory Agreement, subject to certain minimums. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. Under the Second Amended and Restated Advisory Agreement, advisory fees earned each year from Ashford Trust in excess of the Advisory Fee Cap are a form of variable consideration that is constrained and deferred until such fees are probable of not being subject to significant reversal. The Advisory Fee Cap is $29.0 million each year as stated in the Credit Agreement. As a result, until the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full to Oaktree by Ashford Trust, base advisory fee revenue recognized each month is equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12th of $29.0 million. Any cash received from Ashford Trust for base advisory fees in excess of revenue recognized is deferred until no longer constrained. Any portion of deferred advisory fees that becomes unconstrained during the same year in which the fees were earned will be recognized on a straight line basis over the remainder of the year with a cumulative catch-up in the interim period in which the constraint is resolved. Any portion of deferred advisory fees that becomes unconstrained in a year subsequent to the year in which the fees were earned will be recognized in the interim period in which the constraint is resolved. For Braemar, the base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in the advisory agreement, as amended, subject to certain minimums. Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”), as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter subject to meeting the FCCR Condition. Hotel Management Revenue Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to the amended and restated hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. Design and Construction Revenue Design and construction revenue (formerly called project management revenue) primarily consists of revenue generated within our Premier segment by providing design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our JSAV segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present: (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue; or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Other Revenue Other revenue includes revenue provided by certain of our hospitality products and service businesses, including RED. RED’s revenue is primarily generated through the provision of watersports activities and ferry and excursion services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by Lismore. For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust and Braemar, with no added mark-up. These costs primarily consist of expenses related to Ashford Securities, overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements. We record cost reimbursement revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Prior to December 31, 2020, we additionally were reimbursed by Ashford Trust for expenses incurred by Ashford Investment Management, LLC (“AIM”) for managing Ashford Trust’s excess cash under the Investment Management Agreement. AIM was not compensated for its services but was reimbursed for all costs and expenses. Effective December 31, 2020, the Investment Management Agreement with Ashford Trust was terminated. Under our project management agreements and hotel management agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust, Braemar and other hotel owners, with no added mark-up. Project management costs primarily consist of costs for accounting, overhead and project manager services. Hotel management costs primarily consist of the properties’ payroll, payroll taxes and benefits related expenses at managed properties where we are the employer of the employees at the properties as provided for in our contracts with Ashford Trust, Braemar and other hotel owners. We recognize revenue within the “cost reimbursement revenue” in our condensed consolidated statements of operations when the amounts may be billed to Ashford Trust, Braemar and other hotel owners, and we recognize expenses within “reimbursed expenses” in our condensed consolidated statements of operations as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized software programs and the related reimbursements we receive from Ashford Trust and Braemar in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred income that will be recognized within the next twelve months is recorded as current deferred income and the remaining portion is recorded as noncurrent. The increase in the deferred income balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenue recognized that was included in the deferred income balance at the beginning of the period.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Ashford OpenKey (3) Pure (4) RED (5) Ashford Inc. ownership interest 99.87 % 75.37 % 70.00 % 97.87 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % — % Noncontrolling interests in consolidated entities — % 24.63 % 30.00 % 2.13 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 94 n/a n/a n/a Redemption value adjustment, year-to-date 102 n/a n/a n/a Redemption value adjustment, cumulative 586 n/a n/a n/a Carrying value of noncontrolling interests n/a 129 133 (11) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,329 2,355 24,492 Liabilities (8)(9) n/a 1,011 2,299 14,883 Notes payable (8) n/a — — 7,667 Revolving credit facility (8) n/a — 100 247 December 31, 2020 Ashford OpenKey (3) Pure Wellness (4) RED (5) Ashford Inc. ownership interest 99.86 % 49.04 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.14 % 25.06 % — % — % Noncontrolling interests in consolidated entities — % 25.90 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 35 $ 1,799 n/a n/a Redemption value adjustment, year-to-date 371 466 n/a n/a Redemption value adjustment, cumulative 486 2,563 n/a n/a Carrying value of noncontrolling interests n/a 164 89 (374) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,287 1,677 21,204 Liabilities (8)(9) n/a 837 1,767 13,817 Notes payable (8) n/a — — 7,627 Revolving credit facility (8) n/a — 100 247 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. See also notes 1 and 5. (4) Represents ownership interests in PRE Opco LLC (“Pure Wellness”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality and commercial office industry. See also notes 1 and 9. (5) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. On May 3, 2021, we acquired shares in RED from a noncontrolling interest holder, increasing our ownership of RED from 84.21% to 97.87%. RED is a provider of watersports activities and other travel and transportation services and includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. We are provided a preferred return on our investment in RED’s legacy U.S. Virgin Islands operations and Sebago which is accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 9. (6) Total assets consist primarily of cash and cash equivalents, property and equipment, intangibles and other assets that can only be used to settle the subsidiaries’ obligations. (7) The assets of Sebago are not available to settle the obligations of the entity that conducts RED’s legacy U.S. Virgin Islands operations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED’s legacy U.S. Virgin Islands operations, for which the creditor has recourse to Ashford Inc. See note 5. (9) See our condensed consolidated balance sheets for disclosure by line item of material assets and liabilities of the VIEs consolidated by the Company.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): June 30, 2021 December 31, 2020 Carrying value of the investment in REA Holdings $ 2,800 2,873 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity in earnings (loss) in unconsolidated entities $ 96 $ 17 $ (18) $ 253
Restricted Cash	Restricted cash was comprised of the following (in thousands): June 30, 2021 December 31, 2020 REIT Advisory: Insurance claim reserves (1) $ 26,685 $ 26,304 Remington: Managed hotel properties’ reserves (2) 4,670 5,908 Insurance claim reserves (3) 1,074 1,532 Total Remington restricted cash 5,744 7,440 JSAV: Debt service related operating reserves (4) 928 — Marietta: Capital improvement reserves (5) 189 2,852 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 989 3,652 Total restricted cash $ 34,346 $ 37,396 ________ (1) Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our condensed consolidated balance sheets. (2) Cash received from hotel properties managed by Remington is used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable which is presented net within “due from Ashford Trust” and “due from Braemar” in our condensed consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses.” (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities.” (4) Cash is restricted due to operating reserves required under JSAV’s amended credit agreement to service interest expense and projected operating costs. See note 5. (5) Includes cash reserves for capital improvements associated with renovations at the hotel leased by our consolidated subsidiary, Marietta Leasehold, L.P. (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. The liability related to the restricted cash balance for the hotel’s renovations are included in “accounts payable and accrued expenses.” (6) Restricted cash is held in escrow in accordance with the Marietta lease agreement. The cash held in escrow is funded from hotel cash flows and can only be used for repairs and maintenance or capital improvements at the property.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2021 2020 Balance as of March 31 $ 20,519 $ 18,250 Increases to deferred income 4,307 4,578 Recognition of revenue (1) (5,163) (2,591) Balance as of June 30 $ 19,663 $ 20,237 ________ (1) Deferred income recognized in the three months ended June 30, 2021, includes (a) $527,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $669,000 of audio visual revenue, (c) $2.3 million of other revenue related to the Ashford Trust Agreement with Lismore (see note 13) and (d) $1.7 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the three months ended June 30, 2020, includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $219,000 of audio visual revenue, (c) $1.3 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore and (d) $483,000 of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred Income 2021 2020 Balance as of January 1 $ 21,359 $ 13,280 Increases to deferred income 10,218 11,656 Recognition of revenue (1) (11,914) (4,699) Balance as of June 30 $ 19,663 $ 20,237 ________ (1) Deferred income recognized in the six months ended June 30, 2021, includes (a) $1.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.2 million of audio visual revenue, (c) $6.6 million of other revenue primarily related to the Ashford Trust Agreement with Lismore (see note 13) and (d) $3.1 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the six months ended June 30, 2020, includes (a) $1.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.1 million of audio visual revenue, (c) $1.3 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore and (d) $1.1 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore.
Disaggregation of Revenue	Our revenues were comprised of the following for the three and six months ended June 30, 2021 and 2020, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services revenue: Base advisory fee $ 9,932 $ 11,130 $ 19,731 $ 22,667 Incentive advisory fee — 169 — 339 Other advisory revenue 130 131 258 260 Total advisory services revenue 10,062 11,430 19,989 23,266 Hotel management: Base fee 5,308 3,691 9,165 9,815 Incentive fee 1,207 — 1,822 — Total hotel management revenue 6,515 3,691 10,987 9,815 Design and construction revenue 1,867 2,052 3,409 5,990 Audio visual revenue 9,451 970 13,062 30,644 Other revenue: Watersports, ferry and excursion services (1) 6,861 904 11,421 4,221 Debt placement and related fees (2) 2,290 1,335 6,578 1,463 Claims management services 16 72 33 129 Other services (3) 2,999 1,026 4,763 4,215 Total other revenue 12,166 3,337 22,795 10,028 Cost reimbursement revenue 48,279 24,118 82,031 99,697 Total revenues $ 88,340 $ 45,598 $ 152,273 $ 179,440 REVENUES BY SEGMENT (4) REIT advisory $ 16,745 $ 15,550 $ 31,813 $ 36,507 Remington 47,011 22,459 79,385 92,915 Premier 2,430 2,744 4,374 7,896 JSAV 9,451 970 13,062 30,644 OpenKey 477 292 931 814 Corporate and other 12,226 3,583 22,708 10,664 Total revenues $ 88,340 $ 45,598 $ 152,273 $ 179,440 ________ (1) Watersports, ferry and excursion services are earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing services to Ashford Trust and Braemar. (3) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries OpenKey and Pure Wellness, to Ashford Trust, Braemar and third parties, and the revenue of Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. (4) We have five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness, Lismore and REA Holdings into an “all other” category, which we refer to as “Corporate and Other.” See note 15 for discussion of segment reporting. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 7,837 $ 887 $ 10,752 $ 22,645 Mexico 1,260 38 1,671 6,509 Dominican Republic 354 45 639 1,490 $ 9,451 $ 970 $ 13,062 $ 30,644

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of June 30, 2021 is as follows (in thousands): Remington Corporate and Other (1) Consolidated Balance at June 30, 2021 $ 54,605 $ 2,017 $ 56,622 ________ (1) Corporate and Other includes the goodwill acquired from RED’s acquisition of Sebago and the Company’s acquisition of Pure Wellness.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of June 30, 2021 and December 31, 2020, are as follows (in thousands): June 30, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (22,259) $ 85,341 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (35,524) 158,476 194,000 — (29,428) 164,572 JSAV customer relationships 9,319 — (3,850) 5,469 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (303) 2,797 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (149) 26 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (62,085) $ 252,109 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 JSAV trademarks 1,160 — 1,160 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ — $ 6,550 $ 14,531 $ (7,981) $ 6,550
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of June 30, 2021 and December 31, 2020, are as follows (in thousands): June 30, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (22,259) $ 85,341 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (35,524) 158,476 194,000 — (29,428) 164,572 JSAV customer relationships 9,319 — (3,850) 5,469 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (303) 2,797 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (149) 26 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (62,085) $ 252,109 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 JSAV trademarks 1,160 — 1,160 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ — $ 6,550 $ 14,531 $ (7,981) $ 6,550

