Ashford (AINC) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		3,107,560
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 29,827	$ 37,571
Restricted cash	33,724	34,878
Restricted investment	501	576
Accounts receivable, net	13,660	10,502
Due from affiliates	289	165
Inventories	1,746	1,555
Prepaid expenses and other	6,992	9,490
Total current assets	93,270	98,456
Investments in unconsolidated entities	4,171	3,581
Property and equipment, net	81,042	83,566
Operating lease right-of-use assets	26,049	26,975
Goodwill	56,622	56,622
Intangible assets, net	238,780	244,726
Other assets	697	870
Total assets	500,631	514,796
Current liabilities:
Accounts payable and accrued expenses	27,243	39,897
Dividends payable	43,947	34,574
Due to affiliates	21	0
Deferred income	494	2,937
Notes payable, net	6,943	6,725
Finance lease liabilities	1,092	1,065
Operating lease liabilities	3,602	3,628
Other liabilities	28,710	25,899
Total current liabilities	112,052	114,725
Deferred income	9,883	7,968
Deferred tax liability, net	31,509	32,848
Deferred compensation plan	3,437	3,326
Notes payable, net	50,319	52,669
Finance lease liabilities	43,243	43,479
Operating lease liabilities	22,573	23,477
Total liabilities	273,016	278,492
Commitments and contingencies (note 9)
MEZZANINE EQUITY
Redeemable noncontrolling interests	80	69
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,171,545 and 3,072,688 shares issued and 3,108,777 and 3,023,002 shares outstanding at March 31, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	294,844	294,395
Accumulated deficit	(544,076)	(534,999)
Accumulated other comprehensive income (loss)	(798)	(1,206)
Treasury stock, at cost, 62,768 and 49,686 shares at March 31, 2022 and December 31, 2021, respectively	(816)	(596)
Total equity (deficit) of the Company	(250,843)	(242,403)
Noncontrolling interests in consolidated entities	378	638
Total equity (deficit)	(250,465)	(241,765)
Total liabilities and equity (deficit)	500,631	514,796
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021	478,000	478,000
Ashford Trust
Current assets:
Due from related parties	3,592	2,575
Braemar
Current assets:
Due from related parties	$ 2,939	$ 1,144

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	3,171,545	3,072,688
Common stock, shares outstanding (in shares)	3,108,777	3,023,002
Treasury stock (in shares)	62,768	49,686
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total revenues	$ 133,959	$ 62,368
EXPENSES
Salaries and benefits	16,845	15,776
Depreciation and amortization	7,625	8,139
General and administrative	7,363	5,268
Other	5,467	3,611
Reimbursed expenses	73,908	32,115
Total expenses	130,997	70,053
OPERATING INCOME (LOSS)	2,962	(7,685)
Equity in earnings (loss) of unconsolidated entities	190	(114)
Interest expense	(1,279)	(1,267)
Amortization of loan costs	(73)	(86)
Interest income	81	63
Realized gain (loss) on investments	(71)	(194)
Other income (expense)	147	(113)
INCOME (LOSS) BEFORE INCOME TAXES	1,957	(9,396)
Income tax (expense) benefit	(1,278)	951
NET INCOME (LOSS)	679	(8,445)
(Income) loss from consolidated entities attributable to noncontrolling interests	260	95
Net (income) loss attributable to redeemable noncontrolling interests	9	176
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	948	(8,174)
Preferred dividends, declared and undeclared	(9,373)	(8,606)
Amortization of preferred stock discount	0	(316)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (8,425)	$ (17,096)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3)	$ (6.36)
Weighted average common shares outstanding (in shares)	2,809	2,686
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3)	$ (6.36)
Weighted average common shares outstanding (in shares)	2,809	2,686
Advisory services fees
REVENUE
Total revenues	$ 11,802	$ 9,927
Hotel management fees
REVENUE
Total revenues	7,178	4,472
Design and construction fees
REVENUE
Total revenues	4,524	1,542
EXPENSES
Cost of revenues	1,910	758
Audio visual
REVENUE
Total revenues	24,965	3,611
EXPENSES
Cost of revenues	17,879	4,386
Other
REVENUE
Total revenues	11,439	10,629
Cost reimbursement revenue
REVENUE
Total revenues	$ 74,051	$ 32,187

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 679	$ (8,445)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	(231)	0
Unrealized gain (loss) on restricted investment	0	(27)
Less reclassification for realized (gain) loss on restricted investment included in net income	0	194
COMPREHENSIVE INCOME (LOSS)	448	(8,278)
Comprehensive (income) loss attributable to noncontrolling interests	260	95
Comprehensive (income) loss attributable to redeemable noncontrolling interests	9	176
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 717	$ (8,007)

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
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance								$ 476,947
Beginning balance (in shares) at Dec. 31, 2020		2,868				32
Beginning balance at Dec. 31, 2020	$ (199,598)	$ 3	$ 293,597	$ (491,483)	$ (1,156)	$ (438)	$ (121)		$ 1,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		154
Equity-based compensation	1,314		1,312				2
Forfeiture of restricted common shares (in shares)		(1)				(1)
Forfeiture of restricted common shares	0		8			$ (8)
Purchase of treasury stock (in shares)		(12)				(12)
Purchase of treasury stock	(102)					$ (102)
Amortization of preferred stock discount	(316)			(316)				$ 316
Dividends declared and undeclared - preferred stock	$ (8,606)			(8,606)
Deferred compensation plan distribution (in shares)	1	1
Distribution from deferred compensation plan	$ 7		7
Employee advances	245		245
Acquisition of noncontrolling interest in consolidated entities	(278)		(2,840)	2,562					(1,648)
Reallocation of carrying value	0		(189)				189
Redemption value adjustment	(27)			(27)					27
Unrealized gain (loss) on available for sale securities	(27)				(27)
Reclassification for realized loss (gain) on available for sale securities	194				194
Net income (loss)	(8,174)			(8,174)
Net income (loss)	(8,269)						(95)		(176)
Ending balance (in shares) at Mar. 31, 2021		3,010				45
Ending balance at Mar. 31, 2021	(215,463)	$ 3	292,140	(506,044)	(989)	$ (548)	(25)		37
Beginning balance (in shares) at Dec. 31, 2020								19,120
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(316)			(316)				$ 316
Ending balance (in shares) at Mar. 31, 2021								19,120
Ending balance at Mar. 31, 2021								$ 477,263
Beginning balance (in shares) at Dec. 31, 2020		2,868				32
Beginning 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, 2021		3,023				49
Ending balance at Dec. 31, 2021	(241,765)	$ 3	294,395	(534,999)	(1,206)	$ (596)	638		69
Beginning balance (in shares) at Dec. 31, 2020								19,120
Ending balance (in shares) at Dec. 31, 2021								19,120
Ending balance at Dec. 31, 2021								$ 478,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance								477,263
Beginning balance								$ 478,000
Equity-based compensation (in shares)		100
Equity-based compensation	693		693						7
Forfeiture of restricted common shares (in shares)		(1)				(1)
Forfeiture of restricted common shares	0		2			$ (2)
Purchase of treasury stock (in shares)		(13)				(13)
Purchase of treasury stock	(218)					$ (218)
Amortization of preferred stock discount	0
Dividends declared and undeclared - preferred stock	$ (9,373)			(9,373)
Deferred compensation plan distribution (in shares)	0
Distribution from deferred compensation plan	$ 0
Employee advances	(246)		(246)
Redemption value adjustment	(13)			(13)					13
Foreign currency translation adjustment	(231)				(231)
Other	0			(639)	639
Reclassification for realized loss (gain) on available for sale securities	0
Net income (loss)	948			948
Net income (loss)	688						(260)		(9)
Ending balance (in shares) at Mar. 31, 2022		3,109				63
Ending balance at Mar. 31, 2022	(250,465)	$ 3	$ 294,844	$ (544,076)	$ (798)	$ (816)	$ 378		$ 80
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	$ 0
Ending balance (in shares) at Mar. 31, 2022								19,120
Ending balance at Mar. 31, 2022								$ 478,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance								$ 478,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net income (loss)	$ 679	$ (8,445)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	9,127	9,615
Change in fair value of deferred compensation plan	111	58
Equity-based compensation	749	1,363
Equity in (earnings) loss in unconsolidated entities	(190)	114
Deferred tax expense (benefit)	(1,339)	(607)
Change in fair value of contingent consideration	0	23
(Gain) loss on disposal of assets	769	849
Amortization of other assets	166	306
Amortization of loan costs	73	86
Realized loss on restricted investments	71	194
Other (gain) loss	(155)	9
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(4,592)	(509)
Due from affiliates	(124)	180
Inventories	(257)	(652)
Prepaid expenses and other	2,484	830
Investment in unconsolidated entities	0	54
Operating lease right-of-use assets	926	909
Other assets	7	(7)
Accounts payable and accrued expenses	(12,773)	(13,741)
Due to affiliates	21	(1,389)
Other liabilities	2,811	(2,889)
Operating lease liabilities	(930)	(903)
Deferred income	(524)	(865)
Net cash provided by (used in) operating activities	(5,702)	(5,407)
Cash Flows from Investing Activities
Additions to property and equipment	(1,282)	(491)
Proceeds from sale of property and equipment, net	406	1,853
Investment in unconsolidated entity	(400)	0
Purchase of common stock of related parties	0	(873)
Acquisition of assets related to RED	(455)	(637)
Proceeds from note receivable	1,380	0
Issuance of note receivable	0	(2,881)
Net cash provided by (used in) investing activities	(351)	(3,029)
Cash Flows from Financing Activities
Payments on revolving credit facilities	(746)	(332)
Borrowings on revolving credit facilities	131	0
Proceeds from notes payable	61	325
Payments on notes payable	(1,555)	(5,126)
Payments on finance lease liabilities	(208)	(61)
Payments of loan costs	(61)	0
Purchase of treasury stock	(218)	(102)
Employee advances	(246)	245
Net cash provided by (used in) financing activities	(2,842)	(5,051)
Effect of foreign exchange rate changes on cash and cash equivalents	(3)	(171)
Net change in cash, cash equivalents and restricted cash	(8,898)	(13,658)
Cash, cash equivalents and restricted cash at beginning of period	72,449	82,666
Cash, cash equivalents and restricted cash at end of period	63,551	69,008
Supplemental Cash Flow Information
Interest paid	989	1,092
Income taxes paid (refunded), net	(10)	(1,061)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	0	7
Capital expenditures accrued but not paid	237	299
Acquisition of noncontrolling interest in consolidated entities with notes payable and common stock	0	1,927
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	37,571	45,270
Restricted cash at beginning of period	34,878	37,396
Cash and cash equivalents at end of period	29,827	34,020
Restricted cash at end of period	33,724	34,988
Cash, cash equivalents and restricted cash at end of period	63,551	69,008
Ashford Trust
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
(Gain) loss on disposal of assets		(271)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	(1,017)	11,452
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	$ (1,795)	$ (1,442)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
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 and architectural 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 U.S. 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. Other Developments On March 10, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (“Braemar Limited Waiver”) with Braemar, Braemar Hospitality Limited Partnership (“Braemar OP”), Braemar TRS Corporation and Ashford LLC . On March 15, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (the “Ashford Trust Limited Waiver” and together with the Braemar Limited Waiver, the “Limited Waivers”) with Ashford Trust, Ashford Hospitality Limited Partnership (“Ashford Trust OP”), Ashford TRS Corporation (“Ashford Trust TRS”) and Ashford LLC. Pursuant to the Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement with Ashford Trust and the Fifth Amended and Restated Advisory Agreement with Braemar waive the operation of any provision such agreement that would otherwise limit the ability of Ashford Trust or Braemar, as applicable, in its discretion, at its cost and expense, to award during the first and second fiscal quarters of calendar year 2022 (the “Waiver Period”) , cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $8,476,000 , in the aggregate, during the Waiver Period.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2022. Cost reimbursement revenue and reimbursed expenses for the three months ended March 31, 2021 were restated as previously disclosed in the restated condensed consolidated statement of operations for the three months ended March 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The restatement related to Remington’s recognition of cost reimbursement revenue and reimbursed expenses for certain insurance costs and the timing of recognition of cost reimbursement revenue and reimbursed expenses for hotel management related salaries and benefits costs that are reimbursed from hotel owners, resulting in a $1.6 million decrease in cost reimbursement revenue and reimbursed expenses for the three months ended March 31, 2021. These costs are reported gross in the Company’s condensed consolidated statements of operations in cost reimbursement revenue with an offsetting amount reported in reimbursed expenses. The condensed consolidated balance sheet and statement of equity (deficit) as of March 31, 2022, include a correction of an immaterial error which resulted in $639,000 of cumulative unrealized losses on available-for-sale common shares of Ashford Trust and Braemar held by Remington being reclassified from accumulated other comprehensive income to accumulated deficit. Beginning January 1, 2022, unrealized gains and losses on available-for-sale common shares are recorded in other income (expense) in the Company’s condensed consolidated statements of operations. 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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 80 n/a n/a Redemption value adjustment, year-to-date 13 n/a n/a Redemption value adjustment, cumulative 594 n/a n/a Carrying value of noncontrolling interests n/a 253 125 Assets, available only to settle subsidiary’s obligations (5) n/a 1,571 1,324 Liabilities (6) n/a 383 1,300 Revolving credit facility (6) n/a — 50 December 31, 2021 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 69 n/a n/a Redemption value adjustment, year-to-date 96 n/a n/a Redemption value adjustment, cumulative 581 n/a n/a Carrying value of noncontrolling interests n/a 479 159 Assets, available only to settle subsidiary’s obligations (5) n/a 2,533 1,779 Liabilities (6) n/a 424 1,643 Revolving credit facility (6) n/a — 100 ________ (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 Hospitality Holdings LLC (“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, Inc. (“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 note 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 note 10. (5) 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. (6) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 5. 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 months ended March 31, 2022 and 2021. We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at March 31, 2022 and December 31, 2021. 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 months ended March 31, 2022 and 2021. 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, which expires on the later of (i) February 28, 2024 and (ii) 30 business days following the completion date of the Company’s preliminary audit for calendar year 2023. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2022 December 31, 2021 Carrying value of the investment in REA Holdings $ 3,021 2,831 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2022 2021 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 190 $ (114) 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): March 31, 2022 December 31, 2021 REIT Advisory: Insurance claim reserves (1) $ 27,378 $ 24,588 Remington: Managed hotel properties’ reserves (2) 3,680 6,923 Insurance claim reserves (3) 611 1,312 Total Remington restricted cash 4,291 8,235 INSPIRE: Debt service related operating reserves (4) 1,000 1,000 Marietta: Capital improvement reserves (5) 255 255 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 1,055 1,055 Total restricted cash $ 33,724 $ 34,878 ________ (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) Our subsidiary, Inspire Event Technologies Holdings, LLC (“INSPIRE”), provides event technology and creative communications solutions services. Cash is restricted due to operating reserves required under INSPIRE’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 LP, (“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. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of March 31, 2022 and December 31, 2021, accounts receivable also includes a note receivable due to Remington of approximately $1.5 million and $2.9 million, respectively. 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 March 31, 2022 and December 31, 2021, property and equipment, net of accumulated depreciation, included assets related to Marietta’s finance lease of $41.3 million and $41.6 million, enhanced return funding program (“ERFP”) furniture fixture & equipment (“FF&E”) of $11.6 million and $12.4 million, audio visual equipment at INSPIRE of $6.5 million and $7.0 million and marine vessels at RED Hospitality & Leisure, LLC (“RED”) of $12.8 million and $12.8 million, respectively. Other Liabilities —As of March 31, 2022 and December 31, 2021, other liabilities included reserves in the amount of $27.4 million and $24.6 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 March 31, 2022 and December 31, 2021, other liabilities also included $1.3 million relating to reserves for Remington health insurance claims. 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 2021 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 our 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 has deferred $1.3 million of Social Security taxes within “accounts payable and accrued expenses” in our consolidated balance sheets as of March 31, 2022 and December 31, 2021 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 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	3 Months Ended
	Mar. 31, 2022
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 Fees Revenue Advisory services fees 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, from January 1, 2021 through January 14, 2021, the base fee 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 with Ashford Trust, dated June 10, 2015, as amended), 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 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. On January 15, 2021, Ashford Trust and Ashford Trust OP entered into a Credit Agreement (as amended, the “Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management L.P. (“Oaktree”). In connection with the transactions contemplated by the Credit Agreement, on January 15, 2021, the Company and certain of its affiliates entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust, Ashford Trust OP, Ashford Trust TRS 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 Second Amended and Restated Advisory Agreement, or any amount owed under any enhanced return funding program in connection with the termination of the Second Amended and Restated Advisory Agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore Capital II LLC, an indirect consolidated subsidiary of the Company (“Lismore”), in connection with the transactions contemplated by the Credit Agreement. Prior to the fourth quarter of 2021, advisory fees under the Second Amended and Restated Advisory Agreement earned from Ashford Trust in 2021 in excess of the Advisory Fee Cap were a form of variable consideration that were constrained and deferred until such fees were probable of not being subject to significant reversal. The Advisory Fee Cap is approximately $29.0 million each year as stated in the Credit Agreement. As a result, base advisory fee revenue was recognized each month 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. On October 12, 2021, Ashford Trust and Ashford Trust OP entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with Oaktree. Amendment No. 1, subject to the conditions set forth therein, among other things, suspended Ashford Trust’s obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement. In the fourth quarter of 2021, Ashford Trust met the requirements to suspend its obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement and paid the Company $7.2 million for advisory fees that had been deferred in 2021 as a result of the Advisory Fee Cap. The $7.2 million payment was recorded as revenue in “advisory services fees” in the fourth quarter of 2021 in our consolidated statements of operations for the year ended December 31, 2021. Based upon Ashford Trust’s ability to meet the requirements stated in Amendment No. 1, the Company has concluded that base fees from our Second Amended and Restated Advisory Agreement with Ashford Trust which exceed the Advisory Fee Cap are no longer probable of being subject to significant reversal and will be recorded within “advisory services fees” in our condensed consolidated statements of operations based upon the fees calculated from Ashford Trust’s market capitalization as described above. 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 our Fifth Amended and Restated Advisory Agreement with Braemar, 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. Ashford Trust and Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Hotel Management Fees Revenue Hotel management fees 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. For hotels owned by Ashford Trust and Braemar, Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to Remington’s hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar 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. The base management fees and incentive management fees that Remington receives for third-party owned hotels vary by property. Design and Construction Fees Revenue Design and construction fees revenue (formerly called project management revenue) primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides 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 INSPIRE 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 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 (as defined below), 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. 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. Design and construction 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 “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. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other 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 change 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 2022 2021 Balance as of January 1 $ 10,905 $ 21,359 Increases to deferred income 3,846 5,912 Recognition of revenue (1) (4,374) (6,752) Balance as of March 31 $ 10,377 $ 20,519 ________ (1) Deferred income recognized in the three months ended March 31, 2022, includes (a) $437,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $218,000 of audio visual revenue, (c) $2.3 million of other revenue primarily related to Ashford Trust’s agreement with Lismore (see note 14), and (d) $1.4 million of “other services” revenue earned by our products and services companies, excluding Lismore. Deferred income recognized in the three months ended March 31, 2021, includes (a) $535,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $524,000 of audio visual revenue, (c) $4.3 million of other revenue related to Ashford Trust’s and Braemar’s agreements with Lismore (see note 14) and (d) $1.4 million of “other services” revenue earned by our 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 Advisory Agreement with Braemar, 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 was rendered, only to the extent it was probable that a significant reversal of revenue would not occur. Constraints relating to variable consideration were resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price was adjusted on a cumulative catch-up basis in the period a transaction or financing event closed. See note 14. 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 March 31, 2022. 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 $12.2 million and $7.6 million included in “accounts receivable, net” primarily related to our products and services segment, $3.6 million and $2.6 million in “due from Ashford Trust”, and $2.9 million and $1.1 million included in “due from Braemar” related to REIT advisory services at March 31, 2022 and December 31, 2021, respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2022 and 2021. See note 14. Disaggregated Revenue Our revenues were comprised of the following for the three months ended March 31, 2022 and 2021, respectively (in thousands): Three Months Ended March 31, 2022 2021 Advisory services fees: Base advisory fees $ 11,674 $ 9,799 Other advisory revenue 128 128 Total advisory services fees revenue 11,802 9,927 Hotel management fees: Base fees 6,174 3,857 Incentive fees 1,004 615 Total hotel management fees revenue 7,178 4,472 Design and construction fees revenue 4,524 1,542 Audio visual revenue 24,965 3,611 Other revenue: Watersports, ferry and excursion services (1) 6,045 4,561 Debt placement and related fees (2) 2,483 4,288 Claims management services 15 17 Other services (3) 2,896 1,763 Total other revenue 11,439 10,629 Cost reimbursement revenue 74,051 32,187 Total revenues $ 133,959 $ 62,368 REVENUES BY SEGMENT (4) REIT advisory $ 19,393 $ 15,068 Remington 70,507 30,809 Premier 6,226 1,944 INSPIRE 25,022 3,611 RED 6,045 4,561 OpenKey 382 454 Corporate and other 6,384 5,921 Total revenues $ 133,959 $ 62,368 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations, the Turks and Caicos 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 six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” category, which we refer to as “Corporate and Other.” See note 16 for discussion of segment reporting. Geographic Information Our REIT Advisory, Remington, Premier, OpenKey, and Corporate and Other reporting segments conduct their business primarily within the United States. Our INSPIRE reporting segment conducts business in the United States, Mexico, and the Dominican Republic. RED conducts business in the United States and the Turks and Caicos Islands, a territory of the United Kingdom. The following table presents revenue from INSPIRE and RED geographically for the three months ended March 31, 2022 and 2021, respectively (in thousands): Three Months Ended March 31, 2022 2021 INSPIRE: United States $ 19,070 $ 2,915 Mexico 4,618 411 Dominican Republic 1,334 285 Total audio visual revenue $ 25,022 $ 3,611 RED: United States $ 5,265 $ 4,561 United Kingdom (Turks and Caicos Islands) 780 — Total watersports, ferry and excursion services $ 6,045 $ 4,561

