Ashford Securities Shuts Down Amid Rising Competition in REIT Market

Ashford Securities, a Dallas-based broker-dealer that sold and marketed nontraded REITs, is shutting down. The firm filed its termination notice with FINRA on Monday, citing a tough market for small firms competing against giants like Blackstone. The firm's CEO, Carl Steigerwald, did not comment on the matter. Ashford Securities primarily worked with REITs such as Ashford Hospitality Trust and Braemar Hotels and Resorts.