ｱｼｭﾌｫｰﾄﾞﾎｽﾋﾟﾀﾘﾃｨﾄﾗｽﾄの適時開示・決算・その他

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): November 4, 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 November 4, 2025, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 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 Third Quarter 2025 Earnings Release of the Company, dated November 4, 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: November 4, 2025	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

EX-99.1 2 aht2025q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

NEWS RELEASE


Contact:	Deric Eubanks	Allison Beach	Joe Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	(972) 490-9600	(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2025 RESULTS

DALLAS – November 4, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 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 September 30, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2025 with the third quarter ended September 30, 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.

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 1.5% to $128 during the quarter on a 2.2% decrease in Comparable ADR and a 0.7% increase in Comparable Occupancy.

•Net loss attributable to common stockholders was $(69.0) million or $(11.35) per diluted share for the quarter.

•Adjusted EBITDAre was $45.4 million for the quarter.

•Adjusted funds from operations (AFFO) was $(2.85) per diluted share for the quarter.

•Comparable Hotel EBITDA was $68.9 million for the quarter, reflecting a growth rate of 2.0% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $81.9 million and restricted cash of $166.9 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 $27.4 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 $144.3 million.

•Capex invested during the quarter was $5.7 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 Third Quarter Results

Page 2

November 4, 2025

•During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels. The loan now has a maturity date of January 9, 2026, subject to a six-month extension option to July 9, 2026.

•During the quarter, the Company announced the completion of the sale of the Hilton Houston NASA Clear Lake in Houston, Texas for $27 million and the sale of the Residence Inn Evansville East in Evansville, Indiana for $6 million.

•During the quarter, the Company signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California for $42.0 million or $280,000 per key. The sale was completed in October 2025.

CAPITAL STRUCTURE

As of September 30, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 8.0%. Approximately 5% of the Company’s current consolidated debt is fixed and approximately 95% is floating.

During the quarter, the Company extended its Highland mortgage loan secured by 18 hotels. The loan, which had an original final maturity date of April 9, 2025, now has a maturity date of January 9, 2026, subject to a six-month extension option to July 9, 2026, upon satisfaction of certain conditions. As part of the extension, the loan was paid down to a current balance of $733.6 million, or approximately 68% of appraised value. The loan now bears interest at a floating rate of SOFR + 4.15%.

During the quarter, the Company announced the completion of the sale of the Hilton Houston NASA Clear Lake in Houston, Texas for $27 million and the sale of the Residence Inn Evansville East in Evansville, Indiana for $6 million. When adjusted for the Company's anticipated capital expenditures, the combined sale price represents a 1.3% capitalization rate on net operating income or a multiple of 45.3x Hotel EBITDA for the twelve months ended July 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 2.0% capitalization rate on net operating income or a multiple of 28.1x Hotel EBITDA for the twelve months ended July 31, 2025.

During the quarter, the Company signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California for $42.0 million or $280,000 per key. When adjusted for the Company's anticipated capital expenditures of $16.0 million, the sale price represents a 5.7% capitalization rate on net operating income or a multiple of 15.3x Hotel EBITDA for the twelve months ended July 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 7.9% capitalization rate on net operating income or a multiple of 11.1x Hotel EBITDA for the twelve months ended July 31, 2025. The sale was completed in October 2025.

The Company did not pay a dividend on its common stock and common units for the third quarter ended September 30, 2025. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company did pay dividends on its preferred stock for the third quarter.

“Despite headwinds that pressured industry-wide RevPAR during the third quarter, I’m pleased to report that Ashford Trust’s portfolio once again demonstrated resilience, delivering 2% growth in comparable Hotel EBITDA” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “During the quarter, we sold two non-core assets and completed the sale of the Residence Inn San Diego Sorrento Mesa in October, reinforcing our strategy to opportunistically deleverage the portfolio while creating long-term value for shareholders. Combined with the continued execution of our “GRO AHT” initiative, we see meaningful potential for additional opportunistic asset sales that will further strengthen and transform our company.” Mr. Zsigray concluded, “We remain focused on driving outsized EBITDA growth, and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead. Given our high percentage of floating-rate debt, we should also continue to benefit from short-term interest rates coming down.”

AHT Reports Third Quarter Results

Page 3

November 4, 2025

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, November 5, 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, November 12, 2025, by dialing (609) 800-9909 and entering the confirmation number, 3400039.

The Company will also provide an online simulcast and rebroadcast of its third 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, November 5, 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.

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

AHT Reports Third Quarter Results

Page 4

November 4, 2025

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)


	September 30, 2025		December 31, 2024
ASSETS
Investments in hotel properties, gross	$	3,207,483	$	3,350,086
Accumulated depreciation	(1,012,304)		(1,030,879)
Investments in hotel properties, net	2,195,179		2,319,207
Contract asset	380,160		366,671
Cash and cash equivalents	81,903		112,907
Restricted cash	164,219		99,695

Accounts receivable, net of allowance of $507 and $435 respectively	42,100		35,579
Inventories	3,747		3,631
Notes receivable, net	11,784		10,565


Investment in unconsolidated entities	7,331		7,590
Deferred costs, net	1,669		1,788
Derivative assets, net	1,022		2,594
Operating lease right-of-use assets	43,585		43,780
Other assets	27,367		39,144



Due from third-party hotel managers	26,920		21,206


Assets held for sale	21,450		96,628
Total assets	$	3,008,436	$	3,160,985

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	2,610,256	$	2,629,289
Indebtedness associated with hotels in receivership	301,040		314,640
Finance lease liability	17,540		17,992
Accounts payable and accrued expenses	146,617		137,506
Accrued interest payable	13,600		10,212
Accrued interest associated with hotels in receivership	79,120		52,031
Dividends and distributions payable	4,220		3,952

Due to Ashford Inc., net	16,080		25,635

Due to related parties, net	7,177		2,850
Due to third-party hotel managers	1,042		1,145
Operating lease liabilities	44,077		44,369

Other liabilities	38,055		34,011


Liabilities associated with assets held for sale	29,236		99,139
Total liabilities	3,308,060		3,372,771

Redeemable noncontrolling interests in operating partnership	21,209		22,509
Series J Redeemable Preferred Stock, $0.01 par value, 7,672,142 and 6,799,638 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	178,743		156,671
Series K Redeemable Preferred Stock, $0.01 par value, 737,805 and 601,175 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	18,348		14,869
Series L Redeemable Preferred Stock, $0.01 par value, 195,976 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	4,463		—
Series M Redeemable Preferred Stock, $0.01 par value, 433,601 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	10,501		—
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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024, respectively	11		11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,186,482 and 5,636,595 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	62		56
Additional paid-in capital	2,400,801		2,392,518
Accumulated deficit	(2,949,658)		(2,811,868)
Total stockholders' equity (deficit) of the Company	(548,738)		(419,237)
Noncontrolling interests in consolidated entities	15,850		13,402
Total equity (deficit)	(532,888)		(405,835)
Total liabilities and equity/deficit	$	3,008,436	$	3,160,985

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
REVENUE
Rooms	$	201,916	$	212,962	$	635,420	$	685,774
Food and beverage	45,922		46,384		155,787		159,002
Other	17,838		16,672		53,064		50,298
Total hotel revenue	265,676		276,018		844,271		895,074
Other	385		582		1,150		1,904
Total revenue	266,061		276,600		845,421		896,978
EXPENSES
Hotel operating expenses
Rooms	50,337		50,929		149,786		159,682
Food and beverage	33,273		33,908		104,454		109,247
Other expenses	100,497		100,090		296,979		311,596
Management fees	9,165		9,907		29,357		32,641
Total hotel operating expenses	193,272		194,834		580,576		613,166
Property taxes, insurance and other	16,212		18,062		48,495		52,335
Depreciation and amortization	34,589		37,740		107,204		115,471

