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

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): May 6, 2025

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192
(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)

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

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock AHT New York Stock Exchange
Preferred Stock, Series D AHT-PD New York Stock Exchange
Preferred Stock, Series F AHT-PF New York Stock Exchange
Preferred Stock, Series G AHT-PG New York Stock Exchange
Preferred Stock, Series H AHT-PH New York Stock Exchange
Preferred Stock, Series I AHT-PI New York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 6, 2025, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number        Description

99.1    First Quarter 2025 Earnings Release of the Company, dated May 6, 2025
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



    
ASHFORD HOSPITALITY TRUST, INC.
Dated: May 6, 2025 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 aht2025q1earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14a.jpg
NEWS RELEASE
Contact: Deric Eubanks Joseph Calabrese
Chief Financial Officer Financial Relations Board
(972) 490-9600 (212) 827-3772


ASHFORD TRUST REPORTS FIRST QUARTER 2025 RESULTS

DALLAS – May 6, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2025 with the first quarter ended March 31, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 3.2% to $133 during the quarter on a 2.4% increase in Comparable ADR and a 0.8% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(27.8) million or $(4.91) per diluted share for the quarter.
•Adjusted EBITDAre was $61.7 million for the quarter, reflecting a growth rate of 3.7% over the prior year quarter.
•Adjusted funds from operations (AFFO) was $(0.98) per diluted share for the quarter.
•Comparable Hotel EBITDA was $77.2 million for the quarter, reflecting a growth rate of 8.7% over the prior year quarter.
•The Company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $22.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net working capital at the end of the quarter was $156 million.
•Capex invested during the quarter was $19.9 million.
RECENT OPERATING HIGHLIGHTS
•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.


AHT Reports First Quarter Results
Page 2
May 6, 2025
•During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).
•During the quarter, the Company completed a refinancing of 16 hotels for $580 million.
•During the quarter, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.
•During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia.
•During the quarter, the Company closed the offering of its Series J and Series K non-traded preferred stock. During the offering period, the Company issued approximately $212 million in gross proceeds.
GRO AHT: EARLY RESULTS
During the quarter, the Company made several announcements regarding its “GRO AHT” initiative, and reported progress towards its goal of delivering $50 million in annual run-rate EBITDA improvement. Going forward, the Company expects fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA, with several additional initiatives underway. The success of “GRO AHT” reflects the firm commitment that Ashford Trust, along with its advisor and property managers, has made to optimizing financial performance while ensuring long-term sustainability.
CAPITAL STRUCTURE
As of March 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.
During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.
During the quarter, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.
During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and bears interest at a floating rate of SOFR + 2.75%.


AHT Reports First Quarter Results
Page 3
May 6, 2025
The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2025. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.
On March 31, 2025, the offering for the Company’s Series J and Series K non-traded preferred stock closed. During the offering period, the Company issued approximately $212 million in gross proceeds and currently has 7,679,765 of its Series J and 755,647 shares of its Series K non-traded preferred stock outstanding.
“I’m extremely pleased with Ashford Trust’s strong first quarter financial results, underscored by solid RevPAR growth of approximately 3.2%,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance reflects the success of the strategic decisions implemented over the past several quarters and the early positive impact of our initiatives to grow ancillary revenue streams.” Mr. Zsigray continued, “Notably, completely eliminating our corporate-level debt strengthens our balance sheet and, combined with the recently announced “GRO AHT” initiative, positions Ashford Trust for long-term success. We remain focused on maximizing the performance and value of our portfolio and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead. As we look to the remainder of 2025, we’re encouraged by sustained strength in group demand and remain focused on executing our “GRO AHT” strategy to drive outsized EBITDA growth. We’re excited about the opportunities ahead and look forward to beginning the next chapter for Ashford Trust.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 7, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Wednesday, May 14, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9727869.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Wednesday, May 7, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * * Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.


AHT Reports First Quarter Results
Page 4
May 6, 2025
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
March 31, 2025 December 31, 2024
ASSETS
Investments in hotel properties, gross $ 3,334,874  $ 3,350,086 
Accumulated depreciation (1,036,328) (1,030,879)
Investments in hotel properties, net 2,298,546  2,319,207 
Contract asset 376,717  366,671 
Cash and cash equivalents 85,787  112,907 
Restricted cash 139,190  99,695 
Accounts receivable, net of allowance of $507 and $435 respectively 48,020  35,579 
Inventories 3,684  3,631 
Notes receivable, net 10,958  10,565 
Investment in unconsolidated entities 7,159  7,590 
Deferred costs, net 1,817  1,788 
Prepaid expenses 19,553  11,667 
Derivative assets, net 3,313  2,594 
Operating lease right-of-use assets 43,706  43,780 
Other assets 21,049  26,680 
Intangible assets, net 797  797 
Due from third-party hotel managers 22,125  21,206 
Assets held for sale —  96,628 
Total assets $ 3,082,421  $ 3,160,985 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 2,651,183  $ 2,629,289 
Indebtedness associated with hotels in receivership 314,640  314,640 
Finance lease liability 17,903  17,992 
Other finance liability 27,092  27,058 
Accounts payable and accrued expenses 129,185  137,506 
Accrued interest payable 17,658  10,212 
Accrued interest associated with hotels in receivership 62,077  52,031 
Dividends and distributions payable 4,125  3,952 
Due to Ashford Inc., net 17,600  25,635 
Due to related parties, net 4,532  2,850 
Due to third-party hotel managers 1,421  1,145 
Intangible liabilities, net 1,973  1,981 
Operating lease liabilities 44,263  44,369 
Other liabilities 4,899  4,972 
Liabilities associated with assets held for sale —  99,139 
Total liabilities 3,298,551  3,372,771 
Redeemable noncontrolling interests in operating partnership 22,262  22,509 
Series J Redeemable Preferred Stock, $0.01 par value, 7,677,717 and 6,799,638 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 177,247  156,671 
Series K Redeemable Preferred Stock, $0.01 par value, 759,086 and 601,175 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 18,779  14,869 
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 11  11 
Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 10  10 
Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 15  15 
Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 10  10 
Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 11  11 
Common stock, $0.01 par value, 395,000,000 shares authorized, 5,790,076 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 58  56 
Additional paid-in capital 2,393,647  2,392,518 
Accumulated deficit (2,839,867) (2,811,868)
Total stockholders' equity (deficit) of the Company (446,105) (419,237)
Noncontrolling interests in consolidated entities 11,687  13,402 
Total equity (deficit) (434,418) (405,835)
Total liabilities and equity/deficit $ 3,082,421  $ 3,160,985 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2025 2024
REVENUE
Rooms $ 206,301  $ 229,207 
Food and beverage 54,529  57,358 
Other 16,220  16,692 
Total hotel revenue 277,050  303,257 
Other 309  639 
Total revenue 277,359  303,896 
EXPENSES
Hotel operating expenses
Rooms 47,790  54,680 
Food and beverage 35,726  37,831 
Other expenses 95,110  106,826 
Management fees 9,848  11,550 
Total hotel operating expenses 188,474  210,887 
Property taxes, insurance and other 16,049  17,364 
Depreciation and amortization 37,339  40,544 
Advisory services fee:
Base advisory fee 8,195  8,220 
Reimbursable expenses 3,208  6,445 
Stock/unit-based compensation (67) 536 
Incentive fee 93  — 
Stirling performance participation fee 116  — 
Corporate, general and administrative:
Stock/unit-based compensation 13  28 
Other general and administrative 4,319  8,244 
Total operating expenses 257,739  292,268 
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 31,868  6,956 
Gain (loss) on derecognition of assets 10,046  133,909 
OPERATING INCOME (LOSS) 61,534  152,493 
Equity in earnings (loss) of unconsolidated entities (431) (534)
Interest income 1,214  1,984 
Other income (expense), net —  36 
Interest expense, net of discount amortization (61,602) (71,753)
Interest expense associated with hotels in receivership (10,046) (12,098)
Amortization of loan costs (5,200) (2,208)
Write-off of premiums, loan costs and exit fees (4,597) (18)
Gain (loss) on extinguishment of debt (13) 45 
Realized and unrealized gain (loss) on derivatives (2,740) 4,761 
INCOME (LOSS) BEFORE INCOME TAXES (21,881) 72,708 
Income tax benefit (expense) (317) (303)
NET INCOME (LOSS) (22,198) 72,405 
(Income) loss attributable to noncontrolling interest in consolidated entities 1,776  9 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 451  (853)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (19,971) 71,561 
Preferred dividends (6,729) (5,011)
Deemed dividends on redeemable preferred stock (1,057) (682)
Gain (loss) on extinguishment of preferred stock —  1,573 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (27,757) $ 67,441 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (4.91) $ 17.45 
Weighted average common shares outstanding – basic 5,651  3,846 
Diluted:
Net income (loss) attributable to common stockholders $ (4.91) $ 5.99 
Weighted average common shares outstanding – diluted 5,651  11,673 
Dividends declared per common share $ —  $ — 
6

