Ashford Inc.

Overview

• IndustryServices-Management Consulting Services²
• HeadquartersDallas, United States²
• Incorporated inTX³
• Business address14185 Dallas Parkway, Suite 1100, Dallas, Tx 75254³
• Filer categoryNon-accelerated filer, Smaller reporting company³
• Legal formCorporation²
• LEI549300YCJ2CSI6S5TZ36²
• StatusActive²
• LEI statusLapsed (not renewed)²
• Registered addressC/O Corporation Service Company, 19808 Wilmington, United States²

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Ashford Inc., 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 Trust, Braemar, 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 was listed on the NYSE American LLC (the “NYSE American”) until the Company delisted its common stock on July 29, 2024. On August 8, 2024, the Company filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to terminate the registration of the Company’s common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and suspend the Company’s reporting obligations under Section 15(d) of the Exchange Act. The Fo…⁴ From its latest annual report

Corporate structure

Ashford Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ashford Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Intangibles and goodwill

Inventory

Properties, in its own words

We lease our headquarters located at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254.

Our consolidated businesses lease other office and warehouse facilities. See note 8 in our consolidated financial statements.

Item 2 of the 10-K filed Mar 14, 2025.⁴

Leadership

Who has led Ashford Inc., and when. Pick a name to see everywhere that person has worked.

• Chief executive officerMontgomery J. Bennett Nov 4, 2014 to Oct 22, 2024¹⁴
• ChairMontgomery J. Bennett Nov 21, 2014 to Oct 22, 2024¹⁵
• PresidentJ. Robison Hays Iii. Mar 21, 2018 to Mar 13, 2020¹⁶
• PresidentJeremy Welter Mar 21, 2018 to Jul 8, 2022¹⁷
• PresidentDouglas A. Kessler Nov 4, 2014 to Mar 16, 2018¹⁸
• Chief financial officerDeric S. Eubanks Nov 4, 2014 to Oct 22, 2024¹⁹
• Chief operating officerJeremy Welter Mar 21, 2018 to Jul 8, 2022¹⁷
• Chief operating officerDavid A. Brooks Nov 4, 2014 to Mar 16, 2018²⁰

Former names

• Ashford IncApr 7, 2014 to Oct 7, 2016³

Timeline

1. Oct 21, 20248-K Executive or director change³⁵
2. Sep 12, 20248-K Entered a material agreement³⁶
3. Jul 31, 20248-K Regulation FD disclosure; Other events³⁷
4. Jul 25, 20248-K Regulation FD disclosure³⁸
5. Jul 23, 20248-K Shareholder vote³⁹
6. Jul 22, 20248-K Listing notice or transfer; Shareholder vote; Other events⁴⁰
7. Jul 3, 20248-K Executive or director change⁴¹
8. May 15, 20248-K Executive or director change; Shareholder vote⁴²
9. May 8, 20248-K Results of operations⁴³
10. Apr 18, 20248-K Executive or director change⁴⁴
11. Apr 2, 20248-K Other events⁴⁵
12. Mar 15, 20248-K Entered a material agreement⁴⁶
13. Nov 4, 2014New chief executive Montgomery J. Bennett becomes CEO¹⁴

Calendar

When it reported results

1. May 8, 2024Reported quarterly or annual results⁴³
2. Feb 29, 2024Reported quarterly or annual results⁴⁷
3. Nov 8, 2023Reported quarterly or annual results⁴⁸
4. Aug 2, 2023Reported quarterly or annual results⁴⁹
5. May 2, 2023Reported quarterly or annual results⁵⁰
6. Feb 22, 2023Reported quarterly or annual results⁵¹
7. Nov 2, 2022Reported quarterly or annual results⁵²
8. Aug 3, 2022Reported quarterly or annual results⁵³

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

196 filings to the SEC since October 2021: 5 annual reports, 10 quarterly reports, 63 major events, 67 insider forms, 18 large holders, 33 other. The latest 20:

1. Apr 16, 202510-K/A EDGAR
2. Mar 14, 202510-K EDGAR
3. Jan 17, 202515-15D EDGAR
4. Nov 13, 202410-Q EDGAR
5. Oct 22, 20244 OWNERSHIP DOCUMENT EDGAR
6. Oct 22, 20244 OWNERSHIP DOCUMENT EDGAR
7. Oct 22, 20244 OWNERSHIP DOCUMENT EDGAR
8. Oct 21, 20248-K EDGAR
9. Oct 21, 20243 OWNERSHIP DOCUMENT EDGAR
10. Sep 12, 20248-K EDGAR
11. Aug 13, 202410-Q EDGAR
12. Aug 8, 202415-12G EDGAR
13. Jul 31, 20248-K EDGAR
14. Jul 31, 2024SC 13D/A EDGAR
15. Jul 31, 2024SC 13D/A EDGAR
16. Jul 31, 2024SC 13D/A EDGAR
17. Jul 31, 2024SC 13D/A EDGAR
18. Jul 31, 2024SC 13D/A EDGAR
19. Jul 31, 2024SC 13E3/A EDGAR
20. Jul 26, 2024CORRESP EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 2 buys and 2 sales. Grants, option exercises and gifts are left out.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