Notes Payable, net (Tables)

Notes Payable, net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate June 30, 2021 December 31, 2020 Term loan (7) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 28,688 $ 33,688 Note payable (10) Ashford Inc. February 29, 2028 4.00% 1,867 — Term loan (5) (8) JSAV January 1, 2024 Prime Rate (4) + 1.25% 20,000 20,000 Revolving credit facility (5) (8) JSAV January 1, 2024 Prime Rate (4) + 1.25% 486 1,106 Revolving credit facility (5) (11) Pure Wellness On demand Prime Rate (4) + 1.00% 100 100 Term loan (6) (12) RED October 5, 2025 Prime Rate (4) + 1.75% 520 571 Revolving credit facility (6) (13) RED August 5, 2021 Prime Rate (4) + 1.75% 247 247 Draw term loan (6) (14) RED June 5, 2027 Prime Rate (4) + 1.75% 1,328 1,375 Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,521 1,584 Term loan (5) (16) RED July 17, 2029 6.00% (14) 1,663 1,663 Term loan (5) (17) RED July 17, 2023 6.50% 735 859 Draw term loan (5) (18) RED August 5, 2028 Prime Rate (4) + 2.00% 1,900 1,575 Notes payable 59,055 62,768 Capitalized default interest, net (9) 359 427 Deferred loan costs, net (410) (499) Notes payable including capitalized default interest and deferred loan costs, net 59,004 62,696 Less current portion (19) (24,836) (5,347) Notes payable, net - non-current $ 34,168 $ 57,349 __________________ (1) Base Rate, as defined in the term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50%, or (iii) LIBOR plus 1.00%. (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 0.10% and 0.14% at June 30, 2021 and December 31, 2020, respectively. (4) Prime Rate was 3.25% and 3.25% at June 30, 2021 and December 31, 2020, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 29, 2021, the Company amended its Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A. (as so amended, the “Seventh Amendment”). The Seventh Amendment (a) increases the required amortization rate from 1.25% to 2.50% each quarter commencing July 1, 2021, (b) requires the Company to maintain a minimum liquidity of $15.0 million at all times, including pro forma for preferred dividends, and (c) restricts dividends and stock repurchases, other than preferred dividends, so long as there is no default under the Term Loan Agreement. Principal payment amounts are subject to maintaining a fixed charge coverage ratio below specified thresholds, which if not met, increase the principal payment due each quarter from 2.50% to 5.0% of the outstanding principal balance. Upon signing the Seventh Amendment, the Company made a $5.0 million prepayment to Bank of America, N.A. as consideration for their execution and delivery of the Seventh Amendment. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (8) On December 31, 2020, JSAV amended its credit agreement dated as of November 1, 2017 (the “JSAV Amendment”). As a result of the JSAV amendment, the credit agreement revised the maximum borrowing capacity of the revolving credit facility from $3.5 million to $3.0 million. The JSAV amendment additionally replaced JSAV’s previous term loan, draw term loan and equipment loans with a $20.0 million senior secured term loan. The JSAV amendment also extended the maturity date of JSAV’s obligations under the revolving credit facility and term loan to January 1, 2024, with the potential for a further one-year extension at JSAV’s option subject to satisfaction of certain conditions, including a payment of a one-time, permanent principal reduction of the term loan of not less than $2.5 million and other fees as of the date of JSAV’s election to extend. Pursuant to the JSAV Amendment, JSAV’s obligations to comply with certain financial and other covenants was waived until March 31, 2023. As a result of the JSAV Amendment, amounts borrowed under the revolving credit facility and the term loan will bear interest at the prime rate plus a margin of 1.25%, with the margin increasing by 0.25% beginning on July 1, 2021 and at the beginning of each successive quarter thereafter. JSAV will pay a commitment fee of 1.5% of the term loan in installments, with the possibility that the last $100,000 installment, scheduled to be paid on December 31, 2022, be forgiven if JSAV’s obligations under the JSAV Amendment have been satisfied in full in advance of that date. The JSAV Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, JSAV will be required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. In connection with the credit agreement dated as of November 1, 2017, JSAV entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0%. The fair value of the interest rate cap at June 30, 2021 and December 31, 2020, was not material. (9) On December 31, 2020, the Company determined the JSAV Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020, as the carrying amount of the original loan was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the JSAV term loan balance at December 31, 2020, and are amortized over the remaining term of the loan using the effective interest method. (10) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium or cash at our sole discretion. (11) On April 6, 2017, Pure Wellness entered into a $100,000 line of credit. On July 20, 2020, Pure Wellness increased the line of credit to $250,000. (12) On March 23, 2018, RED entered into a term loan of $750,000. (13) On August 5, 2020, RED renewed its $250,000 revolving credit facility. (14) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million. (15) On August 31, 2018, RED entered into a term loan of $1.8 million. (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (17) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million. (18) On March 24, 2020, RED entered into a draw term loan with a maximum aggregate principal amount of $1.9 million. The draw term loan requires payment of interest only until March 5, 2021. (19) The current portion of “notes payable, net” as of June 30, 2021 primarily consists of JSAV’s outstanding term loan and revolving credit facility which was classified as current. As a result of the impact of COVID-19, JSAV is reliant on Ashford Inc. to make contributions to cover JSAV’s projected operating shortfall and amortization and interest payments on its outstanding debt within one year of the issuance of the financial statements. All such contributions are subject to the discretion of Ashford Inc. As such, all of JSAV’s outstanding debt balance has been classified as a current liability within our condensed consolidated balance sheet as of June 30, 2021. The current portion of “notes payable, net” also includes $2.8 million related to our Term Loan with Bank of America, N.A.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total June 30, 2021 Assets Restricted Investment: Ashford Trust common stock $ 720 (1) $ — $ — $ 720 Braemar common stock 520 (1) — — 520 Total $ 1,240 $ — $ — $ 1,240 Liabilities Subsidiary compensation plan $ — $ (144) (1) $ — $ (144) Deferred compensation plan (4,482) — — (4,482) Total $ (4,482) $ (144) $ — $ (4,626) Net $ (3,242) $ (144) $ — $ (3,386) __________________ (1) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through June 30, 2021, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2020 Assets Restricted Investment: Ashford Trust common stock $ 88 (2) $ — $ — $ 88 Braemar common stock 202 (2) — — 202 Total $ 290 $ — $ — $ 290 Liabilities Contingent consideration $ (1,735) (1) $ — $ — $ (1,735) Subsidiary compensation plan — (89) (2) — (89) Deferred compensation plan (1,707) — — (1,707) Total $ (3,442) $ (89) $ — $ (3,531) Net $ (3,152) $ (89) $ — $ (3,241) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with JSAV’s acquisition of BAV. The contingent consideration liabilities are reported as “other current liabilities” in our condensed consolidated balance sheets. See note 1. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2020, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Income (Loss)	The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Restricted investment: (1) Ashford Trust common stock $ (156) $ 13 $ (331) $ (200) Braemar common stock (23) (24) (42) (186) Goodwill — — — (170,572) Intangible assets, net — — — (7,641) Total $ (179) $ (11) $ (373) $ (178,599) Liabilities Contingent consideration (2) $ — $ (154) $ (23) $ (617) Subsidiary compensation plan (3) (150) (37) (273) 165 Deferred compensation plan (3) (2,743) (880) (2,801) 2,697 Total $ (2,893) $ (1,071) $ (3,097) $ 2,245 Net $ (3,072) $ (1,082) $ (3,470) $ (176,354) __________________ (1) Represents the realized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (2) Represents the changes in fair value of the contingent consideration liabilities related to the level of achievement of certain performance targets and stock consideration collars associated with the acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: June 30, 2021 Equity securities (1) $ 1,449 $ — $ (209) $ 1,240 __________________ (1) Distribution of $845,000 of available-for-sale securities occurred in the six months ended June 30, 2021. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2020 Equity securities (1) $ 1,169 $ — $ (879) $ 290 __________________ (1) Distribution of $195,000 of available-for-sale securities had occurred as of December 31, 2020. Unrealized losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 1,240 $ 1,240 $ 290 $ 290 Financial liabilities measured at fair value: Deferred compensation plan $ 4,482 $ 4,482 $ 1,707 $ 1,707 Contingent consideration — — 1,735 1,735 Financial assets not measured at fair value: Cash and cash equivalents $ 32,089 $ 32,089 $ 45,270 $ 45,270 Restricted cash 34,346 34,346 37,396 37,396 Accounts receivable, net 5,269 5,269 3,458 3,458 Note receivable 2,881 2,881 — — Due from affiliates 490 490 353 353 Due from Ashford Trust 751 751 13,198 13,198 Due from Braemar 449 449 2,142 2,142 Investments in unconsolidated entities 3,701 3,701 3,687 3,687 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 28,027 $ 28,027 $ 40,378 $ 40,378 Dividends payable 25,166 25,166 16,280 16,280 Due to affiliates 97 97 1,471 1,471 Other liabilities 27,752 27,752 28,170 28,170 Notes payable 59,055 56,103 to 62,008 62,768 59,629 to 65,906

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of (Income) Loss Allocated To Noncontrolling Interests	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Income) loss allocated to noncontrolling interests: OpenKey $ 208 $ 120 $ 411 $ 239 RED 59 165 (38) 155 Pure Wellness (33) (12) (44) 23 Other — 5 — 21 Total net (income) loss allocated to noncontrolling interests $ 234 $ 278 $ 329 $ 438

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 19 $ 25 $ 43 $ 361 JSAV — 497 — 478 OpenKey — 122 152 245 Total net (income) loss allocated to redeemable noncontrolling interests $ 19 $ 644 $ 195 $ 1,084
Dividends Declared	Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Preferred dividends - declared $ — $ 4,002 $ 8,353 $ 7,940 Preferred dividends per share - declared $ — $ 0.2093 $ 0.4369 $ 0.4153 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): June 30, 2021 December 31, 2020 Aggregate preferred dividends - undeclared $ 25,166 $ 16,280 Aggregate preferred dividends - undeclared per share $ 1.3162 $ 0.8515

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost	Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and six months ended June 30, 2021 and 2020 are presented below by award type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity-based compensation Stock option amortization (1) $ 543 $ (397) $ 1,549 $ 1,692 Employee equity grant expense (2) 309 247 541 352 Director and other non-employee equity grants expense (3) 525 414 650 269 Total equity-based compensation $ 1,377 $ 264 $ 2,740 $ 2,313 Other equity-based compensation REIT equity-based compensation (4) $ 4,840 $ 2,309 $ 8,177 $ 9,200 $ 6,217 $ 2,573 $ 10,917 $ 11,513 ________ (1) As of June 30, 2021, the Company had approximately $1.5 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.7 years. The benefit recorded in the three months ended June 30, 2020, is primarily due to the forfeiture of 98,603 options from the voluntary resignation of Douglas A. Kessler, Senior Managing Director of the Company, in May of 2020. (2) As of June 30, 2021, the Company had approximately $2.6 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.2 years. See note 1. (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees.