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
March 31,
2025 2024
Net income (loss) $ (22,198) $ 72,405 
Interest expense and amortization of discounts and loan costs, net 66,802  73,961 
Interest expense associated with hotels in receivership 10,046  12,098 
Depreciation and amortization 37,339  40,544 
Income tax expense (benefit) 317  303 
Equity in (earnings) loss of unconsolidated entities 431  534 
Company's portion of EBITDA of unconsolidated entities 120  (166)
EBITDA 92,857  199,679 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (31,868) (6,956)
(Gain) loss on derecognition of assets (10,046) (133,909)
EBITDAre 50,943  58,814 
Amortization of unfavorable contract liabilities (31) (31)
Transaction and conversion costs 1,928  4,956 
Write-off of premiums, loan costs and exit fees 4,597  18 
Realized and unrealized (gain) loss on derivatives 2,740  (4,761)
Stock/unit-based compensation (54) 564 
Legal, advisory and settlement costs 797  — 
Other (income) expense, net —  (35)
Incentive fee 93  — 
Stirling performance participation fee 116  — 
(Gain) loss on extinguishment of debt 13  (45)
Severance 521  — 
Adjusted EBITDAre $ 61,663  $ 59,480 
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2025 2024
Net income (loss) $ (22,198) $ 72,405 
(Income) loss attributable to noncontrolling interest in consolidated entities 1,776  9 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 451  (853)
Preferred dividends (6,729) (5,011)
Deemed dividends on redeemable preferred stock (1,057) (682)
Gain (loss) on extinguishment of preferred stock —  1,573 
Net income (loss) attributable to common stockholders (27,757) 67,441 
Depreciation and amortization on real estate 36,550  40,544 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (31,868) (6,956)
(Gain) loss on derecognition of assets (10,046) (133,909)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (451) 853 
Equity in (earnings) loss of unconsolidated entities 431  534 
Company's portion of FFO of unconsolidated entities (233) (407)
FFO available to common stockholders and OP unitholders (33,374) (31,900)
Deemed dividends on redeemable preferred stock 1,057  682 
(Gain) loss on extinguishment of preferred stock —  (1,573)
Transaction and conversion costs 1,928  4,956 
Write-off of premiums, loan costs and exit fees 4,597  18 
Unrealized (gain) loss on derivatives 3,432  3,953 
Stock/unit-based compensation (54) 564 
Legal, advisory and settlement costs 797  — 
Other (income) expense, net —  (35)
Amortization of credit facility exit fee —  844 
Amortization of loan costs 5,163  2,208 
Incentive fee 93  — 
Stirling performance participation fee 116  — 
(Gain) loss on extinguishment of debt 13  (45)
Interest expense associated with hotels in receivership 10,046  6,551 
Severance 521  — 
Company's portion of adjustments to FFO of unconsolidated entities 40  — 
Adjusted FFO available to common stockholders and OP unitholders $ (5,625) $ (13,777)
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (0.98) $ (3.54)
Weighted average diluted shares 5,761  3,896 
7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2025
(dollars in thousands)
(unaudited)
Indebtedness Current Maturity
Final Maturity (13)
Interest Rate (12)
 Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt		 TTM Hotel Net Income TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (14)
 Comparable TTM Hotel EBITDA
Debt Yield
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel March 2025 March 2025 4.66% $ 21,971  $ —  $ 21,971  (2) $ (1,452) (6.6) % $ 2,023  9.2  %
Morgan Stanley Pool - 17 hotels April 2025 April 2025 SOFR (1) + 3.39% —  409,750  409,750  (3) 18,574  4.5  % 43,371  10.6  %
BAML Highland Pool - 18 hotels April 2025 April 2025 SOFR (1) + 3.70% —  743,625  743,625  (4) 86,140  11.6  % 87,148  11.7  %
Aareal Le Pavillon - 1 hotel December 2025 December 2027 SOFR (1) + 4.00% —  37,000  37,000  (5) (8,031) (21.7) % 1,341  3.6  %
JPMorgan Chase - 8 hotels April 2025 February 2026 SOFR (1) + 3.28% —  325,000  325,000  (6) (56,663) (17.4) % 24,453  7.5  %
BAML Indigo Atlanta - 1 hotel February 2026 February 2027 SOFR (1) + 2.75% —  12,330  12,330  (7) (313) (2.5) % 2,131  17.3  %
Aareal Alexandria/La Posada - 2 hotels May 2026 May 2028 SOFR (1) + 4.00% —  98,450  98,450  (8) 5,519  5.6  % 10,492  10.7  %
BAML Nashville - 1 hotel May 2026 May 2029 SOFR (1) + 3.98% —  267,200  267,200  (9) 26,802  10.0  % 36,519  13.7  %
BAML/Sculptor KEYS 16 Pool - 16 hotels February 2027 February 2030 SOFR (1) + 4.37% —  580,000  580,000  (9) 37,338  6.4  % 69,201  11.9  %
Torchlight Marriott Crystal Gateway - 1 hotel November 2027 November 2029 SOFR (1) + 4.75% —  121,500  121,500  (10) 12,573  10.3  % 16,744  13.8  %
Unencumbered Hotel - 1 hotel —  —  —  1,564  N/A 4,094  N/A
Total $ 21,971  $ 2,594,855  $ 2,616,826  $ 122,051  4.7  % $ 297,517  11.4  %
Percentage 0.8  % 99.2  % 100.0  %
Weighted average interest rate (11) (12)
 4.66  % 8.08  % 8.06  %
All indebtedness is non-recourse.
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    SOFR rate was 4.32% at March 31, 2025.
(2)    As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(3)    As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. On April 9, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included extending the current maturity date from April 2025 to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions.
(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. On April 8,2025, this loan entered into 30 day forbearance period extending the maturity to May 8, 2025.
(5)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.
(6)     This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. In March 2025 and April 2025, the mortgage loan was amended to extend the current maturity to April 2025 and May 2025, respectively.
(7)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(8)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.
(9)    This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.
(10)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.
(11)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12)     Interest rates do not include default or late payment rates in effect on some mortgage loans.
(13)    The final maturity date assumes all available extension options will be exercised.
(14)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
March 31, 2025
(dollars in thousands)
(unaudited)
2025 2026 2027 2028 2029 Thereafter Total
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel $ 21,971  $ —  $ —  $ —  $ —  $ —  $ 21,971 
Morgan Stanley Pool - 17 hotels (1)
 409,750  —  —  —  —  —  409,750 
BAML Highland Pool - 18 hotels 743,625  —  —  —  —  —  743,625 
JPMorgan Chase - 8 hotels —  325,000  —  —  —  —  325,000 
BAML Indigo Atlanta - 1 hotel —  —  12,330  —  —  —  12,330 
Aareal Le Pavillon - 1 hotel —  —  35,000  —  —  —  35,000 
Aareal Alexandria/La Posada - 2 hotels —  —  —  98,450  —  —  98,450 
BAML Nashville - 1 hotel —  —  —  —  267,200  —  267,200 
Torchlight Marriott Gateway - 1 hotel —  —  —  —  121,500  —  121,500 
BAML/Sculptor KEYS 16 Pool - 16 hotels —  —  —  —  —  580,000  580,000 
Principal due in future periods 1,175,346  325,000  47,330  98,450  388,700  580,000  2,614,826 
Scheduled amortization payments remaining —  1,000  1,000  —  —  —  2,000 
Total indebtedness $ 1,175,346  $ 326,000  $ 48,330  $ 98,450  $ 388,700  $ 580,000  $ 2,616,826 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
(1)    This mortgage loan was amended in April 2025. Terms of the amendment included extending the final maturity from April 2025 to March 2028.
9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 206,302  $ (4,161) $ 202,141  $ 229,208  $ (33,384) $ 195,824  (9.99) % 3.23  %
RevPAR $ 132.04  $ (105.91) $ 132.71  $ 125.30  $ (108.88) $ 128.60  5.38  % 3.19  %
Occupancy 67.98  % (75.55) % 67.78  % 66.90  % (65.16) % 67.25  % 1.61  % 0.79  %
ADR $ 194.24  $ (140.17) $ 195.80  $ 187.30  $ (167.10) $ 191.24  3.71  % 2.38  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Rooms revenue (in thousands) $ 201,382  $ (4,161) $ 197,221  $ 223,943  $ (33,384) $ 190,559  (10.07) % 3.50  %
RevPAR $ 132.67  $ (105.91) $ 133.38  $ 125.51  $ (108.88) $ 128.96  5.71  % 3.43  %
Occupancy 68.25  % (75.55) % 68.05  % 66.96  % (65.16) % 67.33  % 1.93  % 1.07  %
ADR $ 194.40  $ (140.17) $ 196.00  $ 187.44  $ (167.10) $ 191.52  3.72  % 2.34  %
NOTES:
(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended
March 31,
2025 2024 % Variance
Total hotel revenue $ 277,051  $ 303,258  (8.64) %
Non-comparable adjustments (4,280) (40,008)
Comparable total hotel revenue $ 272,771  $ 263,250  3.62  %
Hotel net income (loss) $ 69,126  $ 30,435  127.13  %
Non-comparable adjustments (32,862) 2,259 
Comparable hotel net income (loss) $ 36,264  $ 32,694  10.92  %
Hotel net income (loss) margin 24.95  % 10.04  % 14.91  %
Comparable hotel net income margin 13.29  % 12.42  % 0.87  %
Hotel EBITDA $ 78,473  $ 78,312  0.21  %
Non-comparable adjustments (1,323) (7,304)
Comparable hotel EBITDA $ 77,150  $ 71,008  8.65  %
Hotel EBITDA margin 28.32  % 25.82  % 2.50  %
Comparable hotel EBITDA margin 28.28  % 26.97  % 1.31  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)