Impairment charges	18,374		—		19,821		—

Advisory services fee:
Base advisory fee	8,414		8,197		24,948		24,375
Reimbursable expenses	2,881		3,330		9,500		12,562
Stock/unit-based compensation	(704)		218		(549)		1,261
Incentive fee	(27)		—		—		—
Stirling performance participation fee	(14)		111		213		333
Corporate, general and administrative:
Stock/unit-based compensation	—		26		13		270
Other general and administrative	7,303		5,033		17,107		20,192
Total operating expenses	280,300		267,551		807,328		839,965
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	16,753		9		55,305		94,406
Gain (loss) on derecognition of assets	9,703		11,114		29,649		156,748
OPERATING INCOME (LOSS)	12,217		20,172		123,047		308,167
Equity in earnings (loss) of unconsolidated entities	129		(133)		(258)		(828)
Interest income	1,199		1,771		3,666		5,443
Other income (expense), net	—		36		—		108
Interest expense, net of discount amortization	(56,886)		(63,252)		(181,432)		(200,083)
Interest expense associated with hotels in receivership	(9,684)		(11,120)		(29,632)		(35,162)
Amortization of loan costs	(5,993)		(3,573)		(18,936)		(9,119)
Write-off of premiums, loan costs and exit fees	(2,278)		(17)		(8,361)		(3,831)
Gain (loss) on extinguishment of debt	58		2,745		43		2,790

Realized and unrealized gain (loss) on derivatives	(1,228)		(6,202)		(4,804)		(84)
INCOME (LOSS) BEFORE INCOME TAXES	(62,466)		(59,573)		(116,667)		67,401
Income tax benefit (expense)	(259)		445		(695)		(3,313)
NET INCOME (LOSS)	(62,725)		(59,128)		(117,362)		64,088
(Income) loss attributable to noncontrolling interest in consolidated entities	1,531		477		4,719		494
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,045		746		2,127		(672)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(60,149)		(57,905)		(110,516)		63,910
Preferred dividends	(7,175)		(5,900)		(20,921)		(16,379)
Deemed dividends on redeemable preferred stock	(1,677)		(902)		(5,264)		(2,253)
Gain (loss) on extinguishment of preferred stock	—		1,556		—		3,340
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(69,001)	$	(63,151)	$	(136,701)	$	48,618

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(11.35)	$	(12.39)	$	(23.38)	$	10.94
Weighted average common shares outstanding – basic	6,081		5,096		5,847		4,425
Diluted:
Net income (loss) attributable to common stockholders	$	(11.35)	$	(12.39)	$	(23.38)	$	3.12
Weighted average common shares outstanding – diluted	6,081		5,096		5,847		18,768
Dividends declared per common share	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	(62,725)	$	(59,128)	$	(117,362)	$	64,088
Interest expense and amortization of discounts and loan costs, net	62,879		66,825		200,368		209,202
Interest expense associated with hotels in receivership	9,684		11,120		29,632		35,162
Depreciation and amortization	34,589		37,740		107,204		115,471
Income tax expense (benefit)	259		(445)		695		3,313
Equity in (earnings) loss of unconsolidated entities	(129)		133		258		828
Company's portion of EBITDA of unconsolidated entities	426		257		952		306
EBITDA	44,983		56,502		221,747		428,370
Impairment charges on real estate	18,374		—		19,821		—
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(16,753)		(9)		(55,305)		(94,406)
(Gain) loss on derecognition of assets	(9,703)		(11,114)		(29,649)		(156,748)

EBITDAre	36,901		45,379		156,614		177,216
Amortization of unfavorable contract liabilities	(31)		(31)		(92)		(92)
Transaction and conversion costs	4,829		1,979		8,930		9,210
Write-off of premiums, loan costs and exit fees	2,278		17		8,361		3,831
Realized and unrealized (gain) loss on derivatives	1,228		6,202		4,804		84
Stock/unit-based compensation	(704)		244		(536)		1,531
Legal, advisory and settlement costs	765		896		1,618		1,169
Other (income) expense, net	—		(36)		—		(108)
Incentive fee	(27)		—		—		—
Stirling performance participation fee	(14)		111		213		333


(Gain) loss on extinguishment of debt	(58)		(2,745)		(43)		(2,790)
Severance	216		394		1,012		544



Company's portion of adjustments to EBITDAre of unconsolidated entities	—		—		—		6
Adjusted EBITDAre	$	45,383	$	52,410	$	180,881	$	190,934

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				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	(62,725)	$	(59,128)	$	(117,362)	$	64,088
(Income) loss attributable to noncontrolling interest in consolidated entities	1,531		477		4,719		494
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,045		746		2,127		(672)
Preferred dividends	(7,175)		(5,900)		(20,921)		(16,379)
Deemed dividends on redeemable preferred stock	(1,677)		(902)		(5,264)		(2,253)
Gain (loss) on extinguishment of preferred stock	—		1,556		—		3,340
Net income (loss) attributable to common stockholders	(69,001)		(63,151)		(136,701)		48,618
Depreciation and amortization on real estate	34,047		37,740		105,083		115,471
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(16,753)		(9)		(55,305)		(94,406)
(Gain) loss on derecognition of assets	(9,703)		(11,114)		(29,649)		(156,748)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,045)		(746)		(2,127)		672
Equity in (earnings) loss of unconsolidated entities	(129)		133		258		828
Impairment charges on real estate	18,374		—		19,821		—
Company's portion of FFO of unconsolidated entities	237		(3)		156		(457)
FFO available to common stockholders and OP unitholders	(43,973)		(37,150)		(98,464)		(86,022)
Deemed dividends on redeemable preferred stock	1,677		902		5,264		2,253
(Gain) loss on extinguishment of preferred stock	—		(1,556)		—		(3,340)
Transaction and conversion costs	4,829		1,979		8,930		9,210
Write-off of premiums, loan costs and exit fees	2,278		17		8,361		3,831
Unrealized (gain) loss on derivatives	1,712		13,458		6,453		23,413
Stock/unit-based compensation	(704)		244		(536)		1,531
Legal, advisory and settlement costs	765		896		1,618		1,169
Other (income) expense, net	—		(36)		—		(108)
Amortization of credit facility exit fee	—		—		—		844
Amortization of loan costs	5,988		3,573		18,856		9,119
Incentive fee	(27)		—		—		—
Stirling performance participation fee	(14)		111		213		333

(Gain) loss on extinguishment of debt	(58)		(2,745)		(43)		(2,790)

Interest expense associated with hotels in receivership	9,684		11,120		29,632		29,615
Severance	216		394		1,012		544




Company's portion of adjustments to FFO of unconsolidated entities	10		—		85		6
Adjusted FFO available to common stockholders and OP unitholders	$	(17,617)	$	(8,793)	$	(18,619)	$	(10,392)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(2.85)	$	(1.71)	$	(3.13)	$	(2.32)
Weighted average diluted shares	6,191		5,156		5,954		4,480

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2025

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (14)	Interest Rate (13)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (15)		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)	$	(2,071)	(9.4)	%	$	1,931	8.8	%
JPMorgan Chase - 8 hotels	October 2025	February 2026	SOFR (1) + 3.28%	—			325,000			325,000			(3)	(54,428)		(16.7)	%	25,019		7.7	%
Aareal Le Pavillon - 1 hotel	December 2025	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(4)	(26,139)		(70.6)	%	1,563		4.2	%
BAML Highland Pool - 18 hotels	January 2026	July 2026	SOFR (1) + 4.15%	—			733,625			733,625			(5)	81,705		11.1	%	88,362		12.0	%
BAML Indigo Atlanta - 1 hotel	February 2026	February 2027	SOFR (1) + 2.85%	—			12,330			12,330			(6)	90		0.7	%	2,403		19.5	%
Morgan Stanley Pool - 15 hotels	March 2026	March 2028	SOFR (1) + 3.62%	—			378,350			378,350			(7)	29,856		7.9	%	39,562		10.5	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(8)	5,865		6.0	%	10,668		10.8	%
BAML/Sculptor KEYS 16 Pool - 16 hotels	February 2027	February 2030	SOFR (1) + 4.37%	—			580,000			580,000			(9)	47,990		8.3	%	72,045		12.4	%
BAML Nashville - 1 hotel	September 2027	September 2030	SOFR (1) + 2.26%	—			218,100			218,100			(9)	26,990		12.4	%	36,373		16.7	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(10)	12,735		10.5	%	16,522		13.6	%
BAML Pool - 4 hotels	December 2028	December 2028	8.51%	30,200			—			30,200				561		1.9	%	4,804		15.9	%
Preferred Equity Nashville - 1 hotel	May 2029	May 2029	11.14%	88,622			—			88,622			(11)	N/A		N/A		N/A		N/A
Unencumbered Hotel - 1 hotel				—			—			—				2,137		N/A		4,647		N/A




















Total				$	140,793		$	2,504,355		$	2,645,148			$	125,291	4.7	%	$	303,899	11.5	%
Percentage				5.3		%	94.7		%	100.0		%
Weighted average interest rate (12) (13)				9.56		%	7.95		%	8.03		%

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 and debt associated with hotels in receivership.

