Ashford (AINC) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Entity Common Stock, Shares Outstanding		3,430,500
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSEAMER
No Trading Symbol Flag - Preferred Stock	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 52,364	$ 52,054
Restricted cash	14,961	23,216
Restricted investment	109	128
Accounts receivable, net	34,469	26,945
Inventories ($230 and $386, respectively, attributable to VIEs)	2,545	2,481
Prepaid expenses and other assets ($676 and $530, respectively, attributable to VIEs)	16,395	16,418
Total current assets	138,311	140,930
Investments	9,301	9,265
Property and equipment, net ($513 and $707, respectively, attributable to VIEs)	57,454	56,852
Operating lease right-of-use assets	20,844	21,193
Deferred tax assets, net	4,240	4,358
Goodwill	61,013	61,013
Intangible assets, net	204,569	210,095
Other assets, net	1,339	1,101
Total assets	497,071	504,807
Current liabilities:
Accounts payable and accrued expenses	37,006	54,837
Dividends payable	37,881	28,508
Deferred income ($238 and $210, respectively, attributable to VIEs)	10,234	11,963
Notes payable, net ($237 and $387, respectively, attributable to VIEs)	4,358	4,387
Finance lease liabilities	382	437
Operating lease liabilities	4,339	4,160
Claims liabilities and other	31,331	31,112
Total current liabilities	126,320	135,404
Deferred income ($0 and $1,192, respectively, attributable to VIEs)	8,683	6,415
Deferred tax liability, net	31,015	29,517
Deferred compensation plan	613	891
Notes payable, net	135,474	132,579
Finance lease liabilities	2,778	2,832
Operating lease liabilities	18,546	19,174
Other liabilities	2,628	2,590
Total liabilities	326,057	329,402
Commitments and contingencies (note $9)
MEZZANINE EQUITY
Redeemable noncontrolling interests	1,999	1,972
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,560,279 and 3,317,786 shares issued and 3,430,643 and 3,212,312 shares outstanding at March 31, 2024 and December 31, 2023, respectively	4	3
Additional paid-in capital	298,764	299,304
Accumulated deficit	(616,927)	(609,312)
Accumulated other comprehensive income (loss)	(160)	(213)
Treasury stock, at cost, 129,636 and 105,474 shares at March 31, 2024 and December 31, 2023, respectively	(1,411)	(1,354)
Total equity (deficit) of the Company	(319,730)	(311,572)
Noncontrolling interests in consolidated entities	10,745	7,005
Total equity (deficit)	(308,985)	(304,567)
Total liabilities, mezzanine equity and equity (deficit)	497,071	504,807
Series D Convertible Preferred Stock
Current liabilities:
Dividends payable	37,700	28,500
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023	478,000	478,000
Related Party | Other Affiliated Entities
Current assets:
Due from related parties	0	41
Current liabilities:
Due to affiliates and related party	789	0
Related Party | Ashford Trust
Current assets:
Due from related parties	11,475	18,933
Current liabilities:
Deferred income ($238 and $210, respectively, attributable to VIEs)	527	183
Related Party | Braemar
Current assets:
Due from related parties	5,993	714
Current liabilities:
Deferred income ($238 and $210, respectively, attributable to VIEs)	$ 4	$ 52

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 52,364	$ 52,054
Allowance for credit loss	2,141	2,090
Accounts receivable, net	34,469	26,945
Inventories	2,545	2,481
Prepaid expenses and other assets	16,395	16,418
Investments	5,000	5,000
Property and equipment, net	57,454	56,852
Accounts payable and accrued expenses	37,006	54,837
Deferred income	10,234	11,963
Notes payable, net	4,358	4,387
Deferred income	$ 8,683	$ 6,415
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)	3,560,279	3,317,786
Common stock, shares outstanding (in shares)	3,430,643	3,212,312
Treasury stock (in shares)	129,636	105,474
Carrying value of redeemable noncontrolling interests	$ 1,999	$ 1,972
Series D Convertible Preferred Stock
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
Ashford Trust | Related Party
Due from related parties	$ 11,475	$ 18,933
Deferred income	527	183
Braemar | Related Party
Due from related parties	5,993	714
Deferred income	4	52
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	10,596	7,574
Accounts receivable, net	152	693
Inventories	230	386
Prepaid expenses and other assets	676	530
Investments	5,000	5,000
Property and equipment, net	513	707
Accounts payable and accrued expenses	917	1,919
Deferred income	238	210
Notes payable, net	237	387
Deferred income	0	1,192
Variable Interest Entity, Primary Beneficiary | Ashford Trust | Related Party
Due from related parties	94	326
Variable Interest Entity, Primary Beneficiary | Braemar | Related Party
Due from related parties	$ 28	$ 24

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 209,134	$ 185,122
EXPENSES:
Salaries and benefits	22,664	22,775
Depreciation and amortization	6,381	7,000
General and administrative	16,857	9,710
Other	8,923	6,102
Reimbursed expenses	114,377	104,198
Total expenses	202,114	180,479
OPERATING INCOME (LOSS)	7,020	4,643
Equity in earnings (loss) of unconsolidated entities	36	(459)
Interest expense	(4,156)	(2,837)
Amortization of loan costs	(276)	(241)
Interest income	692	277
Realized gain (loss) on investments	0	(80)
Other income (expense)	545	493
INCOME (LOSS) BEFORE INCOME TAXES	3,861	1,796
Income tax (expense) benefit	(2,346)	(620)
NET INCOME (LOSS)	1,515	1,176
Net (income) loss from consolidated entities attributable to noncontrolling interests	171	288
Net (income) loss attributable to redeemable noncontrolling interests	(92)	(155)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	1,594	1,309
Preferred dividends, declared and undeclared	(9,202)	(9,034)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (7,608)	$ (7,725)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.43)	$ (2.59)
Weighted average common shares outstanding (in shares)	3,134	2,984
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.43)	$ (2.59)
Weighted average common shares outstanding (in shares)	3,160	2,984
Advisory services fees
REVENUES:
Total revenues	$ 11,744	$ 12,303
Hotel management fees
REVENUES:
Total revenues	12,470	12,187
Design and construction fees
REVENUES:
Total revenues	9,447	6,929
EXPENSES:
Cost of revenues	2,030	2,866
Audio visual
REVENUES:
Total revenues	44,912	40,357
EXPENSES:
Cost of revenues	30,882	27,828
Other
REVENUES:
Total revenues	16,251	9,074
Cost reimbursement revenue
REVENUES:
Total revenues	$ 114,310	$ 104,272

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 1,515	$ 1,176
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	53	(92)
COMPREHENSIVE INCOME (LOSS)	1,568	1,084
Comprehensive (income) loss attributable to noncontrolling interests	171	288
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(92)	(155)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 1,647	$ 1,217

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance, common stock (in shares) at Dec. 31, 2022		3,110,000
Beginning balance at Dec. 31, 2022	$ (271,466)	$ 3	$ 297,715	$ (568,482)	$ 78	$ (947)	$ 167		$ 1,614
Beginning balance, treasury stock (in shares) at Dec. 31, 2022						(71,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		116,000
Equity-based compensation	410		410
Forfeiture of restricted common shares (in shares)		(1,000)				(1,000)
Forfeiture of restricted common shares	0		11			$ (11)
Purchase of treasury stock (in shares)		(28,000)				(28,000)
Purchase of treasury stock	(341)					$ (341)
Preferred dividends, declared and undeclared	(9,034)			(9,034)
Employee advances	(18)		(18)
Redemption value adjustment	(5)			(5)
Foreign currency translation adjustment	(92)				(92)
Net income (loss)	1,309			1,309
Net income (loss)	1,021						(288)
Ending balance, common stock (in shares) at Mar. 31, 2023		3,197,000
Ending balance at Mar. 31, 2023	(279,525)	$ 3	298,118	(576,212)	(14)	$ (1,299)	(121)		1,669
Ending balance, treasury stock (in shares) at Mar. 31, 2023						(100,000)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022								19,120,000
Beginning balance, temporary equity at Dec. 31, 2022								$ 478,000
Beginning balance at Dec. 31, 2022	(271,466)	3	297,715	(568,482)	78	$ (947)	167		1,614
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation									67
Redemption value adjustment									5
Distributions to noncontrolling interests									(172)
Net income (loss)									155
Ending balance, temporary equity (in shares) at Mar. 31, 2023								19,120,000
Ending balance, temporary equity at Mar. 31, 2023								$ 478,000
Ending balance at Mar. 31, 2023	(279,525)	$ 3	298,118	(576,212)	(14)	(1,299)	(121)		1,669
Beginning balance, common stock (in shares) at Dec. 31, 2022		3,110,000
Beginning balance at Dec. 31, 2022	$ (271,466)	$ 3	297,715	(568,482)	78	$ (947)	167		1,614
Beginning balance, treasury stock (in shares) at Dec. 31, 2022						(71,000)
Ending balance, common stock (in shares) at Dec. 31, 2023	3,212,312	3,212,000
Ending balance at Dec. 31, 2023	$ (304,567)	$ 3	299,304	(609,312)	(213)	$ (1,354)	7,005		1,972
Ending balance, treasury stock (in shares) at Dec. 31, 2023	(105,474)					(105,000)
Beginning balance, temporary equity (in shares) at Dec. 31, 2022								19,120,000
Beginning balance, temporary equity at Dec. 31, 2022								$ 478,000
Beginning balance at Dec. 31, 2022	$ (271,466)	3	297,715	(568,482)	78	$ (947)	167		1,614
Ending balance, temporary equity (in shares) at Dec. 31, 2023								19,120,000
Ending balance, temporary equity at Dec. 31, 2023								$ 478,000
Ending balance at Dec. 31, 2023	(304,567)	$ 3	299,304	(609,312)	(213)	(1,354)	7,005		1,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		243,000
Equity-based compensation	359	$ 1	358
Issuance of subsidiary common stock to noncontrolling interests	0		(180)				180
Forfeiture of restricted common shares	0		6			$ (6)
Purchase of treasury stock (in shares)		(24,000)				(24,000)
Purchase of treasury stock	(51)					$ (51)
Preferred dividends, declared and undeclared	(9,202)			(9,202)
Acquisition of noncontrolling interest in consolidated entities	(214)		(342)				128
Contributions from noncontrolling interests	3,221		(382)				3,603
Redemption value adjustment	(7)			(7)
Foreign currency translation adjustment	53				53
Net income (loss)	1,594			1,594
Net income (loss)	$ 1,423						(171)
Ending balance, common stock (in shares) at Mar. 31, 2024	3,430,643	3,431,000
Ending balance at Mar. 31, 2024	$ (308,985)	$ 4	298,764	(616,927)	(160)	$ (1,411)	10,745		1,999
Ending balance, treasury stock (in shares) at Mar. 31, 2024	(129,636)					(129,000)
Beginning balance at Dec. 31, 2023	$ (304,567)	3	299,304	(609,312)	(213)	$ (1,354)	7,005		1,972
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation									100
Redemption value adjustment									7
Distributions to noncontrolling interests									(172)
Net income (loss)									92
Ending balance, temporary equity (in shares) at Mar. 31, 2024								19,120,000
Ending balance, temporary equity at Mar. 31, 2024								$ 478,000
Ending balance at Mar. 31, 2024	$ (308,985)	$ 4	$ 298,764	$ (616,927)	$ (160)	$ (1,411)	$ 10,745		$ 1,999

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net income (loss)	$ 1,515	$ 1,176
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	8,509	8,528
Change in fair value of deferred compensation plan	(278)	(220)
Equity-based compensation	457	489
Equity in (earnings) loss in unconsolidated entities	(36)	459
Deferred tax expense (benefit)	1,616	(787)
Change in fair value of contingent consideration	(50)	780
(Gain) loss on disposal of assets	15	1,017
Amortization of other assets	0	166
Amortization of loan costs	276	241
Realized loss on investment	0	80
Other (gain) loss	318	(57)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(7,732)	(8,272)
Due from affiliates	41	(14)
Inventories	(67)	(21)
Prepaid expenses and other	195	2,923
Operating lease right-of-use assets	861	999
Other assets	(238)	(23)
Accounts payable and accrued expenses	(17,565)	(19,567)
Due to affiliates	789	2
Claims liabilities and other	808	2,952
Operating lease liabilities	(961)	(994)
Deferred income	507	1,600
Net cash provided by (used in) operating activities	(8,883)	(7,443)
Cash Flows from Investing Activities
Additions to property and equipment	(4,392)	(5,126)
Proceeds from sale of property and equipment, net	253	25
Asset acquisition of TSGF L.P., net of cash acquired	(214)	0
Issuance of notes receivable	0	(361)
Net cash provided by (used in) investing activities	(4,353)	(11,315)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	0	(8,699)
Payments on revolving credit facilities	(7,859)	0
Borrowings on revolving credit facilities	11,025	3
Proceeds from notes payable	650	20,011
Payments on notes payable	(1,609)	(1,207)
Payments on finance lease liabilities	(109)	(101)
Payments of loan costs	(19)	(52)
Purchase of treasury stock	(51)	(341)
Employee advances	0	(18)
Payment of contingent consideration	(100)	0
Contributions from noncontrolling interests, net of issuance costs	3,306	0
Distributions to noncontrolling interests	0	(172)
Net cash provided by (used in) financing activities	5,234	9,424
Effect of foreign exchange rate changes on cash and cash equivalents	57	23
Net change in cash, cash equivalents and restricted cash	(7,945)	(9,311)
Cash, cash equivalents and restricted cash at beginning of period	75,270	81,448
Cash, cash equivalents and restricted cash at end of period	67,325	72,137
Supplemental Cash Flow Information
Interest paid	4,074	2,950
Income taxes paid (refunded), net	(292)	1,763
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Alii Nui through issuance of RED Units	0	2,000
Capital expenditures accrued but not paid	896	378
Finance lease additions	0	25
Settlement of contingent consideration liability	401	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	52,364	37,004
Restricted cash	14,961	35,133
Cash, cash equivalents and restricted cash at end of period	67,325	72,137
RHC
Cash Flows from Investing Activities
Restricted cash acquired in asset acquisition of RHC	0	849
Alii Nui Maui
Cash Flows from Investing Activities
Payments to acquire business	0	(6,702)
Ashford Trust
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	7,458	(7,390)
Due to related party	0	(747)
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	$ (5,321)	$ 9,237