ALL HOTELS
     NOT UNDER RENOVATION:		 Three Months Ended
March 31,
2025 2024 % Variance
Total hotel revenue $ 271,662  $ 297,584  (8.71) %
Non-comparable adjustments (4,280) (40,008)
Comparable total hotel revenue $ 267,382  $ 257,576  3.81  %
Hotel net income (loss) $ 69,225  $ 29,747  132.71  %
Non-comparable adjustments (32,862) 2,258 
Comparable hotel net income (loss) $ 36,363  $ 32,005  13.62  %
Hotel net income (loss) margin 25.48  % 10.00  % 15.48  %
Comparable hotel net income margin 13.60  % 12.43  % 1.17  %
Hotel EBITDA $ 76,842  $ 76,751  0.12  %
Non-comparable adjustments (1,323) (7,304)
Comparable hotel EBITDA $ 75,519  $ 69,447  8.74  %
Hotel EBITDA margin 28.29  % 25.79  % 2.50  %
Comparable hotel EBITDA margin 28.24  % 26.96  % 1.28  %
NOTES:
(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(3)    Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 2024
1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter
Total hotel revenue $ 277,051  $ (4,280) $ 272,771  $ 275,060  $ (11,728) $ 263,332  $ 276,019  $ (13,321) $ 262,698  $ 315,797  $ (22,455) $ 293,342 
Hotel net income (loss) $ 69,126  $ (32,862) $ 36,264  $ (37,125) $ (1,813) $ (38,938) $ 32,678  $ (5,539) $ 27,139  $ 140,679  $ (89,600) $ 51,079 
Hotel net income (loss) margin 24.95  % 13.29  % (13.50) % (14.79) % 11.84  % 10.33  % 44.55  % 17.41  %
Hotel EBITDA $ 78,473  $ (1,323) $ 77,150  $ 69,415  $ (3,897) $ 65,518  $ 71,833  $ (5,170) $ 66,663  $ 95,134  $ (6,424) $ 88,710 
Hotel EBITDA margin 28.32  % 28.28  % 25.24  % 24.88  % 26.02  % 25.38  % 30.13  % 30.24  %
Hotel net income (loss) % of total TTM 33.7  % 48.0  % (18.1) % (51.5) % 15.9  % 35.9  % 68.5  % 67.6  %
EBITDA % of total TTM 24.9  % 25.9  % 22.0  % 22.0  % 22.8  % 22.4  % 30.2  % 29.8  %
JV interests in Hotel net income (loss) $ (1,544) $ (1,544) $ (2,771) $ (2,771) $ (414) $ (414) $ —  $ — 
JV interests in EBITDA $ 321  $ 321  $ (63) $ (63) $ 113  $ 113  $ —  $ — 
Actual Non-comparable Adjustments Comparable
2025 2025 2025
TTM TTM TTM
Total hotel revenue $ 1,143,927  $ (51,784) $ 1,092,143 
Hotel net income (loss) $ 205,358  $ (129,814) $ 75,544 
Hotel net income (loss) margin 17.95  % 6.92  %
Hotel EBITDA $ 314,855  $ (16,814) $ 298,041 
Hotel EBITDA margin 27.52  % 27.29  %
Hotel net income (loss) % of total TTM 100.0  % 100.0  %
EBITDA % of total TTM 100.0  % 100.0  %
JV interests in Hotel net income (loss) $ (4,729) $ (4,729)
JV interests in EBITDA $ 371  $ 371 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Three Months Ended March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Atlanta, GA Area 4  939  $ 143.67  $ (104.79) $ 151.50  $ 119.52  $ (84.57) $ 136.26  20.2  % 11.2  %
Boston, MA Area —  —  38.81  (38.81) —  142.10  (142.10) —  (72.7) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  126.14  —  126.14  114.00  (76.18) 120.97  10.6  % 4.3  %
Houston, TX Area 3  695  111.58  —  111.58  97.24  —  97.24  14.7  % 14.7  %
Los Angeles, CA Metro Area 4  1,312  155.67  —  155.67  148.74  (84.48) 158.65  4.7  % (1.9) %
Miami, FL Metro Area 2  414  248.44  —  248.44  244.66  —  244.66  1.5  % 1.5  %
Minneapolis - St. Paul, MN Area 2  520  51.31  —  51.31  53.87  —  53.87  (4.8) % (4.8) %
Nashville, TN Area 1  674  227.55  —  227.55  220.63  —  220.63  3.1  % 3.1  %
New York / New Jersey Metro Area 4  1,159  80.78  —  80.78  75.02  (55.84) 77.59  7.7  % 4.1  %
Orlando, FL Area 2  524  147.41  —  147.41  145.63  —  145.63  1.2  % 1.2  %
Philadelphia, PA Area 1  263  91.89  —  91.89  72.76  (28.18) 94.99  26.3  % (3.3) %
San Diego, CA Area 2  410  136.74  —  136.74  139.59  —  139.59  (2.0) % (2.0) %
San Francisco - Oakland, CA Metro Area 3  793  125.52  —  125.52  112.90  (85.16) 124.55  11.2  % 0.8  %
Tampa, FL Area 2  571  199.33  —  199.33  185.40  —  185.40  7.5  % 7.5  %
Washington D.C. - MD - VA Area 9  2,428  141.03  —  141.03  134.99  —  134.99  4.5  % 4.5  %
Other Areas 24  4,826  115.29  (116.67) 115.23  116.31  (131.50) 112.63  (0.9) % 2.3  %
Total Portfolio 68  16,924  $ 132.04  $ (105.91) $ 132.71  $ 125.30  $ (108.88) $ 128.60  5.4  % 3.2  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Atlanta, GA Area 4  939  $ 2,631  $ (93) $ 2,538  7.0  % $ 1,193  $ 158  $ 1,351  4.1  % 120.5  % 87.9  %
Boston, MA Area —  —  31,828  (31,828) —  —  % (3,059) 3,059  —  —  % 1,140.5  % —  %
Dallas / Ft. Worth, TX Area 5  1,396  2,244  —  2,244  6.2  % 2,398  1,016  3,414  10.4  % (6.4) % (34.3) %
Houston, TX Area 3  695  712  —  712  2.0  % 102  —  102  0.3  % 598.0  % 598.0  %