(1) SOFR rate was 4.13% at September 30, 2025.

(2) As of September 30, 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) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions, which must be completed by November 9, 2025.

(4) 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%.

(5) This mortgage loan has one six-month extension option, subject to satisfaction of certain conditions.

(6) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

(7) This mortgage loan has two one-year extension options, 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) Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate, consisting of 10.14% cash interest and 1.00% paid-in-kind interest.

(12) The weighted average interest rates are adjusted for in-the-money interest rate caps.

(13) Interest rates do not include default or late payment rates in effect on some mortgage loans.

(14) The final maturity date assumes all available extension options will be exercised.

(15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 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
BAML Highland Pool - 18 hotels			733,625		—		—		—		—		733,625
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
Morgan Stanley Pool - 15 hotels	—		—		—		378,350		—		—		378,350
Aareal Alexandria/La Posada - 2 hotels	—		—		—		98,450		—		—		98,450
BAML Pool - 4 hotels	—		—		—		30,200		—		—		30,200
Preferred Equity Nashville - 1 hotel	—		—		—		—		88,622		—		88,622
Torchlight Marriott Gateway - 1 hotel	—		—		—		—		121,500		—		121,500
BAML/Sculptor KEYS 16 Pool - 16 hotels	—		—		—		—		—		580,000		580,000
BAML Nashville - 1 hotel	—		—		—		—		—		218,100		218,100




















Principal due in future periods	21,971		1,058,625		47,330		507,000		210,122		798,100		2,643,148
Scheduled amortization payments remaining	—		1,000		1,000		—		—		—		2,000
Total indebtedness	$	21,971	$	1,059,625	$	48,330	$	507,000	$	210,122	$	798,100	$	2,645,148

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien and debt associated with hotels in receivership.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	201,916		$	(1,232)		$	200,684		$	212,961		$	(10,741)		$	202,220		(5.19)	%	(0.76)	%
	RevPAR	$	127.75		$	(78.04)		$	128.25		$	132.05		$	(181.91)		$	130.15		(3.26)	%	(1.46)	%
	Occupancy	70.93		%	(60.54)		%	71.03		%	70.82		%	(78.34)		%	70.54		%	0.16	%	0.70	%
	ADR	$	180.10		$	(128.91)		$	180.54		$	186.44		$	(232.21)		$	184.51		(3.40)	%	(2.15)	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	635,420		$	(6,536)		$	628,884		$	685,774		$	(60,178)		$	625,596		(7.34)	%	0.53	%
	RevPAR	$	134.62		$	(85.40)		$	135.43		$	135.17		$	(131.20)		$	135.57		(0.41)	%	(0.10)	%
	Occupancy	71.39		%	(66.23)		%	71.47		%	70.71		%	(68.84)		%	70.89		%	0.96	%	0.82	%
	ADR	$	188.58		$	(128.93)		$	189.49		$	191.17		$	(190.60)		$	191.23		(1.36)	%	(0.91)	%

NOTES:

(1) The above comparable information assumes the 70 hotel properties owned and included in the Company’s operations at September 30, 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 and hotel properties in receivership.


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	200,855		$	(1,232)		$	199,623		$	211,026		$	(10,741)		$	200,285		(4.82)	%	(0.33)	%
	RevPAR	$	128.98		$	(78.04)		$	129.50		$	132.77		$	(181.91)		$	130.87		(2.85)	%	(1.05)	%
	Occupancy	71.52		%	(60.54)		%	71.63		%	71.13		%	(78.34)		%	70.85		%	0.55	%	1.09	%
	ADR	$	180.36		$	(128.91)		$	180.80		$	186.65		$	(232.21)		$	184.71		(3.37)	%	(2.12)	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	629,069		$	(6,536)		$	622,533		$	677,646		$	(60,178)		$	617,468		(7.17)	%	0.82	%
	RevPAR	$	135.26		$	(85.40)		$	136.10		$	135.43		$	(131.20)		$	135.86		(0.12)	%	0.18	%
	Occupancy	71.69		%	(66.23)		%	71.78		%	70.88		%	(68.84)		%	71.09		%	1.14	%	0.97	%
	ADR	$	188.69		$	(128.93)		$	189.61		$	191.06		$	(190.60)		$	191.11		(1.24)	%	(0.78)	%

NOTES:

(1) The above comparable information assumes the 69 hotel properties owned and included in the Company’s operations at September 30, 2025, and not under renovation during the three months ended September 30, 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 and hotel properties in receivership.

(2) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	265,675		$	276,019		(3.75)	%	$	844,271		$	895,074		(5.68)	%
Non-comparable adjustments	(1,475)			(12,254)					(8,101)			(73,588)
Comparable total hotel revenue	$	264,200		$	263,765		0.16	%	$	836,170		$	821,486		1.79	%

Hotel net income (loss)	$	26,634		$	32,678		(18.50)	%	$	153,321		$	203,792		(24.77)	%
Non-comparable adjustments	(15,519)			(4,933)					(46,457)			(92,613)
Comparable hotel net income (loss)	$	11,115		$	27,745		(59.94)	%	$	106,864		$	111,179		(3.88)	%
Hotel net income (loss) margin	10.03		%	11.84		%	(1.81)	%	18.16		%	22.77		%	(4.61)	%
Comparable hotel net income margin	4.21		%	10.52		%	(6.31)	%	12.78		%	13.53		%	(0.75)	%

Hotel EBITDA	$	68,740		$	71,833		(4.31)	%	$	239,492		$	245,279		(2.36)	%
Non-comparable adjustments	139			(4,291)					(901)			(17,016)
Comparable hotel EBITDA	$	68,879		$	67,542		1.98	%	$	238,591		$	228,263		4.52	%
Hotel EBITDA margin	25.87		%	26.02		%	(0.15)	%	28.37		%	27.40		%	0.97	%
Comparable hotel EBITDA margin	26.07		%	25.61		%	0.46	%	28.53		%	27.79		%	0.74	%

NOTES:

(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								Nine Months Ended
	September 30,								September 30,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	264,340		$	273,793		(3.45)	%	$	836,706		$	885,730		(5.53)	%
Non-comparable adjustments	(1,475)			(12,254)					(8,101)			(73,588)
Comparable total hotel revenue	$	262,865		$	261,539		0.51	%	$	828,605		$	812,142		2.03	%

Hotel net income (loss)	$	27,278		$	32,967		(17.26)	%	$	152,596		$	202,772		(24.75)	%
Non-comparable adjustments	(15,519)			(4,933)					(46,457)			(92,613)
Comparable hotel net income (loss)	$	11,759		$	28,034		(58.05)	%	$	106,139		$	110,159		(3.65)	%
Hotel net income (loss) margin	10.32		%	12.04		%	(1.72)	%	18.24		%	22.89		%	(4.65)	%
Comparable hotel net income margin	4.47		%	10.72		%	(6.25)	%	12.81		%	13.56		%	(0.75)	%

Hotel EBITDA	$	68,935		$	71,723		(3.89)	%	$	237,959		$	242,914		(2.04)	%
Non-comparable adjustments	139			(4,291)					(901)			(17,016)
Comparable hotel EBITDA	$	69,074		$	67,432		2.44	%	$	237,058		$	225,898		4.94	%
Hotel EBITDA margin	26.08		%	26.20		%	(0.12)	%	28.44		%	27.43		%	1.01	%
Comparable hotel EBITDA margin	26.28		%	25.78		%	0.50	%	28.61		%	27.82		%	0.79	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(3) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

