# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-26-000100
**Filing Date:** 2026-4
**Character Count:** 22198
**Document Hash:** 79fc63576a3395137e52e2c527a4ae04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-26-000100.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001232582-26-000100

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD HOSPITALITY TRUST INC
- **CENTRAL INDEX KEY:** 0001232582
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 861062192
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283802
- **FILM NUMBER:** 26855754

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 9724909600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-283802**

**PROSPECTUS SUPPLEMENT NO. 27, DATED APRIL 10, 2026**

**TO THE PROSPECTUS, DATED FEBRUARY 7, 2025**

![image_0.jpg](image_0.jpg)

**11,200,000 Shares of Series L Redeemable Preferred Stock**

**4,800,000 Shares of Series M Redeemable Preferred Stock**

**(Liquidation Preference $25.00 per share)**

This prospectus supplement no. 27 (this "Supplement") is part of and should be read in conjunction with the prospectus of Ashford Hospitality Trust, Inc., dated February 7, 2025 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. When used in this Supplement, the terms "our Company," "we," "us," or "our" refer to Ashford Hospitality Trust, Inc., a Maryland corporation, and, as the context may require, its consolidated subsidiaries, including Ashford Hospitality Limited Partnership, a Delaware limited partnership.

We have attached to this Supplement our current report on Form 8-K filed April 10, 2026. The attached information updates and supplements, and should be read together with, the Prospectus.

**Investing in our securities involves risks. The Preferred Stock has no public trading market and has limited liquidity and may at times be illiquid. The Preferred Stock has not been rated and investors will be subject to the risks associated with investing in non-rated securities. See "Risk Factors" on page 19 of the Prospectus, and under similar headings in any amendments or supplements to the Prospectus, for information regarding risks associated with an investment in our securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

------

**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): April 7, 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) | (IRS 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&nbsp;&nbsp;&nbsp;&nbsp;☐

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 2.01&nbsp;&nbsp;&nbsp;&nbsp;COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.**

On April 7, 2026, Palm Beach Florida Hotel and Office Building Limited Partnership, an indirect wholly owned subsidiary of Ashford Hospitality Trust, Inc. (the "Company"), completed the sale of the Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard located in Palm Beach Gardens, Florida pursuant to an Agreement of Purchase and Sale, dated as of February 25, 2026, by and between Palm Beach Florida Hotel and Office Building Limited Partnership, as seller, and PBG Embassy Partners, LLC, as purchaser, for $41 million in cash, subject to customary pro-rations and adjustments.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.**

(b)&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma financial information for the Company as of and for the year ended December 31, 2025, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> 

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Pro Forma Financial Information of Ashford Hospitality Trust, Inc](ahtespalmbeachproformas.htm)</u>.

101&nbsp;&nbsp;&nbsp;&nbsp;Inline Interactive Data Files.

104&nbsp;&nbsp;&nbsp;&nbsp;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.** | **ASHFORD HOSPITALITY TRUST, INC.** |
| Dated: April 10, 2026 | By: | /s/ Justin Coe |
|  |  | Justin Coe |
|  |  | Chief Accounting Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

On April 7, 2026, Ashford Hospitality Trust, Inc. ("Ashford Trust" or the "Company") completed the sale of the 160-room Palm Beach Gardens Embassy Suites PGA Blvd located in Palm Beach Gardens, Florida ("Embassy Suites Palm Beach") for total consideration of approximately $40.5 million in cash, net of selling expenses. Additionally, the Company paid approximately $40.0 million to the mortgage lender. Prior to the sale, the mortgage loan was secured by eleven hotels including the Embassy Suites Palm Beach.

