# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-25-000167
**Filing Date:** 2025-11
**Character Count:** 414055
**Document Hash:** 3901df544d42c1c19bb98e26233d5c94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-25-000167.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001232582-25-000167

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31775
- **FILM NUMBER:** 251478294

**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

?xml version='1.0' encoding='ASCII'? aht-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

---

| | |
|:---|:---|
| ☑ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the quarterly period ended September 30, 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

&nbsp;&nbsp;&nbsp;&nbsp;For the transition period from ________________ to ________________

**Commission file number: 001-31775** 

**ASHFORD HOSPITALITY TRUST, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| Maryland | 86-1062192 |
| *(State or other jurisdiction of incorporation or organization)* | *(IRS employer identification number)* |
| 14185 Dallas Parkway |  |
| Suite 1200 |  |
| Dallas |  |
| Texas | 75254 |
| *(Address of principal executive offices)* | *(Zip code)* |

---

(972) 490-9600

*(Registrant's telephone number, including area code)*

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 🗹 Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 🗹 Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☑ | Smaller reporting company | ☑ |
| | | 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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes 🗹 No

&nbsp;&nbsp;&nbsp;&nbsp;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** |

---

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| Common Stock, $0.01 par value per share | 6411532 |
| *(Class)* | *Outstanding at November 11, 2025* |

---

------

**ASHFORD HOSPITALITY TRUST, INC.**

**FORM 10-Q**

**FOR THE QUARTER ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **<u>[PART I. FINANCIAL INFORMATION](#icfb37fa8f84542a3b4843dcf59481e39_13)</u>** | |
| <u>[ITEM 1. FINANCIAL STATEMENTS (unaudited)](#icfb37fa8f84542a3b4843dcf59481e39_13)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024](#icfb37fa8f84542a3b4843dcf59481e39_25)</u> | <u>[2](#icfb37fa8f84542a3b4843dcf59481e39_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#icfb37fa8f84542a3b4843dcf59481e39_37)</u> | <u>[3](#icfb37fa8f84542a3b4843dcf59481e39_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024](#icfb37fa8f84542a3b4843dcf59481e39_49)</u> | <u>[4](#icfb37fa8f84542a3b4843dcf59481e39_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2025 and 2024](#icfb37fa8f84542a3b4843dcf59481e39_67)</u> | <u>[5](#icfb37fa8f84542a3b4843dcf59481e39_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#icfb37fa8f84542a3b4843dcf59481e39_88)</u> | <u>[13](#icfb37fa8f84542a3b4843dcf59481e39_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#icfb37fa8f84542a3b4843dcf59481e39_94)</u> | <u>[15](#icfb37fa8f84542a3b4843dcf59481e39_94)</u> |
| <u>[ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#icfb37fa8f84542a3b4843dcf59481e39_646)</u> | <u>[51](#icfb37fa8f84542a3b4843dcf59481e39_646)</u> |
| <u>[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#icfb37fa8f84542a3b4843dcf59481e39_808)</u> | <u>[73](#icfb37fa8f84542a3b4843dcf59481e39_808)</u> |
| <u>[ITEM 4. CONTROLS AND PROCEDURES](#icfb37fa8f84542a3b4843dcf59481e39_811)</u> | <u>[73](#icfb37fa8f84542a3b4843dcf59481e39_811)</u> |
| **<u>[PART II. OTHER INFORMATION](#icfb37fa8f84542a3b4843dcf59481e39_814)</u>** |  |
| <u>[ITEM 1. LEGAL PROCEEDINGS](#icfb37fa8f84542a3b4843dcf59481e39_817)</u> | <u>[73](#icfb37fa8f84542a3b4843dcf59481e39_817)</u> |
| <u>[ITEM 1A. RISK FACTORS](#icfb37fa8f84542a3b4843dcf59481e39_820)</u> | <u>[74](#icfb37fa8f84542a3b4843dcf59481e39_820)</u> |
| <u>[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#icfb37fa8f84542a3b4843dcf59481e39_826)</u> | <u>[74](#icfb37fa8f84542a3b4843dcf59481e39_826)</u> |
| <u>[ITEM 3. DEFAULTS UPON SENIOR SECURITIES](#icfb37fa8f84542a3b4843dcf59481e39_832)</u> | <u>[75](#icfb37fa8f84542a3b4843dcf59481e39_832)</u> |
| <u>[ITEM 4. MINE SAFETY DISCLOSURES](#icfb37fa8f84542a3b4843dcf59481e39_835)</u> | <u>[75](#icfb37fa8f84542a3b4843dcf59481e39_835)</u> |
| <u>[ITEM 5. OTHER INFORMATION](#icfb37fa8f84542a3b4843dcf59481e39_838)</u> | <u>[75](#icfb37fa8f84542a3b4843dcf59481e39_838)</u> |
| <u>[ITEM 6. EXHIBITS](#icfb37fa8f84542a3b4843dcf59481e39_841)</u> | <u>[75](#icfb37fa8f84542a3b4843dcf59481e39_841)</u> |
| <u>[SIGNATURES](#icfb37fa8f84542a3b4843dcf59481e39_844)</u> | <u>[78](#icfb37fa8f84542a3b4843dcf59481e39_844)</u> |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS (unaudited)**

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

**CONSOLIDATED BALANCE SHEETS**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3207483 | $3350086 |
| &nbsp;&nbsp;Accumulated depreciation ($(4522) and $(30365) attributable to VIEs) | (1012304) | (1030879) |
| &nbsp;&nbsp;Investments in hotel properties, net ($78,265 and $129,012 attributable to VIEs) | 2195179 | 2319207 |
| &nbsp;&nbsp;&nbsp;Contract asset | 380160 | 366671 |
| &nbsp;&nbsp;Cash and cash equivalents ($634 and $7,286 attributable to VIEs) | 81903 | 112907 |
| &nbsp;&nbsp;Restricted cash ($4,677 and $3,430 attributable to VIEs) | 164219 | 99695 |
| &nbsp;&nbsp;Accounts receivable ($188 and $614 attributable to VIEs), net of allowance of $789 and $435, respectively  | 42100 | 35579 |
| &nbsp;&nbsp;Inventories ($43 and $57 attributable to VIEs) | 3747 | 3631 |
| &nbsp;&nbsp;&nbsp;Notes receivable, net | 11784 | 10565 |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | 7331 | 7590 |
| &nbsp;&nbsp;Deferred costs, net ($81 and $181 attributable to VIEs) | 1669 | 1788 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 1022 | 2594 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 43585 | 43780 |
| &nbsp;&nbsp;Prepaid expenses and other assets ($62 and $3,090 attributable to VIEs) | 27367 | 39144 |
| &nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 26920 | 21206 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 21450 | 96628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3008436 | $3160985 |
| **LIABILITIES AND EQUITY/DEFICIT** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Indebtedness, net ($16,007 and $65,548 attributable to VIEs) | $2610256 | $2629289 |
| &nbsp;&nbsp;&nbsp;Debt associated with hotels in receivership | 301040 | 314640 |
| &nbsp;&nbsp;&nbsp;Finance lease liability | 17540 | 17992 |
| &nbsp;&nbsp;Accounts payable and accrued expenses ($16,042 and $19,963 attributable to VIEs) | 146617 | 137506 |
| &nbsp;&nbsp;Accrued interest payable ($147 and $230 attributable to VIEs) | 13600 | 10212 |
| &nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 79120 | 52031 |
| &nbsp;&nbsp;Dividends and distributions payable ($0 and $1 attributable to VIEs) | 4220 | 3952 |
| &nbsp;&nbsp;Due to Ashford Inc., net ($0 and $5,997 attributable to VIEs) | 16080 | 25635 |
| &nbsp;&nbsp;Due to related parties, net ($3,598 and $113 attributable to VIEs) | 7177 | 2850 |
| &nbsp;&nbsp;Due to third-party hotel managers ($0 and $22 attributable to VIEs) | 1042 | 1145 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 44077 | 44369 |
| &nbsp;&nbsp;Other liabilities ($28,870 and $28,784 attributable to VIEs) | 38055 | 34011 |
| &nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale | 29236 | 99139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3308060 | 3372771 |
| Commitments and contingencies (note 16) |  |  |
| Redeemable noncontrolling interests in operating partnership | 21209 | 22509 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,672,142 and 6,799,638 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 178743 | 156671 |
| Series K Redeemable Preferred Stock, $0.01 par value, 737,805 and 601,175 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 18348 | 14869 |
| Series L Redeemable Preferred Stock, $0.01 par value, 195,976 shares issued and outstanding at September 30, 2025 | 4463 |  |
| Series M Redeemable Preferred Stock, $0.01 par value, 433,601 shares issued and outstanding at September 30, 2025 | 10501 |  |
| Equity (deficit): |  |  |
| Preferred stock, $0.01 par value, 55,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 11 | 11 |
| &nbsp;&nbsp;Common stock, $0.01 par value, 395,000,000 shares authorized, 6,186,482 and 5,636,595 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 62 | 56 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2400801 | 2392518 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2949658) | (2811868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) of the Company | (548738) | (419237) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest in consolidated entities | 15850 | 13402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (532888) | (405835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity/deficit | $3008436 | $3160985 |

---

*See Notes to Consolidated Financial Statements.*

------

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

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $201916 | $212962 | $635420 | $685774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 45922 | 46384 | 155787 | 159002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other hotel revenue | 17838 | 16672 | 53064 | 50298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 265676 | 276018 | 844271 | 895074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 385 | 582 | 1150 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 266061 | 276600 | 845421 | 896978 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 50337 | 50929 | 149786 | 159682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 33273 | 33908 | 104454 | 109247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 100497 | 100090 | 296979 | 311596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9165 | 9907 | 29357 | 32641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel expenses | 193272 | 194834 | 580576 | 613166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 16212 | 18062 | 48495 | 52335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34589 | 37740 | 107204 | 115471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 18374 |  | 19821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee | 10550 | 11856 | 34112 | 38531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative | 7303 | 5059 | 17120 | 20462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 280300 | 267551 | 807328 | 839965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | 16753 | 9 | 55305 | 94406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derecognition of assets | 9703 | 11114 | 29649 | 156748 |
| **OPERATING INCOME (LOSS)** | 12217 | 20172 | 123047 | 308167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | 129 | (133) | (258) | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1199 | 1771 | 3666 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) |  | 36 |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs | (62879) | (66825) | (200368) | (209202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (9684) | (11120) | (29632) | (35162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (2278) | (17) | (8361) | (3831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | 58 | 2745 | 43 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | (1228) | (6202) | (4804) | (84) |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (62466) | (59573) | (116667) | 67401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (259) | 445 | (695) | (3313) |
| **NET INCOME (LOSS)** | (62725) | (59128) | (117362) | 64088 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 1531 | 477 | 4719 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1045 | 746 | 2127 | (672) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (60149) | (57905) | (110516) | 63910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (7175) | (5900) | (20921) | (16379) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (1677) | (902) | (5264) | (2253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of preferred stock |  | 1556 |  | 3340 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(69001) | $(63151) | $(136701) | $48618 |
| **INCOME (LOSS) PER SHARE - BASIC AND DILUTED** |  |  |  |  |
| **Basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(11.35) | $(12.39) | $(23.38) | $10.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 6081 | 5096 | 5847 | 4425 |
| **Diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(11.35) | $(12.39) | $(23.38) | $3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 6081 | 5096 | 5847 | 18768 |

---

*See Notes to Consolidated Financial Statements.*

------

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

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(unaudited, in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(62725) | $(59128) | $(117362) | $64088 |
| **Other comprehensive income (loss), net of tax:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) |  |  |  |  |
| **Comprehensive income (loss)** | (62725) | (59128) | (117362) | 64088 |
| &nbsp;&nbsp;Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities | 1531 | 477 | 4719 | 494 |
| &nbsp;&nbsp;Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1045 | 746 | 2127 | (672) |
| **Comprehensive income (loss) attributable to the Company** | $(60149) | $(57905) | $(110516) | $63910 |

---

*See Notes to Consolidated Financial Statements.*

------

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

**CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | | | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Series D** | **Series D** | **Series F** | **Series F** | **Series G** | **Series G** | **Series H** | **Series H** | **Series I** | **Series I** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| Balance at June 30, 2025 | 1111 | $11 | 1037 | $10 | 1471 | $15 | 1038 | $10 | 1034 | $11 | 5909 | $59 | $2394458 | $(2880095) | $12212 | $(473309) |
| &nbsp;&nbsp;&nbsp;Purchases of common stock |  |  |  |  |  |  |  |  |  |  | (8) |  | (40) |  |  | (40) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  |  |  |  |  | (407) |  |  | (407) |
| &nbsp;&nbsp;&nbsp;Issuance of preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Costs for issuances of common shares |  |  |  |  |  |  |  |  |  |  |  |  | (45) |  |  | (45) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($0.53/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (587) |  | (587) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($0.46/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (478) |  | (478) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($0.46/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (678) |  | (678) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($0.47/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (487) |  | (487) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($0.47/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (484) |  | (484) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($0.50/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3833) |  | (3833) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($0.52/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (383) |  | (383) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series L ($0.47/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (78) |  | (78) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series M ($0.48/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (167) |  | (167) |
| &nbsp;&nbsp;&nbsp;Redemption of Stirling OP common units |  |  |  |  |  |  |  |  |  |  |  |  | (281) |  | (404) | (685) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | (562) |  | (562) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  | (1677) |  | (1677) |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock |  |  |  |  |  |  |  |  |  |  | 285 | 3 | 1813 |  |  | 1816 |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5573 | 5573 |
| &nbsp;&nbsp;&nbsp;Contribution from Stirling Advisor |  |  |  |  |  |  |  |  |  |  |  |  | 5303 |  |  | 5303 |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | (60149) | (1531) | (61680) |
| Balance at September 30, 2025 | 1111 | $11 | 1037 | $10 | 1471 | $15 | 1038 | $10 | 1034 | $11 | 6186 | $62 | $2400801 | $(2949658) | $15850 | $(532888) |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Series J** | **Series J** | **Series K** | **Series K** | **Series L** | **Series L** | **Series M** | **Series M** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| Balance at June 30, 2025 | 7700 | $178571 | 747 | $18523 | 112 | $2580 | 145 | $3576 | $21993 |
| &nbsp;&nbsp;&nbsp;Purchases of common stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  | (297) |
| &nbsp;&nbsp;&nbsp;Issuances of preferred stock | 39 | 986 | 1 | 12 | 84 | 1688 | 289 | 6257 |  |
| &nbsp;&nbsp;&nbsp;Costs for issuances of common shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($0.53/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($0.46/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($0.46/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($0.47/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($0.47/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($0.50/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($0.52/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series L ($0.47/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series M ($0.48/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of Stirling OP common units |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  | 558 |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  | 752 |  | 62 |  | 195 |  | 668 |  |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock | (67) | (1566) | (10) | (249) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contribution from Stirling Advisor |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  | (1045) |
| Balance at September 30, 2025 | 7672 | $178743 | 738 | $18348 | 196 | $4463 | 434 | $10501 | $21209 |

---

------

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | | | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Series D** | **Series D** | **Series F** | **Series F** | **Series G** | **Series G** | **Series H** | **Series H** | **Series I** | **Series I** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| Balance at June 30, 2024 | 1160 | $12 | 1095 | $11 | 1503 | $15 | 1090 | $11 | 1104 | $11 | 4676 | $47 | $2390362 | $(2616339) | $17894 | $(207976) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  |  |  |  |  | 77 |  | 26 | 103 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock |  |  |  |  |  |  |  |  |  |  | 120 |  | 1135 |  |  | 1135 |
| &nbsp;&nbsp;&nbsp;Issuance of preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock –Series D ($0.53/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (587) |  | (587) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($0.46/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (478) |  | (478) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($0.46/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (679) |  | (679) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($0.47/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (488) |  | (488) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($0.47/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (485) |  | (485) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($0.50/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (2947) |  | (2947) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($0.51/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (236) |  | (236) |
| &nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;Issuances of Stirling OP common units |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | (308) |  | (308) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  | (902) |  | (902) |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock |  |  |  |  |  |  |  |  |  |  | 152 | 1 | 1305 |  |  | 1306 |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1887 | 1887 |
| &nbsp;&nbsp;&nbsp;Extinguishment of preferred stock | (49) | (1) | (58) | (1) | (30) |  | (49) | (1) | (70) |  | 496 | 6 | (1559) | 1556 |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests in consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2512) | (2512) |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | (57905) | (477) | (58382) |
| Balance at September 30, 2024 | 1111 | $11 | 1037 | $10 | 1473 | $15 | 1041 | $10 | 1034 | $11 | 5444 | $54 | $2391320 | $(2679798) | $16817 | $(271550) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Series J** | **Series J** | **Series K** | **Series K** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| Balance at June 30, 2024 | 5206 | $119817 | 358 | $8840 | $22972 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  | 141 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of preferred stock | 1004 | 22413 | 175 | 4167 |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock –Series D ($0.53/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($0.46/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($0.46/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($0.47/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($0.47/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($0.50/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($0.51/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuances of Stirling OP common units |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  | 308 |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  | 763 |  | 139 |  |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock | (52) | (1184) | (6) | (122) |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Extinguishment of preferred stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests in consolidated entities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | (746) |
| Balance at September 30, 2024 | 6158 | $141809 | 527 | $13024 | $22675 |

---

------

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | | | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling Interests in Consolidated Entities** | **Total** |
| | **Series D** | **Series D** | **Series F** | **Series F** | **Series G** | **Series G** | **Series H** | **Series H** | **Series I** | **Series I** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling Interests in Consolidated Entities** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling Interests in Consolidated Entities** | **Total** |
| Balance at December 31, 2024 | 1111 | $11 | 1037 | $10 | 1471 | $15 | 1038 | $10 | 1034 | $11 | 5637 | $56 | $2392518 | $(2811868) | $13402 | $(405835) |
| &nbsp;&nbsp;&nbsp;Purchases of common stock |  |  |  |  |  |  |  |  |  |  | (8) |  | (44) |  |  | (44) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  |  |  |  |  | (292) |  | 13 | (279) |
| &nbsp;&nbsp;&nbsp;Issuances of preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Costs for issuances of common shares |  |  |  |  |  |  |  |  |  |  |  |  | (124) |  |  | (124) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($1.58/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1761) |  | (1761) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($1.38/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1434) |  | (1434) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($1.38/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (2034) |  | (2034) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($1.41/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1460) |  | (1460) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($1.41/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1453) |  | (1453) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($1.50/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (11341) |  | (11341) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($1.55/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1123) |  | (1123) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series L ($0.94/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (108) |  | (108) |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series M ($0.96/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (207) |  | (207) |
| &nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;Issuance of Stirling OP common units |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56 | 56 |
| &nbsp;&nbsp;&nbsp;Redemption of Stirling OP common units |  |  |  |  |  |  |  |  |  |  |  |  | (281) |  | (404) | (685) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | (1089) |  | (1089) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  | (5264) |  | (5264) |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock |  |  |  |  |  |  |  |  |  |  | 557 | 6 | 3721 |  |  | 3727 |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7514 | 7514 |
| &nbsp;&nbsp;&nbsp;Contribution from Stirling Advisor |  |  |  |  |  |  |  |  |  |  |  |  | 5303 |  |  | 5303 |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | (110516) | (4719) | (115235) |
| Balance at September 30, 2025 | 1111 | $11 | 1037 | $10 | 1471 | $15 | 1038 | $10 | 1034 | $11 | 6186 | $62 | $2400801 | $(2949658) | $15850 | $(532888) |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Series J** | **Series J** | **Series K** | **Series K** | **Series L** | **Series L** | **Series M** | **Series M** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| Balance at December 31, 2024 | 6800 | $156671 | 601 | $14869 |  | $— |  | $— | $22509 |
| &nbsp;&nbsp;&nbsp;Purchases of common stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  | (258) |
| &nbsp;&nbsp;&nbsp;Issuances of preferred stock | 998 | 22340 | 168 | 4040 | 196 | 3630 | 434 | 8967 |  |
| &nbsp;&nbsp;&nbsp;Costs for issuances of common shares |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($1.58/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($1.38/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($1.38/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($1.41/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($1.41/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($1.50/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($1.55/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series L ($0.94/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series M ($0.96/share) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Stirling OP common units |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of Stirling OP common units |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  | 1085 |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  | 2678 |  | 219 |  | 833 |  | 1534 |  |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock | (126) | (2946) | (31) | (780) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contribution from Stirling Advisor |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  | (2127) |
| Balance at September 30, 2025 | 7672 | $178743 | 738 | $18348 | 196 | $4463 | 434 | $10501 | $21209 |

---

------

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | | | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Series D** | **Series D** | **Series F** | **Series F** | **Series G** | **Series G** | **Series H** | **Series H** | **Series I** | **Series I** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Noncontrolling<br>Interests In<br>Consolidated<br>Entities** | **Total** |
| Balance at December 31, 2023 | 1160 | $12 | 1175 | $11 | 1532 | $15 | 1170 | $12 | 1161 | $12 | 3742 | $37 | $2383312 | $(2729312) | $14859 | $(331042) |
| &nbsp;&nbsp;&nbsp; Purchases of common stock |  |  |  |  |  |  |  |  |  |  | (3) |  | (49) |  |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  |  |  |  |  |  |  |  |  | 573 |  | 66 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted shares/units |  |  |  |  |  |  |  |  |  |  | 4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock |  |  |  |  |  |  |  |  |  |  | 736 | 7 | 8928 |  |  | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($1.58/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1810) |  | (1810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($1.38/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1492) |  | (1492) |
| &nbsp;&nbsp;&nbsp; Dividends declared – preferred stock – Series G ($1.38/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (2078) |  | (2078) |
| &nbsp;&nbsp;&nbsp; Dividends declared – preferred stock – Series H ($1.41/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1514) |  | (1514) |
| &nbsp;&nbsp;&nbsp; Dividends declared – preferred stock – Series I ($1.41/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (1539) |  | (1539) |
| &nbsp;&nbsp;&nbsp; Dividends declared – preferred stock – Series J ($1.50/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (7420) |  | (7420) |
| &nbsp;&nbsp;&nbsp; Dividends declared – preferred stock – Series K ($1.54/share) |  |  |  |  |  |  |  |  |  |  |  |  |  | (526) |  | (526) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuances of Stirling OP common units |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | 896 |  | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  |  |  |  |  |  |  |  |  |  |  |  |  | (2253) |  | (2253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of preferred stock |  |  |  |  |  |  |  |  |  |  | 203 | 2 | 1899 |  |  | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4866 | 4866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extinguishment of preferred stock | (49) | (1) | (138) | (1) | (59) |  | (129) | (2) | (127) | (1) | 762 | 8 | (3343) | 3340 |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests in consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2512) | (2512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | 63910 | (494) | 63416 |
| Balance at September 30, 2024 | 1111 | $11 | 1037 | $10 | 1473 | $15 | 1041 | $10 | 1034 | $11 | 5444 | $54 | $2391320 | $(2679798) | $16817 | $(271550) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Series J** | **Series J** | **Series K** | **Series K** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Redeemable Noncontrolling<br>Interests in<br>Operating<br>Partnership** |
| Balance at December 31, 2023 | 3475 | $79975 | 194 | $4783 | $22007 |
| &nbsp;&nbsp;&nbsp;Purchases of common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  | 892 |
| &nbsp;&nbsp;&nbsp;Issuance of restricted shares/units |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of preferred stock | 2753 | 61461 | 345 | 8262 |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series D ($1.58/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series F ($1.38/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series G ($1.38/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series H ($1.41/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series I ($1.41/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series J ($1.50/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – preferred stock – Series K ($1.54/share) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared – Stirling OP |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuances of Stirling OP common units |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment |  |  |  |  | (896) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment – preferred stock |  | 1983 |  | 270 |  |
| &nbsp;&nbsp;&nbsp;Redemption of preferred stock | (70) | (1610) | (12) | (291) |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Extinguishment of preferred stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests in consolidated entities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  |  | 672 |
| Balance at September 30, 2024 | 6158 | $141809 | 527 | $13024 | $22675 |

---

*See Notes to Consolidated Financial Statements.*

------

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

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited, in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;Net income (loss) | $(117362) | $64088 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 107204 | 115471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 19821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | (116) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognition of deferred income | (316) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 1572 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | (98) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 258 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (55305) | (94406) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (29649) | (156748) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | (43) | (2790) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized (gain) loss on derivatives | 4804 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees | 21662 | 13571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | (537) | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | (1193) | (925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, exclusive of the effect of the consolidation of VIE and disposition of asset and hotel properties and derecognition of assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and inventories | (8549) | (10750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 11490 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses and accrued interest payable | 24156 | 15396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 29631 | 32080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to/from related parties | 4327 | (7965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to/from third-party hotel managers | (5896) | (7007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to/from Ashford Inc., net | (13257) | (5650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (292) | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 287 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 4245 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (3156) | (37694) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;Improvements and additions to hotel properties | (45485) | (87458) |
| &nbsp;&nbsp;Net proceeds from disposition of assets and hotel properties | 159178 | 300022 |
| &nbsp;&nbsp;Net proceeds from sale of tax credits | 18761 |  |
| &nbsp;&nbsp;Payments for initial franchise fees |  | (200) |
| &nbsp;&nbsp;Proceeds from notes receivable |  | 2512 |
| &nbsp;&nbsp;Issuance of note receivable | (26) | (4490) |
| &nbsp;&nbsp;Proceeds from property insurance | 700 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 133128 | 211864 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;Borrowings on indebtedness | 560184 | 28223 |
| &nbsp;&nbsp;Repayments of indebtedness | (634991) | (336492) |
| &nbsp;&nbsp;Payments for loan costs and exit fees | (49350) | (16690) |
| &nbsp;&nbsp;Payments for dividends and distributions | (17732) | (14700) |
| &nbsp;&nbsp;Purchases of common stock | (4) | (49) |
| &nbsp;&nbsp;Payments for derivatives | (5120) | (15088) |
| &nbsp;&nbsp;Proceeds from derivatives | 2914 | 23948 |
| &nbsp;&nbsp;Proceeds from common stock offerings |  | 8846 |
| &nbsp;&nbsp;Proceeds from preferred stock offerings | 36050 | 68320 |
| &nbsp;&nbsp;Payments on finance lease liabilities | (452) | (471) |
| &nbsp;&nbsp;Issuance of Stirling OP common units | 56 | 36 |
| &nbsp;&nbsp;Redemption of Stirling OP common units | (685) |  |

---

------

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;Contributions from noncontrolling interests | 7514 | 4866 |
| &nbsp;&nbsp;Distributions to noncontrolling interest in consolidated entities |  | (2512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (101616) | (251763) |
| Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) | 28356 | (77593) |
| Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) | 220475 | 311534 |
| Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) | $248831 | $233941 |
| **Supplemental Cash Flow Information** |  |  |
| &nbsp;&nbsp;Interest paid | $167777 | $206955 |
| &nbsp;&nbsp;Income taxes paid (refunded) | (1774) | 3730 |
| **Supplemental Disclosure of Non-Cash Investing and Financing Activities** |  |  |
| &nbsp;&nbsp;Accrued but unpaid capital expenditures | $26156 | $17448 |
| &nbsp;&nbsp;Non-cash extinguishment of debt |  | 8881 |
| &nbsp;&nbsp;Non-cash loan principal associated with default interest and late charges | 14080 |  |
| &nbsp;&nbsp;Non-cash extinguishment of preferred stock |  | 11566 |
| &nbsp;&nbsp;Issuance of common stock from preferred stock exchanges |  | 8226 |
| &nbsp;&nbsp;Non-cash preferred stock dividends | 2915 | 1416 |
| &nbsp;&nbsp;Unsettled proceeds from derivatives | 54 | 1056 |
| &nbsp;&nbsp;Non-cash derecognition of assets |  | 231645 |
| &nbsp;&nbsp;Dividends and distributions declared but not paid | 4220 | 3833 |
| &nbsp;&nbsp;Contribution from Stirling Advisor | 5303 |  |
| **Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents at beginning of period | $112907 | $165231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash at beginning of period | 99695 | 146079 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at beginning of period | $212602 | $311310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period included in assets held for sale | 15 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash at beginning of period included in assets held for sale | 7858 | 223 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) | $220475 | $311534 |
| &nbsp;&nbsp;Cash and cash equivalents at end of period | $81903 | $119659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash at end of period | 164219 | 114282 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at end of period | $246122 | $233941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period included in assets held for sale | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash at end of period included in assets held for sale | 2707 |  |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) | $248831 | $233941 |

---

*See Notes to Consolidated Financial Statements.*

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**1. Organization and Description of Business**

Ashford Hospitality Trust, Inc., together with its subsidiaries ("Ashford Trust"), is a real estate investment trust ("REIT"). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room ("RevPAR") generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership ("Ashford Trust OP"), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. Terms such as "the Company," "we," "us" or "our" refer to Ashford Hospitality Trust, Inc. and, as the context may require, all entities included in its consolidated financial statements.

Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of September 30, 2025, we held interests in the following assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 69 consolidated operating hotel properties, which represent 16,821 total rooms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one consolidated operating hotel property, which represents 188 total rooms through a 29.3%-owned investment in a consolidated entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the "Meritage Investment") in Napa, California, with a carrying value of approximately $7.3 million.

