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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): February 25, 2026

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
Preferred Stock Repurchase Rights New York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 25, 2026, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 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    Fourth Quarter 2025 Earnings Release of the Company, dated February 25, 2026
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: February 25, 2026 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 aht2025q4earningsrelease.htm EX-99.1 Document
EXHIBIT 99.1
hosptrustleft300dpia14a.jpg
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 FOURTH QUARTER AND
FULL YEAR 2025 RESULTS

DALLAS – February 25, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 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 December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 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.
FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.8% to $123 during the quarter on a 2.6% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.
•Net loss attributable to common stockholders was $(78.3) million or $(12.33) per diluted share for the quarter.
•Adjusted EBITDAre was $40.4 million for the quarter.
•Adjusted funds from operations (AFFO) was $(2.45) per diluted share for the quarter.
•Comparable Hotel EBITDA was $62.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $66.8 million and restricted cash of $149.6 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 $25.7 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 $103.2 million.
•CapEx invested during the quarter was $25.7 million.
FULL YEAR 2025 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 0.7% over the prior year to $132 on a 1.5% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.
•For the year, net loss attributable to common stockholders was $(215.0) million or $(35.99) per diluted share.


AHT Reports Fourth Quarter and Full Year Results
Page 2
February 25, 2026
•Adjusted EBITDAre was $221.3 million for the year.
•For the year, AFFO was $(5.66) per diluted share.
•CapEx invested during the year was $71.2 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction.
•During the quarter, the Company sold the Le Pavillon, a Tribute Portfolio Hotel, and signed definitive agreements to sell the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria.
•Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels and paid the loan down by $10 million.
REVIEW OF STRATEGIC ALTERNATIVES
During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. In conjunction with forming the Special Committee, the Company has also terminated the current offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock.
CAPITAL STRUCTURE
As of December 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 7.7%. Approximately 5% of the Company’s current consolidated debt is fixed-rate and approximately 95% is floating-rate.
During the quarter, the Company signed definitive agreements to sell the Le Pavillon, a Tribute Portfolio Hotel, the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria. These sales are expected to generate approximately $69.5 million in aggregate gross proceeds. Based on current mortgage interest rates, the Company expects more than $2 million in annual cash flow improvement and $14.5 million in future capital expenditure savings following the sales.
Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026.
The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2025.
“Our fourth quarter performance reflected continued industry-wide economic pressures that constrained RevPAR and margins. Despite challenging industry conditions, our asset management team and property managers delivered solid execution, focused on aggressively managing operating expenses as well as driving revenue and operational efficiency,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “As part of our ongoing strategy to deleverage the portfolio and enhance long-term shareholder value, we signed definitive agreements to sell the Le Pavillon in New Orleans, the Embassy Suites in Austin, and the Embassy Suites in Houston in the fourth quarter and expect several additional asset sales in the new year. We believe the attractive cap rates achieved on these sales underscore the intrinsic value of our assets, and we expect strategic divestitures to remain an important tool in improving leverage, liquidity, and cash flow as we enter 2026.


AHT Reports Fourth Quarter and Full Year Results
Page 3
February 25, 2026
In addition, given our high percentage of floating-rate debt, we should also continue to benefit from lower short-term interest rates.”
Mr. Zsigray concluded, “We've been highly encouraged by our success to date in executing our plan to drive outsized EBITDA growth, strategically sell assets, and strengthen our balance sheet.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 26, 2026, 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 Thursday, March 5, 2026, by dialing (609) 800-9909 and entering the confirmation number, 7743408.
The Company will also provide an online simulcast and rebroadcast of its fourth 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 Thursday, February 26, 2026, 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.