Los Angeles, CA Metro Area 4  1,312  4,573  —  4,573  12.6  % 1,431  3,015  4,446  13.6  % 219.6  % 2.9  %
Miami, FL Metro Area 2  414  4,101  —  4,101  11.3  % 4,121  —  4,121  12.6  % (0.5) % (0.5) %
Minneapolis - St. Paul, MN Area 2  520  (1,095) —  (1,095) (3.0) % (1,289) —  (1,289) (3.9) % 15.1  % 15.1  %
Nashville, TN Area 1  674  7,023  —  7,023  19.4  % 5,811  —  5,811  17.8  % 20.9  % 20.9  %
New York / New Jersey Metro Area 4  1,159  (638) —  (638) (1.8) % (1,823) 876  (947) (2.9) % 65.0  % 32.6  %
Orlando, FL Area 2  524  2,070  —  2,070  5.7  % 1,752  —  1,752  5.4  % 18.2  % 18.2  %
Philadelphia, PA Area 1  263  (27) (2) (29) (0.1) % (979) 830  (149) (0.5) % 97.2  % 80.5  %
San Diego, CA Area 2  410  932  —  932  2.6  % 1,101  —  1,101  3.4  % (15.3) % (15.3) %
San Francisco - Oakland, CA Metro Area 3  793  (86) 212  126  0.3  % 11  208  219  0.7  % (881.8) % (42.5) %
Tampa, FL Area 2  571  5,293  —  5,293  14.6  % 4,522  —  4,522  13.8  % 17.0  % 17.0  %
Washington D.C. - MD - VA Area 9  2,428  7,075  —  7,075  19.5  % 5,840  —  5,840  17.9  % 21.1  % 21.1  %
Other Areas 24  4,826  2,490  (1,151) 1,339  3.7  % 9,303  (6,903) 2,400  7.3  % (73.2) % (44.2) %
Total Portfolio 68  16,924  $ 69,126  $ (32,862) $ 36,264  100.0  % $ 30,435  $ 2,259  $ 32,694  100.0  % 127.1  % 10.9  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended March 31,
Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable % of Total Actual Non-comparable Adjustments Comparable % of Total Actual Comparable
2025 2025 2025 2024 2024 2024 % Variance % Variance
Atlanta, GA Area 4  939  $ 5,558  $ (514) $ 5,044  6.5  % $ 4,617  $ (645) $ 3,972  5.6  % 20.4  % 27.0  %
Boston, MA Area —  —  12  (12) —  —  % 884  (884) —  —  % (98.6) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  7,889  —  7,889  10.2  % 6,868  (393) 6,475  9.1  % 14.9  % 21.8  %
Houston, TX Area 3  695  2,380  —  2,380  3.1  % 1,767  2  1,769  2.5  % 34.7  % 34.5  %
Los Angeles, CA Metro Area 4  1,312  6,822  —  6,822  8.8  % 6,802  (181) 6,621  9.3  % 0.3  % 3.0  %
Miami, FL Metro Area 2  414  5,558  —  5,558  7.2  % 5,203  —  5,203  7.3  % 6.8  % 6.8  %
Minneapolis - St. Paul, MN Area 2  520  (363) —  (363) (0.5) % (506) 2  (504) (0.7) % 28.3  % 28.0  %
Nashville, TN Area 1  674  9,476  —  9,476  12.3  % 8,284  —  8,284  11.7  % 14.4  % 14.4  %
New York / New Jersey Metro Area 4  1,159  1,413  —  1,413  1.8  % 1,347  (110) 1,237  1.7  % 4.9  % 14.2  %
Orlando, FL Area 2  524  2,935  —  2,935  3.8  % 2,720  —  2,720  3.8  % 7.9  % 7.9  %
Philadelphia, PA Area 1  263  346  (2) 344  0.4  % (28) 267  239  0.3  % 1,335.7  % 43.9  %
San Diego, CA Area 2  410  1,683  —  1,683  2.2  % 1,681  —  1,681  2.4  % 0.1  % 0.1  %
San Francisco - Oakland, CA Metro Area 3  793  2,718  —  2,718  3.5  % 3,044  (226) 2,818  4.0  % (10.7) % (3.5) %
Tampa, FL Area 2  571  5,998  —  5,998  7.8  % 5,360  2  5,362  7.6  % 11.9  % 11.9  %
Washington D.C. - MD - VA Area 9  2,428  11,240  —  11,240  14.6  % 10,627  3  10,630  15.0  % 5.8  % 5.7  %
Other Areas 24  4,826  14,808  (795) 14,013  18.3  % 19,642  (5,141) 14,501  20.4  % (24.6) % (3.4) %
Total Portfolio 68  16,924  $ 78,473  $ (1,323) $ 77,150  100.0  % $ 78,312  $ (7,304) $ 71,008  100.0  % 0.2  % 8.6  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2025
(in thousands, except share price)
(unaudited)
March 31, 2025
Common stock shares outstanding 5,790 
Partnership units outstanding 121 
Combined common stock shares and partnership units outstanding 5,911 
Common stock price $ 7.17 
Market capitalization $ 42,382 
Series D cumulative preferred stock $ 27,778 
Series F cumulative preferred stock $ 25,926 
Series G cumulative preferred stock $ 36,774 
Series H cumulative preferred stock $ 25,949 
Series I cumulative preferred stock $ 25,858 
Series J redeemable preferred stock $ 191,943 
Series K redeemable preferred stock $ 18,977 
Indebtedness $ 2,616,826 
Net working capital (see below) $ (156,089)
Total enterprise value (TEV) $ 2,856,324 
Cash and cash equivalents $ 80,656 
Restricted cash $ 135,780 
Accounts receivable, net $ 47,658 
Prepaid expenses $ 19,110 
Due from third-party hotel managers, net $ 20,728 
Total current assets $ 303,932 
Accounts payable, net & accrued expenses $ 127,106 
Dividends and distributions payable $ 4,124 
Due to affiliates, net $ 16,613 
Total current liabilities $ 147,843 
Net working capital $ 156,089 
The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.
15