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The carrying amount of goodwill as of March 31, 2022 is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at March 31, 2022 $ 54,605 $ 1,235 $ 782 $ 56,622 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. Intangible assets, net as of March 31, 2022 and December 31, 2021, are as follows (in thousands): March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (30,953) $ 76,647 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (44,568) 149,432 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (4,689) 4,630 9,319 (4,409) 4,910 RED boat slip rights 3,100 (419) 2,681 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 314,194 $ (80,804) $ 233,390 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 490 490 $ 5,390 $ 5,390 Amortization expense for definite-lived intangible assets was $5.9 million and $6.4 million for the three months ended March 31, 2022 and 2021, 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Term loan (9) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 26,589 $ 27,271 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,684 1,746 Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.00% 19,400 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.00% 1,304 1,869 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 50 100 Revolving credit facility (6) (8) (14) RED August 5, 2022 Prime Rate (4) + 1.75% — — Term loan (5) (8) (15) RED July 17, 2029 6.00% (15) 1,630 1,641 Term loan (5) (8) RED July 17, 2023 6.50% 541 607 Term loan (5) (8) (16) RED August 5, 2029 Prime Rate (4) + 2.00% 900 888 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 2,100 2,143 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 3,266 3,357 Draw term loan (5) (8) (17) RED March 17, 2032 5.00% (17) 26 — Draw term loan (5) (8) (17) RED March 17, 2032 5.00% (17) 22 — Total notes payable 57,512 59,622 Capitalized default interest, net (11) 255 290 Deferred loan costs, net (505) (518) Notes payable including capitalized default interest and deferred loan costs, net 57,262 59,394 Less current portion (6,943) (6,725) Total notes payable, net - non-current $ 50,319 $ 52,669 __________________ (1) Base Rate, as defined in the term loan agreement, is the greater of (i) the Prime Rate set by Bank of America, (ii) the 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 0.45% and 0.10% at March 31, 2022 and December 31, 2021, respectively. (4) Prime Rate was 3.50% and 3.25% at March 31, 2022 and December 31, 2021, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility is collateralized primarily by INSPIRE’s receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $10.0 million and $5.0 million as of March 31, 2022 and December 31, 2021, respectively. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $13.3 million and $12.5 million as of March 31, 2022 and December 31, 2021, respectively. (9) 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. The Term Loan Agreement was repaid April 1, 2022. See our discussion in note 17. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017 (the “INSPIRE Amendment”). The maximum borrowing capacity under the INSPIRE Amendment for the revolving credit facility is $3.0 million. As of March 31, 2022, the amount unused under INSPIRE’s revolving credit facility was $1.7 million. The INSPIRE Amendment provides INSPIRE with an option to elect a one-year extension 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 INSPIRE’s election to extend. Pursuant to the INSPIRE Amendment, INSPIRE’s obligations to comply with certain financial and other covenants were waived until March 31, 2023. Amounts borrowed under the revolving credit facility and the term loan 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. The INSPIRE Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, INSPIRE is required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. The INSPIRE amendment requires INSPIRE to maintain an operating reserve account of $1.0 million. INSPIRE holds 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 March 31, 2022 and December 31, 2021 was not material. (11) The INSPIRE Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. As a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the INSPIRE term loan balance upon commencement and are amortized over the remaining term of the loan using the effective interest method. (12) 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. (13) As of March 31, 2022, the amount unused under Pure Wellness’s revolving credit facility was $200,000. (14) As of March 31, 2022, the amount unused under RED’s revolving credit facility was $250,000. (15) 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%. (16) RED is not required to make any payments of principal until May 5, 2022. (17) On March 17, 2022, in connection with the purchase and construction of marine vessels, RED entered into two closed-end non-revolving line of credit loans of $1.5 million each which convert to term loans once fully drawn. Each loan bears an interest rate of 5.0% for the first three years. After three years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 5.0%. As of March 31, 2022, the amount unused under RED’s non-revolving line of credit loans were $1.5 million and $1.5 million, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses were comprised of the following (in thousands): March 31, 2022 December 31, 2021 Accounts payable $ 12,956 $ 11,682 Accrued payroll expense 10,000 23,648 Accrued vacation expense 3,669 3,427 Accrued interest 325 259 Other accrued expenses 293 881 Total accounts payable and accrued expenses $ 27,243 $ 39,897

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Assets Restricted Investment: Ashford Trust common stock $ 131 (1) $ — $ — $ 131 Braemar common stock 370 (1) — — 370 Total $ 501 $ — $ — $ 501 Liabilities Subsidiary compensation plan $ — $ (6) (1) $ — $ (6) Deferred compensation plan (3,437) — — (3,437) Total $ (3,437) $ (6) $ — $ (3,443) Net $ (2,936) $ (6) $ — $ (2,942) __________________ (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 March 31, 2022, 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, 2021 Assets Restricted Investment: Ashford Trust common stock $ 150 (1) $ — $ — $ 150 Braemar common stock 426 (1) — — 426 Total $ 576 $ — $ — $ 576 Liabilities Subsidiary compensation plan — (164) (1) — (164) Deferred compensation plan (3,326) — — (3,326) Total $ (3,326) $ (164) $ — $ (3,490) Net $ (2,750) $ (164) $ — $ (2,914) __________________ (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 December 31, 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. 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 March 31, 2022 2021 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 110 $ — Braemar common stock 57 — Realized gain (loss) on investment: (2) Ashford Trust common stock (94) (175) Braemar common stock 23 (19) Total $ 96 $ (194) Liabilities Contingent consideration (3) $ — $ (23) Subsidiary compensation plan (4) (47) 118 Deferred compensation plan (4) (111) (58) Total $ (158) $ 37 Net $ (62) $ (157) __________________ (1) Represents the unrealized 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. Reported as a component of “other income (expense)” in our condensed consolidated statements of operations. (2) 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. (3) 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 Services Inc. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) 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: March 31, 2022 Equity securities (1) $ 825 $ — $ (324) $ 501 __________________ (1) Distributions of $359,000 of available-for-sale securities occurred in the three months ended March 31, 2022. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2021 Equity securities (1) $ 1,068 $ — $ (492) $ 576 __________________ (1) Distributions of $855,000 of available-for-sale securities occurred as of December 31, 2021.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 501 $ 501 $ 576 $ 576 Financial liabilities measured at fair value: Deferred compensation plan $ 3,437 $ 3,437 $ 3,326 $ 3,326 Financial assets not measured at fair value: Cash and cash equivalents $ 29,827 $ 29,827 $ 37,571 $ 37,571 Restricted cash 33,724 33,724 34,878 34,878 Accounts receivable, net 12,160 12,160 7,622 7,622 Notes receivable 1,500 1,500 2,880 2,880 Due from affiliates 289 289 165 165 Due from Ashford Trust 3,592 3,592 2,575 2,575 Due from Braemar 2,939 2,939 1,144 1,144 Investments in unconsolidated entities 4,171 4,171 3,581 3,581 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 27,243 $ 27,243 $ 39,897 $ 39,897 Dividends payable 43,947 43,947 34,574 34,574 Due to affiliates 21 21 — — Other liabilities 28,710 28,710 25,899 25,899 Notes payable 57,512 54,636 to 60,388 59,622 56,641 to 62,603 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. 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, notes 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 assets 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	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of March 31, 2022, we had approximately $11.4 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement which, under the Extension Agreement with Ashford Trust, must be fulfilled by December 31, 2022. See note 14 for further discussion of our ERFP Agreement with Ashford Trust. Litigation —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. 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 March 31, 2022, no amounts have been accrued.