AHT Reports Fourth Quarter and Full Year Results
Page 4
February 25, 2026
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)
December 31, 2025 December 31, 2024
ASSETS
Investments in hotel properties, gross $ 3,069,016  $ 3,350,086 
Accumulated depreciation (983,772) (1,030,879)
Investments in hotel properties, net 2,085,244  2,319,207 
Contract asset 355,138  366,671 
Cash and cash equivalents 66,145  112,907 
Restricted cash 149,580  99,695 
Accounts receivable, net of allowance of $424 and $435 respectively 32,752  35,579 
Inventories 3,598  3,631 
Notes receivable, net 12,187  10,565 
Investment in unconsolidated entities 7,265  7,590 
Deferred costs, net 1,529  1,788 
Derivative assets, net 410  2,594 
Operating lease right-of-use assets 43,582  43,780 
Prepaid expenses and other assets 32,057  39,144 
Due from third-party hotel managers 25,667  21,206 
Assets held for sale 18,478  96,628 
Total assets $ 2,833,632  $ 3,160,985 
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net $ 2,526,608  $ 2,629,289 
Indebtedness associated with hotels in receivership 272,800  314,640 
Finance lease liability 17,536  17,992 
Accounts payable and accrued expenses 123,773  137,506 
Accrued interest payable 13,993  10,212 
Accrued interest associated with hotels in receivership 82,338  52,031 
Dividends and distributions payable 4,247  3,952 
Due to Ashford Inc., net 40,643  25,635 
Due to related parties, net 1,949  2,850 
Due to third-party hotel managers 882  1,145 
Operating lease liabilities 44,045  44,369 
Other liabilities 36,768  34,011 
Liabilities associated with assets held for sale 41,292  99,139 
Total liabilities 3,206,874  3,372,771 
Redeemable noncontrolling interests in operating partnership 20,516  22,509 
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 and 6,799,638 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 179,818  156,671 
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 and 601,175 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 18,215  14,869 
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 5,484  — 
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 13,566  — 
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 December 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 December 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 December 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 December 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 December 31, 2025 and December 31, 2024, respectively 11  11 
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 65  56 
Additional paid-in capital 2,402,015  2,392,518 
Accumulated deficit (3,028,489) (2,811,868)
Total stockholders' equity (deficit) of the Company (626,352) (419,237)
Noncontrolling interests in consolidated entities 15,511  13,402 
Total equity (deficit) (610,841) (405,835)
Total liabilities and equity/deficit $ 2,833,632  $ 3,160,985 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
REVENUE
Rooms $ 190,203  $ 203,979  $ 825,623  $ 889,753 
Food and beverage 51,801  53,579  207,588  212,581 
Other 16,579  17,502  69,643  67,800 
Total hotel revenue 258,583  275,060  1,102,854  1,170,134 
Other 384  421  1,534  2,325 
Total revenue 258,967  275,481  1,104,388  1,172,459 
EXPENSES
Hotel operating expenses
Rooms 48,320  49,887  198,106  209,569 
Food and beverage 35,374  36,057  139,828  145,304 
Other expenses 95,091  106,481  392,070  418,077 
Management fees 8,907  9,765  38,264  42,406 
Total hotel operating expenses 187,692  202,190  768,268  815,356 
Property taxes, insurance and other 11,298  11,768  59,793  64,103 
Depreciation and amortization 34,091  37,305  141,295  152,776 
Impairment charges 47,827  59,331  67,648  59,331 
Advisory services fee:
Base advisory fee 8,290  8,120  33,238  32,495 
Reimbursable expenses 6,861  11,294  16,361  23,856 
Stock/unit-based compensation (224) 540  (773) 1,801 
Stirling performance participation fee —  121  213  454 
Corporate, general and administrative:
Stock/unit-based compensation —  26  13  296 
Other general and administrative 3,663  4,174  20,770  24,366 
Total operating expenses 299,498  334,869  1,106,826  1,174,834 
Gain (loss) on disposition of assets and hotel properties 24,494  —  79,799  94,406 
Gain (loss) on derecognition of assets 9,405  10,429  39,054  167,177 
OPERATING INCOME (LOSS) (6,632) (48,959) 116,415  259,208 
Equity in earnings (loss) of unconsolidated entities (67) (1,542) (325) (2,370)
Interest income 1,073  1,499  4,739  6,942 
Other income (expense), net —  —  —  108 
Interest expense, net of discount amortization (49,227) (59,685) (230,659) (259,768)
Interest expense associated with hotels in receivership (9,406) (10,430) (39,038) (45,592)
Amortization of loan costs (6,634) (4,472) (25,570) (13,591)
Write-off of premiums, loan costs and exit fees (492) (1,414) (8,853) (5,245)
Gain (loss) on extinguishment of debt 292  (16) 335  2,774 
Realized and unrealized gain (loss) on derivatives (542) (6,396) (5,346) (6,480)
INCOME (LOSS) BEFORE INCOME TAXES (71,635) (131,415) (188,302) (64,014)
Income tax benefit (expense) 838  2,316  143  (997)
NET INCOME (LOSS) (70,797) (129,099) (188,159) (65,011)
(Income) loss attributable to noncontrolling interest in consolidated entities 339  3,534  5,058  4,028 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,135  1,355  3,262  683 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (69,323) (124,210) (179,839) (60,300)
Preferred dividends (7,295) (6,307) (28,216) (22,686)
Deemed dividends on redeemable preferred stock (1,685) (653) (6,949) (2,906)
Gain (loss) on extinguishment of preferred stock —  30  —  3,370 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (78,303) $ (131,140) $ (215,004) $ (82,522)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (12.33) $ (23.83) $ (35.99) $ (17.54)
Weighted average common shares outstanding – basic 6,351  5,502  5,974  4,706 
Diluted:
Net income (loss) attributable to common stockholders $ (12.33) $ (23.83) $ (35.99) $ (17.54)
Weighted average common shares outstanding – diluted 6,351  5,502  5,974  4,706 
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 Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income (loss) $ (70,797) $ (129,099) $ (188,159) $ (65,011)
Interest expense and amortization of discounts and loan costs, net 55,861  64,157  256,229  273,359 
Interest expense associated with hotels in receivership 9,406  10,430  39,038  45,592 
Depreciation and amortization 34,091  37,305  141,295  152,776 
Income tax expense (benefit) (838) (2,316) (143) 997 
Equity in (earnings) loss of unconsolidated entities 67  1,542  325  2,370 
Company's portion of EBITDA of unconsolidated entities 256  130  1,208  436 
EBITDA 28,046  (17,851) 249,793  410,519 
Impairment charges on real estate 47,827  59,331  67,648  59,331 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (24,494) —  (79,799) (94,406)
(Gain) loss on derecognition of assets (9,405) (10,429) (39,054) (167,177)
EBITDAre 41,974  31,051  198,588  208,267 
Amortization of unfavorable contract liabilities (31) (30) (122) (122)
Transaction and conversion costs 620  1,599  9,549  10,809 
Write-off of premiums, loan costs and exit fees 492  1,414  8,853  5,245 
Realized and unrealized (gain) loss on derivatives 542  6,396  5,346  6,480 
Stock/unit-based compensation (224) 566  (760) 2,097 
Legal, advisory and settlement costs 253  2,061  1,871  3,230 
Other (income) expense, net —  —  —  (108)
Stirling performance participation fee (213) (111) —  — 
(Gain) loss on insurance settlements (2,950) (73) (2,950) (73)
(Gain) loss on extinguishment of debt (292) 16  (335) (2,774)
Severance 216  2,280  1,228  2,824 
Company's portion of adjustments to EBITDAre of unconsolidated entities —  —  —  6 
Adjusted EBITDAre $ 40,387  $ 45,169  $ 221,268  $ 235,881 
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 Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income (loss) $ (70,797) $ (129,099) $ (188,159) $ (65,011)
(Income) loss attributable to noncontrolling interest in consolidated entities 339  3,534  5,058  4,028 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,135  1,355  3,262  683 
Preferred dividends (7,295) (6,307) (28,216) (22,686)
Deemed dividends on redeemable preferred stock (1,685) (653) (6,949) (2,906)
Gain (loss) on extinguishment of preferred stock —  30  —  3,370 
Net income (loss) attributable to common stockholders (78,303) (131,140) (215,004) (82,522)
Depreciation and amortization on real estate 33,358  37,305  138,441  152,776 
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (24,494) —  (79,799) (94,406)
(Gain) loss on derecognition of assets (9,405) (10,429) (39,054) (167,177)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (1,135) (1,355) (3,262) (683)
Equity in (earnings) loss of unconsolidated entities 67  1,542  325  2,370 
Impairment charges on real estate 47,827  59,331  67,648  59,331 
Company's portion of FFO of unconsolidated entities 36  (475) 192  (932)
FFO available to common stockholders and OP unitholders (32,049) (45,221) (130,513) (131,243)
Deemed dividends on redeemable preferred stock 1,685  653  6,949  2,906 
(Gain) loss on extinguishment of preferred stock —  (30) —  (3,370)
Transaction and conversion costs 620  1,599  9,549  10,809 
Write-off of premiums, loan costs and exit fees 492  1,414  8,853  5,245 
Unrealized (gain) loss on derivatives 611  9,377  7,064  32,790 
Stock/unit-based compensation (224) 566  (760) 2,097 
Legal, advisory and settlement costs 253  2,061  1,871  3,230 
Other (income) expense, net —  —  —  (108)
Amortization of credit facility exit fee —  —  —  844 
Amortization of loan costs 6,634  4,472  25,490  13,591 
Stirling performance participation fee (213) (111) —  — 
(Gain) loss on insurance settlements (2,950) (73) (2,950) (73)
(Gain) loss on extinguishment of debt (292) 16  (335) (2,774)
Interest expense associated with hotels in receivership 9,406  10,430  39,038  40,045 
Severance 216  2,280  1,228  2,824 
Company's portion of adjustments to FFO of unconsolidated entities 20  119  105  125 
Adjusted FFO available to common stockholders and OP unitholders $ (15,791) $ (12,448) $ (34,411) $ (23,062)
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (2.45) $ (2.21) $ (5.66) $ (4.84)
Weighted average diluted shares 6,446  5,621  6,078  4,769 
7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2025
(dollars in thousands)
(unaudited)
Indebtedness Current Maturity
Final Maturity (12)
Interest Rate (11)
 Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt		 TTM Hotel Net Income TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (13)
 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) $ (18,344) (83.5) % $ 2,114  9.6  %
BAML Highland Pool - 18 hotels January 2026 July 2026 SOFR (1) + 4.15% —  733,625  733,625  (3) 78,299  10.7  % 85,723  11.7  %
JPMorgan Chase - 8 hotels February 2026 February 2026 SOFR (1) + 3.28% —  325,000  325,000  (4) 6,760  2.1  % 25,820  7.9  %
BAML Indigo Atlanta - 1 hotel February 2026 February 2027 SOFR (1) + 2.85% —  12,330  12,330  (5) 294  2.4  % 2,288  18.6  %
Morgan Stanley Pool - 14 hotels March 2026 March 2028 SOFR (1) + 3.83% —  341,203  341,203  (6) 52,323  15.3  % 34,562  10.1  %
Aareal Alexandria/La Posada - 2 hotels May 2026 May 2028 SOFR (1) + 4.00% —  98,450  98,450  (7) (25,179) (25.6) % 10,931  11.1  %
BAML/Sculptor KEYS 16 Pool - 16 hotels February 2027 February 2030 SOFR (1) + 4.37% —  580,000  580,000  (8) 50,333  8.7  % 71,893  12.4  %
BAML Nashville - 1 hotel September 2027 September 2030 SOFR (1) + 2.26% —  218,100  218,100  (8) 26,993  12.4  % 35,804  16.4  %
Torchlight Marriott Crystal Gateway - 1 hotel November 2027 November 2029 SOFR (1) + 4.75% —  121,500  121,500  (9) 12,642  10.4  % 16,321  13.4  %
BAML Pool - 4 hotels December 2028 December 2028 8.51% 30,200  —  30,200  538  1.8  % 4,667  15.5  %
Preferred Equity Nashville - 1 hotel May 2029 May 2029 11.14% 88,845  —  88,845  (10)  N/A N/A  N/A N/A
Unencumbered Hotel - 1 hotel —  —  —  2,085  N/A 4,570  N/A
Total $ 141,016  $ 2,430,208  $ 2,571,224  $ 186,744  7.3  % $ 294,693  11.5  %
Percentage 5.5  % 94.5  % 100.0  %
Weighted average interest rate (11)
 9.57  % 7.58  % 7.69  %
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 3.69% at December 31, 2025.
(2)    As of December 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)    This mortgage loan has one six-month extension option, subject to satisfaction of certain conditions. The six-month extension option was exercised in January 2026, included a $10.0 million principal paydown and increased the weighted average spread rate to 4.41%.
(4)    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 February 9, 2026. On February 9, 2026, this mortgage loan went into default under the terms and conditions of the mortgage loan agreement and began incurring default interest of 5.00% in addition to the stated interest rate, in accordance with the terms and conditions of the mortgage loan agreement.
(5)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.
(6)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(7)    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%.
(8)    This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.
(9)    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%.
(10)    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.
(11)    Interest rates do not include default or late payment rates in effect on one mortgage loan.
(12)    The final maturity date assumes all available extension options will be exercised.
(13)    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
December 31, 2025
(dollars in thousands)
(unaudited)
2026 2027 2028 2029 2030 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 
Morgan Stanley Pool - 15 hotels —  —  341,203  —  —  —  341,203 
Aareal Alexandria/La Posada - 2 hotels —  —  98,450  —  —  —  98,450 
BAML Pool - 4 hotels —  —  30,200  —  —  —  30,200 
Preferred Equity Nashville - 1 hotel —  —  —  88,845  —  —  88,845 
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 1,080,596  12,330  469,853  210,345  798,100  —  2,571,224 
Scheduled amortization payments remaining —  —  —  —  —  —  — 
Total indebtedness $ 1,080,596  $ 12,330  $ 469,853  $ 210,345  $ 798,100  $ —  $ 2,571,224 
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.