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Estimated Estimated Estimated
Courtyard Bloomington 117  x x x
Embassy Suites Palm Beach 160  x
Hampton Inn Evansville 140  x x
Hilton Garden Inn Austin Downton 254  x x
Hilton Garden Inn Virginia Beach 176  x
Residence Inn Evansville 78  x x x
Sheraton Anchorage 370  x
Sheraton Misson Valley 260  x
Westin Princeton 296  x
Total 4 4 1 6
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table.
16

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2025 2024 2024 2024 March 31, 2025
1st Quarter 4th Quarter 3rd Quarter 2nd Quarter TTM
Net income (loss) $ 69,126  $ (37,125) $ 32,678  $ 140,679  $ 205,358 
Non-property adjustments (31,855) 59,274  (2,771) (85,986) (61,338)
Interest income (346) (408) (482) (420) (1,656)
Interest expense 3,065  3,181  2,206  2,086  10,538 
Amortization of loan costs 106  118  77  76  377 
Depreciation and amortization 37,290  37,256  37,691  37,139  149,376 
Income tax expense (benefit) —  (22) 26  29  33 
Non-hotel EBITDA ownership expense 1,087  7,141  2,408  1,531  12,167 
Hotel EBITDA including amounts attributable to noncontrolling interest 78,473  69,415  71,833  95,134  314,855 
Non-comparable adjustments (1,323) (3,897) (5,170) (6,424) (16,814)
Comparable hotel EBITDA $ 77,150  $ 65,518  $ 66,663  $ 88,710  $ 298,041 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
17

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 69,225  $ (99) $ 69,126  $ (91,324) $ (22,198)
Non-property adjustments (31,855) —  (31,855) 31,855  — 
Interest income (346) —  (346) 346  — 
Interest expense 3,065  —  3,065  68,583  71,648 
Amortization of loan cost 106  —  106  5,094  5,200 
Depreciation and amortization 35,578  1,712  37,290  49  37,339 
Income tax expense (benefit) —  —  —  317  317 
Non-hotel EBITDA ownership expense 1,069  18  1,087  (1,087) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 76,842  1,631  78,473  13,833  92,306 
Equity in (earnings) loss of unconsolidated entities —  —  —  431  431 
Company's portion of EBITDA of unconsolidated entities —  —  —  120  120 
Hotel EBITDA attributable to the Company and OP unitholders $ 76,842  $ 1,631  $ 78,473  $ 14,384  $ 92,857 
Non-comparable adjustments (1,323) —  (1,323)
Comparable hotel EBITDA $ 75,519  $ 1,631  $ 77,150 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
18

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (37,125) $ (91,974) $ (129,099)
Non-property adjustments 59,274  (59,274) — 
Interest income (408) 408  — 
Interest expense 3,181  66,934  70,115 
Amortization of loan cost 118  4,354  4,472 
Depreciation and amortization 37,256  49  37,305 
Income tax expense (benefit) (22) (2,294) (2,316)
Non-hotel EBITDA ownership expense 7,141  (7,141) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 69,415  (88,938) (19,523)
Equity in (earnings) loss of unconsolidated entities —  1,542  1,542 
Company's portion of EBITDA of unconsolidated entities —  130  130 
Hotel EBITDA attributable to the Company and OP unitholders $ 69,415  $ (87,266) $ (17,851)
Non-comparable adjustments (3,897)
Comparable hotel EBITDA $ 65,518 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
19