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2021
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Change in fair value Unrealized gain (loss) $ (2,743) $ (880) $ (2,801) $ 2,697 Distributions Fair value (1) $ 19 $ 4 $ 26 $ 6 Shares (1) 1 — 2 1 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUES BY TYPE Advisory services revenue: Base advisory fee (1) $ 7,254 $ 8,557 $ 14,508 $ 17,474 Hotel management: Base management fees 4,473 3,504 7,850 9,197 Incentive management fees 1,065 — 1,601 — Total hotel management revenue (2) 5,538 3,504 9,451 9,197 Design and construction revenue (3) 634 838 1,037 3,920 Audio visual revenue (4) — — — — Other revenue Debt placement and related fees (5) 2,290 689 5,725 817 Claims management services (6) 14 27 30 46 Other services (7) 433 336 792 786 Total other revenue 2,737 1,052 6,547 1,649 Cost reimbursement revenue 38,747 19,947 66,122 88,020 Total revenues $ 54,910 $ 33,898 $ 97,665 $ 120,260 REVENUES BY SEGMENT (8) REIT advisory $ 11,204 $ 10,354 $ 21,758 $ 25,962 Remington 39,987 20,739 67,746 86,274 Premier 995 1,319 1,643 5,261 OpenKey 30 30 60 129 Corporate and other 2,694 1,456 6,458 2,634 Total revenues $ 54,910 $ 33,898 $ 97,665 $ 120,260 COST OF REVENUES Cost of audio visual revenues (4) $ 560 $ 3 $ 696 $ 2,014 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 1,270 $ 7 $ 1,573 $ 4,604 ________ (1) Advisory fees earned from Ashford Trust during the three and six months ended June 30, 2021, excluded $1.7 million and $3.2 million, respectively, of advisory fees that were constrained and deferred as a result of the $29.0 million annual Advisory Fee Cap. The deferred fees are included in deferred income in our condensed consolidated balance sheet. See note 3 for discussion of the advisory services revenue recognition policy. (2) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (3) Design and construction revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction revenue recognition policy. (4) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Claims management services include revenue earned from providing insurance claim assessment and administration services. (7) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (8) See note 15 for discussion of segment reporting. The following table summarizes the revenues related to Braemar (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 2,678 $ 2,573 $ 5,223 $ 5,193 Incentive advisory fee (1) — 169 — 339 Other advisory revenue (2) 130 131 258 260 Total advisory services revenue 2,808 2,873 5,481 5,792 Hotel management: Base management fees 584 154 915 509 Incentive management fees 142 — 221 — Total hotel management revenue (3) 726 154 1,136 509 Design and construction revenue (4) 350 712 621 1,455 Audio visual revenue (5) — — — — Other revenue Watersports, ferry and excursion services (6) 695 20 1,227 356 Debt placement and related fees (7) — 646 853 646 Claims management services (8) 2 45 3 83 Other services (9) 36 33 87 119 Total other revenue 733 744 2,170 1,204 Cost reimbursement revenue 7,404 3,490 12,200 10,360 Total revenues $ 12,021 $ 7,973 $ 21,608 $ 19,320 REVENUES BY SEGMENT (10) REIT advisory $ 5,545 $ 5,184 $ 10,059 $ 10,530 Remington 4,682 1,032 7,614 5,249 Premier 511 897 873 1,990 OpenKey 9 11 19 71 Corporate and other 1,274 849 3,043 1,480 Total revenues $ 12,021 $ 7,973 $ 21,608 $ 19,320 COST OF REVENUES Cost of audio visual revenues (5) $ 76 $ — $ 99 $ 447 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 161 $ — $ 213 $ 1,005 ________ (1) Incentive advisory fee for the three and six months ended June 30, 2020, includes the pro-rata portion of the third year installment of the 2018 incentive advisory fee. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. See note 3. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (4) Design and construction revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction revenue recognition policy. (5) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Watersports, ferry and excursion services are earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (5,720) $ (7,996) $ (13,894) $ (185,636) Less: Dividends on preferred stock, declared and undeclared (1) (8,633) (7,940) (17,239) (15,815) Less: Amortization of preferred stock discount (311) (795) (627) (1,605) Undistributed net income (loss) allocated to common stockholders (14,664) (16,731) (31,760) (203,056) Distributed and undistributed net income (loss) - basic $ (14,664) $ (16,731) $ (31,760) $ (203,056) Distributed and undistributed net income (loss) - diluted $ (14,664) $ (16,731) $ (31,760) $ (203,056) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,764 2,269 2,724 2,236 Weighted average common shares outstanding – diluted 2,764 2,269 2,724 2,236 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (5.31) $ (7.37) $ (11.66) $ (90.81) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (5.31) $ (7.37) $ (11.66) $ (90.81) ________ (1) Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 10.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (19) $ (25) $ (43) $ (361) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (619) (152) (723) Dividends on preferred stock, declared and undeclared 8,633 7,940 17,239 15,815 Amortization of preferred stock discount 311 795 627 1,605 Total $ 8,925 $ 8,091 $ 17,671 $ 16,336 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 121 15 71 34 Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 97 561 159 481 Effect of assumed conversion of preferred stock 4,246 4,068 4,227 4,068 Total 4,468 4,648 4,461 4,587

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three and six months ended June 30, 2021 and 2020 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended June 30, 2021 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,062 $ — $ — $ — $ — $ — $ 10,062 Hotel management — 6,515 — — — — 6,515 Design and construction fees — — 1,867 — — — 1,867 Audio visual — — — 9,451 — — 9,451 Other 16 — — — 477 11,673 12,166 Cost reimbursement revenue (1) 6,667 40,496 563 — — 553 48,279 Total revenues 16,745 47,011 2,430 9,451 477 12,226 88,340 EXPENSES Depreciation and amortization 1,084 3,034 3,057 470 4 610 8,259 Other operating expenses (2) 267 3,333 2,274 10,027 1,314 19,721 36,936 Reimbursed expenses (1) 6,533 40,496 563 — — 553 48,145 Total operating expenses 7,884 46,863 5,894 10,497 1,318 20,884 93,340 OPERATING INCOME (LOSS) 8,861 148 (3,464) (1,046) (841) (8,658) (5,000) Equity in earnings (loss) of unconsolidated entities — (154) — — — 96 (58) Interest expense — — — (210) — (1,078) (1,288) Amortization of loan costs — — — (15) — (30) (45) Interest income — 72 — — — — 72 Realized gain (loss) on investments — (179) — — — — (179) Other income (expense) — 1 — 14 — (187) (172) INCOME (LOSS) BEFORE INCOME TAXES 8,861 (112) (3,464) (1,257) (841) (9,857) (6,670) Income tax (expense) benefit (2,179) (400) 552 257 — 2,467 697 NET INCOME (LOSS) $ 6,682 $ (512) $ (2,912) $ (1,000) $ (841) $ (7,390) $ (5,973) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.1 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Six Months Ended June 30, 2021 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,989 $ — $ — $ — $ — $ — $ 19,989 Hotel management fees — 10,987 — — — — 10,987 Design and construction fees — — 3,409 — — — 3,409 Audio visual — — — 13,062 — — 13,062 Other 33 20 — — 931 21,811 22,795 Cost reimbursement revenue (1) 11,791 68,378 965 — — 897 82,031 Total revenues 31,813 79,385 4,374 13,062 931 22,708 152,273 EXPENSES Depreciation and amortization 2,073 6,068 6,113 937 8 1,199 16,398 Other operating expenses (2) 619 6,622 3,953 16,845 2,561 36,135 66,735 Reimbursed expenses (1) 11,585 68,378 965 — — 897 81,825 Total operating expenses 14,277 81,068 11,031 17,782 2,569 38,231 164,958 OPERATING INCOME (LOSS) 17,536 (1,683) (6,657) (4,720) (1,638) (15,523) (12,685) Equity in earnings (loss) of unconsolidated entities — (154) — — — (18) (172) Interest expense — — — (413) — (2,142) (2,555) Amortization of loan costs — — — (44) — (87) (131) Interest income — 133 — — — 2 135 Realized gain (loss) on investments — (373) — — — — (373) Other income (expense) — 1 — (107) (1) (178) (285) INCOME (LOSS) BEFORE INCOME TAXES 17,536 (2,076) (6,657) (5,284) (1,639) (17,946) (16,066) Income tax (expense) benefit (4,133) (663) 1,320 1,077 — 4,047 1,648 NET INCOME (LOSS) $ 13,403 $ (2,739) $ (5,337) $ (4,207) $ (1,639) $ (13,899) $ (14,418) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $4.1 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Three Months Ended June 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 11,430 $ — $ — $ — $ — $ — $ 11,430 Hotel management — 3,691 — — — — 3,691 Design and construction fees — — 2,052 — — — 2,052 Audio visual — — — 970 — — 970 Other 83 — — — 292 2,962 3,337 Cost reimbursement revenue (1) 4,037 18,768 692 — — 621 24,118 Total revenues 15,550 22,459 2,744 970 292 3,583 45,598 EXPENSES Depreciation and amortization 2,437 3,534 3,157 488 4 489 10,109 Other operating expenses (2) — 3,357 1,823 5,059 734 11,600 22,573 Reimbursed expenses (1) 3,974 18,768 692 — — 621 24,055 Total operating expenses 6,411 25,659 5,672 5,547 738 12,710 56,737 OPERATING INCOME (LOSS) 9,139 (3,200) (2,928) (4,577) (446) (9,127) (11,139) Equity in earnings (loss) of unconsolidated entities — — — — — 17 17 Interest expense — — — (184) — (1,062) (1,246) Amortization of loan costs — — — (14) — (76) (90) Interest income — — — — — 1 1 Realized gain (loss) on investments — (11) — — — — (11) Other income (expense) — 14 — 141 (16) (73) 66 INCOME (LOSS) BEFORE INCOME TAXES 9,139 (3,197) (2,928) (4,634) (462) (10,320) (12,402) Income tax (expense) benefit (2,170) 525 559 1,171 — 3,399 3,484 NET INCOME (LOSS) $ 6,969 $ (2,672) $ (2,369) $ (3,463) $ (462) $ (6,921) $ (8,918) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.4 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Six Months Ended June 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 23,266 $ — $ — $ — $ — $ — $ 23,266 Hotel management — 9,815 — — — — 9,815 Design and construction fees — — 5,990 — — — 5,990 Audio visual — — — 30,644 — — 30,644 Other 140 — — — 814 9,074 10,028 Cost reimbursement revenue (1) 13,101 83,100 1,906 — — 1,590 99,697 Total revenues 36,507 92,915 7,896 30,644 814 10,664 179,440 EXPENSES Depreciation and amortization 4,876 6,911 6,314 992 10 975 20,078 Impairment — 126,548 49,524 2,141 — — 178,213 Other operating expenses (2) — 7,652 4,887 31,445 1,722 25,467 71,173 Reimbursed expenses (1) 12,970 83,100 1,906 — — 1,590 99,566 Total operating expenses 17,846 224,211 62,631 34,578 1,732 28,032 369,030 OPERATING INCOME (LOSS) 18,661 (131,296) (54,735) (3,934) (918) (17,368) (189,590) Equity in earnings (loss) of unconsolidated entities — — — — — 253 253 Interest expense — — — (441) — (1,981) (2,422) Amortization of loan costs — — — (28) — (128) (156) Interest income — — — — — 29 29 Realized gain (loss) on investments — (386) — — — — (386) Other income (expense) — 26 — (314) (6) (161) (455) INCOME (LOSS) BEFORE INCOME TAXES 18,661 (131,656) (54,735) (4,717) (924) (19,356) (192,727) Income tax (expense) benefit (4,423) 1,714 727 1,037 — 6,514 5,569 NET INCOME (LOSS) $ 14,238 $ (129,942) $ (54,008) $ (3,680) $ (924) $ (12,842) $ (187,158) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $5.8 million of hotel management revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses.