9

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

ALL HOTELS:
Three Months Ended December 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) $ 190,203  $ (2,735) $ 187,468  $ 203,979  $ (13,045) $ 190,934  (6.75) % (1.82) %
RevPAR $ 122.71  $ (138.67) $ 122.51  $ 125.66  $ (140.24) $ 124.77  (2.34) % (1.82) %
Occupancy 66.84  % (69.51) % 66.80  % 66.37  % (68.11) % 66.26  % 0.71  % 0.82  %
ADR $ 183.60  $ (199.51) $ 183.39  $ 189.34  $ (205.90) $ 188.31  (3.03) % (2.61) %
ALL HOTELS:
Year Ended December 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) $ 825,624  $ (22,549) $ 803,075  $ 889,753  $ (84,727) $ 805,026  (7.21) % (0.24) %
RevPAR $ 131.68  $ (113.36) $ 132.28  $ 132.87  $ (129.41) $ 133.24  (0.89) % (0.72) %
Occupancy 70.26  % (66.54) % 70.39  % 69.66  % (67.87) % 69.85  % 0.86  % 0.77  %
ADR $ 187.41  $ (170.36) $ 187.93  $ 190.75  $ (190.67) $ 190.76  (1.75) % (1.48) %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended December 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) $ 180,648  $ (2,736) $ 177,912  $ 195,339  $ (13,045) $ 182,294  (7.52) % (2.40) %
RevPAR $ 123.58  $ (138.67) $ 123.38  $ 127.25  $ (140.24) $ 126.42  (2.88) % (2.40) %
Occupancy 67.30  % (69.51) % 67.27  % 66.68  % (68.11) % 66.59  % 0.93  % 1.02  %
ADR $ 183.64  $ (199.51) $ 183.41  $ 190.84  $ (205.90) $ 189.84  (3.77) % (3.39) %
ALL HOTELS
     NOT UNDER RENOVATION:
Year Ended December 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) $ 779,662  $ (22,548) $ 757,114  $ 843,851  $ (84,727) $ 759,124  (7.61) % (0.26) %
RevPAR $ 131.70  $ (113.36) $ 132.34  $ 132.98  $ (129.41) $ 133.39  (0.96) % (0.79) %
Occupancy 70.47  % (66.54) % 70.61  % 69.62  % (67.87) % 69.83  % 1.22  % 1.12  %
ADR $ 186.89  $ (170.36) $ 187.43  $ 191.00  $ (190.67) $ 191.04  (2.16) % (1.89) %
NOTES:
(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at December 31, 2025, and not under renovation during the three months ended December 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 and hotel properties in receivership.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Year Ended
December 31, December 31,
2025 2024 % Variance 2025 2024 % Variance
Total hotel revenue $ 258,583  $ 275,060  (5.99) % $ 1,102,855  $ 1,170,134  (5.75) %
Non-comparable adjustments (3,443) (15,712) (27,113) (102,695)
Comparable total hotel revenue $ 255,140  $ 259,348  (1.62) % $ 1,075,742  $ 1,067,439  0.78  %
Hotel net income (loss) $ 4,332  $ (37,125) 111.67  % $ 157,653  $ 166,667  (5.41) %
Non-comparable adjustments (24,029) 41  (48,253) (88,342)
Comparable hotel net income (loss) $ (19,697) $ (37,084) 46.89  % $ 109,400  $ 78,325  39.67  %
Hotel net income (loss) margin 1.68  % (13.50) % 15.18  % 14.29  % 14.24  % 0.05  %
Comparable hotel net income margin (7.72) % (14.30) % 6.58  % 10.17  % 7.34  % 2.83  %
Hotel EBITDA $ 63,133  $ 69,415  (9.05) % $ 302,625  $ 314,694  (3.84) %
Non-comparable adjustments (472) (4,129) (5,110) (24,192)
Comparable hotel EBITDA $ 62,661  $ 65,286  (4.02) % $ 297,515  $ 290,502  2.41  %
Hotel EBITDA margin 24.41  % 25.24  % (0.83) % 27.44  % 26.89  % 0.55  %
Comparable hotel EBITDA margin 24.56  % 25.17  % (0.61) % 27.66  % 27.21  % 0.45  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(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 Year Ended
December 31, December 31,
2025 2024 % Variance 2025 2024 % Variance
Total hotel revenue $ 246,397  $ 263,762  (6.58) % $ 1,047,259  $ 1,113,609  (5.96) %
Non-comparable adjustments (3,442) (15,711) (27,112) (102,695)
Comparable total hotel revenue $ 242,955  $ 248,051  (2.05) % $ 1,020,147  $ 1,010,914  0.91  %
Hotel net income (loss) $ 4,182  $ (36,989) 111.31  % $ 149,168  $ 158,142  (5.67) %
Non-comparable adjustments (24,030) 42  (48,255) (88,342)
Comparable hotel net income (loss) $ (19,848) $ (36,947) 46.28  % $ 100,913  $ 69,800  44.57  %
Hotel net income (loss) margin 1.70  % (14.02) % 15.72  % 14.24  % 14.20  % 0.04  %
Comparable hotel net income margin (8.17) % (14.89) % 6.72  % 9.89  % 6.90  % 2.99  %
Hotel EBITDA $ 60,976  $ 67,854  (10.14) % $ 286,662  $ 299,988  (4.44) %
Non-comparable adjustments (472) (4,126) (5,110) (24,190)
Comparable hotel EBITDA $ 60,504  $ 63,728  (5.06) % $ 281,552  $ 275,798  2.09  %
Hotel EBITDA margin 24.75  % 25.73  % (0.98) % 27.37  % 26.94  % 0.43  %
Comparable hotel EBITDA margin 24.90  % 25.69  % (0.79) % 27.60  % 27.28  % 0.32  %
NOTES:
(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at December 31, 2025, and not under renovation during the three months ended December 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 and hotel properties in receivership.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(3)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
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 2025 2025 2025 2025 2025 2025 2025 2025 2025
4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter
Total hotel revenue $ 258,583  $ (3,443) $ 255,140  $ 265,675  $ (5,756) $ 259,919  $ 301,546  $ (8,658) $ 292,888  $ 277,051  $ (9,256) $ 267,795 
Hotel net income (loss) $ 4,332  $ (24,029) $ (19,697) $ 26,634  $ 4,845  $ 31,479  $ 57,561  $ 2,756  $ 60,317  $ 69,126  $ (31,825) $ 37,301 
Hotel net income (loss) margin 1.68  % (7.72) % 10.03  % 12.11  % 19.09  % 20.59  % 24.95  % 13.93  %
Hotel EBITDA $ 63,133  $ (472) $ 62,661  $ 68,740  $ (384) $ 68,356  $ 92,279  $ (1,752) $ 90,527  $ 78,473  $ (2,502) $ 75,971 
Hotel EBITDA margin 24.41  % 24.56  % 25.87  % 26.30  % 30.60  % 30.91  % 28.32  % 28.37  %
Hotel net income (loss) % of total TTM 2.7  % (18.0) % 16.9  % 28.8  % 36.5  % 55.1  % 43.9  % 34.1  %
EBITDA % of total TTM 20.9  % 21.1  % 22.7  % 23.0  % 30.5  % 30.4  % 25.9  % 25.5  %