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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”), a Nevada corporation, is an alternative asset management company with a portfolio of strategic operating businesses that provides products and services primarily to clients in the real estate and hospitality industries, including Ashford Hospitality Trust, Inc. (“Ashford Trust”), Braemar Hotels & Resorts Inc. (“Braemar”), Stirling Hotels & Resorts, Inc. (“Stirling”) and our consolidated subsidiary, the Texas Strategic Growth Fund, L.P. (“TSGF L.P.”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”). We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) insurance policies covering general liability, workers’ compensation, business automobile claims and insurance claims services; (x) debt placement and related services; (xi) real estate advisory and brokerage services; and (xii) 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”), Warwick Insurance Company, LLC (“Warwick”) and their respective subsidiaries. We are currently the advisor for Ashford Trust, Braemar, Stirling and TSGF L.P. In our capacity as advisor, we are responsible for implementing the investment strategies and managing the day-to-day operations of our clients and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of each client’s respective boards of directors. 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. Stirling invests in a diverse portfolio of stabilized income-producing hotels and resorts across all chain scales primarily located in the United States and became our client on December 6, 2023. TSGF L.P. invests in all types of real estate in the state of Texas. 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”). The common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”). Stirling is privately held and Stirling’s subsidiary, Stirling REIT OP , LP (“Stirling OP”), is consolidated by Ashford Trust. TSGF L.P. is a privately held consolidated subsidiary of the Company.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 2023 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024. 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, 2024 and December 31, 2023 (in thousands): March 31, 2024 Ashford OpenKey (3) TSGF L.P. (5) Ashford Inc. ownership interest 98.78 % 76.78 % 19.10 % Redeemable noncontrolling interests (1) (2) 1.22 % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 80.90 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,999 n/a n/a Redemption value adjustment, year-to-date 7 n/a n/a Redemption value adjustment, cumulative 629 n/a n/a Carrying value of noncontrolling interests n/a (705) 11,450 December 31, 2023 Ashford OpenKey (3) Pure (4) TSGF L.P. (5) Ashford Inc. ownership interest 99.49 % 76.78 % 70.00 % 25.29 % Redeemable noncontrolling interests (1) (2) 0.51 % — % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 30.00 % 74.71 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,972 n/a n/a n/a Redemption value adjustment, year-to-date 9 n/a n/a n/a Redemption value adjustment, cumulative 622 n/a n/a n/a Carrying value of noncontrolling interests n/a (537) (127) 7,669 ________ (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 consolidated VIE for which we are considered the primary beneficiary. OpenKey is a hospitality-focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. (4) Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), our wholly owned subsidiary which provides hypoallergenic premium rooms in the hospitality and commercial office industry. On January 1, 2024, we acquired the remaining outstanding shares in Pure Wellness from the previous noncontrolling interest holders for $214,000, increasing our ownership of Pure Wellness from 70% to 100%. Prior to our acquisition of Pure Wellness’ noncontrolling interest, Pure Wellness was a consolidated VIE for which we were considered the primary beneficiary. (5) Represents ownership interests in TSGF L.P., a consolidated VIE for which we are considered the primary beneficiary. Investments —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests or 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 equity method investments for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its fair value is less than the carrying amount of our investment. No such impairment was recorded during the three months ended March 31, 2024 and 2023. Our subsidiary TSGF L.P. is accounted for as an investment company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under Financial Accounting Standards Board (“FASB”) ASC 946. TSGF L.P.’s investment is reflected in “investments” in our condensed consolidated balance sheets at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of “other income (expense)” in our condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions ( i.e. , the exit price). The fair value of TSGF L.P.’s investment as of March 31, 2024 and December 31, 2023 was $5.0 million. See note 7. We additionally hold an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at March 31, 2024 and December 31, 2023. We account for the investment at 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, 2024 and 2023. In the event that the assumptions used to determine 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. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2024 December 31, 2023 Carrying value of the investment in REA Holdings $ 2,416 $ 2,370 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, 2024 2023 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 46 $ (459) The Company additionally holds various investments which are individually immaterial that are accounted for under the equity method. As of March 31, 2024 and December 31, 2023, the combined carrying value of these equity method investments was $1.4 million and $1.4 million, respectively. Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with GAAP 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, 2024 December 31, 2023 Advisory: Insurance claim reserves (1) $ 11,969 $ 18,947 Remington: Managed hotel properties’ reserves (2) 1,172 2,508 Insurance claim reserves (3) 1,820 1,761 Total Remington restricted cash 2,992 4,269 Total restricted cash $ 14,961 $ 23,216 ________ (1) Prior to the incorporation of Warwick, Ashford Inc. collected 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 were deposited into restricted cash and are used to pay casualty claims as incurred. The claim liability related to the restricted cash balance is included in “claims liabilities and other” 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 to/from Ashford Trust”, “due from Braemar” and “due to/from affiliates” 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” in our condensed consolidated balance sheets. (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 “claims liabilities and other” in our condensed consolidated balance sheets. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services and third-party owned properties managed by Remington. 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 maintained at a level adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions and other relevant factors, including specific reserves for certain accounts. As of March 31, 2024 and December 31, 2023, the allowance for doubtful accounts was $2.1 million and $2.1 million, respectively. Notes Receivable —Notes receivable were comprised of the following (in thousands): March 31, 2024 December 31, 2023 Remington note receivable (1) $ 525 $ 525 Ashford LLC note receivable (2) 1,104 1,082 REA Holdings affiliate (3) 861 845 Other 233 245 Total notes receivable $ 2,723 $ 2,697 ________ (1) Remington holds a note receivable from a third party. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. As of March 31, 2024 and December 31, 2023, the outstanding principal balance is included in “prepaid expenses and other” in our condensed consolidated balance sheets. (2) Ashford LLC holds a note receivable from a third party. The note bears interest at 8% per annum, compounding annually. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date of November 11, 2026. The note receivable is recorded in “other assets, net” in our condensed consolidated balance sheet. (3) On April 3, 2023, the Company entered into a note receivable with an affiliate of REA Holdings. Principal plus any accrued interest is due to the Company on demand or, in the absence of any demand, 24 months. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date. The interest rate on the note receivable is 7.5% per annum. The note receivable is recorded in “prepaid expenses and other” in our condensed consolidated balance sheet. 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. As of March 31, 2024 and December 31, 2023, property and equipment, net of accumulated depreciation, included ERFP assets of $1.6 million and $1.7 million, audio visual equipment at INSPIRE of $15.3 million and $15.6 million and marine vessels at RED of $25.6 million and $25.0 million, respectively. Claims Liabilities and Other —As of March 31, 2024 and December 31, 2023, claims liabilities and other included reserves in the amount of $27.3 million and $26.8 million for Warwick and Ashford LLC’s liabilities, respectively, for case-basis estimates of reported losses and incurred but not reported (“IBNR”) losses primarily from general liability and workers’ compensation which are calculated based upon loss projections utilizing industry data. In establishing its liability for losses and loss adjustment expenses, the Company utilizes the findings of an independent consulting actuary. An estimate of ultimate losses and loss expenses is projected at each reporting date. IBNR reserves are derived from the difference between projected ultimate losses and loss expenses incurred. Actuarial methodologies used by the consulting actuary include the Bornhuetter Ferguson, loss development, case reserve development, and pure premium methods. As adjustments to these estimates become necessary, such adjustments are reflected in “other” operating expenses in our condensed consolidated statements of operations. As of March 31, 2024 and December 31, 2023, claims liabilities and other additionally included $2.0 million and $1.7 million, respectively, relating to reserves for Remington health insurance claims. As of March 31, 2024, claims liabilities and other also included the current portion of the contingent consideration liabilities of $499,000 and $1.2 million from the Company’s acquisitions of Alii Nui and Maui Dive Shop (“Alii Nui”) and Chesapeake Hospitality (“Chesapeake”), respectively. As of December 31, 2023, claims liabilities and other also included the current portion of the contingent consideration liabilities of $1.0 million and $1.3 million from the Company’s acquisitions of Alii Nui and Chesapeake, respectively. See note 7. Other Liabilities —As of March 31, 2024 and December 31, 2023, other liabilities included the noncurrent portion of the contingent consideration liability of $1.6 million and $1.6 million from the Company’s acquisition of Chesapeake, respectively. See note 7. As of March 31, 2024 and December 31, 2023, other liabilities also included an uncertain tax position of $996,000 and $978,000, respectively. 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 condensed 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. ASC 740 “Income Taxes” 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 in Mexico, the Dominican Republic, the U.S. Virgin Islands, and beginning in 2023, additionally, Aruba, Puerto Rico and Costa Rica. Tax years 2019 through 2023 remain subject to potential examination by federal and certain state taxing authorities. Recently Adopted Accounting Standards —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 smaller reporting companies, 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 adopted ASU 2020-06 effective January 1, 2024 and the adoption did not have a material impact on the Company’s financial statements and related disclosures. Recently Issued Accounting Standards —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which, among other requirements, improves disclosures about a public entity’s reportable segments by requiring a public entity to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280 in interim periods. The amendments in this ASU apply to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the level of impact the adoption of ASU 2023-07 will have on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The ASU requires consistent categories with greater disaggregation of information in the rate reconciliation and disclosure of income taxes paid be disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU apply to all entities that are subject to Topic 740. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this ASU should be applied on a prospective basis. Retrospective application is permitted. The Company continues to evaluate the level of impact the adoption of ASU 2023-09 will have on the Company’s financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
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 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, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Ashford Trust’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Third Amended and Restated Advisory Agreement with Ashford Trust, as amended, subject to certain minimums. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 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. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other 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). The base management fee for each hotel is due monthly. Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The incentive management fee, if any, for each hotel is due annually in arrears within 90 days of the end of the fiscal year. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fees for health insurance programs administered on behalf of certain third-party properties. Health insurance program fees are recognized monthly at rates which approximate market rates for similar plans provided by independent insurance companies. Other management fees additionally includes fees for fixed monthly accounting services, revenue management services and other services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees 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. On February 12, 2024, Braemar entered into Amendment No. 2 to the Master Project Management Agreement with Premier and, on March 12, 2024, Ashford Trust entered into an Amended and Restated Master Project Management Agreement with Premier (collectively, the “Premier Agreements”). The Premier Agreements modified the existing arrangements and provide that fees from Ashford Trust and Braemar will be payable monthly as the service is delivered based on the percentage of completion, as reasonably determined by Premier. The Premier Agreements resulted in contract modifications, as defined under ASC 606, which resulted in cumulative catch-up adjustments that increased design and construction fees in the three months ended March 31, 2024, by a total of $3.6 million. 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. Payment is typically due from customers within 30 days. 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. Payment is ordinarily due 15 days after the end of the month in which services were rendered. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by our subsidiary, Lismore Capital II LLC (“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, modification or other transaction 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. Other revenue also includes general liability and workers’ compensation insurance premiums paid to our insurance subsidiary, Warwick. Insurance premiums received are initially recorded in the current portion of deferred income in our condensed consolidated balance sheets and recognized as revenue ratably over the contractual terms of the respective written policy, which is primarily twelve months. General liability and workers’ compensation insurance premiums are generally paid upfront to Warwick annually. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar (as defined below), 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. Payments for cost reimbursement revenue are primarily due within 30 days after the services were rendered. 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. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences 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 12 months is recorded as current deferred income and the remaining portion is recorded as noncurrent. Current deferred income additionally includes customer deposits which could result in cash payments within the next 12 months. 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 table summarizes our consolidated deferred income activity (in thousands): Deferred Income 2024 2023 Balance as of January 1 $ 18,378 $ 7,800 Increases to deferred income 7,896 5,284 Recognition of revenue (1) (7,357) (3,615) Balance as of March 31 $ 18,917 $ 9,469 ________ (1) Revenue recognized in the three months ended March 31, 2024, includes (a) $1.8 million of revenue primarily related to our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar, (b) $826,000 of audio and visual revenue, (c) $1.2 million of watersports, ferry and excursion services revenue, (d) $2.6 million of premiums earned by Warwick and (e) $903,000 of revenues earned by our other products and services companies. Revenue recognized in the three months ended March 31, 2024 includes $5.9 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2023. Revenue recognized in the three months ended March 31, 2023 includes (a) $368,000 of advisory revenue primarily related to our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar, (b) $1.1 million of audio visual revenue and (c) $2.2 million of revenues earned by our other products and services companies. Revenue recognized in the three months ended March 31, 2023 includes $3.6 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2022. 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. 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, 2024 and March 31, 2023. 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 $34.5 million, $26.1 million and $17.6 million included in “accounts receivable, net” primarily related to our products and services segment, $11.5 million, $18.9 million and $0 in “due from Ashford Trust,” and $6.0 million, $714,000 and $11.8 million included in “due from Braemar” related to advisory services at March 31, 2024, December 31, 2023 and December 31, 2022, respectively. See notes 2 and 14. Disaggregated Revenue Our revenues were comprised of the following for the three months ended March 31, 2024 and 2023 respectively (in thousands): Three Months Ended March 31, 2024 2023 Advisory services fees: Base advisory fees $ 11,547 $ 12,108 Incentive advisory fees 67 67 Other advisory revenue 130 128 Total advisory services fees revenue 11,744 12,303 Hotel management fees: Base fees 8,948 9,010 Incentive fees 1,456 982 Other management fees 2,066 2,195 Total hotel management fees revenue 12,470 12,187 Design and construction fees revenue 9,447 6,929 Audio visual revenue 44,912 40,357 Other revenue: Watersports, ferry and excursion services (1) 11,224 7,628 Debt placement and related fees (2) 1,018 395 Premiums earned 2,964 — Cash management fees (3) 30 126 Claims management services 7 1 Other services (4) 1,008 924 Total other revenue 16,251 9,074 Cost reimbursement revenue 114,310 104,272 Total revenues $ 209,134 $ 185,122 REVENUES BY SEGMENT (5) Advisory $ 21,249 $ 20,881 Remington 113,810 101,464 Premier 12,965 9,771 INSPIRE 44,996 40,409 RED 11,288 7,651 OpenKey 353 389 Corporate and other 4,473 4,557 Total revenues $ 209,134 $ 185,122 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes RED’s legacy operations in the U.S. Virgin Islands and the Turks and Caicos Islands, Alii Nui, which provides luxury sailing and watersports experiences in Maui, Hawaii 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) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. (4) 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. (5) We have six reportable segments: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Warwick 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 Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business primarily within the United States. Remington, INSPIRE and RED conduct business both in the United States and internationally. The following table presents revenue from Remington, INSPIRE and RED geographically for the three months ended March 31, 2024 and 2023, respectively (in thousands): Three Months Ended March 31, 2024 2023 Remington: United States $ 113,707 $ 101,464 Costa Rica 103 — Total Remington revenues $ 113,810 $ 101,464 INSPIRE: United States $ 31,580 $ 26,712 Mexico 10,465 11,063 Dominican Republic 2,951 2,634 Total INSPIRE revenues $ 44,996 $ 40,409 RED: Continental United States $ 2,164 $ 2,466 Hawaii 1,974 424 U.S. Virgin Islands 5,590 3,348 United Kingdom (Turks and Caicos Islands) 1,560 1,413 Total RED revenues $ 11,288 $ 7,651 Total international revenues (1) $ 15,079 $ 15,110 _______ (1) International revenues include revenues earned outside of the United States and U.S. territories.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Goodwill The carrying amount of goodwill is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance as of March 31, 2024 and December 31, 2023 $ 56,658 $ 3,573 $ 782 $ 61,013 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. Intangible Assets Intangible assets, net as of March 31, 2024 and December 31, 2023, are as follows (in thousands): March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (54,332) $ 60,399 $ 114,731 $ (51,891) $ 62,840 Premier management contracts 194,000 (67,496) 126,504 194,000 (64,808) 129,192 INSPIRE customer relationships 9,319 (6,925) 2,394 9,319 (6,645) 2,674 RED boat slip rights 9,350 (1,068) 8,282 9,350 (951) 8,399 $ 327,400 $ (129,821) $ 197,579 $ 327,400 $ (124,295) $ 203,105 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 2,090 2,090 $ 6,990 $ 6,990 ________ Amortization expense for definite-lived intangible assets was $5.5 million and $6.0 million for the three months ended March 31, 2024 and 2023, respectively. The useful lives of our customer relationships range from seven eight

Notes Payable, net

Notes Payable, net	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Credit facility (6) (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or Adjusted Term SOFR (3) + 7.35% $ 100,000 $ 100,000 Note payable (6) (11) Ashford Inc. February 29, 2028 4.00% 1,167 1,234 Note payable (5) (17) OpenKey On demand 15.00% 237 237 Term loan (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 17,440 18,500 Revolving credit facility (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 3,166 — Equipment note (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 3,225 3,400 Revolving credit facility (5) (12) Pure Wellness On demand Prime Rate (4) + 1.00% 150 150 Term loan (5) (8) (13) RED July 18, 2029 6.00% 1,501 1,537 Term loan (5) (8) RED April 16, 2024 9.00% — 60 Term loan (5) (8) (14) RED August 5, 2029 Prime Rate (4) + 2.00% 785 800 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,791 1,830 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 2,584 2,672 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 1,638 1,645 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 2,317 2,336 Term loan (5) (8) (20) RED May 19, 2033 Prime Rate (4) + 1.00% 612 622 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,436 1,448 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,043 1,043 Draw term loan (5) (8) (16) RED Various (16) Prime Rate (4) + 1.00% 1,366 1,386 Draw term loan (5) (8) (21) RED February 5, 2029 Prime Rate (4) + 1.25% 414 168 Draw term loan (5) (8) (22) RED February 9, 2034 Prime Rate (4) + 0.50% 405 — RED Units (5) (19) RED See footnote (19) 6.50% 2,401 2,000 Total notes payable 143,678 141,068 Deferred loan costs, net (2,561) (2,723) Original issue discount, net (9) (1,285) (1,379) Notes payable, net of deferred loan costs 139,832 136,966 Less current portion (4,358) (4,387) Total notes payable, net - non-current $ 135,474 $ 132,579 __________________ (1) Base Rate, as defined in the amended credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) Adjusted Term SOFR plus 1.00%, or (iv) 1.25%. (2) The Daily Adjusting Bloomberg Short-Term Bank Yield Index rate (the “BSBY Rate”) was 5.35% and 5.44% at March 31, 2024 and December 31, 2023, respectively. (3) Adjusted Term SOFR is the one-month forward-looking SOFR rate plus 0.03%. Adjusted Term SOFR was 5.36% and 5.38% at March 31, 2024 and December 31, 2023, respectively. (4) The Prime Rate was 8.50% and 8.50% at March 31, 2024 and December 31, 2023, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility and equipment note are collateralized primarily by INSPIRE’s eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $14.5 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. INSPIRE’s Term Note 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 $20.2 million and $20.6 million as of March 31, 2024 and December 31, 2023, respectively. (9) On March 31, 2023, the Company amended its Credit Agreement (the “Credit Agreement”), previously entered into on April 1, 2022, with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The amendment replaced the one-month LIBOR rate with Adjusted Term SOFR. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. 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 Adjusted Term SOFR plus an applicable margin, or the Base Rate plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Adjusted Term SOFR 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. Undrawn balances of the Credit Facility were subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of March 31, 2024, no unused amounts remained under the Credit Facility. (10) On March 24, 2023, INSPIRE amended its credit agreement (the “INSPIRE Amendment”). The INSPIRE Amendment increased the maximum borrowing capacity under INSPIRE’s revolving credit facility from $3.0 million to $6.0 million, provides for a $20.0 million term note and an equipment note pursuant to which, until September 24, 2027, INSPIRE may request advances up to $4.0 million in the aggregate to purchase new machinery or equipment to be used in the ordinary course of business. The INSPIRE Amendment extended the maturity date of INSPIRE’s notes from January 1, 2024 to March 24, 2028. Monthly principal payments commenced on April 1, 2023 for the term note in the amount of approximately $167,000. Borrowings under the revolving note require monthly payments of interest only until the maturity date and borrowings under the equipment note require monthly principal payments at 1/60th of the original principal amount of each advance. The notes bear interest at the BSBY Rate plus a margin of 2.75% and the undrawn balance of the revolving note and the equipment note are subject to an unused fee of 0.25% per annum. As of March 31, 2024, the amounts unused under INSPIRE’s revolving credit facility and equipment note were $2.8 million and $775,000, respectively. (11) 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. (12) As of March 31, 2024, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (13) On July 18, 2019, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (14) On July 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. (15) 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 converted 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%. (16) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converted into an individual term loan each time RED draws upon the facility. As of March 31, 2024, RED had drawn the full amount allowed under the line of credit. Maturity dates for amounts drawn under the facility are November 30, 2027, December 28, 2027 and January 20, 2028. (17) On February 2, 2023, OpenKey entered into a loan funding agreement with Braemar with a maximum loan amount of $395,000. As of March 31, 2024, the remaining unused loan balance was $158,000. (18) On March 17, 2023, in connection with the acquisition of Alii Nui, RED entered into two term loans of $1.7 million and $2.4 million. RED was required to make monthly payments on the term loans starting April 17, 2023. (19) On March 17, 2023, in connection with the Alii Nui acquisition, RED issued 80,000 RED Units at $25 per unit with a liquidation value of $2.0 million. On January 31, 2024, RED issued 16,000 additional RED Units at $25 per unit with a liquidation value of $401,000. See note 7. The RED Units accrue interest at 6.5% per annum with required quarterly payments. The RED Units are considered a form of financing the acquisition of Alii Nui under current accounting guidance and is recorded as a non-current note payable in our condensed consolidated balance sheets. (20) On May 19, 2023, RED entered into a term loan for two vessels. RED was required to make monthly principal payments on the term loan starting in June 2023. (21) On August 4, 2023, RED entered into a draw term loan with Merchants Commercial Bank with a maximum draw of $900,000 through August 5, 2024. As of March 31, 2024, the amount unused under RED’s draw term loan was $486,000. (22) On February 9, 2024, RED entered into a draw term loan with Centennial Bank with a maximum draw of $1.6 million. As of March 31, 2024, the amount unused under RED’s draw term loan was $1.2 million.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accounts payable $ 22,621 $ 18,482 Accrued payroll expense 10,639 31,153 Accrued vacation expense 1,869 2,408 Accrued interest 525 444 Other accrued expenses 1,352 2,350 Total accounts payable and accrued expenses $ 37,006 $ 54,837