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 32,678  $ (91,806) $ (59,128)
Non-property adjustments (2,771) 2,771  — 
Interest income (482) 482  — 
Interest expense 2,206  72,167  74,373 
Amortization of loan cost 77  3,495  3,572 
Depreciation and amortization 37,691  49  37,740 
Income tax expense (benefit) 26  (471) (445)
Non-hotel EBITDA ownership expense 2,408  (2,408) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 71,833  (15,721) 56,112 
Equity in (earnings) loss of unconsolidated entities —  133  133 
Company's portion of EBITDA of unconsolidated entities —  257  257 
Hotel EBITDA attributable to the Company and OP unitholders $ 71,833  $ (15,331) $ 56,502 
Non-comparable adjustments (5,170)
Comparable hotel EBITDA $ 66,663 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
20

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 140,679  $ (89,868) $ 50,811 
Non-property adjustments (85,986) 85,986  — 
Interest income (420) 420  — 
Interest expense 2,086  74,936  77,022 
Amortization of loan cost 76  3,262  3,338 
Depreciation and amortization 37,139  48  37,187 
Income tax expense (benefit) 29  3,426  3,455 
Non-hotel EBITDA ownership expense 1,531  (1,531) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 95,134  76,679  171,813 
Equity in (earnings) loss of unconsolidated entities —  162  162 
Company's portion of EBITDA of unconsolidated entities —  215  215 
Hotel EBITDA attributable to the Company and OP unitholders $ 95,134  $ 77,056  $ 172,190 
Non-comparable adjustments (6,424)
Comparable hotel EBITDA $ 88,710 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
21

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 29,747  $ 688  $ 30,435  $ 41,970  $ 72,405 
Non-property adjustments 1,970  —  1,970  (1,970) — 
Interest income (410) —  (410) 410  — 
Interest expense 4,155  —  4,155  79,696  83,851 
Amortization of loan cost 219  —  219  1,989  2,208 
Depreciation and amortization 39,349  871  40,220  324  40,544 
Income tax expense (benefit) 35  —  35  268  303 
Non-hotel EBITDA ownership expense 1,686  2  1,688  (1,688) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 76,751  1,561  78,312  120,999  199,311 
Equity in (earnings) loss of unconsolidated entities —  —  —  534  534 
Company's portion of EBITDA of unconsolidated entities —  —  —  (166) (166)
Hotel EBITDA attributable to the Company and OP unitholders $ 76,751  $ 1,561  $ 78,312  $ 121,367  $ 199,679 
Non-comparable adjustments (7,304) —  (7,304)
Comparable hotel EBITDA $ 69,447  $ 1,561  $ 71,008 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville
22

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended March 31, 2025
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis -
St. Paul, MN - WI Area		 Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 2,631  $ 31,828  $ 2,244  $ 712  $ 4,573  $ 4,101  $ (1,095) $ 7,023  $ (638)
Non-property adjustments —  (31,868) —  —  —  —  —  —  — 
Interest income (55) —  —  —  (14) (2) —  (25) — 
Interest expense 702  —  1,289  —  —  —  —  —  — 
Amortization of loan costs 4  —  53  —  —  —  —  —  — 
Depreciation and amortization 2,109  —  3,834  1,755  1,919  1,446  698  2,473  1,882 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 167  52  469  (87) 344  13  34  5  169 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,558  12  7,889  2,380  6,822  5,558  (363) 9,476  1,413 
Non-comparable adjustments (514) (12) —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 5,044  $ —  $ 7,889  $ 2,380  $ 6,822  $ 5,558  $ (363) $ 9,476  $ 1,413 
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ 2,070  $ (27) $ 932  $ (86) $ 5,293  $ 7,075  $ 2,490  $ 69,126 
Non-property adjustments —  —  —  —  —  —  13  (31,855)
Interest income (29) —  (24) (12) —  (152) (33) (346)
Interest expense —  —  —  303  —  —  771  3,065 
Amortization of loan costs —  —  —  27  —  —  22  106 
Depreciation and amortization 880  359  614  2,038  692  4,250  12,341  37,290 
Income tax expense (benefit) —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 14  14  161  448  13  67  (796) 1,087 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,935  346  1,683  2,718  5,998  11,240  14,808  78,473 
Non-comparable adjustments —  (2) —  —  —  —  (795) (1,323)
Comparable hotel EBITDA $ 2,935  $ 344  $ 1,683  $ 2,718  $ 5,998  $ 11,240  $ 14,013  $ 77,150 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
23

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

Three Months Ended March 31, 2024
Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area
Net income (loss) $ 1,193  $ (3,059) $ 2,398  $ 102  $ 1,431  $ 4,121  $ (1,289) $ 5,811  $ (1,823)
Non-property adjustments —  —  1,084  —  2,975  —  —  —  727 
Interest income (38) (58) (4) —  (29) (13) —  (26) (4)
Interest expense 777  2,291  —  —  —  —  —  —  — 
Amortization of loan costs —  144  —  —  —  —  —  —  — 
Depreciation and amortization 2,636  1,533  3,271  1,565  2,295  1,080  760  2,466  2,241 
Income tax expense (benefit) —  —  —  —  —  —  —  26  — 
Non-hotel EBITDA ownership expense 49  33  119  100  130  15  23  7  206 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,617  884  6,868  1,767  6,802  5,203  (506) 8,284  1,347 
Non-comparable adjustments (645) (884) (393) 2  (181) —  2  —  (110)
Comparable hotel EBITDA $ 3,972  $ —  $ 6,475  $ 1,769  $ 6,621  $ 5,203  $ (504) $ 8,284  $ 1,237 
Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio
Net income (loss) $ 1,752  $ (979) $ 1,101  $ 11  $ 4,522  $ 5,840  $ 9,303  $ 30,435 
Non-property adjustments —  420  —  189  —  —  (3,425) 1,970 
Interest income (24) (4) (19) (17) —  (137) (37) (410)
Interest expense —  —  —  213  —  —  874  4,155 
Amortization of loan costs —  —  —  39  —  —  36  219 
Depreciation and amortization 970  531  587  2,535  854  4,763  12,133  40,220 
Income tax expense (benefit) —  —  —  —  —  —  9  35 
Non-hotel EBITDA ownership expense 22  4  12  74  (16) 161  749  1,688 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,720  (28) 1,681  3,044  5,360  10,627  19,642  78,312 
Non-comparable adjustments —  267  —  (226) 2  3  (5,141) (7,304)
Comparable hotel EBITDA $ 2,720  $ 239  $ 1,681  $ 2,818  $ 5,362  $ 10,630  $ 14,501  $ 71,008 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
24

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended March 31, 2025
BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels Morgan Stanley Pool C2 - 2 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel
Net income (loss) $ 37,338  $ 86,140  $ 18,574  $ (56,663) $ 9,506  $ 26,802  $ 5,519  $ 2,738  $ (313) $ (886) $ 12,573 
Non-property adjustments —  (31,941) —  59,331  (9,598) —  —  (2,659) —  665  — 
Interest income (129) (514) (273) (213) —  (107) —  —  (5) —  (415)
Interest expense —  —  —  —  —  —  —  —  1,045  226  — 
Amortization of loan costs —  —  —  —  —  —  —  —  4  —  — 
Depreciation and amortization 28,955  41,950  21,961  20,417  144  9,681  4,895  86  1,244  —  4,560 
Income tax expense (benefit) (1) —  —  —  —  (25) —  —  —  —  — 
Non-hotel EBITDA ownership expense 3,045  1,702  3,114  1,253  71  168  80  8  156  (83) 29 
Hotel EBITDA including amounts attributable to noncontrolling interest 69,208  97,337  43,376  24,125  123  36,519  10,494  173  2,131  (78) 16,747 
Non-comparable adjustments (7) (10,189) (5) 328  (123) —  (2) (173) —  78  (3)
Comparable hotel EBITDA $ 69,201  $ 87,148  $ 43,371  $ 24,453  $ —  $ 36,519  $ 10,492  $ —  $ 2,131  $ —  $ 16,744 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel BAML - 4 Pack - Stirling Disposed Hotels
Net income (loss) $ (1,452) $ (8,031) $ (6,687) $ 1,535  $ (94) $ (335) $ (334) $ 4,669  $ 59  $ 434  $ 72,702 
Non-property adjustments —  —  —  (1,579) (83) 203  41  (4,764) (73) —  (70,881)
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense 936  3,343  3,025  —  —  —  —  —  —  —  — 
Amortization of loan costs 188  132  53  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,119  5,520  2,643  53  —  —  —  —  —  4,386  221 
Income tax expense (benefit) —  —  —  67  —  —  —  —  —  (8) — 
Non-hotel EBITDA ownership expense 232  378  1,490  33  177  131  293  5  —  92  (233)
Hotel EBITDA including amounts attributable to noncontrolling interest 2,023  1,342  524  109  —  (1) —  (90) (14) 4,904  1,809 
Non-comparable adjustments —  (1) —  (109) —  1  —  90  14  (4,904) (1,809)
Comparable hotel EBITDA $ 2,023  $ 1,341  $ 524  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Unencumbered Hotels Total Portfolio
Net income (loss) $ 1,564  $ 205,358 
Non-property adjustments —  (61,338)
Interest income —  (1,656)
Interest expense 1,963  10,538 
Amortization of loan costs —  377 
Depreciation and amortization 541  149,376 
Income tax expense (benefit) —  33 
Non-hotel EBITDA ownership expense 26  12,167 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,094  314,855 
Non-comparable adjustments —  (16,814)
Comparable hotel EBITDA $ 4,094  $ 298,041 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
25

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels Morgan Stanley Pool C2 - 2 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel
Net income (loss) $ 8,064  $ 44,926  $ 6,147  $ 1,611  $ 3  $ 7,023  $ 618  $ —  $ 263  $ (16) $ 3,105 
Non-property adjustments —  (31,868) —  —  —  —  —  —  —  —  — 
Interest income (32) (75) (68) (44) —  (25) —  —  (5) —  (97)
Interest expense —  —  —  —  —  —  —  —  221  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  4  —  — 
Depreciation and amortization 6,959  9,614  5,988  5,392  —  2,473  1,165  —  310  —  1,048 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 1,073  (153) 399  234  —  5  11  —  4  2  11 
Hotel EBITDA including amounts attributable to noncontrolling interest 16,064  22,444  12,466  7,193  3  9,476  1,794  —  797  (14) 4,067 
Non-comparable adjustments —  (26) —  —  (3) —  —  —  —  14  — 
Comparable hotel EBITDA $ 16,064  $ 22,418  $ 12,466  $ 7,193  $ —  $ 9,476  $ 1,794  $ —  $ 797  $ —  $ 4,067 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel BAML - 4 Pack - Stirling Disposed Hotels
Net income (loss) $ (808) $ (1,122) $ (2,183) $ —  $ (52) $ (61) $ (113) $ —  $ —  $ 124  $ 1,135 
Non-property adjustments —  —  —  —  13  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense 303  770  1,290  —  —  —  —  —  —  —  — 
Amortization of loan costs 27  22  53  —  —  —  —  —  —  —  — 
Depreciation and amortization 525  1,554  1,117  —  —  —  —  —  —  1,010  — 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 17  51  177  —  39  61  113  —  —  7  (968)
Hotel EBITDA including amounts attributable to noncontrolling interest 64  1,275  454  —  —  —  —  —  —  1,141  167 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  (1,141) (167)
Comparable hotel EBITDA $ 64  $ 1,275  $ 454  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Unencumbered Hotels Total Portfolio
Net income (loss) $ 462  $ 69,126 
Non-property adjustments —  (31,855)
Interest income —  (346)
Interest expense 481  3,065 
Amortization of loan costs —  106 
Depreciation and amortization 135  37,290 
Income tax expense (benefit) —  — 
Non-hotel EBITDA ownership expense 4  1,087 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,082  78,473 
Non-comparable adjustments —  (1,323)
Comparable hotel EBITDA $ 1,082  $ 77,150 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
26

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels Morgan Stanley Pool C2 - 2 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel
Net income (loss) $ 5,672  $ 11,593  $ 2,927  $ (60,071) $ 86  $ 6,191  $ 839  $ (15) $ (174) $ 6  $ 2,422 
Non-property adjustments —  (73) —  59,331  —  —  —  16  —  —  — 
Interest income (9) (151) (70) (50) —  (25) —  —  —  —  (103)
Interest expense —  —  —  —  —  —  —  —  257  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 7,140  10,294  5,519  5,089  —  2,404  1,206  —  314  —  1,111 
Income tax expense (benefit) (4) —  —  —  —  (70) —  —  —  —  — 
Non-hotel EBITDA ownership expense 1,441  1,770  984  622  5  15  29  —  118  (9) 5 
Hotel EBITDA including amounts attributable to noncontrolling interest 14,240  23,433  9,360  4,921  91  8,515  2,074  1  515  (3) 3,435 
Non-comparable adjustments (14) (2,506) (9) (3) (91) —  (2) (1) —  3  — 
Comparable hotel EBITDA $ 14,226  $ 20,927  $ 9,351  $ 4,918  $ —  $ 8,515  $ 2,072  $ —  $ 515  $ —  $ 3,435 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel BAML - 4 Pack - Stirling Disposed Hotels
Net income (loss) $ (921) $ (1,951) $ (3,918) $ (75) $ (141) $ (63) $ (180) $ (59) $ —  $ 181  $ 60 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  — 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense 210  822  1,398  —  —  —  —  —  —  —  — 
Amortization of loan costs 80  38  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 533  1,342  1,118  —  —  —  —  —  —  1,051  — 
Income tax expense (benefit) —  —  —  60  —  —  —  —  —  (8) — 
Non-hotel EBITDA ownership expense 161  225  1,313  —  138  63  180  1  —  64  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 63  476  (89) (15) (3) —  —  (58) —  1,288  60 
Non-comparable adjustments (1) (1) —  15  3  —  —  58  —  (1,288) (60)
Comparable hotel EBITDA $ 62  $ 475  $ (89) $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Unencumbered Hotels Total Portfolio
Net income (loss) $ 466  $ (37,125)
Non-property adjustments —  59,274 
Interest income —  (408)
Interest expense 494  3,181 
Amortization of loan costs —  118 
Depreciation and amortization 135  37,256 
Income tax expense (benefit) —  (22)
Non-hotel EBITDA ownership expense 16  7,141 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,111  69,415 
Non-comparable adjustments —  (3,897)
Comparable hotel EBITDA $ 1,111  $ 65,518 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
27