JV interests in Hotel net income (loss) $ (349) $ (349) $ (1,249) $ (1,249) $ (1,235) $ (1,235) $ (1,544) $ (1,544)
JV interests in EBITDA $ 1,038  $ 1,038  $ 216  $ 216  $ 421  $ 421  $ 321  $ 321 
Actual Non-comparable Adjustments Comparable
2025 2025 2025
TTM TTM TTM
Total hotel revenue $ 1,102,855  $ (27,113) $ 1,075,742 
Hotel net income (loss) $ 157,653  $ (48,253) $ 109,400 
Hotel net income (loss) margin 14.29  % 10.17  %
Hotel EBITDA $ 302,625  $ (5,110) $ 297,515 
Hotel EBITDA margin 27.44  % 27.66  %
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) $ (4,377) $ (4,377)
JV interests in EBITDA $ 1,996  $ 1,996 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(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 December 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 6  1,128  $ 132.37  $ —  $ 132.37  $ 131.35  $ —  $ 131.35  0.8  % 0.8  %
Boston, MA Area —  —  —  —  —  215.20  (215.20) —  (100.0) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  117.84  —  117.84  104.51  —  104.51  12.8  % 12.8  %
Houston, TX Area 2  453  115.93  —  115.93  108.77  (84.23) 121.89  6.6  % (4.9) %
Los Angeles, CA Metro Area 4  1,312  143.81  —  143.81  141.47  —  141.47  1.7  % 1.7  %
Miami, FL Metro Area 2  414  166.52  —  166.52  161.30  —  161.30  3.2  % 3.2  %
Minneapolis - St. Paul, MN Area 2  520  64.68  —  64.68  56.57  —  56.57  14.3  % 14.3  %
Nashville, TN Area 1  674  207.72  —  207.72  210.75  —  210.75  (1.4) % (1.4) %
New York / New Jersey Metro Area 4  1,159  93.11  —  93.11  94.75  —  94.75  (1.7) % (1.7) %
Orlando, FL Area 2  524  107.15  —  107.15  131.25  —  131.25  (18.4) % (18.4) %
Philadelphia, PA Area 1  263  115.96  —  115.96  96.56  —  96.56  20.1  % 20.1  %
San Diego, CA Area 1  260  111.63  (141.93) 108.97  137.18  (146.76) 131.65  (18.6) % (17.2) %
San Francisco - Oakland, CA Metro Area 3  793  124.16  —  124.16  118.00  —  118.00  5.2  % 5.2  %
Tampa, FL Area 2  571  123.00  —  123.00  149.76  —  149.76  (17.9) % (17.9) %
Washington D.C. - MD - VA Area 9  2,428  121.28  —  121.28  136.69  —  136.69  (11.3) % (11.3) %
Other Areas 24  4,738  117.77  (138.28) 116.94  115.96  (103.95) 116.73  1.6  % 0.2  %
Total Portfolio 68  16,633  $ 122.71  $ (138.67) $ 122.51  $ 125.66  $ (140.24) $ 124.77  (2.3) % (1.8) %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL REVPAR BY MARKET
(unaudited)
Year Ended December 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 6  1,128  $ 136.52  $ —  $ 136.52  $ 128.61  $ (77.84) $ 133.27  6.2  % 2.4  %
Boston, MA Area —  —  38.81  (38.81) —  207.84  (207.84) —  (81.3) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  119.39  —  119.39  112.38  (83.82) 113.88  6.2  % 4.8  %
Houston, TX Area 2  453  113.00  (91.11) 120.47  107.13  (94.74) 113.78  5.5  % 5.9  %
Los Angeles, CA Metro Area 4  1,312  148.63  —  148.63  144.70  (84.48) 147.01  2.7  % 1.1  %
Miami, FL Metro Area 2  414  174.76  —  174.76  168.55  —  168.55  3.7  % 3.7  %
Minneapolis - St. Paul, MN Area 2  520  73.02  —  73.02  71.87  —  71.87  1.6  % 1.6  %
Nashville, TN Area 1  674  224.10  —  224.10  223.78  —  223.78  0.1  % 0.1  %
New York / New Jersey Metro Area 4  1,159  99.47  —  99.47  95.37  (55.84) 96.68  4.3  % 2.9  %
Orlando, FL Area 2  524  114.53  —  114.53  122.23  —  122.23  (6.3) % (6.3) %
Philadelphia, PA Area 1  263  121.96  —  121.96  105.67  (28.18) 115.28  15.4  % 5.8  %
San Diego, CA Area 1  260  142.38  (152.04) 138.00  155.51  (164.47) 150.34  (8.4) % (8.2) %
San Francisco - Oakland, CA Metro Area 3  793  135.34  —  135.34  126.33  (85.16) 130.63  7.1  % 3.6  %
Tampa, FL Area 2  571  139.81  —  139.81  144.01  —  144.01  (2.9) % (2.9) %
Washington D.C. - MD - VA Area 9  2,428  142.07  —  142.07  149.72  —  149.72  (5.1) % (5.1) %
Other Areas 24  4,738  124.47  (111.30) 125.21  126.55  (113.80) 128.17  (1.6) % (2.3) %
Total Portfolio 68  16,633  $ 131.68  $ (113.36) $ 132.28  $ 132.87  $ (129.41) $ 133.24  (0.9) % (0.7) %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 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 6  1,128  $ 2,024  $ (31) $ 1,993  (10.1) % $ 1,966  $ (27) $ 1,939  (5.2) % 3.0  % 2.8  %
Boston, MA Area —  —  150  (150) —  —  % 2,019  (2,019) —  —  % (92.6) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  2,742  —  2,742  (13.9) % (2,302) 15  (2,287) 6.2  % 219.1  % 219.9  %
Houston, TX Area 2  453  655  (410) 245  (1.2) % 508  (33) 475  (1.3) % 28.9  % (48.4) %
Los Angeles, CA Metro Area 4  1,312  3,034  —  3,034  (15.4) % (33,595) —  (33,595) 90.6  % 109.0  % 109.0  %
Miami, FL Metro Area 2  414  1,190  —  1,190  (6.0) % 1,403  —  1,403  (3.8) % (15.2) % (15.2) %
Minneapolis - St. Paul, MN Area 2  520  (819) —  (819) 4.2  % (1,033) —  (1,033) 2.8  % 20.7  % 20.7  %
Nashville, TN Area 1  674  6,194  —  6,194  (31.4) % 6,191  —  6,191  (16.7) % —  % —  %
New York / New Jersey Metro Area 4  1,159  (335) (82) (417) 2.1  % 284  —  284  (0.8) % (218.0) % (246.8) %
Orlando, FL Area 2  524  716  —  716  (3.6) % 1,530  —  1,530  (4.1) % (53.2) % (53.2) %
Philadelphia, PA Area 1  263  402  (38) 364  (1.8) % (98) (4) (102) 0.3  % 510.2  % 456.9  %
San Diego, CA Area 1  260  23,385  (23,269) 116  (0.6) % 799  (577) 222  (0.6) % 2,826.8  % (47.7) %
San Francisco - Oakland, CA Metro Area 3  793  (15,832) (150) (15,982) 81.1  % (749) 384  (365) 1.0  % (2,013.8) % (4,278.6) %
Tampa, FL Area 2  571  1,494  —  1,494  (7.6) % 1,057  —  1,057  (2.9) % 41.3  % 41.3  %
Washington D.C. - MD - VA Area 9  2,428  (26,184) —  (26,184) 132.9  % 6,388  —  6,388  (17.2) % (509.9) % (509.9) %
Other Areas 24  4,738  5,516  101  5,617  (28.7) % (21,493) 2,302  (19,191) 51.7  % 125.7  % 129.3  %
Total Portfolio 68  16,633  $ 4,332  $ (24,029) $ (19,697) 100.0  % $ (37,125) $ 41  $ (37,084) 100.0  % 111.7  % 46.9  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(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)