Organization and Description _2

Organization and Description of Business (Details)	May 03, 2021USD ($)	Mar. 25, 2021USD ($)	Mar. 09, 2021USD ($)	Mar. 04, 2021USD ($)	Feb. 01, 2021USD ($)	Jan. 11, 2021USD ($)	Jan. 31, 2021USD ($)contract	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 02, 2021	Jan. 14, 2021	Dec. 30, 2020
Noncontrolling Interest [Line Items]
Aggregate preferred dividends - undeclared								$ 25,166,000	$ 16,280,000		$ 25,166,000		$ 16,280,000
Preferred dividends declared		$ 8,400,000						$ 0	$ 0	$ 0
Payments to acquire notes receivable											$ 2,881,000	$ 0
Percent excess of fees paid															80.00%
Ashford Trust
Noncontrolling Interest [Line Items]
Quarterly base fee (as a percent)															0.70%
OpenKey
Noncontrolling Interest [Line Items]
Purchase price of noncontrolling interests			$ 1,900,000
Payment term of acquired redeemable noncontrolling interests (in years)			7 years
Annual interest rate of acquired redeemable noncontrolling interests			4.00%
Percentage payable premium or cash			10.00%
Ownership by parent (as a percent)			74.76%
RED
Noncontrolling Interest [Line Items]
Ownership by parent (as a percent)	97.87%							97.87%	84.21%		97.87%		84.21%	84.21%
Noncontrolling interests in consolidated entities (as a percent)								2.13%	15.79%		2.13%		15.79%
Increased ownership purchase price of noncontrolling interests	$ 200,000
Common stock delivered as part of purchase price, quarterly share distributions	$ 25,000
Remington
Noncontrolling Interest [Line Items]
Number of new hotel management contracts | contract							2
Payments to acquire notes receivable							$ 2,900,000
Note receivable, interest rate, stated percentage							10.00%
Ashford Trust | OpenKey
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities (as a percent)			17.07%
Braemar | OpenKey
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities (as a percent)			7.97%
JSAV
Noncontrolling Interest [Line Items]
Total fair value of purchase price													$ 150,000
Voting interests (as a percent)																88.00%
Voting interests acquired (as a percent)									100.00%				100.00%
BAV
Noncontrolling Interest [Line Items]
Cash payment				$ 888,000	$ 870,000	$ 350,000

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	May 03, 2021	May 02, 2021
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests		$ 94		$ 94		$ 1,834
Redemption value adjustment		(76)	$ (187)	(103)	$ (509)
Carrying value of noncontrolling interests		251		251		(121)
Notes payable		$ 59,055		$ 59,055		$ 62,768
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		99.87%		99.87%		99.86%
Redeemable noncontrolling interests		0.13%		0.13%		0.14%
Noncontrolling interests in consolidated entities		0.00%		0.00%		0.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests		$ 94		$ 94		$ 35
Redemption value adjustment				102		371
Redemption value adjustment, cumulative				$ 586		$ 486
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		75.37%		75.37%		49.04%
Redeemable noncontrolling interests		0.00%		0.00%		25.06%
Noncontrolling interests in consolidated entities		24.63%		24.63%		25.90%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests						$ 1,799
Redemption value adjustment						466
Redemption value adjustment, cumulative						2,563
Carrying value of noncontrolling interests		$ 129		$ 129		164
Assets, available only to settle subsidiary's obligations		1,329		1,329		1,287
Liabilities		1,011		1,011		837
Purchase price of noncontrolling interests	$ 1,900
OpenKey | Notes payable
Noncontrolling Interest [Line Items]
Notes payable		0		0		0
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Notes payable		$ 0		$ 0		$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		70.00%		70.00%		70.00%
Redeemable noncontrolling interests		0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities		30.00%		30.00%		30.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of noncontrolling interests		$ 133		$ 133		$ 89
Assets, available only to settle subsidiary's obligations		2,355		2,355		1,677
Liabilities		2,299		2,299		1,767
Pure Wellness | Notes payable
Noncontrolling Interest [Line Items]
Notes payable		0		0		0
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Notes payable		$ 100		$ 100		$ 100
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		97.87%		97.87%		84.21%	97.87%	84.21%
Redeemable noncontrolling interests		0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities		2.13%		2.13%		15.79%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of noncontrolling interests		$ (11)		$ (11)		$ (374)
Assets, available only to settle subsidiary's obligations		24,492		24,492		21,204
Liabilities		14,883		14,883		13,817
RED | Notes payable
Noncontrolling Interest [Line Items]
Notes payable		7,667		7,667		7,627
RED | Revolving credit facility
Noncontrolling Interest [Line Items]
Notes payable		$ 247		$ 247		$ 247

Significant Accounting Polici_5

Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Noncontrolling Interest [Line Items]
Impairment	$ 0	$ 0	$ 0	$ 178,213,000
Investments in unconsolidated entities	3,701,000		3,701,000			$ 3,687,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Other current liabilities	26,700,000		26,700,000			26,300,000
Expected carryback amount to receive					$ 1,000,000
Deferral of social security taxes						2,500,000
Unconsolidated Entities
Noncontrolling Interest [Line Items]
Impairment	0	$ 0	0	$ 0
REA Holdings
Noncontrolling Interest [Line Items]
Option to acquire additional ownership interest (as a percent)							50.00%
Ownership interests, value							$ 12,500,000
Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Finance lease assets	42,200,000		42,200,000			42,800,000
Property and equipment, net	14,000,000		14,000,000			18,300,000
Audio visual
Noncontrolling Interest [Line Items]
Property and equipment, net	9,100,000		9,100,000			11,600,000
Marine vessels
Noncontrolling Interest [Line Items]
Property and equipment, net	12,100,000		12,100,000			9,900,000
Remington
Noncontrolling Interest [Line Items]
Other current liabilities	1,000,000		1,000,000			1,500,000
BAV
Noncontrolling Interest [Line Items]
Contingent consideration possible	0		0			$ 2,100,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities	$ 500,000		$ 500,000

Significant Accounting Polici_6

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 3,701		$ 3,701		$ 3,687
Equity in earnings (loss) of unconsolidated entities	(58)	$ 17	(172)	$ 253
Real Estate Advisory Holdings LLC
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities	96	$ 17	(18)	$ 253
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 2,800		$ 2,800		$ 2,873
Ownership interest in REA Holdings	30.00%		30.00%		30.00%

Significant Accounting Polici_7

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 34,346	$ 37,396	$ 37,175	$ 17,900
Restricted cash current	34,346	37,396
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,744	7,440
Insurance claim reserves | REIT advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	26,685	26,304
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,670	5,908
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,074	1,532
Debt service related operating reserves | JSAV
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	928	0
Total Marietta restricted cash | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	989	3,652
Capital improvements reserves | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	189	2,852
Restricted cash held in escrow | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	$ 800	$ 800

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Jun. 30, 2021	Jan. 14, 2021	Jan. 13, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Percent excess of fees paid			80.00%
Period of unsatisfied performance obligations (in years)		1 year
Accounts receivable, net		$ 5,269			$ 3,458
Remington
Disaggregation of Revenue [Line Items]
Base management fee, percentage of hotel revenues	3.00%	3.00%
Incentive management fee, percentage of hotel revenues		1.00%
Maximum
Disaggregation of Revenue [Line Items]
Advisory fee cap		$ 29,000
Ashford Trust
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)			0.70%
Due from related parties		$ 751			13,200
Ashford Trust | Minimum
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)				0.50%
Total market capitalization threshold for calculating base advisory fee				$ 6,000,000
Ashford Trust | Maximum
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)				0.70%
Total market capitalization threshold for calculating base advisory fee				$ 10,000,000
Braemar
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)		0.70%
Investment in unconsolidated entities		$ 5,000
Due from related parties		$ 449			$ 2,100

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Deferred Revenue and Contract Balances
Beginning balance	$ 20,519	$ 18,250	$ 21,359	$ 13,280
Increases to deferred income	4,307	4,578	10,218	11,656
Recognition of revenue	(5,163)	(2,591)	(11,914)	(4,699)
Ending balance	19,663	20,237	19,663	20,237
Revenue recognized	5,163	2,591	11,914	4,699
Advisory services
Deferred Revenue and Contract Balances
Recognition of revenue	(527)	(554)	(1,100)	(1,100)
Revenue recognized	527	554	1,100	1,100
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(669)	(219)	(1,200)	(1,100)
Revenue recognized	669	219	1,200	1,100
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue	(2,300)	(1,300)	(6,600)	(1,300)
Revenue recognized	2,300	1,300	6,600	1,300
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	(1,700)	(483)	(3,100)	(1,100)
Revenue recognized	$ 1,700	$ 483	$ 3,100	$ 1,100

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligations (Details)	Jun. 30, 2021
Braemar | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial contract period (in years)	10 years