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, 2024 Assets: Investments $ — $ — $ 5,000 (1) $ 5,000 Restricted Investment: Ashford Trust common stock 14 (2) — — 14 Braemar common stock 95 (2) — — 95 Total $ 109 $ — $ 5,000 $ 5,109 Liabilities: Contingent consideration $ (499) (3) $ — $ (2,870) (4) $ (3,369) Deferred compensation plan (613) — — (613) Total $ (1,112) $ — $ (2,870) $ (3,982) Net $ (1,003) $ — $ 2,130 $ 1,127 __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining a permit to operate a marine vessel (the “Permit”) which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. In the first quarter of 2024, the Company paid $501,000 of contingent consideration, which had been accrued as of December 31, 2023, to the sellers of Alii Nui of which $401,000 was paid by issuing additional RED Units and $100,000 was paid in cash. See note 5. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, of which the current and noncurrent portions are reported within “claims liabilities and other” and “other liabilities”, respectively, in our condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2023 Assets: Investments $ — $ — $ 5,000 (1) $ 5,000 Restricted Investment: Ashford Trust common stock $ 19 (2) $ — $ — $ 19 Braemar common stock 109 (2) — — 109 Total $ 128 $ — $ 5,000 $ 5,128 Liabilities: Contingent consideration $ (1,000) (3) $ — $ (2,920) (4) $ (3,920) Deferred compensation plan (891) — — (891) Total $ (1,891) $ — $ (2,920) $ (4,811) Net $ (1,763) $ — $ 2,080 $ 317 __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining the Permit which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, of which the current and noncurrent portions are reported within “claims liabilities and other” and “other liabilities”, respectively, in our condensed consolidated balance sheets. The following table presents our roll forward of our Level 3 investments (in thousands): Investments (1) Balance at March 31, 2024 and December 31, 2023 $ 5,000 __________________ (1) TSGF L.P.’s investment is measured at fair value at each reporting period. The Company used the market value approach method when determining the fair value of the investment acquired as of March 31, 2024. As of March 31, 2024, TSGF L.P. held $12.6 million of total assets, which includes TSGF L.P.’s investment of $5.0 million and cash and cash equivalents of $7.6 million. The following table presents our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2023 $ (2,920) Gains (losses) from fair value adjustments included in earnings 50 Balance at March 31, 2024 $ (2,870) __________________ (1) The Company measures contingent consideration liabilities related to our acquisition of Chesapeake at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are (a) a discount rate, with a range of 37.67% to 37.70%; (b) a forward - looking risk-free rate, with a range of 5.28% to 5.42%; and (c) a volatility rate of 43.71%. 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, 2024 2023 Assets: Unrealized gain (loss) on investment: Ashford Trust common stock (1) $ (5) $ 57 Braemar common stock (1) (14) — Realized gain (loss) on investment: (2) Ashford Trust common stock — (73) Braemar common stock — (7) Total $ (19) $ (23) Liabilities: Contingent consideration (3) $ 50 $ (780) Subsidiary compensation plan (4) — 14 Deferred compensation plans (4) 278 220 Total $ 328 $ (546) Net $ 309 $ (569) __________________ (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. The unrealized gain (loss) on shares is reported within “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 our contingent consideration liabilities. The change in the fair value in the three months ended March 31, 2024 and 2023 is related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) Reported within “ salaries and benefits 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, 2024 Equity securities (1) $ 662 $ — $ (553) $ 109 __________________ (1) No distributions of available - for - sale securities occurred in the three months ended March 31, 2024. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2023 Equity securities (1) $ 662 $ — $ (534) $ 128 __________________ (1) Distributions of $195,000 of available - for - sale securities occurred in the year ended December 31, 2023.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 109 $ 109 $ 128 $ 128 Investments 5,000 5,000 5,000 $ 5,000 Financial liabilities measured at fair value: Deferred compensation plan $ 613 $ 613 $ 891 $ 891 Contingent consideration 3,369 3,369 3,920 3,920 Financial assets not measured at fair value: Cash and cash equivalents $ 52,364 $ 52,364 $ 52,054 $ 52,054 Restricted cash 14,961 14,961 23,216 23,216 Accounts receivable, net 34,469 34,469 26,945 26,945 Notes receivable 2,723 2,723 2,697 2,697 Due from affiliates — — 41 41 Due from Ashford Trust 11,475 11,475 18,933 18,933 Due from Braemar 5,993 5,993 714 714 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 37,006 $ 37,006 $ 54,837 $ 54,837 Dividends payable 37,881 37,881 28,508 28,508 Due to affiliates 789 789 — — Claims liabilities and other 30,590 30,590 29,782 29,782 Notes payable 143,678 143,678 141,068 141,068 Restricted investment. These financial assets are carried at fair value based on quoted market prices of the underlying investments. This is considered a Level 1 valuation technique. Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Contingent consideration. The liabilities associated with the Company’s acquisition of Chesapeake and Alii Nui are carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our condensed consolidated statements of operations. The Chesapeake liability is considered a Level 3 valuation technique and the Alii Nui liability is considered a Level 1 valuation technique. See note 7. 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 to/from affiliates, due to/from Ashford Trust, due to/from Braemar, notes receivable, accounts payable and accrued expenses and dividends payable . 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. The Company measures TSGF L.P.’s investment at fair value at each reporting period using the market value approach. This is considered a Level 3 valuation technique. See notes 2 and 7. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique. Claims liabilities and other . The Company utilizes the findings of an independent actuary in establishing its liability for losses and loss adjustment expenses related to general liability and workers’ compensation reserves. This is considered a Level 3 valuation technique.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Release and Waiver Agreement — On April 15, 2022, the Company and Ashford Services agreed with Jeremy Welter, the Chief Operating Officer of the Company, that, effective on July 15, 2022, Mr. Welter would terminate employment with and service to the Company, Ashford Services and their affiliates. Mr. Welter was 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 also ended on July 15, 2022. The Company has commitments related to cash compensation for the departure of Mr. Welter which included a cash termination payment of $750,000, which was paid on August 5, 2022, and payments totaling approximately $6.4 million, which are payable in 24 substantially equal monthly installments of approximately $267,000 beginning in August 2022. As of March 31, 2024, the Company’s remaining commitment to Mr. Welter totaled approximately $1.1 million. MTA Audit — On November 28, 2023, the Tax Administration Service’s Administration of Quintana Roo (the “MTA”) provided preliminary findings verbally from their routine federal income tax and value added tax (“VAT”) audit for INSPIRE’s Mexico subsidiary, INSPIRE Global Event Solutions S DE R.L. DE C.V. (“INSPIRE Mexico”) 2020 tax year. The MTA asserted INSPIRE Mexico omitted certain qualifying revenues and deducted certain non-qualifying expenses from the INSPIRE Mexico 2020 VAT liability and in the INSPIRE Mexico federal income tax return. On January 25, 2024, the MTA issued INSPIRE Mexico a detailed listing of their findings and asserted a tax contingency, including penalties and interest, of $3.9 million. On February 22, 2024, INSPIRE Mexico filed a written response to the MTA contesting the alleged findings. The MTA has up to one year from the Company’s written response to issue their final tax assessment. As of March 31, 2024, the Company has recorded $525,000 as its best estimate of the liability related to the tax contingency. Claims Liabilities — Management believes that its aggregate liabilities for unpaid losses and loss adjustment expenses at period-end for our insurance subsidiary Warwick represents its best estimate, based upon the available data, of the amount necessary to cover the ultimate cost of losses. However, because of the uncertain nature of reserve estimates, it is not presently possible to determine whether actual loss experience will conform to the assumptions used in estimating the liability. As a result, loss experience may not conform to the assumptions used in determining the estimated amounts for such liability at the balance sheet date. Accordingly, the ultimate liability could be significantly different than the amount indicated in the financial statements. 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. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt out period has been extended until such time that discovery has concluded. In May of 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class decertified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. 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, 2024, no amounts have been accrued. We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters, matters relating to compliance with applicable law (for example, the Americans with Disabilities Act and similar state laws), and other general matters. The likelihood of loss for these legal proceedings is based on definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Legal costs associated with loss contingencies are expensed as incurred. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow. During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain employee personal information. We have completed an investigation and have identified certain employee information that may have been exposed, but we have not identified that any customer information was exposed. All systems have been restored. We believe that we maintain a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are immaterial. In February of 2024, two class action lawsuits were filed; one in the U.S. District Court for the Northern District of Texas and a second in the 68th District Court for Dallas County related to the cyber incident. The lawsuit filed in the 68th District Court was subsequently dismissed and refiled in the U.S. District Court for the Northern District of Texas. On March 12, 2024, the Court ordered the two cases to be consolidated. We intend to vigorously defend this matter and do not believe that any potential loss is reasonably estimable at this time. It is reasonably possible that the Company may incur additional costs related to the matter, but we are unable to predict with certainty the ultimate amount or range of potential loss.

Equity (Deficit)

Equity (Deficit)	3 Months Ended
	Mar. 31, 2024
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 attributable to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2024 2023 (Income) loss attributable to noncontrolling interests: OpenKey $ 168 $ 226 Pure Wellness — 62 TSGF L.P. 3 — Total net (income) loss attributable to noncontrolling interests $ 171 $ 288

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2024
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. Redeemable noncontrolling interests in Ashford Holdings includes the Series CHP Unit preferred membership interests and the membership interests of common units and LTIP units. See also note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2024 2023 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (92) $ (155) Series CHP Units —In connection with the acquisition of Chesapeake, Ashford Holdings issued 378,000 Series CHP Units to the sellers of Chesapeake. The Series CHP Units represent a preferred membership interest in Ashford Holdings having a priority in payment of cash dividends equal to the priority of the Series D Convertible Preferred Stock holders but senior to the common unit holders of Ashford Holdings. Each Series CHP Unit (i) has a liquidation value of $25 plus all unpaid accrued and accumulated distributions thereon; (ii) is entitled to cumulative dividends at the rate of 7.28% per annum, payable quarterly in arrears; (iii) participates in any dividend or distribution paid on all outstanding common units of Ashford Holdings in addition to the preferred dividends; (iv) is convertible, along with the aggregate accrued or accumulated and unpaid distributions thereon, into common units of Ashford Holdings at the option of the holder or the issuer, which common units of Ashford Holdings will then be redeemable by the holder thereof into common stock of the Company on a 1:1 ratio or cash, at the Company’s discretion; and (v) provides for customary anti-dilution protections. The number of common units of Ashford Holdings to be received upon conversion of Series of CHP Units, along with the aggregate accrued or accumulated and unpaid distributions thereon, is determined by: (i) multiplying the number of Series CHP Units to be converted by the liquidation value thereof; and then (ii) dividing the result by the preferred conversion price, which is $117.50 per unit. 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. For the three months ended March 31, 2024 and 2023, the Company recorded net income attributable to redeemable noncontrolling interests of $172,000 and $172,000, respectively, to the Series CHP Unit holders which is included in Ashford Holdings in the table above. Convertible Preferred Stock —Each share of Series D Convertible Preferred Stock: (i) has a liquidation value of $25 per share plus the amount of all unpaid accrued and accumulated dividends on such share; (ii) accrues cumulative dividends at the rate of 7.28% per annum; (iii) participates in any dividend or distribution on the common stock in addition to the preferred dividends; (iv) is convertible, along with all unpaid accrued and accumulated dividends thereon, 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 beneficially held primarily by Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, and Mr. Archie Bennett, Jr., who is Mr. Monty J. Bennett’s father. 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 (except that the option to purchase may not be exercised with respect to shares of Series D Convertible Preferred Stock with an aggregate purchase price less than $25.0 million) 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 The Series D Convertible Preferred Stock is only redeemable upon a change in control of the Company by a party other than the Bennetts. The Series D Convertible Preferred Stock is not recorded at its maximum redemption amount as the Series D Convertible Preferred Stock is not currently redeemable and it is not probable the Series D Convertible Preferred Stock will become redeemable in the future. As of March 31, 2024, the Company had aggregate undeclared preferred stock dividends of approximately $29.0 million, which relates to the second and fourth quarters of 2021 and the fourth quarter of 2023. On March 22, 2024, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for the quarter ended March 31, 2024. The Company paid the dividend of $8.7 million on April 14, 2024. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) attributable to common stockholders in the period incurred in our condensed consolidated statements of operations. All accrued dividends accumulate and compound until paid in cash or converted into common stock of the Company pursuant to the Certificate of Designation for the Series D Convertible Preferred Stock. Unpaid Series D Convertible Preferred Stock dividends, declared and undeclared, totaling $37.7 million and $28.5 million at March 31, 2024 and December 31, 2023, respectively, are recorded as a liability in our condensed consolidated balance sheets as “dividends payable.” Convertible preferred stock cumulative dividends declared during the three months ended March 31, 2024 and 2023 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Preferred dividends - declared $ 8,700 $ 8,700 Preferred dividends per share - declared $ 0.4550 $ 0.4550 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): March 31, 2024 December 31, 2023 Aggregate preferred dividends - undeclared $ 29,010 $ 28,508 Aggregate preferred dividends - undeclared per share $ 1.5173 $ 1.4910