Year Ended December 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 6  1,128  $ 8,424  $ (33) $ 8,391  7.7  % $ 19,975  $ (14,100) $ 5,875  7.5  % (57.8) % 42.8  %
Boston, MA Area —  —  31,971  (31,971) —  —  % 4,380  (4,380) —  —  % 629.9  % —  %
Dallas / Ft. Worth, TX Area 5  1,396  6,760  (19) 6,741  6.2  % 6,725  (1,715) 5,010  6.4  % 0.5  % 34.6  %
Houston, TX Area 2  453  17,334  (16,032) 1,302  1.2  % 920  (6) 914  1.2  % 1,784.1  % 42.5  %
Los Angeles, CA Metro Area 4  1,312  14,597  —  14,597  13.3  % (27,369) 3,375  (23,994) (30.6) % 153.3  % 160.8  %
Miami, FL Metro Area 2  414  5,980  —  5,980  5.5  % 5,264  —  5,264  6.7  % 13.6  % 13.6  %
Minneapolis - St. Paul, MN Area 2  520  (360) —  (360) (0.3) % (1,812) —  (1,812) (2.3) % 80.1  % 80.1  %
Nashville, TN Area 1  674  26,992  —  26,992  24.7  % 25,591  —  25,591  32.7  % 5.5  % 5.5  %
New York / New Jersey Metro Area 4  1,159  2,330  (83) 2,247  2.1  % 177  882  1,059  1.4  % 1,216.4  % 112.2  %
Orlando, FL Area 2  524  10,151  —  10,151  9.3  % 3,759  —  3,759  4.8  % 170.0  % 170.0  %
Philadelphia, PA Area 1  263  2,062  (40) 2,022  1.8  % 272  798  1,070  1.4  % 658.1  % 89.0  %
San Diego, CA Area 1  260  27,492  (25,225) 2,267  2.1  % 5,925  (3,157) 2,768  3.5  % 364.0  % (18.1) %
San Francisco - Oakland, CA Metro Area 3  793  (13,155) 62  (13,093) (12.0) % 815  628  1,443  1.8  % (1,714.1) % (1,007.3) %
Tampa, FL Area 2  571  8,948  —  8,948  8.2  % 7,965  —  7,965  10.2  % 12.3  % 12.3  %
Washington D.C. - MD - VA Area 9  2,428  258  —  258  0.2  % 33,402  —  33,402  42.6  % (99.2) % (99.2) %
Other Areas 24  4,738  7,869  25,088  32,957  30.0  % 80,678  (70,667) 10,011  12.7  % (90.2) % 229.2  %
Total Portfolio 68  16,633  $ 157,653  $ (48,253) $ 109,400  100.0  % $ 166,667  $ (88,342) $ 78,325  100.0  % (5.4) % 39.7  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
HOTEL EBITDA BY MARKET
(in thousands)
(unaudited)
Three Months Ended December 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 6  1,128  $ 4,676  $ (31) $ 4,645  7.4  % $ 5,040  $ (35) $ 5,005  7.7  % (7.2) % (7.2) %
Boston, MA Area —  —  —  —  —  —  % 2,491  (2,491) —  —  % (100.0) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  6,595  —  6,595  10.5  % 4,469  (5) 4,464  6.8  % 47.6  % 47.7  %
Houston, TX Area 2  453  1,717  81  1,798  2.9  % 2,476  (397) 2,079  3.2  % (30.7) % (13.5) %
Los Angeles, CA Metro Area 4  1,312  4,437  —  4,437  7.1  % 5,325  (2) 5,323  8.2  % (16.7) % (16.6) %
Miami, FL Metro Area 2  414  2,647  —  2,647  4.2  % 2,801  (1) 2,800  4.3  % (5.5) % (5.5) %
Minneapolis - St. Paul, MN Area 2  520  151  —  151  0.2  % (99) (2) (101) (0.2) % 252.5  % 249.5  %
Nashville, TN Area 1  674  7,946  —  7,946  12.7  % 8,515  —  8,515  13.0  % (6.7) % (6.7) %
New York / New Jersey Metro Area 4  1,159  1,496  —  1,496  2.4  % 2,554  (3) 2,551  3.9  % (41.4) % (41.4) %
Orlando, FL Area 2  524  1,425  —  1,425  2.3  % 2,434  —  2,434  3.7  % (41.5) % (41.5) %
Philadelphia, PA Area 1  263  751  (38) 713  1.1  % 304  (5) 299  0.5  % 147.0  % 138.5  %
San Diego, CA Area 1  260  593  59  652  1.0  % 1,671  (813) 858  1.3  % (64.5) % (24.0) %
San Francisco - Oakland, CA Metro Area 3  793  2,666  —  2,666  4.3  % 2,507  —  2,507  3.8  % 6.3  % 6.3  %
Tampa, FL Area 2  571  2,305  —  2,305  3.7  % 2,923  (3) 2,920  4.5  % (21.1) % (21.1) %
Washington D.C. - MD - VA Area 9  2,428  9,117  —  9,117  14.5  % 10,813  (4) 10,809  16.6  % (15.7) % (15.7) %
Other Areas 24  4,738  16,611  (543) 16,068  25.7  % 15,191  (368) 14,823  22.7  % 9.3  % 8.4  %
Total Portfolio 68  16,633  $ 63,133  $ (472) $ 62,661  100.0  % $ 69,415  $ (4,129) $ 65,286  100.0  % (9.0) % (4.0) %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(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)
Year Ended December 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 6  1,128  $ 19,583  $ (34) $ 19,549  6.6  % $ 18,474  $ (246) $ 18,228  6.3  % 6.0  % 7.2  %
Boston, MA Area —  —  64  (64) —  —  % 10,977  (10,977) —  —  % (99.4) % —  %
Dallas / Ft. Worth, TX Area 5  1,396  26,183  —  26,183  8.8  % 22,217  (570) 21,647  7.5  % 17.9  % 21.0  %
Houston, TX Area 2  453  8,490  (712) 7,778  2.6  % 8,610  (1,842) 6,768  2.3  % (1.4) % 14.9  %
Los Angeles, CA Metro Area 4  1,312  20,948  —  20,948  7.0  % 21,024  151  21,175  7.3  % (0.4) % (1.1) %
Miami, FL Metro Area 2  414  11,748  —  11,748  3.9  % 10,978  —  10,978  3.8  % 7.0  % 7.0  %
Minneapolis - St. Paul, MN Area 2  520  2,806  —  2,806  0.9  % 1,487  —  1,487  0.5  % 88.7  % 88.7  %
Nashville, TN Area 1  674  35,804  —  35,804  12.0  % 35,327  —  35,327  12.2  % 1.4  % 1.4  %
New York / New Jersey Metro Area 4  1,159  10,382  —  10,382  3.5  % 9,776  (112) 9,664  3.3  % 6.2  % 7.4  %
Orlando, FL Area 2  524  6,545  —  6,545  2.2  % 7,498  —  7,498  2.6  % (12.7) % (12.7) %
Philadelphia, PA Area 1  263  3,489  (40) 3,449  1.2  % 2,404  228  2,632  0.9  % 45.1  % 31.0  %
San Diego, CA Area 1  260  6,676  (2,591) 4,085  1.4  % 8,483  (4,056) 4,427  1.5  % (21.3) % (7.7) %
San Francisco - Oakland, CA Metro Area 3  793  13,257  —  13,257  4.5  % 12,095  (227) 11,868  4.1  % 9.6  % 11.7  %
Tampa, FL Area 2  571  11,990  —  11,990  4.0  % 12,228  —  12,228  4.2  % (1.9) % (1.9) %
Washington D.C. - MD - VA Area 9  2,428  47,832  —  47,832  16.1  % 51,560  —  51,560  17.7  % (7.2) % (7.2) %
Other Areas 24  4,738  76,828  (1,669) 75,159  25.3  % 81,556  (6,541) 75,015  25.8  % (5.8) % 0.2  %
Total Portfolio 68  16,633  $ 302,625  $ (5,110) $ 297,515  100.0  % $ 314,694  $ (24,192) $ 290,502  100.0  % (3.8) % 2.4  %
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
15

