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Investment in Unconsolidated Entity | Investment in Unconsolidated Entity Ashford Inc. As of March 31, 2017 and December 31, 2016, we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share was $59.00 and $43.14 as of March 31, 2017 and December 31, 2016, respectively. This represented an approximate 9.7% ownership interest in Ashford Inc. for both March 31, 2017 and December 31, 2016. See notes 10 and 11. As we exercise significant influence over Ashford Inc., this investment would typically be accounted for under the equity method of accounting, under ASC 323-10 - Investments - Equity Method and Joint Ventures. However, we have elected to record our investment in Ashford Inc. using the fair value option under ASC 825-10 - Fair Value Option - Financial Assets and Financial Liabilities as the fair value is readily available since Ashford Inc. common stock is traded on a national exchange. The fair value of our investment in Ashford Inc. is included in “investment in Ashford Inc., at fair value” on our condensed consolidated balance sheets, and changes in market value are included in “unrealized gain (loss) on investment in Ashford Inc.” on our condensed consolidated statements of operations. The following tables summarize the condensed balance sheets as of March 31, 2017 and December 31, 2016, and the condensed statements of operations for the three months ended March 31, 2017 and 2016, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited)
Ashford Inc. Condensed Consolidated Statements of Operations (unaudited)
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