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2024
BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels Morgan Stanley Pool C2 - 2 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel
Net income (loss) $ 9,609  $ 11,478  $ 1,784  $ 351  $ (15) $ 4,949  $ 1,953  $ 2,690  $ (258) $ 109  $ 2,850 
Non-property adjustments —  —  —  —  —  —  —  (2,675) —  (12) — 
Interest income (47) (160) (75) (60) —  (29) —  —  —  —  (111)
Interest expense —  —  —  —  —  —  —  —  284  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 7,294  10,912  5,602  5,152  —  2,407  1,237  6  312  —  1,168 
Income tax expense (benefit) 1  —  —  —  —  22  —  —  —  —  — 
Non-hotel EBITDA ownership expense 186  (182) 1,567  49  5  121  21  4  25  42  6 
Hotel EBITDA including amounts attributable to noncontrolling interest 17,043  22,048  8,878  5,492  (10) 7,470  3,211  25  363  139  3,913 
Non-comparable adjustments 2  (3,758) —  —  10  —  —  (25) —  (139) (3)
Comparable hotel EBITDA $ 17,045  $ 18,290  $ 8,878  $ 5,492  $ —  $ 7,470  $ 3,211  $ —  $ 363  $ —  $ 3,910 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel BAML - 4 Pack - Stirling Disposed Hotels
Net income (loss) $ 419  $ (2,682) $ (586) $ (7) $ 99  $ (7) $ —  $ (4) $ 37  $ 55  $ (510)
Non-property adjustments —  —  —  —  (96) 7  —  —  (37) —  42 
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense 212  879  337  —  —  —  —  —  —  —  — 
Amortization of loan costs 41  36  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 513  1,387  408  —  —  —  —  —  —  1,158  — 
Income tax expense (benefit) —  —  —  3  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 47  —  —  18  —  —  —  3  —  24  472 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,232  (380) 159  14  3  —  —  (1) —  1,237  4 
Non-comparable adjustments —  —  —  (14) (3) —  —  1  —  (1,237) (4)
Comparable hotel EBITDA $ 1,232  $ (380) $ 159  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Unencumbered Hotels Total Portfolio
Net income (loss) $ 364  $ 32,678 
Non-property adjustments —  (2,771)
Interest income —  (482)
Interest expense 494  2,206 
Amortization of loan costs —  77 
Depreciation and amortization 135  37,691 
Income tax expense (benefit) —  26 
Non-hotel EBITDA ownership expense —  2,408 
Hotel EBITDA including amounts attributable to noncontrolling interest 993  71,833 
Non-comparable adjustments —  (5,170)
Comparable hotel EBITDA $ 993  $ 66,663 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
28

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels Morgan Stanley Pool C2 - 2 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels Southside Bank Ashton - 1 hotel BAML Indigo Atlanta - 1 hotel Aareal Boston Back Bay - 1 hotel Torchlight Marriott Gateway - 1 hotel
Net income (loss) $ 13,993  $ 18,143  $ 7,716  $ 1,446  $ 9,432  $ 8,639  $ 2,109  $ 63  $ (144) $ (985) $ 4,196 
Non-property adjustments —  —  —  —  (9,598) —  —  —  —  677  — 
Interest income (41) (128) (60) (59) —  (28) —  —  —  —  (104)
Interest expense —  —  —  —  —  —  —  —  283  226  — 
Amortization of loan costs —  —  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 7,562  11,130  4,852  4,784  144  2,397  1,287  80  308  —  1,233 
Income tax expense (benefit) 2  —  —  —  —  23  —  —  —  —  — 
Non-hotel EBITDA ownership expense 345  267  164  348  61  27  19  4  9  (118) 7 
Hotel EBITDA including amounts attributable to noncontrolling interest 21,861  29,412  12,672  6,519  39  11,058  3,415  147  456  (200) 5,332 
Non-comparable adjustments 5  (3,899) 4  331  (39) —  —  (147) —  200  — 
Comparable hotel EBITDA $ 21,866  $ 25,513  $ 12,676  $ 6,850  $ —  $ 11,058  $ 3,415  $ —  $ 456  $ —  $ 5,332 
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Key Bank Manchester CY - 1 hotel KEYS Pool F - 5 hotels KEYS Pool A - 7 hotels KEYS Pool B - 7 hotels Morgan Stanley Pool C3 - 3 hotels Morgan Stanley Ann Arbor - 1 hotel BAML - 4 Pack - Stirling Disposed Hotels
Net income (loss) $ (142) $ (2,276) $ —  $ 1,617  $ —  $ (204) $ (41) $ 4,732  $ 22  $ 74  $ 72,017 
Non-property adjustments —  —  —  (1,579) —  196  41  (4,764) (36) —  (70,923)
Interest income —  —  —  —  —  —  —  —  —  —  — 
Interest expense 211  872  —  —  —  —  —  —  —  —  — 
Amortization of loan costs 40  36  —  —  —  —  —  —  —  —  — 
Depreciation and amortization 548  1,237  —  53  —  —  —  —  —  1,167  221 
Income tax expense (benefit) —  —  —  4  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 7  102  —  15  —  7  —  1  —  (3) 263 
Hotel EBITDA including amounts attributable to noncontrolling interest 664  (29) —  110  —  (1) —  (31) (14) 1,238  1,578 
Non-comparable adjustments 1  —  —  (110) —  1  —  31  14  (1,238) (1,578)
Comparable hotel EBITDA $ 665  $ (29) $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Unencumbered Hotels Total Portfolio
Net income (loss) $ 272  $ 140,679 
Non-property adjustments —  (85,986)
Interest income —  (420)
Interest expense 494  2,086 
Amortization of loan costs —  76 
Depreciation and amortization 136  37,139 
Income tax expense (benefit) —  29 
Non-hotel EBITDA ownership expense 6  1,531 
Hotel EBITDA including amounts attributable to noncontrolling interest 908  95,134 
Non-comparable adjustments —  (6,424)
Comparable hotel EBITDA $ 908  $ 88,710 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.
29