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2025
(in thousands, except share price)
(unaudited)
December 31, 2025
Common stock shares outstanding 6,476 
Partnership units outstanding 95 
Combined common stock shares and partnership units outstanding 6,571 
Common stock price $ 4.26 
Market capitalization $ 27,992 
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 $ 192,105 
Series K redeemable preferred stock $ 18,278 
Series L redeemable preferred stock $ 5,955 
Series M redeemable preferred stock $ 13,772 
Indebtedness $ 2,571,224 
Net working capital (see below) $ (103,231)
Total enterprise value (TEV) $ 2,868,380 
Cash and cash equivalents $ 66,348 
Restricted cash $ 144,849 
Accounts receivable, net $ 32,736 
Inventory $ 3,599 
Prepaid expenses $ 9,767 
Due from third-party hotel managers, net $ 24,786 
Total current assets $ 282,085 
Accounts payable, net & accrued expenses $ 124,633 
Dividends and distributions payable $ 4,247 
Due to affiliates, net $ 49,974 
Total current liabilities $ 178,854 
Net working capital $ 103,231 
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.
16

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

2025 2026
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Actual Estimated Estimated Estimated Estimated
Courtyard Bloomington 117  x x x x
Embassy Suites Austin 150  x
Embassy Suites Houston 150  x
Embassy Suites Palm Beach 160  x x x
Hampton Inn Evansville 140  x x
Hilton Garden Inn Austin Downtown 254  x x x
Hilton Garden Inn Virginia Beach 176  x x x x
Marriott Sugarland 300  x
Sheraton Anchorage 370  x x x x
Sheraton San Diego Mission Valley 260  x x x x
Westin Princeton 296  x x x x
Total 3 3 1 4 5 3 3 9
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 and 2026 are included in this table.
17

Exhibit 1

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

2025 2025 2025 2025 December 31, 2025
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter TTM
Net income (loss) $ 4,332  $ 26,634  $ 57,561  $ 69,126  $ 157,653 
Non-property adjustments 20,110  2,353  (5,234) (31,855) (14,626)
Interest income (378) (400) (370) (346) (1,494)
Interest expense 2,694  3,061  3,156  3,065  11,976 
Amortization of loan costs 30  35  132  106  303 
Depreciation and amortization 34,042  34,540  35,228  37,290  141,100 
Non-hotel EBITDA ownership expense 2,303  2,517  1,806  1,087  7,713 
Hotel EBITDA including amounts attributable to noncontrolling interest 63,133  68,740  92,279  78,473  302,625 
Non-comparable adjustments (472) (384) (1,752) (2,502) (5,110)
Comparable hotel EBITDA $ 62,661  $ 68,356  $ 90,527  $ 75,971  $ 297,515 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
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, 2025
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 4,182  $ 150  $ 4,332  $ (75,129) $ (70,797)
Non-property adjustments 20,110  —  20,110  (20,110) — 
Interest income (378) —  (378) 378  — 
Interest expense 2,694  —  2,694  55,939  58,633 
Amortization of loan cost 30  —  30  6,604  6,634 
Depreciation and amortization 31,985  2,057  34,042  49  34,091 
Income tax expense (benefit) —  —  —  (838) (838)
Non-hotel EBITDA ownership expense 2,353  (50) 2,303  (2,303) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 60,976  2,157  63,133  (35,410) 27,723 
Equity in (earnings) loss of unconsolidated entities —  —  —  67  67 
Company's portion of EBITDA of unconsolidated entities —  —  —  256  256 
Hotel EBITDA attributable to the Company and OP unitholders $ 60,976  $ 2,157  $ 63,133  $ (35,087) $ 28,046 
Non-comparable adjustments (472) —  (472)
Comparable hotel EBITDA $ 60,504  $ 2,157  $ 62,661 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
19

