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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-36400

ASHFORD INC.
(Exact name of registrant as specified in its charter)
Nevada 84-2331507
(State or other jurisdiction of incorporation or organization) (IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock AINC NYSE American LLC
Preferred Stock Purchase Rights NYSE American LLC
    
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.001 par value per share 3,115,061
(Class) Outstanding at November 7, 2022



ASHFORD INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS

2
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PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (unaudited)
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
September 30, 2022 December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents $ 44,071  $ 37,571 
Restricted cash 37,114  34,878 
Restricted investment 348  576 
Accounts receivable, net 19,458  10,502 
Due from affiliates 256  165 
Due from Ashford Trust 4,483  2,575 
Due from Braemar 9,562  1,144 
Inventories 1,853  1,555 
Prepaid expenses and other 5,760  9,490 
Total current assets 122,905  98,456 
Investments in unconsolidated entities 3,941  3,581 
Property and equipment, net 81,471  83,566 
Operating lease right-of-use assets 24,800  26,975 
Goodwill 58,675  56,622 
Intangible assets, net 233,031  244,726 
Other assets, net 376  870 
Total assets $ 525,199  $ 514,796 
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $ 47,751  $ 39,897 
Dividends payable 26,777  34,574 
Due to affiliates 236  — 
Deferred income 426  2,937 
Notes payable, net 5,046  6,725 
Finance lease liabilities 2,441  1,065 
Operating lease liabilities 3,880  3,628 
Other liabilities 26,644  25,899 
Total current liabilities 113,201  114,725 
Deferred income 7,537  7,968 
Deferred tax liability, net 28,516  32,848 
Deferred compensation plan 2,759  3,326 
Notes payable, net 88,961  52,669 
Finance lease liabilities 41,915  43,479 
Operating lease liabilities 21,041  23,477 
Other liabilities 2,876  — 
Total liabilities 306,806  278,492 
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021
478,000  478,000 
Redeemable noncontrolling interests 1,732  69 
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,182,033 and 3,072,688 shares issued and 3,115,061 and 3,023,002 shares outstanding at September 30, 2022 and December 31, 2021, respectively
Additional paid-in capital 297,069  294,395 
Accumulated deficit (557,635) (534,999)
Accumulated other comprehensive income (loss) (471) (1,206)
Treasury stock, at cost, 66,972 and 49,686 shares at September 30, 2022 and December 31, 2021, respectively
(877) (596)
Total equity (deficit) of the Company (261,911) (242,403)
Noncontrolling interests in consolidated entities 572  638 
Total equity (deficit) (261,339) (241,765)
Total liabilities, mezzanine equity and equity (deficit) $ 525,199  $ 514,796 
See Notes to Condensed Consolidated Financial Statements.
2