Equity (Deficit)

Equity (Deficit)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (Income) loss allocated to noncontrolling interests: OpenKey $ 226 $ 203 RED — (97) Pure Wellness 34 (11) Total net (income) loss allocated to noncontrolling interests $ 260 $ 95

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 9 $ 24 OpenKey — 152 Total net (income) loss allocated to redeemable noncontrolling interests $ 9 $ 176 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 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 months ended March 31, 2022 and 2021, we recorded $0 and $316,000, respectively, of amortization related to preferred stock discounts. The Company declared dividends which were due with respect to its Series D Convertible Preferred Stock of $8.4 million for each of the first and third quarters of 2021 which were paid on April 15, 2021 and October 15, 2021, respectively. On March 9, 2022, the Company declared a dividend of $8.7 million with respect to its Series D Convertible Preferred Stock for the first quarter of 2022. The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second and fourth quarters of 2020 and the second and fourth quarters of 2021. As of March 31, 2022, the Company had aggregate undeclared preferred stock dividends of approximately $35.2 million, which relates to the second and fourth quarters of 2020 and the second and fourth quarters of 2021. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) attributable to common stockholders in the period incurred in our 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 $43.9 million and $34.6 million at March 31, 2022 and December 31, 2021, respectively, are recorded as a liability in our condensed consolidated balance sheets as “dividends payable.” See note 17. Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Preferred dividends - declared $ 8,700 $ 8,353 Preferred dividends per share - declared $ 0.4550 $ 0.4369 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): March 31, 2022 December 31, 2021 Aggregate preferred dividends - undeclared $ 35,248 $ 34,574 Aggregate preferred dividends - undeclared per share $ 1.8435 $ 1.8083

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 are presented below by award type (in thousands): Three Months Ended March 31, 2022 2021 Equity-based compensation Class 2 LTIP Units and stock option amortization (1) $ 354 $ 1,006 Employee equity grant expense (2) 341 232 Director and other non-employee equity grants expense (3) 54 125 Total equity-based compensation $ 749 $ 1,363 Other equity-based compensation REIT equity-based compensation (4) $ 4,329 $ 3,337 $ 5,078 $ 4,700 ________ (1) As of March 31, 2022, the Company had approximately $384,000 of total unrecognized compensation expense related to Class 2 Long-Term Incentive Partnership Units (the “Class 2 LTIP Units”) that will be recognized over a weighted average period of 3.0 years. (2) As of March 31, 2022, the Company had approximately $3.8 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 2.1 years. In March 2022, approximately 39,000 Long-Term Incentive Plan units (the “LTIP units”) with a fair value of approximately $627,000 were issued to one of our executive officers as compensation. The LTIP units have a vesting period of three years. Each LTIP unit once vested can be converted by the holder into one common limited partnership unit of Ashford Holdings which can then be redeemed for cash or, at our election, settled in our common stock. (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	3 Months Ended
	Mar. 31, 2022
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation PlanWe 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 March 31, 2022 2021 Change in fair value Unrealized gain (loss) $ (94) $ (58) Distributions Fair value (1) $ — $ 7 Shares (1) — 1 ________ (1) Distributions made to one participant. As of March 31, 2022 and December 31, 2021, the carrying value of the DCP liability was $3.4 million and $3.3 million, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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 party to the Second Amended and Restated Advisory Agreement with Ashford Trust. See note 3 for a description of the Second Amended and Restated Advisory Agreement. Premier is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS, a subsidiary of Ashford Trust OP, and certain of its affiliates 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. Remington is party to a master hotel management agreement with Ashford Trust and certain of its affiliates to provide hotel management services. Ashford Trust pays the Company a monthly hotel management fee equal to the greater of $15,000 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. Ashford Trust pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. On July 1, 2020, Lismore and Ashford Trust amended and restated the Ashford Trust Agreement with an effective date of April 6, 2020 to negotiate the refinancing, modification or forbearance of the existing mortgage and mezzanine debt on Ashford Trust’s hotels (the “Ashford Trust Agreement”). The Ashford Trust Agreement terminated effective April 6, 2022. For the three months ended March 31, 2022 and 2021, the Company recognized revenue of $2.3 million and $3.4 million, respectively. The three month period ended March 31, 2021 includes a $1.1 million cumulative catch-up adjustment to revenue which was previously considered constrained. As of March 31, 2022 and December 31, 2021, the Company recorded $0 and $2.4 million, respectively, as deferred income. The deferred income related to the various Lismore fees described above was recognized over the 24 month term of the agreement on a straight line basis as the service was rendered, only to the extent it was probable that a significant reversal of revenue would not occur. Constraints relating to variable consideration were resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price was adjusted on a cumulative catch-up basis in the period a transaction or financing event closed. See the table below for details of the revenue recognized by the Company and note 3 for additional discussion of the related deferred income. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended March 31, 2022 2021 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 8,735 $ 7,254 Hotel management fees: Base management fees 5,002 3,377 Incentive management fees 783 536 Total hotel management fees revenue (2) 5,785 3,913 Design and construction fees revenue (3) 2,472 403 Other revenue Watersports, ferry and excursion services (5) 43 — Debt placement and related fees (6) 2,293 3,435 Claims management services (7) 14 16 Other services (8) 348 359 Total other revenue 2,698 3,810 Cost reimbursement revenue 58,306 25,988 Total revenues $ 77,996 $ 41,368 REVENUES BY SEGMENT (9) REIT advisory $ 13,006 $ 10,554 Remington 58,129 26,372 Premier 3,606 648 INSPIRE 38 — RED 43 — OpenKey 34 30 Corporate and other 3,140 3,764 Total revenues $ 77,996 $ 41,368 COST OF REVENUES Cost of revenues for audio visual (4) $ 1,448 $ 136 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 3,350 $ 303 ________ (1) Advisory fees earned from Ashford Trust during the 2021 quarter excluded $1.5 million of advisory fees that were deferred as a result of the $29.0 million annual Advisory Fee Cap. See note 3 for discussion of the advisory services revenue recognition policy. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) 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. (9) See note 16 for discussion of segment reporting. Braemar — We are also a party to an amended and restated advisory agreement with Braemar and its operating subsidiary Braemar OP. Premier is party to a master project management agreement with Braemar OP and Braemar TRS Yountville LLC, a wholly owned subsidiary of Braemar OP, to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. Remington is party to a master hotel management agreement with Braemar and certain of its affiliates to provide hotel management services. Braemar pays the Company a monthly hotel management fee equal to the greater of $15,000 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. Braemar pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. 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 terminated effective March 20, 2021. For the three months ended March 31, 2022 and 2021, the Company recognized revenue of $0 and $853,000, respectively, related to the Braemar Agreement. The following table summarizes the revenues and expenses related to Braemar (in thousands): Three Months Ended March 31, 2022 2021 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 2,939 $ 2,545 Other advisory revenue (1) 128 128 Total advisory services fees revenue 3,067 2,673 Hotel management fees: Base management fees 700 331 Incentive management fees 202 79 Total hotel management fees revenue (2) 902 410 Design and construction fees revenue (3) 1,320 271 Other revenue Watersports, ferry and excursion services (5) 583 532 Debt placement and related fees (6) 190 853 Claims management services (7) 1 1 Other services (8) 42 51 Total other revenue 816 1,437 Cost reimbursement revenue 11,045 4,504 Total revenues $ 17,150 $ 9,295 REVENUES BY SEGMENT (9) REIT advisory $ 6,388 $ 4,514 Remington 7,062 2,640 Premier 1,831 362 INSPIRE 19 — RED 583 532 OpenKey 9 10 Corporate and other 1,258 1,237 Total revenues $ 17,150 $ 9,295 COST OF REVENUES Cost of revenues for audio visual (4) $ 701 $ 23 Other (5) 86 85 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 1,671 $ 52 Watersports, ferry and excursion services from guests at REIT properties (5) 612 257 ________ (1) 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. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) 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. (9) See note 16 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 paid 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 were 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 required 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 recognized the related depreciation tax deduction at the time such FF&E was purchased by the Company and placed into service at the respective REIT’s hotel properties. However, the timing of the FF&E purchased and placed into service was 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. In the first quarter of 2021, Ashford Trust purchased FF&E from the Company at the fair market value of $82,000 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 $107,000 which is included within “other” operating expense in our condensed consolidated statements of operations. Additionally, on January 20, 2021, Ashford Trust sold the Le Meridien hotel in Minneapolis, Minnesota. 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. The Company recorded a loss on disposal of FF&E of $271,000 within “other” operating expense in our condensed consolidated statements of operations. Pursuant to the agreement, Ashford Trust provided replacement FF&E to the Company in the third quarter of 2021 equal to the fair market value of the sold FF&E with a fair market value of $128,000, which was subsequently leased back to Ashford Trust rent-free. 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 has no impact on the Extension Agreement, which continues in full force and effect in accordance with its terms. See note 9. On November 8, 2021, the Company delivered written notice to Braemar of the Company’s intention not to renew the Braemar ERFP Agreement. As a result, the Braemar ERFP Agreement terminated in accordance with its terms on January 15, 2022. In the first quarter of 2022, Ashford Trust purchased FF&E with a net book value of $1.1 million from the Company at the fair market value of $406,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement (which continue to survive following the termination of such agreement). The Company recorded a loss on sale of the FF&E of $706,000 which is included within “other” operating expense in our condensed consolidated statement of operations for the three months ended March 31, 2022. 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 advised 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 or other debt or equity offerings through Ashford Securities 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 or other debt or equity offerings through Ashford Securities 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, through Ashford Securities. 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. On January 27, 2022, the Company entered into a Second Amended and Restated Contribution Agreement with Ashford Trust and Braemar which provided for an additional $18 million in expenses to be reimbursed with all expenses allocated 10% to the Company, 45% to Ashford Trust, and 45% to Braemar. As of March 31, 2022, Ashford Trust and Braemar have funded approximately $4.0 million and $4.1 million, respectively. The Company recognized $527,000 and $0 of cost reimbursement revenue from Ashford Trust for the three months ended March 31, 2022 and 2021, respectively, in our condensed consolidated statements of operations. The Company recognized $1.0 million and $344,000 of cost reimbursement revenue from Braemar for the three months ended March 31, 2022 and 2021, respectively, in our condensed consolidated statements of operations. Cost reimbursement revenue for the three months ended March 31, 2022 includes $405,000 of dealer manager fees earned by Ashford Securities for the placement of Braemar’s non-listed preferred equity offerings. Other Related Party Transactions — The Company leases office space from Remington Hotel Corporation (“RHC”), an affiliate owned by the Bennetts, at our corporate headquarters in Dallas, Texas. For the three months ended March 31, 2022 and 2021, we recorded $839,000 and $837,000, respectively, in rent expense related to our corporate office lease with RHC. 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. Ashford Trust held a 16.65% noncontrolling interest in OpenKey as of March 31, 2022 and December 31, 2021, and Braemar held a 7.77% noncontrolling interest in OpenKey as of March 31, 2022 and December 31, 2021.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 948 $ (8,174) Less: Dividends on preferred stock, declared and undeclared (1) (9,373) (8,606) Less: Amortization of preferred stock discount — (316) Undistributed net income (loss) allocated to common stockholders (8,425) (17,096) Distributed and undistributed net income (loss) - basic $ (8,425) $ (17,096) Distributed and undistributed net income (loss) - diluted $ (8,425) $ (17,096) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,809 2,686 Weighted average common shares outstanding – diluted 2,809 2,686 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.00) $ (6.36) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.00) $ (6.36) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 11. 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 March 31, 2022 2021 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (9) $ (24) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (152) Dividends on preferred stock, declared and undeclared 9,373 8,606 Amortization of preferred stock discount — 316 Total $ 9,364 $ 8,746 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 97 22 Effect of assumed conversion of Ashford Holdings units 8 4 Effect of incremental subsidiary shares 104 221 Effect of assumed conversion of preferred stock 4,365 4,208 Total 4,574 4,455