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from External Customer [Line Items]
Total revenues	$ 88,340	$ 45,598	$ 152,273	$ 179,440
Advisory services
Revenue from External Customer [Line Items]
Total revenues	10,062	11,430	19,989	23,266
Base advisory fee
Revenue from External Customer [Line Items]
Total revenues	9,932	11,130	19,731	22,667
Incentive advisory fee
Revenue from External Customer [Line Items]
Total revenues	0	169	0	339
Other advisory revenue
Revenue from External Customer [Line Items]
Total revenues	130	131	258	260
Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	6,515	3,691	10,987	9,815
Base fee
Revenue from External Customer [Line Items]
Total revenues	5,308	3,691	9,165	9,815
Incentive fee
Revenue from External Customer [Line Items]
Total revenues	1,207	0	1,822	0
Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	1,867	2,052	3,409	5,990
Audio visual
Revenue from External Customer [Line Items]
Total revenues	9,451	970	13,062	30,644
Total other revenue
Revenue from External Customer [Line Items]
Total revenues	12,166	3,337	22,795	10,028
Watersports, ferry and excursion services
Revenue from External Customer [Line Items]
Total revenues	6,861	904	11,421	4,221
Debt placement and related fees
Revenue from External Customer [Line Items]
Total revenues	2,290	1,335	6,578	1,463
Claims management services
Revenue from External Customer [Line Items]
Total revenues	16	72	33	129
Other services
Revenue from External Customer [Line Items]
Total revenues	2,999	1,026	4,763	4,215
Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	48,279	24,118	82,031	99,697
REIT advisory
Revenue from External Customer [Line Items]
Total revenues	16,745	15,550	31,813	36,507
REIT advisory | Advisory services
Revenue from External Customer [Line Items]
Total revenues	10,062	11,430	19,989	23,266
REIT advisory | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
REIT advisory | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
REIT advisory | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
REIT advisory | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	6,667	4,037	11,791	13,101
Remington
Revenue from External Customer [Line Items]
Total revenues	47,011	22,459	79,385	92,915
Remington | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Remington | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	6,515	3,691	10,987	9,815
Remington | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Remington | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Remington | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	40,496	18,768	68,378	83,100
Premier
Revenue from External Customer [Line Items]
Total revenues	2,430	2,744	4,374	7,896
Premier | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Premier | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Premier | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	1,867	2,052	3,409	5,990
Premier | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Premier | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	563	692	965	1,906
JSAV
Revenue from External Customer [Line Items]
Total revenues	9,451	970	13,062	30,644
JSAV | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
JSAV | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
JSAV | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
JSAV | Audio visual
Revenue from External Customer [Line Items]
Total revenues	9,451	970	13,062	30,644
JSAV | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
OpenKey
Revenue from External Customer [Line Items]
Total revenues	477	292	931	814
OpenKey | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
OpenKey | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
OpenKey | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
OpenKey | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
OpenKey | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	12,226	3,583	22,708	10,664
Corporate and Other | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	$ 553	$ 621	$ 897	$ 1,590

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 88,340	$ 45,598	$ 152,273	$ 179,440
JSAV
Disaggregation of Revenue [Line Items]
Total revenues	9,451	970	13,062	30,644
JSAV | United States
Disaggregation of Revenue [Line Items]
Total revenues	7,837	887	10,752	22,645
JSAV | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	1,260	38	1,671	6,509
JSAV | Dominican Republic
Disaggregation of Revenue [Line Items]
Total revenues	$ 354	$ 45	$ 639	$ 1,490

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 0	$ 0	$ 170,600,000	$ 0
Asset impairment charges			5,500,000
Goodwill	56,622,000			56,622,000		$ 56,622,000
Impairment	0	0		0		7,981,000
Amortization expense	6,400,000	$ 7,000,000		$ 12,800,000	$ 13,800,000
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)				5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)				15 years
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)				22 years
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)				30 years
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)				20 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment			7,600,000
Trademarks | Remington
Finite-Lived Intangible Assets [Line Items]
Impairment						$ 5,500,000
Remington
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge			121,000,000
Goodwill	54,605,000			$ 54,605,000
Premier
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge			$ 49,500,000
Goodwill	0			0
JSAV
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 0			$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 56,622	$ 56,622
Remington
Goodwill [Line Items]
Goodwill	54,605
Corporate and Other
Goodwill [Line Items]
Goodwill	$ 2,017

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 314,194,000			$ 314,194,000	$ 314,241,000
Impairment					(37,000)
Accumulated Amortization	(62,085,000)			(62,085,000)	(49,322,000)
Net Carrying Amount	252,109,000			252,109,000	264,882,000
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	6,550,000			6,550,000	14,531,000
Impairment	0	$ 0		0	(7,981,000)
Net Carrying Amount					6,550,000
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Impairment			$ (7,600,000)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0			0	47,000
Impairment					(37,000)
Accumulated Amortization	0			0	(10,000)
Net Carrying Amount	0			0	0
Remington | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	4,900,000			4,900,000	10,400,000
Impairment					(5,500,000)
Net Carrying Amount					4,900,000
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,600,000			107,600,000	107,600,000
Accumulated Amortization	(22,259,000)			(22,259,000)	(16,237,000)
Net Carrying Amount	85,341,000			85,341,000	91,363,000
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000,000			194,000,000	194,000,000
Accumulated Amortization	(35,524,000)			(35,524,000)	(29,428,000)
Net Carrying Amount	158,476,000			158,476,000	164,572,000
JSAV | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	1,160,000			1,160,000	3,641,000
Impairment					(2,481,000)
Net Carrying Amount					1,160,000
JSAV | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319,000			9,319,000	9,319,000
Accumulated Amortization	(3,850,000)			(3,850,000)	(3,291,000)
Net Carrying Amount	5,469,000			5,469,000	6,028,000
RED | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	490,000			490,000	490,000
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100,000			3,100,000	3,100,000
Accumulated Amortization	(303,000)			(303,000)	(225,000)
Net Carrying Amount	2,797,000			2,797,000	2,875,000
Pure Wellness | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175,000			175,000	175,000
Accumulated Amortization	(149,000)			(149,000)	(131,000)
Net Carrying Amount	$ 26,000			$ 26,000	$ 44,000

Notes Payable, net (Details)

Notes Payable, net (Details) - USD ($)

Jul. 19, 2024

Mar. 29, 2021

Mar. 09, 2021

Jul. 18, 2019

Jun. 30, 2021

Dec. 31, 2020

Mar. 28, 2021

Dec. 30, 2020

Aug. 05, 2020

Jul. 20, 2020

Mar. 24, 2020

Feb. 27, 2019

Aug. 31, 2018

Mar. 23, 2018

Apr. 06, 2017

Debt Instrument [Line Items]

Notes payable

$ 59,055,000

$ 62,768,000

Capitalized default interest, net

359,000

427,000

Deferred loan costs, net

(410,000)

(499,000)

Notes payable including capitalized default interest and deferred loan costs, net

59,004,000

62,696,000

Less current portion

(24,836,000)

(5,347,000)

Notes payable, net - non-current

34,168,000

57,349,000

Gain (loss) on TDR recognized

$ 0

OpenKey

Debt Instrument [Line Items]

Purchase price of noncontrolling interests

$ 1,900,000

Payment term of acquired redeemable noncontrolling interests (in years)

7 years

Annual interest rate of acquired redeemable noncontrolling interests

4.00%

Percentage payable premium or cash

10.00%

Interest Rate Cap

Debt Instrument [Line Items]

Notional amount

$ 5,000,000

Derivative interest rate

4.00%

LIBOR

Debt Instrument [Line Items]

Reference rate

0.10%

0.14%

Prime Rate

Debt Instrument [Line Items]

Reference rate

3.25%

3.25%

Term Loan Due March 2024 | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Term Loan Due March 2024 | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Term Loan Due March 2024 | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Term Loan Due March 2024 | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Note Payable Due February 2028

Debt Instrument [Line Items]

Interest rate

4.00%

Term Loan Due November 2022 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.25%

Facility Due 2022 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.25%

Facility due On Demand | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.00%

Term Loan Due October 2025 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Facility Due 2020 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Term Loan Due June 2027 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Term Loan Due February 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6.00%

Term Loan Due July 2022

Debt Instrument [Line Items]

Interest rate

6.50%

Term Loan Due August 2028 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Term Loan and Facility Due 2022 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.25%

Interest rate increase

0.25%

Notes Payable to Banks

Debt Instrument [Line Items]

Less current portion

$ (2,800,000)

Notes Payable to Banks | Term Loan Due March 2024

Debt Instrument [Line Items]

Notes payable

28,688,000

$ 33,688,000

Quarterly amortization rate

2.50%

1.25%

Minimum liquidity

$ 15,000,000

Period payment, percent of principal

2.50%

Period payment, default percent of principal

5.00%

Debt prepayment

$ 5,000,000

Notes Payable to Banks | Note Payable Due February 2028

Debt Instrument [Line Items]

Notes payable

1,867,000

0

Notes Payable to Banks | Term Loan Due November 2022

Debt Instrument [Line Items]

Notes payable

20,000,000

20,000,000

Face amount of debt

20,000,000

Principal payment

2,500,000

Notes Payable to Banks | Term Loan Due October 2025

Debt Instrument [Line Items]

Notes payable

520,000

571,000

Face amount of debt

$ 750,000

Notes Payable to Banks | Term Loan Due June 2027

Debt Instrument [Line Items]

Notes payable

1,328,000

1,375,000

Face amount of debt

$ 1,400,000

Notes Payable to Banks | Term Loan Due February 2029

Debt Instrument [Line Items]

Notes payable

1,521,000

1,584,000

Face amount of debt

$ 1,800,000

Notes Payable to Banks | Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6.00%

Notes payable

1,663,000

1,663,000

Face amount of debt

$ 1,700,000

Debt term (in years)

5 years

Notes Payable to Banks | Term Loan Due July 2029 | Forecast

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Floor interest rate

6.00%

Notes Payable to Banks | Term Loan Due July 2022

Debt Instrument [Line Items]

Notes payable

735,000

859,000

Face amount of debt

$ 1,100,000

Notes Payable to Banks | Term Loan Due August 2028

Debt Instrument [Line Items]

Notes payable

$ 1,900,000

1,575,000

Face amount of debt

$ 1,900,000

Notes Payable to Banks | Term Loan and Facility Due 2022

Debt Instrument [Line Items]

Commitment fee percent

1.50%

Commitment fee amount

$ 100,000

Monthly payment one

200,000

Monthly payment two

250,000

Monthly payment three

300,000

Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

3,000,000

$ 3,500,000

Revolving Credit Facility | Facility Due 2022

Debt Instrument [Line Items]

Notes payable

486,000

1,106,000

Revolving Credit Facility | Facility due On Demand

Debt Instrument [Line Items]

Notes payable

100,000

100,000

Maximum borrowing capacity

$ 250,000

$ 100,000

Revolving Credit Facility | Facility Due 2020

Debt Instrument [Line Items]

Notes payable

$ 247,000

$ 247,000

Maximum borrowing capacity

$ 250,000

Revolving Credit Facility | Senior revolving credit facility | LIBOR

Debt Instrument [Line Items]

Reference rate

1.00%

Revolving Credit Facility | Senior revolving credit facility | Federal Funds Rate

Debt Instrument [Line Items]