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
REVENUE
Advisory services fees $ 12,255  $ 10,143  $ 36,026  $ 30,132 
Hotel management fees 12,876  7,750  33,474  18,737 
Design and construction fees 6,276  2,202  15,538  5,611 
Audio visual 26,159  15,108  87,101  28,170 
Other 10,391  13,104  33,902  35,899 
Cost reimbursement revenue 96,651  59,879  259,979  137,417 
Total revenues 164,608  108,186  466,020  255,966 
EXPENSES
Salaries and benefits 21,328  13,793  54,776  46,961 
Cost of revenues for design and construction 1,789  1,032  5,905  2,812 
Cost of revenues for audio visual 19,884  11,353  61,042  22,611 
Depreciation and amortization 8,096  8,056  23,740  24,454 
General and administrative 8,390  7,585  25,926  19,444 
Impairment —  1,160  —  1,160 
Other 5,750  4,758  16,886  13,428 
Reimbursed expenses 96,576  59,822  259,665  137,154 
Total expenses 161,813  107,559  447,940  268,024 
OPERATING INCOME (LOSS) 2,795  627  18,080  (12,058)
Equity in earnings (loss) of unconsolidated entities (147) 12  110  (160)
Interest expense (2,966) (1,290) (6,781) (3,845)
Amortization of loan costs (219) (78) (524) (209)
Interest income 76  72  195  207 
Realized gain (loss) on investments (3) 370  (74) (3)
Other income (expense) (22) 29  (134) (256)
INCOME (LOSS) BEFORE INCOME TAXES (486) (258) 10,872  (16,324)
Income tax (expense) benefit (617) (98) (5,971) 1,550 
NET INCOME (LOSS) (1,103) (356) 4,901  (14,774)
(Income) loss from consolidated entities attributable to noncontrolling interests 272  180  830  509 
Net (income) loss attributable to redeemable noncontrolling interests (158) 13  (290) 208 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (989) (163) 5,441  (14,057)
Preferred dividends, declared and undeclared (9,029) (8,762) (27,422) (26,001)
Amortization of preferred stock discount —  (306) —  (933)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (10,018) $ (9,231) $ (21,981) $ (40,991)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (3.38) $ (3.31) $ (7.59) $ (14.93)
Weighted average common shares outstanding - basic 2,960  2,785  2,895  2,746 
Diluted:
Net income (loss) attributable to common stockholders $ (3.38) $ (3.64) $ (7.64) $ (14.93)
Weighted average common shares outstanding - diluted 2,960  2,982  2,960  2,746 
See Notes to Condensed Consolidated Financial Statements.
3


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
NET INCOME (LOSS) $ (1,103) $ (356) $ 4,901  $ (14,774)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment (214) (8) 96  96 
Unrealized gain (loss) on restricted investment —  (600) —  (350)
Less reclassification for realized (gain) loss on restricted investment included in net income —  —  378 
COMPREHENSIVE INCOME (LOSS) (1,317) (959) 4,997  (14,650)
Comprehensive (income) loss attributable to noncontrolling interests 272  180  830  509 
Comprehensive (income) loss attributable to redeemable noncontrolling interests (158) 13  (290) 208 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ (1,203) $ (766) $ 5,537  $ (13,933)
See Notes to Condensed Consolidated Financial Statements.

4


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands)

Common Stock Additional Paid-in Capital Accumulated
 Deficit
Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests in Consolidated Entities Total Convertible Preferred Stock Redeemable Noncontrolling Interests
Shares Amount Shares Amount Shares Amount
Balance at June 30, 2022 3,116  $ $ 295,461  $ (547,602) $ (257) (66) $ (867) $ 459  $ (252,803) 19,120  $ 478,000  $ 1,509 
Equity-based compensation —  —  1,814  —  —  —  —  —  1,814  —  —  50 
Forfeiture of restricted common shares (1) —  10  —  —  (1) (10) —  —  —  —  — 
Dividends declared and undeclared - preferred stock —  —  —  (9,029) —  —  —  —  (9,029) —  —  — 
Employee advances —  —  —  —  —  —  —  —  —  — 
Contributions from noncontrolling interests —  —  —  —  —  —  —  163  163  —  —  — 
Reallocation of carrying value —  —  (222) —  —  —  —  222  —  —  —  — 
Redemption value adjustment —  —  —  (15) —  —  —  —  (15) —  —  15 
Foreign currency translation adjustment —  —  —  —  (214) —  —  —  (214) —  —  — 
Net income (loss) —  —  —  (989) —  —  —  (272) (1,261) —  —  158 
Balance at September 30, 2022 3,115  $ $ 297,069  $ (557,635) $ (471) (67) $ (877) $ 572  $ (261,339) 19,120  $ 478,000  $ 1,732 