For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of September 30, 2025, our 70 operating hotel properties were leased by our wholly-owned or majority-owned subsidiaries, which are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as "Ashford TRS"). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.

We are advised by Ashford Hospitality Advisors LLC ("Ashford LLC"), a subsidiary of Ashford Inc., through the Third Amended and Restated Advisory Agreement with Ashford LLC (as amended, the "Advisory Agreement"). Our 70 operating hotel properties in our consolidated portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.

We do not operate any of our hotel properties directly; instead, we contractually engage hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC ("Remington Hospitality"), a subsidiary of Ashford Inc., manages 51 of our 70 operating hotel properties. Third-party management companies manage the remaining hotel properties.

Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audiovisual services, real estate advisory and brokerage services, insurance policies covering general liability, workers' compensation and business automobile claims and insurance claims services, hypoallergenic premium rooms, watersport activities, broker-dealer and distribution services, mobile key technology and cash management services.

**2. Significant Accounting Policies**

***<u>Basis of Presentation</u>***—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2024 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 21, 2025.

***<u>Variable Interest Entities</u>***—Ashford Trust OP is considered to be a variable interest entity ("VIE"), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE's activities that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including, but not limited to, operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly owned subsidiary, Ashford OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.

815 Commerce Managing Member, LLC ("815 Commerce MM") is considered to be a VIE, as defined by authoritative accounting guidance. On May 31, 2023, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce MM, which developed the Le Méridien hotel in Fort Worth, Texas. As a result, Ashford Trust became the primary beneficiary and began consolidating 815 Commerce MM. During 2023, the Company entered into a loan agreement with the manager of 815 Commerce MM to satisfy a balancing deposit that was required by the property construction lender. As of September 30, 2025, the Company has funded $8.9 million.

Prior to September 2, 2025, the Company had a contribution agreement with Stirling REIT OP, LP ("Stirling OP"). Pursuant to the terms of the contribution agreement, the Company contributed its equity interests, and the associated debt and other obligations, in the Residence Inn Manchester, the Hampton Inn Buford, the SpringHill Suites Buford and the Residence Inn Jacksonville to Stirling OP in exchange for 1.4 million Class I units of Stirling OP. The Company determined Ashford Trust to be the primary beneficiary of Stirling OP in contemplation of: (1) the related party group comprising: (i) Ashford Trust and (ii) the stockholders who have control over the election or removal of the board of directors of Stirling Hotels & Resorts, Inc. ("Stirling Inc.") who have power to direct the most significant activities of Stirling OP; and (2) the consideration that substantially all the economics are held by the Company through its equity interest, and substantially all of the activities are performed on the Company's behalf. As such, the Company consolidated Stirling OP.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

On September 2, 2025, the Company became the sole remaining unit holder and general partner of Stirling OP when Stirling OP redeemed all of its unit holders other than Ashford Trust OP and Ashford TRS for an aggregate of $685,000 in cash. The Company remains the primary beneficiary of Stirling OP and Stirling OP's properties and debt continue to be reflected on the Company's balance sheet at their historical carrying values as of September 30, 2025.

***<u>Comparability</u>***—Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The following transactions affect reporting comparability of our consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
| **Property**  | **Location**  | **Type** | **Date** |
| Courtyard Columbus Tipton Lakes | Columbus, IN | Derecognized | March 1, 2024 |
| Courtyard Old Town | Scottsdale, AZ | Derecognized | March 1, 2024 |
| Residence Inn Hughes Center | Las Vegas, NV | Derecognized | March 1, 2024 |
| Residence Inn Phoenix Airport  | Phoenix, AZ | Derecognized | March 1, 2024 |
| Residence Inn San Jose Newark  | Newark, CA | Derecognized | March 1, 2024 |
| SpringHill Suites Manhattan Beach  | Hawthorne, CA | Derecognized | March 1, 2024 |
| SpringHill Suites Plymouth Meeting  | Plymouth Meeting, PA | Derecognized | March 1, 2024 |
| Courtyard Basking Ridge  | Basking Ridge, NJ | Derecognized | March 1, 2024 |
| Courtyard Newark Silicon Valley | Newark, CA | Derecognized | March 1, 2024 |
| Courtyard Oakland Airport | Oakland, CA | Derecognized | March 1, 2024 |
| Courtyard Plano Legacy Park  | Plano, TX | Derecognized | March 1, 2024 |
| Residence Inn Plano  | Plano, TX | Derecognized | March 1, 2024 |
| SpringHill Suites BWI Airport  | Baltimore, MD | Derecognized | March 1, 2024 |
| TownePlace Suites Manhattan Beach  | Hawthorne, CA | Derecognized | March 1, 2024 |
| Residence Inn Salt Lake City | Salt Lake City, UT | Disposition | March 6, 2024 |
| Hilton Boston Back Bay | Boston, MA | Disposition | April 9, 2024 |
| Hampton Inn Lawrenceville | Lawrenceville, GA | Disposition | April 23, 2024 |
| Courtyard Manchester | Manchester, CT | Disposition | May 30, 2024 |
| SpringHill Suites Kennesaw | Kennesaw, GA | Disposition | June 10, 2024 |
| Fairfield Inn Kennesaw | Kennesaw, GA | Disposition | June 10, 2024 |
| One Ocean | Atlantic Beach, FL | Disposition | June 27, 2024 |
| The Ashton | Fort Worth, TX | Disposition | July 16, 2024 |
| Le Méridien Fort Worth | Fort Worth, TX | Developed | August 29, 2024 |
| Courtyard Boston | Boston, MA | Disposition | January 10, 2025 |
| Residence Inn Evansville | Evansville, IN | Disposition | August 11, 2025 |
| Hilton Houston NASA Clear Lake | Houston, TX | Disposition | August 22, 2025 |

---

***<u>Use of Estimates</u>***—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***<u>Reclassification</u>***—Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

***<u>Recently Issued Accounting Standard</u>*s**—In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 *Income Taxes (Topics 740): Improvements to Income Tax Disclosures* to expand the disclosure requirements for income taxes, specifically related to rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of September 30, 2025, the Company has not adopted this ASU. The adoption of this ASU is expected to impact only disclosures with respect to the Company's consolidated financial statements.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

In November 2024, the FASB issued ASU 2024-03*, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses,* which requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization and depletion) included in certain expense captions presented on the face of the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

**3. Revenue**

The following tables present our revenue disaggregated by geographical area (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|<br>**Primary Geographical Market** | **Number of Hotels** | **Rooms** | **Food and Beverage** | **Other Hotel** | **Other** | **Total** |
| Atlanta, GA Area | 6 | $13942 | $3650 | $1303 | $— | $18895 |
| Dallas/Ft. Worth, TX Area | 5 | 13859 | 3185 | 1317 |  | 18361 |
| Houston, TX Area | 2 | 4840 | 1641 | 277 |  | 6758 |
| Los Angeles, CA Metro Area | 4 | 17020 | 3855 | 1501 |  | 22376 |
| Miami, FL Metro Area | 2 | 4223 | 1500 | 421 |  | 6144 |
| Minneapolis – St. Paul, MN Area | 2 | 4695 | 1315 | 210 |  | 6220 |
| Nashville, TN Area | 1 | 13325 | 8153 | 1521 |  | 22999 |
| New York/New Jersey Metro Area | 4 | 12458 | 3751 | 741 |  | 16950 |
| Orlando, FL Area | 2 | 4478 | 359 | 483 |  | 5320 |
| Philadelphia, PA Area | 1 | 3234 | 310 | 305 |  | 3849 |
| San Diego, CA Area | 2 | 5934 | 357 | 418 |  | 6709 |
| San Francisco – Oakland, CA Metro Area | 3 | 10761 | 1220 | 608 |  | 12589 |
| Tampa, FL Area | 2 | 4925 | 1021 | 549 |  | 6495 |
| Washington D.C. – MD – VA Area | 9 | 29220 | 5618 | 2826 |  | 37664 |
| Other Areas | 25 | 57770 | 9787 | 5315 |  | 72872 |
| Disposed/derecognized properties | 2 | 1232 | 200 | 43 |  | 1475 |
| Corporate |  |  |  |  | 385 | 385 |
| **Total** | 72 | $201916 | $45922 | $17838 | $385 | $266061 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|<br>**Primary Geographical Market** | **Number of Hotels** | **Rooms** | **Food and Beverage** | **Other Hotel** | **Other** | **Total** |
| Atlanta, GA Area | 6 | $13753 | $3373 | $1088 | $— | $18214 |
| Dallas/Ft. Worth, TX Area | 5 | 12055 | 2815 | 911 |  | 15781 |
| Houston, TX Area | 2 | 5062 | 1297 | 191 |  | 6550 |
| Los Angeles, CA Metro Area | 4 | 16665 | 4444 | 1317 |  | 22426 |
| Miami, FL Metro Area | 2 | 4279 | 1626 | 369 |  | 6274 |
| Minneapolis – St. Paul, MN Area | 2 | 4525 | 1211 | 155 |  | 5891 |
| Nashville, TN Area | 1 | 12598 | 6616 | 1521 |  | 20735 |
| New York/New Jersey Metro Area | 4 | 11256 | 3499 | 529 |  | 15284 |
| Orlando, FL Area | 2 | 4584 | 367 | 588 |  | 5539 |
| Philadelphia, PA Area | 1 | 2856 | 225 | 200 |  | 3281 |
| San Diego, CA Area | 2 | 6795 | 397 | 440 |  | 7632 |
| San Francisco – Oakland, CA Metro Area | 3 | 10374 | 1058 | 417 |  | 11849 |
| Tampa, FL Area | 2 | 5533 | 1130 | 514 |  | 7177 |
| Washington D.C. – MD – VA Area | 9 | 31609 | 6602 | 2637 |  | 40848 |
| Other Areas | 25 | 60277 | 10772 | 5235 |  | 76284 |
| Disposed/derecognized properties | 4 | 10741 | 952 | 560 |  | 12253 |
| Corporate |  |  |  |  | 582 | 582 |
| **Total** | 74 | $212962 | $46384 | $16672 | $582 | $276600 |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|<br>**Primary Geographical Market** | **Number of Hotels** | **Rooms** | **Food and Beverage** | **Other Hotel** | **Other** | **Total** |
| Atlanta, GA Area | 6 | $42473 | $11922 | $3796 | $— | $58191 |
| Dallas/Ft. Worth, TX Area | 5 | 45698 | 11325 | 4028 |  | 61051 |
| Houston, TX Area | 2 | 15088 | 5414 | 790 |  | 21292 |
| Los Angeles, CA Metro Area | 4 | 53816 | 13625 | 4379 |  | 71820 |
| Miami, FL Metro Area | 2 | 20065 | 7709 | 1323 |  | 29097 |
| Minneapolis – St. Paul, MN Area | 2 | 10764 | 3635 | 516 |  | 14915 |
| Nashville, TN Area | 1 | 42250 | 26713 | 4054 |  | 73017 |
| New York/New Jersey Metro Area | 4 | 32152 | 11367 | 1840 |  | 45359 |
| Orlando, FL Area | 2 | 16740 | 1255 | 1537 |  | 19532 |
| Philadelphia, PA Area | 1 | 8901 | 860 | 894 |  | 10655 |
| San Diego, CA Area | 2 | 16737 | 1071 | 1141 |  | 18949 |
| San Francisco – Oakland, CA Metro Area | 3 | 30116 | 3821 | 1644 |  | 35581 |
| Tampa, FL Area | 2 | 22678 | 5284 | 1829 |  | 29791 |
| Washington D.C. – MD – VA Area | 9 | 98816 | 18309 | 9302 |  | 126427 |
| Other Areas | 25 | 172590 | 32171 | 15731 |  | 220492 |
| Disposed/derecognized properties | 3 | 6536 | 1306 | 260 |  | 8102 |
| Corporate |  |  |  |  | 1150 | 1150 |
| **Total** | 73 | $635420 | $155787 | $53064 | $1150 | $845421 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|<br>**Primary Geographical Market** | **Number of Hotels** | **Rooms** | **Food and Beverage** | **Other Hotel** | **Other** | **Total** |
| Atlanta, GA Area | 6 | $41391 | $11626 | $2960 | $— | $55977 |
| Dallas/Ft. Worth, TX Area | 5 | 39602 | 11467 | 2754 |  | 53823 |
| Houston, TX Area | 2 | 13722 | 5202 | 596 |  | 19520 |
| Los Angeles, CA Metro Area | 4 | 53518 | 13611 | 3623 |  | 70752 |
| Miami, FL Metro Area | 2 | 19395 | 7323 | 1071 |  | 27789 |
| Minneapolis – St. Paul, MN Area | 2 | 10972 | 3568 | 429 |  | 14969 |
| Nashville, TN Area | 1 | 42135 | 21755 | 3849 |  | 67739 |
| New York/New Jersey Metro Area | 4 | 30910 | 10529 | 1477 |  | 42916 |
| Orlando, FL Area | 2 | 17114 | 1141 | 1728 |  | 19983 |
| Philadelphia, PA Area | 1 | 8760 | 708 | 733 |  | 10201 |
| San Diego, CA Area | 2 | 18161 | 1175 | 1203 |  | 20539 |
| San Francisco – Oakland, CA Metro Area | 3 | 29305 | 3711 | 1140 |  | 34156 |
| Tampa, FL Area | 2 | 22229 | 5349 | 1537 |  | 29115 |
| Washington D.C. – MD – VA Area | 9 | 102511 | 20590 | 7212 |  | 130313 |
| Other Areas | 25 | 175871 | 32959 | 14864 |  | 223694 |
| Disposed/derecognized properties | 25 | 60178 | 8288 | 5122 |  | 73588 |
| Corporate |  |  |  |  | 1904 | 1904 |
| **Total** | 95 | $685774 | $159002 | $50298 | $1904 | $896978 |

---

**4. Investments in Hotel Properties, net**

Investments in hotel properties, net consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Land | $427915 | $437567 |
| Buildings and improvements | 2559119 | 2700234 |
| Furniture, fixtures and equipment | 182951 | 171762 |
| Construction in progress | 20229 | 23254 |
| Hilton Marietta finance lease | 17269 | 17269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost | 3207483 | 3350086 |
| Accumulated depreciation | (1012304) | (1030879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | $2195179 | $2319207 |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

**5. Dispositions, Impairment Charges and Assets Held For Sale**

***Dispositions***

On January 10, 2025, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts, for $123.0 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $32.1 million. This gain is reported within "gain (loss) on consolidation of VIE and disposition of assets and hotel properties" in the Company's consolidated statement of operations.

On April 14, 2025, the Residence Inn Orlando sold a parcel of land for $7.2 million, net of selling expenses, resulting in a recognized gain of $6.7 million. This gain is reported within "gain (loss) on consolidation of VIE and disposition of assets and hotel properties" in the Company's consolidated statements of operations.

On May 19, 2025, the Company sold state tax credits held by the Le Méridien Fort Worth property for $18.8 million in cash.

On August 11, 2025, the Company completed the sale of the 78-room Residence Inn Evansville located in Evansville, Indiana for $6.0 million, subject to customary pro rations and adjustments.

On August 22, 2025, the Company completed the sale of the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.8 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $16.5 million. This gain is reported within "gain (loss) on consolidation of VIE and disposition of assets and hotel properties" in the Company's consolidated statement of operations.

The results of operations for disposed and derecognized hotel properties are included in net income (loss) through the date of disposition. See note 2 for the fiscal year 2024 and 2025 dispositions. The following table includes condensed financial information from the Company's dispositions (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total hotel revenue | $1478 | $12253 | $8101 | $68841 |
| Total hotel operating expenses | (1815) | (8484) | (7606) | (52523) |
| Property taxes, insurance and other | (164) | (593) | (538) | (5194) |
| Depreciation and amortization |  | (1144) | (811) | (7355) |
| Impairment charges |  |  | (1447) |  |
| &nbsp;&nbsp;&nbsp;Total operating expenses | (1979) | (10221) | (10402) | (65072) |
| Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | 16753 | 9 | 48659 | 94406 |
| Gain (loss) on derecognition of assets | 9703 | 11114 | 29649 | 156748 |
| &nbsp;&nbsp;&nbsp;Operating income (loss) | 25955 | 13155 | 76007 | 254923 |
| Interest income |  | 82 |  | 248 |
| Interest expense and amortization of discounts and loan costs | (271) | (2843) | (2006) | (14337) |
| Interest expense associated with hotels in receivership | (9684) | (11120) | (29632) | (35162) |
| Write-off of premiums, loan costs and exit fees |  | (850) | (67) | (838) |
| Gain (loss) on extinguishment of debt | (57) | 2745 | (57) | 2790 |
| &nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 15943 | 1169 | 44245 | 207624 |
| (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership | (238) | (14) | (686) | (2561) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to the Company | $15705 | $1155 | $43559 | $205063 |

---

***Impairment Charges***

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

For the three and nine months ended September 30, 2025, we recorded impairment charges of $18.4 million and $19.8 million, respectively. We recorded $18.4 million of impairment charges in the three months ended September 30, 2025 at the New Orleans Le Pavillon Hotel. The nine months ended September 30, 2025 includes impairment charges of $18.4 million and $1.4 million at the New Orleans Le Pavillon Hotel and the Residence Inn Evansville, respectively.

The impairment charges were a result of reduced estimated future cash flows resulting from reductions to the expected holding periods of the hotel properties. The impairment charge for the Residence Inn Evansville was based on the market approach methodology which compares the net book value of the assets to their fair market value. The impairment charge for the New Orleans Le Pavillon Hotel was based on the income approach utilizing a discounted cash flow methodology, supported by the market approach. These valuation techniques are considered Level 3 techniques under the fair value hierarchy.

For the three and nine months ended September 30, 2024, no impairment charges were recorded related to hotel properties.

The following table presents the fair value of our hotel property within the fair value hierarchy subsequent to the aforementioned non-recurring impairment charge (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of September 30, 2025** | **Fair Value as of September 30, 2025** | **Fair Value as of September 30, 2025** | **Fair Value as of September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| New Orleans Le Pavillon Hotel | $— | $— | $42500 | $42500 |

---

***Assets Held For Sale***

On September 11, 2025, the Company entered into a purchase and sale agreement for the Residence Inn San Diego Sorrento Mesa in San Diego, California. As of September 30, 2025, this property was classified as held for sale. Depreciation and amortization ceased as of the date the asset was deemed held for sale. Since the sale of this hotel does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. The Residence Inn San Diego Sorrento Mesa sale closed on October 15, 2025. See note 18.

The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet were as follows:

---

| | |
|:---|:---|
| | **September 30, 2025** |
| **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, gross  | $34193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (16158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | 18035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | $21450 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $28355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to assets held for sale | $29236 |

---

**6. Investments in Unconsolidated Entities**

As of September 30, 2025, the Company had invested $9.1 million in an entity that holds the Meritage Investment in Napa, California, and $5.5 million in OpenKey, a consolidated subsidiary of Ashford Inc. Our investments are recorded as a component of "investment in unconsolidated entities" in our consolidated balance sheets and are accounted for under the equity method of accounting as we have been deemed to have significant influence over the entities under the applicable accounting guidance.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

We review our investments in unconsolidated entities for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any other-than-temporary impairment is recorded in equity in earnings (loss) of unconsolidated entities. In the fourth quarter of 2024, we recorded an impairment charge for our OpenKey investment of approximately $1.0 million, which reduced the carrying value to $0. No impairment charges were recorded on our investments during the three and nine months ended September 30, 2025 and 2024.

The following table summarizes our carrying value in unconsolidated entities:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Carrying value of the Meritage Investment (in thousands) | $7331 | $7590 |

---

The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| OpenKey | $— | $(173) | $— | $(462) |
| Meritage Investment | 129 | 40 | (258) | (366) |
|  | $129 | $(133) | $(258) | $(828) |

---

**7**. **Indebtedness, net**

Indebtedness consisted of the following (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **September 30, 2025** | **December 31, 2024** |
|<br>**Indebtedness** | **Collateral** | **Collateral** |<br>**Maturity** | **Interest Rate** | **Interest Rate** | **Debt Balance** | **Debt Balance** |
| Mortgage loan <sup>(2)</sup> | 2 | hotels | February 2025 |  | 4.45% | $— | $25882 |
| Mortgage loan <sup>(3)</sup> | 1 | hotel | March 2025 |  | 4.66% | 21971 | 22132 |
| Mortgage loan <sup>(2)</sup> | 4 | hotels | June 2025 | SOFR<sup>(1)</sup> + | 4.03% |  | 143877 |
| Mortgage loan <sup>(2)</sup> | 4 | hotels | June 2025 | SOFR<sup>(1)</sup> + | 4.29% |  | 159424 |
| Mortgage loan <sup>(2)</sup> | 5 | hotels | June 2025 | SOFR<sup>(1)</sup> + | 3.02% |  | 109473 |
| Mortgage loan <sup>(4)</sup> | 8 | hotels | October 2025 | SOFR<sup>(1)</sup> + | 3.28% | 325000 | 325000 |
| Mortgage loan <sup>(5)</sup> | 1 | hotel | December 2025 | SOFR<sup>(1)</sup> + | 4.00% | 37000 | 37000 |
| Term loan <sup>(6)</sup> | Equity | Equity | January 2026 |  | 14.00% |  | 44722 |
| Mortgage loan <sup>(7)</sup> | 18 | hotels | January 2026 | SOFR<sup>(1)</sup> + | 4.15% | 733625 | 862027 |
| Mortgage loan <sup>(8)</sup> | 1 | hotel | February 2026 | SOFR<sup>(1)</sup> + | 2.85% | 12330 | 12330 |
| Mortgage loan <sup>(9)</sup> | 15 | hotels | March 2026 | SOFR<sup>(1)</sup> + | 3.62% | 378350 | 409750 |
| Mortgage loan <sup>(10)</sup> | 2 | hotels | May 2026 | SOFR<sup>(1)</sup> + | 4.00% | 98450 | 98450 |
| Mortgage loan <sup>(2)</sup> | 16 | hotels | February 2027 | SOFR<sup>(1)</sup> + | 4.37% | 580000 |  |
| Mortgage loan <sup>(11)</sup> | 1 | hotel | September 2027 | SOFR<sup>(1)</sup> + | 2.26% | 218100 | 267200 |
| Mortgage loan <sup>(12)</sup> | 1 | hotel | November 2027 | SOFR<sup>(1)</sup> + | 4.75% | 121500 | 121500 |
| Mortgage loan | 4 | hotels | December 2028 |  | 8.51% | 30200 | 30200 |
| Preferred investment <sup>(13)</sup> | 1 | hotel | May 2029 |  | 11.14% | 88622 |  |
| Bridge loan <sup>(14) (15)</sup> | 1 | hotel | September 2025 |  | 7.75% |  | 20898 |
| Construction loan <sup>(14)</sup> | 1 | hotel | May 2033 |  | 11.26% | 15696 | 15785 |
| Total indebtedness |  |  |  |  |  | $2660844 | $2705650 |
| Premiums (discounts), net |  |  |  |  |  | 311 | 331 |
| Capitalized default interest and late charges |  |  |  |  |  | 8293 | 36 |
| Deferred loan costs, net |  |  |  |  |  | (30837) | (8459) |
| Embedded debt derivative <sup>(6)</sup> |  |  |  |  |  |  | 29099 |
| Indebtedness, net |  |  |  |  |  | $2638611 | $2726657 |
| Indebtedness, net related to assets held for sale <sup>(7)</sup> | 1 | hotel | April 2025 | SOFR<sup>(1)</sup> + | 3.70% |  | 97368 |
| Indebtedness, net related to assets held for sale <sup>(9)</sup> | 1 | hotel | March 2026 | SOFR<sup>(1)</sup> + | 3.62% | 28355 |  |
|  |  |  |  |  |  | $2610256 | $2629289 |

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_____________________________

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;SOFR rates were 4.13% and 4.33% at September 30, 2025 and December 31, 2024, respectively.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and has three one-year extension options, subject to the satisfaction of certain conditions.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions which must be completed by November 9, 2025. On November 9, 2025, this mortgage loan was amended to extend the waiver date from November 9, 2025 to December 9, 2025.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2024. This mortgage loan has a SOFR floor of 0.50%.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp;On February 12, 2025, we repaid this term loan including the $30.0 million exit fee.

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown. On July 30, 2025, this mortgage loan was amended. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date to January 2026, and adding one six-month extension option, subject to the satisfaction of certain conditions.

<sup>(8) &nbsp;&nbsp;&nbsp;&nbsp;</sup>On February 24, 2025, we amended this mortgage loan. Terms of the amendment included extending the current maturity date to February 2026, and adding one one-year extension option, subject to satisfaction of certain conditions.

<sup>(9) &nbsp;&nbsp;&nbsp;&nbsp;</sup>On April 9, 2025, this mortgage loan was amended. Terms of the amendment included extending the current maturity date to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions. In August 2025, this mortgage loan was paid down $31.4 million in conjunction with the sales of the Residence Inn Evansville and the Hilton Houston NASA Clear Lake. As of September 30, 2025, the Residence Inn San Diego Sorrento Mesa property is held for sale. See note 5.

<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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%.

<sup>(11)</sup> &nbsp;&nbsp;&nbsp;&nbsp;On September 9, 2025, we amended this mortgage loan. Terms of the amendment included a principal reduction to $218.1 million, a reduction in the interest rate to SOFR + 2.26%, extending the current maturity to September 2027, and adding three, one-year extension options, subject to satisfaction of certain conditions.

<sup>(12)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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%.

<sup>(13)&nbsp;&nbsp;&nbsp;&nbsp;</sup>On May 8, 2025, we received $35.0 million in return for a preferred equity investment in the Renaissance Hotel in Nashville, Tennessee. The holder was entitled to a preferred return of 14.0% per annum. On September 9, 2025, we received an additional $53.0 million increasing the preferred equity investment in the property and the return on the preferred equity investment was decreased from 14.0% per annum to 11.14% per annum. The investment is mandatorily redeemable on May 10, 2029 and is recorded within indebtedness, net in the Company's consolidated balance sheet as required under GAAP.

<sup>(14)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2 and 8.

<sup>(15)&nbsp;&nbsp;&nbsp;&nbsp;</sup>On August 14, 2025, we repaid this bridge loan.

We recognized net premium (discount) amortization as presented in the table below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Line Item** | **2025** | **2024** | **2025** | **2024** |
| Interest expense and amortization of discounts and loan costs | $10 | $(17) | $19 | $(896) |

---

The amortization of the net premium (discount) is computed using a method that approximates the effective interest method.

During the three and nine months ended September 30, 2025, the Company capitalized $9.3 million and $14.1 million of default interest and late charges related to our Highland Pool mortgage loan and Morgan Stanley Pool mortgage loan upon the refinancing of the loans. The amounts were capitalized into the principal balance and are amortized over the remaining initial term of the mortgage loans using the effective interest method. The amount of the capitalized principal that was amortized during the three and nine months ended September 30, 2025 were $4.3 million and $5.6 million, respectively. The amount of capitalized principal that was written off during the three and nine months ended September 30, 2025 was $207,000.

For the three and nine months ended September 30, 2024, the Company amortized $54,000 and $298,000, respectively, of capitalized principal that related to debt restructurings which occurred in the 2021 and 2020 fiscal years. The amount of capitalized principal that was written off during the three and nine months ended September 30, 2024 was $0 and $8,000, respectively. These amounts are included as a reduction to "interest expense and amortization of discounts and loan costs" in the consolidated statements of operations.

On March 1, 2024, the Company received notice that the hotel properties that secured the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. Below is a summary of the hotel properties that secured the KEYS Pool A and Pool B loans:

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

**<u>KEYS A Loan Pool</u>**

Courtyard Columbus Tipton Lakes – Columbus, IN

Courtyard Old Town – Scottsdale, AZ

Residence Inn Hughes Center – Las Vegas, NV

Residence Inn Phoenix Airport – Phoenix, AZ

Residence Inn San Jose Newark – Newark, CA

SpringHill Suites Manhattan Beach – Hawthorne, CA

SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA

**<u>KEYS B Loan Pool</u>**

Courtyard Basking Ridge – Basking Ridge, NJ

Courtyard Newark Silicon Valley – Newark, CA

Courtyard Oakland Airport – Oakland, CA

Courtyard Plano Legacy Park – Plano, TX

Residence Inn Plano – Plano, TX

SpringHill Suites BWI Airport – Baltimore, MD

TownePlace Suites Manhattan Beach – Hawthorne, CA

We derecognized the hotel properties that secured the KEYS Pool A and KEYS Pool B loans from our consolidated balance sheet in March 2024, when the receiver took control of the hotel properties and, accordingly, recognized a gain of $133.9 million, which is included in "gain (loss) on derecognition of assets" in our consolidated statements of operations for the three months ended March 31, 2024. We recorded a contract asset of $378.2 million as of March 31, 2024, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the KEYS Pool A and KEYS Pool B mortgage loans in exchange for the transfer of ownership of the respective hotel properties. On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024 and June 25, 2025, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes and SpringHill Suites BWI Airport, respectively, to a third-party purchaser.