Reference rate

0.50%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
JSAV | BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration		$ 1,700
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	$ 1,240	290
Contingent consideration		(1,735)
Subsidiary compensation plan	(144)	(89)
Deferred compensation plan	(4,482)	(1,707)
Total	(4,626)	(3,531)
Net	(3,386)	(3,241)
Fair Value, Measurements, Recurring | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	720	88
Fair Value, Measurements, Recurring | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	520	202
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	1,240	290
Contingent consideration		(1,735)
Subsidiary compensation plan	0	0
Deferred compensation plan	(4,482)	(1,707)
Total	(4,482)	(3,442)
Net	(3,242)	(3,152)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	720	88
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	520	202
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Contingent consideration		0
Subsidiary compensation plan	(144)	(89)
Deferred compensation plan	0	0
Total	(144)	(89)
Net	(144)	(89)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Contingent consideration		0
Subsidiary compensation plan	0	0
Deferred compensation plan	0	0
Total	0	0
Net	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	$ 0	$ 0	$ 170,600,000	$ 0
Goodwill	56,622,000			56,622,000	$ 56,622,000
Impairment	0	$ 0		0	$ 7,981,000
Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment			7,600,000
Remington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge			121,000,000
Goodwill	54,605,000			54,605,000
Premier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge			$ 49,500,000
Goodwill	0			0
JSAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 0			$ 0

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on the Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 0	$ 0	$ (170,600,000)	$ 0
Intangible assets, net	0	0		0		$ (7,981,000)
Total	(179,000)	(11,000)		(373,000)	$ (178,599,000)
Unrealized gain (loss)	(2,893,000)	(1,071,000)		(3,097,000)	2,245,000
Net	(3,072,000)	(1,082,000)		(3,470,000)	(176,354,000)
Goodwill
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0	0		0	(170,572,000)
Intangible assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, net	0	0		0	(7,641,000)
Ashford Trust | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment	(156,000)	13,000		(331,000)	(200,000)
Braemar | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment	(23,000)	(24,000)		(42,000)	(186,000)
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	0	(154,000)		(23,000)	(617,000)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(150,000)	(37,000)		(273,000)	165,000
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	$ (2,743,000)	$ (880,000)		$ (2,801,000)	$ 2,697,000

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,240	$ 290
Available-for-sale securities	845	195
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	1,449	1,169
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(209)	(879)
Fair Value	$ 1,240	$ 290

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 1,240	$ 290
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	4,500	1,700
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	32,089	45,270	$ 65,518	$ 35,349
Restricted cash, Carrying value	34,346	37,396	$ 37,175	$ 17,900
Accounts receivable, net, Carrying value	5,269	3,458
Due from affiliates, Carrying value	490	353
Investments in unconsolidated entities, Carrying value	3,701	3,687
Financial liabilities not measured at fair value:
Dividends payable, Carrying value	25,166	16,280
Due to affiliates	97	1,471
Notes payable, Carrying value	59,055	62,768
Carrying Value
Financial assets measured at fair value:
Restricted investment, Carrying value	1,240	290
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	4,482	1,707
Contingent consideration	0	1,735
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	32,089	45,270
Restricted cash, Carrying value	34,346	37,396
Accounts receivable, net, Carrying value	5,269	3,458
Note receivable, Carrying value	2,881	0
Due from affiliates, Carrying value	490	353
Investments in unconsolidated entities, Carrying value	3,701	3,687
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	28,027	40,378
Dividends payable, Carrying value	25,166	16,280
Due to affiliates	97	1,471
Other liabilities, Carrying value	27,752	28,170
Notes payable, Carrying value	59,055	62,768
Estimated Fair Value
Financial assets measured at fair value:
Restricted investment, Fair value	1,240	290
Financial liabilities measured at fair value:
Deferred compensation plan, Fair value	4,482	1,707
Contingent consideration, Fair value	0	1,735
Financial assets not measured at fair value:
Cash and cash equivalents, Fair value	32,089	45,270
Restricted cash, Fair value	34,346	37,396
Accounts receivable, net, Fair value	5,269	3,458
Note receivable, Fair value	2,881	0
Due from affiliates, Fair value	490	353
Investments in unconsolidated entities, Fair value	3,701	3,687
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Fair value	28,027	40,378
Dividends payable, Fair value	25,166	16,280
Due to affiliates, Fair value	97	1,471
Other liabilities, Fair value	27,752	28,170
Minimum | Estimated Fair Value
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 56,103	59,629
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets (in days)	90 days
Maximum | Estimated Fair Value
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 62,008	65,906
Ashford Trust
Financial assets not measured at fair value:
Due from related parties	751	13,200
Ashford Trust | Carrying Value
Financial assets not measured at fair value:
Due from related parties	751	13,198
Ashford Trust | Estimated Fair Value
Financial assets not measured at fair value:
Due from related parties, Fair value	751	13,198
Braemar
Financial assets not measured at fair value:
Due from related parties	449	2,100
Braemar | Carrying Value
Financial assets not measured at fair value:
Due from related parties	449	2,142
Braemar | Estimated Fair Value
Financial assets not measured at fair value:
Due from related parties, Fair value	$ 449	$ 2,142

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2021USD ($)
Class Action Lawsuit, California Employment Laws
Long-term Purchase Commitment [Line Items]
Loss contingency accrual	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP commitment	$ 11,400,000

Equity (Deficit) - Noncontrolli

Equity (Deficit) - Noncontrolling Interest in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 234	$ 278	$ 329	$ 438
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	208	120	411	239
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	59	165	(38)	155
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	(33)	(12)	(44)	23
Other
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 0	$ 5	$ 0	$ 21

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 19	$ 644	$ 195	$ 1,084
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	19	25	43	361
JSAV
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	0	497	0	478
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 0	$ 122	$ 152	$ 245

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($)	Mar. 25, 2021	Nov. 06, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Nov. 06, 2022	Nov. 06, 2021	Nov. 06, 2020
Redeemable Noncontrolling Interest [Line Items]
Amortization of preferred stock discount			$ 311,000		$ 795,000	$ 627,000	$ 1,605,000
Preferred dividends declared	$ 8,400,000		0	$ 0	$ 0
Aggregate preferred dividends - undeclared			25,166,000	16,280,000		25,166,000
Dividends payable			$ 25,166,000	$ 16,280,000		$ 25,166,000
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, consent percentage		55.00%
Remington | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)		$ 25
Dividend rate										6.59%
Share price (in dollars per share)		$ 117.50
Increase in annual percentage						10.00%
Remington | Series D Convertible Preferred Stock | Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate								7.28%	6.99%
Premier | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Redemption increments amount		$ 25,000,000
Redemption price (in dollars per share)		$ 25.125
Redemption, minimum business days before purchase closes (in days)		5 days

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 0	$ 4,002	$ 8,353	$ 7,940
Preferred dividends per share - declared (in dollars per share)	$ 0	$ 0.2093	$ 0.4369	$ 0.4153
Aggregate preferred dividends - undeclared	$ 25,166		$ 25,166		$ 16,280
Preferred dividends per share - undeclared (in dollars per share)	$ 1.3162		$ 1.3162		$ 0.8515

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 6,217	$ 2,573	$ 10,917	$ 11,513
Unrecognized compensation expense, stock options		1,500		1,500
Senior Managing Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options forfeited (in shares)	98,603
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		543	(397)	$ 1,549	1,692
Period for recognition (in years)				8 months 12 days
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		309	247	$ 541	352
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		1,377	264	2,740	2,313
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		525	414	650	269
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		4,840	$ 2,309	$ 8,177	$ 9,200
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)				2 years 2 months 12 days
Unrecognized compensation expense, other than options		$ 2,600		$ 2,600

Deferred Compensation Plan - DC

Deferred Compensation Plan - DCP Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Compensation Related Costs [Abstract]
Deferral of compensation percentage maximum	100.00%		100.00%
Change in fair value
Unrealized gain (loss)	$ (2,893)	$ (1,071)	$ (3,097)	$ 2,245
Distributions
Fair value	$ 19	$ 4	$ 26	$ 6
Shares (in shares)	1	0	2	1
Deferred compensation plan liability	$ 4,500		$ 4,500		$ 1,700
Deferred compensation plan
Change in fair value
Unrealized gain (loss)	$ (2,743)	$ (880)	$ (2,801)	$ 2,697

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	Jan. 20, 2021USD ($)	Jan. 15, 2021USD ($)	Jul. 01, 2020USD ($)installment	Mar. 20, 2020USD ($)	Nov. 06, 2019USD ($)	Sep. 25, 2019USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 20, 2020USD ($)installment	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jan. 14, 2021	Jan. 13, 2021	Jan. 04, 2021USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Total revenues							$ 88,340,000		$ 45,598,000			$ 152,273,000	$ 179,440,000
Deferred revenue							19,663,000	$ 20,519,000	20,237,000	$ 18,250,000		19,663,000	20,237,000	$ 21,359,000				$ 13,280,000
Loss on disposal												(1,164,000)	(33,000)
Allocation percentage														50.00%
Aggregate non-listed preferred equity offerings						$ 400,000,000								$ 400,000,000
Capital contributions														$ 3,800,000
Braemar
Related Party Transaction [Line Items]
Allocation percentage						25.00%								50.00%
Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage						75.00%								0.00%
Transition Services | Affiliated Entity
Related Party Transaction [Line Items]
Related party expense							94,000		97,000			201,000	153,000
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Agreement term (in months)			24 months
Amount of fee entitled to receive			$ 2,600,000
Number of installments | installment			3
Monthly installment fee			$ 857,000
Aggregate and installment fee, percent			0.25%
Extension term (in months)			12 months
Aggregate amount of transaction			$ 8,300,000
Financing amount			$ 4,100,000,000
Fee multiple, percent			0.125%
Total revenues							2,300,000		689,000			5,700,000	689,000
Accelerated claw back amount							506,000					506,000
Cumulative catch-up adjustment to revenue												1,100,000
Lismore Capital LLC and Ashford Trust | Payable Reduction
Related Party Transaction [Line Items]
Agreement terms, percent			0.10%
Lismore Capital LLC and Ashford Trust | Advisory Services Fee
Related Party Transaction [Line Items]
Agreement terms, percent			0.75%
Lismore Capital LLC and Ashford Trust | Percent of Conversion Value
Related Party Transaction [Line Items]
Agreement terms, percent			1.50%
Lismore Capital LLC and Ashford Trust | Percent of Face Value
Related Party Transaction [Line Items]
Agreement terms, percent			50.00%
Lismore Capital LLC and Ashford Trust | Base fee
Related Party Transaction [Line Items]
Deferred income subject to claw back			$ 156,000
Lismore Capital LLC | Braemar
Related Party Transaction [Line Items]
Aggregate amount of transaction				$ 1,400,000								4,100,000
Total revenues							0		646,000			853,000	646,000
Lismore Capital LLC | Periodic Installments | Braemar
Related Party Transaction [Line Items]
Number of installments | installment											6
Aggregate amount of transaction											$ 1,400,000
Payment amount to be offset against future fees											$ 681,000
Lismore Capital LLC | Success Fees | Braemar
Related Party Transaction [Line Items]
Aggregate amount of transaction												1,400,000
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed						$ 15,000,000
Ashford Trust
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)															0.70%
Total revenues							54,910,000		33,898,000			97,665,000	120,260,000
ERFP commitments							11,400,000					11,400,000		$ 11,400,000
Remaining commitment amount							11,400,000					11,400,000
Purchased FF&E								108,000
Loss on sale of FF&E								81,000
Due from related party								108,000
Net book value of FF&E sold	$ 399,000
Loss on disposal								271,000
Amount received												3,000,000
Ashford Trust | Maximum
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)																0.70%
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount							$ 50,000,000					$ 50,000,000
Program percent of commitment for each hotel							10.00%					10.00%
ERFP, acquisition term (in years)												2 years
Ashford Trust | Affiliated Entity | Maximum
Related Party Transaction [Line Items]
Program potential commitment amount							$ 100,000,000					$ 100,000,000
Ashford Trust | Base fee
Related Party Transaction [Line Items]
Deferral payment																	$ 2,800,000
Ashford Trust | Deferred Fees
Related Party Transaction [Line Items]
Related party expense		$ 14,400,000
Ashford Trust | Fair Market Value of Replacement Assets
Related Party Transaction [Line Items]
Due from related party								$ 128,000
Braemar
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)							0.70%					0.70%
Total revenues							$ 12,021,000		7,973,000			$ 21,608,000	19,320,000
Remaining commitment amount							0					0
Amount received												1,900,000
Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Purchased FF&E							1,600,000
Offset amount							(1,600,000)
Loss on sale of FF&E							267,000
Due from related party							144,000					$ 144,000
Proceeds from sale of FF&E							144,000
Remington
Related Party Transaction [Line Items]
Base management fee, percentage of hotel revenues					3.00%							3.00%
Total revenues							47,011,000		22,459,000			$ 79,385,000	92,915,000
Hotel management fees
Related Party Transaction [Line Items]
Total revenues							6,515,000		3,691,000			10,987,000	9,815,000
Hotel management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues							5,538,000		3,504,000			9,451,000	9,197,000
Hotel management fees | Braemar
Related Party Transaction [Line Items]
Total revenues							726,000		154,000			1,136,000	509,000
Hotel management fees | Remington
Related Party Transaction [Line Items]
Monthly hotel management fee					$ 14,000
Total revenues							6,515,000		3,691,000			10,987,000	9,815,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues							48,279,000		24,118,000			82,031,000	99,697,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues							38,747,000		19,947,000			66,122,000	88,020,000
Amount received										$ 462,000			1,200,000
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues							7,404,000		3,490,000			12,200,000	10,360,000
Amount received							553,000		159,000			897,000	430,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues							$ 40,496,000		$ 18,768,000			$ 68,378,000	$ 83,100,000