Common Stock Additional Paid-in Capital Accumulated
 Deficit
Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests in Consolidated Entities Total Convertible Preferred Stock Redeemable Noncontrolling Interests
Shares Amount Shares Amount Shares Amount
Balance at December 31, 2021 3,023  $ $ 294,395  $ (534,999) $ (1,206) (49) $ (596) $ 638  $ (241,765) 19,120  $ 478,000  $ 69 
Equity-based compensation 110  —  3,354  —  —  —  —  —  3,354  —  —  112 
Forfeiture of restricted common shares (3) —  40  —  —  (3) (40) —  —  —  —  — 
Purchase of treasury stock (15) —  —  —  —  (15) (241) —  (241) —  —  — 
Acquisition of Chesapeake —  —  —  —  —  —  —  —  —  —  —  1,390 
Dividends declared and undeclared - preferred stock —  —  —  (27,422) —  —  —  —  (27,422) —  —  — 
Employee advances —  —  (251) —  —  —  —  —  (251) —  —  — 
Contributions from noncontrolling interests —  —  —  —  —  —  —  327  327  —  —  — 
Reallocation of carrying value —  —  (469) —  —  —  —  469  —  —  —  — 
Redemption value adjustment —  —  —  (16) —  —  —  —  (16) —  —  16 
Distributions to consolidated noncontrolling interests —  —  —  —  —  —  —  (32) (32) —  —  (145)
Foreign currency translation adjustment —  —  —  —  96  —  —  —  96  —  —  — 
Other —  —  —  (639) 639  —  —  —  —  —  —  — 
Net income (loss) —  —  —  5,441  —  —  —  (830) 4,611  —  —  290 
Balance at September 30, 2022 3,115  $ $ 297,069  $ (557,635) $ (471) (67) $ (877) $ 572  $ (261,339) 19,120  $ 478,000  $ 1,732 
5


Common Stock Additional Paid-in Capital Accumulated
 Deficit
Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests in Consolidated Entities Total Convertible Preferred Stock Redeemable Noncontrolling Interests
Shares Amount Shares Amount Shares Amount
Balance at June 30, 2021 3,023  $ $ 292,534  $ (520,787) $ (429) (48) $ (582) $ 251  $ (229,010) 19,120  $ 477,574  $ 94 
Equity-based compensation —  —  868  —  —  —  —  —  868  —  —  — 
Forfeiture of restricted common shares (1) —  —  —  (1) (9) —  —  —  —  — 
Amortization of preferred stock discount —  —  —  (306) —  —  —  —  (306) —  306  — 
Dividends declared and undeclared - preferred stock —  —  —  (8,762) —  —  —  —  (8,762) —  —  — 
Deferred compensation plan distribution —  13  —  —  —  —  —  13  —  —  — 
Employee advances —  —  141  —  —  —  —  —  141  —  —  — 
Contributions from noncontrolling interests —  —  —  —  —  —  —  367  367  —  —  — 
Acquisition of noncontrolling interest in consolidated entities —  —  (2) —  —  —  —  —  —  — 
Reallocation of carrying value —  —  (1) —  —  —  —  —  —  —  — 
Redemption value adjustment —  —  —  21  —  —  —  —  21  —  —  (21)
Foreign currency translation adjustment —  —  —  —  (8) —  —  —  (8) —  —  — 
Unrealized gain (loss) on available for sale securities —  —  —  —  (600) —  —  —  (600) —  —  — 
Reclassification for realized loss (gain) on available for sale securities —  —  —  —  —  —  —  —  —  — 
Net income (loss) —  —  —  (163) —  —  —  (180) (343) —  —  (13)
Balance at September 30, 2021 3,023  $ $ 293,562  $ (529,992) $ (1,032) (49) $ (591) $ 439  $ (237,611) 19,120  $ 477,880  $ 60 