For the three and nine months ended September 30, 2025, we recognized additional gains of $9.7 million and $29.6 million, respectively, which were included in "gain (loss) on derecognition of assets" in our consolidated statement of operations that increased the contract asset by a corresponding amount. The KEYS Pool A and the KEYS Pool B mortgage loans, as well as all accrued and unpaid interest, default charges and late fees will remain liabilities until final resolution with the lenders is concluded, and thus are included in "indebtedness associated with hotels in receivership" and "accrued interest associated with hotels in receivership" on our consolidated balance sheets.

On March 6, 2025, the $22.1 million non-recourse mortgage loan secured by the Hilton Scotts Valley reached final maturity and was not repaid, resulting in a default under the terms and conditions of the mortgage loan agreement.

We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield.

If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of September 30, 2025, we were in compliance with all covenants related to mortgage loans, except where noted above. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.

With respect to upcoming maturities, no assurances can be given that we will be able to refinance our upcoming maturities. Additionally, no assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy or may result in lender foreclosure.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

***<u>Interest Rate Derivatives</u>***—We use interest rate caps and floors to hedge our debt and cash flows, which are recorded at fair value. Payments from counterparties on in-the-money interest rate caps and floors are recognized as realized gains on our condensed consolidated statements of operations. See note 9.

***<u>Compound Embedded Debt Derivative</u>***—On February 12, 2025, we repaid the outstanding balance on our corporate strategic financing with Oaktree Capital Management, L.P. (the "Oaktree Credit Agreement"), which included an exit fee of $30.0 million. Prior to the repayment date, the exit fee was considered under the applicable accounting guidance as an embedded derivative liability that met the criteria for bifurcation from the debt host and was measured at estimated fair value at each reporting period. See note 9.

**8. Note Receivable**

The Company has a note receivable with the manager of 815 Commerce MM, who also holds a non-controlling interest in 815 Commerce MM. See discussion in note 2. The note receivable is payable within 30 days after demand. If the manager fails upon demand to repay the note receivable with interest, the Company will have the right to convert the unpaid principal plus all accrued interest thereon to an additional capital contribution, in which case the deemed additional capital contributions by the manager will be deemed to have not occurred and the percentage interests and the residual sharing percentages of the members shall be adjusted. The note receivable may be prepaid in whole or in part.

The following table summarizes the note receivable (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Interest Rate** | **September 30, 2025** | **December 31, 2024** |
| Note receivable <sup>(1)</sup> | 18.0% | $11784 | $10565 |

---

_____________________________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the Company's note receivable balance consists of advances of $8.9 million and accrued interest of $2.9 million.

The following table summarizes the interest income associated with the note receivable (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Line Item** | **2025** | **2024** | **2025** | **2024** |
| Interest income | $403 | $370 | $1193 | $817 |

---

We review receivables for impairment each reporting period. Under this model, the Company estimates credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded to the note receivable for the three and nine months ended September 30, 2025 and 2024.

**9. Fair Value Measurements**

***<u>Fair Value Hierarchy</u>***—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the marketplace as discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally are obtained from exchange or dealer markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The fair value of interest rate caps and floors is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (SOFR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk.

When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at September 30, 2025, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 4.129% to 3.087% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.

Prior to the Company's repayment of the Oaktree term loan on February 12, 2025, we recorded an embedded debt derivative attributed to the Oaktree term loan's compound embedded derivative liability. The compound embedded derivative liability was considered a Level 3 measurement due to the utilization of significant unobservable inputs in the valuation, which were based on "with and without" valuation models.

The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands):

---

| | |
|:---|:---|
| | **Fair Value** |
| Balance at March 31, 2024 | 21072 |
| Re-measurement of fair value | 128 |
| Balance at June 30, 2024 | 21200 |
| Re-measurement of fair value | 1200 |
| Balance at September 30, 2024 | 22400 |
| Re-measurement of fair value | 6699 |
| Balance at December 31, 2024 | 29099 |
| Re-measurement of fair value | 901 |
| Payment of derivative liability | (30000) |
| Balance at March 31, 2025, June 30, 2025 and September 30, 2025 | $— |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

***<u>Assets and Liabilities Measured at Fair Value on a Recurring Basis</u>***

The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quoted Market Prices (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total** | |  |
| | **Quoted Market Prices (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total** | | **September 30, 2025:** |
| | **Quoted Market Prices (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** | **Total** | | **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $— | $374 | $— | $374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps |  | 648 |  | 648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $1022 | $— | $1022 | <sup>(1)</sup> |  |
| **December 31, 2024:** |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $— | $434 | $— | $434 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps |  | 2160 |  | 2160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $2594 | $— | $2594 | <sup>(1)</sup> |  |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Embedded debt derivative | $— | $— | $(29099) | $(29099) | <sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net | $— | $2594 | $(29099) | $(26505) |  |  |

---

____________________________________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reported as "derivative assets" in our consolidated balance sheets.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reported in "indebtedness, net" in our consolidated balance sheets.

***<u>Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations</u>***

The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income** | **Gain (Loss) Recognized in Income** | **Gain (Loss) Recognized in Income** | |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | |
| | **2025** | | **2024** | |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $(283) |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps | (945) |  | (5002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(1228) |  | $(5002) |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embedded debt derivative | $— |  | $(1200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net | $(1228) |  | $(6202) |  |
| **<u>Total combined</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $(283) |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps | (1255) |  | (12259) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Embedded debt derivative |  |  | (1200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives | (1538) | <sup>(1)</sup> | (13459) | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on interest rate caps | 310 | <sup>(1) (2)</sup> | 7257 | <sup>(1) (2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | $(1228) |  | $(6202) |  |

---

____________________________________

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reported as "realized and unrealized gain (loss) on derivatives" in our consolidated statements of operations.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents settled and unsettled payments from counterparties on interest rate caps.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income** | **Gain (Loss) Recognized in Income** | **Gain (Loss) Recognized in Income** | |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| | **2025** | | **2024** | |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $(60) |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps | (3843) |  | (1380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(3903) |  | $(1380) |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Embedded debt derivative | $(901) |  | $1296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net | $(4804) |  | $(84) |  |
| **<u>Total combined</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – floors | $(60) |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives – caps | (4949) |  | (24709) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Embedded debt derivative | (901) |  | 1296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives | (5910) | <sup>(1)</sup> | (23413) | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on interest rate caps | 1106 | <sup>(1) (2)</sup> | 23329 | <sup>(1) (2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net | $(4804) |  | $(84) |  |

---

____________________________________

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reported as "realized and unrealized gain (loss) on derivatives" in our consolidated statements of operations.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents settled and unsettled payments from counterparties on interest rate caps.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

**10. Summary of Fair Value of Financial Instruments**

Determining estimated fair values of our financial instruments, such as notes receivable and indebtedness, requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **Estimated Fair Value** | **Carrying Value** | **Estimated Fair Value** |
| **Financial assets measured at fair value:** | | | | |
| Derivative assets | $1022 | $1022 | $2594 | $2594 |
| **Financial liabilities measured at fair value:** |  |  |  |  |
| Embedded debt derivative | $— | $— | $29099 | $29099 |
| **Financial assets not measured at fair value:** |  |  |  |  |
| Cash and cash equivalents <sup>(1)</sup> | $81905 | $81905 | $112922 | $112922 |
| Restricted cash <sup>(1)</sup> | 166926 | 166926 | 107553 | 107553 |
| Accounts receivable, net <sup>(1)</sup> | 42258 | 42258 | 36231 | 36231 |
| Notes receivable, net | 11784 | 11784 | 10565 | 10565 |
| Due from third-party hotel managers | 27397 | 27397 | 21604 | 21604 |
| **Financial liabilities not measured at fair value:** |  |  |  |  |
| Indebtedness <sup>(1)</sup> | $2661155 | $2661928 | $2705981 | $2695013 |
| Indebtedness associated with hotels in receivership | 301040 | 248323 | 314640 | 257546 |
| Accounts payable and accrued expenses <sup>(1)</sup> | 147259 | 147259 | 138895 | 138895 |
| Accrued interest payable <sup>(1)</sup> | 13839 | 13839 | 10576 | 10576 |
| Accrued interest associated with hotels in receivership | 79120 | 79120 | 52031 | 52031 |
| Dividends and distributions payable | 4220 | 4220 | 3952 | 3952 |
| Due to Ashford Inc., net <sup>(1)</sup> | 16080 | 16080 | 25653 | 25653 |
| Due to related parties, net <sup>(1)</sup> | 7177 | 7177 | 2850 | 2850 |
| Due to third-party hotel managers | 1042 | 1042 | 1145 | 1145 |

---

____________________________________

<sup>(1)</sup> Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of September 30, 2025 and December 31, 2024.

*Cash, cash equivalents and restricted cash*. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.

*Accounts receivable, net, accounts payable and accrued expenses, accrued interest payable, accrued interest associated with hotels in receivership, dividends and distributions payable, due to/from related parties, net, due to/from Ashford Inc., net and due to/from third-party hotel managers.* The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.

*Notes receivable, net.* The carrying amount of notes receivable, net approximates its fair value. This is considered a Level 2 valuation technique.

*Derivative assets and embedded debt derivative.* See notes 7 and 9 for a complete description of the methodology and assumptions utilized in determining fair values.

*Indebtedness and indebtedness associated with hotels in receivership.* Fair value of indebtedness is determined using the loan terms, collateral value and financial data such as loan-to-value ratios, debt service coverage ratios, and interest rates for comparable loans. We estimated the fair value of total indebtedness to be approximately 100.0% of the carrying value of $2.7 billion at September 30, 2025 and approximately 99.6% of the carrying value of $2.7 billion at December 31, 2024. We estimated the fair value of indebtedness associated with hotels in receivership to be approximately 82.5% of the carrying value of $301.0 million at September 30, 2025 and approximately 81.9% of the carrying value of $314.6 million at December 31, 2024. These fair value estimates are considered a Level 2 valuation technique.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

**11. Income (Loss) Per Share**

Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Income (loss) allocated to common stockholders – basic and diluted:** |  |  |  |  |
| Income (loss) attributable to the Company | $(60149) | $(57905) | $(110516) | $63910 |
| Less: dividends on preferred stock | (7175) | (5900) | (20921) | (16379) |
| Less: deemed dividends on redeemable preferred stock | (1677) | (902) | (5264) | (2253) |
| Add: gain (loss) on extinguishment of preferred stock |  | 1556 |  | 3340 |
| Less: net (income) loss allocated to performance stock units |  |  |  | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed and undistributed income (loss) allocated to common stockholders – basic | $(69001) | $(63151) | $(136701) | $48399 |
| Add back: dividends on preferred stock – Series J (inclusive of deemed dividends) |  |  |  | 9403 |
| Add back: dividends on preferred stock – Series K (inclusive of deemed dividends) |  |  |  | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted | $(69001) | $(63151) | $(136701) | $58598 |
| **Weighted average common shares outstanding:** |  |  |  |  |
| Weighted average shares outstanding – basic and diluted | 6081 | 5096 | 5847 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series J |  |  |  | 13431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series K |  |  |  | 912 |
| Weighted average shares outstanding – diluted | 6081 | 5096 | 5847 | 18768 |
| **Basic income (loss) per share:** |  |  |  |  |
| Net income (loss) allocated to common stockholders per share | $(11.35) | $(12.39) | $(23.38) | $10.94 |
| **Diluted income (loss) per share:** |  |  |  |  |
| Net income (loss) allocated to common stockholders per share | $(11.35) | $(12.39) | $(23.38) | $3.12 |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) allocated to unvested performance stock units | $— | $— | $— | $219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1045) | (746) | (2127) | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock – Series J (inclusive of deemed dividends) | 4585 | 3710 | 14019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock – Series K (inclusive of deemed dividends) | 445 | 375 | 1342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock – Series L (inclusive of deemed dividends) | 273 |  | 941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock – Series M (inclusive of deemed dividends) | 835 |  | 1741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $5093 | $3339 | $15916 | $891 |
| Weighted average diluted shares are not adjusted for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unvested restricted stock |  |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of operating partnership units | 110 | 60 | 98 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series J | 32486 | 19178 | 29757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series K | 3144 | 1410 | 2840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series L | 647 |  | 283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of assumed conversion of preferred stock – Series M | 1269 |  | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 37656 | 20648 | 33493 | 55 |

---

**12. Redeemable Noncontrolling Interests in Operating Partnership**

Redeemable noncontrolling interests in the operating partnership represents the limited partners' proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners' common units of limited partnership interest in the operating partnership (the "common units") and the units issued under our LTIP units that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement.

LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, generally have vesting periods of three years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets that results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership.

The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The criteria for the Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the applicable measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions).

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The number of Performance LTIP units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company's compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount.

As of September 30, 2025, there were approximately 28,000 Performance LTIP units outstanding, representing 250% of the target number granted for the 2023 grant.

As of September 30, 2025, there are approximately 95,000 issued and outstanding LTIP and Performance LTIP units. All LTIP and Performance LTIP units, other than approximately 22,000 LTIP and 61,000 Performance LTIP units, had reached full economic parity with, and are convertible into, common units.

The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Redeemable noncontrolling interests in Ashford Trust OP (in thousands) | $21209 | $22509 |
| Cumulative adjustments to redeemable noncontrolling interests <sup>(1)</sup> (in thousands) | $187315 | $186235 |
| Ownership percentage of operating partnership | 1.49% | 1.02% |

---

____________________________________

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reflects the excess of the redemption value over the accumulated historical costs. 

We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $1045 | $746 | $2127 | $(672) |

---

**13. Equity and Equity-Based Compensation**

***<u>Common Stock Dividends</u>***—The board of directors did not declare a quarterly common stock dividend in 2025 or 2024.

***<u>Restricted Stock</u>***—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.

***<u>Performance Stock Units</u>***—The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units ("PSUs"), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The criteria for the PSUs are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the corresponding measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of PSUs earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSUs to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of PSUs earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company's compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation for the number of PSUs earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

***<u>Preferred Dividends</u>***—The board of directors declared quarterly dividends per share as presented below:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| 8.45% Series D Cumulative Preferred Stock | $0.5281 | $0.5281 |
| 7.375% Series F Cumulative Preferred Stock | 0.4609 | 0.4609 |
| 7.375% Series G Cumulative Preferred Stock | 0.4609 | 0.4609 |
| 7.50% Series H Cumulative Preferred Stock | 0.4688 | 0.4688 |
| 7.50% Series I Cumulative Preferred Stock | 0.4688 | 0.4688 |

---

***<u>At-the-Market-Equity Distribution Agreement</u>***—On April 11, 2022, the Company entered into an equity distribution agreement (the "Virtu Equity Distribution Agreement") with Virtu Americas LLC ("Virtu"), to sell from time to time shares of the Company's common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale.

The table below summarizes the activity (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Common stock issued |  | 120 |  | 736 |
| Gross proceeds | $— | $1245 | $— | $9427 |
| Commissions and other expenses |  | 12 |  | 94 |
| Net proceeds | $— | $1233 | $— | $9333 |

---

***<u>Stock Repurchases</u>***—On April 6, 2022, the board of directors approved a stock repurchase program, pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company's common stock and preferred stock having an aggregate value of up to $200 million. The board of directors' authorization replaced the previous repurchase authorization that the board of directors authorized in December 2017. No shares of our common stock or preferred stock were repurchased subject to the repurchase program during the three and nine months ended September 30, 2025 and 2024, respectively.

**14. Redeemable Preferred Stock**

***Series J Redeemable Preferred Stock***

On March 31, 2025, the Company concluded its offering of the Company's Series J Redeemable Preferred Stock (the "Series J Preferred Stock"). Prior to March 31, 2025, the Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series J Preferred Stock. Pursuant to such equity distribution agreements, the Company offered a maximum of 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock (as defined below) in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan (the "DRIP") at $25.00 per share (the "Stated Value").

The Series J Preferred Stock ranks senior to all classes or series of the Company's common stock and future junior securities, on a parity with each series of the Company's outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company's existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company's affairs.

Holders of the Series J Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series J Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series J Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series J Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company, who shall each be elected for one-year terms.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series J Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.

The redemption fee shall be an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8.0% of the stated value of $25.00 per share (the "Stated Value") beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series J Preferred Stock to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed.

The Series J Preferred Stock provides for cash dividends at an annual rate equal to 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series J Preferred Stock.

Dividends are payable on a monthly basis and payable in arrears on the 15<sup>th</sup> of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.

The Company has a DRIP that allows participating holders to have their Series J Preferred Stock dividend distributions automatically reinvested in additional shares of the Series J Preferred Stock at a price of $25.00 per share.

The issuance activity of the Series J Preferred Stock is summarized below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series J Preferred Stock shares issued <sup>(1)</sup> |  | 980 | 883 | 2697 |
| Net proceeds | $— | $22045 | $19877 | $60674 |

---

________

<sup>(1)</sup> Exclusive of shares issued under the DRIP.

The Series J Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company's control. As such, the Series J Preferred Stock is classified outside of permanent equity.

At the date of issuance, the carrying amount of the Series J Preferred Stock was less than the redemption value. As a result of the Company's determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.

The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Series J Preferred Stock | $178743 | $156671 |
| Cumulative adjustments to Series J Preferred Stock <sup>(1)</sup> | 8716 | 6038 |

---

________

<sup>(1)</sup> Reflects the excess of the redemption value over the accumulated carrying value.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The following table summarizes dividends declared (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series J Preferred Stock | $3833 | $2947 | $11341 | $7420 |

---

The following table summarizes Series J Preferred Stock redemptions settled in common stock (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series J Preferred Stock shares redeemed | 67 | 52 | 126 | 70 |
| Redemption amount, net of redemption fees | $1566 | $1184 | $2946 | $1610 |
| Common shares issued upon redemption | 245 | 138 | 439 | 175 |

---

***Series K Redeemable Preferred Stock***

On March 31, 2025, the Company concluded its offering of the Company's Series K Redeemable Preferred Stock (the "Series K Preferred Stock"). Prior to March 31, 2025, the Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series K Preferred Stock. Pursuant to such equity distribution agreements, the Company offered a maximum of 20.0 million shares of Series K Preferred Stock or Series J Preferred Stock in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series K Preferred Stock or Series J Preferred Stock pursuant to the DRIP at the Stated Value.

The Series K Preferred Stock ranks senior to all classes or series of the Company's common stock and future junior securities, on a parity with each series of the Company's outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company's existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company's affairs.

Holders of the Series K Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series K Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive, and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series K Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series K Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.

Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series K Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.

The redemption fee shall be an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.5% of the stated value of $25.00 per share (the "Stated Value") beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series K Preferred Stock to be redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series K Preferred Stock to be redeemed.

Holders of Series K Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 8.2% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $2.05 per share). Beginning one year from the

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

date of original issuance of each share of Series K Preferred Stock and on each one-year anniversary thereafter for such share of Series K Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series K Preferred Stock shall not exceed 8.7% per annum of the Stated Value.

Dividends are payable on a monthly basis in arrears on the 15<sup>th</sup> of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.

The Company has a DRIP that allows participating holders to have their Series K Preferred Stock dividend distributions automatically reinvested in additional shares of the Series K Preferred Stock at a price of $25.00 per share.

The issuance activity of the Series K Preferred Stock is summarized below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series K Preferred Stock shares issued <sup>(1)</sup> |  | 174 | 166 | 344 |
| Net proceeds | $— | $4206 | $4036 | $8338 |

---

________

<sup>(1)</sup> Exclusive of shares issued under the DRIP.

The Series K Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company's control. As such, the Series K Preferred Stock is classified outside of permanent equity.

At the date of issuance, the carrying amount of the Series K Preferred Stock was less than the redemption value. As a result of the Company's determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.

The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Series K Preferred Stock | $18348 | $14869 |
| Cumulative adjustments to Series K Preferred Stock <sup>(1)</sup> | 706 | 487 |

---

________

<sup>(1)</sup> Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series K Preferred Stock | $383 | $236 | $1123 | $526 |

---

The following table summarizes Series K Preferred Stock redemptions settled by the issuance of common stock (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Series K Preferred Stock shares redeemed | 10 | 6 | 31 | 12 |
| Redemption amount, net of redemption fees | $249 | $122 | $780 | $291 |
| Common shares issued upon redemption | 40 | 14 | 119 | 28 |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

***Series L Redeemable Preferred Stock***

The Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series L Preferred Stock (the "Series L Preferred Stock"). Pursuant to such equity distribution agreements, the Company is offering a maximum of 12.0 million shares of Series L Preferred Stock or Series M Preferred Stock (as defined below) in a primary offering at a price of $25.00 per share, subject to offering discounts. The Company is also offering a maximum of 4.0 million shares of the Series L Preferred Stock or Series M Preferred Stock pursuant to a dividend reinvestment plan (the "DRIP") at $25.00 per share (the "Stated Value").

The Series L Preferred Stock ranks senior to all classes or series of the Company's common stock and future junior securities, on a parity with each series of the Company's outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company's existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company's affairs.

Holders of the Series L Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series L Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series L Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series L Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.

Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series L Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.

The redemption fee shall be an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8.0% of the stated value of $25.00 per share (the "Stated Value") beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series L Preferred Stock to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series L Preferred Stock to be redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series L Preferred Stock to be redeemed.

The Series L Preferred Stock provides for cash dividends at an annual rate equal to 7.5% per annum of the Stated Value beginning on the date of the first settlement of the Series L Preferred Stock.

Dividends are payable on a monthly basis and payable in arrears on the 15<sup>th</sup> of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.

The Company has a DRIP that allows participating holders to have their Series L Preferred Stock dividend distributions automatically reinvested in additional shares of the Series L Preferred Stock at a price of $25.00 per share.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The issuance activity of the Series L Preferred Stock is summarized below (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** |
| Series L Preferred Stock shares issued <sup>(1)</sup> | 84 | 196 |
| Net proceeds | $1732 | $4052 |

---

________

<sup>(1)</sup> Exclusive of shares issued under the DRIP.

The Series L Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company's control. As such, the Series L Preferred Stock is classified outside of permanent equity.

At the date of issuance, the carrying amount of the Series L Preferred Stock was less than the redemption value. As a result of the Company's determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.

The redemption value adjustment of Series L Preferred Stock is summarized below (in thousands):

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Series L Preferred Stock | $4463 |
| Cumulative adjustments to Series L Preferred Stock <sup>(1)</sup> | 833 |

---

________

<sup>(1)</sup> Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** |
| Series L Preferred Stock | $78 | $108 |

---

No redemptions of Series L Preferred Stock occurred in the three and nine months ended September 30, 2025.

***Series M Redeemable Preferred Stock***

The Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series M Preferred Stock (the "Series M Preferred Stock). Pursuant to such equity distribution agreements, the Company is offering a maximum of 12.0 million shares of Series L Preferred Stock or Series M Preferred Stock in a primary offering at a price of $25.00 per share, subject to offering discounts. The Company is also offering a maximum of 4.0 million shares of the Series L Preferred Stock or Series M Preferred Stock pursuant to the DRIP at the Stated Value.

The Series M Preferred Stock ranks senior to all classes or series of the Company's common stock and future junior securities, on a parity with each series of the Company's outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company's existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company's affairs.

Holders of the Series M Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series M Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive, and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series M Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series M Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.

Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series M Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.

The redemption fee shall be an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.5% of the stated value of $25.00 per share (the "Stated Value") beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series M Preferred Stock to be redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series M Preferred Stock to be redeemed.

Holders of Series M Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 7.7% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $1.925 per share). Beginning one year from the date of original issuance of each share of Series M Preferred Stock and on each one-year anniversary thereafter for such share of Series M Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series M Preferred Stock shall not exceed 8.2% per annum of the Stated Value.

Dividends are payable on a monthly basis in arrears on the 15<sup>th</sup> of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.

The Company has a DRIP that allows participating holders to have their Series M Preferred Stock dividend distributions automatically reinvested in additional shares of the Series M Preferred Stock at a price of $25.00 per share.

The issuance activity of the Series M Preferred Stock is summarized below (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** |
| Series M Preferred Stock shares issued <sup>(1)</sup> | 288 | 434 |
| Net proceeds | $6434 | $9674 |

---

________

<sup>(1)</sup> Exclusive of shares issued under the DRIP.

The Series M Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company's control. As such, the Series M Preferred Stock is classified outside of permanent equity.

At the date of issuance, the carrying amount of the Series M Preferred Stock was less than the redemption value. As a result of the Company's determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The redemption value adjustment of Series M Preferred Stock is summarized below (in thousands):

---

| | |
|:---|:---|
| | **September 30, 2025** |
| Series M Preferred Stock | $10501 |
| Cumulative adjustments to Series M Preferred Stock <sup>(1)</sup> | 1534 |

---

________

<sup>(1)</sup> Reflects the excess of the redemption value over the accumulated carrying value.

The following table summarizes dividends declared (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** |
| Series M Preferred Stock | $167 | $207 |

---

No redemptions of Series M Preferred Stock occurred in the three and nine months ended September 30, 2025.

**15. Related Party Transactions**

**Ashford Inc.**

***Advisory Agreement with Ashford Trust OP***

Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc.

Under our advisory agreement, we pay advisory fees to Ashford LLC. Advisory fees consist of base fees and incentive fees. We pay a monthly base fee in an amount equal to 1/12 of (i) 0.70% of the Total Market Capitalization (as defined in our Advisory Agreement) of the Company for the prior month, plus (ii) the Net Asset Fee Adjustment (as defined in our Advisory Agreement), if any, on the last day of the prior month during which the advisory agreement was in effect; provided, however, that in no event shall the Base Fee (as defined in our Advisory Agreement) for any month be less than the Minimum Base Fee as provided by the Advisory Agreement. The Company shall pay the Base Fee or the Minimum Base Fee (as defined in our Advisory Agreement) on the fifth business day of each month.

The Minimum Base Fee for Ashford Trust for each quarter beginning January 1, 2021 is equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ninety percent (90%) of the base fee paid for the same month in the prior fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 1/12<sup>th</sup> of the G&A Ratio (as defined in the advisory agreement) for the most recently completed fiscal quarter multiplied by the Company's Total Market Capitalization.

We are also required to pay Ashford LLC an incentive fee that is measured annually (or for a stub period if the Advisory Agreement is terminated at other than year-end). In each year that the Company's total shareholder return exceeds the average total shareholder return for the peer group, the Company shall pay to Ashford LLC an incentive fee. The incentive fee, if any, subject to the Fixed Coverage Charge Ratio Condition (as defined in the Advisory Agreement), shall be payable in arrears in three equal annual installments.

We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the Advisory Agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to officers and employees of Ashford LLC in connection with providing advisory services.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

The following table summarizes the advisory services fees incurred (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Advisory services fee** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base advisory fee | $8306 | $8074 | $24585 | $24022 |
| &nbsp;&nbsp;Reimbursable expenses <sup>(1)</sup> | 2862 | 3268 | 9389 | 12410 |
| &nbsp;&nbsp;Equity-based compensation <sup>(2)</sup> | (704) | 218 | (549) | 1261 |
| &nbsp;&nbsp;&nbsp;Incentive fee | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total advisory services fee | $10437 | $11560 | $33425 | $37693 |

---

________

<sup>(1)</sup> Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards.

<sup>(2)</sup> Equity-based compensation is associated with equity grants of Ashford Trust's common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

On March 12, 2024, we entered into the Advisory Agreement. The Advisory Agreement amends and restates the terms of the Second Amended and Restated Advisory Agreement, dated January 14, 2021, to, among other items: (i) require the Company pay the advisor the Portfolio Company Fee (as defined in the Advisory Agreement) upon certain specified defaults under the Company's loan agreements resulting in the foreclosure of the Company's hotel properties; (ii) provide that there shall be no additional payments to the advisor from the amendments to the master hotel management agreement with Remington Hospitality and the master project management agreement with Premier until the Oaktree Credit Agreement is paid in full, and limits, for a period of two years thereafter, the incremental financial impact to no more than $2 million per year in additional payments to the advisor from such amendments; (iii) reduce the Consolidated Tangible Net Worth covenant (as defined in the Advisory Agreement) to $750 million (plus 75% of net equity proceeds received) from $1 billion (plus 75% of net equity proceeds received); (iv) revise the criteria that would constitute a Company Change of Control; (v) revise the definition of termination fee to provide for a minimum amount of such termination fee; and (vi) revise the criteria that would constitute a voting control event.

On March 10, 2025, the Company and Ashford LLC entered into Amendment No. 3 to the Advisory Agreement (the "Third Amendment"). The Third Amendment further extends the updates made by Amendments No. 1 and No. 2 to the Advisory Agreement to the outside date for which any sale or disposition of any of the Company's Highland loan portfolio and JPM8 hotel properties securing the associated mortgage loans following certain defaults (as described in the Advisory Agreement), including a maturity default, would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from November 30, 2025 to March 31, 2026.

On May 12, 2025, the Company and Ashford LLC entered into Amendment No. 4 to the Advisory Agreement (the "Fourth Amendment"). The Fourth Amendment further extends the updates made by the Third Amendment to the outside date for which any sale or disposition of any of the Company's Highland loan portfolio and JPM8 hotel properties securing the associated mortgage loans following certain defaults (as described in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from March 31, 2026 to May 31, 2026.