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are presented below by award type (in thousands): Three Months Ended March 31, 2024 2023 Equity-based compensation: Class 2 LTIP Units and stock option amortization (1) $ 32 $ 32 Employee LTIP Units and equity grant expense (2) 411 439 Director and other non-employee equity grants expense (3) 14 18 Total equity-based compensation $ 457 $ 489 Other equity-based compensation: REIT equity-based compensation (4) $ 1,667 $ 3,635 $ 2,124 $ 4,124 ________ (1) As of March 31, 2024, the Company had approximately $124,000 of total unrecognized compensation expense related to the Class 2 LTIP Units that will be recognized over a weighted average period of 1.0 year. (2) As of March 31, 2024, the Company had approximately $2.6 million of total unrecognized compensation expense related to restricted shares and LTIP Units that will be recognized over a weighted average period of 2.5 years. (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, 2024
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers and other employees which 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 for our executive officers 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. The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2024 2023 Change in fair value: Unrealized gain (loss) $ 278 $ 220 ________ As of March 31, 2024 and December 31, 2023, the carrying value of the DCP liability was $613,000 and $891,000, respectively. No distributions were made to any participant during the three months ended March 31, 2024 and 2023.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
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. Unless otherwise noted, the activity of Ashford Trust includes Stirling OP. Details of our related party transactions are presented below. Ashford Trust — We are a party to an amended and restated advisory agreement with Ashford Trust and its operating subsidiary, Ashford Hospitality Limited Partnership (“Ashford Trust OP”). On March 12, 2024, we entered into the Third Amended and Restated Advisory Agreement with Ashford Trust (the “Third Amended and Restated Advisory Agreement”). The Third Amended and Restated Advisory Agreement amends and restates the terms of the Second Amended and Restated Advisory Agreement, dated January 14, 2021, to, among other items: (i) require Ashford Trust pay the advisor the Portfolio Company Fee (as defined in the Third Amended and Restated Advisory Agreement) upon certain specified defaults under Ashford Trust’s loan agreements resulting in the foreclosure of Ashford Trust’s hotel properties, (ii) provide that there shall be no additional payments to the advisor from the amendments to the master hotel management agreement between Ashford Trust and Remington Hospitality and the master project management agreement between Ashford Trust and Premier until Ashford Trust’s senior secured credit facility with Oaktree Capital Management, L.P. is paid in full, and limits, for a period of two years thereafter, the incremental financial impact to no more than $2 million per year in additional payments to the advisor from such amendments, (iii) reduces the Consolidated Tangible Net Worth covenant (as defined in the Third Amended and Restated Advisory Agreement) to $750 million (plus 75% of net equity proceeds received) from $1 billion (plus 75% of net equity proceeds received), (iv) revise the criteria that would constitute a Company Change of Control (as defined in the Third Amended and Restated Advisory Agreement), (v) revise the definition of termination fee to provide for a minimum amount of such termination fee and (vi) revise the criteria that would constitute a voting control event. We are also a party to an advisory agreement with Stirling and Stirling’s subsidiary Stirling OP. The base fee is paid monthly calculated as 1.25% of the aggregate net asset value (“NAV”) of Stirling’s common shares and Stirling OP’s units, excluding Stirling’s Class E Common Shares (the “Class E Common Shares”) and Stirling OP’s Class E Units (the “Class E Units”), before giving effect to any accruals for any fees or distributions. The base fee may be paid, at the Company’s election, in cash or cash equivalent aggregate NAV amounts of Class E Common Shares or Class E Units. If the Company elects to receive any portion of its base fee in Class E Common Shares or Class E Units, the Company may elect to have Stirling repurchase such Class E Common Shares or Class E Units from the Company at a later date at a repurchase price per Class E Common Share or Class E Unit, as applicable, equal to the NAV per Class E Common Share. As long as the advisory agreement is not terminated, the Company holds a performance participation interest in Stirling OP that entitles it to receive an allocation from Stirling OP equal to 12.5% of the total return on certain classes of Stirling OP’s units, subject to certain terms. The Company may allocate up to 50% of the performance participation interest to its employees. Premier is party to master project management agreements with Ashford Trust OP and certain of its affiliates and, as of December 2023, Stirling 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 Stirling. On March 12, 2024, Premier entered into an Amended and Restated Master Project Management Agreement with Ashford Trust OP (the “A&R PMA”). The provisions of the A&R PMA are substantially the same as the Master Project Management Agreement, dated as of August 8, 2018. The A&R PMA provides for an initial term of ten years as to each hotel governed by the A&R PMA. The term may be renewed by Premier, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years, provided that at the time the option to renew is exercised, Premier is not then in default under the A&R PMA. The A&R PMA also (i) provides that fees will be payable monthly as the service is delivered based on percentage completion; (ii) allows a project management fee to be paid on a development, together with (and not in lieu of) the development fee; and (iii) fixes the fees for FF&E purchasing, expediting, freight management and warehousing at 8%. Remington is party to a master hotel management agreement with Ashford Trust and certain of its affiliates to provide hotel management services. Remington additionally manages three of Stirling OP’s properties. On March 12, 2024, Remington entered into a Second Consolidated, Amended and Restated Hotel Master Management Agreement with Ashford TRS Corporation, a wholly owned subsidiary of Ashford Trust OP (the “Second A&R HMA”). The provisions of the Second A&R HMA are substantially the same as in the Consolidated, Amended and Restated Hotel Master Management Agreement, dated as of August 8, 2018. The Second A&R HMA provides for an initial term of ten years as to each hotel governed by the Second A&R HMA. The term may be renewed by Remington, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years, provided that at the time the option to renew is exercised, Remington is not then in default under the Second A&R HMA. The Second A&R HMA also provides that Remington may charge market premiums for its self-insured health plans to its hotel employees, the cost of which is an operating expense of the hotel properties. Lismore has certain agreements with Ashford Trust to provide debt placement, modifications and refinancings of certain mortgage debt. Lismore’s fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. Lismore has entered into various 12-month agreements with Ashford Trust to seek modifications or refinancings of certain mortgage loans held by Ashford Trust. For the three months ended March 31, 2024, Lismore recognized approximately $6,000 in revenue under the agreement. As of March 31, 2024 and December 31, 2023, the Company had $527,000 and $183,000, respectively, of deferred income recorded related to these agreements. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended March 31, 2024 2023 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 8,221 $ 8,468 Hotel management fees: Base management fees 5,815 6,357 Incentive management fees 1,046 566 Total hotel management fees revenue (1) 6,861 6,923 Design and construction fees revenue (2) 3,722 3,381 Other revenue: Watersports, ferry and excursion services (4) 18 16 Debt placement and related fees (5) 31 395 Premiums earned (6) 1,117 — Cash management fees (7) 25 71 Claims management services (8) 6 1 Other services (9) 392 397 Total other revenue 1,589 880 Cost reimbursement revenue 77,255 69,577 Total revenues $ 97,648 $ 89,229 REVENUES BY SEGMENT (10) Advisory $ 14,709 $ 12,762 Remington 69,871 70,000 Premier 5,985 5,221 INSPIRE 54 29 RED 49 28 OpenKey 27 30 Corporate and other (11) 6,953 1,159 Total revenues $ 97,648 $ 89,229 COST OF REVENUES Cost of revenues for audio visual (3) $ 2,533 $ 2,655 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 6,337 $ 6,495 ________ (1) 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. (2) 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. (3) 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. (4) 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. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Premiums earned is recognized by our insurance subsidiary, Warwick, from general liability and workers’ compensation insurance premiums. Revenue from insurance premiums is recognized ratably over the contractual terms of the respective written policy. (7) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (10) See note 16 for discussion of segment reporting. (11) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Ashford Trust’s capital contributions to Ashford Securities under a Fourth Amended and Restated Contribution Agreement among the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. Braemar — We are also a party to an amended and restated advisory agreement with Braemar and its operating subsidiary, Braemar Hospitality Limited Partnership (“Braemar OP”). Premier is party to a master project management agreement with Braemar OP and Braemar TRS Corporation, a wholly owned subsidiary of Braemar OP, and certain of their affiliates to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. On February 12, 2024, Premier entered into Amendment No. 2 to the Master Project Management Agreement (the “MPMA”) with Braemar. The provisions of the MPMA are substantially the same as the Master Project Management Agreement, dated as of August 8, 2018. The MPMA provides that fees from Braemar will be payable monthly as the service is delivered based on percentage complete, as reasonably determined by Premier for each service, or payable as set forth in other agreements. Remington is party to a master hotel management agreement with Braemar TRS Corporation and certain of its affiliates to provide hotel management services. Lismore has certain agreements with Braemar to provide debt placement, modifications and refinancings of certain mortgage debt. Lismore’s fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. Lismore has entered into a 12-month agreement with Braemar to seek modifications or refinancings of certain mortgage debt held by Braemar. For the three months ended March 31, 2024, Lismore recognized approximately $454,000 in revenue under the agreement. As of March 31, 2024 and December 31, 2023, the Company had $4,000 and $52,000 of deferred income recorded related to the agreement. The following table summarizes the revenues and expenses related to Braemar (in thousands): Three Months Ended March 31, 2024 2023 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 3,326 $ 3,640 Incentive advisory fees (1) 67 67 Other advisory revenue (2) 130 128 Total advisory services fees revenue 3,523 3,835 Hotel management fees: Base management fees 541 577 Incentive management fees 24 — Total hotel management fees revenue (3) 565 577 Design and construction fees revenue (4) 4,682 2,520 Other revenue: Watersports, ferry and excursion services (6) 745 618 Debt placement and related fees (7) 987 — Premiums earned (8) 157 — Cash management fees (9) 5 55 Claims management services (10) 1 — Other services (11) 61 89 Total other revenue 1,956 762 Cost reimbursement revenue 5,254 14,519 Total revenues $ 15,980 $ 22,213 REVENUES BY SEGMENT (12) Advisory $ 6,540 $ 8,118 Remington 7,189 6,684 Premier 5,841 3,440 INSPIRE 30 24 RED 779 628 OpenKey 9 9 Corporate and other (13) (4,408) 3,310 Total revenues $ 15,980 $ 22,213 COST OF REVENUES (5) Cost of revenues for audio visual $ 1,077 $ 1,171 Other 742 632 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,933 $ 2,929 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 1,032 765 ________ (1) The incentive advisory fees for the three months ended March 31, 2024 and 2023 includes the pro rata portion of the third year and second year installment, respectively, of the 2022 incentive advisory fee. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2023 measurement period. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management 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. (4) 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. (5) 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 condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) 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. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification and refinancing services. (8) Premiums earned is recognized by our insurance subsidiary, Warwick, from general liability and workers’ compensation insurance premiums. Revenue from insurance premiums is recognized ratably over the contractual terms of the respective written policy. (9) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. (10) Claims management services include revenue earned from providing insurance claim assessment and administration services. (11) 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. (12) See note 16 for discussion of segment reporting. (13) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Braemar’s capital contributions to Ashford Securities under a Fourth Amended and Restated Contribution Agreement among the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. Ashford Securities — On December 31, 2020, an Amended and Restated Contribution Agreement (the “Amended and Restated Contribution Agreement”, and as further amended from time to time, the “Contribution Agreement”) was entered into by the Company, Ashford Trust and Braemar (collectively, the “Parties” and each individually a “Party”) with respect to funding certain expenses of Ashford Securities. Beginning on the effective date of the Amended and Restated Contribution Agreement, costs to fund the operations of Ashford Securities were allocated 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 was a true up (the “Amended and Restated True-Up Date”) among the Parties whereby the actual amount contributed by each Party was based on the actual amount of capital raised by such Party through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-Up Ratio”). On January 27, 2022, the Parties entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in aggregate contributions to Ashford Securities allocated 10% to the Company, 45% to Ashford Trust and 45% to Braemar. On February 1, 2023, the Company entered into a Third Amended and Restated Contribution Agreement, which provided that after the Amended and Restated True-Up Date, capital contributions for the remainder of fiscal year 2023 would be divided between each Party based on the Initial True-Up Ratio, there would be a true up reflecting amounts raised by Ashford Securities since June 10, 2019, and thereafter, the capital contributions would be divided among each Party in accordance the cumulative ratio of capital raised by the Parties. On January 25, 2024, Ashford Trust paid the Company $3.2 million for Ashford Trust’s portion of their contributions to fund Ashford Securities as calculated under the 2023 year-end true-up pursuant to the Third Amended and Restated Contribution Agreement. On the same day, the Company paid Braemar $3.5 million which consisted of $293,000 and $3.2 million for the Company’s and Ashford Trust’s portion of their contributions to fund Ashford Securities, respectively, which were owed to Braemar as calculated under the 2023 year-end true-up pursuant to the Third Amended and Restated Contribution Agreement. Effective January 1, 2024, the Company entered into a Fourth Amended and Restated Contribution Agreement with Ashford Trust and Braemar which states that, notwithstanding anything in the prior contribution agreements: (1) the Parties equally split responsibility for all aggregate contributions made by them to Ashford Securities through September 30, 2021 and (2) thereafter, their contributions for each quarter will be based on the ratio of the amounts raised by each Party through Ashford Securities the prior quarter compared to the total aggregate amount raised by the Parties through Ashford Securities the prior quarter. To the extent contributions made by any of the Parties through December 31, 2023 differed from the amounts owed pursuant to the foregoing, the Parties shall make true up payments to each other to settle the difference. On March 29, 2024, Ashford Trust paid the Company $3.4 million for Ashford Trust’s portion of their contributions to fund Ashford Securities as calculated pursuant to the Fourth Amended and Restated Contribution Agreement. On the same day, the Company paid Braemar $5.9 million which consisted of $2.5 million and $3.4 million for the Company’s and Ashford Trust’s portion of their contributions to fund Ashford Securities, respectively, which were owed to Braemar pursuant to the Fourth Amended and Restated Contribution Agreement. As of March 31, 2024, Ashford Trust and Braemar had funded approximately $7.9 million and $12.9 million, respectively. The Company recognized cost reimbursement revenue from Ashford Trust in our condensed consolidated statements of operations of $5.4 million and $398,000 for the three months ended March 31, 2024 and 2023, respectively. The Company recognized a reduction to cost reimbursement revenue from Braemar in our condensed consolidated statements of operations of $5.6 million for the three months ended March 31, 2024. The Company recognized cost reimbursement revenue from Braemar in our condensed consolidated statements of operations of $3.2 million for the three months ended March 31, 2023. Cost reimbursement revenue for the three months ended March 31, 2024 includes $478,000 of dealer manager fees earned by Ashford Securities for the placement of non-listed preferred equity offerings of Ashford Trust. Expiration of ERFP Agreement Related Leases with Ashford Trust — On June 26, 2018, the Company entered into an Enhanced Return Funding Program Agreement with Ashford Trust (the “Ashford Trust ERFP Agreement”). Although the Ashford Trust ERFP Agreement expired in accordance with its terms on June 26, 2021, certain obligations of the parties survived. In the first quarter of 2023, Ashford Trust purchased FF&E with a net book value of $1.5 million from the Company at the fair market value of $450,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recorded a loss on the sale of the FF&E of $1.0 million which is included within “other” operating expense in our condensed consolidated statement of operations for the three months ended March 31, 2023. In the fourth quarter of 2023, Ashford Trust purchased FF&E with a net book value of $2.4 million from the Company at the fair market value of $630,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recognized a $630,000 outstanding receivable which is recorded in “due from Ashford Trust” in our condensed consolidated balance sheet as of March 31, 2024. Other Related Party Transactions — On January 3, 2023, the Company acquired Remington Hotel Corporation (“RHC”), an affiliate owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer and the Chairman of Ashford Trust and Braemar, and his father, Mr. Archie Bennett, Jr., Chairman Emeritus of Ashford Trust, from which the Company leases the offices for our corporate headquarters in Dallas, Texas. The purchase price paid was de minimis. We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets. Upon the acquisition date, the operating lease asset and corresponding operating lease liability of $17.2 million associated with the Company’s lease with RHC was eliminated upon consolidation. The following table summarizes the assets and liabilities acquired by the Company on the asset acquisition date (in thousands): January 3, 2023 Restricted cash $ 849 Property and equipment, net 2,183 Operating lease right-of-use assets 15,017 Total assets acquired 18,049 Operating lease liabilities 17,200 Other liabilities 849 Total assumed liabilities 18,049 Net assets acquired $ — On March 2, 2023, the Company entered into (i) a Limited Waiver Under Advisory Agreement with Braemar, Braemar OP, and Braemar TRS Corporation (the “2023 Braemar Limited Waiver”) and (ii) a Limited Waiver Under Advisory Agreement with Ashford Trust, Ashford Trust OP, and Ashford TRS Corporation (the “2023 Ashford Trust Limited Waiver” and, together with the 2023 Braemar Limited Waiver, the “2023 Limited Waivers”) . Pursuant to the 2023 Limited Waivers, the parties to the respective advisory agreements waive the operation of any provision of the advisory agreements 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 2023 (the “2023 Waiver Period”) , cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the 2023 Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $13.1 million , in the aggregate, during the 2023 Waiver Period. On December 7, 2023, the Company contributed $200,000 to Stirling OP in exchange for 8,000 Class E Units resulting in an interest of less than one percent in Stirling OP. The contribution is recorded as an equity method investment within “investments” in our condensed consolidated balance sheet. The Company will also advance on Stirling’s behalf certain of its organizational and offering expenses and general and administrative expenses through December 31, 2024, at which point Stirling will reimburse the Company for all such advanced expenses ratably over 60 months following such date. On March 11, 2024, the Company entered into (i) a Limited Waiver Under Advisory Agreement with Ashford Trust, Ashford Trust Op, and Ashford TRS Corporation (the “2024 Ashford Trust Limited Waiver”) and (ii) a Limited Waiver Under Advisory Agreement with Braemar, Braemar OP and Braemar TRS Corporation (together with the 2024 Ashford Trust Limited Waiver, the “2024 Limited Waivers”). Pursuant to the 2024 Limited Waivers, the parties to the respective advisory agreements waive the operation of any provision in the advisory agreements that would otherwise limit the ability of Ashford Trust or Braemar, as applicable, in its discretion, at its cost and expense, to award during calendar year 2024, cash incentive compensation to employees and other representatives of the Company and its affiliates. Ashford Trust held a 15.06% noncontrolling interest in OpenKey and Braemar held a 7.92% noncontrolling interest in OpenKey as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, the Company loaned our consolidated subsidiary OpenKey $921,000 to fund OpenKey’s operations. The loan balance was eliminated upon consolidation in our condensed consolidated financial statements. See also notes 2 and 10.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 1,594 $ 1,309 Less: Dividends on preferred stock, declared and undeclared (1) (9,202) (9,034) Undistributed net income (loss) allocated to common stockholders (7,608) (7,725) Distributed and undistributed net income (loss) - basic $ (7,608) $ (7,725) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (80) — Distributed and undistributed net income (loss) - diluted $ (7,688) $ (7,725) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 3,134 2,984 Effect of assumed conversion of operating partnership units 26 — Weighted average common shares outstanding – diluted 3,160 2,984 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (2.43) $ (2.59) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.43) $ (2.59) ________ (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, 2024 2023 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 172 $ 155 Net income (loss) attributable to subsidiary convertible interests 49 20 Dividends on preferred stock, declared and undeclared 9,202 9,034 Total $ 9,423 $ 9,209 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 22 32 Effect of assumed conversion of Ashford Holdings units 80 93 Effect of conversion of subsidiary interests 1,284 155 Effect of assumed conversion of preferred stock 4,314 4,226 Total 5,700 4,506

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company identifies its segments based on the products and services each segment provides. Our operating segments include: (a) 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) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry; and (h) Warwick, which provides insurance policy coverages primarily for general liability and workers’ compensation claims. For 2024, OpenKey, RED, Pure Wellness and Warwick 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: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Pure Wellness and Warwick into an “all other” seventh reportable segment, which we refer to as “Corporate and Other.” See note 3 for details of our segments’ material revenue generating activities. The Company considers its chief executive officer to be its chief operating decision maker (“CODM”). The CODM regularly reviews operating results for the purpose of assessing performance and making decisions about resource allocation. Our CODM’s 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. Certain information concerning our segments for the three months ended March 31, 2024 and 2023 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, 2024 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUES: Advisory services fees $ 11,744 $ — $ — $ — $ — $ — $ — $ 11,744 Hotel management fees — 12,470 — — — — — 12,470 Design and construction fees — — 9,447 — — — — 9,447 Audio visual — — — 44,912 — — — 44,912 Other 37 — — — 11,224 353 4,637 16,251 Cost reimbursement revenue (1) 9,468 101,340 3,518 84 64 — (164) 114,310 Total revenues 21,249 113,810 12,965 44,996 11,288 353 4,473 209,134 EXPENSES: Depreciation and amortization 131 2,621 2,720 549 322 3 35 6,381 Other operating expenses (2) — 8,528 3,874 40,079 9,713 1,067 18,095 81,356 Reimbursed expenses (1) 9,475 101,340 3,518 84 64 — (104) 114,377 Total operating expenses 9,606 112,489 10,112 40,712 10,099 1,070 18,026 202,114 OPERATING INCOME (LOSS) 11,643 1,321 2,853 4,284 1,189 (717) (13,553) 7,020 Equity in earnings (loss) of unconsolidated entities — — — — — — 36 36 Interest expense — — — (473) (442) (9) (3,232) (4,156) Amortization of loan costs — — — (5) (9) — (262) (276) Interest income — 27 — — — — 665 692 Other income (expense) — (20) — (88) — — 653 545 INCOME (LOSS) BEFORE INCOME TAXES 11,643 1,328 2,853 3,718 738 (726) (15,693) 3,861 Income tax (expense) benefit (2,931) (248) (599) (1,960) (256) — 3,648 (2,346) NET INCOME (LOSS) $ 8,712 $ 1,080 $ 2,254 $ 1,758 $ 482 $ (726) $ (12,045) $ 1,515 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $10.1 million of cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel, accounting and insurance. (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, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUES: Advisory services fees $ 12,303 $ — $ — $ — $ — $ — $ — $ 12,303 Hotel management fees — 12,187 — — — — — 12,187 Design and construction fees — — 6,929 — — — — 6,929 Audio visual — — — 40,357 — — — 40,357 Other 127 — — — 7,628 389 930 9,074 Cost reimbursement revenue (1) 8,451 89,277 2,842 52 23 — 3,627 104,272 Total revenues 20,881 101,464 9,771 40,409 7,651 389 4,557 185,122 EXPENSES: Depreciation and amortization 516 2,871 2,888 463 181 3 78 7,000 Other operating expenses (2) 1,032 8,189 4,211 35,044 7,093 1,357 12,355 69,281 Reimbursed expenses (1) 8,377 89,277 2,842 52 23 — 3,627 104,198 Total operating expenses 9,925 100,337 9,941 35,559 7,297 1,360 16,060 180,479 OPERATING INCOME (LOSS) 10,956 1,127 (170) 4,850 354 (971) (11,503) 4,643 Equity in earnings (loss) of unconsolidated entities — — — — — — (459) (459) Interest expense — — — (295) (276) — (2,266) (2,837) Amortization of loan costs — — — (37) (10) — (194) (241) Interest income — 40 — — — — 237 277 Realized gain (loss) on investments — (80) — — — — — (80) Other income (expense) — 59 — 21 428 — (15) 493 INCOME (LOSS) BEFORE INCOME TAXES 10,956 1,146 (170) 4,539 496 (971) (14,200) 1,796 Income tax (expense) benefit (2,562) (296) 51 (2,616) (45) — 4,848 (620) NET INCOME (LOSS) $ 8,394 $ 850 $ (119) $ 1,923 $ 451 $ (971) $ (9,352) $ 1,176 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $3.1 million of 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. Total assets by segment are presented below (in thousands): March 31, 2024 December 31, 2023 Remington $ 159,868 $ 166,719 Premier 140,108 138,967 INSPIRE 63,821 57,193 RED 51,082 50,012 OpenKey 1,439 1,303 Other (1) 80,753 90,613 Total assets $ 497,071 $ 504,807 ________ (1) Other includes the total assets of our Advisory and Corporate and Other segments. Total assets for our Advisory segment are not available for disclosure as assets are not allocated between our Advisory and Corporate and Other segments.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 1,594	$ 1,309

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 2023 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024. 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	Investments —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests or 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 equity method investments for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its fair value is less than the carrying amount of our investment. No such impairment was recorded during the three months ended March 31, 2024 and 2023. Our subsidiary TSGF L.P. is accounted for as an investment company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under Financial Accounting Standards Board (“FASB”) ASC 946. TSGF L.P.’s investment is reflected in “investments” in our condensed consolidated balance sheets at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of “other income (expense)” in our condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions ( i.e. , the exit price). The fair value of TSGF L.P.’s investment as of March 31, 2024 and December 31, 2023 was $5.0 million. See note 7. We additionally hold an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at March 31, 2024 and December 31, 2023. We account for the investment at 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, 2024 and 2023. In the event that the assumptions used to determine fair value change in the future, we may be required to record an impairment charge related to this investment.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with GAAP 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
Accounts Receivable	Accounts Receivable
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. As of March 31, 2024 and December 31, 2023, property and equipment, net of accumulated depreciation, included ERFP assets of $1.6 million and $1.7 million, audio visual equipment at INSPIRE of $15.3 million and $15.6 million and marine vessels at RED of $25.6 million and $25.0 million, respectively.
Claims Liabilities and Other	Claims Liabilities and Other
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 condensed 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. ASC 740 “Income Taxes” 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 in Mexico, the Dominican Republic, the U.S. Virgin Islands, and beginning in 2023, additionally, Aruba, Puerto Rico and Costa Rica. Tax years 2019 through 2023 remain subject to potential examination by federal and certain state taxing authorities.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards —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 smaller reporting companies, 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 adopted ASU 2020-06 effective January 1, 2024 and the adoption did not have a material impact on the Company’s financial statements and related disclosures. Recently Issued Accounting Standards —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which, among other requirements, improves disclosures about a public entity’s reportable segments by requiring a public entity to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280 in interim periods. The amendments in this ASU apply to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the level of impact the adoption of ASU 2023-07 will have on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The ASU requires consistent categories with greater disaggregation of information in the rate reconciliation and disclosure of income taxes paid be disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU apply to all entities that are subject to Topic 740. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this ASU should be applied on a prospective basis. Retrospective application is permitted. The Company continues to evaluate the level of impact the adoption of ASU 2023-09 will have on the Company’s financial statements.
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 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, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Ashford Trust’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Third Amended and Restated Advisory Agreement with Ashford Trust, as amended, subject to certain minimums. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 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. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other 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). The base management fee for each hotel is due monthly. Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The incentive management fee, if any, for each hotel is due annually in arrears within 90 days of the end of the fiscal year. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fees for health insurance programs administered on behalf of certain third-party properties. Health insurance program fees are recognized monthly at rates which approximate market rates for similar plans provided by independent insurance companies. Other management fees additionally includes fees for fixed monthly accounting services, revenue management services and other services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees 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. On February 12, 2024, Braemar entered into Amendment No. 2 to the Master Project Management Agreement with Premier and, on March 12, 2024, Ashford Trust entered into an Amended and Restated Master Project Management Agreement with Premier (collectively, the “Premier Agreements”). The Premier Agreements modified the existing arrangements and provide that fees from Ashford Trust and Braemar will be payable monthly as the service is delivered based on the percentage of completion, as reasonably determined by Premier. The Premier Agreements resulted in contract modifications, as defined under ASC 606, which resulted in cumulative catch-up adjustments that increased design and construction fees in the three months ended March 31, 2024, by a total of $3.6 million. 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. Payment is typically due from customers within 30 days. 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. Payment is ordinarily due 15 days after the end of the month in which services were rendered. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by our subsidiary, Lismore Capital II LLC (“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, modification or other transaction 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. Other revenue also includes general liability and workers’ compensation insurance premiums paid to our insurance subsidiary, Warwick. Insurance premiums received are initially recorded in the current portion of deferred income in our condensed consolidated balance sheets and recognized as revenue ratably over the contractual terms of the respective written policy, which is primarily twelve months. General liability and workers’ compensation insurance premiums are generally paid upfront to Warwick annually. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar (as defined below), 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. Payments for cost reimbursement revenue are primarily due within 30 days after the services were rendered. 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. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences 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 12 months is recorded as current deferred income and the remaining portion is recorded as noncurrent. Current deferred income additionally includes customer deposits which could result in cash payments within the next 12 months. 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, 2024
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Ashford OpenKey (3) TSGF L.P. (5) Ashford Inc. ownership interest 98.78 % 76.78 % 19.10 % Redeemable noncontrolling interests (1) (2) 1.22 % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 80.90 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,999 n/a n/a Redemption value adjustment, year-to-date 7 n/a n/a Redemption value adjustment, cumulative 629 n/a n/a Carrying value of noncontrolling interests n/a (705) 11,450 December 31, 2023 Ashford OpenKey (3) Pure (4) TSGF L.P. (5) Ashford Inc. ownership interest 99.49 % 76.78 % 70.00 % 25.29 % Redeemable noncontrolling interests (1) (2) 0.51 % — % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 30.00 % 74.71 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,972 n/a n/a n/a Redemption value adjustment, year-to-date 9 n/a n/a n/a Redemption value adjustment, cumulative 622 n/a n/a n/a Carrying value of noncontrolling interests n/a (537) (127) 7,669 ________ (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 consolidated VIE for which we are considered the primary beneficiary. OpenKey is a hospitality-focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. (4) Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), our wholly owned subsidiary which provides hypoallergenic premium rooms in the hospitality and commercial office industry. On January 1, 2024, we acquired the remaining outstanding shares in Pure Wellness from the previous noncontrolling interest holders for $214,000, increasing our ownership of Pure Wellness from 70% to 100%. Prior to our acquisition of Pure Wellness’ noncontrolling interest, Pure Wellness was a consolidated VIE for which we were considered the primary beneficiary. (5) Represents ownership interests in TSGF L.P., a consolidated VIE for which we are considered the primary beneficiary.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2024 December 31, 2023 Carrying value of the investment in REA Holdings $ 2,416 $ 2,370 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, 2024 2023 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 46 $ (459)
Restricted Cash	Restricted cash was comprised of the following (in thousands): March 31, 2024 December 31, 2023 Advisory: Insurance claim reserves (1) $ 11,969 $ 18,947 Remington: Managed hotel properties’ reserves (2) 1,172 2,508 Insurance claim reserves (3) 1,820 1,761 Total Remington restricted cash 2,992 4,269 Total restricted cash $ 14,961 $ 23,216 ________ (1) Prior to the incorporation of Warwick, Ashford Inc. collected 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 were deposited into restricted cash and are used to pay casualty claims as incurred. The claim liability related to the restricted cash balance is included in “claims liabilities and other” 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 to/from Ashford Trust”, “due from Braemar” and “due to/from affiliates” 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” in our condensed consolidated balance sheets. (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 “claims liabilities and other” in our condensed consolidated balance sheets.
Schedule of Notes Receivable, Related Parties	Notes receivable were comprised of the following (in thousands): March 31, 2024 December 31, 2023 Remington note receivable (1) $ 525 $ 525 Ashford LLC note receivable (2) 1,104 1,082 REA Holdings affiliate (3) 861 845 Other 233 245 Total notes receivable $ 2,723 $ 2,697 ________ (1) Remington holds a note receivable from a third party. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. As of March 31, 2024 and December 31, 2023, the outstanding principal balance is included in “prepaid expenses and other” in our condensed consolidated balance sheets. (2) Ashford LLC holds a note receivable from a third party. The note bears interest at 8% per annum, compounding annually. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date of November 11, 2026. The note receivable is recorded in “other assets, net” in our condensed consolidated balance sheet. (3) On April 3, 2023, the Company entered into a note receivable with an affiliate of REA Holdings. Principal plus any accrued interest is due to the Company on demand or, in the absence of any demand, 24 months. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date. The interest rate on the note receivable is 7.5% per annum. The note receivable is recorded in “prepaid expenses and other” in our condensed consolidated balance sheet.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following table summarizes our consolidated deferred income activity (in thousands): Deferred Income 2024 2023 Balance as of January 1 $ 18,378 $ 7,800 Increases to deferred income 7,896 5,284 Recognition of revenue (1) (7,357) (3,615) Balance as of March 31 $ 18,917 $ 9,469 ________ (1) Revenue recognized in the three months ended March 31, 2024, includes (a) $1.8 million of revenue primarily related to our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar, (b) $826,000 of audio and visual revenue, (c) $1.2 million of watersports, ferry and excursion services revenue, (d) $2.6 million of premiums earned by Warwick and (e) $903,000 of revenues earned by our other products and services companies. Revenue recognized in the three months ended March 31, 2024 includes $5.9 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2023. Revenue recognized in the three months ended March 31, 2023 includes (a) $368,000 of advisory revenue primarily related to our advisory agreements and our Contribution Agreement with Ashford Trust and Braemar, (b) $1.1 million of audio visual revenue and (c) $2.2 million of revenues earned by our other products and services companies. Revenue recognized in the three months ended March 31, 2023 includes $3.6 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2022.
Disaggregation of Revenue	Our revenues were comprised of the following for the three months ended March 31, 2024 and 2023 respectively (in thousands): Three Months Ended March 31, 2024 2023 Advisory services fees: Base advisory fees $ 11,547 $ 12,108 Incentive advisory fees 67 67 Other advisory revenue 130 128 Total advisory services fees revenue 11,744 12,303 Hotel management fees: Base fees 8,948 9,010 Incentive fees 1,456 982 Other management fees 2,066 2,195 Total hotel management fees revenue 12,470 12,187 Design and construction fees revenue 9,447 6,929 Audio visual revenue 44,912 40,357 Other revenue: Watersports, ferry and excursion services (1) 11,224 7,628 Debt placement and related fees (2) 1,018 395 Premiums earned 2,964 — Cash management fees (3) 30 126 Claims management services 7 1 Other services (4) 1,008 924 Total other revenue 16,251 9,074 Cost reimbursement revenue 114,310 104,272 Total revenues $ 209,134 $ 185,122 REVENUES BY SEGMENT (5) Advisory $ 21,249 $ 20,881 Remington 113,810 101,464 Premier 12,965 9,771 INSPIRE 44,996 40,409 RED 11,288 7,651 OpenKey 353 389 Corporate and other 4,473 4,557 Total revenues $ 209,134 $ 185,122 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes RED’s legacy operations in the U.S. Virgin Islands and the Turks and Caicos Islands, Alii Nui, which provides luxury sailing and watersports experiences in Maui, Hawaii 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) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. (4) 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. (5) We have six reportable segments: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Warwick and Pure Wellness into an “all other” category, which we refer to as “Corporate and Other.” See note 16 for discussion of segment reporting. Three Months Ended March 31, 2024 2023 Remington: United States $ 113,707 $ 101,464 Costa Rica 103 — Total Remington revenues $ 113,810 $ 101,464 INSPIRE: United States $ 31,580 $ 26,712 Mexico 10,465 11,063 Dominican Republic 2,951 2,634 Total INSPIRE revenues $ 44,996 $ 40,409 RED: Continental United States $ 2,164 $ 2,466 Hawaii 1,974 424 U.S. Virgin Islands 5,590 3,348 United Kingdom (Turks and Caicos Islands) 1,560 1,413 Total RED revenues $ 11,288 $ 7,651 Total international revenues (1) $ 15,079 $ 15,110 _______ (1) International revenues include revenues earned outside of the United States and U.S. territories.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amount of goodwill is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance as of March 31, 2024 and December 31, 2023 $ 56,658 $ 3,573 $ 782 $ 61,013 ________ (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, 2024 and December 31, 2023, are as follows (in thousands): March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (54,332) $ 60,399 $ 114,731 $ (51,891) $ 62,840 Premier management contracts 194,000 (67,496) 126,504 194,000 (64,808) 129,192 INSPIRE customer relationships 9,319 (6,925) 2,394 9,319 (6,645) 2,674 RED boat slip rights 9,350 (1,068) 8,282 9,350 (951) 8,399 $ 327,400 $ (129,821) $ 197,579 $ 327,400 $ (124,295) $ 203,105 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 2,090 2,090 $ 6,990 $ 6,990 ________
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2024 and December 31, 2023, are as follows (in thousands): March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (54,332) $ 60,399 $ 114,731 $ (51,891) $ 62,840 Premier management contracts 194,000 (67,496) 126,504 194,000 (64,808) 129,192 INSPIRE customer relationships 9,319 (6,925) 2,394 9,319 (6,645) 2,674 RED boat slip rights 9,350 (1,068) 8,282 9,350 (951) 8,399 $ 327,400 $ (129,821) $ 197,579 $ 327,400 $ (124,295) $ 203,105 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks 2,090 2,090 $ 6,990 $ 6,990 ________

Notes Payable, net (Tables)

Notes Payable, net (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate March 31, 2024 December 31, 2023 Credit facility (6) (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or Adjusted Term SOFR (3) + 7.35% $ 100,000 $ 100,000 Note payable (6) (11) Ashford Inc. February 29, 2028 4.00% 1,167 1,234 Note payable (5) (17) OpenKey On demand 15.00% 237 237 Term loan (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 17,440 18,500 Revolving credit facility (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 3,166 — Equipment note (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 3,225 3,400 Revolving credit facility (5) (12) Pure Wellness On demand Prime Rate (4) + 1.00% 150 150 Term loan (5) (8) (13) RED July 18, 2029 6.00% 1,501 1,537 Term loan (5) (8) RED April 16, 2024 9.00% — 60 Term loan (5) (8) (14) RED August 5, 2029 Prime Rate (4) + 2.00% 785 800 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,791 1,830 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 2,584 2,672 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 1,638 1,645 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 2,317 2,336 Term loan (5) (8) (20) RED May 19, 2033 Prime Rate (4) + 1.00% 612 622 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,436 1,448 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,043 1,043 Draw term loan (5) (8) (16) RED Various (16) Prime Rate (4) + 1.00% 1,366 1,386 Draw term loan (5) (8) (21) RED February 5, 2029 Prime Rate (4) + 1.25% 414 168 Draw term loan (5) (8) (22) RED February 9, 2034 Prime Rate (4) + 0.50% 405 — RED Units (5) (19) RED See footnote (19) 6.50% 2,401 2,000 Total notes payable 143,678 141,068 Deferred loan costs, net (2,561) (2,723) Original issue discount, net (9) (1,285) (1,379) Notes payable, net of deferred loan costs 139,832 136,966 Less current portion (4,358) (4,387) Total notes payable, net - non-current $ 135,474 $ 132,579 __________________ (1) Base Rate, as defined in the amended credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) Adjusted Term SOFR plus 1.00%, or (iv) 1.25%. (2) The Daily Adjusting Bloomberg Short-Term Bank Yield Index rate (the “BSBY Rate”) was 5.35% and 5.44% at March 31, 2024 and December 31, 2023, respectively. (3) Adjusted Term SOFR is the one-month forward-looking SOFR rate plus 0.03%. Adjusted Term SOFR was 5.36% and 5.38% at March 31, 2024 and December 31, 2023, respectively. (4) The Prime Rate was 8.50% and 8.50% at March 31, 2024 and December 31, 2023, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility and equipment note are collateralized primarily by INSPIRE’s eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $14.5 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. INSPIRE’s Term Note 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 $20.2 million and $20.6 million as of March 31, 2024 and December 31, 2023, respectively. (9) On March 31, 2023, the Company amended its Credit Agreement (the “Credit Agreement”), previously entered into on April 1, 2022, with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The amendment replaced the one-month LIBOR rate with Adjusted Term SOFR. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. 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 Adjusted Term SOFR plus an applicable margin, or the Base Rate plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Adjusted Term SOFR 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. Undrawn balances of the Credit Facility were subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of March 31, 2024, no unused amounts remained under the Credit Facility. (10) On March 24, 2023, INSPIRE amended its credit agreement (the “INSPIRE Amendment”). The INSPIRE Amendment increased the maximum borrowing capacity under INSPIRE’s revolving credit facility from $3.0 million to $6.0 million, provides for a $20.0 million term note and an equipment note pursuant to which, until September 24, 2027, INSPIRE may request advances up to $4.0 million in the aggregate to purchase new machinery or equipment to be used in the ordinary course of business. The INSPIRE Amendment extended the maturity date of INSPIRE’s notes from January 1, 2024 to March 24, 2028. Monthly principal payments commenced on April 1, 2023 for the term note in the amount of approximately $167,000. Borrowings under the revolving note require monthly payments of interest only until the maturity date and borrowings under the equipment note require monthly principal payments at 1/60th of the original principal amount of each advance. The notes bear interest at the BSBY Rate plus a margin of 2.75% and the undrawn balance of the revolving note and the equipment note are subject to an unused fee of 0.25% per annum. As of March 31, 2024, the amounts unused under INSPIRE’s revolving credit facility and equipment note were $2.8 million and $775,000, respectively. (11) 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. (12) As of March 31, 2024, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (13) On July 18, 2019, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (14) On July 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. (15) 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 converted 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%. (16) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converted into an individual term loan each time RED draws upon the facility. As of March 31, 2024, RED had drawn the full amount allowed under the line of credit. Maturity dates for amounts drawn under the facility are November 30, 2027, December 28, 2027 and January 20, 2028. (17) On February 2, 2023, OpenKey entered into a loan funding agreement with Braemar with a maximum loan amount of $395,000. As of March 31, 2024, the remaining unused loan balance was $158,000. (18) On March 17, 2023, in connection with the acquisition of Alii Nui, RED entered into two term loans of $1.7 million and $2.4 million. RED was required to make monthly payments on the term loans starting April 17, 2023. (19) On March 17, 2023, in connection with the Alii Nui acquisition, RED issued 80,000 RED Units at $25 per unit with a liquidation value of $2.0 million. On January 31, 2024, RED issued 16,000 additional RED Units at $25 per unit with a liquidation value of $401,000. See note 7. The RED Units accrue interest at 6.5% per annum with required quarterly payments. The RED Units are considered a form of financing the acquisition of Alii Nui under current accounting guidance and is recorded as a non-current note payable in our condensed consolidated balance sheets. (20) On May 19, 2023, RED entered into a term loan for two vessels. RED was required to make monthly principal payments on the term loan starting in June 2023. (21) On August 4, 2023, RED entered into a draw term loan with Merchants Commercial Bank with a maximum draw of $900,000 through August 5, 2024. As of March 31, 2024, the amount unused under RED’s draw term loan was $486,000. (22) On February 9, 2024, RED entered into a draw term loan with Centennial Bank with a maximum draw of $1.6 million. As of March 31, 2024, the amount unused under RED’s draw term loan was $1.2 million.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Accounts payable $ 22,621 $ 18,482 Accrued payroll expense 10,639 31,153 Accrued vacation expense 1,869 2,408 Accrued interest 525 444 Other accrued expenses 1,352 2,350 Total accounts payable and accrued expenses $ 37,006 $ 54,837

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Assets: Investments $ — $ — $ 5,000 (1) $ 5,000 Restricted Investment: Ashford Trust common stock 14 (2) — — 14 Braemar common stock 95 (2) — — 95 Total $ 109 $ — $ 5,000 $ 5,109 Liabilities: Contingent consideration $ (499) (3) $ — $ (2,870) (4) $ (3,369) Deferred compensation plan (613) — — (613) Total $ (1,112) $ — $ (2,870) $ (3,982) Net $ (1,003) $ — $ 2,130 $ 1,127 __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining a permit to operate a marine vessel (the “Permit”) which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. In the first quarter of 2024, the Company paid $501,000 of contingent consideration, which had been accrued as of December 31, 2023, to the sellers of Alii Nui of which $401,000 was paid by issuing additional RED Units and $100,000 was paid in cash. See note 5. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, of which the current and noncurrent portions are reported within “claims liabilities and other” and “other liabilities”, respectively, in our condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2023 Assets: Investments $ — $ — $ 5,000 (1) $ 5,000 Restricted Investment: Ashford Trust common stock $ 19 (2) $ — $ — $ 19 Braemar common stock 109 (2) — — 109 Total $ 128 $ — $ 5,000 $ 5,128 Liabilities: Contingent consideration $ (1,000) (3) $ — $ (2,920) (4) $ (3,920) Deferred compensation plan (891) — — (891) Total $ (1,891) $ — $ (2,920) $ (4,811) Net $ (1,763) $ — $ 2,080 $ 317 __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining the Permit which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, of which the current and noncurrent portions are reported within “claims liabilities and other” and “other liabilities”, respectively, in our condensed consolidated balance sheets. The following table presents our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2023 $ (2,920) Gains (losses) from fair value adjustments included in earnings 50 Balance at March 31, 2024 $ (2,870) __________________ (1) The Company measures contingent consideration liabilities related to our acquisition of Chesapeake at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are (a) a discount rate, with a range of 37.67% to 37.70%; (b) a forward - looking risk-free rate, with a range of 5.28% to 5.42%; and (c) a volatility rate of 43.71%.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents our roll forward of our Level 3 investments (in thousands): Investments (1) Balance at March 31, 2024 and December 31, 2023 $ 5,000 __________________ (1)
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, 2024 2023 Assets: Unrealized gain (loss) on investment: Ashford Trust common stock (1) $ (5) $ 57 Braemar common stock (1) (14) — Realized gain (loss) on investment: (2) Ashford Trust common stock — (73) Braemar common stock — (7) Total $ (19) $ (23) Liabilities: Contingent consideration (3) $ 50 $ (780) Subsidiary compensation plan (4) — 14 Deferred compensation plans (4) 278 220 Total $ 328 $ (546) Net $ 309 $ (569) __________________ (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. The unrealized gain (loss) on shares is reported within “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 our contingent consideration liabilities. The change in the fair value in the three months ended March 31, 2024 and 2023 is related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) Reported within “ salaries and benefits 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, 2024 Equity securities (1) $ 662 $ — $ (553) $ 109 __________________ (1) No distributions of available - for - sale securities occurred in the three months ended March 31, 2024. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2023 Equity securities (1) $ 662 $ — $ (534) $ 128 __________________ (1) Distributions of $195,000 of available - for - sale securities occurred in the year ended December 31, 2023.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 109 $ 109 $ 128 $ 128 Investments 5,000 5,000 5,000 $ 5,000 Financial liabilities measured at fair value: Deferred compensation plan $ 613 $ 613 $ 891 $ 891 Contingent consideration 3,369 3,369 3,920 3,920 Financial assets not measured at fair value: Cash and cash equivalents $ 52,364 $ 52,364 $ 52,054 $ 52,054 Restricted cash 14,961 14,961 23,216 23,216 Accounts receivable, net 34,469 34,469 26,945 26,945 Notes receivable 2,723 2,723 2,697 2,697 Due from affiliates — — 41 41 Due from Ashford Trust 11,475 11,475 18,933 18,933 Due from Braemar 5,993 5,993 714 714 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 37,006 $ 37,006 $ 54,837 $ 54,837 Dividends payable 37,881 37,881 28,508 28,508 Due to affiliates 789 789 — — Claims liabilities and other 30,590 30,590 29,782 29,782 Notes payable 143,678 143,678 141,068 141,068

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of (Income) Loss Attributed To Noncontrolling Interests	The following table summarizes the (income) loss attributable to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2024 2023 (Income) loss attributable to noncontrolling interests: OpenKey $ 168 $ 226 Pure Wellness — 62 TSGF L.P. 3 — Total net (income) loss attributable to noncontrolling interests $ 171 $ 288

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2024 2023 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (92) $ (155)
Dividends Declared	Convertible preferred stock cumulative dividends declared during the three months ended March 31, 2024 and 2023 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Preferred dividends - declared $ 8,700 $ 8,700 Preferred dividends per share - declared $ 0.4550 $ 0.4550 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): March 31, 2024 December 31, 2023 Aggregate preferred dividends - undeclared $ 29,010 $ 28,508 Aggregate preferred dividends - undeclared per share $ 1.5173 $ 1.4910

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are presented below by award type (in thousands): Three Months Ended March 31, 2024 2023 Equity-based compensation: Class 2 LTIP Units and stock option amortization (1) $ 32 $ 32 Employee LTIP Units and equity grant expense (2) 411 439 Director and other non-employee equity grants expense (3) 14 18 Total equity-based compensation $ 457 $ 489 Other equity-based compensation: REIT equity-based compensation (4) $ 1,667 $ 3,635 $ 2,124 $ 4,124 ________ (1) As of March 31, 2024, the Company had approximately $124,000 of total unrecognized compensation expense related to the Class 2 LTIP Units that will be recognized over a weighted average period of 1.0 year. (2) As of March 31, 2024, the Company had approximately $2.6 million of total unrecognized compensation expense related to restricted shares and LTIP Units that will be recognized over a weighted average period of 2.5 years. (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, 2024
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2024 2023 Change in fair value: Unrealized gain (loss) $ 278 $ 220 ________

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 8,221 $ 8,468 Hotel management fees: Base management fees 5,815 6,357 Incentive management fees 1,046 566 Total hotel management fees revenue (1) 6,861 6,923 Design and construction fees revenue (2) 3,722 3,381 Other revenue: Watersports, ferry and excursion services (4) 18 16 Debt placement and related fees (5) 31 395 Premiums earned (6) 1,117 — Cash management fees (7) 25 71 Claims management services (8) 6 1 Other services (9) 392 397 Total other revenue 1,589 880 Cost reimbursement revenue 77,255 69,577 Total revenues $ 97,648 $ 89,229 REVENUES BY SEGMENT (10) Advisory $ 14,709 $ 12,762 Remington 69,871 70,000 Premier 5,985 5,221 INSPIRE 54 29 RED 49 28 OpenKey 27 30 Corporate and other (11) 6,953 1,159 Total revenues $ 97,648 $ 89,229 COST OF REVENUES Cost of revenues for audio visual (3) $ 2,533 $ 2,655 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 6,337 $ 6,495 ________ (1) 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. (2) 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. (3) 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. (4) 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. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Premiums earned is recognized by our insurance subsidiary, Warwick, from general liability and workers’ compensation insurance premiums. Revenue from insurance premiums is recognized ratably over the contractual terms of the respective written policy. (7) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (10) See note 16 for discussion of segment reporting. (11) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Ashford Trust’s capital contributions to Ashford Securities under a Fourth Amended and Restated Contribution Agreement among the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. The following table summarizes the revenues and expenses related to Braemar (in thousands): Three Months Ended March 31, 2024 2023 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 3,326 $ 3,640 Incentive advisory fees (1) 67 67 Other advisory revenue (2) 130 128 Total advisory services fees revenue 3,523 3,835 Hotel management fees: Base management fees 541 577 Incentive management fees 24 — Total hotel management fees revenue (3) 565 577 Design and construction fees revenue (4) 4,682 2,520 Other revenue: Watersports, ferry and excursion services (6) 745 618 Debt placement and related fees (7) 987 — Premiums earned (8) 157 — Cash management fees (9) 5 55 Claims management services (10) 1 — Other services (11) 61 89 Total other revenue 1,956 762 Cost reimbursement revenue 5,254 14,519 Total revenues $ 15,980 $ 22,213 REVENUES BY SEGMENT (12) Advisory $ 6,540 $ 8,118 Remington 7,189 6,684 Premier 5,841 3,440 INSPIRE 30 24 RED 779 628 OpenKey 9 9 Corporate and other (13) (4,408) 3,310 Total revenues $ 15,980 $ 22,213 COST OF REVENUES (5) Cost of revenues for audio visual $ 1,077 $ 1,171 Other 742 632 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,933 $ 2,929 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 1,032 765 ________ (1) The incentive advisory fees for the three months ended March 31, 2024 and 2023 includes the pro rata portion of the third year and second year installment, respectively, of the 2022 incentive advisory fee. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2023 measurement period. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management 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. (4) 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. (5) 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 condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) 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. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification and refinancing services. (8) Premiums earned is recognized by our insurance subsidiary, Warwick, from general liability and workers’ compensation insurance premiums. Revenue from insurance premiums is recognized ratably over the contractual terms of the respective written policy. (9) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. (10) Claims management services include revenue earned from providing insurance claim assessment and administration services. (11) 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. (12) See note 16 for discussion of segment reporting. (13) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Braemar’s capital contributions to Ashford Securities under a Fourth Amended and Restated Contribution Agreement among the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below.
Asset Acquisition	The following table summarizes the assets and liabilities acquired by the Company on the asset acquisition date (in thousands): January 3, 2023 Restricted cash $ 849 Property and equipment, net 2,183 Operating lease right-of-use assets 15,017 Total assets acquired 18,049 Operating lease liabilities 17,200 Other liabilities 849 Total assumed liabilities 18,049 Net assets acquired $ —

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 1,594 $ 1,309 Less: Dividends on preferred stock, declared and undeclared (1) (9,202) (9,034) Undistributed net income (loss) allocated to common stockholders (7,608) (7,725) Distributed and undistributed net income (loss) - basic $ (7,608) $ (7,725) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (80) — Distributed and undistributed net income (loss) - diluted $ (7,688) $ (7,725) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 3,134 2,984 Effect of assumed conversion of operating partnership units 26 — Weighted average common shares outstanding – diluted 3,160 2,984 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (2.43) $ (2.59) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.43) $ (2.59) ________ (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, 2024 2023 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 172 $ 155 Net income (loss) attributable to subsidiary convertible interests 49 20 Dividends on preferred stock, declared and undeclared 9,202 9,034 Total $ 9,423 $ 9,209 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 22 32 Effect of assumed conversion of Ashford Holdings units 80 93 Effect of conversion of subsidiary interests 1,284 155 Effect of assumed conversion of preferred stock 4,314 4,226 Total 5,700 4,506

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three months ended March 31, 2024 and 2023 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, 2024 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUES: Advisory services fees $ 11,744 $ — $ — $ — $ — $ — $ — $ 11,744 Hotel management fees — 12,470 — — — — — 12,470 Design and construction fees — — 9,447 — — — — 9,447 Audio visual — — — 44,912 — — — 44,912 Other 37 — — — 11,224 353 4,637 16,251 Cost reimbursement revenue (1) 9,468 101,340 3,518 84 64 — (164) 114,310 Total revenues 21,249 113,810 12,965 44,996 11,288 353 4,473 209,134 EXPENSES: Depreciation and amortization 131 2,621 2,720 549 322 3 35 6,381 Other operating expenses (2) — 8,528 3,874 40,079 9,713 1,067 18,095 81,356 Reimbursed expenses (1) 9,475 101,340 3,518 84 64 — (104) 114,377 Total operating expenses 9,606 112,489 10,112 40,712 10,099 1,070 18,026 202,114 OPERATING INCOME (LOSS) 11,643 1,321 2,853 4,284 1,189 (717) (13,553) 7,020 Equity in earnings (loss) of unconsolidated entities — — — — — — 36 36 Interest expense — — — (473) (442) (9) (3,232) (4,156) Amortization of loan costs — — — (5) (9) — (262) (276) Interest income — 27 — — — — 665 692 Other income (expense) — (20) — (88) — — 653 545 INCOME (LOSS) BEFORE INCOME TAXES 11,643 1,328 2,853 3,718 738 (726) (15,693) 3,861 Income tax (expense) benefit (2,931) (248) (599) (1,960) (256) — 3,648 (2,346) NET INCOME (LOSS) $ 8,712 $ 1,080 $ 2,254 $ 1,758 $ 482 $ (726) $ (12,045) $ 1,515 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $10.1 million of cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel, accounting and insurance. (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, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUES: Advisory services fees $ 12,303 $ — $ — $ — $ — $ — $ — $ 12,303 Hotel management fees — 12,187 — — — — — 12,187 Design and construction fees — — 6,929 — — — — 6,929 Audio visual — — — 40,357 — — — 40,357 Other 127 — — — 7,628 389 930 9,074 Cost reimbursement revenue (1) 8,451 89,277 2,842 52 23 — 3,627 104,272 Total revenues 20,881 101,464 9,771 40,409 7,651 389 4,557 185,122 EXPENSES: Depreciation and amortization 516 2,871 2,888 463 181 3 78 7,000 Other operating expenses (2) 1,032 8,189 4,211 35,044 7,093 1,357 12,355 69,281 Reimbursed expenses (1) 8,377 89,277 2,842 52 23 — 3,627 104,198 Total operating expenses 9,925 100,337 9,941 35,559 7,297 1,360 16,060 180,479 OPERATING INCOME (LOSS) 10,956 1,127 (170) 4,850 354 (971) (11,503) 4,643 Equity in earnings (loss) of unconsolidated entities — — — — — — (459) (459) Interest expense — — — (295) (276) — (2,266) (2,837) Amortization of loan costs — — — (37) (10) — (194) (241) Interest income — 40 — — — — 237 277 Realized gain (loss) on investments — (80) — — — — — (80) Other income (expense) — 59 — 21 428 — (15) 493 INCOME (LOSS) BEFORE INCOME TAXES 10,956 1,146 (170) 4,539 496 (971) (14,200) 1,796 Income tax (expense) benefit (2,562) (296) 51 (2,616) (45) — 4,848 (620) NET INCOME (LOSS) $ 8,394 $ 850 $ (119) $ 1,923 $ 451 $ (971) $ (9,352) $ 1,176 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $3.1 million of 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. Total assets by segment are presented below (in thousands): March 31, 2024 December 31, 2023 Remington $ 159,868 $ 166,719 Premier 140,108 138,967 INSPIRE 63,821 57,193 RED 51,082 50,012 OpenKey 1,439 1,303 Other (1) 80,753 90,613 Total assets $ 497,071 $ 504,807 ________ (1) Other includes the total assets of our Advisory and Corporate and Other segments. Total assets for our Advisory segment are not available for disclosure as assets are not allocated between our Advisory and Corporate and Other segments.

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests		$ 1,999		$ 1,972
Redemption value adjustment		(7)	$ (5)
Carrying value of noncontrolling interests		10,745		$ 7,005
Acquisition of noncontrolling interest in consolidated subsidiaries		$ 214	$ 0
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		98.78%		99.49%
Redeemable noncontrolling interests		1.22%		0.51%
Noncontrolling interests in consolidated entities		0%		0%
Noncontrolling ownership		100%		100%
Carrying value of redeemable noncontrolling interests		$ 1,999		$ 1,972
Redemption value adjustment		7		9
Redemption value adjustment, cumulative		$ 629		$ 622
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		76.78%		76.78%
Redeemable noncontrolling interests		0%		0%
Noncontrolling interests in consolidated entities		23.22%		23.22%
Noncontrolling ownership		100%		100%
Carrying value of noncontrolling interests		$ (705)		$ (537)
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	100%			70%
Redeemable noncontrolling interests				0%
Noncontrolling interests in consolidated entities				30%
Noncontrolling ownership				100%
Carrying value of noncontrolling interests				$ (127)
Acquisition of noncontrolling interest in consolidated subsidiaries	$ 214
TSGF L.P.
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		19.10%		25.29%
Redeemable noncontrolling interests		0%		0%
Noncontrolling interests in consolidated entities		80.90%		74.71%
Noncontrolling ownership		100%		100%
Carrying value of noncontrolling interests		$ 11,450		$ 7,669

Significant Accounting Polici_5

Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Investments	$ 9,301,000		$ 9,265,000
Equity in earnings (loss) of unconsolidated entities	0	$ 0
Equity method investments	1,400,000		1,400,000
Allowance for credit loss	2,141,000		2,090,000
Reserve amount for claims liabilities	27,300,000		26,800,000
Contingent consideration	3,369,000		3,920,000
Remington
Noncontrolling Interest [Line Items]
Reserve amount for claims liabilities	2,000,000	1,700,000
Alii Nui Maui
Noncontrolling Interest [Line Items]
Contingent consideration	499,000		1,000,000
Chesapeake
Noncontrolling Interest [Line Items]
Contingent consideration	1,200,000		1,300,000
Contingent consideration liability, noncurrent	1,600,000		1,600,000
Unrecognized tax benefits	996,000		978,000
Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Property and equipment, net	1,600,000		1,700,000
Audio visual
Noncontrolling Interest [Line Items]
Property and equipment, net	15,300,000		15,600,000
Marine vessels
Noncontrolling Interest [Line Items]
Property and equipment, net	25,600,000		25,000,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments	500,000		500,000
TSGF L.P. | Investments
Noncontrolling Interest [Line Items]
Adjustments	5,000,000		$ 5,000,000
Unconsolidated Entities
Noncontrolling Interest [Line Items]
Impairment	$ 0	$ 0

Significant Accounting Polici_6

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in REA Holdings	$ 1,400		$ 1,400
Equity in earnings (loss) of unconsolidated entities	36	$ (459)
REA Holdings
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in REA Holdings	$ 2,416		$ 2,370
Ownership interest in REA Holdings	30%		30%
Equity in earnings (loss) of unconsolidated entities	$ 46	$ (459)

Significant Accounting Polici_7

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 14,961	$ 23,216	$ 35,133	$ 37,058
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,992	4,269
Insurance claim reserves | Advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,969	18,947
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,172	2,508
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,820	$ 1,761

Significant Accounting Polici_8

Significant Accounting Policies - Notes Receivables (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Apr. 03, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 2,723	$ 2,697
Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		2,723	2,697
Remington | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		525	525
Agreement terms, percent	10%
Ashford Holdings | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 1,104	1,082
Agreement terms, percent		8%
REA Holdings | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 861	845
Agreement terms, percent		7.50%
Payment period for principal				24 months
Other Affiliated Entities | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 233	$ 245

Revenues - Narrative (Details)

Revenues - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2017 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Incentive advisory installments, term (in years)		3 years
Hotel management fee, payment term (in days)		90 days
Increase in design and construction fees		$ 3,600
Audio visual revenue payment term (in days)		30 days
Payment term		15 days
Cost reimbursement revenue payment (in days)		30 days
Period of unsatisfied performance obligations (in years)		1 year
Receivables related to revenues from contracts with customers		$ 34,500	$ 26,100	$ 17,600
Remington
Disaggregation of Revenue [Line Items]
Base management fees, percentage of hotel revenues		3%
Incentive management fee, percentage of hotel revenues		1%
Ashford Trust
Disaggregation of Revenue [Line Items]
Monthly base fee (as a percent)		0.000583333
Ashford Trust | Related Party
Disaggregation of Revenue [Line Items]
Due from related parties		$ 11,475	18,933	0
Braemar
Disaggregation of Revenue [Line Items]
Monthly base fee (as a percent)		0.000583333
Investment in unconsolidated entities	$ 5,000
Initial contract period (in years)		10 years
Braemar | Related Party
Disaggregation of Revenue [Line Items]
Due from related parties		$ 5,993	$ 714	$ 11,800

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Revenue and Contract Balances
Beginning balance	$ 18,378	$ 7,800
Increases to deferred income	7,896	5,284
Recognition of revenue	(7,357)	(3,615)
Ending balance	18,917	9,469
Revenue recognized	5,900	3,600
Advisory services fees
Deferred Revenue and Contract Balances
Recognition of revenue	(1,800)	(368)
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(826)	(1,100)
Watersports, ferry and excursion services
Deferred Revenue and Contract Balances
Recognition of revenue	(1,200)
Premiums earned
Deferred Revenue and Contract Balances
Recognition of revenue	(2,600)
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	$ (903)	$ (2,200)

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 reportable_segment	Mar. 31, 2024 segment	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total revenues	$ 209,134			$ 185,122
Number of reportable segments		6	6
Advisory
Disaggregation of Revenue [Line Items]
Total revenues	21,249			20,881
Remington
Disaggregation of Revenue [Line Items]
Total revenues	113,810			101,464
Premier
Disaggregation of Revenue [Line Items]
Total revenues	12,965			9,771
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	44,996			40,409
RED
Disaggregation of Revenue [Line Items]
Total revenues	11,288			7,651
OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	353			389
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	4,473			4,557
Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,744			12,303
Total advisory services revenue | Advisory
Disaggregation of Revenue [Line Items]
Total revenues	11,744			12,303
Total advisory services revenue | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total advisory services revenue | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total advisory services revenue | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total advisory services revenue | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total advisory services revenue | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total advisory services revenue | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Base advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	11,547			12,108
Incentive advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	67			67
Other advisory revenue
Disaggregation of Revenue [Line Items]
Total revenues	130			128
Hotel management fees
Disaggregation of Revenue [Line Items]
Total revenues	12,470			12,187
Hotel management fees | Advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Hotel management fees | Remington
Disaggregation of Revenue [Line Items]
Total revenues	12,470			12,187
Hotel management fees | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Hotel management fees | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Hotel management fees | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Hotel management fees | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Hotel management fees | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Base fees
Disaggregation of Revenue [Line Items]
Total revenues	8,948			9,010
Incentive fees
Disaggregation of Revenue [Line Items]
Total revenues	1,456			982
Other management fees
Disaggregation of Revenue [Line Items]
Total revenues	2,066			2,195
Design and construction fees
Disaggregation of Revenue [Line Items]
Total revenues	9,447			6,929
Design and construction fees | Advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Design and construction fees | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Design and construction fees | Premier
Disaggregation of Revenue [Line Items]
Total revenues	9,447			6,929
Design and construction fees | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Design and construction fees | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Design and construction fees | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Design and construction fees | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	44,912			40,357
Audio visual | Advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	44,912			40,357
Audio visual | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Audio visual | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Total other revenue
Disaggregation of Revenue [Line Items]
Total revenues	16,251			9,074
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	11,224			7,628
Debt placement and related fees
Disaggregation of Revenue [Line Items]
Total revenues	1,018			395
Premiums earned
Disaggregation of Revenue [Line Items]
Total revenues	2,964			0
Cash management fees
Disaggregation of Revenue [Line Items]
Total revenues	30			126
Claims management services
Disaggregation of Revenue [Line Items]
Total revenues	7			1
Other services
Disaggregation of Revenue [Line Items]
Total revenues	1,008			924
Cost reimbursement revenue
Disaggregation of Revenue [Line Items]
Total revenues	114,310			104,272
Cost reimbursement revenue | Advisory
Disaggregation of Revenue [Line Items]
Total revenues	9,468			8,451
Cost reimbursement revenue | Remington
Disaggregation of Revenue [Line Items]
Total revenues	101,340			89,277
Cost reimbursement revenue | Premier
Disaggregation of Revenue [Line Items]
Total revenues	3,518			2,842
Cost reimbursement revenue | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	84			52
Cost reimbursement revenue | RED
Disaggregation of Revenue [Line Items]
Total revenues	64			23
Cost reimbursement revenue | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0
Cost reimbursement revenue | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	$ (164)			$ 3,627

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 209,134	$ 185,122
International
Disaggregation of Revenue [Line Items]
Total revenues	15,079	15,110
Remington
Disaggregation of Revenue [Line Items]
Total revenues	113,810	101,464
Remington | United States
Disaggregation of Revenue [Line Items]
Total revenues	113,707	101,464
Remington | Costa Rica
Disaggregation of Revenue [Line Items]
Total revenues	103	0
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	44,996	40,409
INSPIRE | United States
Disaggregation of Revenue [Line Items]
Total revenues	31,580	26,712
INSPIRE | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	10,465	11,063
INSPIRE | Dominican Republic
Disaggregation of Revenue [Line Items]
Total revenues	2,951	2,634
RED
Disaggregation of Revenue [Line Items]
Total revenues	11,288	7,651
RED | United States
Disaggregation of Revenue [Line Items]
Total revenues	2,164	2,466
RED | HAWAII
Disaggregation of Revenue [Line Items]
Total revenues	1,974	424
RED | U.S. Virgin Islands
Disaggregation of Revenue [Line Items]
Total revenues	5,590	3,348
RED | United Kingdom (Turks and Caicos Islands)
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,560	$ 1,413

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 61,013	$ 61,013
Remington
Goodwill [Line Items]
Goodwill	56,658
RED
Goodwill [Line Items]
Goodwill	3,573
Corporate and Other
Goodwill [Line Items]
Goodwill	$ 782

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 327,400	$ 327,400
Accumulated Amortization	(129,821)	(124,295)
Net Carrying Amount	197,579	203,105
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	6,990	6,990
Remington | Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	4,900	4,900
RED | Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	2,090	2,090
Management Contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	114,731	114,731
Accumulated Amortization	(54,332)	(51,891)
Net Carrying Amount	60,399	62,840
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000	194,000
Accumulated Amortization	(67,496)	(64,808)
Net Carrying Amount	126,504	129,192
Customer Relationships | INSPIRE
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319	9,319
Accumulated Amortization	(6,925)	(6,645)
Net Carrying Amount	2,394	2,674
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,350	9,350
Accumulated Amortization	(1,068)	(951)
Net Carrying Amount	$ 8,282	$ 8,399

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5.5	$ 6
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	7 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years
Remington | Management Contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	8 years
Remington | Management Contracts | Maximum
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

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details) $ / shares in Units, shares in Thousands

3 Months Ended

Jan. 31, 2024 USD ($) $ / shares shares

Mar. 24, 2023 USD ($)

Mar. 17, 2023 USD ($) loan $ / shares shares

Apr. 01, 2022 USD ($) borrowing extension

Mar. 17, 2022 USD ($) loan

Mar. 09, 2021 USD ($)

Jul. 18, 2019 USD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Feb. 09, 2024 USD ($)

Dec. 31, 2023 USD ($)

Aug. 04, 2023 USD ($)

May 19, 2023 vessel

Mar. 23, 2023 USD ($)

Feb. 02, 2023 USD ($)

Sep. 15, 2022 USD ($)

Jul. 23, 2021 USD ($)

Debt Instrument [Line Items]

Total notes payable

$ 143,678,000

$ 141,068,000

Deferred loan costs, net

(2,561,000)

(2,723,000)

Original issue discount, net

(1,285,000)

(1,379,000)

Notes payable, net of deferred loan costs

139,832,000

136,966,000

Less current portion

(4,358,000)

(4,387,000)

Total notes payable, net - non-current

135,474,000

132,579,000

Acquisition of noncontrolling interest in consolidated subsidiaries

214,000

$ 0

Alii Nui Maui

Debt Instrument [Line Items]

Equity interest issued (in shares) | shares

16

80

Liquidation value (in dollars per share) | $ / shares

$ 25

$ 25

Equity interest issued, value

$ 401,000

$ 2,000,000

OpenKey

Debt Instrument [Line Items]

Acquisition of noncontrolling 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%

Percentage payable premium or cash

10%

INSPIRE

Debt Instrument [Line Items]

Debt instrument, collateral amount

14,500,000

8,300,000

RED

Debt Instrument [Line Items]

Debt instrument, collateral amount

$ 20,200,000

$ 20,600,000

Prime Rate

Debt Instrument [Line Items]

Reference rate

8.50%

8.50%

Note Payable Due February 2028

Debt Instrument [Line Items]

Interest rate

4%

Notes Payable Related to OpenKey Funding Agreement

Debt Instrument [Line Items]

Interest rate

15%

Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Facility Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Equipment Note due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Facility due On Demand | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6%

Term Loan Due April 2024

Debt Instrument [Line Items]

Interest rate

9%

Term Loan One Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2%

Term Loan Two Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2%

Term Loan Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Term Loan One Due March 2033 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan Two Due March 2023 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan Due May 2033

Debt Instrument [Line Items]

Number of vessels | vessel

2

Term Loan Due May 2033 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Draw Term Loan One Due March 2032

Debt Instrument [Line Items]

Interest rate

5%

Draw Term Loan Two Due March 2032

Debt Instrument [Line Items]

Interest rate

5%

Draw Term Loan Due 2027 and 2028 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Draw Term Loan Due February 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.25%

Draw Term Loan Due February 2034 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

RED Units

Debt Instrument [Line Items]

Interest rate

6.50%

Total notes payable

$ 2,401,000

$ 2,000,000

Line of Credit | Credit Facility Due April 2027 | Secured Debt

Debt Instrument [Line Items]

Total notes payable

$ 100,000,000

$ 100,000,000

Reference rate

1.25%

Line of Credit | Credit Facility Due April 2027 | Base Rate | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

6.35%

Line of Credit | Credit Facility Due April 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Reference rate

5.36%

5.38%

Line of Credit | Credit Facility Due April 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR) | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

7.35%

Reference rate

1%

Line of Credit | Credit Facility Due April 2027 | Federal Funds Rate | Secured Debt

Debt Instrument [Line Items]

Reference rate

0.50%

Line of Credit | Credit Facility Due April 2027 | One month forward-looking SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

0.03%

Line of Credit | Draw Term Loan Due 2027 and 2028

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,500,000

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Secured Debt

Debt Instrument [Line Items]

Original issue discount, net

$ (2,000,000)

Maximum borrowing capacity

100,000,000

Proceeds from long-term lines of credit

50,000,000

Remaining borrowing capacity

$ 50,000,000

Number of separate borrowings | borrowing

5

Additional borrowing period

24 months

Debt term (in years)

5 years

Number of extension options | extension

3

Term of extension options

1 year

Unused capacity fee percentage

1%

Unused borrowing capacity

$ 0

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Base Rate | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

6.35%

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR) | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

7.35%

Line of Credit | Extension Period One | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

0.50%

Line of Credit | Extension Period Two | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

0.75%

Line of Credit | Extension Period Three | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

1%

Line of Credit | INSPIRE | Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 6,000,000

$ 3,000,000

Line of Credit | Draw Term Loans Due March 2032 | RED

Debt Instrument [Line Items]

Interest rate

5%

Floor interest rate

5%

Number of instruments entered into | loan

2

Face amount of debt

$ 1,500,000

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%

Notes Payable to Banks | Note Payable Due February 2028

Debt Instrument [Line Items]

Total notes payable

1,167,000

$ 1,234,000

Notes Payable to Banks | Notes Payable Related to OpenKey Funding Agreement

Debt Instrument [Line Items]

Total notes payable

237,000

237,000

Remaining borrowing capacity

158,000

Face amount of debt

$ 395,000

Notes Payable to Banks | Term Loan Due March 2028

Debt Instrument [Line Items]

Total notes payable

$ 17,440,000

$ 18,500,000

Face amount of debt

20,000,000

Notes Payable to Banks | Term Loan Due March 2028 | INSPIRE

Debt Instrument [Line Items]

Principal payment

$ 167,000

Notes Payable to Banks | Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Reference rate

5.35%

5.44%

Notes Payable to Banks | Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate") | INSPIRE

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Notes Payable to Banks | Equipment Note due March 2028

Debt Instrument [Line Items]

Remaining borrowing capacity

$ 775,000

Notes Payable to Banks | Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6%

Total notes payable

$ 1,501,000

$ 1,537,000

Proceeds from long-term lines of credit

$ 1,700,000

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%

Notes Payable to Banks | Term Loan Due April 2024

Debt Instrument [Line Items]

Total notes payable

$ 0

60,000

Notes Payable to Banks | Term Loan One Due August 2029

Debt Instrument [Line Items]

Total notes payable

785,000

800,000

Face amount of debt

$ 900,000

Notes Payable to Banks | Term Loan Two Due August 2029

Debt Instrument [Line Items]

Total notes payable

1,791,000

1,830,000

Notes Payable to Banks | Term Loan Due August 2029

Debt Instrument [Line Items]

Total notes payable

2,584,000

2,672,000

Notes Payable to Banks | Term Loan One Due March 2033

Debt Instrument [Line Items]

Total notes payable

$ 1,700,000

1,638,000

1,645,000

Number of term loans | loan

2

Notes Payable to Banks | Term Loan Two Due March 2023

Debt Instrument [Line Items]

Total notes payable

$ 2,400,000

2,317,000

2,336,000

Notes Payable to Banks | Term Loan Due May 2033

Debt Instrument [Line Items]

Total notes payable

612,000

622,000

Notes Payable to Banks | Draw Term Loan One Due March 2032

Debt Instrument [Line Items]

Total notes payable

1,436,000

1,448,000

Notes Payable to Banks | Draw Term Loan Two Due March 2032

Debt Instrument [Line Items]

Total notes payable

1,043,000

1,043,000

Notes Payable to Banks | Draw Term Loan Due 2027 and 2028

Debt Instrument [Line Items]

Total notes payable

1,366,000

1,386,000

Notes Payable to Banks | Draw Term Loan Due February 2029

Debt Instrument [Line Items]

Total notes payable

414,000

168,000

Unused borrowing capacity

486,000

Face amount of debt

$ 900,000

Notes Payable to Banks | Draw Term Loan Due February 2034

Debt Instrument [Line Items]

Total notes payable

405,000

0

Unused borrowing capacity

$ 1,200,000

Face amount of debt

$ 1,600,000

Equipment Note

Debt Instrument [Line Items]

Face amount of debt

$ 4,000,000

Percentage of principal on periodic payments

0.0167

Equipment Note | INSPIRE

Debt Instrument [Line Items]

Unused capacity fee percentage

0.25%

Equipment Note | Equipment Note due March 2028

Debt Instrument [Line Items]

Total notes payable

$ 3,225,000

3,400,000

Revolving Credit Facility | Facility Due March 2028

Debt Instrument [Line Items]

Total notes payable

3,166,000

0

Remaining borrowing capacity

2,800,000

Revolving Credit Facility | Facility due On Demand

Debt Instrument [Line Items]

Total notes payable

150,000

$ 150,000

Remaining borrowing capacity

$ 100,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 22,621	$ 18,482
Accrued payroll expense	10,639	31,153
Accrued vacation expense	1,869	2,408
Accrued interest	525	444
Other accrued expenses	1,352	2,350
Total accounts payable and accrued expenses	$ 37,006	$ 54,837

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financial assets not measured at fair value:
Investments	$ 5,000	$ 5,000
Financial liabilities not measured at fair value:
Contingent consideration, total value of amount paid	501
Contingent consideration, amount paid in common units	401
Contingent consideration, amount paid in cash	100
Fair Value, Measurements, Recurring
Financial assets not measured at fair value:
Investments	5,000	5,000
Total	5,109	5,128
Financial liabilities not measured at fair value:
Contingent consideration	(3,369)	(3,920)
Deferred compensation plan	(613)	(891)
Total	(3,982)	(4,811)
Net	1,127	317
Fair Value, Measurements, Recurring | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	14	19
Fair Value, Measurements, Recurring | Braemar
Financial assets not measured at fair value:
Restricted Investment	95	109
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Financial assets not measured at fair value:
Investments	0	0
Total	109	128
Financial liabilities not measured at fair value:
Contingent consideration	(499)	(1,000)
Deferred compensation plan	(613)	(891)
Total	(1,112)	(1,891)
Net	(1,003)	(1,763)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	14	19
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Braemar
Financial assets not measured at fair value:
Restricted Investment	95	109
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Financial assets not measured at fair value:
Investments	0	0
Total	0	0
Financial liabilities not measured at fair value:
Contingent consideration	0	0
Deferred compensation plan	0	0
Total	0	0
Net	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Braemar
Financial assets not measured at fair value:
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Financial assets not measured at fair value:
Investments	5,000	5,000
Total	5,000	5,000
Financial liabilities not measured at fair value:
Contingent consideration	(2,870)	(2,920)
Deferred compensation plan	0	0
Total	(2,870)	(2,920)
Net	2,130	2,080
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Braemar
Financial assets not measured at fair value:
Restricted Investment	$ 0	$ 0

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets	$ 497,071	$ 504,807
Cash and cash equivalents	52,364	52,054	$ 37,004	$ 44,390
TSGF L.P.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets	12,600
Cash and cash equivalents	7,600
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at March 31, 2024 and December 31, 2023	5,000
TSGF L.P. | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Adjustments	5,000	$ 5,000
TSGF L.P. | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Adjustments	$ 5,000

Fair Value Measurements - Rol_2

Fair Value Measurements - Rollforward of Contingent Consideration Liability (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	$ 328	$ (546)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Measurement Input, Price Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.4371
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Minimum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.3767
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Minimum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.0528
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Maximum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.3770
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Maximum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.0542
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	$ 50	$ (780)
Contingent consideration | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,870)		$ (2,920)
Unrealized gain (loss)			$ 50
Ending balance	$ (2,920)

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, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ (19)	$ (23)
Unrealized gain (loss)	328	(546)
Net	$ 309	$ (569)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Salaries and benefits	Salaries and benefits
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	$ 50	$ (780)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	0	14
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	278	220
Restricted Investments | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	(5)	57
Realized gain (loss) on investment	0	(73)
Restricted Investments | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	(14)	0
Realized gain (loss) on investment	$ 0	$ (7)

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 109	$ 128
Distributions of available-for-sale securities			$ 195
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	662	662
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ (553)	(534)
Fair Value		$ 128

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 109	$ 128
Restricted investment, Fair value	109	128
Investments, Carrying Value	5,000	5,000
Investments, Fair Value	5,000	5,000
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	613	891
Deferred compensation plan, Fair value	613	891
Contingent consideration, Carrying Value	3,369	3,920
Contingent consideration, Fair value	3,369	3,920
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	52,364	52,054	$ 37,004	$ 44,390
Cash and cash equivalents, fair value	52,364	52,054
Restricted cash, Carrying value	14,961	23,216	$ 35,133	37,058
Restricted cash, Fair value	14,961	23,216
Accounts receivable, net, Carrying value	34,469	26,945
Accounts receivable, net, Fair value	34,469	26,945
Notes receivable, Carrying value	2,723	2,697
Notes receivable, Fair value	2,723	2,697
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	37,006	54,837
Accounts payable and accrued expenses, Fair value	37,006	54,837
Dividends payable, Carrying value	37,881	28,508
Dividends payable, Fair value	37,881	28,508
Claims liabilities and other, Carrying value	30,590	29,782
Claims liabilities and other, Fair value	30,590	29,782
Notes payable, Carrying value	143,678	141,068
Notes payable, Fair value	$ 143,678	141,068
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets (in days)	90 days
Other Affiliated Entities | Related Party
Financial assets not measured at fair value:
Due from related parties	$ 0	41
Due from related parties, Fair value	0	41
Financial liabilities not measured at fair value:
Due to affiliates and related party	789	0
Due to related parties, Fair value	789	0
Ashford Trust | Related Party
Financial assets not measured at fair value:
Due from related parties	11,475	18,933		0
Due from related parties, Fair value	11,475	18,933
Braemar | Related Party
Financial assets not measured at fair value:
Due from related parties	5,993	714		$ 11,800
Due from related parties, Fair value	$ 5,993	$ 714

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands				1 Months Ended
	Jan. 25, 2024 USD ($)	Aug. 05, 2022 USD ($)	Jul. 15, 2022 USD ($) installment	Feb. 29, 2024 lawsuit	Mar. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Number of lawsuits filed | lawsuit				2
INSPIRE
Long-term Purchase Commitment [Line Items]
Tax contingency, penalties and interest included	$ 3,900
Maximum period to issue final tax assessment (in years)	1 year
Penalties and interest accrued					$ 525
Former Chief Operating Officer
Long-term Purchase Commitment [Line Items]
Cash termination payment		$ 750
Severance payments liability			$ 6,400		$ 1,100
Number of monthly installments | installment			24
Severance costs, monthly installment amount			$ 267

Equity (Deficit) - Noncontrolli

Equity (Deficit) - Noncontrolling Interest in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 171	$ 288
OpenKey
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	168	226
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	0	62
TSGF L.P.
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 3	$ 0

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (92)	$ (155)
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (92)	$ (155)

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 14, 2023	Apr. 15, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Net income attributable to redeemable noncontrolling interests			$ 92	$ 155
Aggregate preferred dividends - undeclared			29,010		$ 28,508
Payments of ordinary dividends, preferred stock			0	8,699
Dividends payable			37,881		28,508
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net income attributable to redeemable noncontrolling interests			92	155
Series CHP Units | Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net income attributable to redeemable noncontrolling interests			$ 172	$ 172
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, consent percentage			55%
Payments of ordinary dividends, preferred stock	$ 8,700
Dividends payable			$ 37,700		$ 28,500
Chesapeake
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued (in shares)		378,000
Equity interest issued (in dollars per share)		$ 25
Convertible preferred units, dividend rate, percentage		7.28%
Preferred units, convertible, conversion price (in dollars per share)		$ 117.50
Convertible preferred units, dividend rate, percentage increase		10%
Consent of holders of units necessary for taking specified action, percent		50%
Remington | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)			$ 25
Dividend rate			7.28%
Share price (in dollars per share)			$ 117.50
Increase in annual percentage			10%
Premier | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Redemption increments amount			$ 25,000
Redemption price (in dollars per share)			$ 25.125
Redemption, minimum business days before purchase closes (in days)			5 days

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 8,700	$ 8,700
Preferred dividends per share - declared (in dollars per share)	$ 0.4550	$ 0.4550
Aggregate preferred dividends - undeclared	$ 29,010		$ 28,508
Aggregate preferred dividends per share - undeclared per share (in dollars per share)	$ 1.5173		$ 1.4910

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 2,124	$ 4,124
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	32	32
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	411	439
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	457	489
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	1,667	3,635
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	14	$ 18
Class 2 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 124
Period for recognition (in years)	1 year
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)	2 years 6 months
Unrecognized compensation expense, other than options	$ 2,600

Deferred Compensation Plan - DC

Deferred Compensation Plan - DCP Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Change in fair value:
Unrealized gain (loss)	$ 328,000	$ (546,000)
Deferred compensation plan liability	613,000		$ 891,000
Matching expenses incurred	0	0
Deferred compensation plan
Change in fair value:
Unrealized gain (loss)	$ 278,000	$ 220,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) shares in Thousands

1 Months Ended

3 Months Ended

Jan. 25, 2024 USD ($)

Mar. 02, 2023 USD ($)

Jan. 27, 2022 USD ($)

Dec. 31, 2020 USD ($)

Jun. 30, 2023

Mar. 31, 2024 USD ($) property

Dec. 31, 2023 USD ($)

Mar. 31, 2023 USD ($)

Mar. 31, 2022 USD ($)

Mar. 29, 2024 USD ($)

Mar. 12, 2024 USD ($) period

Mar. 11, 2024 USD ($)

Dec. 07, 2023 USD ($) shares

Jan. 03, 2023 USD ($)

Dec. 31, 2022 USD ($)

Related Party Transaction [Line Items]

Total revenues

$ 209,134,000

$ 185,122,000

Deferred income

10,234,000

$ 11,963,000

Allocation percentage

10%

50%

Aggregate non-listed preferred equity offerings

$ 400,000,000

Payment for subsidiaries portion of contributions

$ 2,500,000

Operating lease right-of-use assets

20,844,000

21,193,000

Equity method investments

$ 1,400,000

$ 1,400,000

Stirling OP

Related Party Transaction [Line Items]

Equity method investments

$ 200,000

Partnership interest (in shares) | shares

8

Equity method investment, ownership percentage (less than)

1%

Consolidation, Eliminations

Related Party Transaction [Line Items]

Present value of minimum lease payments

$ 17,200,000

Consolidation, Eliminations | RHC

Related Party Transaction [Line Items]

Operating lease right-of-use assets

$ 17,200,000

Cost reimbursement revenue

Related Party Transaction [Line Items]

Total revenues

$ 114,310,000

104,272,000

Lismore

Related Party Transaction [Line Items]

Total revenues

$ 454,000

Braemar

Related Party Transaction [Line Items]

Allocation percentage

45%

50%

Braemar | OpenKey

Related Party Transaction [Line Items]

Noncontrolling interests in consolidated entities

7.92%

Ashford Trust

Related Party Transaction [Line Items]

Allocation percentage

45%

0%

Reimbursement of contribution

$ 3,200,000

Ashford Trust | OpenKey

Related Party Transaction [Line Items]

Noncontrolling interests in consolidated entities

15.06%

Remington

Related Party Transaction [Line Items]

Number of properties managed | property

3

Total revenues

$ 113,810,000

101,464,000

Remington | Cost reimbursement revenue

Related Party Transaction [Line Items]

Total revenues

101,340,000

89,277,000

Remington | Cost reimbursement revenue | Consolidation, Eliminations

Related Party Transaction [Line Items]

Total revenues

$ 10,100,000

3,100,000

A&R PMA Agreement

Related Party Transaction [Line Items]

Initial term (in years)

10 years

Percentage of project management fee

8%

Second A&R HMA Agreement

Related Party Transaction [Line Items]

Initial term (in years)

10 years

Stirling's Hotels and Resorts

Related Party Transaction [Line Items]

Monthly base fee (as a percent)

0.0125

Total return on certain classes of units (as a percent)

0.125

Performance participation interest (as a percent)

0.50

Remington Hotels | A&R PMA Agreement

Related Party Transaction [Line Items]

Number of successive periods | period

3

Duration of successive periods (in years)

7 years

Final term (in years)

4 years

Remington Hotels | Second A&R HMA Agreement

Related Party Transaction [Line Items]

Number of successive periods | period

3

Duration of successive periods (in years)

7 years

Final term (in years)

4 years

Ashford Trust

Related Party Transaction [Line Items]

Monthly base fee (as a percent)

0.000583333

Total revenues

$ 97,648,000

89,229,000

Payment for subsidiaries portion of contributions

3,400,000

Amount received

7,900,000

Property and equipment, net

$ 2,400,000

1,500,000

Purchased FF&E

630,000

450,000

Loss on sale of FF&E

1,000,000

Ashford Trust | Cost reimbursement revenue

Related Party Transaction [Line Items]

Total revenues

77,255,000

69,577,000

Amount received

5,400,000

$ 398,000

Ashford Trust | Dealer Manager Fees | Cost reimbursement revenue

Related Party Transaction [Line Items]

Amount received

$ 478,000

Braemar

Related Party Transaction [Line Items]

Monthly base fee (as a percent)

0.000583333

Total revenues

$ 15,980,000

22,213,000

Amount paid

3,500,000

Payment for subsidiaries portion of contributions

$ 5,900,000

Amount received

12,900,000

Braemar | Cost reimbursement revenue

Related Party Transaction [Line Items]

Total revenues

5,254,000

14,519,000

Amount received

(5,600,000)

3,200,000

Braemar | Remington

Related Party Transaction [Line Items]

Total revenues

7,189,000

$ 6,684,000

Braemar | Contribution Agreement, Company's Portion Of Contributions to Fund Ashford Securities

Related Party Transaction [Line Items]

Amount paid

293,000

Braemar | Contribution Agreement, Ashford Trust's Portion of Contributions to Fund Ashford Securities

Related Party Transaction [Line Items]

Amount paid

$ 3,200,000

Ashford Trust and Braemar | Maximum

Related Party Transaction [Line Items]

Amount committed

$ 18,000,000

Stirling OP

Related Party Transaction [Line Items]

Reimbursement period (in months)

60 months

OpenKey

Related Party Transaction [Line Items]

Aggregate of related party transaction

921,000

Affiliated Entity

Related Party Transaction [Line Items]

Credit agreement, term (in years)

2 years

Maximum financial impact allotted for agreement

$ 2,000,000

Tangible net worth covenant

$ 750,000,000

$ 1,000,000,000

Percentage of net equity proceeds

75%

75%

Cash incentive compensation limit

$ 13,100,000

Related Party | Lismore Capital LLC

Related Party Transaction [Line Items]

Total revenues

6,000

Related Party | Ashford Trust

Related Party Transaction [Line Items]

Term of agreement (in years)

12 months

Deferred income

527,000

183,000

Due from related parties

11,475,000

18,933,000

$ 0

Related Party | Ashford Trust | Ashford Trust FF&E 1

Related Party Transaction [Line Items]

Due from related parties

$ 630,000

Related Party | Braemar

Related Party Transaction [Line Items]

Term of agreement (in years)

12 months

Deferred income

$ 4,000

52,000

Due from related parties

$ 5,993,000

$ 714,000

$ 11,800,000

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total revenues	$ 209,134	$ 185,122
Advisory agreement, amount due upon approval	$ 5,000
Advisory agreement, initial term (in years)	10 years
Advisory
Related Party Transaction [Line Items]
Total revenues	$ 21,249	20,881
Remington
Related Party Transaction [Line Items]
Total revenues	$ 113,810	101,464
Base management fees, percentage of hotel revenues	3%
Incentive management fee, percentage of hotel revenues	1%
Premier
Related Party Transaction [Line Items]
Total revenues	$ 12,965	9,771
INSPIRE
Related Party Transaction [Line Items]
Total revenues	44,996	40,409
RED
Related Party Transaction [Line Items]
Total revenues	11,288	7,651
OpenKey
Related Party Transaction [Line Items]
Total revenues	353	389
Corporate and Other
Related Party Transaction [Line Items]
Total revenues	4,473	4,557
Base fees
Related Party Transaction [Line Items]
Total revenues	8,948	9,010
Incentive fees
Related Party Transaction [Line Items]
Total revenues	1,456	982
Hotel management fees
Related Party Transaction [Line Items]
Total revenues	12,470	12,187
Hotel management fees | Advisory
Related Party Transaction [Line Items]
Total revenues	0	0
Hotel management fees | Remington
Related Party Transaction [Line Items]
Total revenues	12,470	12,187
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	9,447	6,929
Design and construction fees | 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	9,447	6,929
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	16,251	9,074
Other | Advisory
Related Party Transaction [Line Items]
Total revenues	37	127
Other | Remington
Related Party Transaction [Line Items]
Total revenues	0	0
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	11,224	7,628
Other | OpenKey
Related Party Transaction [Line Items]
Total revenues	353	389
Other | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	4,637	930
Premiums earned
Related Party Transaction [Line Items]
Total revenues	2,964	0
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	114,310	104,272
Cost reimbursement revenue | Advisory
Related Party Transaction [Line Items]
Total revenues	9,468	8,451
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues	101,340	89,277
Cost reimbursement revenue | Premier
Related Party Transaction [Line Items]
Total revenues	3,518	2,842
Cost reimbursement revenue | INSPIRE
Related Party Transaction [Line Items]
Total revenues	84	52
Cost reimbursement revenue | RED
Related Party Transaction [Line Items]
Total revenues	64	23
Cost reimbursement revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues	0	0
Cost reimbursement revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	(164)	3,627
Audio visual
Related Party Transaction [Line Items]
Total revenues	44,912	40,357
Audio visual | 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	44,912	40,357
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	97,648	89,229
Cost of revenues	2,533	2,655
Ashford Trust | Advisory
Related Party Transaction [Line Items]
Total revenues	14,709	12,762
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues	27	30
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	6,953	1,159
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Total revenues	5,815	6,357
Ashford Trust | Incentive fees
Related Party Transaction [Line Items]
Total revenues	1,046	566
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	6,861	6,923
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	3,722	3,381
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues	69,871	70,000
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues	5,985	5,221
Ashford Trust | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	54	29
Ashford Trust | Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues	49	28
Ashford Trust | Premiums earned
Related Party Transaction [Line Items]
Total revenues	1,117	0
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	77,255	69,577
Ashford Trust | Audio visual | Advisory
Related Party Transaction [Line Items]
Total revenues	6,337	6,495
Ashford Trust | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	8,221	8,468
Ashford Trust | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	1,589	880
Ashford Trust | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	18	16
Ashford Trust | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	31	395
Ashford Trust | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues	25	71
Ashford Trust | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	6	1
Ashford Trust | Other services | Other
Related Party Transaction [Line Items]
Total revenues	392	397
Braemar
Related Party Transaction [Line Items]
Total revenues	15,980	22,213
Braemar | Advisory
Related Party Transaction [Line Items]
Total revenues	6,540	8,118
Braemar | Remington
Related Party Transaction [Line Items]
Total revenues	7,189	6,684
Braemar | Premier
Related Party Transaction [Line Items]
Total revenues	5,841	3,440
Braemar | INSPIRE
Related Party Transaction [Line Items]
Total revenues	30	24
Braemar | RED
Related Party Transaction [Line Items]
Total revenues	779	628
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues	9	9
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	(4,408)	3,310
Braemar | Base fees
Related Party Transaction [Line Items]
Total revenues	541	577
Braemar | Incentive fees
Related Party Transaction [Line Items]
Total revenues	24	0
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	565	577
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	4,682	2,520
Braemar | Other
Related Party Transaction [Line Items]
Cost of revenues	742	632
Braemar | Premiums earned
Related Party Transaction [Line Items]
Total revenues	157	0
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	5,254	14,519
Braemar | Audio visual
Related Party Transaction [Line Items]
Cost of revenues	1,077	1,171
Braemar | Audio visual | Advisory
Related Party Transaction [Line Items]
Total revenues	2,933	2,929
Braemar | Total advisory services revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	3,523	3,835
Braemar | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	3,326	3,640
Braemar | Incentive fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	67	67
Braemar | Other advisory revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	130	128
Braemar | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	1,956	762
Braemar | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	745	618
Braemar | Watersports, ferry and excursion services | Other | Advisory
Related Party Transaction [Line Items]
Total revenues	1,032	765
Braemar | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	987	0
Braemar | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues	5	55
Braemar | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	1	0
Braemar | Other services | Other
Related Party Transaction [Line Items]
Total revenues	$ 61	$ 89

Related Party Transactions - _2

Related Party Transactions - Summary of Assets and Liabilities in Asset Acquisition (Details) - RHC $ in Thousands	Jan. 03, 2023 USD ($)
Business Acquisition [Line Items]
Restricted cash	$ 849
Property and equipment, net	2,183
Operating lease right-of-use assets	15,017
Total assets acquired	18,049
Operating lease liabilities, current	17,200
Other liabilities	849
Total assumed liabilities	18,049
Net assets acquired	$ 0

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, 2024	Mar. 31, 2023
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ 1,594	$ 1,309
Less: Dividends on preferred stock, declared and undeclared	(9,202)	(9,034)
Undistributed net income (loss) allocated to common stockholders	(7,608)	(7,725)
Distributed and undistributed net income (loss) - basic	(7,608)	(7,725)
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings	(80)	0
Distributed and undistributed net income (loss) - diluted	$ (7,688)	$ (7,725)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	3,134	2,984
Effect of assumed conversion of operating partnership units	26	0
Weighted average common shares outstanding – diluted (in shares)	3,160	2,984
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (2.43)	$ (2.59)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (2.43)	$ (2.59)

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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 9,423	$ 9,209
Dividends on preferred stock, declared and undeclared	$ 9,202	$ 9,034
Weighted average diluted shares (in shares)	5,700	4,506
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	$ 172	$ 155
Weighted average diluted shares (in shares)	80	93
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	22	32
Effect of conversion of subsidiary interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 49	$ 20
Weighted average diluted shares (in shares)	1,284	155
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,314	4,226

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) reportable_segment	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments		6	6
REVENUES:
Total revenues	$ 209,134			$ 185,122
EXPENSES:
Depreciation and amortization	6,381			7,000
Other operating expenses	81,356			69,281
Reimbursed expenses	114,377			104,198
Total expenses	202,114			180,479
OPERATING INCOME (LOSS)	7,020			4,643
Equity in earnings (loss) of unconsolidated entities	36			(459)
Interest expense	(4,156)			(2,837)
Amortization of loan costs	(276)			(241)
Interest income	692			277
Realized gain (loss) on investments	0			(80)
Other income (expense)	545			493
INCOME (LOSS) BEFORE INCOME TAXES	3,861			1,796
Income tax (expense) benefit	(2,346)			(620)
NET INCOME (LOSS)	1,515			1,176
Assets	497,071	$ 497,071	$ 497,071		$ 504,807
Advisory
REVENUES:
Total revenues	21,249			20,881
EXPENSES:
Depreciation and amortization	131			516
Other operating expenses	0			1,032
Reimbursed expenses	9,475			8,377
Total expenses	9,606			9,925
OPERATING INCOME (LOSS)	11,643			10,956
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
Other income (expense)	0			0
INCOME (LOSS) BEFORE INCOME TAXES	11,643			10,956
Income tax (expense) benefit	(2,931)			(2,562)
NET INCOME (LOSS)	8,712			8,394
Remington
REVENUES:
Total revenues	113,810			101,464
EXPENSES:
Depreciation and amortization	2,621			2,871
Other operating expenses	8,528			8,189
Reimbursed expenses	101,340			89,277
Total expenses	112,489			100,337
OPERATING INCOME (LOSS)	1,321			1,127
Equity in earnings (loss) of unconsolidated entities	0			0
Interest expense	0			0
Amortization of loan costs	0			0
Interest income	27			40
Realized gain (loss) on investments				(80)
Other income (expense)	(20)			59
INCOME (LOSS) BEFORE INCOME TAXES	1,328			1,146
Income tax (expense) benefit	(248)			(296)
NET INCOME (LOSS)	1,080			850
Assets	159,868	159,868	159,868		166,719
Premier
REVENUES:
Total revenues	12,965			9,771
EXPENSES:
Depreciation and amortization	2,720			2,888
Other operating expenses	3,874			4,211
Reimbursed expenses	3,518			2,842
Total expenses	10,112			9,941
OPERATING INCOME (LOSS)	2,853			(170)
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
Other income (expense)	0			0
INCOME (LOSS) BEFORE INCOME TAXES	2,853			(170)
Income tax (expense) benefit	(599)			51
NET INCOME (LOSS)	2,254			(119)
Assets	140,108	140,108	140,108		138,967
INSPIRE
REVENUES:
Total revenues	44,996			40,409
EXPENSES:
Depreciation and amortization	549			463
Other operating expenses	40,079			35,044
Reimbursed expenses	84			52
Total expenses	40,712			35,559
OPERATING INCOME (LOSS)	4,284			4,850
Equity in earnings (loss) of unconsolidated entities	0			0
Interest expense	(473)			(295)
Amortization of loan costs	(5)			(37)
Interest income	0			0
Realized gain (loss) on investments				0
Other income (expense)	(88)			21
INCOME (LOSS) BEFORE INCOME TAXES	3,718			4,539
Income tax (expense) benefit	(1,960)			(2,616)
NET INCOME (LOSS)	1,758			1,923
Assets	63,821	63,821	63,821		57,193
RED
REVENUES:
Total revenues	11,288			7,651
EXPENSES:
Depreciation and amortization	322			181
Other operating expenses	9,713			7,093
Reimbursed expenses	64			23
Total expenses	10,099			7,297
OPERATING INCOME (LOSS)	1,189			354
Equity in earnings (loss) of unconsolidated entities	0			0
Interest expense	(442)			(276)
Amortization of loan costs	(9)			(10)
Interest income	0			0
Realized gain (loss) on investments				0
Other income (expense)	0			428
INCOME (LOSS) BEFORE INCOME TAXES	738			496
Income tax (expense) benefit	(256)			(45)
NET INCOME (LOSS)	482			451
Assets	51,082	51,082	51,082		50,012
OpenKey
REVENUES:
Total revenues	353			389
EXPENSES:
Depreciation and amortization	3			3
Other operating expenses	1,067			1,357
Reimbursed expenses	0			0
Total expenses	1,070			1,360
OPERATING INCOME (LOSS)	(717)			(971)
Equity in earnings (loss) of unconsolidated entities	0			0
Interest expense	(9)			0
Amortization of loan costs	0			0
Interest income	0			0
Realized gain (loss) on investments				0
Other income (expense)	0			0
INCOME (LOSS) BEFORE INCOME TAXES	(726)			(971)
Income tax (expense) benefit	0			0
NET INCOME (LOSS)	(726)			(971)
Assets	1,439	1,439	1,439		1,303
Corporate and Other
REVENUES:
Total revenues	4,473			4,557
EXPENSES:
Depreciation and amortization	35			78
Other operating expenses	18,095			12,355
Reimbursed expenses	(104)			3,627
Total expenses	18,026			16,060
OPERATING INCOME (LOSS)	(13,553)			(11,503)
Equity in earnings (loss) of unconsolidated entities	36			(459)
Interest expense	(3,232)			(2,266)
Amortization of loan costs	(262)			(194)
Interest income	665			237
Realized gain (loss) on investments				0
Other income (expense)	653			(15)
INCOME (LOSS) BEFORE INCOME TAXES	(15,693)			(14,200)
Income tax (expense) benefit	3,648			4,848
NET INCOME (LOSS)	(12,045)			(9,352)
Assets	80,753	$ 80,753	$ 80,753		$ 90,613
Advisory services fees
REVENUES:
Total revenues	11,744			12,303
Advisory services fees | Advisory
REVENUES:
Total revenues	11,744			12,303
Advisory services fees | Remington
REVENUES:
Total revenues	0			0
Advisory services fees | Premier
REVENUES:
Total revenues	0			0
Advisory services fees | INSPIRE
REVENUES:
Total revenues	0			0
Advisory services fees | RED
REVENUES:
Total revenues	0			0
Advisory services fees | OpenKey
REVENUES:
Total revenues	0			0
Advisory services fees | Corporate and Other
REVENUES:
Total revenues	0			0
Hotel management fees
REVENUES:
Total revenues	12,470			12,187
Hotel management fees | Advisory
REVENUES:
Total revenues	0			0
Hotel management fees | Remington
REVENUES:
Total revenues	12,470			12,187
Hotel management fees | Premier
REVENUES:
Total revenues	0			0
Hotel management fees | INSPIRE
REVENUES:
Total revenues	0			0
Hotel management fees | RED
REVENUES:
Total revenues	0			0
Hotel management fees | OpenKey
REVENUES:
Total revenues	0			0
Hotel management fees | Corporate and Other
REVENUES:
Total revenues	0			0
Design and construction fees
REVENUES:
Total revenues	9,447			6,929
Design and construction fees | Advisory
REVENUES:
Total revenues	0			0
Design and construction fees | Remington
REVENUES:
Total revenues	0			0
Design and construction fees | Premier
REVENUES:
Total revenues	9,447			6,929
Design and construction fees | INSPIRE
REVENUES:
Total revenues	0			0
Design and construction fees | RED
REVENUES:
Total revenues	0			0
Design and construction fees | OpenKey
REVENUES:
Total revenues	0			0
Design and construction fees | Corporate and Other
REVENUES:
Total revenues	0			0
Audio visual
REVENUES:
Total revenues	44,912			40,357
Audio visual | Advisory
REVENUES:
Total revenues	0			0
Audio visual | Remington
REVENUES:
Total revenues	0			0
Audio visual | Premier
REVENUES:
Total revenues	0			0
Audio visual | INSPIRE
REVENUES:
Total revenues	44,912			40,357
Audio visual | RED
REVENUES:
Total revenues	0			0
Audio visual | OpenKey
REVENUES:
Total revenues	0			0
Audio visual | Corporate and Other
REVENUES:
Total revenues	0			0
Other
REVENUES:
Total revenues	16,251			9,074
Other | Advisory
REVENUES:
Total revenues	37			127
Other | Remington
REVENUES:
Total revenues	0			0
Other | Premier
REVENUES:
Total revenues	0			0
Other | INSPIRE
REVENUES:
Total revenues	0			0
Other | RED
REVENUES:
Total revenues	11,224			7,628
Other | OpenKey
REVENUES:
Total revenues	353			389
Other | Corporate and Other
REVENUES:
Total revenues	4,637			930
Cost reimbursement revenue
REVENUES:
Total revenues	114,310			104,272
Cost reimbursement revenue | Advisory
REVENUES:
Total revenues	9,468			8,451
Cost reimbursement revenue | Remington
REVENUES:
Total revenues	101,340			89,277
Cost reimbursement revenue | Remington | Consolidation, Eliminations
REVENUES:
Total revenues	10,100			3,100
Cost reimbursement revenue | Premier
REVENUES:
Total revenues	3,518			2,842
Cost reimbursement revenue | INSPIRE
REVENUES:
Total revenues	84			52
Cost reimbursement revenue | RED
REVENUES:
Total revenues	64			23
Cost reimbursement revenue | OpenKey
REVENUES:
Total revenues	0			0
Cost reimbursement revenue | Corporate and Other
REVENUES:
Total revenues	$ (164)			$ 3,627