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
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) INSPIRE, 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; and (h) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry. For 2022, OpenKey, RED, Marietta and Pure Wellness do not meet the aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose RED and OpenKey as reportable segments. Accordingly, we have six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” seventh 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’s (“CODM”) primary measure of segment profitability is net income. Our CODM currently reviews assets at the consolidated level and does not currently review segment assets to make key decisions on resource allocations. Since such asset information by segment is not reviewed by our CODM, segment assets are not available for disclosure. Certain information concerning our segments for the three months ended March 31, 2022 and 2021 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 March 31, 2022 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 11,802 $ — $ — $ — $ — $ — $ — $ 11,802 Hotel management fees — 7,178 — — — — — 7,178 Design and construction fees — — 4,524 — — — — 4,524 Audio visual — — — 24,965 — — — 24,965 Other 15 181 — — 6,045 378 4,820 11,439 Cost reimbursement revenue (1) 7,576 63,148 1,702 57 — 4 1,564 74,051 Total revenues 19,393 70,507 6,226 25,022 6,045 382 6,384 133,959 EXPENSES Depreciation and amortization 853 2,696 2,962 468 112 4 530 7,625 Other operating expenses (2) 706 4,308 2,995 22,371 5,069 1,295 12,720 49,464 Reimbursed expenses (1) 7,433 63,148 1,702 57 — 4 1,564 73,908 Total operating expenses 8,992 70,152 7,659 22,896 5,181 1,303 14,814 130,997 OPERATING INCOME (LOSS) 10,401 355 (1,433) 2,126 864 (921) (8,430) 2,962 Equity in earnings (loss) of unconsolidated entities — — — — — — 190 190 Interest expense — — — (240) (159) — (880) (1,279) Amortization of loan costs — — — (35) (16) — (22) (73) Interest income — 70 — — — — 11 81 Realized gain (loss) on investments — (71) — — — — — (71) Other income (expense) — 167 — 14 (37) — 3 147 INCOME (LOSS) BEFORE INCOME TAXES 10,401 521 (1,433) 1,865 652 (921) (9,128) 1,957 Income tax (expense) benefit (2,451) (133) 341 (994) (341) — 2,300 (1,278) NET INCOME (LOSS) $ 7,950 $ 388 $ (1,092) $ 871 $ 311 $ (921) $ (6,828) $ 679 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.9 million of hotel management fees 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 March 31, 2021 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 9,927 $ — $ — $ — $ — $ — $ — $ 9,927 Hotel management fees — 4,472 — — — — — 4,472 Design and construction fees — — 1,542 — — — — 1,542 Audio visual — — — 3,611 — — — 3,611 Other 17 20 — — 4,561 454 5,577 10,629 Cost reimbursement revenue (1) 5,124 26,317 402 — — — 344 32,187 Total revenues 15,068 30,809 1,944 3,611 4,561 454 5,921 62,368 EXPENSES Depreciation and amortization 989 3,034 3,056 467 92 4 497 8,139 Other operating expenses (2) 352 3,289 1,679 6,818 3,546 1,247 12,868 29,799 Reimbursed expenses (1) 5,052 26,317 402 — — — 344 32,115 Total operating expenses 6,393 32,640 5,137 7,285 3,638 1,251 13,709 70,053 OPERATING INCOME (LOSS) 8,675 (1,831) (3,193) (3,674) 923 (797) (7,788) (7,685) Equity in earnings (loss) of unconsolidated entities — — — — — — (114) (114) Interest expense — — — (203) (154) — (910) (1,267) Amortization of loan costs — — — (29) (3) — (54) (86) Interest income — 61 — — — — 2 63 Realized gain (loss) on investments — (194) — — — — — (194) Other income (expense) — — — (121) 1 (1) 8 (113) INCOME (LOSS) BEFORE INCOME TAXES 8,675 (1,964) (3,193) (4,027) 767 (798) (8,856) (9,396) Income tax (expense) benefit (1,954) (263) 768 820 (260) — 1,840 951 NET INCOME (LOSS) $ 6,721 $ (2,227) $ (2,425) $ (3,207) $ 507 $ (798) $ (7,016) $ (8,445) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.0 million of hotel management fees 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	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100 million, including a $50 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. The Company used a portion of the proceeds from the Credit Agreement to pay off the remaining $26.6 million balance of the Company’s existing Term Loan Agreement as of March 31, 2022 and pay dividends to the holders of the Series D Convertible Preferred Stock as stated below. On April 18, 2022, the Company drew an additional $20.0 million on the Credit Facility. The Credit Facility is a five-year interest-only facility with all outstanding principal due at maturity, with three successive one-year extension options subject to an increase in the interest rate during each extension period. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either the Eurodollar Rate (defined as LIBOR or a comparable or successor rate, with a floor of 0.25%) plus an applicable margin, or the base rate (defined as the highest of the federal funds rate plus 0.50%, the prime rate or the Eurodollar Rate plus 1.00%, with a floor of 1.25%) plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Eurodollar loans will be 7.35% per annum and the applicable margin for base rate loans will be 6.35% per annum, with increases to both applicable margins of 0.50%, 0.75% and 1.00% per annum during each of the three extension periods, respectively. The remaining undrawn balance of the Credit Facility is subject to an unused fee of 1.0%. The Credit Facility does not require the maintenance of financial covenants, but if the ratio (the “Leverage Ratio”) of consolidated funded indebtedness that is recourse to the Company or any guarantor (less unrestricted cash) to consolidated EBITDA of the Company and its subsidiaries is greater than 4.00 to 1.00 as of the end of any fiscal quarter during the term of the loan, including any extension period, then the Company is required to apply 100% of the excess cash flow generated during such fiscal quarter to prepay the term loans. During any extension period, the Company is also required to apply 100% of the excess cash flow generated during such period to prepay the term loans. The Company may not pay dividends on the Company’s shares of common stock or preferred stock if the Leverage Ratio is greater than 3.00 to 1.00 after giving effect to the payment of such dividends. The Credit Agreement is guaranteed by the Company, Ashford LLC, and certain subsidiaries of the Company, and secured by, among other things, all of the assets of Ashford LLC and each guarantor and a pledge of the equity interests in Ashford LLC and each guarantor. On April 10, 2022, the Company’s board of directors (the “Board”) declared a cash dividend on the Company’s Series D Convertible Preferred Stock for accrued and unpaid dividends for the quarters ending June 30, 2020 and December 31, 2020 to stockholders of record as of April 11, 2022. The Company paid the dividend of approximately $17.8 million, or $0.932 per share of Series D Convertible Preferred Stock, on April 15, 2022. Dividends for the Series D Convertible Preferred Stock remain in arrears for the quarters ending June 30, 2021 and December 31, 2021. On April 15, 2022, the Company additionally paid $8.7 million of dividends previously declared by the Board with respect to the Company’s Series D Convertible Preferred Stock for the first quarter of 2022. On April 15, 2022, the Company acquired privately held Chesapeake Hospitality (“Chesapeake”), a premier third-party hotel management company. The Company paid to the seller $6.3 million in cash, subject to certain adjustments, and issued to the seller 378,000 Series CHP Convertible Preferred Units of Ashford Holdings (the “Series CHP Units”) at $25 per Unit, for a total value of $9.45 million. The seller also has the ability to earn up to $10.25 million of additional consideration based on its base management fee contribution for the trailing twelve month periods ending March 2024 and March 2025, respectively, for a total potential consideration of $26 million, subject to certain adjustments. The first $6.3 million of such additional consideration is payable in cash and any amounts payable in excess of such $6.3 million may be satisfied by the issuance of shares of common stock of the Company, common units of Ashford Holdings or additional Series CHP Units, as determined by the Company in its sole discretion. Each Series CHP Unit will (i) have a liquidation value of $25 per share, (ii) be entitled to cumulative dividends at the rate of 7.28% per annum, payable quarterly in arrears, (iii) participate in any dividend or distribution on the common stock of the Company in addition to the preferred dividends, (iv) be convertible into common units of Ashford Holdings at $117.50 per unit, which common units of Ashford Holdings will then be exchangeable into common stock of the Company on a 1:1 ratio and (v) provide for customary anti-dilution protections. In the event the Company fails to pay the required dividends on the Series CHP Units for two consecutive quarterly periods (a “Preferred Unit Breach”), then until such arrearage is paid in cash in full, the dividend rate on the Series CHP Units will increase to 10.00% per annum until no Preferred Unit Breach exists. Except with respect to certain protective provisions, no holder of Series CHP Units will have voting rights in its capacity as such. As long as any Series CHP Units are outstanding, the Company is prohibited from taking specified actions without the consent of at least 50% of the holders of Series CHP Units, including (i) modifying the terms, rights, preferences, privileges or voting powers of the Series CHP Units or (ii) altering the rights, preferences or privileges of any Units of Ashford Holdings so as to adversely affect the Series CHP Units. On April 15, 2022, the Company and Ashford Services agreed with Jeremy Welter, the Chief Operating Officer of the Company, that, effective July 15, 2022 (the “Resignation Date”), Mr. Welter would terminate employment with and service to the Company, Ashford Services and their affiliates. Mr. Welter is also the Chief Operating Officer of Ashford Trust and Braemar and accordingly his service as Chief Operating Officer of each of Ashford Trust and Braemar will also end effective as of the Resignation Date.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2022. Cost reimbursement revenue and reimbursed expenses for the three months ended March 31, 2021 were restated as previously disclosed in the restated condensed consolidated statement of operations for the three months ended March 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The restatement related to Remington’s recognition of cost reimbursement revenue and reimbursed expenses for certain insurance costs and the timing of recognition of cost reimbursement revenue and reimbursed expenses for hotel management related salaries and benefits costs that are reimbursed from hotel owners, resulting in a $1.6 million decrease in cost reimbursement revenue and reimbursed expenses for the three months ended March 31, 2021. These costs are reported gross in the Company’s condensed consolidated statements of operations in cost reimbursement revenue with an offsetting amount reported in reimbursed expenses. The condensed consolidated balance sheet and statement of equity (deficit) as of March 31, 2022, include a correction of an immaterial error which resulted in $639,000 of cumulative unrealized losses on available-for-sale common shares of Ashford Trust and Braemar held by Remington being reclassified from accumulated other comprehensive income to accumulated deficit. Beginning January 1, 2022, unrealized gains and losses on available-for-sale common shares are recorded in other income (expense) in the Company’s condensed consolidated statements of operations. 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.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of March 31, 2022 and December 31, 2021, accounts receivable also includes a note receivable due to Remington of approximately $1.5 million and $2.9 million, respectively.
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 March 31, 2022 and December 31, 2021, property and equipment, net of accumulated depreciation, included assets related to Marietta’s finance lease of $41.3 million and $41.6 million, enhanced return funding program (“ERFP”) furniture fixture & equipment (“FF&E”) of $11.6 million and $12.4 million, audio visual equipment at INSPIRE of $6.5 million and $7.0 million and marine vessels at RED Hospitality & Leisure, LLC (“RED”) of $12.8 million and $12.8 million, respectively.
Other Liabilities	Other Liabilities—As of March 31, 2022 and December 31, 2021, other liabilities included reserves in the amount of $27.4 million and $24.6 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 2021 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 our 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 Recently 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 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 Fees Revenue Advisory services fees 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, from January 1, 2021 through January 14, 2021, the base fee 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 with Ashford Trust, dated June 10, 2015, as amended), 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 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. On January 15, 2021, Ashford Trust and Ashford Trust OP entered into a Credit Agreement (as amended, the “Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management L.P. (“Oaktree”). In connection with the transactions contemplated by the Credit Agreement, on January 15, 2021, the Company and certain of its affiliates entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust, Ashford Trust OP, Ashford Trust TRS 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 Second Amended and Restated Advisory Agreement, or any amount owed under any enhanced return funding program in connection with the termination of the Second Amended and Restated Advisory Agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore Capital II LLC, an indirect consolidated subsidiary of the Company (“Lismore”), in connection with the transactions contemplated by the Credit Agreement. Prior to the fourth quarter of 2021, advisory fees under the Second Amended and Restated Advisory Agreement earned from Ashford Trust in 2021 in excess of the Advisory Fee Cap were a form of variable consideration that were constrained and deferred until such fees were probable of not being subject to significant reversal. The Advisory Fee Cap is approximately $29.0 million each year as stated in the Credit Agreement. As a result, base advisory fee revenue was recognized each month 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. On October 12, 2021, Ashford Trust and Ashford Trust OP entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with Oaktree. Amendment No. 1, subject to the conditions set forth therein, among other things, suspended Ashford Trust’s obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement. In the fourth quarter of 2021, Ashford Trust met the requirements to suspend its obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement and paid the Company $7.2 million for advisory fees that had been deferred in 2021 as a result of the Advisory Fee Cap. The $7.2 million payment was recorded as revenue in “advisory services fees” in the fourth quarter of 2021 in our consolidated statements of operations for the year ended December 31, 2021. Based upon Ashford Trust’s ability to meet the requirements stated in Amendment No. 1, the Company has concluded that base fees from our Second Amended and Restated Advisory Agreement with Ashford Trust which exceed the Advisory Fee Cap are no longer probable of being subject to significant reversal and will be recorded within “advisory services fees” in our condensed consolidated statements of operations based upon the fees calculated from Ashford Trust’s market capitalization as described above. 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 our Fifth Amended and Restated Advisory Agreement with Braemar, 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. Ashford Trust and Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Hotel Management Fees Revenue Hotel management fees 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. For hotels owned by Ashford Trust and Braemar, Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to Remington’s hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar 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. The base management fees and incentive management fees that Remington receives for third-party owned hotels vary by property. Design and Construction Fees Revenue Design and construction fees revenue (formerly called project management revenue) primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides 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 INSPIRE 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 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 (as defined below), 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. 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. Design and construction 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 “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. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other 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 change 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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 80 n/a n/a Redemption value adjustment, year-to-date 13 n/a n/a Redemption value adjustment, cumulative 594 n/a n/a Carrying value of noncontrolling interests n/a 253 125 Assets, available only to settle subsidiary’s obligations (5) n/a 1,571 1,324 Liabilities (6) n/a 383 1,300 Revolving credit facility (6) n/a — 50 December 31, 2021 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 69 n/a n/a Redemption value adjustment, year-to-date 96 n/a n/a Redemption value adjustment, cumulative 581 n/a n/a Carrying value of noncontrolling interests n/a 479 159 Assets, available only to settle subsidiary’s obligations (5) n/a 2,533 1,779 Liabilities (6) n/a 424 1,643 Revolving credit facility (6) n/a — 100 ________ (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 Hospitality Holdings LLC (“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, Inc. (“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 note 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 note 10. (5) 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. (6) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 5.
Investments in Unconsolidated Entities	March 31, 2022 December 31, 2021 Carrying value of the investment in REA Holdings $ 3,021 2,831 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2022 2021 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 190 $ (114)
Restricted Cash	Restricted cash was comprised of the following (in thousands): March 31, 2022 December 31, 2021 REIT Advisory: Insurance claim reserves (1) $ 27,378 $ 24,588 Remington: Managed hotel properties’ reserves (2) 3,680 6,923 Insurance claim reserves (3) 611 1,312 Total Remington restricted cash 4,291 8,235 INSPIRE: Debt service related operating reserves (4) 1,000 1,000 Marietta: Capital improvement reserves (5) 255 255 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 1,055 1,055 Total restricted cash $ 33,724 $ 34,878 ________ (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) Our subsidiary, Inspire Event Technologies Holdings, LLC (“INSPIRE”), provides event technology and creative communications solutions services. Cash is restricted due to operating reserves required under INSPIRE’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 LP, (“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)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2022 2021 Balance as of January 1 $ 10,905 $ 21,359 Increases to deferred income 3,846 5,912 Recognition of revenue (1) (4,374) (6,752) Balance as of March 31 $ 10,377 $ 20,519 ________
Disaggregation of Revenue	Our revenues were comprised of the following for the three months ended March 31, 2022 and 2021, respectively (in thousands): Three Months Ended March 31, 2022 2021 Advisory services fees: Base advisory fees $ 11,674 $ 9,799 Other advisory revenue 128 128 Total advisory services fees revenue 11,802 9,927 Hotel management fees: Base fees 6,174 3,857 Incentive fees 1,004 615 Total hotel management fees revenue 7,178 4,472 Design and construction fees revenue 4,524 1,542 Audio visual revenue 24,965 3,611 Other revenue: Watersports, ferry and excursion services (1) 6,045 4,561 Debt placement and related fees (2) 2,483 4,288 Claims management services 15 17 Other services (3) 2,896 1,763 Total other revenue 11,439 10,629 Cost reimbursement revenue 74,051 32,187 Total revenues $ 133,959 $ 62,368 REVENUES BY SEGMENT (4) REIT advisory $ 19,393 $ 15,068 Remington 70,507 30,809 Premier 6,226 1,944 INSPIRE 25,022 3,611 RED 6,045 4,561 OpenKey 382 454 Corporate and other 6,384 5,921 Total revenues $ 133,959 $ 62,368 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations, the Turks and Caicos 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 six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” category, which we refer to as “Corporate and Other.” See note 16 for discussion of segment reporting. The following table presents revenue from INSPIRE and RED geographically for the three months ended March 31, 2022 and 2021, respectively (in thousands): Three Months Ended March 31, 2022 2021 INSPIRE: United States $ 19,070 $ 2,915 Mexico 4,618 411 Dominican Republic 1,334 285 Total audio visual revenue $ 25,022 $ 3,611 RED: United States $ 5,265 $ 4,561 United Kingdom (Turks and Caicos Islands) 780 — Total watersports, ferry and excursion services $ 6,045 $ 4,561

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of March 31, 2022 is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at March 31, 2022 $ 54,605 $ 1,235 $ 782 $ 56,622 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of March 31, 2022 and December 31, 2021, are as follows (in thousands): March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (30,953) $ 76,647 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (44,568) 149,432 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (4,689) 4,630 9,319 (4,409) 4,910 RED boat slip rights 3,100 (419) 2,681 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 314,194 $ (80,804) $ 233,390 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 490 490 $ 5,390 $ 5,390
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2022 and December 31, 2021, are as follows (in thousands): March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (30,953) $ 76,647 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (44,568) 149,432 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (4,689) 4,630 9,319 (4,409) 4,910 RED boat slip rights 3,100 (419) 2,681 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 314,194 $ (80,804) $ 233,390 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 490 490 $ 5,390 $ 5,390

Notes Payable, net (Tables)