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 Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ (36,989) $ (136) $ (37,125) $ (91,974) $ (129,099)
Non-property adjustments 59,274  —  59,274  (59,274) — 
Interest income (408) —  (408) 408  — 
Interest expense 3,181  —  3,181  66,934  70,115 
Amortization of loan cost 118  —  118  4,354  4,472 
Depreciation and amortization 35,695  1,561  37,256  49  37,305 
Income tax expense (benefit) (22) —  (22) (2,294) (2,316)
Non-hotel EBITDA ownership expense 7,005  136  7,141  (7,141) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 67,854  1,561  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 $ 67,854  $ 1,561  $ 69,415  $ (87,266) $ (17,851)
Non-comparable adjustments (4,126) (3) (4,129)
Comparable hotel EBITDA $ 63,728  $ 1,558  $ 65,286 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
20

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2025
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 149,168  $ 8,485  $ 157,653  $ (345,812) $ (188,159)
Non-property adjustments (14,626) —  (14,626) 14,626  — 
Interest income (1,494) —  (1,494) 1,494  — 
Interest expense 11,976  —  11,976  257,721  269,697 
Amortization of loan cost 303  —  303  25,267  25,570 
Depreciation and amortization 133,730  7,370  141,100  195  141,295 
Income tax expense (benefit) —  —  —  (143) (143)
Non-hotel EBITDA ownership expense 7,605  108  7,713  (7,713) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 286,662  15,963  302,625  (54,365) 248,260 
Equity in (earnings) loss of unconsolidated entities —  —  —  325  325 
Company's portion of EBITDA of unconsolidated entities —  —  —  1,208  1,208 
Hotel EBITDA attributable to the Company and OP unitholders $ 286,662  $ 15,963  $ 302,625  $ (52,832) $ 249,793 
Non-comparable adjustments (5,110) —  (5,110)
Comparable hotel EBITDA $ 281,552  $ 15,963  $ 297,515 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
21

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2024
Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.
Net income (loss) $ 158,142  $ 8,525  $ 166,667  $ (231,678) $ (65,011)
Non-property adjustments (27,513) —  (27,513) 27,513  — 
Interest income (1,720) —  (1,720) 1,720  — 
Interest expense 11,628  —  11,628  293,733  305,361 
Amortization of loan cost 490  —  490  13,100  13,590 
Depreciation and amortization 146,362  5,944  152,306  470  152,776 
Income tax expense (benefit) 68  —  68  929  997 
Non-hotel EBITDA ownership expense 12,531  237  12,768  (12,768) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 299,988  14,706  314,694  93,019  407,713 
Equity in (earnings) loss of unconsolidated entities —  —  —  2,370  2,370 
Company's portion of EBITDA of unconsolidated entities —  —  —  436  436 
Hotel EBITDA attributable to the Company and OP unitholders $ 299,988  $ 14,706  $ 314,694  $ 95,825  $ 410,519 
Non-comparable adjustments (24,190) (2) (24,192)
Comparable hotel EBITDA $ 275,798  $ 14,704  $ 290,502 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
(2)    Excluded hotels under renovation:
Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton
22

Exhibit 1

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

Three Months Ended December 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) $ 2,024  $ 150  $ 2,742  $ 655  $ 3,034  $ 1,190  $ (819) $ 6,194  $ (335)
Non-property adjustments —  —  (906) (320) (86) —  —  (487) (83)
Interest income (57) —  (21) —  (15) (1) —  (37) — 
Interest expense 699  —  916  —  —  —  —  —  — 
Amortization of loan costs 6  —  —  —  —  —  —  —  — 
Depreciation and amortization 1,978  —  3,745  1,386  1,362  1,398  729  2,080  1,928 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 26  (150) 119  (4) 142  60  241  196  (14)
Hotel EBITDA including amounts attributable to noncontrolling interest 4,676  —  6,595  1,717  4,437  2,647  151  7,946  1,496 
Non-comparable adjustments (31) —  —  81  —  —  —  —  — 
Comparable hotel EBITDA $ 4,645  $ —  $ 6,595  $ 1,798  $ 4,437  $ 2,647  $ 151  $ 7,946  $ 1,496 
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) $ 716  $ 402  $ 23,385  $ (15,832) $ 1,494  $ (26,184) $ 5,516  $ 4,332 
Non-property adjustments —  —  (23,315) 15,710  —  31,484  (1,887) 20,110 
Interest income (30) —  (9) (15) —  (158) (35) (378)
Interest expense —  —  —  556  —  —  523  2,694 
Amortization of loan costs —  —  —  —  —  —  24  30 
Depreciation and amortization 732  345  485  1,902  682  4,034  11,256  34,042 
Income tax expense (benefit) —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 7  4  47  345  129  (59) 1,214  2,303 
Hotel EBITDA including amounts attributable to noncontrolling interest 1,425  751  593  2,666  2,305  9,117  16,611  63,133 
Non-comparable adjustments —  (38) 59  —  —  —  (543) (472)
Comparable hotel EBITDA $ 1,425  $ 713  $ 652  $ 2,666  $ 2,305  $ 9,117  $ 16,068  $ 62,661 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
23

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
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) $ 1,966  $ 2,019  $ (2,302) $ 508  $ (33,595) $ 1,403  $ (1,033) $ 6,191  $ 284 
Non-property adjustments —  —  16  —  35,908  —  —  —  (72)
Interest income (47) (77) —  —  (14) 23  —  (25) — 
Interest expense 749  —  1,398  —  —  —  —  —  — 
Amortization of loan costs —  —  —  —  —  —  —  —  — 
Depreciation and amortization 2,178  511  3,913  1,696  1,954  1,226  716  2,404  1,913 
Income tax expense (benefit) —  —  —  —  —  —  —  (70) — 
Non-hotel EBITDA ownership expense 194  38  1,444  272  1,072  149  218  15  429 
Hotel EBITDA including amounts attributable to noncontrolling interest 5,040  2,491  4,469  2,476  5,325  2,801  (99) 8,515  2,554 
Non-comparable adjustments (35) (2,491) (5) (397) (2) (1) (2) —  (3)
Comparable hotel EBITDA $ 5,005  $ —  $ 4,464  $ 2,079  $ 5,323  $ 2,800  $ (101) $ 8,515  $ 2,551 
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) $ 1,530  $ (98) $ 799  $ (749) $ 1,057  $ 6,388  $ (21,493) $ (37,125)
Non-property adjustments —  —  —  —  —  —  23,422  59,274 
Interest income (29) —  (26) (16) —  (164) (33) (408)
Interest expense —  —  —  210  —  —  824  3,181 
Amortization of loan costs —  —  —  80  —  —  38  118 
Depreciation and amortization 927  367  611  2,164  760  4,396  11,520  37,256 
Income tax expense (benefit) —  —  —  —  —  —  48  (22)
Non-hotel EBITDA ownership expense 6  35  287  818  1,106  193  865  7,141 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,434  304  1,671  2,507  2,923  10,813  15,191  69,415 
Non-comparable adjustments —  (5) (813) —  (3) (4) (368) (4,129)
Comparable hotel EBITDA $ 2,434  $ 299  $ 858  $ 2,507  $ 2,920  $ 10,809  $ 14,823  $ 65,286 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
24

Exhibit 1

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

Year Ended December 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) $ 8,424  $ 31,971  $ 6,760  $ 17,334  $ 14,597  $ 5,980  $ (360) $ 26,992  $ 2,330 
Non-property adjustments —  (31,814) (925) (16,354) (86) —  —  (487) (83)
Interest income (223) —  (22) —  (60) (6) —  (133) — 
Interest expense 2,810  —  4,340  —  —  —  —  —  — 
Amortization of loan costs 22  —  162  —  —  —  —  —  — 
Depreciation and amortization 8,225  1  14,794  6,773  5,858  5,642  2,827  8,956  7,570 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 325  (94) 1,074  737  639  132  339  476  565 
Hotel EBITDA including amounts attributable to noncontrolling interest 19,583  64  26,183  8,490  20,948  11,748  2,806  35,804  10,382 
Non-comparable adjustments (34) (64) —  (712) —  —  —  —  — 
Comparable hotel EBITDA $ 19,549  $ —  $ 26,183  $ 7,778  $ 20,948  $ 11,748  $ 2,806  $ 35,804  $ 10,382 
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) $ 10,151  $ 2,062  $ 27,492  $ (13,155) $ 8,948  $ 258  $ 7,869  $ 157,653 
Non-property adjustments (6,700) —  (23,315) 15,711  —  31,484  17,943  (14,626)
Interest income (123) —  (86) (52) —  (649) (140) (1,494)
Interest expense —  —  —  1,966  —  —  2,860  11,976 
Amortization of loan costs —  —  —  27  —  —  92  303 
Depreciation and amortization 3,193  1,396  2,369  7,766  2,783  16,529  46,418  141,100 
Income tax expense (benefit) —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 24  31  216  994  259  210  1,786  7,713 
Hotel EBITDA including amounts attributable to noncontrolling interest 6,545  3,489  6,676  13,257  11,990  47,832  76,828  302,625 
Non-comparable adjustments —  (40) (2,591) —  —  —  (1,669) (5,110)
Comparable hotel EBITDA $ 6,545  $ 3,449  $ 4,085  $ 13,257  $ 11,990  $ 47,832  $ 75,159  $ 297,515 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
25

Exhibit 1

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

Year Ended December 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) $ 19,975  $ 4,380  $ 6,725  $ 920  $ (27,369) $ 5,264  $ (1,812) $ 25,591  $ 177 
Non-property adjustments (14,362) 665  (1,568) —  38,909  —  —  —  661 
Interest income (180) (282) (4) —  (71) (15) —  (108) (4)
Interest expense 3,079  2,518  1,735  —  —  —  —  —  — 
Amortization of loan costs —  144  —  —  —  —  —  —  — 
Depreciation and amortization 9,556  3,552  13,575  6,686  8,315  4,561  2,972  9,675  8,175 
Income tax expense (benefit) —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 406  —  1,754  1,004  1,240  1,168  327  169  767 
Hotel EBITDA including amounts attributable to noncontrolling interest 18,474  10,977  22,217  8,610  21,024  10,978  1,487  35,327  9,776 
Non-comparable adjustments (246) (10,977) (570) (1,842) 151  —  —  —  (112)
Comparable hotel EBITDA $ 18,228  $ —  $ 21,647  $ 6,768  $ 21,175  $ 10,978  $ 1,487  $ 35,327  $ 9,664 
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) $ 3,759  $ 272  $ 5,925  $ 815  $ 7,965  $ 33,402  $ 80,678  $ 166,667 
Non-property adjustments —  425  —  228  —  —  (52,471) (27,513)
Interest income (112) (4) (94) (67) —  (635) (144) (1,720)
Interest expense —  —  —  846  —  —  3,450  11,628 
Amortization of loan costs —  —  —  198  —  —  148  490 
Depreciation and amortization 3,823  1,655  2,388  9,147  3,222  18,311  46,693  152,306 
Income tax expense (benefit) —  —  —  —  —  —  68  68 
Non-hotel EBITDA ownership expense 28  56  264  928  1,041  482  3,134  12,768 
Hotel EBITDA including amounts attributable to noncontrolling interest 7,498  2,404  8,483  12,095  12,228  51,560  81,556  314,694 
Non-comparable adjustments —  228  (4,056) (227) —  —  (6,541) (24,192)
Comparable hotel EBITDA $ 7,498  $ 2,632  $ 4,427  $ 11,868  $ 12,228  $ 51,560  $ 75,015  $ 290,502 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
26

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
TTM Ended December 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) $ 50,333  $ 78,299  $ 52,323  $ 6,760  $ 26,993  $ (25,179) $ 294  $ 12,642  $ (18,344) $ (24,375) $ (6,189)
Non-property adjustments (8,121) (32,550) (38,278) —  (487) 31,484  —  —  16,344  17,259  — 
Interest income (139) (333) (279) (186) (133) —  (5) (397) —  —  (22)
Interest expense —  —  —  —  —  —  887  —  1,967  2,857  4,341 
Amortization of loan costs —  —  —  —  —  —  22  —  27  92  162 
Depreciation and amortization 27,424  38,133  22,149  18,579  8,956  4,603  1,205  4,023  2,076  5,287  4,037 
Income tax expense (benefit) —  —  —  —  —  —  —  —  —  —  — 
Non-hotel EBITDA ownership expense 2,397  2,238  1,882  666  475  23  (115) 53  44  387  493 
Hotel EBITDA including amounts attributable to noncontrolling interest 71,894  85,787  37,797  25,819  35,804  10,931  2,288  16,321  2,114  1,507  2,822 
Non-comparable adjustments (1) (64) (3,235) 1  —  —  —  —  —  (1,507) — 
Comparable hotel EBITDA $ 71,893  $ 85,723  $ 34,562  $ 25,820  $ 35,804  $ 10,931  $ 2,288  $ 16,321  $ 2,114  $ —  $ 2,822 
BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio
Net income (loss) $ 538  $ 1,473  $ 2,085  $ 157,653 
Non-property adjustments —  (277) —  (14,626)
Interest income —  —  —  (1,494)
Interest expense —  —  1,924  11,976 
Amortization of loan costs —  —  —  303 
Depreciation and amortization 4,089  —  539  141,100 
Income tax expense (benefit) —  —  —  — 
Non-hotel EBITDA ownership expense 42  (894) 22  7,713 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,669  302  4,570  302,625 
Non-comparable adjustments (2) (302) —  (5,110)
Comparable hotel EBITDA $ 4,667  $ —  $ 4,570  $ 297,515 
NOTES:
(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at December 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 and hotel properties in receivership.
27