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			2025			2025		2025			2025			2025		2025			2024			2024		2024
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	265,675		$	(1,475)	$	264,200		$	301,546		$	(3,532)	$	298,014		$	277,051		$	(3,095)	$	273,956		$	275,060		$	(10,510)	$	264,550
Hotel net income (loss)	$	26,634		$	(15,519)	$	11,115		$	57,561		$	1,489	$	59,050		$	69,126		$	(32,423)	$	36,703		$	(37,125)		$	(1,332)	$	(38,457)
Hotel net income (loss) margin	10.03		%			4.21		%	19.09		%			19.81		%	24.95		%			13.40		%	(13.50)		%			(14.54)		%
Hotel EBITDA	$	68,740		$	139	$	68,879		$	92,279		$	(614)	$	91,665		$	78,473		$	(426)	$	78,047		$	69,415		$	(2,841)	$	66,574
Hotel EBITDA margin	25.87		%			26.07		%	30.60		%			30.76		%	28.32		%			28.49		%	25.24		%			25.16		%

Hotel net income (loss) % of total TTM	22.9		%			16.2		%	49.5		%			86.3		%	59.5		%			53.7		%	(31.9)		%			(56.2)		%
EBITDA % of total TTM	22.3		%			22.6		%	29.9		%			30.0		%	25.4		%			25.6		%	22.4		%			21.8		%

JV interests in Hotel net income (loss)	$	(1,249)				$	(1,249)		$	(1,235)				$	(1,235)		$	(1,544)				$	(1,544)		$	(2,771)				$	(2,771)
JV interests in EBITDA	$	216				$	216		$	421				$	421		$	321				$	321		$	(63)				$	(63)

	Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025
	TTM			TTM		TTM
Total hotel revenue	$	1,119,332		$	(18,612)	$	1,100,720
Hotel net income (loss)	$	116,196		$	(47,785)	$	68,411
Hotel net income (loss) margin	10.38		%			6.22		%
Hotel EBITDA	$	308,907		$	(3,742)	$	305,165
Hotel EBITDA margin	27.60		%			27.72		%

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)	$	(6,799)				$	(6,799)
JV interests in EBITDA	$	895				$	895