Common Stock Additional Paid-in Capital Accumulated
 Deficit
Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests in Consolidated Entities Total Convertible Preferred Stock Redeemable Noncontrolling Interests
Shares Amount Shares Amount Shares Amount
Balance at December 31, 2020 2,868  $ $ 293,597  $ (491,483) $ (1,156) (32) $ (438) $ (121) $ (199,598) 19,120  $ 476,947  $ 1,834 
Equity-based compensation 169  —  3,395  —  —  —  —  3,398  —  —  — 
Forfeiture of restricted common shares (3) —  32  —  —  (3) (32) —  —  —  —  — 
Purchase of treasury stock (14) —  —  —  —  (14) (121) —  (121) —  —  — 
Amortization of preferred stock discount —  —  —  (933) —  —  —  —  (933) —  933  — 
Dividends declared and undeclared - preferred stock —  —  —  (26,001) —  —  —  —  (26,001) —  —  — 
Deferred compensation plan distribution —  39  —  —  —  —  —  39  —  —  — 
Employee advances —  —  190  —  —  —  —  —  190  —  —  — 
Contributions from noncontrolling interests —  —  —  —  —  —  —  367  367  —  —  — 
Acquisition of noncontrolling interest in consolidated entities —  —  (3,317) 2,564  —  —  —  325  (428) —  —  (1,648)
Reallocation of carrying value —  —  (374) —  —  —  —  374  —  —  —  — 
Redemption value adjustment —  —  —  (82) —  —  —  —  (82) —  —  82 
Foreign currency translation adjustment —  —  —  —  96  —  —  —  96  —  —  — 
Unrealized gain (loss) on available for sale securities —  —  —  —  (350) —  —  —  (350) —  —  — 
Reclassification for realized loss (gain) on available for sale securities —  —  —  —  378  —  —  —  378  —  —  — 
Net income (loss) —  —  —  (14,057) —  —  —  (509) (14,566) —  —  (208)
Balance at September 30, 2021 3,023  $ $ 293,562  $ (529,992) $ (1,032) (49) $ (591) $ 439  $ (237,611) 19,120  $ 477,880  $ 60 
See Notes to Condensed Consolidated Financial Statements.
6


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
2022 2021
Cash Flows from Operating Activities
Net income (loss) $ 4,901  $ (14,774)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization 28,431  28,942 
Change in fair value of deferred compensation plan (567) 1,190 
Equity-based compensation 3,591  3,650 
Equity in (earnings) loss in unconsolidated entities (110) 160 
Deferred tax expense (benefit) (3,622) (5,169)
Change in fair value of contingent consideration 300  23 
Impairment —  1,160 
(Gain) loss on disposal of assets 837  1,321 
Amortization of other assets 497  863 
Amortization of loan costs 524  209 
Realized loss on restricted investments 74  378 
Other (gain) loss 70  (306)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable (9,643) (3,924)
Due from affiliates (91) (160)
Due from Ashford Trust (1,908) 11,130 
Due from Braemar (8,418) (274)
Inventories (361) (630)
Prepaid expenses and other 3,804  680 
Investment in unconsolidated entities 150  68 
Operating lease right-of-use assets 2,580  2,753 
Other assets (3) 38 
Accounts payable and accrued expenses 7,627  (5,499)
Due to affiliates 232  (1,461)
Other liabilities 724  (3,338)
Operating lease liabilities (2,589) (2,760)
Deferred income (2,943) (1,908)
Net cash provided by (used in) operating activities 24,087  12,362 
Cash Flows from Investing Activities
Additions to property and equipment (5,146) (3,394)
Proceeds from sale of property and equipment, net 418  2,205 
Investment in unconsolidated entity (400) (250)
Acquisition of Chesapeake, net of cash acquired (6,363) — 
Purchase of common stock of related parties —  (873)
Acquisition of assets related to RED (2,856) (2,335)
Proceeds from sale of equity method investment —  535 
Proceeds from note receivable 1,380  — 
Issuance of note receivable —  (2,881)
Net cash provided by (used in) investing activities (12,967) (6,993)
(Continued)
7


Nine Months Ended September 30,
2022 2021
Cash Flows from Financing Activities
Payments for dividends on preferred stock (35,219) (8,353)
Payments on revolving credit facilities (2,910) (620)
Borrowings on revolving credit facilities 1,092  469 
Proceeds from notes payable 68,674  2,900 
Payments on notes payable (30,062) (7,769)
Payments on finance lease liabilities (918) (255)
Payments of loan costs (2,694) (116)
Purchase of treasury stock (241) (121)
Employee advances (251) 190 
Contributions from noncontrolling interest 327  367 
Distributions to noncontrolling interests in consolidated entities (177) — 
Net cash provided by (used in) financing activities (2,379) (13,308)
Effect of foreign exchange rate changes on cash and cash equivalents (5) 37 
Net change in cash, cash equivalents and restricted cash 8,736  (7,902)
Cash, cash equivalents and restricted cash at beginning of period 72,449  82,666 
Cash, cash equivalents and restricted cash at end of period $ 81,185  $ 74,764 
Supplemental Cash Flow Information
Interest paid $ 6,556  $ 3,624 
Income taxes paid (refunded), net 4,137  3,370 
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Chesapeake through issuance of Series CHP Units from our subsidiary Ashford Holdings $ 1,390  $ — 
Acquisition related contingent consideration liability 1,670  — 
Distribution from deferred compensation plan —  39 
Capital expenditures accrued but not paid 317  111 
Finance lease additions 585  — 
Acquisition of noncontrolling interest in consolidated entities with notes payable and common stock —  2,127 
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period $ 37,571  $ 45,270 
Restricted cash at beginning of period 34,878  37,396 
Cash, cash equivalents and restricted cash at beginning of period $ 72,449  $ 82,666 
Cash and cash equivalents at end of period $ 44,071  $ 40,210 
Restricted cash at end of period 37,114  34,554 
Cash, cash equivalents and restricted cash at end of period $ 81,185  $ 74,764 
See Notes to Condensed Consolidated Financial Statements.
8

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


1. Organization and Description of Business
Ashford Inc. (the “Company,” “we,” “us” or “our”) is a Nevada corporation that provides products and services primarily to clients in the hospitality industry, including Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc. (“Braemar”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”).
We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction and architectural services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) debt placement and related services; (x) real estate advisory and brokerage services; and (xi) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford Hospitality Advisors LLC (“Ashford LLC”), Ashford Hospitality Services LLC (“Ashford Services”) and their respective subsidiaries.
We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of the respective boards of directors of Ashford Trust and Braemar. Ashford Trust is focused on investing in full-service hotels in the upscale and upper upscale segments in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”).
We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. In our capacity as an advisor, we are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. Additionally, Remington Lodging & Hospitality, LLC (“Remington”), a subsidiary of the Company, operates certain hotel properties owned by Ashford Trust, Braemar and third-parties. As of September 30, 2022, Remington provided hotel management services to 117 hotels, 44 of which were owned by third-parties.
Shareholder Rights Plan
On August 30, 2022, we adopted a shareholder rights plan by entering into a Rights Agreement, dated August 30, 2022, with ComputerShare Trust Company, N.A., as rights agent (the “Rights Agreement”). The Rights Agreement was adopted in response to recent volatility of the stock market and trading of our Common Stock and is intended to protect the Company and its stockholders from efforts to obtain control or rapid share accumulations that are inconsistent with the best interests of the Company and its stockholders. The Board implemented the rights plan by declaring (i) a dividend to the holders of the Company’s common stock of one preferred share purchase right (a “Right”) for each share of common stock and (ii) a dividend to the holders of the Company’s Series D Convertible Preferred Stock of one Right in respect of each share of the Company’s common stock issuable upon conversion of the Series D Convertible Preferred Stock. The dividends were distributed on September 9, 2022, to our stockholders of record on that date. Each of those Rights becomes exercisable on the date on which the Rights separate and begin trading separately from our common stock and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series F Preferred Stock, par value $0.001 per share (“Series F Preferred Stock”), at a price of $275 per one one-thousandth of a share of our Series F Preferred Stock represented by such Right, subject to adjustment. The Rights will expire on July 30, 2023 unless the expiration date is extended or unless the Rights are earlier redeemed by the Company. The value of the Rights was de minimis.
Other Developments
On March 10, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (“Braemar Limited Waiver”) with Braemar, Braemar Hospitality Limited Partnership (“Braemar OP”), Braemar TRS Corporation (“Braemar TRS”) and Ashford LLC. On March 15, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (the “Ashford Trust Limited Waiver” and together with the Braemar Limited Waiver, the “Limited Waivers”) with Ashford Trust, Ashford
9

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Hospitality Limited Partnership (“Ashford Trust OP”), Ashford TRS Corporation (“Ashford Trust TRS”) and Ashford LLC. Pursuant to the Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement with Ashford Trust and the Fifth Amended and Restated Advisory Agreement with Braemar waive the operation of any provision of such agreement that would otherwise limit the ability of Ashford Trust or Braemar, as applicable, in its discretion, at its cost and expense, to award during the first and second fiscal quarters of calendar year 2022 (the “Waiver Period”), cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $8.5 million, in the aggregate, during the Waiver Period.

On April 1, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 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. On April 18, 2022, the Company drew an additional $20.0 million on the Credit Facility. See note 6.
On April 10, 2022, the Company’s board of directors (the “Board”) declared a cash dividend on the Company’s Series D Convertible Preferred Stock for accrued and unpaid dividends for the quarters ended June 30, 2020 and December 31, 2020 to stockholders of record as of April 11, 2022. The Company paid the dividend of approximately $17.8 million, or $0.932 per share of Series D Convertible Preferred Stock, on April 15, 2022. Dividends for the Series D Convertible Preferred Stock remain in arrears for the quarters ended June 30, 2021 and December 31, 2021. On each of April 15, 2022 and July 15, 2022, the Company paid $8.7 million of dividends previously declared by the Board with respect to the Company’s Series D Convertible Preferred Stock for the first and second quarters of 2022. On October 3, 2022, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for the quarter ended September 30, 2022. The Company paid the dividend of $8.7 million, or $0.455 per share of Series D Convertible Preferred Stock, on October 14, 2022. See note 12.
On April 15, 2022, the Company acquired privately held Chesapeake Hospitality (“Chesapeake”), a third-party hotel management company. See note 4.
In the third quarter of 2022, given the recent increases in the federal funds rate and interest rates on short-term U.S. Treasury securities, the independent members of the respective boards of directors of Ashford Trust and Braemar approved the engagement of the Company to actively manage and invest each of Ashford Trust’s and Braemar’s excess cash in short-term U.S. Treasury securities (the “Cash Management Strategy”). As consideration for the Company’s services under the respective engagements, (i) Ashford Trust will pay the Company an annual fee equal to 20 basis points (0.20%) of the average daily balance of Ashford Trust’s excess cash invested by the Company; and (ii) Braemar will pay the Company an annual fee equal to the lesser of (a) 20 basis points (0.20%) of the average daily balance of Braemar’s excess cash invested by the Company and (b) the actual rate of return realized by the Cash Management Strategy; provided that in no event will the Cash Management Fee be less than zero (such respective fees, the “Cash Management Fees”). The Cash Management Fees will be calculated and payable monthly in arrears. Investment of Ashford Trust’s and Braemar’s excess cash pursuant to the Cash Management Strategy commenced in October 2022.
2. 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 intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2022.
10

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Cost reimbursement revenue and reimbursed expenses for the three and nine months ended September 30, 2021 were restated as previously disclosed in the restated condensed consolidated statement of operations for the three and nine months ended September 30, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The restatement related to Remington’s recognition of cost reimbursement revenue and reimbursed expenses for certain insurance costs and the timing of recognition of cost reimbursement revenue and reimbursed expenses for hotel management related salaries and benefits costs that are reimbursed from hotel owners, resulting in a $5.8 million and $1.3 million increase in cost reimbursement revenue and reimbursed expenses for the three and nine months ended September 30, 2021, respectively. These costs are reported gross in the Company’s condensed consolidated statements of operations in cost reimbursement revenue with an offsetting amount reported in reimbursed expenses.
The condensed consolidated balance sheet and statement of equity (deficit) as of September 30, 2022 include a correction of an immaterial error which resulted in $639,000 of cumulative unrealized losses on available-for-sale common shares of Ashford Trust and Braemar held by Remington being reclassified from accumulated other comprehensive income to accumulated deficit. Beginning January 1, 2022, unrealized gains and losses on available-for-sale common shares are recorded in other income (expense) in the Company’s condensed consolidated statements of operations.
A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Noncontrolling Interests—The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022
Ashford
Holdings
OpenKey (3)
Pure
Wellness
(4)
Ashford Inc. ownership interest 99.87  % 76.79  % 70.00  %
Redeemable noncontrolling interests (1) (2)
0.13  % —  % —  %
Noncontrolling interests in consolidated entities —  % 23.21  % 30.00  %
100.00  % 100.00  % 100.00  %
Carrying value of redeemable noncontrolling interests $ 1,732  n/a n/a
Redemption value adjustment, year-to-date 16  n/a n/a
Redemption value adjustment, cumulative 597  n/a n/a
Carrying value of noncontrolling interests n/a 601  (29)
Assets, available only to settle subsidiary’s obligations (5)
n/a 3,140  1,178 
Liabilities (6)
n/a 669  1,541 
Revolving credit facility (6)
n/a —  150 

11

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

December 31, 2021
Ashford
Holdings
OpenKey (3)
Pure
Wellness
(4)
Ashford Inc. ownership interest 99.87  % 75.38  % 70.00  %
Redeemable noncontrolling interests (1) (2)
0.13  % —  % —  %
Noncontrolling interests in consolidated entities —  % 24.62  % 30.00  %
100.00  % 100.00  % 100.00  %
Carrying value of redeemable noncontrolling interests $ 69  n/a n/a
Redemption value adjustment, year-to-date 96  n/a n/a
Redemption value adjustment, cumulative 581  n/a n/a
Carrying value of noncontrolling interests n/a 479  159 
Assets, available only to settle subsidiary’s obligations (5)
n/a 2,533  1,779 
Liabilities (6)
n/a 424  1,643 
Revolving credit facility (6)
n/a —  100 
________
(1)    Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value.
(2)    Redeemable noncontrolling interests in Ashford Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest.
(3)    Represents ownership interests in OpenKey, Inc. (“OpenKey”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. See note 6.
(4)    Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality and commercial office industry. See note 11.
(5)    Total assets consist primarily of cash and cash equivalents, property and equipment, intangibles and other assets that can only be used to settle the subsidiaries’ obligations.
(6)    Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 6.
Investments in Unconsolidated Entities—We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. No such impairment was recorded during the three and nine months ended September 30, 2022 and 2021.
12

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at September 30, 2022 and December 31, 2021. We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three and nine months ended September 30, 2022 and 2021. In the event that the assumptions used to estimate fair value change in the future, we may be required to record an impairment charge related to this investment.
Our investment in Real Estate Advisory Holdings LLC (“REA Holdings”) is accounted for under the equity method as we have significant influence over the voting interest entity. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022, which expires on the later of (i) February 28, 2024 and (ii) 30 business days following the completion date of the Company’s preliminary audit for calendar year 2023.
The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands):
September 30, 2022 December 31, 2021
Carrying value of the investment in REA Holdings $ 2,791  $ 2,831 
Ownership interest in REA Holdings 30  % 30  %
The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Equity in earnings (loss) in unconsolidated entities REA Holdings $ (147) $ (3) $ 110  $ (21)
Use of Estimates—The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Acquisitions—We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target’s primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital, and the cost savings expected to be derived from acquiring an asset, if applicable. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in our consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill.
If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
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.
13

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Restricted Cash—Restricted cash was comprised of the following (in thousands):
September 30, 2022 December 31, 2021
REIT Advisory:
Insurance claim reserves (1)
$ 25,616  $ 24,588 
Remington:
Managed hotel properties’ reserves (2)
9,584  6,923 
Insurance claim reserves (3)
859  1,312 
Total Remington restricted cash 10,443  8,235 
INSPIRE:
Debt service related operating reserves (4)
—  1,000 
Marietta:
Capital improvement reserves (5)
255  255