• Archie Bennett Jr.SC 13D/A, 1 filing Jul 31, 2024⁵⁴
• Deric S. EubanksSC 13D/A, 3 filings Apr 7, 2023 to Jul 31, 2024⁵⁵
• J. Robison Hays Iii.SC 13D/A, 4 filings Apr 7, 2023 to Jul 31, 2024⁵⁶
• Mark NunneleySC 13D/A, 3 filings Apr 7, 2023 to Jul 31, 2024⁵⁷
• Montgomery J. BennettSC 13D/A, 3 filings Apr 2, 2024 to Jul 31, 2024⁵⁸
• Jeremy WelterSC 13D/A, 2 filings Apr 11, 2024 to Jul 26, 2024⁵⁹
• Zhengxu HeSC 13G/A, 2 filings Apr 3, 2024⁶⁰

SEC filer profile

How Ashford Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARAshford Inc.¹
• CIK0001604738
• Employer ID (EIN)84-2331507⁴
• Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company⁴
• Incorporated inNevada⁴
• Fiscal year endsDecember 31¹
• Industry code (SIC)8742 Services-Management Consulting Services¹
• SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance¹
• Business address14185 Dallas Parkway, Suite 1100, Dallas, TX 75254¹
• Phone(972) 490-9600¹
• Shares outstanding1,641,267 as of Apr 14, 2025⁶¹
• Public float$11.1M as of Jun 30, 2024⁴
• AuditorBDO USA, P.C., Dallas, Texas PCAOB ID 243; no auditor attestation of internal control over financial reporting⁴
• On EDGAR sinceApr 7, 2014¹
• Filings847 in all: 8-K (280), 4 (242), SC 13D/A (37), 10-Q (30), 425 (26), 3 (23), DEFA14A (23), CORRESP (16)¹
  All 47 form types

  4/A (15), UPLOAD (15), 8-K/A (14), DEF 14A (13), 10-K (11), SC 13D (9), 10-12B/A (8), PRER14A (8), EFFECT (6), SC 13E3/A (6), PRE 14A (5), SC 13G/A (5), 8-A12B (4), S-4/A (4), 25-NSE (3), 424B5 (3), 8-A12B/A (3), ARS (3), S-3 (3), S-8 POS (3), SC 13G (3), 10-K/A (2), 424B3 (2), 5 (2), 8-K12B (2), CERT (2), DEFM14A (2), POS AM (2), PREM14A (2), 10-12B (1), 10-Q/A (1), 15-12G (1), 15-15D (1), 3/A (1), CERTNYS (1), NO ACT (1), S-4 (1), S-8 (1), SC 13E3 (1)

• Latest filingsAnnual report (10-K) Mar 14, 2025
  Quarterly report (10-Q) Nov 13, 2024
  Proxy statement (DEF 14A) Jun 21, 2024
  Latest 8-K (8-K) Oct 21, 2024

Risk factors and legal proceedings

The risks Ashford Inc. names in Item 1A of its 10-K filed Mar 14, 2025: 43 risks under these headings, as written.⁴

• Risks Related to Our Business
• A financial crisis, economic slowdown, pandemic or epidemic or other economically disruptive event may significantly and adversely affect our businesses.
• Economic conditions in the United States could have a material adverse impact on our earnings and financial condition.
• Inflation and price volatility could negatively impact our businesses and results of operations.
• Our cash, cash equivalents and investments could be adversely affected if the financial institutions in which we hold our cash, cash equivalents and investments fail.
• The asset management, advisory and products and services businesses are highly competitive.
• The investments of the entities we currently advise and provide other products and services to are concentrated in the hotel industry. Our business may be significantly and adversely affected by the economic downturn in that sector and we will be significantly influenced by the economies and other conditions in the specific markets in which our asset management clients operate.
• We have limited experience in operating an insurance business, and our future results are dependent in part on our ability to successfully operate in an insurance industry that is highly competitive.
• We are subject to substantial regulation, numerous contractual obligations and extensive internal policies and failure to comply with these matters could have a material adverse effect on our business, financial condition and results of operations.
• If certain of our subsidiaries that engage in the hotel management business do not qualify as “eligible independent contractors” under applicable REIT rules, each REIT (including Ashford Trust and Braemar) for which such subsidiaries provide services might fail to qualify as a REIT.
• We may do more business internationally, which may subject us to numerous political, economic, market, reputational, operational, legal, regulatory and other risks that could adversely impact our business and results of operations.
• Our ability to raise capital and attract investors for our existing and potential advisory clients and our performance is critical to our ability to earn fees and grow our businesses.

Legal proceedings

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. A tentative settlement has been reached subject to the respective parties obtaining various approvals.

The opening of Item 3, Legal Proceedings.⁴