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Three Months Ended September 30,
	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	6	1,128	$	134.35	$	—	$	134.35	$	132.52	$	—	$	132.52	1.4	%	1.4	%
Boston, MA Area	—	—	—		—		—		274.46		(274.46)		—		(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	107.91		—		107.91		102.56		(69.96)		102.73		5.2	%	5.0	%
Houston, TX Area	2	453	106.99		(76.76)		116.12		112.92		(96.90)		121.47		(5.3)	%	(4.4)	%
Los Angeles, CA Metro Area	4	1,312	141.01		—		141.01		138.06		—		138.06		2.1	%	2.1	%
Miami, FL Metro Area	2	414	110.86		—		110.86		112.35		—		112.35		(1.3)	%	(1.3)	%
Minneapolis - St. Paul, MN Area	2	520	98.14		—		98.14		94.59		—		94.59		3.8	%	3.8	%
Nashville, TN Area	1	674	214.89		—		214.89		203.17		—		203.17		5.8	%	5.8	%
New York / New Jersey Metro Area	4	1,159	116.83		—		116.83		105.56		—		105.56		10.7	%	10.7	%
Orlando, FL Area	2	524	92.89		—		92.89		95.09		—		95.09		(2.3)	%	(2.3)	%
Philadelphia, PA Area	1	263	133.67		—		133.67		118.04		—		118.04		13.2	%	13.2	%
San Diego, CA Area	2	410	157.32		—		157.32		180.15		—		180.15		(12.7)	%	(12.7)	%
San Francisco - Oakland, CA Metro Area	3	793	147.50		—		147.50		142.20		—		142.20		3.7	%	3.7	%
Tampa, FL Area	2	571	93.75		—		93.75		105.33		—		105.33		(11.0)	%	(11.0)	%
Washington D.C. - MD - VA Area	9	2,428	130.81		—		130.81		141.50		—		141.50		(7.6)	%	(7.6)	%
Other Areas	25	4,964	126.20		(83.07)		126.50		131.21		(81.64)		131.99		(3.8)	%	(4.2)	%
Total Portfolio	70	17,009	$	127.75	$	(78.04)	$	128.25	$	132.05	$	(181.91)	$	130.15	(3.3)	%	(1.5)	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Nine Months Ended September 30,
	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	6	1,128	$	137.92	$	—	$	137.92	$	127.79	$	(77.84)	$	133.92	7.9	%	3.0	%
Boston, MA Area	—	—	38.81		(38.81)		—		206.13		(206.13)		—		(81.2)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	119.91		—		119.91		115.17		(83.82)		117.45		4.1	%	2.1	%
Houston, TX Area	2	453	112.33		(91.11)		122.00		106.58		(98.27)		111.04		5.4	%	9.9	%
Los Angeles, CA Metro Area	4	1,312	150.25		—		150.25		145.73		(84.48)		148.87		3.1	%	0.9	%
Miami, FL Metro Area	2	414	177.53		—		177.53		170.98		—		170.98		3.8	%	3.8	%
Minneapolis - St. Paul, MN Area	2	520	75.83		—		75.83		77.01		—		77.01		(1.5)	%	(1.5)	%
Nashville, TN Area	1	674	229.62		—		229.62		228.15		—		228.15		0.6	%	0.6	%
New York / New Jersey Metro Area	4	1,159	101.62		—		101.62		95.57		(55.84)		97.33		6.3	%	4.4	%
Orlando, FL Area	2	524	117.02		—		117.02		119.20		—		119.20		(1.8)	%	(1.8)	%
Philadelphia, PA Area	1	263	123.98		—		123.98		108.29		(28.18)		121.56		14.5	%	2.0	%
San Diego, CA Area	2	410	149.53		—		149.53		161.66		—		161.66		(7.5)	%	(7.5)	%
San Francisco - Oakland, CA Metro Area	3	793	139.11		—		139.11		128.79		(85.16)		134.87		8.0	%	3.1	%
Tampa, FL Area	2	571	145.48		—		145.48		142.08		—		142.08		2.4	%	2.4	%
Washington D.C. - MD - VA Area	9	2,428	149.08		—		149.08		154.09		—		154.09		(3.3)	%	(3.3)	%
Other Areas	25	4,964	126.69		(74.41)		127.36		129.84		(135.47)		129.30		(2.4)	%	(1.5)	%
Total Portfolio	70	17,009	$	134.62	$	(85.40)	$	135.43	$	135.17	$	(131.20)	$	135.57	(0.4)	%	(0.1)	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Three Months Ended September 30,
	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	6	1,128	$	1,904	$	(2)	$	1,902	17.1	%	$	1,027	$	18	$	1,045	3.8	%	85.4	%	82.0	%
Boston, MA Area	—	—	(34)		34		—		—	%	3,200		(3,200)		—		—	%	(101.1)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	334		(19)		315		2.8	%	3,029		(2,690)		339		1.2	%	(89.0)	%	(7.1)	%
Houston, TX Area	2	453	15,526		(15,517)		9		0.1	%	82		469		551		2.0	%	18,834.1	%	(98.4)	%
Los Angeles, CA Metro Area	4	1,312	2,682		—		2,682		24.1	%	2,504		—		2,504		9.0	%	7.1	%	7.1	%
Miami, FL Metro Area	2	414	(813)		—		(813)		(7.3)	%	(1,361)		—		(1,361)		(4.9)	%	40.3	%	40.3	%
Minneapolis - St. Paul, MN Area	2	520	861		—		861		7.7	%	456		—		456		1.6	%	88.8	%	88.8	%
Nashville, TN Area	1	674	6,127		—		6,127		55.1	%	4,950		—		4,950		17.8	%	23.8	%	23.8	%
New York / New Jersey Metro Area	4	1,159	1,900		—		1,900		17.1	%	715		—		715		2.6	%	165.7	%	165.7	%
Orlando, FL Area	2	524	(23)		—		(23)		(0.2)	%	(212)		—		(212)		(0.8)	%	89.2	%	89.2	%
Philadelphia, PA Area	1	263	760		—		760		6.8	%	353		(46)		307		1.1	%	115.3	%	147.6	%
San Diego, CA Area	2	410	1,604		—		1,604		14.4	%	2,258		—		2,258		8.1	%	(29.0)	%	(29.0)	%
San Francisco - Oakland, CA Metro Area	3	793	1,603		—		1,603		14.4	%	1,085		(2)		1,083		3.9	%	47.7	%	48.0	%
Tampa, FL Area	2	571	(18)		—		(18)		(0.2)	%	483		—		483		1.7	%	(103.7)	%	(103.7)	%
Washington D.C. - MD - VA Area	9	2,428	5,794		—		5,794		52.1	%	7,246		—		7,246		26.1	%	(20.0)	%	(20.0)	%
Other Areas	25	4,964	(11,573)		(15)		(11,588)		(104.0)	%	6,863		518		7,381		26.8	%	(268.6)	%	(257.0)	%
Total Portfolio	70	17,009	$	26,634	$	(15,519)	$	11,115	100.0	%	$	32,678	$	(4,933)	$	27,745	100.0	%	(18.5)	%	(59.9)	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Nine Months Ended September 30,
	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	6	1,128	$	6,400	$	(2)	$	6,398	6.0	%	$	18,009	$	(14,072)	$	3,937	3.5	%	(64.5)	%	62.5	%
Boston, MA Area	—	—	31,821		(31,821)		—		—	%	2,361		(2,361)		—		—	%	1,247.8	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	4,017		(19)		3,998		3.7	%	9,028		(1,730)		7,298		6.6	%	(55.5)	%	(45.2)	%
Houston, TX Area	2	453	16,679		(15,622)		1,057		1.0	%	412		27		439		0.4	%	3,948.3	%	140.8	%
Los Angeles, CA Metro Area	4	1,312	11,563		—		11,563		10.8	%	6,227		3,375		9,602		8.6	%	85.7	%	20.4	%
Miami, FL Metro Area	2	414	4,791		—		4,791		4.5	%	3,860		—		3,860		3.5	%	24.1	%	24.1	%
Minneapolis - St. Paul, MN Area	2	520	459		—		459		0.4	%	(779)		—		(779)		(0.7)	%	158.9	%	158.9	%
Nashville, TN Area	1	674	20,798		—		20,798		19.5	%	19,400		—		19,400		17.4	%	7.2	%	7.2	%
New York / New Jersey Metro Area	4	1,159	2,664		—		2,664		2.5	%	(107)		882		775		0.7	%	2,589.7	%	243.7	%
Orlando, FL Area	2	524	9,434		—		9,434		8.8	%	2,229		—		2,229		2.0	%	323.2	%	323.2	%
Philadelphia, PA Area	1	263	1,660		(2)		1,658		1.6	%	370		802		1,172		1.1	%	348.6	%	41.5	%
San Diego, CA Area	2	410	4,108		—		4,108		3.8	%	5,126		—		5,126		4.6	%	(19.9)	%	(19.9)	%
San Francisco - Oakland, CA Metro Area	3	793	2,677		212		2,889		2.7	%	1,565		244		1,809		1.6	%	71.1	%	59.7	%
Tampa, FL Area	2	571	7,454		—		7,454		7.0	%	6,908		—		6,908		6.2	%	7.9	%	7.9	%
Washington D.C. - MD - VA Area	9	2,428	26,442		—		26,442		24.7	%	27,014		—		27,014		24.3	%	(2.1)	%	(2.1)	%
Other Areas	25	4,964	2,354		797		3,151		3.0	%	102,169		(79,780)		22,389		20.2	%	(97.7)	%	(85.9)	%
Total Portfolio	70	17,009	$	153,321	$	(46,457)	$	106,864	100.0	%	$	203,792	$	(92,613)	$	111,179	100.0	%	(24.8)	%	(3.9)	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended September 30,
	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	6	1,128	$	4,741	$	(2)	$	4,739	6.9	%	$	4,142	$	11	$	4,153	6.1	%	14.5	%	14.1	%
Boston, MA Area	—	—	4		(4)		—		—	%	3,897		(3,897)		—		—	%	(99.9)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	5,067		—		5,067		7.4	%	4,251		(25)		4,226		6.3	%	19.2	%	19.9	%
Houston, TX Area	2	453	1,848		154		2,002		2.9	%	2,351		(335)		2,016		3.0	%	(21.4)	%	(0.7)	%
Los Angeles, CA Metro Area	4	1,312	4,190		—		4,190		6.1	%	4,370		—		4,370		6.5	%	(4.1)	%	(4.1)	%
Miami, FL Metro Area	2	414	604		—		604		0.9	%	729		—		729		1.1	%	(17.1)	%	(17.1)	%
Minneapolis - St. Paul, MN Area	2	520	1,539		—		1,539		2.2	%	1,209		—		1,209		1.8	%	27.3	%	27.3	%
Nashville, TN Area	1	674	8,174		—		8,174		11.9	%	7,470		—		7,470		11.1	%	9.4	%	9.4	%
New York / New Jersey Metro Area	4	1,159	4,071		—		4,071		5.9	%	2,737		—		2,737		4.1	%	48.7	%	48.7	%
Orlando, FL Area	2	524	723		—		723		1.0	%	712		—		712		1.1	%	1.5	%	1.5	%
Philadelphia, PA Area	1	263	1,102		—		1,102		1.6	%	733		(47)		686		1.0	%	50.3	%	60.6	%
San Diego, CA Area	2	410	2,232		—		2,232		3.2	%	2,779		—		2,779		4.1	%	(19.7)	%	(19.7)	%
San Francisco - Oakland, CA Metro Area	3	793	4,187		—		4,187		6.1	%	3,491		(2)		3,489		5.2	%	19.9	%	20.0	%
Tampa, FL Area	2	571	725		—		725		1.1	%	1,205		—		1,205		1.8	%	(39.8)	%	(39.8)	%
Washington D.C. - MD - VA Area	9	2,428	9,841		—		9,841		14.3	%	11,659		—		11,659		17.3	%	(15.6)	%	(15.6)	%
Other Areas	25	4,964	19,692		(9)		19,683		28.5	%	20,098		4		20,102		29.5	%	(2.0)	%	(2.1)	%
Total Portfolio	70	17,009	$	68,740	$	139	$	68,879	100.0	%	$	71,833	$	(4,291)	$	67,542	100.0	%	(4.3)	%	2.0	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Nine Months Ended September 30,
	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	6	1,128	$	14,907	$	(3)	$	14,904	6.2	%	$	13,434	$	(211)	$	13,223	5.8	%	11.0	%	12.7	%
Boston, MA Area	—	—	64		(64)		—		—	%	8,485		(8,485)		—		—	%	(99.2)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	19,587		—		19,587		8.2	%	17,749		(564)		17,185		7.5	%	10.4	%	14.0	%
Houston, TX Area	2	453	6,773		(792)		5,981		2.5	%	6,134		(1,445)		4,689		2.1	%	10.4	%	27.6	%
Los Angeles, CA Metro Area	4	1,312	16,511		—		16,511		6.9	%	15,699		153		15,852		6.9	%	5.2	%	4.2	%
Miami, FL Metro Area	2	414	9,102		—		9,102		3.8	%	8,176		1		8,177		3.6	%	11.3	%	11.3	%
Minneapolis - St. Paul, MN Area	2	520	2,655		—		2,655		1.1	%	1,585		2		1,587		0.7	%	67.5	%	67.3	%
Nashville, TN Area	1	674	27,858		—		27,858		11.7	%	26,812		—		26,812		11.7	%	3.9	%	3.9	%
New York / New Jersey Metro Area	4	1,159	8,886		—		8,886		3.7	%	7,222		(108)		7,114		3.1	%	23.0	%	24.9	%
Orlando, FL Area	2	524	5,119		—		5,119		2.1	%	5,064		—		5,064		2.2	%	1.1	%	1.1	%
Philadelphia, PA Area	1	263	2,737		(2)		2,735		1.1	%	2,100		233		2,333		1.0	%	30.3	%	17.2	%
San Diego, CA Area	2	410	6,083		—		6,083		2.5	%	6,812		1		6,813		3.0	%	(10.7)	%	(10.7)	%
San Francisco - Oakland, CA Metro Area	3	793	10,591		—		10,591		4.4	%	9,590		(228)		9,362		4.1	%	10.4	%	13.1	%
Tampa, FL Area	2	571	9,685		—		9,685		4.1	%	9,305		2		9,307		4.1	%	4.1	%	4.1	%
Washington D.C. - MD - VA Area	9	2,428	38,716		—		38,716		16.2	%	40,746		4		40,750		17.9	%	(5.0)	%	(5.0)	%
Other Areas	25	4,964	60,218		(40)		60,178		25.5	%	66,366		(6,371)		59,995		26.3	%	(9.3)	%	0.3	%
Total Portfolio	70	17,009	$	239,492	$	(901)	$	238,591	100.0	%	$	245,279	$	(17,016)	$	228,263	100.0	%	(2.4)	%	4.5	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2025