On August 14, 2025, the Company and Ashford LLC entered into Amendment No. 5 to the Advisory Agreement (the "Fifth Amendment"). The Fifth Amendment extends the outside date for which any sale or disposition of any of the Company's Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from May 31, 2026 to August 15, 2026. On November 10, 2025, the parties entered into Amendment No. 6 to the Advisory Agreement. See note 18.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

On March 10, 2025, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the "2025 Limited Waiver"). Pursuant to the Limited Waiver, the Company, the Operating Partnership, TRS and the Advisor waive the operation of any provision in our Advisory Agreement that would otherwise limit the ability of the Company in its discretion, at the Company's cost and expense, to award during the first and second fiscal quarters of calendar year 2025, cash incentive compensation to employees and other representatives of the Advisor.

On August 14, 2025, Ashford Trust OP executed a promissory note with Ashford LLC allowing Ashford Trust OP to draw up to $20 million in cash through August 15, 2026 to fund certain permitted costs (as defined in the promissory note). Funds advanced under the promissory note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the promissory note was August 15, 2026, at which time all principal drawn upon and outstanding interest would have been due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the promissory note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction. As of September 30, 2025, no amount had been drawn under the promissory note. On November 10, 2025, the promissory note was amended and restated. See note 18.

***Advisory Agreement with Stirling OP***

On September 2, 2025, the advisory agreement with Stirling OP was terminated when the Company became the sole remaining unit holder and general partner of Stirling OP. See note 2. Prior to September 2, 2025, Stirling REIT Advisors, LLC ("Stirling Advisor"), a subsidiary of Ashford Inc., acted as Stirling OP's advisor. Stirling Advisor was paid an annual management fee (payable monthly in arrears) of 1.25% of aggregate NAV represented by the Class T, Class S, Class D and Class I shares of Stirling Inc. Additionally, Stirling OP paid Stirling Advisor a management fee equal to 1.25% of the aggregate NAV of Stirling OP attributable to such Class T, Class S, Class D and Class I operating partnership units not held by Stirling Inc. per annum payable monthly in arrears. No management fee was paid with respect to Class E shares of Stirling Inc. or Class E units of Stirling OP. The management fee was allocated on a class-specific basis and borne by all holders of the applicable class. The management fee was paid, at Stirling Advisor's election, in cash, Class E shares of Stirling Inc. or Class E units of Stirling OP.

The following table summarizes the advisory services fees incurred prior to September 2, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Advisory services fee** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base advisory fee | $108 | $123 | $363 | $353 |
| &nbsp;&nbsp;Reimbursable expenses <sup>(1)</sup> | 19 | 62 | 111 | 152 |
| &nbsp;&nbsp;Performance participation fee | (14) | 111 | 213 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total advisory services fee | $113 | $296 | $687 | $838 |

---

________

<sup>(1)</sup> Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.

***Ashford Inc. and Stirling OP Advisor Support***

Prior to September 2, 2025, Stirling Advisor had agreed to advance on Stirling OP's behalf certain general and administrative expenses in connection with Stirling OP's formation and the raising of equity capital through December 31, 2025, at which point Stirling OP would reimburse Stirling Advisor for all such advanced expenses ratably over the 120 months following such date. Upon Stirling OP's redemption of all of it's unit holders other than Ashford Trust OP and Ashford TRS on September 2, 2025, Stirling OP was legally released from approximately $5.3 million of obligations previously owed by Stirling OP to Stirling Advisor for general and administrative expenses and other capital-raising costs paid by Stirling Advisor on Stirling OP's behalf. The Company recorded the extinguishment of the related liabilities as a capital contribution from Stirling Advisor as required under GAAP.

***Warwick***

Pursuant to the Company's hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage, which includes worker's compensation, general liability and auto liability

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

coverages. The hotel management companies procure worker's compensation insurance, the expenses of which are passed through to the Company. Under the Advisory Agreement and hotel management agreements, Ashford Inc. secures general liability and auto liability policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total cost estimates covered by such policies are based on the collective pool of risk exposures from each party. Ashford Inc. delegates the management of the casualty insurance program to Warwick Insurance Company, LLC ("Warwick"), a subsidiary of Ashford Inc., which issues policies covering general liability, workers' compensation and auto liability losses. Each year Ashford Inc. collects funds from Ashford Trust, Braemar and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis.

***Cash Management***

The Company, Ashford Inc. and Braemar Hotels & Resorts Inc. ("Braemar") are subject to an agreement pursuant to which the Advisor is to implement the REIT's cash management strategies. This includes actively managing the REIT's excess cash by primarily investing in short-term U.S. Treasury securities. The annual fee is 20 basis points ("bps") of the average daily balance of the funds managed by the advisor and is payable monthly in arrears.

***Lismore***

We engage Lismore or its subsidiaries to provide debt placement services, assist with loan modifications or refinancings on our behalf and provide brokerage services. During the three and nine months ended September 30, 2025, we incurred fees of $0 and $2.4 million, respectively. During the three and nine months ended September 30, 2024, we incurred fees of $75,000 and $3.6 million, respectively.

***Ashford Securities***

The Company, Braemar and Ashford Inc. are party to the Fourth Amended and Restated Contribution Agreement with respect to funding certain expenses of Ashford Securities LLC, a subsidiary of Ashford Inc. ("Ashford Securities"). As of September 30, 2025, Ashford Trust has funded approximately $17.0 million. As of December 31, 2024, Ashford Trust had funded approximately $13.2 million and had a $503,000 payable that is included in "due to Ashford Inc., net" on our consolidated balance sheet.

The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Line Item** | **2025** | **2024** | **2025** | **2024** |
| Corporate, general and administrative | $1972 | $1935 | $5711 | $8391 |

---

***Design and Construction Services*** – ***Ashford Trust***

Premier Project Management LLC ("Premier"), as a subsidiary of Ashford Inc., provides design and construction services to our hotels, including construction management, interior design, architectural services and the purchasing, freight management and supervision of installation of FF&E and related services. Pursuant to the design and construction services agreement, we pay Premier: (a) design and construction fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, architecture, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision.

On March 12, 2024, Ashford Trust OP entered into an Amended and Restated Master Project Management Agreement with Premier (the "A&R PMA"). The provisions of the A&R PMA are substantially the same as the Master Project Management Agreement, dated as of August 8, 2018. The A&R PMA provides for an initial term of ten years as to each hotel governed by the A&R PMA. The term may be renewed by Premier, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years; provided that, at the time the option to renew is exercised, Premier is not then in default under the A&R PMA. The A&R PMA also: (i) provides that fees will be payable monthly as the service is delivered based on percentage completion; (ii) allows a project management fee to be paid on a development, together with (and not in lieu of) the development fee; and (iii) fixes the fees for FF&E purchasing, expediting, freight management and warehousing at 8%.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

***Design and Construction Services*** – ***Stirling OP***

On September 2, 2025, the Master Project Management Agreement with Stirling OP was terminated when the Company became the sole remaining unit holder and general partner of Stirling OP. See note 2. Prior to September 2, 2025, the Master Project Management Agreement provided that Premier would be paid a project management fee equal to 4% of the total project costs associated with the implementation of the capital improvement budget (both hard and soft) until such time that the capital improvement budget and/or renovation project involved the expenditure of an amount in excess of 5% of the gross revenues of the applicable hotel, whereupon the design project management fee was reduced to 3% of the total project costs in excess of the 5% of gross revenue threshold.

The Master Project Management Agreement provided that Premier would provide the following services and would be paid the following fees: (i) architecture (6.5% of total construction costs, plus reimbursement for all third-party, out-of-pocket costs and expenses of mechanical, electrical and structural engineering services utilized in providing architectural services for project management work); (ii) construction management for projects without a general contractor (10% of total construction costs); (iii) interior design (6% of the purchase price of FFE designed or selected by Premier); (iv) FFE purchasing (8% of the purchase price of the FFE purchased by Premier; provided that, if the purchase price exceeded $2.0 million for a single hotel in a calendar year, then the procurement fee was reduced to 6% of the FFE purchase price in excess of $2.0 million for such hotel in such calendar year); (v) freight expediting (8% of the cost of expediting FFE); (vi) warehousing (8% of the cost of warehousing goods delivered to the job site); and (vii) development (4% of total project costs).

***Hotel Management Services***

As of September 30, 2025, Remington Hospitality managed 51 of our 70 hotel properties.

We pay monthly hotel management fees equal to the greater of approximately $18,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met, and other general and administrative expense reimbursements primarily related to accounting services. Our hotel management agreement also requires that we fund property-level operating costs including the hotel manager's payroll and related costs.

On March 12, 2024, Ashford TRS Corporation entered into a Second Consolidated, Amended and Restated Hotel Master Management Agreement with Remington Hospitality (the "Second A&R HMA"). The provisions of the Second A&R HMA are substantially the same as in the Consolidated, Amended and Restated Hotel Master Management Agreement, dated as of August 8, 2018. The Second A&R HMA provides for an initial term of ten years as to each hotel governed by the Second A&R HMA. The term may be renewed by Remington Hospitality, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years; provided that, at the time the option to renew is exercised, Remington Hospitality is not then in default under the Second A&R HMA. The Second A&R HMA also provides that Remington Hospitality may charge market premiums for its self-insured health plans to its hotel employees, the cost of which is an operating expense of the hotel properties.

On September 11, 2024, Ashford TRS Corporation entered into the First Amendment (the "HMA Amendment") to the Second A&R HMA with Remington Hospitality. Pursuant to the HMA Amendment, the amount of Group Services (as defined in the Second A&R HMA) charged per room per month at each hotel is capped at $38.32 (subject to annual increases beginning in 2026 equal to the greater of 3% or the percentage change in the Consumer Price Index over the preceding annual period) (the "Cap"). Any unpaid balance will be paid by Ashford TRS, and the Cap will be disregarded when calculating the Incentive Fee (as defined in the Second A&R HMA) for 2024. The Cap will not apply to hotels for whom the New Lessee (as defined in the Second A&R HMA) is not a direct or indirect wholly-owned subsidiary of Ashford TRS.

**16. Commitments and Contingencies**

***<u>Restricted Cash</u>***—Under certain management and debt agreements for our hotel properties existing as of September 30, 2025, escrow payments are required for insurance, real estate taxes and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow generally 4% to 5% of gross revenues for capital improvements. From time to time, the Company may work with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls.

***<u>Franchise Fees</u>***—Under franchise agreements for our hotel properties existing as of September 30, 2025, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2026 and 2049. When a franchise term expires, the franchisor has no obligation to renew the franchise. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.

The table below summarizes the franchise fees incurred (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Line Item** | **2025** | **2024** | **2025** | **2024** |
| Other hotel expenses | $13048 | $13420 | $40884 | $42010 |

---

***<u>Management Fees</u>***—Under hotel management agreements for our hotel properties existing as of September 30, 2025, we pay monthly hotel management fees equal to the greater of approximately $18,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2026 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Our hotel management agreements also require that we fund property-level operating costs, including the hotel manager's payroll and related costs.

***<u>Income Taxes</u>***—We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2020 through 2024 remain subject to potential examination by certain federal and state taxing authorities.

***<u>Litigation</u>***—On December 20, 2016, a class action lawsuit was filed against one of the Company's hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager's previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021, to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt-out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. A tentative settlement in the amount of $850,000 was reached on February 14, 2025. Final court approval was obtained on September 12, 2025. Ashford Trust's portion of the settlement is 88.2%. The case is now in the settlement administration phase. As of September 30, 2025, the settlement liability amount has been accrued.

On August 4, 2020, a lawsuit, Benjamin Zermeno v. Beverly Hills Marriott, was filed in Alameda County Superior Court as a PAGA representative action alleging various wage and hour violations of all Remington-managed California properties. The plaintiff's individual claims were compelled to arbitration. On August 18, 2022, another lawsuit, Cristina Catalano v. Beverly Hills Marriott and Mr. C, was filed as a PAGA representative action alleging various wage and hour violations of all Remington-managed California properties. The co-defendant separately settled and the individual arbitration has also settled. A private mediation was held on December 27, 2024, to globally resolve the three outstanding matters. A tentative settlement was reached subject to court approval. As of September 30, 2025, the estimated settlement liability amount has been accrued.

On April 18, 2024, the California Department of Industrial Relations ("DIR") served the Company's manager with an investigative subpoena relative to concerns with the Palm Springs Renaissance Hotel's COVID recall efforts. On August 27, 2025, the DIR issued a citation that the Company's manager failed to properly recall certain employees. On September 17, 2025, the Company's manager filed an appeal which is currently pending. The matter is in the early stages and the ultimate outcome of this matter is unknown at this time. We do not believe that any potential loss to the Company is reasonably estimable at this time. As of September 30, 2025, no amounts have been accrued.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters; tax matters; and matters relating to compliance with applicable law (for example, the Americans with Disabilities Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow.

During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain personal information. We have completed an investigation and have identified certain information that may have been exposed and notified potentially impacted individuals pursuant to applicable state guidelines. All systems have been restored. In February of 2024, two class action lawsuits were filed, one in the U.S. District Court for the Northern District of Texas and a second in the 68<sup>th</sup> District Court for Dallas County related to the cyber incident. The lawsuit filed in the 68<sup>th</sup> District Court was subsequently dismissed and refiled in the U.S. District Court for the Northern District of Texas. On March 12, 2024, the court ordered the two cases be consolidated. The consolidated case is currently pending in the U.S. District Court for the Northern District of Texas. The parties have reached an agreement, subject to final Court approval, to resolve the class action suit. The amount of the class settlement is approximately $485,000. Final court approval was received on September 3, 2025.

Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations or cash flows could be materially adversely affected in future periods.

**17. Segment Reporting**

We operate in one reportable business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments: (i) offer similar products and services to their customers in the form of hotel rooms, food and beverage, and ancillary services; (ii) utilize third-party hotel management companies to deliver its products and services to its customers; (iii) are designed and operated to appeal to similar individuals, groups, leisure and business customers; and (iv) have third-party hotel managers that utilize the same methods (direct hotel sales and various online booking portals) to distribute the Company's products and services. As of September 30, 2025 and 2024, all of our hotel properties were in the U.S. and its territories. The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer.

Each hotel property derives revenue primarily from guestroom sales, food and beverage sales and revenues from other lodging services and amenities. The accounting policies of each operating segment are the same as those described in the summary of significant accounting policies in note 2.

The CODM reviews and makes decisions on all aspects of the Company's business using all available financial and non-financial data for each hotel individually. Capital allocation decisions to acquire, sell, enhance, redevelop or perform renewal and replacement expenditures are determined on a hotel-by-hotel basis. Specifically, the CODM reviews the results of each hotel to assess the hotel's profitability. The key measure the CODM uses to allocate resources and assess performance is individual hotel net income (loss) before interest expense, income taxes, depreciation and amortization, adjusted to exclude certain items determined by management to not be reflective of its ongoing operating performance or incurred in the normal course of business ("Hotel Adjusted EBITDA"). The adjustments include gains and losses on hotel dispositions, impairment charges, pre-opening costs associated with extensive renovation projects, property-level legal settlements, restructuring, severance, management transition costs and other expenses identified by management as non-recurring. The CODM does not regularly review asset information by segment.

Following Stirling OP's redemption of its unit holders on September 2, 2025, the Company updated the presentation of its reportable segment for both the three and nine months ended September 30, 2025 and 2024 to incorporate the results of Stirling OP's four hotel properties. Prior to September 2, 2025, the CODM did not regularly review the results of Stirling OP. The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company's hotels, reconciled to the consolidated amounts included in the Company's consolidated statements of operations (in thousands):

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | $201916 | $212962 | $635420 | $685774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 45922 | 46384 | 155787 | 159002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other hotel revenue | 17838 | 16672 | 53064 | 50298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 265676 | 276018 | 844271 | 895074 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 50246 | 50929 | 149696 | 159682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 32887 | 33908 | 104068 | 109247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct expenses | 2406 | 2182 | 7029 | 7034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, general and administration | 23019 | 27017 | 75470 | 90869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 29260 | 29752 | 89901 | 94267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information and telecommunications systems | 4566 | 4565 | 12769 | 14421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 12565 | 13703 | 39463 | 42041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 12461 | 12067 | 33146 | 33546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease expense | 928 | 917 | 3324 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership expenses | 503 | 560 | 1647 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive management fee | 2842 | 3233 | 11721 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9099 | 9693 | 28949 | 31870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property taxes | 10888 | 9655 | 30949 | 30851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other taxes (refunds)  | 107 | 222 | 433 | (659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 5159 | 5782 | 16214 | 18262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 196936 | 204185 | 604779 | 649795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel adjusted EBITDA | $68740 | $71833 | $239492 | $245279 |

---

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of hotel operating income (loss) to net income (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel adjusted EBITDA | $68740 | $71833 | $239492 | $245279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 385 | 582 | 1150 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership expenses included in other hotel expenses | (12425) | (6099) | (22986) | (11577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership expenses included in property taxes, insurance and other | (58) | (2403) | (898) | (3379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | (65) | (209) | (408) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (34589) | (37740) | (107204) | (115471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | (18374) |  | (19821) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee | (10550) | (11856) | (34112) | (38531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate, general, and administrative | (7303) | (5059) | (17120) | (20462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel properties | 16753 | 9 | 55305 | 94406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derecognition of assets | 9703 | 11114 | 29649 | 156748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | 129 | (133) | (258) | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1199 | 1771 | 3666 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net |  | 36 |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs | (62879) | (66825) | (200368) | (209202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (9684) | (11120) | (29632) | (35162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (2278) | (17) | (8361) | (3831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | 58 | 2745 | 43 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | (1228) | (6202) | (4804) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (259) | 445 | (695) | (3313) |
| Net income (loss) | $(62725) | $(59128) | $(117362) | $64088 |

---

The following table reconciles segment total revenue to total consolidated revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Consolidated total hotel revenue | 265676 | 276018 | 844271 | 895074 |
| Other revenue | 385 | 582 | 1150 | 1904 |
| Total consolidated revenue | $266061 | $276600 | $845421 | $896978 |

---

**18. Subsequent Events**

On October 15, 2025, the Company completed the sale of the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California, for $42.0 million, subject to customary pro rations and adjustments.

------

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**(unaudited)**

On November 10, 2025, Ashford Trust OP executed an Amended and Restated Master Line of Credit Promissory Note (the "Amended and Restated Promissory Note") with Ashford Hospitality Advisors LLC ("Ashford LLC"), a subsidiary of Ashford Inc., amending the original Master Line of Credit Promissory note, dated August 14, 2025, allowing Ashford Trust OP to draw up to $40 million in cash through November 15, 2026 to fund Permitted Costs (as defined in the Promissory Note). Funds advanced under the Amended and Restated Promissory Note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the Amended and Restated Promissory Note is November 15, 2026, at which time all principal drawn upon and outstanding interest are due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the Amended and Restated Promissory Note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction.

On November 10, 2025, the Company and Ashford LLC entered into Amendment No. 6 to the Advisory Agreement (the "Sixth Amendment"). The Sixth Amendment further extends the outside date for which any sale or disposition of any of the Company's Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from August 15, 2026 to November 15, 2026.

On November 11, 2025, the Company entered into a definitive agreement to sell the 150-room Embassy Suites Houston located in Houston, Texas, and the 150-room Embassy Suites Austin located in Austin, Texas, for a combined purchase price of $27.0 million. The agreement includes a nonrefundable deposit of $1.0 million which was paid on November 11, 2025.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***<u>FORWARD-LOOKING STATEMENTS</u>***

The following discussion should be read in conjunction with the unaudited financial statements and notes thereto appearing elsewhere herein. This report contains forward-looking statements within the meaning of the federal securities laws. Ashford Hospitality Trust, Inc. ("the Company," "we," "our" or "us") cautions investors that any forward-looking statements presented herein, or which management may express orally or in writing from time to time, are based on management's beliefs and assumptions at that time.

Throughout this Form 10-Q, we make forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict" or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business and investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated or expected purchases, sales or dispositions of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completion of any pending transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to restructure existing property-level indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to secure additional financing to enable us to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our understanding of our competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projected capital expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of technology on our operations and business.

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 this risk when you make an investment decision concerning our securities. Additionally, the following factors could cause actual results to vary from our forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factors discussed in our Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC") on March 21, 2025, including those set forth under the sections titled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," and "Properties," as supplemented by our subsequent Quarterly Reports on Form 10-Q and other filings under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions, such as a prolonged period of weak economic growth and volatility in capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty in the banking sector and market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic events or geopolitical conditions, such as the conflict between Russia and Ukraine, the Israel-Hamas war and changes to tariffs or trade policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extreme weather conditions, which may cause property damage or interrupt business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by the lenders to foreclose on our assets that are pledged as collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general volatility of the capital markets and the market price of our common and preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general and economic business conditions affecting the lodging and travel industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our business or investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability, terms and deployment of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise capital on terms favorable to us and in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated increases in financing and other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our industry and the market in which we operate and local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the degree and nature of our competition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with Ashford Hospitality Advisors LLC ("Ashford LLC"), Remington Lodging & Hospitality, LLC ("Remington Hospitality"), Premier Project Management LLC ("Premier"), Braemar Hotels & Resorts Inc. ("Braemar"), our executive officers and our non-independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in personnel of Ashford LLC or the lack of availability of qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental regulations, accounting rules, tax rates and similar matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the "Code"), and related rules, regulations and interpretations governing the taxation of real estate investment trusts ("REITs"), including impacts from the One Big Beautiful Bill Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales and issuances of our common stock or other securities which might result in dilution and could cause the price of our common stock to decline or cause our common stock to be delisted from the NYSE.

When considering forward-looking statements, you should keep in mind the matters summarized under "Item 1A. Risk Factors" in Part I of our 2024 Form 10-K filed on March 21, 2025, and this Quarterly Report, and the discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations, could cause our actual results and performance to differ significantly from those contained in our forward-looking statements. Accordingly, we cannot guarantee future results or performance. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this Quarterly Report. Furthermore, we do not intend to update any of our forward-looking statements after the date of this Quarterly Report to conform these statements to actual results and performance, except as may be required by applicable law.

**EXECUTIVE OVERVIEW**

**General**

As of September 30, 2025, our portfolio consisted of 69 consolidated operating hotel properties, which represent 16,821 total rooms, and one additional consolidated operating hotel property owned through a 29.3% investment in a consolidated entity, which represents 188 total rooms. Currently, all of our hotel properties are located in the United States.

Based on our primary business objectives and forecasted operating conditions, our current key priorities and financial strategies include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preserving capital and maintaining significant cash and cash equivalents liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disposition of non-core hotel properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition of hotel properties, in whole or in part, that we expect will be accretive to our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuing capital market activities and implementing strategies to enhance long-term stockholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accessing cost effective capital, including through the issuance of non-traded preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• opportunistically exchanging preferred stock into common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing selective capital improvements designed to increase profitability and maintain the quality of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing effective asset management strategies to minimize operating costs and increase revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financing or refinancing hotels on competitive terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifying or extending property-level indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utilizing hedges, derivatives and other strategies to mitigate risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuing opportunistic value-add additions to our hotel portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making other investments or divestitures that our board of directors deems appropriate.

Our current investment strategy is to focus on owning predominantly full-service hotels in the upper upscale segment in domestic markets that have RevPAR generally less than twice the national average. We believe that as supply, demand and capital market cycles change, we will be able to shift our investment strategy to take advantage of new lodging-related investment opportunities as they may develop. Our board of directors may change our investment strategy at any time without stockholder approval or notice. We will continue to seek ways to benefit from the cyclical nature of the hotel industry.

We are advised by Ashford LLC, a subsidiary of Ashford Inc., through the Advisory Agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.

------

We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. As of September 30, 2025, Remington Lodging & Hospitality, LLC ("Remington Hospitality"), a subsidiary of Ashford Inc., manages 51 of our 70 operating hotel properties. Third-party management companies manage the remaining hotel properties.

Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audiovisual services, real estate advisory and brokerage services, insurance policies covering general liability, workers' compensation and business automobile claims and insurance claims services, hypoallergenic premium rooms, watersport activities, broker-dealer and distribution services, mobile key technology and cash management services.

Mr. Monty J. Bennett, chairman and chief executive officer of Ashford Inc. and, together with his father, Mr. Archie Bennett, Jr. (the "Bennetts"), as of September 30, 2025, hold a controlling interest in Ashford Inc. The Bennetts owned approximately 809,937 shares of Ashford Inc. common stock, which represented an approximate 51.5% ownership interest in Ashford Inc., and owned 18,758,600 shares of Ashford Inc. Series D Convertible Preferred Stock, which, along with all unpaid accrued and accumulated dividends thereon, was convertible (at a conversion price of $117.50 per share) into an additional approximate 4,491,456 shares of Ashford Inc. common stock, which, if converted as of September 30, 2025, would have increased the Bennetts' ownership interest in Ashford Inc. to 87.4%. The 18,758,600 shares of Series D Convertible Preferred Stock owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. include 360,000 shares owned by trusts. Additionally, Mr. Monty J. Bennett acquired the right to direct votes, effective March 25, 2025, and as of September 30, 2025, those rights represented approximately 565,000 common shares.

Pursuant to a contribution agreement with Ashford Securities, we, our Advisor and other entities advised by our Advisor contribute capital to Ashford Securities to fund a portion of its operations. Ashford Securities currently distributes our Series L Preferred Stock and Series M Preferred Stock and interests in private funds sponsored by our Advisor.

For additional detail regarding the relationships among the Company, Ashford Securities, the Company's Advisor and its affiliates, and other entities advised by the Advisor, please see the section titled "Certain Relationships and Related Person Transactions" in the Company's 2024 Annual Proxy Statement and any current or annual report, prospectus supplement, or proxy statement filed by the Company with the SEC at www.sec.gov.

**Recent Developments**

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The tax provisions in the OBBBA did not have a material impact on our consolidated financial statements.

On July 30, 2025, the Company extended its Highland mortgage loan secured by 18 hotels with an original maturity date of April 2025. Terms of the amendment included a $10.0 million principal paydown, extending the maturity date to January 9, 2026. The loan is subject to a six-month extension option to July 9, 2026, upon satisfaction of certain conditions, and bears interest at a floating rate of SOFR + 4.13%.

On August 11, 2025, the Company completed the sale of the 78-room Residence Inn Evansville located in Evansville, Indiana for $6.0 million, subject to customary pro rations and adjustments.

On August 14, 2025, the Company and Ashford LLC entered into Amendment No. 5 to the Advisory Agreement (the "Fifth Amendment"). The Fifth Amendment extends the outside date for which any sale or disposition of any of the Company's Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from May 31, 2026 to August 15, 2026. On November 10, 2025, the parties entered into Amendment No. 6 to the Advisory Agreement. See below.

------

On August 14, 2025, Ashford Trust OP executed a promissory note with Ashford LLC allowing Ashford Trust OP to draw up to $20 million in cash through August 15, 2026 to fund certain permitted costs (as defined in the promissory note). Funds advanced under the promissory note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the promissory note was August 15, 2026, at which time all principal drawn upon and outstanding interest would have been due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the promissory note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction. On November 10, 2025, the promissory note was amended and restated. See below.

On August 22, 2025, the Company completed the sale of the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.8 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $16.5 million.

On September 2, 2025, the Company became the sole remaining unit holder and general partner of Stirling OP when Stirling OP redeemed all of its unit holders other than Ashford Trust OP and Ashford TRS for an aggregate of $685,000 in cash. The Company remains the primary beneficiary of Stirling OP and Stirling OP's properties and debt continue to be reflected on the Company's balance sheet at their historical carrying values as of September 30, 2025.

On September 15, 2025, the Company refinanced the mortgage loan for the Renaissance Hotel in Nashville, Tennessee. The new, non-recourse loan has a balance of $218.1 million and has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date of September 2030. The loan is interest only and provides for a floating interest rate of SOFR + 2.26%. In conjunction with the debt refinancing, the preferred equity investment on the property was upsized by $53.0 million, and the all-in rate of return on the preferred equity was reduced from 14% to 11.14%.

On October 15, 2025, the Company completed the sale of the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California, for $42.0 million, subject to customary pro rations and adjustments.

On November 10, 2025, Ashford Trust OP executed an Amended and Restated Master Line of Credit Promissory Note (the "Amended and Restated Promissory Note") with Ashford Hospitality Advisors LLC ("Ashford LLC"), a subsidiary of Ashford Inc., amending the original Master Line of Credit Promissory note, dated August 14, 2025, allowing Ashford Trust OP to draw up to $40 million in cash through November 15, 2026 to fund Permitted Costs (as defined in the Promissory Note). Funds advanced under the Amended and Restated Promissory Note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the Amended and Restated Promissory Note is November 15, 2026, at which time all principal drawn upon and outstanding interest are due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the Amended and Restated Promissory Note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction.

On November 10, 2025, the Company and Ashford LLC entered into Amendment No. 6 to the Advisory Agreement (the "Sixth Amendment"). The Sixth Amendment further extends the outside date for which any sale or disposition of any of the Company's Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from August 15, 2026 to November 15, 2026.