Related Party Transactions - Pe

Related Party Transactions - Performance Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Deferred revenue	$ 19,663	$ 20,519	$ 21,359	$ 20,237	$ 18,250	$ 13,280
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Related Party Transaction [Line Items]
Deferred revenue		$ 7,000
Initial contract period (in years)		24 months
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Related Party Transaction [Line Items]
Deferred revenue			$ 7,300
Initial contract period (in years)			24 months

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Total revenues		$ 88,340	$ 45,598	$ 152,273	$ 179,440
Advisory agreement, amount due upon approval		5,000		$ 5,000
Advisory agreement, initial term (in years)				10 years
Maximum
Related Party Transaction [Line Items]
Advisory fee cap		29,000		$ 29,000
REIT advisory
Related Party Transaction [Line Items]
Total revenues		16,745	15,550	31,813	36,507
Remington
Related Party Transaction [Line Items]
Total revenues		47,011	22,459	$ 79,385	92,915
Base management fee, percentage of hotel revenues	3.00%			3.00%
Premier
Related Party Transaction [Line Items]
Total revenues		2,430	2,744	$ 4,374	7,896
OpenKey
Related Party Transaction [Line Items]
Total revenues		477	292	931	814
Corporate and Other
Related Party Transaction [Line Items]
Total revenues		12,226	3,583	22,708	10,664
Base fee
Related Party Transaction [Line Items]
Total revenues		5,308	3,691	9,165	9,815
Incentive fee
Related Party Transaction [Line Items]
Total revenues		1,207	0	1,822	0
Hotel management fees
Related Party Transaction [Line Items]
Total revenues		6,515	3,691	10,987	9,815
Hotel management fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Hotel management fees | Remington
Related Party Transaction [Line Items]
Total revenues		6,515	3,691	10,987	9,815
Hotel management fees | Premier
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Hotel management fees | OpenKey
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Hotel management fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Design and construction fees
Related Party Transaction [Line Items]
Total revenues		1,867	2,052	3,409	5,990
Cost of revenues for audio visual		1,022	878	1,780	2,329
Design and construction fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues		1,867	2,052	3,409	5,990
Design and construction fees | OpenKey
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Design and construction fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Audio visual
Related Party Transaction [Line Items]
Total revenues		9,451	970	13,062	30,644
Cost of revenues for audio visual		6,872	2,316	11,258	22,746
Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Audio visual | Remington
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Audio visual | Premier
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Audio visual | OpenKey
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Audio visual | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Other revenue
Related Party Transaction [Line Items]
Total revenues		12,166	3,337	22,795	10,028
Other revenue | REIT advisory
Related Party Transaction [Line Items]
Total revenues		16	83	33	140
Other revenue | Remington
Related Party Transaction [Line Items]
Total revenues		0	0	20	0
Other revenue | Premier
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Other revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues		477	292	931	814
Other revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		11,673	2,962	21,811	9,074
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		48,279	24,118	82,031	99,697
Cost reimbursement revenue | REIT advisory
Related Party Transaction [Line Items]
Total revenues		6,667	4,037	11,791	13,101
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues		40,496	18,768	68,378	83,100
Cost reimbursement revenue | Premier
Related Party Transaction [Line Items]
Total revenues		563	692	965	1,906
Cost reimbursement revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Cost reimbursement revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		553	621	897	1,590
Ashford Trust
Related Party Transaction [Line Items]
Total revenues		54,910	33,898	97,665	120,260
Cost of revenues for audio visual		560	3	696	2,014
Ashford Trust | REIT advisory
Related Party Transaction [Line Items]
Total revenues		11,204	10,354	21,758	25,962
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues		30	30	60	129
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		2,694	1,456	6,458	2,634
Ashford Trust | Base fee
Related Party Transaction [Line Items]
Total revenues		4,473	3,504	7,850	9,197
Ashford Trust | Incentive fee
Related Party Transaction [Line Items]
Total revenues		1,065	0	1,601	0
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues		5,538	3,504	9,451	9,197
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues		634	838	1,037	3,920
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues		39,987	20,739	67,746	86,274
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues		995	1,319	1,643	5,261
Ashford Trust | Audio visual
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Ashford Trust | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues		1,270	7	1,573	4,604
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		38,747	19,947	66,122	88,020
Ashford Trust | Base advisory fee | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		7,254	8,557	14,508	17,474
Ashford Trust | Total other revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		2,737	1,052	6,547	1,649
Ashford Trust | Debt placement and related fees | Other revenue
Related Party Transaction [Line Items]
Total revenues		2,290	689	5,725	817
Ashford Trust | Claims management services | Other revenue
Related Party Transaction [Line Items]
Total revenues		14	27	30	46
Ashford Trust | Other services | Other revenue
Related Party Transaction [Line Items]
Total revenues		433	336	792	786
Ashford Trust | Base advisory fee, constrained and deferred | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		1,700		3,200
Braemar
Related Party Transaction [Line Items]
Total revenues		12,021	7,973	21,608	19,320
Cost of revenues for audio visual		76	0	99	447
Braemar | REIT advisory
Related Party Transaction [Line Items]
Total revenues		5,545	5,184	10,059	10,530
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues		9	11	19	71
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		1,274	849	3,043	1,480
Braemar | Base fee
Related Party Transaction [Line Items]
Total revenues		584	154	915	509
Braemar | Incentive fee
Related Party Transaction [Line Items]
Total revenues		142	0	221	0
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues		726	154	1,136	509
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues		350	712	621	1,455
Braemar | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues		4,682	1,032	7,614	5,249
Braemar | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues		511	897	873	1,990
Braemar | Audio visual
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Braemar | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues		161	0	213	1,005
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		7,404	3,490	12,200	10,360
Braemar | Total advisory services revenue | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		2,808	2,873	5,481	5,792
Braemar | Base advisory fee | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		2,678	2,573	5,223	5,193
Braemar | Incentive fee | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		0	169	0	339
Braemar | Other advisory revenue | Advisory services revenue
Related Party Transaction [Line Items]
Total revenues		130	131	258	260
Braemar | Total other revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		733	744	2,170	1,204
Braemar | Watersports, ferry and excursion services | Other revenue
Related Party Transaction [Line Items]
Total revenues		695	20	1,227	356
Braemar | Debt placement and related fees | Other revenue
Related Party Transaction [Line Items]
Total revenues		0	646	853	646
Braemar | Claims management services | Other revenue
Related Party Transaction [Line Items]
Total revenues		2	45	3	83
Braemar | Other services | Other revenue
Related Party Transaction [Line Items]
Total revenues		$ 36	$ 33	$ 87	$ 119

Income (Loss) Per Share - Basic

Income (Loss) Per Share - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (5,720)	$ (7,996)	$ (13,894)	$ (185,636)
Less: Dividends on preferred stock, declared and undeclared	(8,633)	(7,940)	(17,239)	(15,815)
Less: Amortization of preferred stock discount	(311)	(795)	(627)	(1,605)
Undistributed net income (loss) allocated to common stockholders	(14,664)	(16,731)	(31,760)	(203,056)
Distributed and undistributed net income (loss) - basic	(14,664)	(16,731)	(31,760)	(203,056)
Distributed and undistributed net income (loss) - diluted	$ (14,664)	$ (16,731)	$ (31,760)	$ (203,056)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,764	2,269	2,724	2,236
Weighted average common shares outstanding – diluted (in shares)	2,764	2,269	2,724	2,236
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (5.31)	$ (7.37)	$ (11.66)	$ (90.81)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (5.31)	$ (7.37)	$ (11.66)	$ (90.81)

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 8,925	$ 8,091	$ 17,671	$ 16,336
Dividends on preferred stock, declared and undeclared	8,633	7,940	17,239	15,815
Amortization of preferred stock discount	$ 311	$ 795	$ 627	$ 1,605
Weighted average diluted shares (in shares)	4,468	4,648	4,461	4,587
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	121	15	71	34
Effect of assumed conversion of Ashford Holdings units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ (19)	$ (25)	$ (43)	$ (361)
Weighted average diluted shares (in shares)	4	4	4	4
Effect of incremental subsidiary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 0	$ (619)	$ (152)	$ (723)
Weighted average diluted shares (in shares)	97	561	159	481
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,246	4,068	4,227	4,068