(in thousands, except share price)

(unaudited)



	September 30, 2025
Common stock shares outstanding	6,186
Partnership units outstanding	121
Combined common stock shares and partnership units outstanding	6,307
Common stock price	$	5.90
Market capitalization	$	37,211
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	$	191,804
Series K redeemable preferred stock	$	18,445
Series L redeemable preferred stock	$	4,899
Series M redeemable preferred stock	$	10,840
Indebtedness	$	2,645,148

Net working capital (see below)	$	(144,269)
Total enterprise value (TEV)	$	2,906,363






Cash and cash equivalents	$	81,271
Restricted cash	$	162,249
Accounts receivable, net	$	42,070
Prepaid expenses	$	12,288

Due from third-party hotel managers, net	$	26,355

Total current assets	$	324,233

Accounts payable, net & accrued expenses	$	145,044
Dividends and distributions payable	$	4,220
Due to affiliates, net	$	30,700
Total current liabilities	$	179,964

Net working capital	$	144,269

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien and debt associated with hotels in receivership.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Courtyard Bloomington

117

Embassy Suites Palm Beach

160

Hampton Inn Evansville

140

Hilton Garden Inn Austin Downtown

254

Hilton Garden Inn Virginia Beach

176

Sheraton Anchorage

370

Westin Princeton

296

Total

(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.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2025		2025		2025		2024		September 30, 2025
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	26,634	$	57,561	$	69,126	$	(37,125)	$	116,196
Non-property adjustments	2,353		(5,234)		(31,855)		59,274		24,538
Interest income	(400)		(370)		(346)		(408)		(1,524)
Interest expense	3,061		3,156		3,065		3,181		12,463
Amortization of loan costs	35		132		106		118		391
Depreciation and amortization	34,540		35,228		37,290		37,256		144,314
Income tax expense (benefit)	—		—		—		(22)		(22)
Non-hotel EBITDA ownership expense	2,517		1,806		1,087		7,141		12,551
Hotel EBITDA including amounts attributable to noncontrolling interest	68,740		92,279		78,473		69,415		308,907
Non-comparable adjustments	139		(614)		(426)		(2,841)		(3,742)
Comparable hotel EBITDA	$	68,879	$	91,665	$	78,047	$	66,574	$	305,165

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	27,278	$	(644)	$	26,634	$	(89,359)	$	(62,725)



Non-property adjustments	2,353		—		2,353		(2,353)		—
Interest income	(400)		—		(400)		400		—
Interest expense	3,061		—		3,061		63,509		66,570
Amortization of loan cost	35		—		35		5,958		5,993
Depreciation and amortization	34,090		450		34,540		49		34,589
Income tax expense (benefit)	—		—		—		259		259
Non-hotel EBITDA ownership expense	2,518		(1)		2,517		(2,517)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	68,935		(195)		68,740		(24,054)		44,686



Equity in (earnings) loss of unconsolidated entities	—		—		—		(129)		(129)

Company's portion of EBITDA of unconsolidated entities	—		—		—		426		426
Hotel EBITDA attributable to the Company and OP unitholders	$	68,935	$	(195)	$	68,740	$	(23,757)	$	44,983
Non-comparable adjustments	139		—		139
Comparable hotel EBITDA	$	69,074	$	(195)	$	68,879

NOTES:

(2) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	57,561	$	(90,000)	$	(32,439)



Non-property adjustments	(5,234)		5,234		—
Interest income	(370)		370		—
Interest expense	3,156		69,690		72,846
Amortization of loan cost	132		7,611		7,743
Depreciation and amortization	35,228		48		35,276
Income tax expense (benefit)	—		119		119
Non-hotel EBITDA ownership expense	1,806		(1,806)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	92,279		(8,734)		83,545



Equity in (earnings) loss of unconsolidated entities	—		(44)		(44)

Company's portion of EBITDA of unconsolidated entities	—		406		406
Hotel EBITDA attributable to the Company and OP unitholders	$	92,279	$	(8,372)	$	83,907
Non-comparable adjustments	(614)
Comparable hotel EBITDA	$	91,665

NOTES:

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 Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	69,126	$	(91,324)	$	(22,198)



Non-property adjustments	(31,855)		31,855		—
Interest income	(346)		346		—
Interest expense	3,065		68,583		71,648
Amortization of loan cost	106		5,094		5,200
Depreciation and amortization	37,290		49		37,339
Income tax expense (benefit)	—		317		317
Non-hotel EBITDA ownership expense	1,087		(1,087)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	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	$	78,473	$	14,384	$	92,857
Non-comparable adjustments	(426)
Comparable hotel EBITDA	$	78,047

NOTES:

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	(2,841)
Comparable hotel EBITDA	$	66,574

NOTES:

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 Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	32,967	$	(289)	$	32,678	$	(91,806)	$	(59,128)



Non-property adjustments	(2,771)		—		(2,771)		2,771		—
Interest income	(482)		—		(482)		482		—
Interest expense	2,206		—		2,206		72,167		74,373
Amortization of loan cost	77		—		77		3,495		3,572
Depreciation and amortization	37,259		432		37,691		49		37,740
Income tax expense (benefit)	26		—		26		(471)		(445)
Non-hotel EBITDA ownership expense	2,441		(33)		2,408		(2,408)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	71,723		110		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	$	71,723	$	110	$	71,833	$	(15,331)	$	56,502
Non-comparable adjustments	(4,291)		—		(4,291)
Comparable hotel EBITDA	$	67,432	$	110	$	67,542

NOTES:

(2) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2025
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	152,596	$	725	$	153,321	$	(270,683)	$	(117,362)
Non-property adjustments	(34,736)		—		(34,736)		34,736		—
Interest income	(1,116)		—		(1,116)		1,116		—
Interest expense	9,282		—		9,282		201,782		211,064
Amortization of loan cost	273		—		273		18,663		18,936
Depreciation and amortization	105,728		1,330		107,058		146		107,204
Income tax expense (benefit)	—		—		—		695		695
Non-hotel EBITDA ownership expense	5,932		(522)		5,410		(5,410)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	237,959		1,533		239,492		(18,955)		220,537

Equity in (earnings) loss of unconsolidated entities	—		—		—		258		258

Company's portion of EBITDA of unconsolidated entities	—		—		—		952		952
Hotel EBITDA attributable to the Company and OP unitholders	$	237,959	$	1,533	$	239,492	$	(17,745)	$	221,747
Non-comparable adjustments	(901)		—		(901)
Comparable hotel EBITDA	$	237,058	$	1,533	$	238,591

NOTES:

(2) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	202,772	$	1,020	$	203,792	$	(139,704)	$	64,088
Non-property adjustments	(86,787)		—		(86,787)		86,787		—
Interest income	(1,312)		—		(1,312)		1,312		—
Interest expense	8,447		—		8,447		226,799		235,246
Amortization of loan cost	372		—		372		8,746		9,118
Depreciation and amortization	113,751		1,299		115,050		421		115,471
Income tax expense (benefit)	90		—		90		3,223		3,313
Non-hotel EBITDA ownership expense	5,581		46		5,627		(5,627)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	242,914		2,365		245,279		181,957		427,236

Equity in (earnings) loss of unconsolidated entities	—		—		—		828		828

Company's portion of EBITDA of unconsolidated entities	—		—		—		306		306
Hotel EBITDA attributable to the Company and OP unitholders	$	242,914	$	2,365	$	245,279	$	183,091	$	428,370
Non-comparable adjustments	(17,016)		—		(17,016)
Comparable hotel EBITDA	$	225,898	$	2,365	$	228,263

NOTES:

(2) Excluded hotels under renovation:

Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 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)	$	1,904	$	(34)	$	334	$	15,526	$	2,682	$	(813)	$	861	$	6,127	$	1,900