On November 11, 2025, the Company entered into a definitive agreement to sell the 150-room Embassy Suites Houston located in Houston, Texas, and the 150-room Embassy Suites Austin located in Austin, Texas, for a combined purchase price of $27.0 million. The agreement includes a nonrefundable deposit of $1.0 million which was paid on November 11, 2025.

**RESULTS OF OPERATIONS**

**Key Indicators of Operating Performance**

We use a variety of operating and other information to evaluate the operating performance of our business. These key indicators include financial information that is prepared in accordance with GAAP as well as other financial measures that are non-GAAP measures. In addition, we use other information that may not be financial in nature, including statistical information and comparative data. We use this information to measure the operating performance of our individual hotels, groups of hotels and/or business as a whole. We also use these metrics to evaluate the hotels in our portfolio and potential acquisitions to

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determine each hotel's contribution to cash flow and its potential to provide attractive long-term total returns. These key indicators include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Occupancy***—Occupancy means the total number of hotel rooms sold in a given period divided by the total number of rooms available. Occupancy measures the utilization of our hotels' available capacity. We use occupancy to measure demand at a specific hotel or group of hotels in a given period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***ADR***—ADR means average daily rate and is calculated by dividing total hotel rooms revenues by total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. We use ADR to assess the pricing levels that we are able to generate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***RevPAR***—RevPAR means revenue per available room and is calculated by multiplying ADR by the average daily occupancy. RevPAR is one of the commonly used measures within the hotel industry to evaluate hotel operations. RevPAR does not include revenues from food and beverage sales or parking, telephone or other non-rooms revenues generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare the results of our hotels between periods and to analyze results of our comparable hotels (comparable hotels represent hotels we have owned for the entire period). RevPAR improvements attributable to increases in occupancy are generally accompanied by increases in most categories of variable operating costs. RevPAR improvements attributable to increases in ADR are generally accompanied by increases in limited categories of operating costs, such as management fees and franchise fees.

RevPAR changes that are primarily driven by changes in occupancy have different implications for overall revenues and profitability than changes that are driven primarily by changes in ADR. For example, an increase in occupancy at a hotel would lead to additional variable operating costs (including housekeeping services, utilities and room supplies) and could also result in increases in other operating department revenues and expenses. Changes in ADR typically have a greater impact on operating margins and profitability as they do not have a substantial effect on variable operating costs.

Occupancy, ADR and RevPAR are commonly used measures within the lodging industry to evaluate operating performance. RevPAR is an important statistic for monitoring operating performance at the individual hotel level and across our entire business. We evaluate individual hotel RevPAR performance on an absolute basis with comparisons to budget and prior periods, as well as on a regional and company-wide basis. ADR and RevPAR include only rooms revenue. Rooms revenue is dictated by demand (as measured by occupancy), pricing (as measured by ADR) and our available supply of hotel rooms.

We also use funds from operations ("FFO"), Adjusted FFO, earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") and Adjusted EBITDAre as measures of the operating performance of our business. See "Non-GAAP Financial Measures."

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The following table summarizes the changes in key line items from our consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Favorable (Unfavorable) Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Favorable<br>(Unfavorable) Change** |
| | **2025** | **2024** | **2025 to 2024** | **2025** | **2024** | **2025 to 2024** |
| Total revenue | $266061 | $276600 | $(10539) | $845421 | $896978 | $(51557) |
| Total hotel expenses | (193272) | (194834) | 1562 | (580576) | (613166) | 32590 |
| Property taxes, insurance and other | (16212) | (18062) | 1850 | (48495) | (52335) | 3840 |
| Depreciation and amortization | (34589) | (37740) | 3151 | (107204) | (115471) | 8267 |
| Impairment charges | (18374) |  | (18374) | (19821) |  | (19821) |
| Advisory service fee | (10550) | (11856) | 1306 | (34112) | (38531) | 4419 |
| Corporate, general and administrative | (7303) | (5059) | (2244) | (17120) | (20462) | 3342 |
| Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | 16753 | 9 | 16744 | 55305 | 94406 | (39101) |
| Gain (loss) on derecognition of assets | 9703 | 11114 | (1411) | 29649 | 156748 | (127099) |
| Operating income (loss) | 12217 | 20172 | (7955) | 123047 | 308167 | (185120) |
| Equity in earnings (loss) of unconsolidated entities | 129 | (133) | 262 | (258) | (828) | 570 |
| Interest income | 1199 | 1771 | (572) | 3666 | 5443 | (1777) |
| Other income (expense) |  | 36 | (36) |  | 108 | (108) |
| Interest expense and amortization of discounts and loan costs | (62879) | (66825) | 3946 | (200368) | (209202) | 8834 |
| Interest expense associated with hotels in receivership | (9684) | (11120) | 1436 | (29632) | (35162) | 5530 |
| Write-off of premiums, loan costs and exit fees | (2278) | (17) | (2261) | (8361) | (3831) | (4530) |
| Gain (loss) on extinguishment of debt | 58 | 2745 | (2687) | 43 | 2790 | (2747) |
| Realized and unrealized gain (loss) on derivatives | (1228) | (6202) | 4974 | (4804) | (84) | (4720) |
| Income tax benefit (expense) | (259) | 445 | (704) | (695) | (3313) | 2618 |
| Net income (loss) | (62725) | (59128) | (3597) | (117362) | 64088 | (181450) |
| (Income) loss from consolidated entities attributable to noncontrolling interests | 1531 | 477 | 1054 | 4719 | 494 | 4225 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1045 | 746 | 299 | 2127 | (672) | 2799 |
| Net income (loss) attributable to the Company | $(60149) | $(57905) | $(2244) | $(110516) | $63910 | $(174426) |

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All hotel properties held during the three and nine months ended September 30, 2025 and 2024 have been included in our results of operations during the respective periods in which they were held. Based on when a hotel property was acquired or disposed, operating results for certain hotel properties are not comparable for the three and nine months ended September 30, 2025 and 2024. The hotel properties listed below are not comparable hotel properties for the periods indicated and all other hotel properties are considered comparable hotel properties. The following transactions affect the reporting comparability of our consolidated financial statements:

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| | | | |
|:---|:---|:---|:---|
| **Hotel Properties**  | **Location**  | **Type** | **Date** |
| Courtyard Columbus Tipton Lakes <sup>(2)</sup> | Columbus, IN | Derecognized | March 1, 2024 |
| Courtyard Old Town <sup>(2)</sup> | Scottsdale, AZ | Derecognized | March 1, 2024 |
| Residence Inn Hughes Center <sup>(2)</sup> | Las Vegas, NV | Derecognized | March 1, 2024 |
| Residence Inn Phoenix Airport <sup>(2)</sup> | Phoenix, AZ | Derecognized | March 1, 2024 |
| Residence Inn San Jose Newark <sup>(2)</sup> | Newark, CA | Derecognized | March 1, 2024 |
| SpringHill Suites Manhattan Beach <sup>(2)</sup> | Hawthorne, CA | Derecognized | March 1, 2024 |
| SpringHill Suites Plymouth Meeting <sup>(2)</sup> | Plymouth Meeting, PA | Derecognized | March 1, 2024 |
| Courtyard Basking Ridge <sup>(2)</sup> | Basking Ridge, NJ | Derecognized | March 1, 2024 |
| Courtyard Newark Silicon Valley <sup>(2)</sup> | Newark, CA | Derecognized | March 1, 2024 |
| Courtyard Oakland Airport <sup>(2)</sup> | Oakland, CA | Derecognized | March 1, 2024 |
| Courtyard Plano Legacy Park <sup>(2)</sup> | Plano, TX | Derecognized | March 1, 2024 |
| Residence Inn Plano <sup>(2)</sup> | Plano, TX | Derecognized | March 1, 2024 |
| SpringHill Suites BWI Airport <sup>(2)</sup> | Baltimore, MD | Derecognized | March 1, 2024 |
| TownePlace Suites Manhattan Beach <sup>(2)</sup> | Hawthorne, CA | Derecognized | March 1, 2024 |
| Residence Inn Salt Lake City <sup>(1)</sup> | Salt Lake City, UT | Disposition | March 6, 2024 |
| Hilton Boston Back Bay <sup>(1)</sup> | Boston, MA | Disposition | April 9, 2024 |
| Hampton Inn Lawrenceville <sup>(1)</sup> | Lawrenceville, GA | Disposition | April 23, 2024 |
| Courtyard Manchester <sup>(1)</sup> | Manchester, CT | Disposition | May 30, 2024 |
| SpringHill Suites Kennesaw <sup>(1)</sup> | Kennesaw, GA | Disposition | June 10, 2024 |
| Fairfield Inn Kennesaw <sup>(1)</sup> | Kennesaw, GA | Disposition | June 10, 2024 |
| One Ocean <sup>(1)</sup> | Atlantic Beach, FL | Disposition | June 27, 2024 |
| The Ashton <sup>(1)</sup> | Fort Worth, TX | Disposition | July 17, 2024 |
| Le Méridien Fort Worth | Fort Worth, TX | Developed | August 29, 2024 |
| Courtyard Boston <sup>(1)</sup> | Boston, MA | Disposition | January 10, 2025 |
| Residence Inn Evansville <sup>(1)</sup> | Evansville, IN | Disposition | August 11, 2025 |
| Hilton NASA Clear Lake <sup>(1)</sup> | Houston, TX | Disposition | August 22, 2025 |

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<sup>(1)</sup> Referred to as "Hotel Dispositions."

<sup>(2)</sup> Referred to as "KEYS A and B properties."

The following table illustrates the key performance indicators of the operating hotel properties included in our results of operations:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| RevPAR (revenue per available room) | $127.75 | $132.05 | $134.62 | $135.17 |
| Occupancy | 70.93% | 70.82% | 71.39% | 70.71% |
| ADR (average daily rate) | $180.10 | $186.44 | $188.58 | $191.17 |

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The following table illustrates the key performance indicators of the 69 comparable hotel properties that were included in our results of operations for the full three and nine months ended September 30, 2025 and 2024, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| RevPAR | $128.54 | $130.70 | $135.99 | $136.32 |
| Occupancy | 70.89% | 70.42% | 71.33% | 70.83% |
| ADR | $181.31 | $185.59 | $190.66 | $192.46 |

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**Comparison of the Three Months Ended September 30, 2025 and 2024** 

***Net Income (Loss) Attributable to the Company****.* Net income (loss) attributable to the Company changed $2.2 million, from net loss of $57.9 million for the three months ended September 30, 2024 (the "2024 quarter") to a net loss of $60.1 million for the three months ended September 30, 2025 (the "2025 quarter") as a result of the factors discussed below.

***Revenue****.* Rooms revenue from our hotel properties decreased $11.0 million, or 5.2%, to $201.9 million in the 2025 quarter compared to the 2024 quarter. This decrease in the 2025 quarter is attributable to a decrease of $9.5 million from our Hotel Dispositions and $3.1 million from our comparable hotel properties. These decreases were partially offset by higher rooms revenue of $1.5 million from the Le Méridien that opened in August 2024 (the "Le Méridien Opening"). Our comparable hotel properties experienced an decrease of 2.3% in room rates and a 47 basis point decrease in occupancy.

Food and beverage revenue decreased $462,000, or 1.0%, to $45.9 million in the 2025 quarter compared to the 2024 quarter. This decrease in the 2025 quarter is primarily attributable to a decrease of food and beverage sales of $752,000 from our Hotel Dispositions. These decreases were partially offset by increased revenue of $302,000 at the Le Méridien Opening.

Other hotel revenue, which consists mainly of internet access, parking, and spa revenue, increased $1.2 million, or 7.0%, to $17.8 million in the 2025 quarter compared to the 2024 quarter. This increase is primarily attributable to an increase of $1.6 million and $128,000 at our comparable hotel properties and at the Le Méridien Opening, respectively. The increase was partially offset by a decrease of $517,000 from our Hotel Dispositions. Other non-hotel revenue decreased $197,000, or 33.8%, to $385,000 in the 2025 quarter as compared to the 2024 quarter.

***Hotel Operating Expenses****.* Hotel operating expenses decreased $1.6 million, or 0.8%, to $193.3 million in the 2025 quarter compared to the 2024 quarter. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses decreased $1.3 million in the 2025 quarter as compared to the 2024 quarter primarily due to a decrease of $2.4 million from our Hotel Dispositions. The decrease in direct expenses was partially offset by increases of $854,000 and $299,000 from the Le Méridien Opening and our comparable hotels, respectively, in the 2025 quarter. Direct expenses were 32.4% of total hotel revenue for the 2025 quarter and 31.6% for the 2024 quarter.

Indirect expenses and management fees decreased $283,000 in the 2025 quarter as compared to the 2024 quarter primarily due to a decrease of $4.2 million from our Hotel Dispositions. The decrease in the 2025 quarter was partially offset by an increase of $3.0 million from our comparable hotel properties and $1.0 million from the Le Méridien Opening.

***Property Taxes, Insurance and Other****.* Property taxes, insurance and other expense decreased $1.9 million, or 10.2%, to $16.2 million during the 2025 quarter compared to the 2024 quarter. The decrease in the 2025 quarter was primarily due to a decrease of $1.7 million and $429,000 from our comparable hotel properties and from our Hotel Dispositions, respectively. The decrease in the 2025 quarter was partially offset by an increase of $265,000 from the Le Méridien Opening.

***Depreciation and Amortization****.* Depreciation and amortization decreased $3.2 million, or 8.3%, to $34.6 million during the 2025 quarter compared to the 2024 quarter. The decrease in the 2025 quarter was primarily due to decreases of $1.1 million from our Hotel Dispositions and $2.4 million from our comparable hotel properties. The decrease in the 2025 quarter was partially offset by an increase of $358,000 from the Le Méridien Opening.

***Impairment Charges****.* Impairment charges were $18.4 million in the 2025 quarter. The impairment charges related to the New Orleans Le Pavillon Hotel due to a reduction in the property's estimated future cash flows resulting from a decrease to the expected holding period of the property.

***Advisory Services Fee****.* Advisory services fee decreased $1.3 million, or 11.0%, to $10.6 million in the 2025 quarter compared to the 2024 quarter. The advisory services fee represents fees incurred in connection with the advisory agreements

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between Ashford Inc. and the Company and between Ashford Inc. and Stirling OP prior to September 2, 2025. In the 2025 quarter, the advisory services fee was comprised a base advisory fee of $8.3 million, reimbursable expenses of $2.9 million and fees totaling $113,000 associated with the Stirling OP's advisory agreement incurred prior to September 2, 2025. In the 2024 quarter, the advisory services fee comprised a base advisory fee of $8.1 million, equity-based compensation of $218,000 awarded to the officers and employees of Ashford Inc., reimbursable expenses of $3.3 million and fees totaling $296,000 associated with Stirling OP's advisory agreement.

***Corporate, General and Administrative****.* Corporate, general and administrative expense increased $2.2 million from $5.1 million in the 2024 quarter to $7.3 million in the 2025 quarter. The increase was primarily attributable to an increase in legal and professional costs of $3.0 million. The increase in the 2025 quarter was partially offset by decreases in miscellaneous expenses of $523,000 and public company costs of $258,000.

***Gain (Loss) on Consolidation of VIE and Disposition of Assets and Hotel Properties****.* Gain on consolidation of VIE and disposition of assets and hotel properties increased $16.7 million from $9,000 in the 2024 quarter to $16.8 million in the 2025 quarter. The gain in the 2025 quarter was primarily related to the gain from the sale of the Hilton Houston NASA Clear Lake of $16.0 million.

***Gain (Loss) on Derecognition of Assets****.* Gain on derecognition of assets decreased $1.4 million from $11.1 million in the 2024 quarter to $9.7 million in the 2025 quarter. The gain primarily represents the increase of the contract asset on our consolidated balance sheets. We record a contract asset associated with the accrued interest expense from the default of the KEYS A and KEYS B loans as we expect to be released from this obligation upon final resolution with the lender. The gains in the 2025 quarter and in the 2024 quarter primarily relate to accrued interest on the KEYS A and B properties in receivership. See note 7 to our consolidated financial statements.

***Equity in Earnings (Loss) of Unconsolidated Entities****.* Equity in earnings (loss) of unconsolidated entities changed $262,000 from a loss of $133,000 during the 2024 quarter to earnings of $129,000 during the 2025 quarter. Equity in earnings (loss) primarily results from our investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage in Napa, California.

***Interest Income****.* Interest income was $1.2 million and $1.8 million for the 2025 quarter and the 2024 quarter, respectively. The decrease in interest income in the 2025 quarter was primarily attributable to lower excess cash balances in the 2025 quarter compared to the 2024 quarter.

***Other Income (Expense)****.* Other income consisted of miscellaneous income of $0 in the 2025 quarter and $36,000 in the 2024 quarter.

***Interest Expense and Amortization of Discounts and Loan Costs****.* Interest expense and amortization of discounts and loan costs decreased $3.9 million, or 5.9%, to $62.9 million during the 2025 quarter compared to the 2024 quarter. The decrease is primarily due to a $3.2 million decrease due to paying off the Oaktree loan in February 2025 and a $2.6 million decrease from our Hotel Dispositions. The decrease additionally includes $1.5 million in amortization of capitalized loan principal which is recorded as a reduction to interest expense. See note 7 to our consolidated financial statements.

These decreases were partially offset by higher interest expense and amortization of discounts and loan costs of $2.7 million at our comparable hotel properties and a $677,000 increase in interest expense from the Le Méridien Opening. The average SOFR rates for the 2025 quarter and the 2024 quarter were 4.35% and 5.17%, respectively.

***Interest Expense Associated with Hotels in Receivership***. Interest expense associated with hotels in receivership decreased $1.4 million, from $11.1 million in 2024 quarter to $9.7 million in the 2025 quarter. The decrease is due is primarily due to lower interest rates in the 2025 quarter. See note 7 to our consolidated financial statements.

***Write-off of Premiums, Loan Costs and Exit Fees****.* Write-off of premiums, loan costs and exit fees was $2.3 million in the 2025 quarter and $17,000 in the 2024 quarter. In the 2025 quarter, we incurred fees of $2.3 million related to loan refinances and modifications.

***Gain (Loss) on Extinguishment of Debt****.* Gain (loss) on extinguishment of debt resulted in a gain of $58,000 in the 2025 quarter and a gain of $2.7 million in the 2024 quarter. In June 2024, the Company was informed by its lender that the lender intended to exercise remedies for the maturity default on the Ashton Hotel in Fort Worth, Texas, which secured the Company's $8.9 million mortgage loan. The Company and the lender agreed to a deed-in-lieu of foreclosure, which was completed on July 16, 2024 and resulted in a gain on extinguishment of debt of approximately $2.6 million.

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***Realized and Unrealized Gain (Loss) on Derivatives****.* Realized and unrealized gain (loss) on derivatives changed $5.0 million from a $6.2 million gain in the 2024 quarter to an $1.2 million loss in the 2025 quarter. In the 2025 quarter, we recognized net unrealized losses of $1.3 million on our derivatives. These unrealized losses were partially offset by net realized gains of $310,000 related to payments from counterparties on interest rate caps.

In the 2024 quarter, we recognized unrealized losses of $13.5 million associated with interest rate caps and the revaluation of the embedded debt derivative in the Oaktree Agreement. These unrealized losses were partially offset by a realized gain of $7.3 million related to payments from counterparties on interest rate caps.

***Income Tax (Expense) Benefit****.* Income tax (expense) benefit changed $704,000, from a benefit of $445,000 in the 2024 quarter to expense of $259,000 in the 2025 quarter. The change was primarily the result of a non-recurring benefit recorded in the 2024 quarter for a reduction in the current state taxes for certain of our filing groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests***. Our noncontrolling interest partners in consolidated entities were allocated a loss of $1.5 million in the 2025 quarter and a loss of $477,000 in the 2024 quarter. Noncontrolling interests in consolidated entities represented an ownership interest of 70.7% in 815 Commerce MM and, prior to September 2, 2025, an ownership interest of 0.30% in Stirling OP. See notes 1 and 2 to our consolidated financial statements.

***Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership****.* Noncontrolling interests in operating partnership were allocated a net loss of $1.0 million in the 2025 quarter and a net loss of $746,000 in the 2024 quarter. Redeemable noncontrolling interests represented ownership interests of 1.49% and 1.17% in the operating partnership at September 30, 2025 and 2024, respectively.

**Comparison of the Nine Months Ended September 30, 2025 and 2024** 

***Net Income (Loss) Attributable to the Company****.* Net income (loss) attributable to the Company changed $174.4 million from net income of $63.9 million for the nine months ended September 30, 2024 (the "2024 period") to a net loss of $110.5 million for the nine months ended September 30, 2025 (the "2025 period") as a result of the factors discussed below.

***Revenue****.* Rooms revenue from our hotel properties decreased $50.4 million, or 7.3%, to $635.4 million in the 2025 period compared to the 2024 period. This decrease in the 2025 period is primarily attributable to decreases in rooms revenue of $40.0 million from our Hotel Dispositions, $13.7 million from the KEYS A and B properties that went into receivership in the 2024 period and $2.7 million at our comparable hotel properties. These decreases were partially offset by an increase of $6.0 million in rooms revenue from the Le Méridien Opening in the 2025 period. Our comparable hotel properties experienced a decrease of 0.9% in room rates and a increase of 50 basis points in occupancy.

Food and beverage revenue decreased $3.2 million, or 2.0%, to $155.8 million in the 2025 period compared to the 2024 period. This decrease in the 2025 period is primarily attributable to decreases in food and beverage revenue of $6.6 million from our Hotel Dispositions and $404,000 from the KEYS A and B properties. These decreases were partially offset by higher food and beverage revenue of $2.6 million at our comparable hotel properties and $1.1 million from the Le Méridien Opening.

Other hotel revenue, which consists mainly of internet access, parking, and spa revenue, increased $2.8 million, or 5.5%, to $53.1 million in the 2025 period compared to the 2024 period. This increase in the 2025 period is primarily attributable to increases in other hotel revenue of $7.2 million from our comparable hotel properties and $442,000 from the Le Méridien Opening. These increases were partially offset by lower other hotel revenue of $4.4 million from our Hotel Dispositions and $488,000 from the KEYS A and B properties. Other revenue decreased $754,000, or 39.6%, to $1.2 million in the 2025 period compared to the 2024 period.

***Hotel Operating Expenses****.* Hotel operating expenses decreased $32.6 million, or 5.3%, to $580.6 million in the 2025 period compared to the 2024 period. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses decreased $15.5 million in the 2025 period compared to the 2024 period, comprising a decrease of $15.8 million from our Hotel Dispositions and $3.9 million from the KEYS A and B properties. The decrease in direct expenses was partially offset by an increase in the 2025 period of $1.5 million and $2.8 million from our comparable hotel properties and the Le Méridien Opening, respectively. Direct expenses were 30.9% of total hotel revenue for the 2025 period and 30.9% for the 2024 period.

Indirect expenses and management fees decreased $17.1 million in the 2025 period compared to the 2024 period, comprising a decrease of $19.8 million from our Hotel Dispositions and $6.3 million from the KEYS A and B properties. These decreases in the 2025 period were partially offset by an increase of $6.1 million from our comparable hotel properties and $3.0 million from the Le Méridien Opening.

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***Property Taxes, Insurance and Other****.* Property taxes, insurance and other expense decreased $3.8 million or 7.3%, to $48.5 million in the 2025 period compared to the 2024 period. The decrease in the 2025 period was primarily due to a decrease of $3.6 million from our Hotel Dispositions and $1.0 million from the KEYS A and B properties. The decrease in the 2025 period was partially offset by an increase of $1.0 million from the Le Méridien Opening.

***Depreciation and Amortization****.* Depreciation and amortization decreased $8.3 million or 7.2%, to $107.2 million in the 2025 period compared to the 2024 period. The decrease in the 2025 period was primarily due to lower depreciation of $4.7 million from our Hotel Dispositions, $4.3 million from our comparable hotels and $1.8 million from the KEYS A and B properties. The decrease in the 2025 period was partially offset by an increase of $2.6 million from the Le Méridien Opening.

***Impairment Charges****.* Impairment charges were $19.8 million in the 2025 period. These charges included $18.4 million related to the New Orleans Le Pavillon Hotel and $1.4 million related to the Residence Inn Evansville. The impairment charges were incurred due to a reduction in both properties' estimated future cash flows resulting from decreases to the expected holding periods of the properties. On August 11, 2025, the Company completed the sale of the Residence Inn Evansville.

***Advisory Services Fee****.* The advisory services fee decreased $4.4 million, or 11.5%, to $34.1 million in the 2025 period compared to the 2024 period. The advisory services fee represents fees incurred in connection with the advisory agreements between Ashford Inc. and the Company and, prior to September 2, 2025, between Ashford Inc. and Stirling OP. In the 2025 period, the advisory services fee primarily comprised a base advisory fee of $24.6 million, reimbursable expenses of $9.4 million and fees totaling $687,000 associated with Stirling OP's advisory agreement. In the 2024 period, the advisory services fee comprised a base advisory fee of $24.0 million, equity-based compensation of $1.3 million awarded to the officers and employees of Ashford Inc., reimbursable expenses of $12.4 million and fees totaling $838,000 associated with Stirling OP's advisory agreement.

***Corporate, General and Administrative****.* Corporate, general and administrative expenses decreased $3.3 million, or 16.3%, to $17.1 million in the 2025 period compared to the 2024 period. The decrease was primarily attributable to a decrease in reimbursements of Ashford Securities' operating expenses of $2.7 million, miscellaneous expenses of $1.5 million and public company costs of $290,000. The decrease in the 2025 period was partially offset by an increase of $1.2 million in legal and professional expenses.

***Gain (Loss) on Consolidation of VIE and Disposition of Assets and Hotel Properties****.* Gain on consolidation of VIE and disposition of assets and hotel properties decreased $39.1 million, from $94.4 million in the 2024 period to $55.3 million in the 2025 period. The gain in the 2025 period was primarily related to the sales of the Hilton Houston NASA Clear Lake and the Residence Inn Evansville in August 2025 and the sale of the Boston Courtyard Downtown in January 2025. Other increases include the sale of a parcel of land previously owned by our Residence Inn Orlando property in April 2025. The gain in the 2024 period was primarily related to the sale of seven of our hotel properties in the 2024 period.

***Gain (Loss) on Derecognition of Assets****.* Gain on derecognition of assets decreased $127.1 million, from $156.7 million in the 2024 period to $29.6 million in the 2025 period. The gain primarily represents the increase of the contract asset on our consolidated balance sheets. We record a contract asset associated with the accrued interest expense from the default of the KEYS A and KEYS B loans as we expect to be released from this obligation upon final resolution with the lender. The gain in the 2025 period relates to accrued interest on the KEYS A and B properties in receivership and the transfer of the SpringHill Suites BWI Airport to a third-party purchaser in June of 2025. In the 2024 period, the gain primarily related to a gain of $133.9 million from the initial derecognition of assets of the KEYS A and B properties in March of 2024 and additional gains of $22.8 million from the associated accrued interest expense in the 2024 period. See note 7 to our consolidated financial statements.

***Equity in Earnings (Loss) of Unconsolidated Entities****.* Equity in loss of unconsolidated entities was $258,000 in the 2025 period and $828,000 in the 2024 period. Equity in loss primarily results from our investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage in Napa, California.

***Interest Income****.* Interest income was $3.7 million and $5.4 million in the 2025 period and the 2024 period, respectively. The decrease in interest income in the 2025 period was primarily attributable to lower excess cash balances in the 2025 period compared to the 2024 period.

***Other Income (Expense)****.* In the 2025 period and the 2024 period, we recorded miscellaneous income of $0 and $108,000, respectively.

***Interest Expense and Amortization of Discounts and Loan Costs****.* Interest expense and amortization of discounts and loan costs decreased $8.8 million, or 4.2%, to $200.4 million in the 2025 period compared to the 2024 period. The decrease was primarily due to lower cash interest expense and amortization of loan costs of $16.7 million as a result of the pay-off of the Oaktree loan in February 2025 and a $12.3 million decrease from our Hotel Dispositions. These decreases were partially offset

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by higher default interest and late charges recorded on mortgage loans in default of $11.4 million, higher interest expense and amortization of discounts and loan costs at our comparable hotels of $5.7 million and higher interest expense of $3.1 million from the Le Méridien Opening. The average SOFR rates in the 2025 period and the 2024 period were 4.35% and 5.27%, respectively.

***Interest Expense Associated with Hotels in Receivership***. Interest expense associated with hotels in receivership decreased $5.5 million, from $35.2 million in the 2024 period to $29.6 million in the 2025 period. The decrease is due to four fewer hotels being under receivership in the 2025 period compared to the 2024 period. On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024 and June 25, 2025, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes and SpringHill Suites BWI Airport, respectively, to a third-party purchaser. As a result, the contract asset and corresponding indebtedness associated with hotels in receivership and the accrued interest associated with hotels in receivership were reduced for the amounts attributable to each hotel. See note 7 to our consolidated financial statements.

***Write-off of Premiums, Loan Costs and Exit Fees****.* Write-off of premiums, loan costs and exit fees was $8.4 million in the 2025 period and $3.8 million in the 2024 period. The balance in the 2025 period primarily relates to fees of $5.6 million from loan refinances and modifications and fees of $2.2 million related to prepayment penalties and exit fees on loan refinances. The balance in the 2024 period primarily relates to fees of $3.0 million related to loan refinances and modifications and $817,000 of unamortized loan cost write-offs.

