Ashford Inc.

Ashford reported a fourth-quarter net loss attributable to common stockholders of $13.6 million and a full-year net loss attributable to common stockholders of $40.8 million. Fourth-quarter adjusted EBITDA was $13.2 million and full-year adjusted EBITDA was $60.4 million. Fourth-quarter adjusted net income was $8.6 million, or $1.02 per diluted share; full-year adjusted net income was $42.4 million, or $5.20 per diluted share. The company did not provide next-quarter or full-year financial guidance on the call, but said the lodging industry continued to perform well, Ashford Trust ended the quarter with $209 million of net working capital, and Ashford Securities had raised approximately $580 million of gross capital since launch.

Deric Eubanks framed the quarter around a growth strategy built on advised platforms, capital raising, and new product launches. He highlighted the Texas Strategic Growth Fund and Stirling Hotels and Resorts as extensions of the company’s ability to grow assets under management, and said the structure is designed to be unique in hospitality. His tone was constructive and opportunistic, with repeated emphasis on resilient capital sources and long-term platform growth.

Deric Eubanks led the financial review with the key reported numbers: $13.6 million Q4 net loss attributable to common stockholders, $13.2 million Q4 adjusted EBITDA, $8.6 million Q4 adjusted net income, and $5.20 full-year adjusted net income per diluted share. He also noted the company’s share count of 8.4 million fully diluted shares outstanding. On balance sheet and capital matters, he pointed to Ashford Trust’s $209 million of net working capital, approximately $105 million of non-traded preferred stock issued at Ashford Trust, and approximately $580 million of gross capital raised through Ashford Securities.

Analysts asked about the mix shift between leisure and group demand and how that was playing through the business; management said they are seeing continued leisure strength, normalizing urban hotel performance, more third-party contract wins at Remington, and stronger third-party spending at Premier as the industry normalizes. Another question focused on Stirling Hotels and Resorts, where management said the concept was inspired by the difficulty of raising accretive public equity for hotel REITs and by the ability to offer investors NAV-based entry and exit. A final question asked about the NYSE American compliance plan, and management said the issue mainly relates to public float value, with the exchange giving the company time to regain compliance.