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			6
REVENUE
Total revenues	$ 88,340	$ 45,598	$ 152,273	$ 179,440
EXPENSES
Depreciation and amortization	8,259	10,109	16,398	20,078
Impairment	0	0	0	178,213
Other operating expenses	36,936	22,573	66,735	71,173
Reimbursed expenses	48,145	24,055	81,825	99,566
Total expenses	93,340	56,737	164,958	369,030
OPERATING INCOME (LOSS)	(5,000)	(11,139)	(12,685)	(189,590)
Equity in earnings (loss) of unconsolidated entities	(58)	17	(172)	253
Interest expense	(1,288)	(1,246)	(2,555)	(2,422)
Amortization of loan costs	(45)	(90)	(131)	(156)
Interest income	72	1	135	29
Realized gain (loss) on investments	(179)	(11)	(373)	(386)
Other income (expense)	(172)	66	(285)	(455)
INCOME (LOSS) BEFORE INCOME TAXES	(6,670)	(12,402)	(16,066)	(192,727)
Income tax (expense) benefit	697	3,484	1,648	5,569
NET INCOME (LOSS)	(5,973)	(8,918)	(14,418)	(187,158)
REIT advisory
REVENUE
Total revenues	16,745	15,550	31,813	36,507
EXPENSES
Depreciation and amortization	1,084	2,437	2,073	4,876
Impairment				0
Other operating expenses	267	0	619	0
Reimbursed expenses	6,533	3,974	11,585	12,970
Total expenses	7,884	6,411	14,277	17,846
OPERATING INCOME (LOSS)	8,861	9,139	17,536	18,661
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	0	0	0	0
Realized gain (loss) on investments	0	0	0	0
Other income (expense)	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	8,861	9,139	17,536	18,661
Income tax (expense) benefit	(2,179)	(2,170)	(4,133)	(4,423)
NET INCOME (LOSS)	6,682	6,969	13,403	14,238
Remington
REVENUE
Total revenues	47,011	22,459	79,385	92,915
EXPENSES
Depreciation and amortization	3,034	3,534	6,068	6,911
Impairment				126,548
Other operating expenses	3,333	3,357	6,622	7,652
Reimbursed expenses	40,496	18,768	68,378	83,100
Total expenses	46,863	25,659	81,068	224,211
OPERATING INCOME (LOSS)	148	(3,200)	(1,683)	(131,296)
Equity in earnings (loss) of unconsolidated entities	(154)	0	(154)	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	72	0	133	0
Realized gain (loss) on investments	(179)	(11)	(373)	(386)
Other income (expense)	1	14	1	26
INCOME (LOSS) BEFORE INCOME TAXES	(112)	(3,197)	(2,076)	(131,656)
Income tax (expense) benefit	(400)	525	(663)	1,714
NET INCOME (LOSS)	(512)	(2,672)	(2,739)	(129,942)
Premier
REVENUE
Total revenues	2,430	2,744	4,374	7,896
EXPENSES
Depreciation and amortization	3,057	3,157	6,113	6,314
Impairment				49,524
Other operating expenses	2,274	1,823	3,953	4,887
Reimbursed expenses	563	692	965	1,906
Total expenses	5,894	5,672	11,031	62,631
OPERATING INCOME (LOSS)	(3,464)	(2,928)	(6,657)	(54,735)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	0	0	0	0
Realized gain (loss) on investments	0	0	0	0
Other income (expense)	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(3,464)	(2,928)	(6,657)	(54,735)
Income tax (expense) benefit	552	559	1,320	727
NET INCOME (LOSS)	(2,912)	(2,369)	(5,337)	(54,008)
JSAV
REVENUE
Total revenues	9,451	970	13,062	30,644
EXPENSES
Depreciation and amortization	470	488	937	992
Impairment				2,141
Other operating expenses	10,027	5,059	16,845	31,445
Reimbursed expenses	0	0	0	0
Total expenses	10,497	5,547	17,782	34,578
OPERATING INCOME (LOSS)	(1,046)	(4,577)	(4,720)	(3,934)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	(210)	(184)	(413)	(441)
Amortization of loan costs	(15)	(14)	(44)	(28)
Interest income	0	0	0	0
Realized gain (loss) on investments	0	0	0	0
Other income (expense)	14	141	(107)	(314)
INCOME (LOSS) BEFORE INCOME TAXES	(1,257)	(4,634)	(5,284)	(4,717)
Income tax (expense) benefit	257	1,171	1,077	1,037
NET INCOME (LOSS)	(1,000)	(3,463)	(4,207)	(3,680)
OpenKey
REVENUE
Total revenues	477	292	931	814
EXPENSES
Depreciation and amortization	4	4	8	10
Impairment				0
Other operating expenses	1,314	734	2,561	1,722
Reimbursed expenses	0	0	0	0
Total expenses	1,318	738	2,569	1,732
OPERATING INCOME (LOSS)	(841)	(446)	(1,638)	(918)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	0	0	0	0
Realized gain (loss) on investments	0	0	0	0
Other income (expense)	0	(16)	(1)	(6)
INCOME (LOSS) BEFORE INCOME TAXES	(841)	(462)	(1,639)	(924)
Income tax (expense) benefit	0	0	0	0
NET INCOME (LOSS)	(841)	(462)	(1,639)	(924)
Corporate and Other
REVENUE
Total revenues	12,226	3,583	22,708	10,664
EXPENSES
Depreciation and amortization	610	489	1,199	975
Impairment				0
Other operating expenses	19,721	11,600	36,135	25,467
Reimbursed expenses	553	621	897	1,590
Total expenses	20,884	12,710	38,231	28,032
OPERATING INCOME (LOSS)	(8,658)	(9,127)	(15,523)	(17,368)
Equity in earnings (loss) of unconsolidated entities		17		253
Interest expense	(1,078)	(1,062)	(2,142)	(1,981)
Amortization of loan costs	(30)	(76)	(87)	(128)
Interest income	0	1	2	29
Realized gain (loss) on investments	0	0	0	0
Other income (expense)	(187)	(73)	(178)	(161)
INCOME (LOSS) BEFORE INCOME TAXES	(9,857)	(10,320)	(17,946)	(19,356)
Income tax (expense) benefit	2,467	3,399	4,047	6,514
NET INCOME (LOSS)	(7,390)	(6,921)	(13,899)	(12,842)
Advisory services
REVENUE
Total revenues	10,062	11,430	19,989	23,266
Advisory services | REIT advisory
REVENUE
Total revenues	10,062	11,430	19,989	23,266
Advisory services | Remington
REVENUE
Total revenues	0	0	0	0
Advisory services | Premier
REVENUE
Total revenues	0	0	0	0
Advisory services | JSAV
REVENUE
Total revenues	0	0	0	0
Advisory services | OpenKey
REVENUE
Total revenues	0	0	0	0
Advisory services | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Hotel management fees
REVENUE
Total revenues	6,515	3,691	10,987	9,815
Hotel management fees | REIT advisory
REVENUE
Total revenues	0	0	0	0
Hotel management fees | Remington
REVENUE
Total revenues	6,515	3,691	10,987	9,815
Hotel management fees | Premier
REVENUE
Total revenues	0	0	0	0
Hotel management fees | JSAV
REVENUE
Total revenues	0	0	0	0
Hotel management fees | OpenKey
REVENUE
Total revenues	0	0	0	0
Hotel management fees | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Design and construction fees
REVENUE
Total revenues	1,867	2,052	3,409	5,990
Design and construction fees | REIT advisory
REVENUE
Total revenues	0	0	0	0
Design and construction fees | Remington
REVENUE
Total revenues	0	0	0	0
Design and construction fees | Premier
REVENUE
Total revenues	1,867	2,052	3,409	5,990
Design and construction fees | JSAV
REVENUE
Total revenues	0	0	0	0
Design and construction fees | OpenKey
REVENUE
Total revenues	0	0	0	0
Design and construction fees | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Audio visual
REVENUE
Total revenues	9,451	970	13,062	30,644
Audio visual | REIT advisory
REVENUE
Total revenues	0	0	0	0
Audio visual | Remington
REVENUE
Total revenues	0	0	0	0
Audio visual | Premier
REVENUE
Total revenues	0	0	0	0
Audio visual | JSAV
REVENUE
Total revenues	9,451	970	13,062	30,644
Audio visual | OpenKey
REVENUE
Total revenues	0	0	0	0
Audio visual | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Other
REVENUE
Total revenues	12,166	3,337	22,795	10,028
Other | REIT advisory
REVENUE
Total revenues	16	83	33	140
Other | Remington
REVENUE
Total revenues	0	0	20	0
Other | Premier
REVENUE
Total revenues	0	0	0	0
Other | JSAV
REVENUE
Total revenues	0	0	0	0
Other | OpenKey
REVENUE
Total revenues	477	292	931	814
Other | Corporate and Other
REVENUE
Total revenues	11,673	2,962	21,811	9,074
Cost reimbursement revenue
REVENUE
Total revenues	48,279	24,118	82,031	99,697
Cost reimbursement revenue | REIT advisory
REVENUE
Total revenues	6,667	4,037	11,791	13,101
Cost reimbursement revenue | Remington
REVENUE
Total revenues	40,496	18,768	68,378	83,100
Cost reimbursement revenue | Premier
REVENUE
Total revenues	563	692	965	1,906
Cost reimbursement revenue | JSAV
REVENUE
Total revenues	0	0	0	0
Cost reimbursement revenue | OpenKey
REVENUE
Total revenues	0	0	0	0
Cost reimbursement revenue | Corporate and Other
REVENUE
Total revenues	553	621	897	1,590
Cost reimbursement revenue | Consolidation, Eliminations | Remington
REVENUE
Total revenues	$ 2,100	$ 2,400	$ 4,100	$ 5,800

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 23, 2021	Jul. 12, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Notes payable			$ 59,055,000	$ 62,768,000
Subsequent Event | RED | Notes Payable to Banks | Term Loan Due August 2029 Plus 2.00%
Subsequent Event [Line Items]
Face amount of debt	$ 900,000
Notes payable	$ 2,200,000
Subsequent Event | RED | Notes Payable to Banks | Term Loan Due August 2029 Plus 2.00% | Prime Rate
Subsequent Event [Line Items]
Basis spread on variable rate	2.00%
Subsequent Event | RED | Notes Payable to Banks | Term Loan Due August 2029 Plus 1.75%
Subsequent Event [Line Items]
Notes payable	$ 3,500,000
Subsequent Event | RED | Notes Payable to Banks | Term Loan Due August 2029 Plus 1.75% | Prime Rate
Subsequent Event [Line Items]
Basis spread on variable rate	1.75%
Subsequent Event | OpenKey | Ashford Trust
Subsequent Event [Line Items]
Payments to acquire investments		$ 250,000
Subsequent Event | OpenKey | Braemar
Subsequent Event [Line Items]
Payments to acquire investments		$ 117,000