Notes Payable, net (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate March 31, 2022 December 31, 2021 Term loan (9) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 26,589 $ 27,271 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,684 1,746 Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.00% 19,400 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.00% 1,304 1,869 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 50 100 Revolving credit facility (6) (8) (14) RED August 5, 2022 Prime Rate (4) + 1.75% — — Term loan (5) (8) (15) RED July 17, 2029 6.00% (15) 1,630 1,641 Term loan (5) (8) RED July 17, 2023 6.50% 541 607 Term loan (5) (8) (16) RED August 5, 2029 Prime Rate (4) + 2.00% 900 888 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 2,100 2,143 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 3,266 3,357 Draw term loan (5) (8) (17) RED March 17, 2032 5.00% (17) 26 — Draw term loan (5) (8) (17) RED March 17, 2032 5.00% (17) 22 — Total notes payable 57,512 59,622 Capitalized default interest, net (11) 255 290 Deferred loan costs, net (505) (518) Notes payable including capitalized default interest and deferred loan costs, net 57,262 59,394 Less current portion (6,943) (6,725) Total notes payable, net - non-current $ 50,319 $ 52,669 __________________ (1) Base Rate, as defined in the term loan agreement, is the greater of (i) the Prime Rate set by Bank of America, (ii) the 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 0.45% and 0.10% at March 31, 2022 and December 31, 2021, respectively. (4) Prime Rate was 3.50% and 3.25% at March 31, 2022 and December 31, 2021, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility is collateralized primarily by INSPIRE’s receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $10.0 million and $5.0 million as of March 31, 2022 and December 31, 2021, respectively. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $13.3 million and $12.5 million as of March 31, 2022 and December 31, 2021, respectively. (9) 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. The Term Loan Agreement was repaid April 1, 2022. See our discussion in note 17. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017 (the “INSPIRE Amendment”). The maximum borrowing capacity under the INSPIRE Amendment for the revolving credit facility is $3.0 million. As of March 31, 2022, the amount unused under INSPIRE’s revolving credit facility was $1.7 million. The INSPIRE Amendment provides INSPIRE with an option to elect a one-year extension 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 INSPIRE’s election to extend. Pursuant to the INSPIRE Amendment, INSPIRE’s obligations to comply with certain financial and other covenants were waived until March 31, 2023. Amounts borrowed under the revolving credit facility and the term loan 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. The INSPIRE Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, INSPIRE is required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. The INSPIRE amendment requires INSPIRE to maintain an operating reserve account of $1.0 million. INSPIRE holds 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 March 31, 2022 and December 31, 2021 was not material. (11) The INSPIRE Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. As a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the INSPIRE term loan balance upon commencement and are amortized over the remaining term of the loan using the effective interest method. (12) 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. (13) As of March 31, 2022, the amount unused under Pure Wellness’s revolving credit facility was $200,000. (14) As of March 31, 2022, the amount unused under RED’s revolving credit facility was $250,000. (15) 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%. (16) RED is not required to make any payments of principal until May 5, 2022. (17) On March 17, 2022, in connection with the purchase and construction of marine vessels, RED entered into two closed-end non-revolving line of credit loans of $1.5 million each which convert to term loans once fully drawn. Each loan bears an interest rate of 5.0% for the first three years. After three years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 5.0%. As of March 31, 2022, the amount unused under RED’s non-revolving line of credit loans were $1.5 million and $1.5 million, respectively.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses were comprised of the following (in thousands): March 31, 2022 December 31, 2021 Accounts payable $ 12,956 $ 11,682 Accrued payroll expense 10,000 23,648 Accrued vacation expense 3,669 3,427 Accrued interest 325 259 Other accrued expenses 293 881 Total accounts payable and accrued expenses $ 27,243 $ 39,897

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Assets Restricted Investment: Ashford Trust common stock $ 131 (1) $ — $ — $ 131 Braemar common stock 370 (1) — — 370 Total $ 501 $ — $ — $ 501 Liabilities Subsidiary compensation plan $ — $ (6) (1) $ — $ (6) Deferred compensation plan (3,437) — — (3,437) Total $ (3,437) $ (6) $ — $ (3,443) Net $ (2,936) $ (6) $ — $ (2,942) __________________ (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 March 31, 2022, 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, 2021 Assets Restricted Investment: Ashford Trust common stock $ 150 (1) $ — $ — $ 150 Braemar common stock 426 (1) — — 426 Total $ 576 $ — $ — $ 576 Liabilities Subsidiary compensation plan — (164) (1) — (164) Deferred compensation plan (3,326) — — (3,326) Total $ (3,326) $ (164) $ — $ (3,490) Net $ (2,750) $ (164) $ — $ (2,914) __________________ (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 December 31, 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.
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 March 31, 2022 2021 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 110 $ — Braemar common stock 57 — Realized gain (loss) on investment: (2) Ashford Trust common stock (94) (175) Braemar common stock 23 (19) Total $ 96 $ (194) Liabilities Contingent consideration (3) $ — $ (23) Subsidiary compensation plan (4) (47) 118 Deferred compensation plan (4) (111) (58) Total $ (158) $ 37 Net $ (62) $ (157) __________________ (1) Represents the unrealized 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. Reported as a component of “other income (expense)” in our condensed consolidated statements of operations. (2) 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. (3) 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 Services Inc. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) 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: March 31, 2022 Equity securities (1) $ 825 $ — $ (324) $ 501 __________________ (1) Distributions of $359,000 of available-for-sale securities occurred in the three months ended March 31, 2022. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2021 Equity securities (1) $ 1,068 $ — $ (492) $ 576 __________________ (1) Distributions of $855,000 of available-for-sale securities occurred as of December 31, 2021.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 501 $ 501 $ 576 $ 576 Financial liabilities measured at fair value: Deferred compensation plan $ 3,437 $ 3,437 $ 3,326 $ 3,326 Financial assets not measured at fair value: Cash and cash equivalents $ 29,827 $ 29,827 $ 37,571 $ 37,571 Restricted cash 33,724 33,724 34,878 34,878 Accounts receivable, net 12,160 12,160 7,622 7,622 Notes receivable 1,500 1,500 2,880 2,880 Due from affiliates 289 289 165 165 Due from Ashford Trust 3,592 3,592 2,575 2,575 Due from Braemar 2,939 2,939 1,144 1,144 Investments in unconsolidated entities 4,171 4,171 3,581 3,581 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 27,243 $ 27,243 $ 39,897 $ 39,897 Dividends payable 43,947 43,947 34,574 34,574 Due to affiliates 21 21 — — Other liabilities 28,710 28,710 25,899 25,899 Notes payable 57,512 54,636 to 60,388 59,622 56,641 to 62,603

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (Income) loss allocated to noncontrolling interests: OpenKey $ 226 $ 203 RED — (97) Pure Wellness 34 (11) Total net (income) loss allocated to noncontrolling interests $ 260 $ 95

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 9 $ 24 OpenKey — 152 Total net (income) loss allocated to redeemable noncontrolling interests $ 9 $ 176
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 March 31, 2022 2021 Preferred dividends - declared $ 8,700 $ 8,353 Preferred dividends per share - declared $ 0.4550 $ 0.4369 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): March 31, 2022 December 31, 2021 Aggregate preferred dividends - undeclared $ 35,248 $ 34,574 Aggregate preferred dividends - undeclared per share $ 1.8435 $ 1.8083

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 are presented below by award type (in thousands): Three Months Ended March 31, 2022 2021 Equity-based compensation Class 2 LTIP Units and stock option amortization (1) $ 354 $ 1,006 Employee equity grant expense (2) 341 232 Director and other non-employee equity grants expense (3) 54 125 Total equity-based compensation $ 749 $ 1,363 Other equity-based compensation REIT equity-based compensation (4) $ 4,329 $ 3,337 $ 5,078 $ 4,700 ________ (1) As of March 31, 2022, the Company had approximately $384,000 of total unrecognized compensation expense related to Class 2 Long-Term Incentive Partnership Units (the “Class 2 LTIP Units”) that will be recognized over a weighted average period of 3.0 years. (2) As of March 31, 2022, the Company had approximately $3.8 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 2.1 years. In March 2022, approximately 39,000 Long-Term Incentive Plan units (the “LTIP units”) with a fair value of approximately $627,000 were issued to one of our executive officers as compensation. The LTIP units have a vesting period of three years. Each LTIP unit once vested can be converted by the holder into one common limited partnership unit of Ashford Holdings which can then be redeemed for cash or, at our election, settled in our common stock. (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)	3 Months Ended
	Mar. 31, 2022
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2022 2021 Change in fair value Unrealized gain (loss) $ (94) $ (58) Distributions Fair value (1) $ — $ 7 Shares (1) — 1 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 8,735 $ 7,254 Hotel management fees: Base management fees 5,002 3,377 Incentive management fees 783 536 Total hotel management fees revenue (2) 5,785 3,913 Design and construction fees revenue (3) 2,472 403 Other revenue Watersports, ferry and excursion services (5) 43 — Debt placement and related fees (6) 2,293 3,435 Claims management services (7) 14 16 Other services (8) 348 359 Total other revenue 2,698 3,810 Cost reimbursement revenue 58,306 25,988 Total revenues $ 77,996 $ 41,368 REVENUES BY SEGMENT (9) REIT advisory $ 13,006 $ 10,554 Remington 58,129 26,372 Premier 3,606 648 INSPIRE 38 — RED 43 — OpenKey 34 30 Corporate and other 3,140 3,764 Total revenues $ 77,996 $ 41,368 COST OF REVENUES Cost of revenues for audio visual (4) $ 1,448 $ 136 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 3,350 $ 303 ________ (1) Advisory fees earned from Ashford Trust during the 2021 quarter excluded $1.5 million of advisory fees that were deferred as a result of the $29.0 million annual Advisory Fee Cap. See note 3 for discussion of the advisory services revenue recognition policy. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) 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. (9) See note 16 for discussion of segment reporting. The following table summarizes the revenues and expenses related to Braemar (in thousands): Three Months Ended March 31, 2022 2021 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 2,939 $ 2,545 Other advisory revenue (1) 128 128 Total advisory services fees revenue 3,067 2,673 Hotel management fees: Base management fees 700 331 Incentive management fees 202 79 Total hotel management fees revenue (2) 902 410 Design and construction fees revenue (3) 1,320 271 Other revenue Watersports, ferry and excursion services (5) 583 532 Debt placement and related fees (6) 190 853 Claims management services (7) 1 1 Other services (8) 42 51 Total other revenue 816 1,437 Cost reimbursement revenue 11,045 4,504 Total revenues $ 17,150 $ 9,295 REVENUES BY SEGMENT (9) REIT advisory $ 6,388 $ 4,514 Remington 7,062 2,640 Premier 1,831 362 INSPIRE 19 — RED 583 532 OpenKey 9 10 Corporate and other 1,258 1,237 Total revenues $ 17,150 $ 9,295 COST OF REVENUES Cost of revenues for audio visual (4) $ 701 $ 23 Other (5) 86 85 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 1,671 $ 52 Watersports, ferry and excursion services from guests at REIT properties (5) 612 257 ________ (1) 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. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) 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)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 948 $ (8,174) Less: Dividends on preferred stock, declared and undeclared (1) (9,373) (8,606) Less: Amortization of preferred stock discount — (316) Undistributed net income (loss) allocated to common stockholders (8,425) (17,096) Distributed and undistributed net income (loss) - basic $ (8,425) $ (17,096) Distributed and undistributed net income (loss) - diluted $ (8,425) $ (17,096) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,809 2,686 Weighted average common shares outstanding – diluted 2,809 2,686 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.00) $ (6.36) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.00) $ (6.36) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 11.
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 March 31, 2022 2021 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (9) $ (24) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (152) Dividends on preferred stock, declared and undeclared 9,373 8,606 Amortization of preferred stock discount — 316 Total $ 9,364 $ 8,746 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 97 22 Effect of assumed conversion of Ashford Holdings units 8 4 Effect of incremental subsidiary shares 104 221 Effect of assumed conversion of preferred stock 4,365 4,208 Total 4,574 4,455

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three months ended March 31, 2022 and 2021 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 March 31, 2022 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 11,802 $ — $ — $ — $ — $ — $ — $ 11,802 Hotel management fees — 7,178 — — — — — 7,178 Design and construction fees — — 4,524 — — — — 4,524 Audio visual — — — 24,965 — — — 24,965 Other 15 181 — — 6,045 378 4,820 11,439 Cost reimbursement revenue (1) 7,576 63,148 1,702 57 — 4 1,564 74,051 Total revenues 19,393 70,507 6,226 25,022 6,045 382 6,384 133,959 EXPENSES Depreciation and amortization 853 2,696 2,962 468 112 4 530 7,625 Other operating expenses (2) 706 4,308 2,995 22,371 5,069 1,295 12,720 49,464 Reimbursed expenses (1) 7,433 63,148 1,702 57 — 4 1,564 73,908 Total operating expenses 8,992 70,152 7,659 22,896 5,181 1,303 14,814 130,997 OPERATING INCOME (LOSS) 10,401 355 (1,433) 2,126 864 (921) (8,430) 2,962 Equity in earnings (loss) of unconsolidated entities — — — — — — 190 190 Interest expense — — — (240) (159) — (880) (1,279) Amortization of loan costs — — — (35) (16) — (22) (73) Interest income — 70 — — — — 11 81 Realized gain (loss) on investments — (71) — — — — — (71) Other income (expense) — 167 — 14 (37) — 3 147 INCOME (LOSS) BEFORE INCOME TAXES 10,401 521 (1,433) 1,865 652 (921) (9,128) 1,957 Income tax (expense) benefit (2,451) (133) 341 (994) (341) — 2,300 (1,278) NET INCOME (LOSS) $ 7,950 $ 388 $ (1,092) $ 871 $ 311 $ (921) $ (6,828) $ 679 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.9 million of hotel management fees 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 March 31, 2021 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 9,927 $ — $ — $ — $ — $ — $ — $ 9,927 Hotel management fees — 4,472 — — — — — 4,472 Design and construction fees — — 1,542 — — — — 1,542 Audio visual — — — 3,611 — — — 3,611 Other 17 20 — — 4,561 454 5,577 10,629 Cost reimbursement revenue (1) 5,124 26,317 402 — — — 344 32,187 Total revenues 15,068 30,809 1,944 3,611 4,561 454 5,921 62,368 EXPENSES Depreciation and amortization 989 3,034 3,056 467 92 4 497 8,139 Other operating expenses (2) 352 3,289 1,679 6,818 3,546 1,247 12,868 29,799 Reimbursed expenses (1) 5,052 26,317 402 — — — 344 32,115 Total operating expenses 6,393 32,640 5,137 7,285 3,638 1,251 13,709 70,053 OPERATING INCOME (LOSS) 8,675 (1,831) (3,193) (3,674) 923 (797) (7,788) (7,685) Equity in earnings (loss) of unconsolidated entities — — — — — — (114) (114) Interest expense — — — (203) (154) — (910) (1,267) Amortization of loan costs — — — (29) (3) — (54) (86) Interest income — 61 — — — — 2 63 Realized gain (loss) on investments — (194) — — — — — (194) Other income (expense) — — — (121) 1 (1) 8 (113) INCOME (LOSS) BEFORE INCOME TAXES 8,675 (1,964) (3,193) (4,027) 767 (798) (8,856) (9,396) Income tax (expense) benefit (1,954) (263) 768 820 (260) — 1,840 951 NET INCOME (LOSS) $ 6,721 $ (2,227) $ (2,425) $ (3,207) $ 507 $ (798) $ (7,016) $ (8,445) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.0 million of hotel management fees 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) $ in Thousands	Mar. 15, 2022USD ($)
Affiliated Entity
Noncontrolling Interest [Line Items]
Cash incentive compensation limit	$ 8,476

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Total revenues	$ (133,959,000)	$ (62,368,000)
Reimbursed expenses	(73,908,000)	(32,115,000)
Accumulated other comprehensive income	798,000		$ 1,206,000
Accumulated deficit	(544,076,000)		(534,999,000)
Investments in unconsolidated entities	4,171,000		3,581,000
Equity in earnings (loss) of unconsolidated entities	0	0
Accounts receivable, net	12,200,000		7,600,000
Other current liabilities	27,400,000		24,600,000
Expected carryback amount to receive		1,000,000
Deferral of social security taxes	1,300,000		1,300,000
Remington
Noncontrolling Interest [Line Items]
Accounts receivable, net	1,500,000		$ 2,900,000
Adjustment
Noncontrolling Interest [Line Items]
Reimbursed expenses		1,600,000
Accumulated other comprehensive income	639,000
Accumulated deficit	639,000
Cost reimbursement revenue
Noncontrolling Interest [Line Items]
Total revenues	(74,051,000)	(32,187,000)
Cost reimbursement revenue | Adjustment
Noncontrolling Interest [Line Items]
Total revenues		1,600,000
Remington
Noncontrolling Interest [Line Items]
Total revenues	(70,507,000)	(30,809,000)
Reimbursed expenses	(63,148,000)	(26,317,000)
Remington | Cost reimbursement revenue
Noncontrolling Interest [Line Items]
Total revenues	(63,148,000)	(26,317,000)
Unconsolidated Entities
Noncontrolling Interest [Line Items]
Impairment	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	41,300,000		41,600,000
Property and equipment, net	11,600,000		12,400,000
Audio visual
Noncontrolling Interest [Line Items]
Property and equipment, net	6,500,000		7,000,000
Marine vessels
Noncontrolling Interest [Line Items]
Property and equipment, net	12,800,000		12,800,000
Remington
Noncontrolling Interest [Line Items]
Other current liabilities	1,300,000		1,300,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities	$ 500,000		$ 500,000

Significant Accounting Polici_5

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 09, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests		$ 80		$ 69
Redemption value adjustment		(13)	$ (27)
Carrying value of noncontrolling interests		378		638
Revolving credit facility		$ 50,319		$ 52,669
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		99.87%		99.87%
Redeemable noncontrolling interests		0.13%		0.13%
Noncontrolling interests in consolidated entities		0.00%		0.00%
Noncontrolling ownership		100.00%		100.00%
Carrying value of redeemable noncontrolling interests		$ 80		$ 69
Redemption value adjustment		13		96
Redemption value adjustment, cumulative		$ 594		$ 581
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		75.38%		75.38%
Redeemable noncontrolling interests		0.00%		0.00%
Noncontrolling interests in consolidated entities		24.62%		24.62%
Noncontrolling ownership		100.00%		100.00%
Carrying value of noncontrolling interests		$ 253		$ 479
Assets, available only to settle subsidiary's obligations		1,571		2,533
Liabilities		383		424
Acquisition of non-controlling interest in consolidated subsidiaries	$ 1,900
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility		$ 0		$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		70.00%		70.00%
Redeemable noncontrolling interests		0.00%		0.00%
Noncontrolling interests in consolidated entities		30.00%		30.00%
Noncontrolling ownership		100.00%		100.00%
Carrying value of noncontrolling interests		$ 125		$ 159
Assets, available only to settle subsidiary's obligations		1,324		1,779
Liabilities		1,300		1,643
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility		$ 50		$ 100

Significant Accounting Polici_6

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 4,171		$ 3,581
Equity in earnings (loss) of unconsolidated entities	190	$ (114)
Real Estate Advisory Holdings LLC
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities	190	$ (114)
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 3,021		$ 2,831
Ownership interest in REA Holdings	30.00%		30.00%

Significant Accounting Polici_7

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 33,724	$ 34,878	$ 34,988	$ 37,396
Restricted cash current	33,724	34,878
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,291	8,235
Insurance claim reserves | REIT advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	27,378	24,588
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,680	6,923
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	611	1,312
Debt service related operating reserves | INSPIRE
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,000	1,000
Total Marietta restricted cash | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	1,055	1,055
Capital improvements reserves | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	255	255
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 ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jan. 15, 2021	Jan. 14, 2021	Jan. 13, 2021
Disaggregation of Revenue [Line Items]
Percent excess of fees paid				80.00%
Total revenues	$ 133,959,000		$ 62,368,000
Period of unsatisfied performance obligations (in years)	1 year
Accounts receivable, net	$ 12,200,000	$ 7,600,000
Remington
Disaggregation of Revenue [Line Items]
Total revenues	$ 70,507,000		30,809,000
Base management fees, percentage of hotel revenues	3.00%
Incentive management fee, percentage of hotel revenues	1.00%
Maximum
Disaggregation of Revenue [Line Items]
Advisory fee cap	$ 29,000,000		29,000,000
Advisory fee monthly cap	2,416,700
Ashford Trust
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)					0.70%
Total revenues	77,996,000		41,368,000
Due from related parties	$ 3,600,000	2,600,000
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees revenue
Disaggregation of Revenue [Line Items]
Total revenues		7,200,000	1,500,000
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						$ 6,000,000,000
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						$ 10,000,000,000
Braemar
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)	0.70%
Total revenues	$ 17,150,000		$ 9,295,000
Investment in unconsolidated entities	$ 5,000,000
Initial contract period (in years)	10 years
Due from related parties	$ 2,900,000	$ 1,100,000

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Revenue and Contract Balances
Beginning balance	$ 10,905	$ 21,359
Increases to deferred income	3,846	5,912
Recognition of revenue	(4,374)	(6,752)
Ending balance	10,377	20,519
Revenue recognized	4,374	6,752
Advisory services fees
Deferred Revenue and Contract Balances
Recognition of revenue	(437)	(535)
Revenue recognized	437	535
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(218)	(524)
Revenue recognized	218	524
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue	(2,300)	(4,300)
Revenue recognized	2,300	4,300
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	(1,400)	(1,400)
Revenue recognized	$ 1,400	$ 1,400

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from External Customer [Line Items]
Total revenues	$ 133,959	$ 62,368
REIT advisory
Revenue from External Customer [Line Items]
Total revenues	19,393	15,068
Remington
Revenue from External Customer [Line Items]
Total revenues	70,507	30,809
Premier
Revenue from External Customer [Line Items]
Total revenues	6,226	1,944
INSPIRE
Revenue from External Customer [Line Items]
Total revenues	25,022	3,611
RED
Revenue from External Customer [Line Items]
Total revenues	6,045	4,561
OpenKey
Revenue from External Customer [Line Items]
Total revenues	382	454
Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	6,384	5,921
Advisory services fees
Revenue from External Customer [Line Items]
Total revenues	11,802	9,927
Advisory services fees | REIT advisory
Revenue from External Customer [Line Items]
Total revenues	11,802	9,927
Advisory services fees | Remington
Revenue from External Customer [Line Items]
Total revenues	0	0
Advisory services fees | Premier
Revenue from External Customer [Line Items]
Total revenues	0	0
Advisory services fees | INSPIRE
Revenue from External Customer [Line Items]
Total revenues	0	0
Advisory services fees | RED
Revenue from External Customer [Line Items]
Total revenues	0	0
Advisory services fees | OpenKey
Revenue from External Customer [Line Items]
Total revenues	0	0
Advisory services fees | Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	0	0
Base advisory fees
Revenue from External Customer [Line Items]
Total revenues	11,674	9,799
Other advisory revenue
Revenue from External Customer [Line Items]
Total revenues	128	128
Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	7,178	4,472
Hotel management fees | REIT advisory
Revenue from External Customer [Line Items]
Total revenues	0	0
Hotel management fees | Remington
Revenue from External Customer [Line Items]
Total revenues	7,178	4,472
Hotel management fees | Premier
Revenue from External Customer [Line Items]
Total revenues	0	0
Hotel management fees | INSPIRE
Revenue from External Customer [Line Items]
Total revenues	0	0
Hotel management fees | RED
Revenue from External Customer [Line Items]
Total revenues	0	0
Hotel management fees | OpenKey
Revenue from External Customer [Line Items]
Total revenues	0	0
Hotel management fees | Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	0	0
Base fees
Revenue from External Customer [Line Items]
Total revenues	6,174	3,857
Incentive fees
Revenue from External Customer [Line Items]
Total revenues	1,004	615
Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	4,524	1,542
Design and construction fees | REIT advisory
Revenue from External Customer [Line Items]
Total revenues	0	0
Design and construction fees | Remington
Revenue from External Customer [Line Items]
Total revenues	0	0
Design and construction fees | Premier
Revenue from External Customer [Line Items]
Total revenues	4,524	1,542
Design and construction fees | INSPIRE
Revenue from External Customer [Line Items]
Total revenues	0	0
Design and construction fees | RED
Revenue from External Customer [Line Items]
Total revenues	0	0
Design and construction fees | OpenKey
Revenue from External Customer [Line Items]
Total revenues	0	0
Design and construction fees | Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual
Revenue from External Customer [Line Items]
Total revenues	24,965	3,611
Audio visual | REIT advisory
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual | Remington
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual | Premier
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual | INSPIRE
Revenue from External Customer [Line Items]
Total revenues	24,965	3,611
Audio visual | RED
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual | OpenKey
Revenue from External Customer [Line Items]
Total revenues	0	0
Audio visual | Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	0	0
Total other revenue
Revenue from External Customer [Line Items]
Total revenues	11,439	10,629
Watersports, ferry and excursion services
Revenue from External Customer [Line Items]
Total revenues	6,045
Watersports, ferry and excursion services | RED
Revenue from External Customer [Line Items]
Total revenues		4,561
Debt placement and related fees
Revenue from External Customer [Line Items]
Total revenues	2,483	4,288
Claims management services
Revenue from External Customer [Line Items]
Total revenues	15	17
Other services
Revenue from External Customer [Line Items]
Total revenues	2,896	1,763
Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	74,051	32,187
Cost reimbursement revenue | REIT advisory
Revenue from External Customer [Line Items]
Total revenues	7,576	5,124
Cost reimbursement revenue | Remington
Revenue from External Customer [Line Items]
Total revenues	63,148	26,317
Cost reimbursement revenue | Premier
Revenue from External Customer [Line Items]
Total revenues	1,702	402
Cost reimbursement revenue | INSPIRE
Revenue from External Customer [Line Items]
Total revenues	57	0
Cost reimbursement revenue | RED
Revenue from External Customer [Line Items]
Total revenues	0	0
Cost reimbursement revenue | OpenKey
Revenue from External Customer [Line Items]
Total revenues	4	0
Cost reimbursement revenue | Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	$ 1,564	$ 344

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 133,959	$ 62,368
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	25,022	3,611
INSPIRE | United States
Disaggregation of Revenue [Line Items]
Total revenues	19,070	2,915
INSPIRE | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	4,618	411
INSPIRE | Dominican Republic
Disaggregation of Revenue [Line Items]
Total revenues	1,334	285
RED
Disaggregation of Revenue [Line Items]
Total revenues	6,045	4,561
RED | United States
Disaggregation of Revenue [Line Items]
Total revenues	5,265	4,561
RED | United Kingdom (Turks and Caicos Islands)
Disaggregation of Revenue [Line Items]
Total revenues	$ 780	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5.9	$ 6.4
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

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Ending balance	$ 56,622
Remington
Goodwill [Roll Forward]
Ending balance	54,605
RED
Goodwill [Roll Forward]
Ending balance	1,235
Corporate and Other
Goodwill [Roll Forward]
Ending balance	$ 782

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 314,194	$ 314,194
Accumulated Amortization	(80,804)	(74,858)
Net Carrying Amount	233,390	239,336
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	5,390	5,390
Remington | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	4,900	4,900
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,600	107,600
Accumulated Amortization	(30,953)	(28,284)
Net Carrying Amount	76,647	79,316
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000	194,000
Accumulated Amortization	(44,568)	(41,619)
Net Carrying Amount	149,432	152,381
INSPIRE | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319	9,319
Accumulated Amortization	(4,689)	(4,409)
Net Carrying Amount	4,630	4,910
RED | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	490	490
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100	3,100
Accumulated Amortization	(419)	(380)
Net Carrying Amount	2,681	2,720
Pure Wellness | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(175)	(166)
Net Carrying Amount	$ 0	$ 9

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details)	Mar. 17, 2022USD ($)debt_instrument	Mar. 29, 2021USD ($)	Mar. 09, 2021USD ($)	Dec. 31, 2020USD ($)	Jul. 18, 2019	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Sep. 22, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 28, 2021
Debt Instrument [Line Items]
Total notes payable						$ 57,512,000	$ 59,622,000
Capitalized default interest, net				$ 427,000		255,000	290,000
Deferred loan costs, net						(505,000)	(518,000)
Notes payable including capitalized default interest and deferred loan costs, net						57,262,000	59,394,000
Less current portion						(6,943,000)	(6,725,000)
Total notes payable, net - non-current						50,319,000	52,669,000
Extension term (in years)				1 year
Restricted cash				$ 37,396,000		33,724,000	34,878,000		$ 34,988,000
RED
Debt Instrument [Line Items]
Debt instrument, collateral amount						13,300,000	12,500,000
OpenKey
Debt Instrument [Line Items]
Acquisition of non-controlling interest in consolidated subsidiaries			$ 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%
Operating Reserves | INSPIRE
Debt Instrument [Line Items]
Restricted cash						1,000,000	$ 1,000,000
Interest Rate Cap
Debt Instrument [Line Items]
Notional amount						$ 5,000,000
Derivative interest rate						4.00%
LIBOR
Debt Instrument [Line Items]
Reference rate						0.45%	0.10%
Prime Rate
Debt Instrument [Line Items]
Reference rate						3.50%	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 January 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%
Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%
Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%
Facility Due 2022 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%
Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate						6.00%
Term Loan Due July 2023
Debt Instrument [Line Items]
Interest rate						6.50%
Term Loan One Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%
Term Loan Two Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%
Term Loan Due August 2029 Plus 1.75% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%
Draw Term Loan One Due March 2032
Debt Instrument [Line Items]
Interest rate						5.00%
Draw Term Loan Two Due March 2032
Debt Instrument [Line Items]
Interest rate						5.00%
Term Loan and Facility Due 2024 | Operating Reserves
Debt Instrument [Line Items]
Restricted cash								$ 1,000,000
Term Loan and Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.25%
Interest rate increase						0.25%
Notes Payable to Banks | Term Loan Due March 2024
Debt Instrument [Line Items]
Total notes payable						$ 26,589,000	$ 27,271,000
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 | Term Loan Due March 2024 | LIBOR
Debt Instrument [Line Items]
Reference rate						1.00%
Notes Payable to Banks | Term Loan Due March 2024 | Federal Funds Rate
Debt Instrument [Line Items]
Reference rate						0.50%
Notes Payable to Banks | Note Payable Due February 2028
Debt Instrument [Line Items]
Total notes payable						$ 1,684,000	1,746,000
Notes Payable to Banks | Term Loan Due January 2024
Debt Instrument [Line Items]
Total notes payable						19,400,000	20,000,000
Minimum principal payment to extend loan				2,500,000
Notes Payable to Banks | Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate					6.00%
Total notes payable						$ 1,630,000	1,641,000
Interest rate term (in years)					5 years
Notes Payable to Banks | Term Loan Due July 2029 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
Floor interest rate						6.00%
Notes Payable to Banks | Term Loan Due July 2023
Debt Instrument [Line Items]
Total notes payable						$ 541,000	607,000
Notes Payable to Banks | Term Loan One Due August 2029 Plus 2.00%
Debt Instrument [Line Items]
Total notes payable						900,000	888,000
Notes Payable to Banks | Term Loan Two Due August 2029 Plus 2.00%
Debt Instrument [Line Items]
Total notes payable						2,100,000	2,143,000
Notes Payable to Banks | Term Loan Due August 2029 Plus 1.75%
Debt Instrument [Line Items]
Total notes payable						3,266,000	3,357,000
Notes Payable to Banks | Draw Term Loan One Due March 2032
Debt Instrument [Line Items]
Total notes payable						26,000	0
Notes Payable to Banks | Draw Term Loan Two Due March 2032
Debt Instrument [Line Items]
Total notes payable						22,000	0
Notes Payable to Banks | Term Loan and Facility Due 2024
Debt Instrument [Line Items]
Monthly payment one						200,000
Monthly payment two						250,000
Monthly payment three						300,000
Revolving Credit Facility | Facility Due 2024
Debt Instrument [Line Items]
Total notes payable						1,304,000	1,869,000
Maximum borrowing capacity				$ 3,000,000
Remaining borrowing capacity						1,700,000
Revolving Credit Facility | Facility Due 2024 | INSPIRE
Debt Instrument [Line Items]
Debt instrument, collateral amount						10,000,000	5,000,000
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Total notes payable						50,000	100,000
Remaining borrowing capacity						200,000
Revolving Credit Facility | Facility Due 2022
Debt Instrument [Line Items]
Total notes payable						0	0
Remaining borrowing capacity						250,000
Line of Credit | RED
Debt Instrument [Line Items]
Remaining borrowing capacity						$ 1,500,000	$ 1,500,000
Line of Credit | Draw Term Loans Due March 2032 | RED
Debt Instrument [Line Items]
Interest rate	5.00%
Face amount of debt	$ 1,500,000
Floor interest rate	5.00%
Number of instruments entered into | debt_instrument	2
Stated percentage rate period	3 years
Line of Credit | Draw Term Loans Due March 2032 | Prime Rate | RED
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 12,956	$ 11,682
Accrued payroll expense	10,000	23,648
Accrued vacation expense	3,669	3,427
Accrued interest	325	259
Other accrued expenses	293	881
Total accounts payable and accrued expenses	$ 27,243	$ 39,897

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	$ 501	$ 576
Subsidiary compensation plan	(6)	(164)
Deferred compensation plan	(3,437)	(3,326)
Total	(3,443)	(3,490)
Net	(2,942)	(2,914)
Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	131	150
Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	370	426
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	501	576
Subsidiary compensation plan	0	0
Deferred compensation plan	(3,437)	(3,326)
Total	(3,437)	(3,326)
Net	(2,936)	(2,750)
Quoted Market Prices (Level 1) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	131	150
Quoted Market Prices (Level 1) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	370	426
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Subsidiary compensation plan	(6)	(164)
Deferred compensation plan	0	0
Total	(6)	(164)
Net	(6)	(164)
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
Significant Other Observable Inputs (Level 2) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Subsidiary compensation plan	0	0
Deferred compensation plan	0	0
Total	0	0
Net	0	0
Significant Unobservable Inputs (Level 3) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
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 - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 96	$ (194)
Unrealized gain (loss)	(158)	37
Net	(62)	(157)
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	0	(23)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(47)	118
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(111)	(58)
Restricted Investments | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	110	0
Realized gain (loss) on investment	(94)	(175)
Restricted Investments | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	57	0
Realized gain (loss) on investment	$ 23	$ (19)

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 501	$ 576
Available-for-sale securities	359	855
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	825	1,068
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(324)	(492)
Fair Value	$ 501	$ 576

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 501	$ 576
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	3,400	3,300
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	29,827	37,571	$ 34,020	$ 45,270
Restricted cash, Carrying value	33,724	34,878	$ 34,988	$ 37,396
Accounts receivable, net, Carrying value	12,200	7,600
Due from affiliates, Carrying value	289	165
Investments in unconsolidated entities, Carrying value	4,171	3,581
Financial liabilities not measured at fair value:
Dividends payable, Carrying value	43,947	34,574
Due to affiliates	21	0
Notes payable, Carrying value	$ 57,512	59,622
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets (in days)	90 days
Ashford Trust
Financial assets not measured at fair value:
Due from related parties	$ 3,600	2,600
Braemar
Financial assets not measured at fair value:
Due from related parties	2,900	1,100
Carrying Value
Financial assets measured at fair value:
Restricted investment, Carrying value	501	576
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	3,437	3,326
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	29,827	37,571
Restricted cash, Carrying value	33,724	34,878
Accounts receivable, net, Carrying value	12,160	7,622
Notes receivable, Carrying value	1,500	2,880
Due from affiliates, Carrying value	289	165
Investments in unconsolidated entities, Carrying value	4,171	3,581
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	27,243	39,897
Dividends payable, Carrying value	43,947	34,574
Due to affiliates	21	0
Other liabilities, Carrying value	28,710	25,899
Notes payable, Carrying value	57,512	59,622
Carrying Value | Ashford Trust
Financial assets not measured at fair value:
Due from related parties	3,592	2,575
Carrying Value | Braemar
Financial assets not measured at fair value:
Due from related parties	2,939	1,144
Estimated Fair Value
Financial assets measured at fair value:
Restricted investment, Fair value	501	576
Financial liabilities measured at fair value:
Deferred compensation plan, Fair value	3,437	3,326
Financial assets not measured at fair value:
Cash and cash equivalents, Fair value	29,827	37,571
Restricted cash, Fair value	33,724	34,878
Accounts receivable, net, Fair value	12,160	7,622
Notes receivable, Fair value	1,500	2,880
Due from affiliates, Fair value	289	165
Investments in unconsolidated entities, Fair value	4,171	3,581
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Fair value	27,243	39,897
Dividends payable, Fair value	43,947	34,574
Due to affiliates, Fair value	21	0
Other liabilities, Fair value	28,710	25,899
Estimated Fair Value | Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	54,636	56,641
Estimated Fair Value | Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	60,388	62,603
Estimated Fair Value | Ashford Trust
Financial assets not measured at fair value:
Due from related parties, Fair value	3,592	2,575
Estimated Fair Value | Braemar
Financial assets not measured at fair value:
Due from related parties, Fair value	$ 2,939	$ 1,144

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2022USD ($)
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
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 260	$ 95
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	226	203
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	0	(97)
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 34	$ (11)

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($)	Nov. 06, 2019	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Nov. 06, 2022	Nov. 06, 2021	Nov. 06, 2020
Redeemable Noncontrolling Interest [Line Items]
Amortization of preferred stock discount		$ 0				$ 316,000
Preferred dividends declared		8,700,000	$ 0	$ 8,400,000	$ 0	$ 8,400,000	$ 0	$ 0
Aggregate preferred dividends - undeclared		35,248,000	34,574,000
Dividends payable		$ 43,947,000	$ 34,574,000
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										6.99%	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%
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 - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 9	$ 176
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	9	24
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 0	$ 152

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 8,700	$ 8,353
Preferred dividends per share - declared (in dollars per share)	$ 0.4550	$ 0.4369
Aggregate preferred dividends - undeclared	$ 35,248		$ 34,574
Preferred dividends per share - undeclared (in dollars per share)	$ 1.8435		$ 1.8083

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 5,078	$ 4,700
Unrecognized compensation expense, stock options	$ 384	384
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 354	1,006
Period for recognition (in years)		3 years
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 341	232
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		749	1,363
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		4,329	3,337
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		$ 54	$ 125
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)		2 years 1 month 6 days
Unrecognized compensation expense, other than options	$ 3,800	$ 3,800
Long-Term Incentive Plan Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)	39,000
Fair value of units issued	$ 627
Vesting period	3 years
Common partnership unit per converted long term incentive plan unit (in shares)		1

Deferred Compensation Plan - DC

Deferred Compensation Plan - DCP Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferral of compensation percentage maximum	100.00%
Change in fair value
Unrealized gain (loss)	$ (158)	$ 37
Distributions
Fair value	$ 0	$ 7
Shares (in shares)	0	1
Deferred compensation plan liability	$ 3,400		$ 3,300
Historical Deferred Compensation Plan
Change in fair value
Unrealized gain (loss)	$ (94)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Jan. 27, 2022	Jan. 20, 2021	Sep. 25, 2019	Jan. 15, 2019	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Mar. 20, 2020
Related Party Transaction [Line Items]
Total revenues					$ 133,959,000		$ 62,368,000
Deferred revenue					10,377,000	$ 10,905,000	20,519,000	$ 21,359,000
Loss on disposal					(769,000)		(849,000)
Allocation percentage	10.00%							50.00%
Aggregate non-listed preferred equity offerings			$ 400,000,000					$ 400,000,000
Officer of J&S
Related Party Transaction [Line Items]
Operating lease, expense					$ 839,000		837,000
Braemar
Related Party Transaction [Line Items]
Allocation percentage	45.00%		25.00%					50.00%
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities					7.77%	7.77%
Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage	45.00%		75.00%					0.00%
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities					16.65%	16.65%
Ashford Trust
Related Party Transaction [Line Items]
Total revenues					$ 77,996,000		41,368,000
Purchased FF&E					406,000		82,000
Net book value of FF&E sold		$ 399,000
Loss on sale of FF&E					706,000		107,000
Loss on disposal							271,000
Property and equipment, net					1,100,000
Amount received					4,000,000
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount				$ 50,000,000
Program percent of commitment for each hotel				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
Ashford Trust | Fair Market Value of Replacement Assets
Related Party Transaction [Line Items]
Due from related party									$ 128,000
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Total revenues					2,300,000		3,400,000
Deferred revenue					0	$ 2,400,000
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-21
Related Party Transaction [Line Items]
Initial contract period (in years)										24 months
Lismore Capital LLC | Braemar
Related Party Transaction [Line Items]
Total revenues					0		853,000
Braemar
Related Party Transaction [Line Items]
Total revenues					17,150,000		9,295,000
Amount received					$ 4,100,000
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed	$ 18,000,000		$ 15,000,000
Remington
Related Party Transaction [Line Items]
Base management fees, percentage of hotel revenues					3.00%
Total revenues					$ 70,507,000		30,809,000
Hotel management fees
Related Party Transaction [Line Items]
Total revenues					7,178,000		4,472,000
Hotel management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues					5,785,000		3,913,000
Hotel management fees | Braemar
Related Party Transaction [Line Items]
Total revenues					902,000		410,000
Hotel management fees | Remington
Related Party Transaction [Line Items]
Monthly hotel management fee					15,000
Total revenues					7,178,000		4,472,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues					74,051,000		32,187,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues					58,306,000		25,988,000
Amount received					527,000		0
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues					11,045,000		4,504,000
Amount received					1,000,000		344,000
Cost reimbursement revenue | Braemar | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount received					405,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues					63,148,000		26,317,000
Advisory services fees revenue | Ashford Trust | Base advisory fees, constrained and deferred
Related Party Transaction [Line Items]
Total revenues						$ 7,200,000	1,500,000
Other revenue
Related Party Transaction [Line Items]
Total revenues					11,439,000		10,629,000
Cumulative catch-up adjustment to revenue							1,100,000
Other revenue | Remington
Related Party Transaction [Line Items]
Total revenues					$ 181,000		$ 20,000

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Total revenues	$ 133,959		$ 62,368
Advisory agreement, amount due upon approval	$ 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	19,393		15,068
Remington
Related Party Transaction [Line Items]
Total revenues	$ 70,507		30,809
Base management fees, percentage of hotel revenues	3.00%
Incentive management fee, percentage of hotel revenues	1.00%
Premier
Related Party Transaction [Line Items]
Total revenues	$ 6,226		1,944
INSPIRE
Related Party Transaction [Line Items]
Total revenues	25,022		3,611
RED
Related Party Transaction [Line Items]
Total revenues	6,045		4,561
OpenKey
Related Party Transaction [Line Items]
Total revenues	382		454
Corporate and Other
Related Party Transaction [Line Items]
Total revenues	6,384		5,921
Base fees
Related Party Transaction [Line Items]
Total revenues	6,174		3,857
Incentive fees
Related Party Transaction [Line Items]
Total revenues	1,004		615
Hotel management fees
Related Party Transaction [Line Items]
Total revenues	7,178		4,472
Hotel management fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues	0		0
Hotel management fees | Remington
Related Party Transaction [Line Items]
Total revenues	7,178		4,472
Hotel management fees | Premier
Related Party Transaction [Line Items]
Total revenues	0		0
Hotel management fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	0		0
Hotel management fees | RED
Related Party Transaction [Line Items]
Total revenues	0		0
Hotel management fees | OpenKey
Related Party Transaction [Line Items]
Total revenues	0		0
Hotel management fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees
Related Party Transaction [Line Items]
Total revenues	4,524		1,542
Design and construction fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues	4,524		1,542
Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees | OpenKey
Related Party Transaction [Line Items]
Total revenues	0		0
Design and construction fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	0		0
Other
Related Party Transaction [Line Items]
Total revenues	11,439		10,629
Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues	15		17
Other | Remington
Related Party Transaction [Line Items]
Total revenues	181		20
Other | Premier
Related Party Transaction [Line Items]
Total revenues	0		0
Other | INSPIRE
Related Party Transaction [Line Items]
Total revenues	0		0
Other | RED
Related Party Transaction [Line Items]
Total revenues	6,045		4,561
Other | OpenKey
Related Party Transaction [Line Items]
Total revenues	378		454
Other | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	4,820		5,577
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	74,051		32,187
Cost reimbursement revenue | REIT advisory
Related Party Transaction [Line Items]
Total revenues	7,576		5,124
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues	63,148		26,317
Cost reimbursement revenue | Premier
Related Party Transaction [Line Items]
Total revenues	1,702		402
Cost reimbursement revenue | INSPIRE
Related Party Transaction [Line Items]
Total revenues	57		0
Cost reimbursement revenue | RED
Related Party Transaction [Line Items]
Total revenues	0		0
Cost reimbursement revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues	4		0
Cost reimbursement revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	1,564		344
Audio visual
Related Party Transaction [Line Items]
Total revenues	24,965		3,611
Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues	0		0
Audio visual | Remington
Related Party Transaction [Line Items]
Total revenues	0		0
Audio visual | Premier
Related Party Transaction [Line Items]
Total revenues	0		0
Audio visual | INSPIRE
Related Party Transaction [Line Items]
Total revenues	24,965		3,611
Audio visual | RED
Related Party Transaction [Line Items]
Total revenues	0		0
Audio visual | OpenKey
Related Party Transaction [Line Items]
Total revenues	0		0
Audio visual | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	0		0
Ashford Trust
Related Party Transaction [Line Items]
Total revenues	77,996		41,368
Cost of revenues for audio visual	1,448		136
Ashford Trust | REIT advisory
Related Party Transaction [Line Items]
Total revenues	13,006		10,554
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues	34		30
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	3,140		3,764
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Total revenues	5,002		3,377
Ashford Trust | Incentive fees
Related Party Transaction [Line Items]
Total revenues	783		536
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	5,785		3,913
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	2,472		403
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues	58,129		26,372
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues	3,606		648
Ashford Trust | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	38		0
Ashford Trust | Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues	43		0
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	58,306		25,988
Ashford Trust | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues	3,350		303
Ashford Trust | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	8,735		7,254
Ashford Trust | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	2,698		3,810
Ashford Trust | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	43		0
Ashford Trust | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	2,293		3,435
Ashford Trust | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	14		16
Ashford Trust | Other services | Other
Related Party Transaction [Line Items]
Total revenues	348		359
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		$ 7,200	1,500
Braemar
Related Party Transaction [Line Items]
Total revenues	17,150		9,295
Braemar | REIT advisory
Related Party Transaction [Line Items]
Total revenues	6,388		4,514
Braemar | RED
Related Party Transaction [Line Items]
Total revenues	583
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues	9		10
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	1,258		1,237
Braemar | Base fees
Related Party Transaction [Line Items]
Total revenues	700		331
Braemar | Incentive fees
Related Party Transaction [Line Items]
Total revenues	202		79
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	902		410
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	1,320		271
Braemar | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues	7,062		2,640
Braemar | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues	1,831		362
Braemar | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	19		0
Braemar | Other
Related Party Transaction [Line Items]
Cost of revenues for audio visual	86		85
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	11,045		4,504
Braemar | Audio visual
Related Party Transaction [Line Items]
Cost of revenues for audio visual	701		23
Braemar | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues	1,671		52
Braemar | Total advisory services revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	3,067		2,673
Braemar | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	2,939		2,545
Braemar | Other advisory revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	128		128
Braemar | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	816		1,437
Braemar | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	583		532
Braemar | Watersports, ferry and excursion services | Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues	612		257
Braemar | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	190		853
Braemar | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	1		1
Braemar | Other services | Other
Related Party Transaction [Line Items]
Total revenues	$ 42		$ 51

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
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ 948	$ (8,174)
Less: Dividends on preferred stock, declared and undeclared	(9,373)	(8,606)
Less: Amortization of preferred stock discount	0	(316)
Undistributed net income (loss) allocated to common stockholders	(8,425)	(17,096)
Distributed and undistributed net income (loss) - basic	(8,425)	(17,096)
Distributed and undistributed net income (loss) - diluted	$ (8,425)	$ (17,096)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,809	2,686
Weighted average common shares outstanding – diluted (in shares)	2,809	2,686
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3)	$ (6.36)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3)	$ (6.36)

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 9,364	$ 8,746
Dividends on preferred stock, declared and undeclared	9,373	8,606
Amortization of preferred stock discount	$ 0	$ 316
Weighted average diluted shares (in shares)	4,574	4,455
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	$ (9)	$ (24)
Weighted average diluted shares (in shares)	8	4
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	97	22
Effect of incremental subsidiary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 0	$ (152)
Weighted average diluted shares (in shares)	104	221
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,365	4,208

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	7
REVENUE
Total revenues	$ 133,959	$ 62,368
EXPENSES
Depreciation and amortization	7,625	8,139
Other operating expenses	49,464	29,799
Reimbursed expenses	73,908	32,115
Total expenses	130,997	70,053
OPERATING INCOME (LOSS)	2,962	(7,685)
Equity in earnings (loss) of unconsolidated entities	190	(114)
Interest expense	(1,279)	(1,267)
Amortization of loan costs	(73)	(86)
Interest income	81	63
Realized gain (loss) on investments	(71)	(194)
Other income (expense)	147	(113)
INCOME (LOSS) BEFORE INCOME TAXES	1,957	(9,396)
Income tax (expense) benefit	(1,278)	951
NET INCOME (LOSS)	679	(8,445)
REIT Advisory
REVENUE
Total revenues	19,393	15,068
EXPENSES
Depreciation and amortization	853	989
Other operating expenses	706	352
Reimbursed expenses	7,433	5,052
Total expenses	8,992	6,393
OPERATING INCOME (LOSS)	10,401	8,675
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Realized gain (loss) on investments	0	0
Other income (expense)	0	0
INCOME (LOSS) BEFORE INCOME TAXES	10,401	8,675
Income tax (expense) benefit	(2,451)	(1,954)
NET INCOME (LOSS)	7,950	6,721
Remington
REVENUE
Total revenues	70,507	30,809
EXPENSES
Depreciation and amortization	2,696	3,034
Other operating expenses	4,308	3,289
Reimbursed expenses	63,148	26,317
Total expenses	70,152	32,640
OPERATING INCOME (LOSS)	355	(1,831)
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	70	61
Realized gain (loss) on investments	(71)	(194)
Other income (expense)	167	0
INCOME (LOSS) BEFORE INCOME TAXES	521	(1,964)
Income tax (expense) benefit	(133)	(263)
NET INCOME (LOSS)	388	(2,227)
Premier
REVENUE
Total revenues	6,226	1,944
EXPENSES
Depreciation and amortization	2,962	3,056
Other operating expenses	2,995	1,679
Reimbursed expenses	1,702	402
Total expenses	7,659	5,137
OPERATING INCOME (LOSS)	(1,433)	(3,193)
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Realized gain (loss) on investments	0	0
Other income (expense)	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(1,433)	(3,193)
Income tax (expense) benefit	341	768
NET INCOME (LOSS)	(1,092)	(2,425)
INSPIRE
REVENUE
Total revenues	25,022	3,611
EXPENSES
Depreciation and amortization	468	467
Other operating expenses	22,371	6,818
Reimbursed expenses	57	0
Total expenses	22,896	7,285
OPERATING INCOME (LOSS)	2,126	(3,674)
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	(240)	(203)
Amortization of loan costs	(35)	(29)
Interest income	0	0
Realized gain (loss) on investments	0	0
Other income (expense)	14	(121)
INCOME (LOSS) BEFORE INCOME TAXES	1,865	(4,027)
Income tax (expense) benefit	(994)	820
NET INCOME (LOSS)	871	(3,207)
RED
REVENUE
Total revenues	6,045	4,561
EXPENSES
Depreciation and amortization	112	92
Other operating expenses	5,069	3,546
Reimbursed expenses	0	0
Total expenses	5,181	3,638
OPERATING INCOME (LOSS)	864	923
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	(159)	(154)
Amortization of loan costs	(16)	(3)
Interest income	0	0
Realized gain (loss) on investments	0	0
Other income (expense)	(37)	1
INCOME (LOSS) BEFORE INCOME TAXES	652	767
Income tax (expense) benefit	(341)	(260)
NET INCOME (LOSS)	311	507
OpenKey
REVENUE
Total revenues	382	454
EXPENSES
Depreciation and amortization	4	4
Other operating expenses	1,295	1,247
Reimbursed expenses	4	0
Total expenses	1,303	1,251
OPERATING INCOME (LOSS)	(921)	(797)
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Realized gain (loss) on investments	0	0
Other income (expense)	0	(1)
INCOME (LOSS) BEFORE INCOME TAXES	(921)	(798)
Income tax (expense) benefit	0	0
NET INCOME (LOSS)	(921)	(798)
Corporate and Other
REVENUE
Total revenues	6,384	5,921
EXPENSES
Depreciation and amortization	530	497
Other operating expenses	12,720	12,868
Reimbursed expenses	1,564	344
Total expenses	14,814	13,709
OPERATING INCOME (LOSS)	(8,430)	(7,788)
Equity in earnings (loss) of unconsolidated entities	190	(114)
Interest expense	(880)	(910)
Amortization of loan costs	(22)	(54)
Interest income	11	2
Realized gain (loss) on investments	0	0
Other income (expense)	3	8
INCOME (LOSS) BEFORE INCOME TAXES	(9,128)	(8,856)
Income tax (expense) benefit	2,300	1,840
NET INCOME (LOSS)	(6,828)	(7,016)
Advisory services fees
REVENUE
Total revenues	11,802	9,927
Advisory services fees | REIT Advisory
REVENUE
Total revenues	11,802	9,927
Advisory services fees | Remington
REVENUE
Total revenues	0	0
Advisory services fees | Premier
REVENUE
Total revenues	0	0
Advisory services fees | INSPIRE
REVENUE
Total revenues	0	0
Advisory services fees | RED
REVENUE
Total revenues	0	0
Advisory services fees | OpenKey
REVENUE
Total revenues	0	0
Advisory services fees | Corporate and Other
REVENUE
Total revenues	0	0
Hotel management fees
REVENUE
Total revenues	7,178	4,472
Hotel management fees | REIT Advisory
REVENUE
Total revenues	0	0
Hotel management fees | Remington
REVENUE
Total revenues	7,178	4,472
Hotel management fees | Premier
REVENUE
Total revenues	0	0
Hotel management fees | INSPIRE
REVENUE
Total revenues	0	0
Hotel management fees | RED
REVENUE
Total revenues	0	0
Hotel management fees | OpenKey
REVENUE
Total revenues	0	0
Hotel management fees | Corporate and Other
REVENUE
Total revenues	0	0
Design and construction fees
REVENUE
Total revenues	4,524	1,542
Design and construction fees | REIT Advisory
REVENUE
Total revenues	0	0
Design and construction fees | Remington
REVENUE
Total revenues	0	0
Design and construction fees | Premier
REVENUE
Total revenues	4,524	1,542
Design and construction fees | INSPIRE
REVENUE
Total revenues	0	0
Design and construction fees | RED
REVENUE
Total revenues	0	0
Design and construction fees | OpenKey
REVENUE
Total revenues	0	0
Design and construction fees | Corporate and Other
REVENUE
Total revenues	0	0
Audio visual
REVENUE
Total revenues	24,965	3,611
Audio visual | REIT Advisory
REVENUE
Total revenues	0	0
Audio visual | Remington
REVENUE
Total revenues	0	0
Audio visual | Premier
REVENUE
Total revenues	0	0
Audio visual | INSPIRE
REVENUE
Total revenues	24,965	3,611
Audio visual | RED
REVENUE
Total revenues	0	0
Audio visual | OpenKey
REVENUE
Total revenues	0	0
Audio visual | Corporate and Other
REVENUE
Total revenues	0	0
Other
REVENUE
Total revenues	11,439	10,629
Other | REIT Advisory
REVENUE
Total revenues	15	17
Other | Remington
REVENUE
Total revenues	181	20
Other | Premier
REVENUE
Total revenues	0	0
Other | INSPIRE
REVENUE
Total revenues	0	0
Other | RED
REVENUE
Total revenues	6,045	4,561
Other | OpenKey
REVENUE
Total revenues	378	454
Other | Corporate and Other
REVENUE
Total revenues	4,820	5,577
Cost reimbursement revenue
REVENUE
Total revenues	74,051	32,187
Cost reimbursement revenue | REIT Advisory
REVENUE
Total revenues	7,576	5,124
Cost reimbursement revenue | Remington
REVENUE
Total revenues	63,148	26,317
Cost reimbursement revenue | Remington | Consolidation, Eliminations
REVENUE
Total revenues	2,900	2,000
Cost reimbursement revenue | Premier
REVENUE
Total revenues	1,702	402
Cost reimbursement revenue | INSPIRE
REVENUE
Total revenues	57	0
Cost reimbursement revenue | RED
REVENUE
Total revenues	0	0
Cost reimbursement revenue | OpenKey
REVENUE
Total revenues	4	0
Cost reimbursement revenue | Corporate and Other
REVENUE
Total revenues	$ 1,564	$ 344

Segment Reporting - Long-lived

Segment Reporting - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property and equipment, net	$ 81,042	$ 83,566

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Thousands	Apr. 18, 2022USD ($)	Apr. 15, 2022USD ($)$ / sharesshares	Apr. 01, 2022USD ($)borrowingextension
Dividends For The Quarters Ending June 30, 2020 And December 31, 2020 | Series D Convertible Preferred Stock
Subsequent Event [Line Items]
Payments of ordinary dividends, preferred stock		$ 17,800
Preferred stock, dividend rate (in dollars per share) | $ / shares		$ 0.932
Dividends For The Quarter Ending March 31, 2022 | Series D Convertible Preferred Stock
Subsequent Event [Line Items]
Payments of ordinary dividends, preferred stock		$ 8,700
Chesapeake Hospitality
Subsequent Event [Line Items]
Cash consideration		$ 6,300
Equity interest issued (in shares) | shares		378,000
Equity interest issued (in dollars per share) | $ / shares		$ 25
Total fair value of purchase price		$ 9,450
Contingent consideration		10,250
Total potential consideration		$ 26,000
Convertible preferred units, liquidation preference per share (in dollars per share) | $ / shares		$ 25
Convertible preferred units, dividend rate, percentage		7.28%
Preferred units, convertible, conversion price (in dollars per share) | $ / shares		$ 117.50
Convertible preferred units, dividend rate, percentage increase		10.00%
Consent of holders of units necessary for taking specified action, percent		50.00%
Chesapeake Hospitality | Cash Consideration Payable
Subsequent Event [Line Items]
Contingent consideration		$ 6,300
Chesapeake Hospitality | Equity Consideration Payable
Subsequent Event [Line Items]
Contingent consideration		$ 6,300
Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 100,000
Proceeds from issuance of long-term debt			50,000
Remaining borrowing capacity			$ 50,000
Number of separate borrowings | borrowing			5
Additional borrowing period			24 months
Proceeds from long-term lines of credit	$ 20,000
Debt term (in years)			5 years
Number of extension options | extension			3
Term of extension options			1 year
Unused capacity fee percentage			1.00%
Maximum net leverage ratio			4
Cash flow prepayment percentage			100.00%
Maximum net leverage ratio for payment of dividends			3
Extension Period One | Notes Payable to Banks
Subsequent Event [Line Items]
Interest rate increase			0.50%
Extension Period Two | Notes Payable to Banks
Subsequent Event [Line Items]
Interest rate increase			0.75%
Extension Period Three | Notes Payable to Banks
Subsequent Event [Line Items]
Interest rate increase			1.00%
Term Loan Due March 2024 | Notes Payable to Banks
Subsequent Event [Line Items]
Extinguishment of debt			$ 26,600
LIBOR | Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Floor interest rate			0.25%
Fed Funds Effective Rate Overnight Index Swap Rate | Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Basis spread on variable rate			0.50%
Prime or Eurodollar Rate | Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Floor interest rate			1.25%
Basis spread on variable rate			1.00%
Eurodollar | Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Basis spread on variable rate			7.35%
Base Rate | Senior Secured Term Loan Facility Due 2027 | Notes Payable to Banks
Subsequent Event [Line Items]
Basis spread on variable rate			6.35%