***Gain (Loss) on Extinguishment of Debt***. Gain (loss) on extinguishment of debt resulted in a gain of $43,000 in the 2025 period and a gain of $2.8 million in the 2024 period. In June 2024, the Company was informed by its lender that the lender intended to exercise remedies for the maturity default on the Ashton Hotel in Fort Worth, Texas, which secured the Company's $8.9 million mortgage loan. The Company and the lender agreed to a deed-in-lieu of foreclosure, which was completed on July 16, 2024 and resulted in a gain on extinguishment of debt of approximately $2.6 million.

***Realized and Unrealized Gain (Loss) on Derivatives****.* Realized and unrealized gain (loss) on derivatives changed by $4.7 million from an $84,000 loss in the 2024 period to a $4.8 million loss in the 2025 period. In the 2025 period, we recognized $6.5 million of net unrealized losses on our derivatives which were primarily attributable to interest rate caps. These unrealized losses were partially offset by net realized gains on interest rate caps of $1.7 million.

In the 2024 period, we recognized an unrealized loss of $24.7 million associated with interest rate caps, partially offset by a realized gain of $23.3 million related to payments from counterparties on interest rate caps and an unrealized gain of $1.3 million from the revaluation of the embedded debt derivative in the Oaktree Agreement.

***Income Tax (Expense) Benefit****.* Income tax expense decreased $2.6 million, from $3.3 million in the 2024 period to $695,000 in the 2025 period. The change was primarily due to a decrease in overall current state taxes in the 2025 period compared to the 2024 period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests***. Our noncontrolling interest partners in consolidated entities were allocated a loss of $4.7 million and $494,000 in the 2025 period and the 2024 period, respectively. Noncontrolling interests in consolidated entities represented an ownership interest of 70.7% in 815 Commerce MM and, prior to September 2, 2025, 0.30% in Stirling OP. See notes 1 and 2 to our consolidated financial statements.

***Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership****.* Noncontrolling interests in operating partnership were allocated a net loss of $2.1 million in the 2025 period and net income of $672,000 in the 2024 period. Redeemable noncontrolling interests represented ownership interests of 1.49% and 1.17% in the operating partnership as of September 30, 2025 and 2024, respectively.

**LIQUIDITY AND CAPITAL RESOURCES**

**Liquidity**

As of September 30, 2025, the Company held cash and cash equivalents of $81.9 million and restricted cash of $166.9 million (including amounts held for sale), the vast majority of which comprises lender and manager-held reserves. As of September 30, 2025, $27.4 million (including amounts held for sale) was also due to the Company from third-party hotel managers, most of which is held by one of the Company's managers and is available to fund hotel operating costs. At September 30, 2025, our net debt to gross assets was 71.9%.

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The Company's cash and cash equivalents primarily comprised corporate cash invested in short-term U.S. Treasury securities with maturity dates of less than 90 days and corporate cash held at commercial banks in Insured Cash Sweep ("ICS") accounts, which are fully insured by the FDIC. The Company's cash and cash equivalents also includes property-level operating cash deposited with commercial banks that have been designated as a Global Systemically Important Bank ("G-SIB") by the Financial Stability Board ("FSB") and a small amount deposited with other commercial banks.

Based on our current level of operations, our cash flow from operations, capital market activities, asset sales and our existing cash balances should be adequate to meet upcoming anticipated requirements for interest and principal payments on debt (excluding any potential final maturity payments and paydowns for extension tests), working capital and capital expenditures for the next 12 months and dividends required to maintain our status as a REIT for U.S. federal income tax purposes. With respect to upcoming maturities, no assurances can be given that we will be able to refinance our upcoming maturities. Additionally, no assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy or may result in lender foreclosure.

Our cash position from operations is affected primarily by macro industry movements in occupancy and rates as well as our ability to control costs. Further, interest rates can greatly affect the cost of our debt service as well as the value of any financial hedges we may put in place. We monitor industry fundamentals and interest rates very closely. Capital expenditures above our reserves will affect cash flow as well and are impacted by inflation.

Certain of our loan agreements contain cash trap provisions that may be triggered if the performance of our hotels declines below a threshold. When these provisions are triggered, substantially all of the profit generated by our hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our various lenders. During a cash trap, certain disbursements from these hotel operating cash receipts would require consent of our lenders. At September 30, 2025, 45 of our hotels were in cash traps and approximately $4.4 million of our restricted cash was subject to these cash traps. Our loans currently in cash traps may remain subject to cash trap provisions for a substantial period of time, which could limit our flexibility and adversely affect our financial condition or our qualification as a REIT.

We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets. There can be no assurances that we will be able to meet the conditions for extensions pursuant to the respective terms of such loans.

If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.

Mortgage and mezzanine loans are nonrecourse to the borrowers, except for customary exceptions or carve-outs that trigger recourse liability to the borrowers in certain limited instances. Recourse obligations typically include only the payment of costs and liabilities suffered by lenders as a result of the occurrence of certain bad acts on the part of the borrower. However, in certain cases, carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. We have entered into customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of the borrowers that result from non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on our business, results of operations, or financial condition.

We have entered into certain customary guaranty agreements pursuant to which we guarantee payment of any recourse liabilities of our subsidiaries or joint ventures that may result from non-recourse carve-outs, which include, but are not limited to, fraud, misrepresentation, willful misconduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, delinquency of trade payables and certain environmental liabilities. Certain of these guarantees represent a guaranty of material amounts, and if we are required to make payments under those guarantees, our liquidity could be adversely affected.

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We are committed to an investment strategy where we will pursue hotel-related investments as suitable situations arise. Funds for future hotel-related investments are expected to be derived, in whole or in part, from cash on hand, future borrowings under a credit facility or other loans or proceeds from additional issuances of common stock, preferred stock (including net proceeds from the sale of any shares of Series L Preferred Stock or Series M Preferred Stock), or other securities, asset sales, and joint ventures. However, we have no formal commitment or understanding to invest in additional assets, and there can be no assurance that we will successfully make additional investments. We may, when conditions are suitable, consider additional capital-raising opportunities.

Our existing hotel properties are mostly located in developed areas with competing hotel properties. Future occupancy, ADR, and RevPAR of any individual hotel could be materially and adversely affected by an increase in the number or quality of competitive hotel properties, home-sharing companies or apartment operators offering short-term rentals in its market area. Competition could also affect the quality and quantity of future investment opportunities.

**Debt Transactions**

The Company continues to work with the lender of the KEYS A and KEYS B loan pools on a consensual transfer of ownership of those hotels to the lender. The original lenders previously transferred the loans to a securitization trust. On March 1, 2024, the Company received notice that the hotel properties that secured the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. Below is a summary of the hotel properties that secured the KEYS Pool A and Pool B loans:

**<u>KEYS A Loan Pool</u>**

Courtyard Columbus Tipton Lakes – Columbus, IN

Courtyard Old Town – Scottsdale, AZ

Residence Inn Hughes Center – Las Vegas, NV

Residence Inn Phoenix Airport – Phoenix, AZ

Residence Inn San Jose Newark – Newark, CA

SpringHill Suites Manhattan Beach – Hawthorne, CA

SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA

**<u>KEYS B Loan Pool</u>**

Courtyard Basking Ridge – Basking Ridge, NJ

Courtyard Newark Silicon Valley – Newark, CA

Courtyard Oakland Airport – Oakland, CA

Courtyard Plano Legacy Park – Plano, TX

Residence Inn Plano – Plano, TX

SpringHill Suites BWI Airport – Baltimore, MD

TownePlace Suites Manhattan Beach – Hawthorne, CA

We derecognized the hotel properties that secured the KEYS Pool A and KEYS Pool B loans from our consolidated balance sheet in March 2024, when the receiver took control of the hotel properties and, accordingly, recognized a gain of $133.9 million, which is included in "gain (loss) on derecognition of assets" in our consolidated statements of operations for the three months ended March 31, 2024. We recorded a contract asset of $378.2 million as of March 31, 2024, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the KEYS Pool A and KEYS Pool B mortgage loans in exchange for the transfer of ownership of the respective hotel properties. On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024 and June 25, 2025, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes and SpringHill Suites BWI Airport, respectively, to a third-party purchaser.

For the three and nine months ended September 30, 2025, we recognized additional gains of $9.7 million and $29.6 million, respectively, which were included in "gain (loss) on derecognition of assets" in our consolidated statement of operations that increased the contract asset by a corresponding amount. The KEYS Pool A and the KEYS Pool B mortgage loans, as well as all accrued and unpaid interest, default charges and late fees will remain liabilities until final resolution with the lenders is concluded, and thus are included in "indebtedness associated with hotels in receivership" and "accrued interest associated with hotels in receivership" on our consolidated balance sheets.

On February 12, 2025, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company's KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options,

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subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on the Oaktree Credit Agreement, including the $30.0 million exit fee.

On February 24, 2025, the Company amended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. Terms of the amendment included extending the current maturity date to February 2026 and adding one one-year extension option, subject to satisfaction of certain conditions.

On March 6, 2025, the $22.1 million non-recourse mortgage loan secured by the Hilton Scotts Valley reached final maturity and was not repaid, resulting in a default under the terms and conditions of the mortgage loan agreement. The Company is in active discussions with the lender regarding a multi-year extension of the mortgage loan.

On April 14, 2025, the Company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels. The loan had an original final maturity date in November of 2024. The extension provides for an initial maturity in March of 2026 and two one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in March of 2028. The loan has a current balance of $409.8 million and continues to bear interest at a floating rate of SOFR + 3.39%.

On May 8, 2025, the Company received $35.0 million in return for a preferred equity investment in the Renaissance Hotel in Nashville, Tennessee. The holder is entitled to an all-in rate of return on the preferred equity of 14.0% per annum. The investment is mandatorily redeemable on May 10, 2029.

On July 30, 2025, the Company extended its Highland mortgage loan secured by 18 hotels with an original maturity date of April 2025. Terms of the amendment included a $10.0 million principal paydown, extending the maturity date to January 9, 2026. The loan is subject to a six-month extension option to July 9, 2026, upon satisfaction of certain conditions, and bears interest at a floating rate of SOFR + 4.13%.

On August 14, 2025, Ashford Trust OP executed a promissory note with Ashford LLC allowing Ashford Trust OP to draw up to $20 million in cash through August 15, 2026 to fund certain permitted costs (as defined in the promissory note). Funds advanced under the promissory note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the promissory note was August 15, 2026, at which time all principal drawn upon and outstanding interest would have been due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the promissory note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction. On November 10, 2025, the promissory note was amended and restated. See below.

On September 15, 2025, the Company refinanced the mortgage loan for the Renaissance Hotel in Nashville, Tennessee. The new, non-recourse loan has a balance of $218.1 million and has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date of September 2030. The loan is interest only and provides for a floating interest rate of SOFR + 2.26%. In conjunction with the debt refinancing, the preferred equity investment on the property was upsized by $53.0 million, and the all-in rate of return on the preferred equity was reduced from 14% to 11.14%.

On November 10, 2025, Ashford Trust OP executed an Amended and Restated Master Line of Credit Promissory Note (the "Amended and Restated Promissory Note") with Ashford Hospitality Advisors LLC ("Ashford LLC"), a subsidiary of Ashford Inc., amending the original Master Line of Credit Promissory note, dated August 14, 2025, allowing Ashford Trust OP to draw up to $40 million in cash through November 15, 2026 to fund Permitted Costs (as defined in the Promissory Note). Funds advanced under the Amended and Restated Promissory Note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the Amended and Restated Promissory Note is November 15, 2026, at which time all principal drawn upon and outstanding interest are due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the Amended and Restated Promissory Note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction.

**Equity Transactions**

The board of directors has approved a stock repurchase program (the "Repurchase Program") to acquire shares of the Company's common stock and preferred stock having an aggregate value of up to $200 million. No shares have been repurchased under the Repurchase Program. The ability to make repurchases under the Repurchase Program is subject to the same financial factors that must be taken into account in declaring a dividend as discussed herein under "Distribution Policy."

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The Company has a distribution agreement with Virtu (the "Virtu Equity Distribution Agreement") to sell from time to time shares of the Company's common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. As of November 11, 2025, the Company has issued approximately 813,000 shares of common stock for gross proceeds of approximately $10.9 million under the Virtu Equity Distribution Agreement.

On April 29, 2025, the Company filed a shelf registration statement on Form S-3 with the SEC relating to common stock, preferred stock, depositary shares, debt securities, warrants, rights and units that we may sell from time to time in one or more offerings up to a total dollar amount of $500,000,000 on terms to be determined at the time of sale. The registration statement was declared effective on May 8, 2025. As of November 11, 2025, the Company has not issued any securities from this registration statement.

On December 13, 2024, the Company filed an initial registration statement on Form S-11 with the SEC, as amended on January 23, 2025, related to the Company's non-traded Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The registration statement was declared effective by the SEC on February 7, 2025, and contemplates the offering of up to (i) 8.4 million shares of Series L Redeemable Preferred Stock and 3.6 million shares of Series M Redeemable Preferred Stock in a primary offering and (ii) 2.8 million shares of Series L Redeemable Preferred Stock and 1.2 million shares of Series M Redeemable Preferred Stock pursuant to a dividend reinvestment plan. On February 7, 2025, we filed our prospectus for the offering with the SEC. Ashford Securities, a subsidiary of Ashford Inc., serves as the dealer manager for the offering. As of November 11, 2025, the Company has issued approximately 238,000 shares (exclusive of the dividend reinvestment plan shares) of Series L Preferred Stock and received net proceeds of approximately $4.9 million and approximately 546,000 shares (exclusive of the dividend reinvestment plan shares) of Series M Preferred Stock and received net proceeds of approximately $12.2 million.

On March 4, 2022, the Company filed an initial registration statement on Form S-3 with the SEC, as amended on April 29, 2022, related to the Company's non-traded Series J Preferred Stock and Series K Preferred Stock. The registration statement was declared effective by the SEC on May 4, 2022, and contemplates the offering of up to (i) 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock in a primary offering and (ii) 8.0 million shares of Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan. On May 5, 2022, we filed our prospectus for the offering with the SEC. On March 31, 2025, the Company concluded its offering of its Series J Preferred Stock and Series K Preferred Stock. Ashford Securities, a subsidiary of Ashford Inc., served as the dealer manager for the offering. As of November 11, 2025, the Company has issued approximately 7.7 million shares (exclusive of the dividend reinvestment plan shares) of Series J Preferred Stock and received net proceeds of approximately $172.6 million and approximately 799,000 shares (exclusive of the dividend reinvestment plan shares) of Series K Preferred Stock and received net proceeds of approximately $19.4 million.

**Sources and Uses of Cash**

Our principal sources of funds to meet our cash requirements include cash on hand, cash flow from operations, capital market activities, property refinancing proceeds and asset sales. Additionally, our principal uses of funds are expected to include possible operating shortfalls, owner-funded capital expenditures, dividends, new investments and debt interest and principal payments. Items that impacted our cash flow and liquidity during the periods indicated are summarized as follows:

***Net Cash Flows Provided by (Used in) Operating Activities****.* Net cash flows used in operating activities were $3.2 million and $37.7 million for the nine months ended September 30, 2025 and 2024, respectively. Cash flows used in operations were impacted by changes in hotel operations, our hotel dispositions and derecognized assets, as well as the timing of collecting receivables from hotel guests, paying vendors and settling with derivative counterparties, related parties and hotel managers.

***Net Cash Flows Provided by (Used in) Investing Activities****.* For the nine months ended September 30, 2025, net cash flows provided by investing activities were $133.1 million. Cash inflows consisted of $159.2 million of net proceeds from the disposition of assets and hotel properties, which included $119.2 million, $5.6 million, and $27.1 million of net proceeds from the disposition of the Courtyard Boston, the Residence Inn Evansville and the Hilton Houston NASA Clear Lake properties, respectively, and $7.2 million of net proceeds from the disposition of a land parcel previously owned by the Residence Inn Orlando property. Additional cash inflows included $18.8 million of net proceeds from the sale of state tax credits related to the Le Méridien property and $700,000 from property insurance proceeds. Cash inflows were partially offset by cash outflows of $45.5 million for capital improvements made to various hotel properties.

For the nine months ended September 30, 2024, net cash flows provided by investing activities were $211.9 million. Cash inflows consisted of $300.0 million of net proceeds from the disposition of assets and hotel properties, repayments from a note receivable of $2.5 million and $1.5 million from property insurance proceeds. Cash inflows were partially offset by cash

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outflows of $87.5 million for capital improvements made to various hotel properties and $4.5 million from the issuance of a note receivable.

***Net Cash Flows Provided by (Used in) Financing Activities****.* For the nine months ended September 30, 2025, net cash flows used in financing activities were $101.6 million. Cash outflows primarily consisted of $635.0 million for repayments of indebtedness, $49.4 million for payments of loan costs and exit fees, $5.1 million of payments for derivatives and $17.7 million of payments for preferred dividends. Cash outflows were partially offset by cash inflows from $560.2 million of borrowings on indebtedness, $36.1 million of net proceeds from preferred stock offerings, proceeds of $2.9 million from counterparties from in-the-money interest rate caps and $7.5 million of contributions from noncontrolling interests.

For the nine months ended September 30, 2024, net cash flows used in financing activities were $251.8 million. Cash outflows primarily consisted of $336.5 million for repayments of indebtedness, $16.7 million for payments of loan costs and exit fees, $14.7 million of payments for preferred dividends, $15.1 million of payments for derivatives and $2.5 million of distributions to noncontrolling interests. Cash outflows were partially offset by cash inflows primarily of $28.2 million of borrowing on indebtedness, $68.3 million of net proceeds from preferred stock offerings, $23.9 million from counterparties from in-the-money interest rate caps, $8.8 million of net proceeds from common stock offerings and $4.9 million of contributions from noncontrolling interests.

***Dividend Policy***. Distributions are authorized by our board of directors and declared by us based upon a variety of factors deemed relevant by our directors. The board of directors will continue to review our distribution policy on at least a quarterly basis. Our ability to pay distributions to our preferred or common stockholders will depend, in part, upon our receipt of distributions from our operating partnership. This, in turn, may depend upon receipt of lease payments with respect to our properties from indirect subsidiaries of our operating partnership, the management of our properties by our hotel managers and general business conditions. Distributions to our stockholders are generally taxable to our stockholders as ordinary income. However, since a portion of our investments are equity ownership interests in hotels, which result in depreciation and non-cash charges against our income, a portion of our distributions may constitute a non-taxable return of capital, to the extent of a stockholder's tax basis in the stock. To the extent that it is consistent with maintaining our REIT status, we may maintain accumulated earnings of Ashford TRS in that entity.

On December 10, 2024, our board of directors reviewed and approved our 2025 dividend policy. We do not anticipate paying any dividends on our outstanding common stock for any quarter during 2025 and expect to pay dividends on our outstanding preferred stock during 2025. Our board of directors will continue to review our dividend policy and make future announcements with respect thereto. We may incur indebtedness to meet distribution requirements imposed on REITs under the Code to the extent that working capital and cash flow from our investments are insufficient to fund required distributions. We may pay dividends in excess of our cash flow.

**SEASONALITY**

Our properties' operations historically have been seasonal as certain properties maintain higher occupancy rates during the summer months, while certain other properties maintain higher occupancy rates during the winter months. This seasonality pattern can cause fluctuations in our quarterly lease revenue under our percentage leases. Quarterly revenue also may be adversely affected by renovations and repositionings, our managers' effectiveness in generating business and by events beyond our control, such as pandemics, extreme weather conditions, natural disasters, terrorist attacks or alerts, civil unrest, government shutdowns, airline strikes or reduced airline capacity, economic factors and other considerations affecting travel. To the extent that cash flows from operations are insufficient during any quarter to enable us to make quarterly distributions to maintain our REIT status due to temporary or seasonal fluctuations in lease revenue, we expect to utilize cash on hand, borrowings and common stock to fund required distributions. However, we cannot make any assurances that we will make distributions in the future.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

The preparation of our consolidated financial statements in accordance with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our accounting policies that are critical or most important to understanding our financial condition and results of operations and that require management to make the most difficult judgments are described in our 2024 Form 10-K. There have been no material changes in these critical accounting policies.

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**NON-GAAP FINANCIAL MEASURES**

The following non-GAAP presentations of EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Adjusted FFO are presented to help our investors evaluate our operating performance.

EBITDA is defined as net income (loss) before interest expense and amortization of discounts and loan costs, net, income taxes, depreciation and amortization, as adjusted to reflect only the Company's portion of EBITDA of unconsolidated entities. In addition, we exclude impairment on real estate, gain/loss on consolidation of VIE and disposition of assets and hotel properties, gain/loss on derecognition of assets and gain/loss of unconsolidated entities to calculate EBITDAre, as defined by NAREIT.

We then further adjust EBITDAre to exclude certain additional items such as write-off of premiums, loan costs and exit fees, other income/expense, net, transaction and conversion costs, stock/unit-based compensation and non-cash items, such as amortization of unfavorable contract liabilities, realized and unrealized gains/losses on derivative instruments, gains/losses on extinguishment of debt, severance, as well as our portion of adjustments to EBITDAre of unconsolidated entities.

We present EBITDA, EBITDAre and Adjusted EBITDAre because we believe they are useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. Our management team also uses EBITDA as one measure in determining the value of acquisitions and dispositions. EBITDA, EBITDAre and Adjusted EBITDAre as calculated by us may not be comparable to EBITDA, EBITDAre and Adjusted EBITDAre reported by other companies that do not define EBITDA, EBITDAre and Adjusted EBITDAre exactly as we define the terms. EBITDA, EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income (loss) or net income (loss) determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as determined by GAAP as an indicator of liquidity.

The following table reconciles net income (loss) to EBITDA, EBITDAre and Adjusted EBITDAre (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(62725) | $(59128) | $(117362) | $64088 |
| &nbsp;&nbsp;Interest expense and amortization of discounts and loan costs | 62879 | 66825 | 200368 | 209202 |
| &nbsp;&nbsp;Interest expense associated with hotels in receivership | 9684 | 11120 | 29632 | 35162 |
| &nbsp;&nbsp;Depreciation and amortization | 34589 | 37740 | 107204 | 115471 |
| &nbsp;&nbsp;Income tax expense (benefit) | 259 | (445) | 695 | 3313 |
| &nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | (129) | 133 | 258 | 828 |
| &nbsp;&nbsp;Company's portion of EBITDA of unconsolidated entities | 426 | 257 | 952 | 306 |
| **EBITDA** | 44983 | 56502 | 221747 | 428370 |
| &nbsp;&nbsp;Impairment charges on real estate | 18374 |  | 19821 |  |
| &nbsp;&nbsp;Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | (16753) | (9) | (55305) | (94406) |
| &nbsp;&nbsp;Gain (loss) on derecognition of assets | (9703) | (11114) | (29649) | (156748) |
| **EBITDAre** | 36901 | 45379 | 156614 | 177216 |
| &nbsp;&nbsp;Amortization of unfavorable contract liabilities | (31) | (31) | (92) | (92) |
| &nbsp;&nbsp;Transaction and conversion costs | 4829 | 1979 | 8930 | 9210 |
| &nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 2278 | 17 | 8361 | 3831 |
| &nbsp;&nbsp;Realized and unrealized (gain) loss on derivatives | 1228 | 6202 | 4804 | 84 |
| &nbsp;&nbsp;Stock/unit-based compensation | (704) | 244 | (536) | 1531 |
| &nbsp;&nbsp;Legal, advisory and settlement costs | 765 | 896 | 1618 | 1169 |
| &nbsp;&nbsp;Other (income) expense, net |  | (36) |  | (108) |
| &nbsp;&nbsp;Advisory services incentive fee | (27) |  |  |  |
| &nbsp;&nbsp;Stirling performance participation fee | (14) | 111 | 213 | 333 |
| (Gain) loss on extinguishment of debt | (58) | (2745) | (43) | (2790) |
| &nbsp;&nbsp;Severance | 216 | 394 | 1012 | 544 |
| &nbsp;&nbsp;Company's portion of adjustments to EBITDAre of unconsolidated entities |  |  |  | 6 |
| **Adjusted EBITDAre** | $45383 | $52410 | $180881 | $190934 |

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We calculate FFO and Adjusted FFO in the following table. FFO is calculated on the basis defined by NAREIT, which is net income (loss) attributable to common stockholders, computed in accordance with GAAP, excluding gains or losses on consolidation of VIE and disposition of assets and hotel properties, plus depreciation and amortization of real estate assets, impairment charges on real estate assets, and after adjustments for unconsolidated entities and noncontrolling interests in the operating partnership. Adjustments for unconsolidated entities are calculated to reflect FFO on the same basis. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. Our calculation of Adjusted FFO excludes write-off of premiums, loan costs and exit fees, other income/expense, net, transaction and conversion costs, legal, advisory and settlement costs, stock/unit-based compensation, gains/losses on insurance settlements and non-cash items such as deemed dividends on redeemable preferred stock, amortization of loan costs, amortization of credit facility exit fees, default interest and late fees, unrealized gains/losses on derivative instruments, gains/losses on extinguishment of debt and preferred stock, severance, and interest expense associated with hotels in receivership and our portion of adjustments to FFO related to unconsolidated entities. We exclude items from Adjusted FFO that are either non-cash or are not part of our core operations in order to provide a period-over-period comparison of our operating results. We present FFO and Adjusted FFO because we consider FFO and Adjusted FFO important supplemental measures of our operational performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and Adjusted FFO when reporting their results. FFO and Adjusted FFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and Adjusted FFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and Adjusted FFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We consider FFO and Adjusted FFO to be appropriate measures of our ongoing normalized operating performance as a REIT. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than we do. FFO and Adjusted FFO do not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income or loss as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity, nor is it indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, to facilitate a clear understanding of our historical operating results, we believe that FFO and Adjusted FFO should be considered along with our net income or loss and cash flows reported in the consolidated financial statements.

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The following table reconciles net income (loss) to FFO and Adjusted FFO (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(62725) | $(59128) | $(117362) | $64088 |
| &nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 1531 | 477 | 4719 | 494 |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1045 | 746 | 2127 | (672) |
| &nbsp;&nbsp;&nbsp;Preferred dividends | (7175) | (5900) | (20921) | (16379) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (1677) | (902) | (5264) | (2253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of preferred stock |  | 1556 |  | 3340 |
| **Net income (loss) attributable to common stockholders** | (69001) | (63151) | (136701) | 48618 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate | 34047 | 37740 | 105083 | 115471 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | (16753) | (9) | (55305) | (94406) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (9703) | (11114) | (29649) | (156748) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1045) | (746) | (2127) | 672 |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | (129) | 133 | 258 | 828 |
| &nbsp;&nbsp;&nbsp;Impairment charges on real estate | 18374 |  | 19821 |  |
| &nbsp;&nbsp;&nbsp;Company's portion of FFO of unconsolidated entities | 237 | (3) | 156 | (457) |
| **FFO available to common stockholders and OP unitholders** | (43973) | (37150) | (98464) | (86022) |
| &nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 1677 | 902 | 5264 | 2253 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of preferred stock |  | (1556) |  | (3340) |
| &nbsp;&nbsp;&nbsp;Transaction and conversion costs | 4829 | 1979 | 8930 | 9210 |
| &nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 2278 | 17 | 8361 | 3831 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | 1712 | 13458 | 6453 | 23413 |
| &nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (704) | 244 | (536) | 1531 |
| &nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 765 | 896 | 1618 | 1169 |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net |  | (36) |  | (108) |
| &nbsp;&nbsp;&nbsp;Amortization of term loan exit fee |  |  |  | 844 |
| &nbsp;&nbsp;&nbsp;Amortization of loan costs | 5988 | 3573 | 18856 | 9119 |
| &nbsp;&nbsp;&nbsp;Advisory services incentive fee | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;Stirling performance participation fee | (14) | 111 | 213 | 333 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | (58) | (2745) | (43) | (2790) |
| &nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 9684 | 11120 | 29632 | 29615 |
| &nbsp;&nbsp;&nbsp;Severance | 216 | 394 | 1012 | 544 |
| &nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of unconsolidated entities | 10 |  | 85 | 6 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $(17617) | $(8793) | $(18619) | $(10392) |

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**HOTEL PORTFOLIO**

The following table presents certain information related to our hotel properties as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** | |
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** | ***Fee Simple Properties*** |
| Embassy Suites | Austin, TX | Full-service | 150 | 100 | 150 |  |
| Embassy Suites | Dallas, TX | Full-service | 150 | 100 | 150 |  |
| Embassy Suites | Herndon, VA | Full-service | 150 | 100 | 150 |  |
| Embassy Suites | Las Vegas, NV | Full-service | 220 | 100 | 220 |  |
| Embassy Suites | Houston, TX | Full-service | 150 | 100 | 150 |  |
| Embassy Suites | West Palm Beach, FL | Full-service | 160 | 100 | 160 |  |
| Embassy Suites | Philadelphia, PA | Full-service | 263 | 100 | 263 |  |
| Embassy Suites | Arlington, VA | Full-service | 269 | 100 | 269 |  |
| Embassy Suites | Portland, OR | Full-service | 276 | 100 | 276 |  |
| Embassy Suites | Santa Clara, CA | Full-service | 258 | 100 | 258 |  |
| Embassy Suites | Orlando, FL | Full-service | 174 | 100 | 174 |  |
| Hilton Garden Inn | Jacksonville, FL | Select-service | 119 | 100 | 119 |  |
| Hilton Garden Inn | Austin, TX | Select-service | 254 | 100 | 254 |  |
| Hilton Garden Inn | Baltimore, MD | Select-service | 158 | 100 | 158 |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** |  |  |  |  |  |
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** | Hilton Garden Inn | Virginia Beach, VA | Select-service | 176 | 100 |
| Hilton | St. Petersburg, FL | Full-service | 333 | 100 | 333 |  |  |  |  |  |
| Hilton | Santa Fe, NM | Full-service | 158 | 100 | 158 |  |  |  |  |  |
| Hilton | Bloomington, MN | Full-service | 300 | 100 | 300 |  |  |  |  |  |
| Hilton | Costa Mesa, CA | Full-service | 486 | 100 | 486 |  |  |  |  |  |
| Hilton | Parsippany, NJ | Full-service | 353 | 100 | 353 |  |  |  |  |  |
| Hilton | Tampa, FL | Full-service | 238 | 100 | 238 |  |  |  |  |  |
| Hilton | Alexandria, VA | Full-service | 252 | 100 | 252 |  |  |  |  |  |
| Hilton | Santa Cruz, CA | Full-service | 178 | 100 | 178 |  |  |  |  |  |
| Hilton | Ft. Worth, TX | Full-service | 294 | 100 | 294 |  |  |  |  |  |
| Hampton Inn | Buford, GA | Select-service | 92 | 100 | 92 |  |  |  |  |  |
| Hampton Inn | Evansville, IN | Select-service | 140 | 100 | 140 |  |  |  |  |  |
| Hampton Inn | Parsippany, NJ | Select-service | 152 | 100 | 152 |  |  |  |  |  |
| Marriott | Beverly Hills, CA | Full-service | 260 | 100 | 260 |  |  |  |  |  |
| Marriott | Arlington, VA | Full-service | 703 | 100 | 703 |  |  |  |  |  |
| Marriott | Dallas, TX | Full-service | 265 | 100 | 265 |  |  |  |  |  |
| Marriott | Fremont, CA | Full-service | 357 | 100 | 357 |  |  |  |  |  |
| Marriott | Memphis, TN | Full-service | 232 | 100 | 232 |  |  |  |  |  |
| Marriott | Irving, TX | Full-service | 499 | 100 | 499 |  |  |  |  |  |
| Marriott | Omaha, NE | Full-service | 300 | 100 | 300 |  |  |  |  |  |
| Marriott | Sugarland, TX | Full-service | 303 | 100 | 303 |  |  |  |  |  |
| SpringHill Suites by Marriott | Buford, GA | Select-service | 97 | 100 | 97 |  |  |  |  |  |
| Courtyard by Marriott | Bloomington, IN | Select-service | 117 | 100 | 117 |  |  |  |  |  |
| Courtyard by Marriott | Denver, CO | Select-service | 202 | 100 | 202 |  |  |  |  |  |
| Courtyard by Marriott | Gaithersburg, MD | Select-service | 210 | 100 | 210 |  |  |  |  |  |
| Courtyard by Marriott | Crystal City, VA | Select-service | 272 | 100 | 272 |  |  |  |  |  |
| Courtyard by Marriott | Overland Park, KS | Select-service | 168 | 100 | 168 |  |  |  |  |  |
| Courtyard by Marriott | Foothill Ranch, CA | Select-service | 156 | 100 | 156 |  |  |  |  |  |
| Courtyard by Marriott | Alpharetta, GA | Select-service | 154 | 100 | 154 |  |  |  |  |  |
| Marriott Residence Inn | Orlando, FL | Select-service | 350 | 100 | 350 |  |  |  |  |  |
| Marriott Residence Inn | Falls Church, VA | Select-service | 159 | 100 | 159 |  |  |  |  |  |
| Marriott Residence Inn | San Diego, CA | Select-service | 150 | 100 | 150 |  |  |  |  |  |
| Marriott Residence Inn | Jacksonville, FL | Select-service | 120 | 100 | 120 |  |  |  |  |  |
| Marriott Residence Inn | Manchester, CT | Select-service | 96 | 100 | 96 |  |  |  |  |  |
| Sheraton Hotel | Minneapolis, MN | Full-service | 220 | 100 | 220 |  |  |  |  |  |
| Sheraton Hotel | Indianapolis, IN | Full-service | 378 | 100 | 378 |  |  |  |  |  |
| Sheraton Hotel | Anchorage, AK | Full-service | 370 | 100 | 370 |  |  |  |  |  |
| Sheraton Hotel | San Diego, CA | Full-service | 260 | 100 | 260 |  |  |  |  |  |
| Hyatt Regency | Coral Gables, FL | Full-service | 254 | 100 | 254 |  |  |  |  |  |
| Hyatt Regency | Hauppauge, NY | Full-service | 358 | 100 | 358 |  |  |  |  |  |
| Hyatt Regency | Savannah, GA | Full-service | 351 | 100 | 351 |  |  |  |  |  |
| Renaissance | Nashville, TN | Full-service | 674 | 100 | 674 |  |  |  |  |  |
| Annapolis Historic Inn | Annapolis, MD | Full-service | 124 | 100 | 124 |  |  |  |  |  |
| Lakeway Resort & Spa | Austin, TX | Full-service | 168 | 100 | 168 |  |  |  |  |  |
| Silversmith | Chicago, IL | Full-service | 144 | 100 | 144 |  |  |  |  |  |
| The Churchill | Washington, DC | Full-service | 173 | 100 | 173 |  |  |  |  |  |
| The Melrose | Washington, DC | Full-service | 240 | 100 | 240 |  |  |  |  |  |
| Le Pavillon <sup>(1)</sup> | New Orleans, LA | Full-service | 226 | 100 | 226 |  |  |  |  |  |
| Westin | Princeton, NJ | Full-service | 296 | 100 | 296 |  |  |  |  |  |
| Hotel Indigo | Atlanta, GA | Full-service | 141 | 100 | 141 |  |  |  |  |  |
| Ritz-Carlton | Atlanta, GA | Full-service | 444 | 100 | 444 |  |  |  |  |  |
| La Posada de Santa Fe | Santa Fe, NM | Full-service | 157 | 100 | 157 |  |  |  |  |  |
| ***Leasehold Properties*** |  |  |  |  |  |  |  |  |  |  |
| Autograph La Concha <sup>(2) (3)</sup> | Key West, FL | Full-service | 160 | 100 | 160 |  |  |  |  |  |
| Renaissance <sup>(4)</sup> | Palm Springs, CA | Full-service | 410 | 100 | 410 |  |  |  |  |  |
| Hilton <sup>(5)</sup> | Marietta, GA | Full-service | 200 | 100 | 200 |  |  |  |  |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** |  |  |  |  |  |  |
| **Hotel Property** | **Location** | **Service Type** | **Total Rooms** | **% Owned** | **Owned Rooms** | Le Méridien <sup>(6)</sup> | Fort Worth, TX | Full-service | 188 | 29 | 55 |
| Total |  |  | 17009 |  | 16876 |  |  |  |  |  |  |

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________

<sup>(1)</sup> The Company entered into a new franchise agreement with Marriott to convert the Le Pavillon in New Orleans, Louisiana to a Tribute Portfolio property. The conversion was completed in November 2024.

<sup>(2)</sup> The ground lease expires in 2084.

<sup>(3)</sup> The Company entered into a franchise agreement with Marriott to convert the La Concha Key West Hotel in Key West, Florida to an Autograph Collection property. The conversion was completed in December 2024.

<sup>(4)</sup> The ground lease expires in 2059.

<sup>(5)</sup> The lease expires in 2054 and includes the lease of the land, hotel and conference center (including the building, improvements, furniture, fixtures and equipment).

<sup>(6)</sup> The lease expires in 2120 and includes the lease of the land and building.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

Our primary market risk exposure consists of changes in interest rates on borrowings under our debt instruments. The analysis below presents the sensitivity of the market value of our financial instruments to selected changes in market interest rates.

As of September 30, 2025, our total indebtedness of $2.7 billion included $2.5 billion of variable-rate debt. The impact on our results of operations of a 25-basis point change in interest rate on the outstanding balance of variable-rate debt at September 30, 2025, would be approximately $6.3 million per year. However, we currently have various interest rate caps in place that limit this exposure. Interest rate changes have no impact on the remaining $156.5 million of fixed-rate debt.

The above amounts were determined based on the impact of hypothetical interest rates on our borrowings and assume no changes in our capital structure. As the information presented above includes only those exposures that existed as of September 30, 2025, it does not consider exposures or positions that could arise after that date. Accordingly, the information presented herein has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on exposures that arise during the period, the hedging strategies in place at the time, and the related interest rates.

**ITEM 4. CONTROLS AND PROCEDURES**

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025 ("Evaluation Date"). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective: (i) to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms; and (ii) to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

There have been no changes in our internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

On December 20, 2016, a class action lawsuit was filed against one of the Company's hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager's previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021, to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt-out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. A tentative settlement in the amount of $850,000 was reached on February 14, 2025. Final court approval was obtained on September 12, 2025. Ashford Trust's portion of the settlement is 88.2%. The case is now in the settlement administration phase. As of September 30, 2025, the settlement liability amount has been accrued.

On August 4, 2020, a lawsuit, Benjamin Zermeno v. Beverly Hills Marriott, was filed in Alameda County Superior Court as a PAGA representative action alleging various wage and hour violations of all Remington managed California properties. The plaintiff's individual claims were compelled to arbitration. On August 18, 2022, another lawsuit, Cristina Catalano v. Beverly Hills Marriott and Mr. C, was filed as a PAGA representative action alleging various wage and hour violations of all Remington managed California properties. The co-defendant separately settled and the individual arbitration has also settled. A private mediation was held on December 27, 2024 to globally resolve the three outstanding matters. A tentative settlement was reached subject to court approval. As of September 30, 2025, the estimated settlement liability amount has been accrued.

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On April 18, 2024, the California Department of Industrial Relations ("DIR") served the Company's manager with an investigative subpoena relative to concerns with the Palm Springs Renaissance Hotel's COVID recall efforts. On August 27, 2025, the DIR issued a citation that the Company's manager failed to properly recall certain employees. On September 17, 2025, the Company's manager filed an appeal which is currently pending. The matter is in the early stages and the ultimate outcome of this matter is unknown at this time. We do not believe that any potential loss to the Company is reasonably estimable at this time. As of September 30, 2025, no amounts have been accrued.

We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters and matters relating to compliance with applicable law (for example, the Americans with Disabilities Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow.

During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain personal information. We have completed an investigation and have identified certain information that may have been exposed and notified potentially impacted individuals pursuant to applicable state guidelines. All systems have been restored. In February of 2024, two class action lawsuits were filed, one in the U.S. District Court for the Northern District of Texas and a second in the 68<sup>th</sup> District Court for Dallas County related to the cyber incident. The lawsuit filed in the 68<sup>th</sup> District Court was subsequently dismissed and refiled in the U.S. District Court for the Northern District of Texas. On March 12, 2024, the court ordered the two cases be consolidated. The consolidated case is currently pending in the U.S. District Court for the Northern District of Texas. The parties have reached an agreement, subject to final Court approval, to resolve the class action suit. The amount of the class settlement is approximately $485,000. Ashford Inc. expects the entire settlement amount to be reimbursed through insurance coverage. Final court approval was received on September 3, 2025.

Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations or cash flows could be materially adversely affected in future periods.

**ITEM 1A. RISK FACTORS**

The discussion of our business and operations should be read together with the risk factors contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner. As of September 30, 2025, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

***<u>Purchases of Equity Securities by the Issuer</u>***

The following table provides the information with respect to purchases and forfeitures of shares of our common stock during each of the months in the third quarter of 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plan** <sup>(1)</sup> | **Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plan** <sup>(1)</sup> |
| Common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;July 1 – July 31 | 6677 | (2) | $6.02 |  | $200000 |
| &nbsp;&nbsp;&nbsp;August 1 – August 31 |  |  |  |  | 200000 |
| &nbsp;&nbsp;&nbsp;September 1 – September 30 |  |  |  |  | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 6677 |  | $6.02 |  |  |

---

____________________

<sup>(1)</sup> On April 6, 2022, the board of directors approved a stock repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company's common stock and preferred stock having an aggregate value of up to $200 million. The board of directors' authorization replaced the previous repurchase authorization that the board of directors authorized in December 2017.

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<u>[**Table of Contents**](#icfb37fa8f84542a3b4843dcf59481e39_10)</u>

<sup>(2)</sup> Includes 6,677 shares in July that were withheld to cover tax-withholding requirements related to the vesting of restricted shares of our common stock issued to employees of our advisor pursuant to the Company's stockholder-approved stock incentive plan.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

**Rule 10b5-1 Trading Agreements**

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading agreement" or "non-Rule 10b5-1 trading agreement," as each term is defined in Item 408(a) of Regulation S-K.

**Amendment No. 6 to the Third Amended and Restated Advisory Agreement**

The Company, Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford Hospitality Advisors LLC are parties to that certain Third Amended and Restated Advisory Agreement, dated as of August 12, 2024 (as amended, the "Advisory Agreement").

On November 10, 2025, the Company and Ashford LLC entered into Amendment No. 6 to the Advisory Agreement (the "Sixth Amendment"). The Sixth Amendment further extends the outside date for which any sale or disposition of any of the Company's Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company's assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) has occurred, from August 15, 2026 to November 15, 2026.

**Amended and Restated Master Line of Credit Promissory Note**

On November 10, 2025, Ashford Trust OP executed an Amended and Restated Master Line of Credit Promissory Note (the "Amended and Restated Promissory Note") with Ashford Hospitality Advisors LLC ("Ashford LLC"), a subsidiary of Ashford Inc., amending the original Master Line of Credit Promissory note, dated August 14, 2025, allowing Ashford Trust OP to draw up to $40 million in cash through November 15, 2026 to fund Permitted Costs (as defined in the Promissory Note). Funds advanced under the Amended and Restated Promissory Note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP's discretion. The maturity date of the Amended and Restated Promissory Note is November 15, 2026, at which time all principal drawn upon and outstanding interest are due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the Amended and Restated Promissory Note, the Company pledged to Ashford LLC the Company's equity in Ashford Trust OP subject to Ashford LLC's filing of a financing statement in the appropriate jurisdiction.

The foregoing descriptions of the Sixth Amendment and the Amended and Restated Promissory Note do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Sixth Amendment and the Amended and Restated Promissory Note, copies of which are attached hereto as Exhibit 10.6.1 and Exhibit 10.7 and incorporated herein by reference.

**ITEM 6. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 3.1 | <u>[Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-3 filed May 15, 2015)](https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm)</u> |
| 3.2 | <u>[Amendment Number Two to Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on May 22, 2017) (File No. 00131775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm)</u> |
| 3.3 | <u>[Articles of Amendment to the Company's charter (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 1, 2020) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm)</u> |
| 3.4 | <u>[Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 16, 2021) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/0001232582/000110465921093098/tm2122248d1_ex3-1.htm)</u> |

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<u>[**Table of Contents**](#icfb37fa8f84542a3b4843dcf59481e39_10)</u>

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 3.5 | <u>[Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on October 25, 2024) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm)</u> |
| 3.6 | <u>[Articles Supplementary, dated April 28, 2022 (incorporated by reference to Exhibit 4.10 to the Registrant's Registration Statement on Form S-3, filed on April 29, 2022) (File No. 333-263323)](https://www.sec.gov/Archives/edgar/data/0001232582/000110465922053531/tm2213690d2_ex4-10.htm)</u> |
| 3.7 | <u>[Articles Supplementary establishing the Series J Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 333-263323)](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm)</u> |
| 3.8 | <u>[Articles Supplementary establishing the Series K Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 333-263323)](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm)</u> |
| 3.9 | <u>[Articles Supplementary, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.10 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802)](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm)</u> |
| 3.10 | <u>[Articles Supplementary establishing the Series L Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.11 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802)](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm)</u> |
| 3.11 | <u>[Articles Supplementary establishing the Series M Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.12 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802)](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm)</u> |
| 3.12 | <u>[Second Amended and Restated Bylaws, as amended by Amendment No. 1 on October 26, 2014, by Amendment No. 2 on October 19, 2015, by Amendment No. 3 on August 2, 2016, by Amendment No. 4 on March 17, 2022, by Amendment No. 5 on February 23, 2023, by Amendment No. 6 on August 8, 2023, by Amendment No. 7 on February 27, 2024 and by Amendment No. 8 on February 25, 2025, adopted on February 25, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on February 26, 2025) (File No. 01-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm)</u> |
| 10.1 | <u>[Amendment No. 3 To the Third Amended and Restated Advisory Agreement, dated March 10, 2025, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.3 to the Registrant's Form 8-K filed on March 13, 2025) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000044/aht3rdaradvisoryagreement3.htm)</u> |
| 10.2 | <u>[Limited Waiver Under Advisory Agreement, dated as of March 10 2025, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K filed on March 13, 2025) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000044/aht-limwaiverunderadvisory.htm)</u> |
| 10.3 | <u>[Amendment No. 13 to Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated as of January 22, 2025 (incorporated by reference to Exhibit 10.1.14 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802)](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex10a1-14.htm)</u> |
| 10.4 | <u>[Amendment No. 4 to the Third Amended and Restated Advisory Agreement, dated as of May 12, 2025, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.4 to the Registrant's Form 10-Q filed on March 14, 2025) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000093/aht2025q110-qxex104.htm)</u> |
| 10.5 | <u>[Amendment No. 5 to the Third Amended and Restated Advisory Agreement, dated as of August 14, 2025, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.5 to the Registrant's Form 10-Q filed on August 14, 2025) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000125/aht2025q210q-ex105.htm)</u>  |
| 10.6 | <u>[Master Line of Credit Promissory Note, dated as of August 1, 2025, by and among Ashford Hospitality Limited Partnership and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.6 to the Registrant's Form 10-Q filed on August 14, 2025) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000125/aht2025q210-qxex106.htm)</u> |
| 10.6.1\* | <u>[Amended and Restated Master Line of Credit Promissory Note, dated as of November 10, 2025, by and among Ashford Hospitality Limited Partnership and Ashford Hospitality Advisors LLC](aht2025q310-qxex1061.htm)</u> |
| 10.7\* | <u>[Amendment No. 6 to the Third Amended and Restated Advisory Agreement, dated as of November 10, 2025, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC](aht2025q310-qxex107.htm)</u> |
| 31.1\* | <u>[Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](aht2025q310-qxex311.htm)</u> |
| 31.2\* | <u>[Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](aht2025q310-qxex312.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](aht2025q310-qxex321.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](aht2025q310-qxex322.htm)</u> |

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<u>[**Table of Contents**](#icfb37fa8f84542a3b4843dcf59481e39_10)</u>

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| | | |
|:---|:---|:---|
| The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 are formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements Comprehensive Income (Loss); (iv) Consolidated Statements of Equity (Deficit); (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements. In accordance with Rule 402 of Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 are formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements Comprehensive Income (Loss); (iv) Consolidated Statements of Equity (Deficit); (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements. In accordance with Rule 402 of Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 are formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements Comprehensive Income (Loss); (iv) Consolidated Statements of Equity (Deficit); (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements. In accordance with Rule 402 of Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | *Submitted electronically with this report.* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | *Submitted electronically with this report.* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | *Submitted electronically with this report.* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | *Submitted electronically with this report.* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | *Submitted electronically with this report.* |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |  |

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___________________________________

\* Filed herewith.

\*\* Furnished herewith.

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<u>[**Table of Contents**](#icfb37fa8f84542a3b4843dcf59481e39_10)</u>

**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 thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;ASHFORD HOSPITALITY TRUST, INC.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 13, 2025 | By: | /s/ STEPHEN ZSIGRAY |
|  |  |  | Stephen Zsigray |
|  |  |  | President and Chief Executive Officer |
| Date: | November 13, 2025 | By: | /s/ DERIC S. EUBANKS |
|  |  |  | Deric S. Eubanks |
|  |  |  | Chief Financial Officer |

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## Exhibit 10.6

**Exhibit 10.6.1**

**Amended and Restated Master Line of Credit** 

**Promissory Note**

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| | | |
|:---|:---|:---|
| **AMOUNT**<br>**$40,000,000.00** | **PROMISSORY NOTE DATE**<br>**November 10, 2025** | **MATURITY DATE**<br>**November 15, 2026** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.<u>Promise to Pay</u>.* On or before the Maturity Date, FOR VALUE RECEIVED, ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership, ("Borrower"), promises to pay to the order of ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company ("Lender"), at the office of Lender, the principal sum of FORTY MILLION AND NO/100 DOLLARS ($40,000,000.00) (the "Loan"), or so much of said sum as has been advanced and is then outstanding under this Amended & Restated Master Line of Credit Promissory Note (this "Note"), together with all accrued and unpaid interest thereon and all other amounts due Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.*Payments; Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.<u>Payment Date; Computation Period</u>*. Accrued and unpaid interest on the unpaid principal balance of each outstanding Advance hereunder shall be payable monthly, in arrears, on the first Business Day of each month (each, a "Payment Date"), from the date such Advance is made until paid in full (whether pursuant to the terms hereof, by acceleration, or otherwise). Interest shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed. Interest payable under this Note shall be paid in cash; provided, however, at Borrower's option, all or any portion of such interest (the "PIK Interest") may be paid-in-kind by capitalizing the amount of such PIK Interest accrued as of the applicable Payment Date and adding such amount to the unpaid principal balance of the applicable outstanding Advance(s) (such capitalized amount, the "PIK Principal"). Notwithstanding anything to the contrary herein, PIK Principal shall not be deemed an Advance or otherwise count against the maximum principal Loan Amount available under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.2.<u>Interest Rate</u>*. Subject to the terms and conditions of this Note, the unpaid principal balance of all Indebtedness outstanding under this Note from time to time shall bear interest at the Applicable Interest Rate. No interest shall accrue under this Note until the date of the first Advance made by Lender; after that, interest on all Advances shall accrue and be computed on the principal balance outstanding from time to time under this Note, including PIK Principal, in accordance with the terms hereof until the same is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.3.<u>Default Rate</u>*. From and after the occurrence of any Event of Default hereunder, and so long as any such Event of Default remains unremedied or uncured thereafter, the Indebtedness outstanding under this Note shall bear interest at a per annum rate of eighteen percent (18%), which interest shall be payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.4.<u>Business Day</u>*. In the event that any payment under this Note becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent applicable, interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.5.<u>Legal Tender</u>*. All payments to be made by Borrower to Lender under or pursuant to this Note shall be in immediately available funds in United States dollars, without condition or deduction for any counterclaim, defense, recoupment or setoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.6.<u>Maximum Interest Rate</u>*. In no event shall the per annum interest payable under this Note at any time exceed the Maximum Rate (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.7.No Offset*. Borrower shall have no right to offset or reduce any payments due under this Note by any amount owed or claimed to be owed by Lender to Borrower, whether arising under this Note or otherwise. All payments under this Note shall be made in full when due, without deduction, set-off, counterclaim, or withholding of any kind.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.<u>Advances</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1.<u>Generally</u>*. No Advance of any amounts repaid from time to time may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2.<u>Committed Advances</u>*. **AT NO TIME SHALL LENDER BE UNDER ANY OBLIGATION TO MAKE ANY ADVANCES TO BORROWER PURSUANT TO THIS NOTE IN THE EVENT THAT ANY DEFAULT OR EVENT OF DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING OR EXIST.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.3.<u>Evidence of Advances</u>*. The amount and funding date of each Advance, any PIK Principal and the amount and date of any repayment thereof shall be noted on Lender's records, which records shall be conclusive evidence of the foregoing, absent manifest error; <u>provided</u>, <u>however</u>, any failure by Lender to make, or any delay in making, any such notation, or any error in any such notation, shall not relieve Borrower of its obligation to repay Lender all amounts payable by Borrower to Lender under or pursuant to this Note, when due in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.4.<u>Requests for Advances</u>*. Subject to <u>Section 3.2</u> and the other provisions of this Note, Borrower may make a Request hereunder, and Lender shall fund such Advance to Borrower, subject to the following: (a) no Default or Event of Default shall have occurred and be continuing or will exist upon the making of the requested Advance; (b) Borrower shall deliver to Lender each such Request duly completed and executed by Borrower setting forth the information required on the Request form attached hereto as **Exhibit "A"** by the Applicable Time, three (3) Business Days prior to the proposed effective date of the requested Advance (or a shorter period if agreed to by Lender in its sole discretion), which date must be a Business Day; (c) Borrower shall deliver to Lender a unanimous written consent approving such Advance executed by all of the members of the board of directors of Ashford Hospitality Trust, Inc.; and (d) after giving effect to the requested Advance, the aggregate unpaid principal amount of Advances outstanding under this Note (which, for the avoidance of doubt, excludes PIK Principal) shall not exceed the Loan Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.5.<u>Use of Proceeds</u>*. The proceeds of any Advance made under this Note shall be used solely by Borrower to pay Permitted Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.6.<u>Minimum Working Capital</u>.* Lender shall only make an Advance to Borrower to the extent that, as reasonably determined by Borrower in good faith, either (a) Borrower does not then maintain working capital in an amount equal to or greater than the Minimum Working Capital, or (b) the payment of Permitted Costs for which such Advance is requested would cause Borrower's working capital to fall below the Minimum Working Capital in the absence of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.<u>Prepayments</u>*. Borrower may prepay all or any part of the outstanding balance of any Indebtedness hereunder at any time without premium or penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.<u>Change of Law</u>*. If any Change in Law shall (a) subject Lender to any tax, duty or other charge with respect to this Note or any Indebtedness hereunder, or shall change the basis of taxation of payments to Lender of the principal of or interest under this Note or any other amounts due under this Note in respect thereof (except for changes in the rate of tax on the overall net income of Lender imposed by the jurisdiction in which Lender's principal executive office is located); or (b) impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by Lender, or shall impose on Lender or the interbank markets any other condition affecting this Note or the Indebtedness hereunder; and the result of any of the foregoing is to increase the cost to Lender of maintaining any part of the Indebtedness hereunder or to reduce the amount of any sum received or receivable by Lender under this Note, then Borrower shall pay to Lender, within fifteen (15) days of Borrower's receipt of written notice from Lender demanding such compensation, such additional amount or amounts as will compensate Lender for such increased cost or reduction. A certificate of Lender, submitted by Lender to Borrower, setting forth the basis for determining such additional amount or amounts necessary to compensate Lender shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.<u>Event of Default; Remedies</u>*. An "Event of Default" shall be deemed to have occurred or exist under this Agreement upon the occurrence and/or existence of any of the following conditions or events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.1.*Borrower shall fail to pay (i) any principal or interest of the Indebtedness at such time the same becomes due or (ii) any other amounts owing by Borrower to Lender under the Indebtedness within five (5) Business Days of such time as the same becomes due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.2.*any representation, warranty, certification or statement made by Borrower herein, or in any certificate or other document or agreement delivered by or on behalf of Borrower in connection with the Indebtedness or

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this Note, shall prove to be untrue in any respect when made, and as to the representations and warranties set forth in Section 7 of this Note, at any other time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.3.*Borrower shall fail to observe or perform any condition, covenant or agreement of Borrower set forth in Section 3.5 or Section 3.6 of this Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.4.*Borrower shall fail to observe or perform any condition, covenant or agreement of Borrower set forth in this Note (other than as provided in clauses 6.1, 6.2 and 6.3 above) and, in each such case, such failure continues for a period of 30 days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.5.*if there shall occur any Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.6.*if Borrower or Parent institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.7.*if Borrower or Parent is the subject of a dissolution, merger or consolidation.