The following unaudited pro forma financial information of the Company, as of and for the year ended December 31, 2025 has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on December 31, 2025. The unaudited pro forma consolidated statement of operations for the year ended December 31, 2025, assumes the disposition closed on January 1, 2025. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of Embassy Suites Palm Beach and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain and the related tax effects resulting from the disposition of Embassy Suites Palm Beach are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

**December 31, 2025**

**(in thousands, except share and per share amounts)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ashford Trust Consolidated<br>Historical (A)** | **Embassy Suites Palm Beach (B)** | **Adjustments** | | **Ashford Trust<br>Consolidated<br>Pro Forma** |
| **ASSETS** | | | | | |
| Investments in hotel properties, gross ($82,787 attributable to VIEs) | $3069016 | $30267 | $— |  | $3038749 |
| Accumulated depreciation ($(5558) attributable to VIEs) | (983772) | (11591) |  |  | (972181) |
| &nbsp;&nbsp;&nbsp;Investments in hotel properties, net ($77,229 attributable to VIEs) | 2085244 | 18676 |  |  | 2066568 |
| &nbsp;&nbsp;&nbsp;Contract asset | 355138 |  |  |  | 355138 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents ($468 attributable to VIEs) | 66145 | 325 | 40536 | (C) (i) | 66367 |
|  |  |  | 11 | (C) (i) |  |
|  |  |  | (40000) | (C) (ii) |  |
| &nbsp;&nbsp;&nbsp;Restricted cash ($4,731 attributable to VIEs) | 149580 |  |  |  | 149580 |
| &nbsp;&nbsp;&nbsp;Accounts receivable ($143 attributable to VIEs), net of allowance of $424 | 32752 | 281 |  |  | 32471 |
| &nbsp;&nbsp;&nbsp;Inventories ($44 attributable to VIEs) | 3598 | 57 |  |  | 3541 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 12187 |  |  |  | 12187 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | 7265 |  |  |  | 7265 |
| &nbsp;&nbsp;&nbsp;Deferred costs, net ($80 attributable to VIEs) | 1529 | 100 |  |  | 1429 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 410 |  |  |  | 410 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 43582 |  |  |  | 43582 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets ($40 attributable to VIEs) | 32057 | 301 |  |  | 31756 |
| &nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 25667 |  |  |  | 25667 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 18478 |  |  |  | 18478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2833632 | $19740 | $547 |  | $2814439 |
| **LIABILITIES AND EQUITY/DEFICIT** |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness, net ($15,961 attributable to VIEs) | $2526608 | $18670 | $(21332) | (C) (ii) | $2486606 |
| &nbsp;&nbsp;&nbsp;Debt associated with hotels in receivership | 272800 |  |  |  | 272800 |
| &nbsp;&nbsp;&nbsp;Finance lease liability | 17536 |  |  |  | 17536 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses ($15,534 attributable to VIEs) | 123773 | 922 |  |  | 122851 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable ($152 attributable to VIEs) | 13993 | 67 |  |  | 13926 |
| &nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 82338 |  |  |  | 82338 |
| &nbsp;&nbsp;&nbsp;Dividends and distributions payable | 4247 |  |  |  | 4247 |
| &nbsp;&nbsp;&nbsp;Due to Ashford Inc., net | 40643 |  |  |  | 40643 |
| &nbsp;&nbsp;&nbsp;Due to related parties, net ($3,438 attributable to VIEs) | 1949 | (36) |  |  | 1985 |
| &nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 882 |  |  |  | 882 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 44045 |  |  |  | 44045 |
| &nbsp;&nbsp;&nbsp;Other liabilities ($28,897 attributable to VIEs) | 36768 |  |  |  | 36768 |
| &nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale | 41292 |  |  |  | 41292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3206874 | 19623 | (21332) |  | 3165919 |
| Commitments and contingencies |  |  |  |  |  |
| Redeemable noncontrolling interests in operating partnership | 20516 |  |  |  | 20516 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 shares issued and outstanding at December 31, 2025 | 179818 |  |  |  | 179818 |
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at December 31, 2025 | 18215 |  |  |  | 18215 |
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at December 31, 2025 | 5484 |  |  |  | 5484 |
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at December 31, 2025 | 13566 |  |  |  | 13566 |
| Equity (deficit): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 55,000,000 shares authorized: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at December 31, 2025 | 11 |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at December 31, 2025 | 10 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at December 31, 2025 | 15 |  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at December 31, 2025 | 10 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at December 31, 2025 | 11 |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 shares issued and outstanding at December 31, 2025 | 65 |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2402015 | 117 | 18776 | (C) (i) | 2402015 |
|  |  |  | 11 | (C) (i) |  |
|  |  |  | (18670) | (C) (ii) |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3028489) |  | 21760 | (C) (i) | (3006727) |
|  |  |  | 2 | (C) (ii) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) of the Company | (626352) | 117 | 21879 |  | (604590) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated entities | 15511 |  |  |  | 15511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (610841) | 117 | 21879 |  | (589079) |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity/deficit | $2833632 | $19740 | $547 |  | $2814439 |

---

See accompanying notes.