Non-property adjustments	—		38		(19)		(16,034)		—		—		—		—		—
Interest income	(59)		—		—		—		(16)		(1)		—		(39)		—
Interest expense	704		—		1,013		—		—		—		—		—		—
Amortization of loan costs	6		—		6		—		—		—		—		—		—
Depreciation and amortization	2,082		—		3,400		1,952		1,390		1,378		690		2,108		1,859
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	104		—		333		404		134		40		(12)		(22)		312

Hotel EBITDA including amounts attributable to noncontrolling interest	4,741		4		5,067		1,848		4,190		604		1,539		8,174		4,071
Non-comparable adjustments	(2)		(4)		—		154		—		—		—		—		—
Comparable hotel EBITDA	$	4,739	$	—	$	5,067	$	2,002	$	4,190	$	604	$	1,539	$	8,174	$	4,071

	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)	$	(23)	$	760	$	1,604	$	1,603	$	(18)	$	5,794	$	(11,573)	$	26,634



Non-property adjustments	—		—		—		—		—		—		18,368		2,353
Interest income	(33)		—		(27)		(12)		—		(174)		(39)		(400)
Interest expense	—		—		—		556		—		—		788		3,061
Amortization of loan costs	—		—		—		—		—		—		23		35
Depreciation and amortization	779		339		651		1,860		681		4,109		11,262		34,540
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	—		3		4		180		62		112		863		2,517

Hotel EBITDA including amounts attributable to noncontrolling interest	723		1,102		2,232		4,187		725		9,841		19,692		68,740
Non-comparable adjustments	—		—		—		—		—		—		(9)		139
Comparable hotel EBITDA	$	723	$	1,102	$	2,232	$	4,187	$	725	$	9,841	$	19,683	$	68,879

NOTES:

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
	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)	$	1,027	$	3,200	$	3,029	$	82	$	2,504	$	(1,361)	$	456	$	4,950	$	715



Non-property adjustments	—		(12)		(2,675)		—		—		—		—		—		—
Interest income	(53)		(82)		—		—		(15)		(12)		—		(29)		—
Interest expense	777		—		337		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,321		744		3,473		1,709		2,043		1,143		729		2,407		1,994
Income tax expense (benefit)	—		—		—		—		—		—		—		21		—
Non-hotel EBITDA ownership expense	70		47		87		560		(162)		959		24		121		28

Hotel EBITDA including amounts attributable to noncontrolling interest	4,142		3,897		4,251		2,351		4,370		729		1,209		7,470		2,737
Non-comparable adjustments	11		(3,897)		(25)		(335)		—		—		—		—		—
Comparable hotel EBITDA	$	4,153	$	—	$	4,226	$	2,016	$	4,370	$	729	$	1,209	$	7,470	$	2,737

	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)	$	(212)	$	353	$	2,258	$	1,085	$	483	$	7,246	$	6,863	$	32,678



Non-property adjustments	—		—		—		—		—		—		(84)		(2,771)
Interest income	(31)		—		(27)		(17)		—		(174)		(42)		(482)
Interest expense	—		—		—		212		—		—		880		2,206
Amortization of loan costs	—		—		—		40		—		—		37		77
Depreciation and amortization	959		375		597		2,158		794		4,528		11,717		37,691
Income tax expense (benefit)	—		—		—		—		—		—		5		26
Non-hotel EBITDA ownership expense	(4)		5		(49)		13		(72)		59		722		2,408

Hotel EBITDA including amounts attributable to noncontrolling interest	712		733		2,779		3,491		1,205		11,659		20,098		71,833
Non-comparable adjustments	—		(47)		—		(2)		—		—		4		(4,291)
Comparable hotel EBITDA	$	712	$	686	$	2,779	$	3,489	$	1,205	$	11,659	$	20,102	$	67,542

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 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)	$	6,400	$	31,821	$	4,017	$	16,679	$	11,563	$	4,791	$	459	$	20,798	$	2,664
Non-property adjustments	—		(31,814)		(19)		(16,034)		—		—		—		—		—
Interest income	(166)		—		—		—		(45)		(5)		—		(96)		—
Interest expense	2,111		—		3,424		—		—		—		—		—		—
Amortization of loan costs	16		—		162		—		—		—		—		—		—
Depreciation and amortization	6,247		1		11,048		5,388		4,496		4,244		2,096		6,876		5,642
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	299		56		955		740		497		72		100		280		580
Hotel EBITDA including amounts attributable to noncontrolling interest	14,907		64		19,587		6,773		16,511		9,102		2,655		27,858		8,886
Non-comparable adjustments	(3)		(64)		—		(792)		—		—		—		—		—
Comparable hotel EBITDA	$	14,904	$	—	$	19,587	$	5,981	$	16,511	$	9,102	$	2,655	$	27,858	$	8,886

	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)	$	9,434	$	1,660	$	4,108	$	2,677	$	7,454	$	26,442	$	2,354	$	153,321
Non-property adjustments	(6,700)		—		—		—		—		—		19,831		(34,736)
Interest income	(93)		—		(78)		(37)		—		(491)		(105)		(1,116)
Interest expense	—		—		—		1,410		—		—		2,337		9,282
Amortization of loan costs	—		—		—		27		—		—		68		273
Depreciation and amortization	2,461		1,051		1,884		5,865		2,101		12,496		35,162		107,058
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	17		26		169		649		130		269		571		5,410
Hotel EBITDA including amounts attributable to noncontrolling interest	5,119		2,737		6,083		10,591		9,685		38,716		60,218		239,492
Non-comparable adjustments	—		(2)		—		—		—		—		(40)		(901)
Comparable hotel EBITDA	$	5,119	$	2,735	$	6,083	$	10,591	$	9,685	$	38,716	$	60,178	$	238,591

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 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)	$	18,009	$	2,361	$	9,028	$	412	$	6,227	$	3,860	$	(779)	$	19,400	$	(107)
Non-property adjustments	(14,362)		665		(1,585)		—		3,001		—		—		—		733
Interest income	(133)		(205)		(4)		—		(56)		(38)		—		(83)		(4)
Interest expense	2,329		2,518		337		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	7,378		3,041		9,662		4,989		6,360		3,335		2,256		7,270		6,262
Income tax expense (benefit)	—		—		—		—		—		—		—		70		—
Non-hotel EBITDA ownership expense	213		(39)		311		733		167		1,019		108		155		338
Hotel EBITDA including amounts attributable to noncontrolling interest	13,434		8,485		17,749		6,134		15,699		8,176		1,585		26,812		7,222
Non-comparable adjustments	(211)		(8,485)		(564)		(1,445)		153		1		2		—		(108)
Comparable hotel EBITDA	$	13,223	$	—	$	17,185	$	4,689	$	15,852	$	8,177	$	1,587	$	26,812	$	7,114

	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)	$	2,229	$	370	$	5,126	$	1,565	$	6,908	$	27,014	$	102,169	$	203,792
Non-property adjustments	—		425		—		228		—		—		(75,892)		(86,787)
Interest income	(83)		(4)		(68)		(52)		—		(471)		(111)		(1,312)
Interest expense	—		—		—		636		—		—		2,627		8,447
Amortization of loan costs	—		—		—		118		—		—		110		372
Depreciation and amortization	2,896		1,289		1,777		6,983		2,463		13,915		35,174		115,050
Income tax expense (benefit)	—		—		—		—		—		—		20		90
Non-hotel EBITDA ownership expense	22		20		(23)		112		(66)		288		2,269		5,627
Hotel EBITDA including amounts attributable to noncontrolling interest	5,064		2,100		6,812		9,590		9,305		40,746		66,366		245,279
Non-comparable adjustments	—		233		1		(228)		2		4		(6,371)		(17,016)
Comparable hotel EBITDA	$	5,064	$	2,333	$	6,813	$	9,362	$	9,307	$	40,750	$	59,995	$	228,263