Upon the occurrence and during the continuance or existence of an Event of Default (**WITHOUT LIMITING ANY OF LENDER'S RIGHTS HEREUNDER, INCLUDING, WITHOUT LIMITATION, IF APPLICABLE, LENDER'S RIGHT TO REFUSE ANY REQUESTS FOR ADVANCES AT ANY TIME IN ITS SOLE AND ABSOLUTE DISCRETION**), Lender may, at its option and without prior notice to Borrower or any other person or entity, cease advancing money or extending credit to or for the benefit of Borrower under this Note, terminate this Note as to any future liability or obligation of Lender, but without affecting the Indebtedness of Borrower to Lender, declare any or all of the Indebtedness to be immediately due and payable, set off against the Indebtedness any amounts owing by Lender to Borrower, charge interest at the default rate provided herein and exercise any one or more of the rights and remedies granted to Lender by any agreement with Borrower or given to it under applicable law. Further, Lender may exercise all rights and remedies with respect to the Equity Interests of a secured party under the Uniform Commercial Code (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights, remedies, powers and privileges to which a secured party is entitled under the laws in effect in any jurisdiction where any rights, remedies, powers and privileges hereunder may be asserted, including the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Equity Interests as if Lender were the sole and absolute owner thereof (and Borrower and each Grantor agrees to take all such action as may be appropriate to give effect to such right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.<u>Representations and Warranties</u>*. Borrower hereby represents and warrants to Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.1.Authority*. It is duly organized, validly existing and in good standing under the laws of the state of its incorporation or organization, as applicable; it is duly qualified and authorized to do business in each jurisdiction where the character of its assets or the nature of its activities makes such qualification necessary, and it has the legal power and authority to own its properties and assets and to carry out its business as now being conducted in each such jurisdiction wherein such qualification is necessary; execution, delivery and performance of this Note are within Borrower's powers and authorities, has been duly authorized by all requisite corporate or other necessary or appropriate action, and is not in contravention or violation of law or the terms of Borrower's organizational or other governing documents, and do not require the consent or approval of any governmental body, agency or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2.<u>Enforceability of Note</u>*. This Note is valid and binding and legally enforceable against Borrower in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.3.<u>No Cross Default</u>.* Borrower acknowledges and agrees that if Lender breaches or otherwise defaults in the performance of any obligation of Lender contained in this Note (including, without limitation, by failing or refusing to fund an Advance), such breach or default shall in no event constitute a default on the part of Lender or any of its Affiliates under that certain Third Amended and Restated Advisory Agreement, dated as of March 12, 2024, among Lender, Borrower and certain of their respective Affiliates, as amended (the "Advisory Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.4.<u>Non-Contravention</u>*. The execution, delivery and performance of this Note, and the borrowings and other transactions contemplated hereby, are not in contravention or violation of the terms of any indenture, agreement

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or undertaking to which Borrower is a party or by which Borrower or any of its property or assets is bound, and will not result in the creation or imposition of any lien of any nature whatsoever upon any of the property or assets of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.<u>Pledge and Guaranty</u>*.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.1.<u>Grant of Security Interest</u>*.&nbsp;&nbsp;&nbsp;&nbsp;As security for the prompt payment and performance of the Obligations in full when due, whether at maturity, by acceleration or otherwise (including amounts that would become due but for the operation of the provisions of any Debtor Relief Laws), each Grantor hereby pledges, grants, transfers and assigns to Lender, a security interest in all of such Grantor's right, title and interest in and to the Collateral; provided, however, that Lender and each Grantor hereby agree and acknowledge such security interest shall not attach under the Uniform Commercial Code unless and until the initial financing statements are filed in the applicable Uniform Commercial Code jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.2.<u>Guaranty</u>*.&nbsp;&nbsp;&nbsp;&nbsp;Each Grantor hereby guarantees to Lender at any time outstanding the prompt payment in full, in dollars, when due (whether at stated maturity, by acceleration, by mandatory or optional prepayment or otherwise) of the Obligations and all other amounts from time to time owing by Borrower under this Note to Lender (such payments being herein collectively called the "Guaranteed Obligations"). Each Grantor hereby further agrees that if Borrower shall default in the payment of any of the Guaranteed Obligations (after giving effect to all applicable grace and cure periods), such Grantor will (a) promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration, by mandatory or optional prepayment or otherwise) in accordance with the terms of such extension or renewal and (b) pay to Lender such amounts, to the extent lawful, as shall be sufficient to pay the costs and expenses of collection or of otherwise enforcing any of Lender's rights under this Note, including reasonable counsel fees. All obligations of the Grantors under this Section 8.2 shall survive the transfer of the Loan, and any obligations of the Grantors under this Section 8.2 with respect to which the underlying obligation of Borrower is expressly stated to survive payment of any Obligations shall also survive payment of such Obligations. All obligations of the Grantors under this Section 8.2 shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.3.<u>Authorization to File Financing Statements</u>*.&nbsp;&nbsp;&nbsp;&nbsp;Borrower and Grantors hereby irrevocably authorize Lender at any time, and from time to time until payment in full of all Obligations, to file in any filing office, in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that indicate the Collateral and provide any other information required by part 5 of Article 9 of the Uniform Commercial Code of the state, or such other jurisdiction, for the sufficiency or filing office acceptance of any financing statement or amendment, including whether each Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor. Borrower and Grantors agree to furnish any such information to Lender promptly upon Lender's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.4.Foreclosure*. Any foreclosure by Lender (or its designee or assignee) of its security interest grated in Section 8.1 hereof pursuant to the Uniform Commercial Code (the "UCC") shall constitute a "Company Change of Control" under the Advisory Agreement. Accordingly, and notwithstanding anything contained herein to the contrary, any such foreclosure shall be expressly conditioned upon, and shall not be effective unless and until, the Borrower (or its successor or acquirer) has paid in full to Lender and its applicable affiliates any termination fee and all other amounts due and payable under the Advisory Agreement in connection with a termination thereof on account of such Company Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.<u>Miscellaneous</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.1.<u>Right of Setoff</u>*. Borrower authorizes Lender to charge any accounts of Borrower with Lender for any and all sums due hereunder when due; <u>provided</u>, <u>however</u>, that such authorization shall not affect any of Borrower's obligation to pay to Lender all amounts when due, whether or not any such account balances that are maintained by Borrower with Lender are insufficient to pay to Lender any amounts when due, and to the extent that such accounts are insufficient to pay to Lender all such amounts, Borrower shall remain liable for any deficiencies until paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.2.<u>Waiver</u>*. Borrower waives presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices, and agrees that no extension or indulgence to Borrower, or release or substitution of Borrower or any other party, whether with or without notice, shall affect the obligations of Borrower. Borrower waives all defenses or right to discharge available under the Uniform Commercial Code of the Applicable State and waives all other suretyship defenses, impairment of collateral defenses or right to discharge. Borrower agrees that Lender has the right to sell, assign, or grant participations or any interest in, any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, Lender may disclose all documents and information which Lender now or later has relating to Borrower or the Indebtedness.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.3.<u>Successors and Assigns</u>*. This Note shall bind Borrower, and Borrower's heirs, personal representatives, successors and assigns; provided, that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Lender (and any attempted assignment or transfer by Borrower without such consent shall be null and void). Borrower agrees that Lender has the right to sell, assign, and grant participations or any interest in, any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, Lender may disclose all documents and information which Lender now or later has relating to Borrower or the Indebtedness. Borrower agrees that Lender may provide information relating to this Note or relating to Borrower to Lender's parent, affiliates, subsidiaries, lenders and service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.4.<u>Collection Costs</u>*. Borrower agrees to pay or reimburse to Lender, or any other holder or owner of this Note, on demand, any and all costs and expenses of Lender (including, without limit, court costs, legal expenses and reasonable attorneys' fees, whether inside or outside counsel is used, whether or not suit is instituted, and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or administrative proceeding or otherwise) incurred in connection with the preparation, execution, delivery, amendment, administration, and performance of this Note, or incurred in collecting or attempting to collect, or enforcing, this Note or the Indebtedness, or incurred in any other matter or proceeding relating to this Note or the Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.5.<u>Entire Agreement; Amendments</u>*. This Note constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. The terms and conditions of this Note may not be amended, waived or modified except in a writing signed by an officer of Lender expressly stating that the writing constitutes an amendment, waiver or modification of the terms of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.6.<u>Severability</u>*. If any provision of this Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.7.<u>Multiple Counterparts/Scanned Originals</u>*. This Note (i) may be executed in several counterparts, and each executed copy shall constitute an original instrument, but such counterparts shall together constitute but one and the same instrument, and (ii) a photocopy, facsimile, .pdf or scanned copy of an executed counterpart of this Note shall be sufficient to bind the party whose signature appears hereon. In addition, Borrower acknowledges and agrees to provide an original of this Note to Lender upon its request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.8.<u>Governing Law</u>*. **THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE APPLICABLE STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.9.<u>No Waiver</u>*. No delay or failure of Lender in exercising any right, power or privilege hereunder shall affect such right, power or privilege, nor shall any single or partial exercise thereof preclude any further exercise thereof, or the exercise of any other power, right or privilege. The rights of Lender under this Note are cumulative and not exclusive of any right or remedies which Lender would otherwise have, whether by other instruments or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.10.<u>Waiver of Jury Trial</u>*. **BORROWER AND LENDER, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.11.<u>Venue</u>*. **BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY (I) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL COURT OR STATE COURT SITTING IN THE APPLICABLE CITY OF THE APPLICABLE STATE (AND ANY APPELLATE COURT THEREOF) IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE, (II) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT, (III) WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUCH SUIT OR PROCEEDING IN ANY SUCH COURT, AND (IV) CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY COURT IN OR OF THE APPLICABLE STATE BY THE DELIVERY OF COPIES OF SUCH PROCESS TO BORROWER AT ITS ADDRESS SPECIFIED ON THE SIGNATURE PAGE HERETO OR BY CERTIFIED MAIL DIRECTED TO SUCH ADDRESS (OR, IN ANY CASE, ANY OTHER ADDRESS DESIGNATED BY BORROWER IN A NOTICE TO LENDER). NOTHING IN THIS PARAGRAPH SHALL LIMIT OR OTHERWISE AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER** 

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**PERMITTED BY LAW OR TO BRING ANY SUCH ACTION OR PROCEEDING AGAINST BORROWER OR ANY OF ITS PROPERTY IN ANY COURT OF ANY OTHER JURISDICTION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.12.<u>Time</u>*. Time is of the essence with respect to Borrower's Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.13.<u>Payments Set Aside</u>*. To the extent that any payment by or on behalf of Borrower is made to Lender, or Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any bankruptcy law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.14.<u>Captions</u>*. The article and section headings used in this Note are for convenience of reference only and shall not affect, alter or define the meaning or interpretation of the text of any article or section contained in this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.15.<u>Amendment and Restatement</u>*. This Amended and Restated Master Line of Credit Promissory Note amends and restates in its entirety, and supersedes and replaces, that certain Master Line of Credit Promissory Note dated August 1, 2025, in the original principal amount of $20,000,000 executed by Borrower Name in favor of Lender (the "Original Note"). This Note is not a novation of the obligations under the Original Note, but rather an amendment and restatement of the terms thereof. All obligations outstanding under the Original Note shall be deemed to be obligations outstanding under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.16.<u>State Specific Provisions</u>*.

Chapter 346 of the Texas Finance Code (and as the same may be incorporated by reference in other Texas statutes) shall not apply to the Indebtedness evidenced by this Note.

**THIS WRITTEN LOAN AGREEMENT (AS DEFINED BY SECTION 26.02 OF THE TEXAS BUSINESS AND COMMERCE CODE) REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.<u>Definitions</u>*. For the purposes of this Note, the following terms have the following meanings:

"Advance" means a borrowing requested by Borrower and made by Lender under this Note.

"Affiliate" or "Affiliates" shall mean, when used with respect to any Person, any other Person which, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with such Person. For purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), with respect to any Person, shall mean possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

"Applicable City" means Dallas.

"Applicable Interest Rate" means a fixed rate of interest equal to ten percent (10%).

"Applicable State" means the State of Texas.

"Applicable Time" means 11:00 a.m. (Dallas, Texas time).

"Bankruptcy Code" means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §§101, et seq.).

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"Business Day" means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Lender is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Dallas, Texas.

"Change in Law" means the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Lender on such date, or (ii) any change in interpretation, administration, application or implementation of any such law, treaty, rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, rule, regulation, guideline, or directive (whether or not having the force of law), including, without limitation, any risk-based capital guidelines or any interpretation, administration, request, regulation, guideline, or directive relating to liquidity. For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration, application or implementation shall include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation administration, application or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration, application or implementation, and (y) the <u>Dodd-Frank Wall Street Reform and Consumer Protection Act</u> (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or promulgated, whether before or after the date hereof.

"Change of Control" means an event or series of events by which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the "beneficial owner" (as defined in Rules 13d 3 and 13d 5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have "beneficial ownership" of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an "option right")), other than Lender or any Affiliate thereof, directly or indirectly, of 35% or more of the equity securities of Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such securities that such "person" or "group" has the right to acquire pursuant to any option right); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Parent shall cease, directly or indirectly, to Control Borrower.

"Collateral<u>" means the following properties, assets and rights owned by Grantors, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof:</u> all Equity Interests of Borrower held by the Grantors, together with the certificates or instruments representing such Equity Interests, to the extent certificated (or any addendum thereto).

"Debtor Relief Laws" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

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"Default" means any condition or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default.

"Equity Interests" means all securities, shares, units, options, warrants, interests, participations, or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company, or similar entity, whether voting or nonvoting, certificated or uncertificated, including general partner partnership interests, limited partner partnership interests, common stock, preferred stock, or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Security Exchange Act of 1934).

"Event of Default" shall have the meaning ascribed thereto in Section 6 of this Note.

"Governmental Authority" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"Grantors" means, collectively, Ashford OP Limited Partner LLC, a Delaware limited liability company, and Ashford OP General Partner LLC, a Delaware limited liability company, and each, a "Grantor".

"Indebtedness" means, collectively, the indebtedness and liabilities under this Note, including PIK Principal, and any other indebtedness and liabilities of any kind of Borrower to Lender, and any and all modifications, renewals or extensions of it, whether joint or several, contingent or absolute, now existing or later arising, and however evidenced and whether incurred voluntarily or involuntarily, known or unknown, or originally payable to Lender or to a third party and subsequently acquired by Lender including, without limitation, any interest and fees that accrue after the commencement by or against Borrower in any bankruptcy proceeding regardless of whether such interest and fees are allowed claims in such proceeding; costs incurred by Lender in pursuing any of its rights or remedies under this Note (or otherwise) or in connection with any proceeding involving Lender as a result of any financial accommodation to Borrower; and reasonable costs and expenses of attorneys and paralegals, whether inside or outside counsel is used, and whether any suit or other action is instituted, and to court costs if suit or action is instituted, and whether any such fees, costs or expenses are incurred at the trial court level or on appeal, in bankruptcy, in administrative proceedings, in probate proceedings or otherwise.

"Lender Parties" means Lender and any of its Affiliates (other than Ashford Hospitality Services LLC and its Subsidiaries).

"Loan Amount" means the face amount of this Note as set forth at the top of Page 1 hereof.

"Maturity Date" means the maturity date of this Note as set forth at the top of Page 1 hereof.

"Maximum Rate" means, at the particular time in question, the maximum nonusurious rate of interest which, under applicable law, may then be charged on this Note. If on any day the Applicable Interest Rate hereunder in respect of any Indebtedness under this Note shall exceed the Maximum Rate for that day, the rate of interest applicable to such Indebtedness shall be fixed at the Maximum Rate on that day and on each day thereafter until the total amount of interest accrued on the unpaid principal balance of this Note equals the total amount of interest which would have accrued if there had been no Maximum Rate. If such maximum rate of interest changes after the date hereof, the Maximum Rate shall be automatically increased or decreased, as the case may be, without notice to Borrower from time to time as of the effective date of each change in such maximum rate. For purposes of determining the Maximum Rate under the law of the State of Texas, the applicable interest rate ceiling shall be the "weekly ceiling" from time to time in effect under Chapter 303 of the Texas Finance Code, as amended.

This Note is intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-8-&nbsp;&nbsp;&nbsp;&nbsp;

------

circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by law. It is expressly stipulated and agreed to be the intent of the holder hereof to at all times comply with the usury and other applicable laws now or hereafter governing the interest payable on the indebtedness evidenced by this Note. If the applicable law is ever revised, repealed or judicially interpreted so as to render usurious any amount called for under this Note, or contracted for, charged, taken, reserved or received with respect to the indebtedness evidenced by this Note, or if Lender's exercise of the option to accelerate the maturity of this Note, or if any prepayment by Borrower or prepayment agreement results (or would, if complied with, result) in Borrower having paid, contracted for or being charged for any interest in excess of that permitted by law, then it is the express intent of Borrower and Lender that this Note shall be limited to the extent necessary to prevent such result and all excess amounts theretofore collected by Lender shall be credited on the principal balance of this Note or, if fully paid, upon such other Indebtedness as shall then remain outstanding (or, if this Note and all other Indebtedness have been paid in full, refunded to Borrower), and the provisions of this Note shall immediately be deemed reformed and the amounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid, or agreed to be paid, by Borrower for the use, forbearance, detention, taking, charging, receiving or reserving of the indebtedness of Borrower to Lender under this Note shall, to the maximum extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or amount of interest on account of such indebtedness does not exceed the usury ceiling from time to time in effect and applicable to such indebtedness for so long as such indebtedness is outstanding. To the extent federal law permits Lender to contract for, charge or receive a greater amount of interest, Lender will rely on federal law instead of the Texas Finance Code, as supplemented by Texas Credit Title, for the purpose of determining the Maximum Rate. Additionally, to the maximum extent permitted by applicable law now or hereafter in effect, Lender may, at its option and from time to time, implement any other method of computing the Maximum Rate under the Texas Finance Code, as supplemented by Texas Credit Title, or under other applicable law, by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect. Notwithstanding anything to the contrary contained herein, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.

"Minimum Working Capital" means an amount of cash held by Borrower that is reasonably determined by Borrower, in its sole discretion and in good faith, to constitute the minimum cash balance necessary to operate its business as a going concern, taking into account Borrower's and its Affiliate's then-current obligations, operating expenses, and anticipated needs.

"Obligations" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any sums advanced or expenses or costs incurred by Lender that are made or incurred pursuant to, or permitted by, the terms hereof or of this Note, plus interest thereon at the rate herein or therein specified or otherwise agreed upon, from the date of the advances or the incurring of such expenses or costs until reimbursed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the obligations of Borrower and Grantors to Lender now or hereafter existing or arising, under or in connection with this Note, whether for principal, interest, fees, costs, expenses or otherwise, and however created and whether direct or indirect, primary or secondary, fixed or absolute or contingent, joint or several (including all such amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections 502(b) and 506(b) of the Bankruptcy Code, 11 U.S.C. §502(b) and §506(b) and any other similar provisions arising under applicable governmental authority); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any extensions, refinancings, modifications or renewals of all such indebtedness and obligations described in paragraphs (a) through (c) above, whether or not Borrower or any Grantor executes any extension agreement or renewal instrument.

"Parent" means Ashford Hospitality Trust Inc., a Maryland corporation.

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-9-&nbsp;&nbsp;&nbsp;&nbsp;

------

"Payment Date" shall have the meaning ascribed thereto in Section 2.1 of this Note.

"Permitted Costs" means any fees and/or cost reimbursements then due and payable from Borrower or any of its Affiliates to any of the Lender Parties pursuant to any written agreement (other than this Note).

"Person" means any individual, corporation, partnership, joint venture, limited liability company, association, trust, unincorporated association, joint stock company, government, municipality, political subdivision or agency, or other entity.

"PIK Interest" shall have the meaning ascribed thereto in Section 2.1 of this Note.

"PIK Principal" shall have the meaning ascribed thereto in Section 2.1 of this Note.

"Request" means a request for an Advance hereunder either (i) upon the delivery to Lender of a written request in the form annexed to this Note as **Exhibit "A"** duly completed and executed by Borrower (as herein provided), or (ii) to the extent applicable, pursuant to a request submitted through Lender's loan management system.

"Subsidiary" or "Subsidiaries" shall mean as to any particular parent entity, any Person (whether now existing or hereafter organized or acquired) in which any equity ownership interests shall be owned directly, or indirectly through one or more Subsidiaries, by such parent entity.

*[The remainder of this page was intentionally left blank.]*

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-10-&nbsp;&nbsp;&nbsp;&nbsp;

------

This Note is dated and shall be effective as of the date set forth above.

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-11-&nbsp;&nbsp;&nbsp;&nbsp;

------

BORROWER:

ASHFORD HOSPITALITY LIMITED PARTNERSHIP,

a Delaware limited partnership

By: &nbsp;&nbsp;&nbsp;&nbsp;Ashford OP General Partner LLC,

&nbsp;&nbsp;&nbsp;&nbsp;a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;its general partner

By: <u>/s/ Stephen Zsigray</u> <br> Stephen Zsigray<br> Chief Executive Officer

GRANTORS:

Ashford OP General Partner LLC,

a Delaware limited liability company,

By: <u>/s/ Stephen Zsigray</u> <br> Stephen Zsigray<br> Chief Executive Officer

Ashford OP Limited Partner LLC,

a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;

By: <u>/s/ Stephen Zsigray</u> <br> Stephen Zsigray<br> Chief Executive Officer

LENDER:

ASHFORD HOSPITALITY ADVISORS LLC,

a Delaware limited liability company

By: /<u>s/ Deric Eubanks</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deric Eubanks<br> Chief Financial Officer

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-12-&nbsp;&nbsp;&nbsp;&nbsp;

------

**EXECUTED SOLELY FOR PURPOSES OF EVIDENCING** 

**ITS AGREEMENT TO SECTION 8.4:**

&nbsp;&nbsp;&nbsp;&nbsp;

Ashford Hospitality Trust, Inc.

By: <u>/s/ Stephen Zsigray</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen Zsigray<br> Chief Executive Officer

Ashford TRS Corporation

By: /<u>s/ Deric Eubanks</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deric Eubanks<br> President

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-13-&nbsp;&nbsp;&nbsp;&nbsp;

------

**EXHIBIT "A"<br>REQUEST FOR ADVANCE**

Subject to the terms and conditions of the Note (as defined below), Borrower hereby requests Ashford Hospitality Advisors LLC, a Delaware limited liability company ("Lender") to make an Advance to Borrower on <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (which must be a Business Day), in the amount of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Dollars ($<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>) under the Amended and Restated Master Line of Credit Promissory Note dated as of November 10, 2025, issued by Borrower to Lender in the face amount of Forty Million and No/100 Dollars ($40,000,000.00) (the "Note"). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Note.

Borrower represents, warrants and certifies that (a) no Default or Event of Default has occurred and is continuing under the Note, and none will exist upon the making of the Advance requested hereunder, and (b) [Borrower does not currently maintain working capital in an amount equal to or greater than the Minimum Working Capital], or [the payment of Permitted Costs for which this Advance is requested would cause Borrower's working capital to fall below the Minimum Working Capital in the absence of this Advance]. Borrower further certifies that upon advancing the sum requested hereunder, the aggregate principal amount outstanding under the Note (which, for the avoidance of doubt, excludes PIK Principal) will not exceed the face amount thereof. If the amount advanced to Borrower under the Note shall at any time exceed the face amount thereof (which, for the avoidance of doubt, excludes PIK Principal), Borrower will immediately pay such excess amount, without any necessity of notice or demand.

Dated this <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 20[__].

BORROWER:

ASHFORD HOSPITALITY LIMITED PARTNERSHIP,

a Delaware limited partnership

By: &nbsp;&nbsp;&nbsp;&nbsp;Ashford OP General Partner LLC,

&nbsp;&nbsp;&nbsp;&nbsp;a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;its general partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;Stephen Zsigray<br> &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

Amended and Restated Master Line of Credit Promissory Note&nbsp;&nbsp;&nbsp;&nbsp;-14-&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.7

**EXHIBIT 10.7**

**AMENDMENT NO. 6**

**TO THE** 

**THIRD AMENDED AND RESTATED ADVISORY AGREEMENT**

This AMENDMENT NO. 6 TO THE THIRD AMENDED AND RESTATED ADVISORY AGREEMENT (this "<u>Amendment</u>") is entered into as of November 10, 2025, by and among **ASHFORD HOSPITALITY TRUST, INC.** (the "<u>Company</u>"), **ASHFORD HOSPITALITY LIMITED PARTNERSHIP** (the "<u>Operating Partnership</u>"), **ASHFORD TRS CORPORATION** ("<u>TRS</u>"), **ASHFORD INC.** ("<u>AINC</u>"), and **ASHFORD HOSPITALITY ADVISORS LLC** ("<u>Ashford LLC</u>" and, together with AINC, the "<u>Advisor</u>").

<u>RECITALS</u>:

WHEREAS, the parties hereto are parties to that certain Third Amended and Restated Advisory Agreement, dated as of March 12, 2024, as amended by that certain Amendment No. 1 to the Third Amended and Restated Advisory Agreement, dated as of August 8, 2024, as amended by that certain Amendment No. 2 to the Third and Restated Advisory Agreement, dated as of November 8, 2024, as amended by that certain Amendment No. 3 to the Third and Restated Advisory Agreement, dated as of March 10, 2025, as amended by that certain Amendment No. 4 to the Third and Restated Advisory Agreement, dated as of May 12, 2025, and as amended by that certain Amendment No. 5 to the Third and Restated Advisory Agreement, dated as of August 14, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "Advisory Agreement"); and

WHEREAS, the parties hereto desire to amend the Advisory Agreement solely as set forth herein.

NOW, THEREFORE, In consideration of the premises and mutual covenants herein and for other valuable consideration, the parties hereto agree as follows:

<u>AGREEMENT:</u> 

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. Capitalized terms used in this Amendment but not defined have the meaning provided in the Advisory Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Advisory Agreement shall refer to the Advisory Agreement after giving effect to this Amendment.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to the Advisory Agreement.</u> Subsection (iii) of the definition of "<u>Company Change of Control</u>" in Section 13 of the Advisory Agreement is hereby amended and restated to read in its entirety as follows:

"(iii) commencing after the first anniversary of the Prior Effective Date, the consummation of a sale or disposition by the Company of twenty percent (20%) of the gross book value of the Company's assets over any one-year period or the consummation of a sale or disposition by the Company of thirty percent (30%) of the gross book value of the Company's assets over any three-year period, exclusive in each case of assets sold or contributed to a platform also advised by the Advisor; provided further that (A) with respect to the calculation at any time after the Effective Date of the percentage of gross book value of the Company's assets sold or disposed, each of (a) any sale or disposition consummated prior to January 1, 2024 shall be excluded

------

from the numerator of such calculation (but, for the avoidance of doubt, included in the denominator of such calculation) and (b) any sale or disposition of any Hotel Portfolio Asset with respect to KEYS A or KEYS B shall be excluded from the numerator of such calculation (but, for the avoidance of doubt, included in the denominator of such calculation), (B) with respect to the calculation at any time on or prior to the earlier of November 15, 2026 (the "Highland Outside Date"), or the refinancing of Highland, of the percentage of gross book value of the Company's assets sold or disposed, any sale or disposition of any Hotel Portfolio Asset with respect to Highland following a Maturity Default of Highland shall be excluded from the numerator of such calculation (but, for the avoidance of doubt, included in the denominator of such calculation), and (C) with respect to the calculation at any time on or prior to November 15, 2026 (the "JPM8 Outside Date", and together with the Highland Outside Date, the "Outside Date") of the percentage of gross book value of the Company's assets sold or disposed, any sale or disposition of any Hotel Portfolio Asset with respect to JPM8 following a JPM8 Event of Default shall be excluded from the numerator of such calculation (but, for the avoidance of doubt, included in the denominator of such calculation); provided, if prior to an Outside Date, a Company Change of Control has not occurred under this clause (iii) due to the provisions of subclause (B) or (C) (but a Company Change of Control would have occurred prior to such Outside Date in the absence of the provisions of subclause (B) and/or (C)) (a "Potential Company Change of Control"), on such Outside Date, a Company Change of Control shall be deemed to have occurred pursuant to a Change of Control Agreement."

Section 3. &nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 &nbsp;&nbsp;&nbsp;&nbsp;<u>Advisory Agreement Unaffected</u>. Each reference to the Advisory Agreement shall hereafter be construed as a reference to the Advisory Agreement after giving effect to this Amendment. Except as herein otherwise specifically provided, all provisions of the Advisory Agreement (after giving effect to this Amendment) shall remain in full force and effect and be unaffected hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Headings</u>. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 &nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Amendment may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile signature or other electronic transmissions, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 &nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Consent to Jurisdiction</u>. The provisions of Section 21 of the Advisory Agreement shall be set forth herein *mutatis mutandis*.

*[Signature pages follow.]*

------

**IN WITNESS WHEREOF**, this Amendment has been duly executed and delivered as of the date first above written.

ASHFORD HOSPITALITY TRUST, INC.

By: <u>/s/ Stephen Zsigray</u>

Name: Stephen Zsigray

Title: Chief Executive Officer

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

By: Ashford OP General Partner LLC, its general partner

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: Chief Financial Officer

ASHFORD TRS CORPORATION

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: President and Secretary

ASHFORD HOSPITALITY ADVISORS LLC

By: <u>/s/ Eric Batis</u>

Name: Eric Batis

Title: Chief Executive Officer

ASHFORD INC.

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Executive Vice President, General Counsel & Secretary

[*Signature Page to Amendment No. 6 to Third Amended and Restated Advisory Agreement*]

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Stephen Zsigray, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ashford Hospitality Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2025

---

| |
|:---|
| /s/ STEPHEN ZSIGRAY |
| Stephen Zsigray |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Deric S. Eubanks, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ashford Hospitality Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2025

---

| |
|:---|
| /s/ DERIC S. EUBANKS |
| Deric S. Eubanks |
| Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Ashford Hospitality Trust, Inc. (the "Company") on Form 10-Q for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Stephen Zsigray, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 13, 2025

---

| |
|:---|
| /s/ STEPHEN ZSIGRAY |
| Stephen Zsigray |
| President and Chief Executive Officer |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Ashford Hospitality Trust, Inc. (the "Company") on Form 10-Q for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Deric S. Eubanks, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 13, 2025

---

| |
|:---|
| */s/* DERIC S. EUBANKS |
| Deric S. Eubanks |
| Chief Financial Officer |

---

<br>