------

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Represents the historical consolidated balance sheet of Ashford Trust as of December 31, 2025, as reported in its Annual Report on Form 10-K, filed on March 23, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Represents the removal of the historical balance sheet of Embassy Suites Palm Beach as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Represents adjustments for Ashford Trust's disposition of Embassy Suites Palm Beach as of December 31, 2025, which includes: (i) an adjustment for the cash consideration received of approximately $40.5 million, net of selling expenses and cash received for hotel net working capital and (ii) the cash paid to repay the mortgage loan partially secured by Embassy Suites Palm Beach.

------

**ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES**

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS**

**Year Ended December 31, 2025**

**(in thousands, except share and per share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ashford Trust Consolidated<br>Historical (A)** | **Embassy Suites Palm Beach (B)** | **Adjustments** | | **Ashford Trust<br>Consolidated<br>Pro Forma** |
| **REVENUE** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $825623 | $8630 | $— |  | $816993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 207588 | 733 |  |  | 206855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other hotel revenue | 69643 | 630 |  |  | 69013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 1102854 | 9993 |  |  | 1092861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1534 |  |  |  | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 1104388 | 9993 |  |  | 1094395 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 198106 | 1868 |  |  | 196238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 139828 | 414 |  |  | 139414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 392070 | 3769 |  |  | 388301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 38264 | 302 |  |  | 37962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel expenses | 768268 | 6353 |  |  | 761915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 59793 | 730 |  |  | 59063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 141295 | 2677 |  |  | 138618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 67648 |  |  |  | 67648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee | 49039 |  |  |  | 49039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative | 20783 |  |  |  | 20783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1106826 | 9760 |  |  | 1097066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | 79799 |  | 21760 | (C) (i) | 101559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derecognition of assets | 39054 |  |  |  | 39054 |
| **OPERATING INCOME (LOSS)** | 116415 | 233 | 21760 |  | 137942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | (325) |  |  |  | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4739 |  |  |  | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs | (256229) | (1844) |  |  | (254385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (39038) |  |  |  | (39038) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (8853) | (127) | 2 | (C) (ii) | (8724) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | 335 |  |  |  | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | (5346) |  |  |  | (5346) |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (188302) | (1738) | 21762 |  | (164802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 143 |  |  |  | 143 |
| **NET INCOME (LOSS)** | (188159) | (1738) | 21762 |  | (164659) |
| &nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 5058 |  |  |  | 5058 |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 3262 |  | (336) | (C) (iii) | 2926 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (179839) | (1738) | 21426 |  | (156675) |
| &nbsp;&nbsp;&nbsp;Preferred dividends | (28216) |  |  |  | (28216) |
| &nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (6949) |  |  |  | (6949) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(215004) | $(1738) | $21426 |  | $(191840) |
| **INCOME (LOSS) PER SHARE - BASIC:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(35.99) |  |  |  | $(32.11) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—basic | 5974 |  |  |  | 5974 |
| **INCOME (LOSS) PER SHARE - DILUTED:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(35.99) |  |  |  | $(32.11) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—diluted | 5974 |  |  |  | 5974 |

---

See accompanying notes.

------

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2025, as reported in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 23, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(B)Represents the removal of the historical consolidated statement of operations of Embassy Suites Palm Beach for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(C)Represents adjustments for the Company's sale of Embassy Suites Palm Beach, which includes: (i) the estimated non-recurring gain on the disposition of Embassy Suites Palm Beach for the year ended December 31, 2025; (ii) an adjustment for write off of loan costs; and (iii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of Embassy Suites Palm Beach, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 1.43% for the year ended December 31, 2025. There is no estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2025. The pro forma gain resulting from the disposition of Embassy Suites Palm Beach is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.