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	TTM Ended September 30, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	47,990	$	81,705	$	29,856	$	(54,428)	$	26,990	$	5,865	$	90	$	12,735	$	(2,071)	$	(26,139)	$	(9,614)
Non-property adjustments	(6,700)		(31,887)		(14,594)		59,331		—		—		—		—		—		18,375		—
Interest income	(114)		(398)		(291)		(188)		(121)		—		(5)		(407)		—		—		—
Interest expense	—		—		—		—		—		—		926		—		1,621		3,157		4,822
Amortization of loan costs	—		—		—		—		—		—		16		—		107		106		162
Depreciation and amortization	27,637		39,048		22,628		19,211		9,280		4,644		1,230		4,143		2,092		5,579		4,118
Income tax expense (benefit)	(4)		—		—		—		(70)		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	3,250		2,464		2,891		1,096		294		161		146		51		182		485		1,778
Hotel EBITDA including amounts attributable to noncontrolling interest	72,059		90,932		40,490		25,022		36,373		10,670		2,403		16,522		1,931		1,563		1,266
Non-comparable adjustments	(14)		(2,570)		(928)		(3)		—		(2)		—		—		—		—		—
Comparable hotel EBITDA	$	72,045	$	88,362	$	39,562	$	25,019	$	36,373	$	10,668	$	2,403	$	16,522	$	1,931	$	1,563	$	1,266

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	561	$	519	$	2,137	$	116,196
Non-property adjustments	—		13		—		24,538
Interest income	—		—		—		(1,524)
Interest expense	—		—		1,937		12,463
Amortization of loan costs	—		—		—		391
Depreciation and amortization	4,165		—		539		144,314
Income tax expense (benefit)	(8)		60		—		(22)
Non-hotel EBITDA ownership expense	86		(367)		34		12,551
Hotel EBITDA including amounts attributable to noncontrolling interest	4,804		225		4,647		308,907
Non-comparable adjustments	—		(225)		—		(3,742)
Comparable hotel EBITDA	$	4,804	$	—	$	4,647	$	305,165

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	11,451	$	9,026	$	16,711	$	943	$	6,127	$	1,946	$	19	$	2,536	$	23	$	(21,087)	$	(1,766)
Non-property adjustments	—		38		(16,041)		—		—		—		—		—		—		18,375		—
Interest income	(37)		(89)		(79)		(50)		(39)		—		—		(106)		—		—		—
Interest expense	—		—		—		—		—		—		224		—		556		787		1,013
Amortization of loan costs	—		—		—		—		—		—		6		—		—		23		6
Depreciation and amortization	6,708		9,705		5,403		4,373		2,108		1,137		296		976		515		1,339		766
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	490		405		1,000		85		(22)		77		27		6		(20)		157		286
Hotel EBITDA including amounts attributable to noncontrolling interest	18,612		19,085		6,994		5,351		8,174		3,160		572		3,412		1,074		(406)		305
Non-comparable adjustments	—		—		139		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	18,612	$	19,085	$	7,133	$	5,351	$	8,174	$	3,160	$	572	$	3,412	$	1,074	$	(406)	$	305

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	61	$	19	$	625	$	26,634
Non-property adjustments	—		(19)		—		2,353
Interest income	—		—		—		(400)
Interest expense	—		—		481		3,061
Amortization of loan costs	—		—		—		35
Depreciation and amortization	1,080		—		134		34,540
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	10		—		16		2,517
Hotel EBITDA including amounts attributable to noncontrolling interest	1,151		—		1,256		68,740
Non-comparable adjustments	—		—		—		139
Comparable hotel EBITDA	$	1,151	$	—	$	1,256	$	68,879

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	22,803	$	16,160	$	4,071	$	3,089	$	7,649	$	2,462	$	(18)	$	4,672	$	(365)	$	(1,979)	$	(1,747)
Non-property adjustments	(6,700)		16		1,447		—		—		—		—		—		—		—		—
Interest income	(36)		(83)		(74)		(44)		(32)		—		—		(101)		—		—		—
Interest expense	—		—		—		—		—		—		224		—		552		778		1,121
Amortization of loan costs	—		—		—		—		—		—		6		—		—		23		103
Depreciation and amortization	6,830		9,435		5,718		4,357		2,295		1,136		310		1,008		519		1,344		1,117
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	246		442		506		155		296		44		(3)		29		25		53		2
Hotel EBITDA including amounts attributable to noncontrolling interest	23,143		25,970		11,668		7,557		10,208		3,642		519		5,608		731		219		596
Non-comparable adjustments	—		(38)		(580)		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	23,143	$	25,932	$	11,088	$	7,557	$	10,208	$	3,642	$	519	$	5,608	$	731	$	219	$	596

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	195	$	(15)	$	584	$	57,561
Non-property adjustments	—		3		—		(5,234)
Interest income	—		—		—		(370)
Interest expense	—		—		481		3,156
Amortization of loan costs	—		—		—		132
Depreciation and amortization	1,024		—		135		35,228
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	5		8		(2)		1,806
Hotel EBITDA including amounts attributable to noncontrolling interest	1,224		(4)		1,198		92,279
Non-comparable adjustments	—		4		—		(614)
Comparable hotel EBITDA	$	1,224	$	—	$	1,198	$	91,665

NOTES:

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		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	8,064	$	44,926	$	6,147	$	1,611	$	7,023	$	618	$	263	$	3,105	$	(808)	$	(1,122)	$	(2,183)
Non-property adjustments	—		(31,868)		—		—		—		—		—		—		—		—		—
Interest income	(32)		(75)		(68)		(44)		(25)		—		(5)		(97)		—		—		—
Interest expense	—		—		—		—		—		—		221		—		303		770		1,290
Amortization of loan costs	—		—		—		—		—		—		4		—		27		22		53
Depreciation and amortization	6,959		9,614		5,988		5,392		2,473		1,165		310		1,048		525		1,554		1,117
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,073		(153)		399		234		5		11		4		11		17		51		177
Hotel EBITDA including amounts attributable to noncontrolling interest	16,064		22,444		12,466		7,193		9,476		1,794		797		4,067		64		1,275		454
Non-comparable adjustments	—		(26)		(244)		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	16,064	$	22,418	$	12,222	$	7,193	$	9,476	$	1,794	$	797	$	4,067	$	64	$	1,275	$	454

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	124	$	896	$	462	$	69,126
Non-property adjustments	—		13		—		(31,855)
Interest income	—		—		—		(346)
Interest expense	—		—		481		3,065
Amortization of loan costs	—		—		—		106
Depreciation and amortization	1,010		—		135		37,290
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	7		(753)		4		1,087
Hotel EBITDA including amounts attributable to noncontrolling interest	1,141		156		1,082		78,473
Non-comparable adjustments	—		(156)		—		(426)
Comparable hotel EBITDA	$	1,141	$	—	$	1,082	$	78,047

NOTES:

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		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	5,672	$	11,593	$	2,927	$	(60,071)	$	6,191	$	839	$	(174)	$	2,422	$	(921)	$	(1,951)	$	(3,918)
Non-property adjustments	—		(73)		—		59,331		—		—		—		—		—		—		—
Interest income	(9)		(151)		(70)		(50)		(25)		—		—		(103)		—		—		—
Interest expense	—		—		—		—		—		—		257		—		210		822		1,398
Amortization of loan costs	—		—		—		—		—		—		—		—		80		38		—
Depreciation and amortization	7,140		10,294		5,519		5,089		2,404		1,206		314		1,111		533		1,342		1,118
Income tax expense (benefit)	(4)		—		—		—		(70)		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,441		1,770		986		622		15		29		118		5		160		224		1,313
Hotel EBITDA including amounts attributable to noncontrolling interest	14,240		23,433		9,362		4,921		8,515		2,074		515		3,435		62		475		(89)
Non-comparable adjustments	(14)		(2,506)		(243)		(3)		—		(2)		—		—		—		—		—
Comparable hotel EBITDA	$	14,226	$	20,927	$	9,119	$	4,918	$	8,515	$	2,072	$	515	$	3,435	$	62	$	475	$	(89)

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	181	$	(381)	$	466	$	(37,125)
Non-property adjustments	—		16		—		59,274
Interest income	—		—		—		(408)
Interest expense	—		—		494		3,181
Amortization of loan costs	—		—		—		118
Depreciation and amortization	1,051		—		135		37,256
Income tax expense (benefit)	(8)		60		—		(22)
Non-hotel EBITDA ownership expense	64		378		16		7,141
Hotel EBITDA including amounts attributable to noncontrolling interest	1,288		73		1,111		69,415
Non-comparable adjustments	—		(73)		—		(2,841)
Comparable hotel EBITDA	$	1,288	$	—	$	1,111	$	66,574

NOTES: