# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-26-000034
**Filing Date:** 2026-2
**Character Count:** 107446
**Document Hash:** 8849fa0ea8579355649bcd69cd987acc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-26-000034.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001232582-26-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31775
- **FILM NUMBER:** 26678665

**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-20260225

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): February 25, 2026** 

**ASHFORD HOSPITALITY TRUST, INC.** 

(Exact name of registrant as specified in its charter)

---

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

---

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

Not Applicable

(Former name or former address, if changed since last report)

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **AHT** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **AHT-PD** | **New York Stock Exchange** |
| **Preferred Stock, Series F** | **AHT-PF** | **New York Stock Exchange** |
| **Preferred Stock, Series G** | **AHT-PG** | **New York Stock Exchange** |
| **Preferred Stock, Series H** | **AHT-PH** | **New York Stock Exchange** |
| **Preferred Stock, Series I** | **AHT-PI** | **New York Stock Exchange** |
| **Preferred Stock Repurchase Rights** | | **New York Stock Exchange** |

---

------

**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On February 25, 2026, Ashford Hospitality Trust, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

**ITEM 8.01 &nbsp;&nbsp;&nbsp;&nbsp;OTHER EVENTS.**

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

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

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

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

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Fourth Quarter 2025 Earnings Release of the Company, dated February 25, 2026](aht2025q4earningsrelease.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURES** 

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

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

---

| | | |
|:---|:---|:---|
| | ASHFORD HOSPITALITY TRUST, INC. | ASHFORD HOSPITALITY TRUST, INC. |
| Dated: February 25, 2026 | By: | /s/ Deric S. Eubanks |
|  |  | Deric S. Eubanks |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![hosptrustleft300dpia14a.jpg](hosptrustleft300dpia14a.jpg)

NEWS RELEASE

---

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

---

**ASHFORD TRUST REPORTS FOURTH QUARTER AND**

**FULL YEAR 2025 RESULTS**

DALLAS – February 25, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

**FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels decreased 1.8% to $123 during the quarter on a 2.6% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders was $(78.3) million or $(12.33) per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre was $40.4 million for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted funds from operations (AFFO) was $(2.45) per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA was $62.7 million for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with cash and cash equivalents of $66.8 million and restricted cash of $149.6 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $25.7 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net working capital at the end of the quarter was $103.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CapEx invested during the quarter was $25.7 million.

**FULL YEAR 2025 FINANCIAL HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels decreased 0.7% over the prior year to $132 on a 1.5% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, net loss attributable to common stockholders was $(215.0) million or $(35.99) per diluted share.

------

AHT Reports Fourth Quarter and Full Year Results

February 25, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adjusted EBITDAre was $221.3 million for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the year, AFFO was $(5.66) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CapEx invested during the year was $71.2 million.

**RECENT OPERATING HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company sold the Le Pavillon, a Tribute Portfolio Hotel, and signed definitive agreements to sell the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels and paid the loan down by $10 million.

**REVIEW OF STRATEGIC ALTERNATIVES**

During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. In conjunction with forming the Special Committee, the Company has also terminated the current offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock.

**CAPITAL STRUCTURE** 

As of December 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 7.7%. Approximately 5% of the Company's current consolidated debt is fixed-rate and approximately 95% is floating-rate.

During the quarter, the Company signed definitive agreements to sell the Le Pavillon, a Tribute Portfolio Hotel, the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria. These sales are expected to generate approximately $69.5 million in aggregate gross proceeds. Based on current mortgage interest rates, the Company expects more than $2 million in annual cash flow improvement and $14.5 million in future capital expenditure savings following the sales.

Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2025.

"Our fourth quarter performance reflected continued industry-wide economic pressures that constrained RevPAR and margins. Despite challenging industry conditions, our asset management team and property managers delivered solid execution, focused on aggressively managing operating expenses as well as driving revenue and operational efficiency," commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. "As part of our ongoing strategy to deleverage the portfolio and enhance long-term shareholder value, we signed definitive agreements to sell the Le Pavillon in New Orleans, the Embassy Suites in Austin, and the Embassy Suites in Houston in the fourth quarter and expect several additional asset sales in the new year. We believe the attractive cap rates achieved on these sales underscore the intrinsic value of our assets, and we expect strategic divestitures to remain an important

------

AHT Reports Fourth Quarter and Full Year Results

February 25, 2026

tool in improving leverage, liquidity, and cash flow as we enter 2026. In addition, given our high percentage of floating-rate debt, we should also continue to benefit from lower short-term interest rates."

Mr. Zsigray concluded, "We've been highly encouraged by our success to date in executing our plan to drive outsized EBITDA growth, strategically sell assets, and strengthen our balance sheet."

**INVESTOR CONFERENCE CALL AND SIMULCAST**

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 26, 2026, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Thursday, March 5, 2026, by dialing (609) 800-9909 and entering the confirmation number, 7743408.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's website, www.ahtreit.com, on Thursday, February 26, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

\* \* \* \* \*

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

*Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.*

*These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.*

------

AHT Reports Fourth Quarter and Full Year Results

February 25, 2026

*The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.*

------

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

**CONSOLIDATED BALANCE SHEETS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, gross | $3069016 | $3350086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (983772) | (1030879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | 2085244 | 2319207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract asset | 355138 | 366671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 66145 | 112907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 149580 | 99695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $424 and $435 respectively | 32752 | 35579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3598 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, net | 12187 | 10565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated entities | 7265 | 7590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, net | 1529 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets, net | 410 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 43582 | 43780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 32057 | 39144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 25667 | 21206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 18478 | 96628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2833632 | $3160985 |
| **LIABILITIES AND EQUITY (DEFICIT)** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $2526608 | $2629289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness associated with hotels in receivership | 272800 | 314640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability | 17536 | 17992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 123773 | 137506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 13993 | 10212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 82338 | 52031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 4247 | 3952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Ashford Inc., net | 40643 | 25635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties, net | 1949 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 882 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 44045 | 44369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 36768 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | 41292 | 99139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3206874 | 3372771 |
| Redeemable noncontrolling interests in operating partnership | 20516 | 22509 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 and 6,799,638 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 179818 | 156671 |
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 and 601,175 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 18215 | 14869 |
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 5484 |  |
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 13566 |  |
| Equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 55,000,000 shares authorized : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 65 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2402015 | 2392518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3028489) | (2811868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) of the Company | (626352) | (419237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in consolidated entities | 15511 | 13402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (610841) | (405835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity/deficit | $2833632 | $3160985 |

---

------

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

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $190203 | $203979 | $825623 | $889753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 51801 | 53579 | 207588 | 212581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 16579 | 17502 | 69643 | 67800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 258583 | 275060 | 1102854 | 1170134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 384 | 421 | 1534 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 258967 | 275481 | 1104388 | 1172459 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 48320 | 49887 | 198106 | 209569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 35374 | 36057 | 139828 | 145304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 95091 | 106481 | 392070 | 418077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 8907 | 9765 | 38264 | 42406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 187692 | 202190 | 768268 | 815356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 11298 | 11768 | 59793 | 64103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34091 | 37305 | 141295 | 152776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 47827 | 59331 | 67648 | 59331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base advisory fee | 8290 | 8120 | 33238 | 32495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 6861 | 11294 | 16361 | 23856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (224) | 540 | (773) | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee |  | 121 | 213 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation |  | 26 | 13 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 3663 | 4174 | 20770 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 299498 | 334869 | 1106826 | 1174834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel properties | 24494 |  | 79799 | 94406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derecognition of assets | 9405 | 10429 | 39054 | 167177 |
| **OPERATING INCOME (LOSS)** | (6632) | (48959) | 116415 | 259208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | (67) | (1542) | (325) | (2370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1073 | 1499 | 4739 | 6942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net |  |  |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of discount amortization | (49227) | (59685) | (230659) | (259768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (9406) | (10430) | (39038) | (45592) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | (6634) | (4472) | (25570) | (13591) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (492) | (1414) | (8853) | (5245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | 292 | (16) | 335 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | (542) | (6396) | (5346) | (6480) |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (71635) | (131415) | (188302) | (64014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 838 | 2316 | 143 | (997) |
| **NET INCOME (LOSS)** | (70797) | (129099) | (188159) | (65011) |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 339 | 3534 | 5058 | 4028 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1135 | 1355 | 3262 | 683 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (69323) | (124210) | (179839) | (60300) |
| Preferred dividends | (7295) | (6307) | (28216) | (22686) |
| Deemed dividends on redeemable preferred stock | (1685) | (653) | (6949) | (2906) |
| Gain (loss) on extinguishment of preferred stock |  | 30 |  | 3370 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(78303) | $(131140) | $(215004) | $(82522) |
| **INCOME (LOSS) PER SHARE – BASIC AND DILUTED** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(12.33) | $(23.83) | $(35.99) | $(17.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 6351 | 5502 | 5974 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(12.33) | $(23.83) | $(35.99) | $(17.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 6351 | 5502 | 5974 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared per common share | $— | $— | $— | $— |

---

------

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(70797) | $(129099) | $(188159) | $(65011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs, net | 55861 | 64157 | 256229 | 273359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 9406 | 10430 | 39038 | 45592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34091 | 37305 | 141295 | 152776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (838) | (2316) | (143) | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 67 | 1542 | 325 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of EBITDA of unconsolidated entities | 256 | 130 | 1208 | 436 |
| **EBITDA** | 28046 | (17851) | 249793 | 410519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 47827 | 59331 | 67648 | 59331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (24494) |  | (79799) | (94406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (9405) | (10429) | (39054) | (167177) |
| **EBITDAre** | 41974 | 31051 | 198588 | 208267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of unfavorable contract liabilities | (31) | (30) | (122) | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 620 | 1599 | 9549 | 10809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 492 | 1414 | 8853 | 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized (gain) loss on derivatives | 542 | 6396 | 5346 | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (224) | 566 | (760) | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 253 | 2061 | 1871 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net |  |  |  | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee | (213) | (111) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (2950) | (73) | (2950) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | (292) | 16 | (335) | (2774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance | 216 | 2280 | 1228 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to EBITDAre of unconsolidated entities |  |  |  | 6 |
| **Adjusted EBITDAre** | $40387 | $45169 | $221268 | $235881 |

---

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

**RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $(70797) | $(129099) | $(188159) | $(65011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 339 | 3534 | 5058 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1135 | 1355 | 3262 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (7295) | (6307) | (28216) | (22686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (1685) | (653) | (6949) | (2906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of preferred stock |  | 30 |  | 3370 |
| Net income (loss) attributable to common stockholders | (78303) | (131140) | (215004) | (82522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate | 33358 | 37305 | 138441 | 152776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (24494) |  | (79799) | (94406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (9405) | (10429) | (39054) | (167177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1135) | (1355) | (3262) | (683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 67 | 1542 | 325 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 47827 | 59331 | 67648 | 59331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of FFO of unconsolidated entities | 36 | (475) | 192 | (932) |
| **FFO available to common stockholders and OP unitholders** | (32049) | (45221) | (130513) | (131243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 1685 | 653 | 6949 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of preferred stock |  | (30) |  | (3370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 620 | 1599 | 9549 | 10809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 492 | 1414 | 8853 | 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | 611 | 9377 | 7064 | 32790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | (224) | 566 | (760) | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 253 | 2061 | 1871 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net |  |  |  | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of credit facility exit fee |  |  |  | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 6634 | 4472 | 25490 | 13591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee | (213) | (111) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on insurance settlements | (2950) | (73) | (2950) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | (292) | 16 | (335) | (2774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 9406 | 10430 | 39038 | 40045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance | 216 | 2280 | 1228 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of unconsolidated entities | 20 | 119 | 105 | 125 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $(15791) | $(12448) | $(34411) | $(23062) |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $(2.45) | $(2.21) | $(5.66) | $(4.84) |
| Weighted average diluted shares | 6446 | 5621 | 6078 | 4769 |

---

------

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

**SUMMARY OF INDEBTEDNESS**

**December 31, 2025**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indebtedness** | **Current Maturity** | **Final Maturity** <sup>(12)</sup> | **Interest Rate** <sup>(11)</sup> | **Fixed-Rate<br>Debt** | **Floating-Rate<br>Debt** | **Total<br>Debt** | | **TTM Hotel Net Income** | **TTM Hotel Net Income Debt Yield** | **Comparable TTM Hotel EBITDA** <sup>(13)</sup> | **Comparable TTM Hotel EBITDA<br>Debt Yield** |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | March 2025 | March 2025 | 4.66% | $21971 | $— | $21971 | (2) | $(18344) | (83.5)% | $2114 | 9.6% |
| BAML Highland Pool - 18 hotels | January 2026 | July 2026 | SOFR (1) + 4.15% |  | 733625 | 733625 | (3) | 78299 | 10.7% | 85723 | 11.7% |
| JPMorgan Chase - 8 hotels | February 2026 | February 2026 | SOFR (1) + 3.28% |  | 325000 | 325000 | (4) | 6760 | 2.1% | 25820 | 7.9% |
| BAML Indigo Atlanta - 1 hotel | February 2026 | February 2027 | SOFR (1) + 2.85% |  | 12330 | 12330 | (5) | 294 | 2.4% | 2288 | 18.6% |
| Morgan Stanley Pool - 14 hotels | March 2026 | March 2028 | SOFR (1) + 3.83% |  | 341203 | 341203 | (6) | 52323 | 15.3% | 34562 | 10.1% |
| Aareal Alexandria/La Posada - 2 hotels | May 2026 | May 2028 | SOFR (1) + 4.00% |  | 98450 | 98450 | (7) | (25179) | (25.6)% | 10931 | 11.1% |
| BAML/Sculptor KEYS 16 Pool - 16 hotels | February 2027 | February 2030 | SOFR (1) + 4.37% |  | 580000 | 580000 | (8) | 50333 | 8.7% | 71893 | 12.4% |
| BAML Nashville - 1 hotel | September 2027 | September 2030 | SOFR (1) + 2.26% |  | 218100 | 218100 | (8) | 26993 | 12.4% | 35804 | 16.4% |
| Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% |  | 121500 | 121500 | (9) | 12642 | 10.4% | 16321 | 13.4% |
| BAML Pool - 4 hotels | December 2028 | December 2028 | 8.51% | 30200 |  | 30200 |  | 538 | 1.8% | 4667 | 15.5% |
| Preferred Equity Nashville - 1 hotel | May 2029 | May 2029 | 11.14% | 88845 |  | 88845 | (10) | N/A | N/A | N/A | N/A |
| Unencumbered Hotel - 1 hotel |  |  |  |  |  |  |  | 2085 | N/A | 4570 | N/A |
| Total |  |  |  | $141016 | $2430208 | $2571224 |  | $186744 | 7.3% | $294693 | 11.5% |
| Percentage |  |  |  | 5.5% | 94.5% | 100.0% |  |  |  |  |  |
| Weighted average interest rate <sup>(11)</sup> |  |  |  | 9.57% | 7.58% | 7.69% |  |  |  |  |  |

---

All indebtedness is non-recourse.

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

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;SOFR rate was 3.69% at December 31, 2025.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has one six-month extension option, subject to satisfaction of certain conditions. The six-month extension option was exercised in January 2026, included a $10.0 million principal paydown and increased the weighted average spread rate to 4.41%.

<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 February 9, 2026. On February 9, 2026, this mortgage loan went into default under the terms and conditions of the mortgage loan agreement and began incurring default interest of 5.00% in addition to the stated interest rate, in accordance with the terms and conditions of the mortgage loan agreement.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

<sup>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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>(10)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate, consisting of 10.14% cash interest and 1.00% paid-in-kind interest.

<sup>(11)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest rates do not include default or late payment rates in effect on one mortgage loan.

<sup>(12)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The final maturity date assumes all available extension options will be exercised.

<sup>(13)</sup> &nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

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

**INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED**

**December 31, 2025**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel | $21971 | $— | $— | $— | $— | $— | $21971 |
| BAML Highland Pool - 18 hotels | 733625 |  |  |  |  |  | 733625 |
| JPMorgan Chase - 8 hotels | 325000 |  |  |  |  |  | 325000 |
| BAML Indigo Atlanta - 1 hotel |  | 12330 |  |  |  |  | 12330 |
| Morgan Stanley Pool - 15 hotels |  |  | 341203 |  |  |  | 341203 |
| Aareal Alexandria/La Posada - 2 hotels |  |  | 98450 |  |  |  | 98450 |
| BAML Pool - 4 hotels |  |  | 30200 |  |  |  | 30200 |
| Preferred Equity Nashville - 1 hotel |  |  |  | 88845 |  |  | 88845 |
| Torchlight Marriott Gateway - 1 hotel |  |  |  | 121500 |  |  | 121500 |
| BAML/Sculptor KEYS 16 Pool - 16 hotels |  |  |  |  | 580000 |  | 580000 |
| BAML Nashville - 1 hotel |  |  |  |  | 218100 |  | 218100 |
| Principal due in future periods | 1080596 | 12330 | 469853 | 210345 | 798100 |  | 2571224 |
| Scheduled amortization payments remaining |  |  |  |  |  |  |  |
| Total indebtedness | $1080596 | $12330 | $469853 | $210345 | $798100 | $— | $2571224 |

---

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

------

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

**KEY PERFORMANCE INDICATORS** 

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $190203 | $(2735) | $187468 | $203979 | $(13045) | $190934 | (6.75)% | (1.82)% |
| RevPAR | $122.71 | $(138.67) | $122.51 | $125.66 | $(140.24) | $124.77 | (2.34)% | (1.82)% |
| Occupancy | 66.84% | (69.51)% | 66.80% | 66.37% | (68.11)% | 66.26% | 0.71% | 0.82% |
| ADR | $183.60 | $(199.51) | $183.39 | $189.34 | $(205.90) | $188.31 | (3.03)% | (2.61)% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $825624 | $(22549) | $803075 | $889753 | $(84727) | $805026 | (7.21)% | (0.24)% |
| RevPAR | $131.68 | $(113.36) | $132.28 | $132.87 | $(129.41) | $133.24 | (0.89)% | (0.72)% |
| Occupancy | 70.26% | (66.54)% | 70.39% | 69.66% | (67.87)% | 69.85% | 0.86% | 0.77% |
| ADR | $187.41 | $(170.36) | $187.93 | $190.75 | $(190.67) | $190.76 | (1.75)% | (1.48)% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $180648 | $(2736) | $177912 | $195339 | $(13045) | $182294 | (7.52)% | (2.40)% |
| RevPAR | $123.58 | $(138.67) | $123.38 | $127.25 | $(140.24) | $126.42 | (2.88)% | (2.40)% |
| Occupancy | 67.30% | (69.51)% | 67.27% | 66.68% | (68.11)% | 66.59% | 0.93% | 1.02% |
| ADR | $183.64 | $(199.51) | $183.41 | $190.84 | $(205.90) | $189.84 | (3.77)% | (3.39)% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | | | | | | | | |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $779662 | $(22548) | $757114 | $843851 | $(84727) | $759124 | (7.61)% | (0.26)% |
| RevPAR | $131.70 | $(113.36) | $132.34 | $132.98 | $(129.41) | $133.39 | (0.96)% | (0.79)% |
| Occupancy | 70.47% | (66.54)% | 70.61% | 69.62% | (67.87)% | 69.83% | 1.22% | 1.12% |
| ADR | $186.89 | $(170.36) | $187.43 | $191.00 | $(190.67) | $191.04 | (2.16)% | (1.89)% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 64 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

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

**HOTEL NET INCOME (LOSS) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **% Variance** | **2025** | **2024** | **% Variance** |
| Total hotel revenue | $258583 | $275060 | (5.99)% | $1102855 | $1170134 | (5.75)% |
| Non-comparable adjustments | (3443) | (15712) |  | (27113) | (102695) |  |
| Comparable total hotel revenue | $255140 | $259348 | (1.62)% | $1075742 | $1067439 | 0.78% |
| Hotel net income (loss) | $4332 | $(37125) | 111.67% | $157653 | $166667 | (5.41)% |
| Non-comparable adjustments | (24029) | 41 |  | (48253) | (88342) |  |
| Comparable hotel net income (loss) | $(19697) | $(37084) | 46.89% | $109400 | $78325 | 39.67% |
| Hotel net income (loss) margin | 1.68% | (13.50)% | 15.18% | 14.29% | 14.24% | 0.05% |
| Comparable hotel net income margin | (7.72)% | (14.30)% | 6.58% | 10.17% | 7.34% | 2.83% |
| Hotel EBITDA | $63133 | $69415 | (9.05)% | $302625 | $314694 | (3.84)% |
| Non-comparable adjustments | (472) | (4129) |  | (5110) | (24192) |  |
| Comparable hotel EBITDA | $62661 | $65286 | (4.02)% | $297515 | $290502 | 2.41% |
| Hotel EBITDA margin | 24.41% | 25.24% | (0.83)% | 27.44% | 26.89% | 0.55% |
| Comparable hotel EBITDA margin | 24.56% | 25.17% | (0.61)% | 27.66% | 27.21% | 0.45% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

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

**HOTEL NET INCOME (LOSS) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **ALL HOTELS<br>&nbsp;&nbsp;&nbsp;&nbsp; NOT UNDER RENOVATION:** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **% Variance** | **2025** | **2024** | **% Variance** |
| Total hotel revenue | $246397 | $263762 | (6.58)% | $1047259 | $1113609 | (5.96)% |
| Non-comparable adjustments | (3442) | (15711) |  | (27112) | (102695) |  |
| Comparable total hotel revenue | $242955 | $248051 | (2.05)% | $1020147 | $1010914 | 0.91% |
| Hotel net income (loss) | $4182 | $(36989) | 111.31% | $149168 | $158142 | (5.67)% |
| Non-comparable adjustments | (24030) | 42 |  | (48255) | (88342) |  |
| Comparable hotel net income (loss) | $(19848) | $(36947) | 46.28% | $100913 | $69800 | 44.57% |
| Hotel net income (loss) margin | 1.70% | (14.02)% | 15.72% | 14.24% | 14.20% | 0.04% |
| Comparable hotel net income margin | (8.17)% | (14.89)% | 6.72% | 9.89% | 6.90% | 2.99% |
| Hotel EBITDA | $60976 | $67854 | (10.14)% | $286662 | $299988 | (4.44)% |
| Non-comparable adjustments | (472) | (4126) |  | (5110) | (24190) |  |
| Comparable hotel EBITDA | $60504 | $63728 | (5.06)% | $281552 | $275798 | 2.09% |
| Hotel EBITDA margin | 24.75% | 25.73% | (0.98)% | 27.37% | 26.94% | 0.43% |
| Comparable hotel EBITDA margin | 24.90% | 25.69% | (0.79)% | 27.60% | 27.28% | 0.32% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 64 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

(3)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

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

**HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** | **Actual**<br>**2025** | **Non-comparable Adjustments**<br>**2025** | **Comparable**<br>**2025** |
| | **4th Quarter** | **4th Quarter** | **4th Quarter** | **3rd Quarter** | **3rd Quarter** | **3rd Quarter** | **2nd Quarter** | **2nd Quarter** | **2nd Quarter** | **1st Quarter** | **1st Quarter** | **1st Quarter** |
| Total hotel revenue | $258583 | $(3443) | $255140 | $265675 | $(5756) | $259919 | $301546 | $(8658) | $292888 | $277051 | $(9256) | $267795 |
| Hotel net income (loss) | $4332 | $(24029) | $(19697) | $26634 | $4845 | $31479 | $57561 | $2756 | $60317 | $69126 | $(31825) | $37301 |
| Hotel net income (loss) margin | 1.68% |  | (7.72)% | 10.03% |  | 12.11% | 19.09% |  | 20.59% | 24.95% |  | 13.93% |
| Hotel EBITDA | $63133 | $(472) | $62661 | $68740 | $(384) | $68356 | $92279 | $(1752) | $90527 | $78473 | $(2502) | $75971 |
| Hotel EBITDA margin | 24.41% |  | 24.56% | 25.87% |  | 26.30% | 30.60% |  | 30.91% | 28.32% |  | 28.37% |
| Hotel net income (loss) % of total TTM | 2.7% |  | (18.0)% | 16.9% |  | 28.8% | 36.5% |  | 55.1% | 43.9% |  | 34.1% |
| EBITDA % of total TTM | 20.9% |  | 21.1% | 22.7% |  | 23.0% | 30.5% |  | 30.4% | 25.9% |  | 25.5% |
| JV interests in Hotel net income (loss) | $(349) |  | $(349) | $(1249) |  | $(1249) | $(1235) |  | $(1235) | $(1544) |  | $(1544) |
| JV interests in EBITDA | $1038 |  | $1038 | $216 |  | $216 | $421 |  | $421 | $321 |  | $321 |
|  | **Actual** | **Non-comparable Adjustments** | **Comparable** |  |  |  |  |  |  |  |  |  |
|  | **2025** | **2025** | **2025** |  |  |  |  |  |  |  |  |  |
|  | **TTM** | **TTM** | **TTM** |  |  |  |  |  |  |  |  |  |
| Total hotel revenue | $1102855 | $(27113) | $1075742 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) | $157653 | $(48253) | $109400 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) margin | 14.29% |  | 10.17% |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA | $302625 | $(5110) | $297515 |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA margin | 27.44% |  | 27.66% |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |
| EBITDA % of total TTM | 100.0% |  | 100.0% |  |  |  |  |  |  |  |  |  |
| JV interests in Hotel net income (loss) | $(4377) |  | $(4377) |  |  |  |  |  |  |  |  |  |
| JV interests in EBITDA | $1996 |  | $1996 |  |  |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

------

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

**HOTEL REVPAR BY MARKET**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $132.37 | $— | $132.37 | $131.35 | $— | $131.35 | 0.8% | 0.8% |
| Boston, MA Area |  |  |  |  |  | 215.20 | (215.20) |  | (100.0)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 117.84 |  | 117.84 | 104.51 |  | 104.51 | 12.8% | 12.8% |
| Houston, TX Area | 2 | 453 | 115.93 |  | 115.93 | 108.77 | (84.23) | 121.89 | 6.6% | (4.9)% |
| Los Angeles, CA Metro Area | 4 | 1312 | 143.81 |  | 143.81 | 141.47 |  | 141.47 | 1.7% | 1.7% |
| Miami, FL Metro Area | 2 | 414 | 166.52 |  | 166.52 | 161.30 |  | 161.30 | 3.2% | 3.2% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 64.68 |  | 64.68 | 56.57 |  | 56.57 | 14.3% | 14.3% |
| Nashville, TN Area | 1 | 674 | 207.72 |  | 207.72 | 210.75 |  | 210.75 | (1.4)% | (1.4)% |
| New York / New Jersey Metro Area | 4 | 1159 | 93.11 |  | 93.11 | 94.75 |  | 94.75 | (1.7)% | (1.7)% |
| Orlando, FL Area | 2 | 524 | 107.15 |  | 107.15 | 131.25 |  | 131.25 | (18.4)% | (18.4)% |
| Philadelphia, PA Area | 1 | 263 | 115.96 |  | 115.96 | 96.56 |  | 96.56 | 20.1% | 20.1% |
| San Diego, CA Area | 1 | 260 | 111.63 | (141.93) | 108.97 | 137.18 | (146.76) | 131.65 | (18.6)% | (17.2)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 124.16 |  | 124.16 | 118.00 |  | 118.00 | 5.2% | 5.2% |
| Tampa, FL Area | 2 | 571 | 123.00 |  | 123.00 | 149.76 |  | 149.76 | (17.9)% | (17.9)% |
| Washington D.C. - MD - VA Area | 9 | 2428 | 121.28 |  | 121.28 | 136.69 |  | 136.69 | (11.3)% | (11.3)% |
| Other Areas | 24 | 4738 | 117.77 | (138.28) | 116.94 | 115.96 | (103.95) | 116.73 | 1.6% | 0.2% |
| **Total Portfolio** | 68 | 16633 | $122.71 | $(138.67) | $122.51 | $125.66 | $(140.24) | $124.77 | (2.3)% | (1.8)% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

**HOTEL REVPAR BY MARKET**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $136.52 | $— | $136.52 | $128.61 | $(77.84) | $133.27 | 6.2% | 2.4% |
| Boston, MA Area |  |  | 38.81 | (38.81) |  | 207.84 | (207.84) |  | (81.3)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 119.39 |  | 119.39 | 112.38 | (83.82) | 113.88 | 6.2% | 4.8% |
| Houston, TX Area | 2 | 453 | 113.00 | (91.11) | 120.47 | 107.13 | (94.74) | 113.78 | 5.5% | 5.9% |
| Los Angeles, CA Metro Area | 4 | 1312 | 148.63 |  | 148.63 | 144.70 | (84.48) | 147.01 | 2.7% | 1.1% |
| Miami, FL Metro Area | 2 | 414 | 174.76 |  | 174.76 | 168.55 |  | 168.55 | 3.7% | 3.7% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 73.02 |  | 73.02 | 71.87 |  | 71.87 | 1.6% | 1.6% |
| Nashville, TN Area | 1 | 674 | 224.10 |  | 224.10 | 223.78 |  | 223.78 | 0.1% | 0.1% |
| New York / New Jersey Metro Area | 4 | 1159 | 99.47 |  | 99.47 | 95.37 | (55.84) | 96.68 | 4.3% | 2.9% |
| Orlando, FL Area | 2 | 524 | 114.53 |  | 114.53 | 122.23 |  | 122.23 | (6.3)% | (6.3)% |
| Philadelphia, PA Area | 1 | 263 | 121.96 |  | 121.96 | 105.67 | (28.18) | 115.28 | 15.4% | 5.8% |
| San Diego, CA Area | 1 | 260 | 142.38 | (152.04) | 138.00 | 155.51 | (164.47) | 150.34 | (8.4)% | (8.2)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 135.34 |  | 135.34 | 126.33 | (85.16) | 130.63 | 7.1% | 3.6% |
| Tampa, FL Area | 2 | 571 | 139.81 |  | 139.81 | 144.01 |  | 144.01 | (2.9)% | (2.9)% |
| Washington D.C. - MD - VA Area | 9 | 2428 | 142.07 |  | 142.07 | 149.72 |  | 149.72 | (5.1)% | (5.1)% |
| Other Areas | 24 | 4738 | 124.47 | (111.30) | 125.21 | 126.55 | (113.80) | 128.17 | (1.6)% | (2.3)% |
| **Total Portfolio** | 68 | 16633 | $131.68 | $(113.36) | $132.28 | $132.87 | $(129.41) | $133.24 | (0.9)% | (0.7)% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

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

**HOTEL NET INCOME (LOSS) BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **% of Total** | **2024** | **2024** | **2024** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $2024 | $(31) | $1993 | (10.1)% | $1966 | $(27) | $1939 | (5.2)% | 3.0% | 2.8% |
| Boston, MA Area |  |  | 150 | (150) |  | —% | 2019 | (2019) |  | —% | (92.6)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 2742 |  | 2742 | (13.9)% | (2302) | 15 | (2287) | 6.2% | 219.1% | 219.9% |
| Houston, TX Area | 2 | 453 | 655 | (410) | 245 | (1.2)% | 508 | (33) | 475 | (1.3)% | 28.9% | (48.4)% |
| Los Angeles, CA Metro Area | 4 | 1312 | 3034 |  | 3034 | (15.4)% | (33595) |  | (33595) | 90.6% | 109.0% | 109.0% |
| Miami, FL Metro Area | 2 | 414 | 1190 |  | 1190 | (6.0)% | 1403 |  | 1403 | (3.8)% | (15.2)% | (15.2)% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | (819) |  | (819) | 4.2% | (1033) |  | (1033) | 2.8% | 20.7% | 20.7% |
| Nashville, TN Area | 1 | 674 | 6194 |  | 6194 | (31.4)% | 6191 |  | 6191 | (16.7)% | —% | —% |
| New York / New Jersey Metro Area | 4 | 1159 | (335) | (82) | (417) | 2.1% | 284 |  | 284 | (0.8)% | (218.0)% | (246.8)% |
| Orlando, FL Area | 2 | 524 | 716 |  | 716 | (3.6)% | 1530 |  | 1530 | (4.1)% | (53.2)% | (53.2)% |
| Philadelphia, PA Area | 1 | 263 | 402 | (38) | 364 | (1.8)% | (98) | (4) | (102) | 0.3% | 510.2% | 456.9% |
| San Diego, CA Area | 1 | 260 | 23385 | (23269) | 116 | (0.6)% | 799 | (577) | 222 | (0.6)% | 2826.8% | (47.7)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | (15832) | (150) | (15982) | 81.1% | (749) | 384 | (365) | 1.0% | (2013.8)% | (4278.6)% |
| Tampa, FL Area | 2 | 571 | 1494 |  | 1494 | (7.6)% | 1057 |  | 1057 | (2.9)% | 41.3% | 41.3% |
| Washington D.C. - MD - VA Area | 9 | 2428 | (26184) |  | (26184) | 132.9% | 6388 |  | 6388 | (17.2)% | (509.9)% | (509.9)% |
| Other Areas | 24 | 4738 | 5516 | 101 | 5617 | (28.7)% | (21493) | 2302 | (19191) | 51.7% | 125.7% | 129.3% |
| **Total Portfolio** | 68 | 16633 | $4332 | $(24029) | $(19697) | 100.0% | $(37125) | $41 | $(37084) | 100.0% | 111.7% | 46.9% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

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

**HOTEL NET INCOME (LOSS) BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **% of Total** | **2024** | **2024** | **2024** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $8424 | $(33) | $8391 | 7.7% | $19975 | $(14100) | $5875 | 7.5% | (57.8)% | 42.8% |
| Boston, MA Area |  |  | 31971 | (31971) |  | —% | 4380 | (4380) |  | —% | 629.9% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 6760 | (19) | 6741 | 6.2% | 6725 | (1715) | 5010 | 6.4% | 0.5% | 34.6% |
| Houston, TX Area | 2 | 453 | 17334 | (16032) | 1302 | 1.2% | 920 | (6) | 914 | 1.2% | 1784.1% | 42.5% |
| Los Angeles, CA Metro Area | 4 | 1312 | 14597 |  | 14597 | 13.3% | (27369) | 3375 | (23994) | (30.6)% | 153.3% | 160.8% |
| Miami, FL Metro Area | 2 | 414 | 5980 |  | 5980 | 5.5% | 5264 |  | 5264 | 6.7% | 13.6% | 13.6% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | (360) |  | (360) | (0.3)% | (1812) |  | (1812) | (2.3)% | 80.1% | 80.1% |
| Nashville, TN Area | 1 | 674 | 26992 |  | 26992 | 24.7% | 25591 |  | 25591 | 32.7% | 5.5% | 5.5% |
| New York / New Jersey Metro Area | 4 | 1159 | 2330 | (83) | 2247 | 2.1% | 177 | 882 | 1059 | 1.4% | 1216.4% | 112.2% |
| Orlando, FL Area | 2 | 524 | 10151 |  | 10151 | 9.3% | 3759 |  | 3759 | 4.8% | 170.0% | 170.0% |
| Philadelphia, PA Area | 1 | 263 | 2062 | (40) | 2022 | 1.8% | 272 | 798 | 1070 | 1.4% | 658.1% | 89.0% |
| San Diego, CA Area | 1 | 260 | 27492 | (25225) | 2267 | 2.1% | 5925 | (3157) | 2768 | 3.5% | 364.0% | (18.1)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | (13155) | 62 | (13093) | (12.0)% | 815 | 628 | 1443 | 1.8% | (1714.1)% | (1007.3)% |
| Tampa, FL Area | 2 | 571 | 8948 |  | 8948 | 8.2% | 7965 |  | 7965 | 10.2% | 12.3% | 12.3% |
| Washington D.C. - MD - VA Area | 9 | 2428 | 258 |  | 258 | 0.2% | 33402 |  | 33402 | 42.6% | (99.2)% | (99.2)% |
| Other Areas | 24 | 4738 | 7869 | 25088 | 32957 | 30.0% | 80678 | (70667) | 10011 | 12.7% | (90.2)% | 229.2% |
| **Total Portfolio** | 68 | 16633 | $157653 | $(48253) | $109400 | 100.0% | $166667 | $(88342) | $78325 | 100.0% | (5.4)% | 39.7% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

------

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

**HOTEL EBITDA BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **% of Total** | **2024** | **2024** | **2024** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $4676 | $(31) | $4645 | 7.4% | $5040 | $(35) | $5005 | 7.7% | (7.2)% | (7.2)% |
| Boston, MA Area |  |  |  |  |  | —% | 2491 | (2491) |  | —% | (100.0)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 6595 |  | 6595 | 10.5% | 4469 | (5) | 4464 | 6.8% | 47.6% | 47.7% |
| Houston, TX Area | 2 | 453 | 1717 | 81 | 1798 | 2.9% | 2476 | (397) | 2079 | 3.2% | (30.7)% | (13.5)% |
| Los Angeles, CA Metro Area | 4 | 1312 | 4437 |  | 4437 | 7.1% | 5325 | (2) | 5323 | 8.2% | (16.7)% | (16.6)% |
| Miami, FL Metro Area | 2 | 414 | 2647 |  | 2647 | 4.2% | 2801 | (1) | 2800 | 4.3% | (5.5)% | (5.5)% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 151 |  | 151 | 0.2% | (99) | (2) | (101) | (0.2)% | 252.5% | 249.5% |
| Nashville, TN Area | 1 | 674 | 7946 |  | 7946 | 12.7% | 8515 |  | 8515 | 13.0% | (6.7)% | (6.7)% |
| New York / New Jersey Metro Area | 4 | 1159 | 1496 |  | 1496 | 2.4% | 2554 | (3) | 2551 | 3.9% | (41.4)% | (41.4)% |
| Orlando, FL Area | 2 | 524 | 1425 |  | 1425 | 2.3% | 2434 |  | 2434 | 3.7% | (41.5)% | (41.5)% |
| Philadelphia, PA Area | 1 | 263 | 751 | (38) | 713 | 1.1% | 304 | (5) | 299 | 0.5% | 147.0% | 138.5% |
| San Diego, CA Area | 1 | 260 | 593 | 59 | 652 | 1.0% | 1671 | (813) | 858 | 1.3% | (64.5)% | (24.0)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 2666 |  | 2666 | 4.3% | 2507 |  | 2507 | 3.8% | 6.3% | 6.3% |
| Tampa, FL Area | 2 | 571 | 2305 |  | 2305 | 3.7% | 2923 | (3) | 2920 | 4.5% | (21.1)% | (21.1)% |
| Washington D.C. - MD - VA Area | 9 | 2428 | 9117 |  | 9117 | 14.5% | 10813 | (4) | 10809 | 16.6% | (15.7)% | (15.7)% |
| Other Areas | 24 | 4738 | 16611 | (543) | 16068 | 25.7% | 15191 | (368) | 14823 | 22.7% | 9.3% | 8.4% |
| **Total Portfolio** | 68 | 16633 | $63133 | $(472) | $62661 | 100.0% | $69415 | $(4129) | $65286 | 100.0% | (9.0)% | (4.0)% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

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

**HOTEL EBITDA BY MARKET**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Number of Hotels** | **Number of Rooms** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **% of Total** | **Actual** | **Comparable** |
| | **Number of Hotels** | **Number of Rooms** | **2025** | **2025** | **2025** | **% of Total** | **2024** | **2024** | **2024** | **% of Total** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $19583 | $(34) | $19549 | 6.6% | $18474 | $(246) | $18228 | 6.3% | 6.0% | 7.2% |
| Boston, MA Area |  |  | 64 | (64) |  | —% | 10977 | (10977) |  | —% | (99.4)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 26183 |  | 26183 | 8.8% | 22217 | (570) | 21647 | 7.5% | 17.9% | 21.0% |
| Houston, TX Area | 2 | 453 | 8490 | (712) | 7778 | 2.6% | 8610 | (1842) | 6768 | 2.3% | (1.4)% | 14.9% |
| Los Angeles, CA Metro Area | 4 | 1312 | 20948 |  | 20948 | 7.0% | 21024 | 151 | 21175 | 7.3% | (0.4)% | (1.1)% |
| Miami, FL Metro Area | 2 | 414 | 11748 |  | 11748 | 3.9% | 10978 |  | 10978 | 3.8% | 7.0% | 7.0% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 2806 |  | 2806 | 0.9% | 1487 |  | 1487 | 0.5% | 88.7% | 88.7% |
| Nashville, TN Area | 1 | 674 | 35804 |  | 35804 | 12.0% | 35327 |  | 35327 | 12.2% | 1.4% | 1.4% |
| New York / New Jersey Metro Area | 4 | 1159 | 10382 |  | 10382 | 3.5% | 9776 | (112) | 9664 | 3.3% | 6.2% | 7.4% |
| Orlando, FL Area | 2 | 524 | 6545 |  | 6545 | 2.2% | 7498 |  | 7498 | 2.6% | (12.7)% | (12.7)% |
| Philadelphia, PA Area | 1 | 263 | 3489 | (40) | 3449 | 1.2% | 2404 | 228 | 2632 | 0.9% | 45.1% | 31.0% |
| San Diego, CA Area | 1 | 260 | 6676 | (2591) | 4085 | 1.4% | 8483 | (4056) | 4427 | 1.5% | (21.3)% | (7.7)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 13257 |  | 13257 | 4.5% | 12095 | (227) | 11868 | 4.1% | 9.6% | 11.7% |
| Tampa, FL Area | 2 | 571 | 11990 |  | 11990 | 4.0% | 12228 |  | 12228 | 4.2% | (1.9)% | (1.9)% |
| Washington D.C. - MD - VA Area | 9 | 2428 | 47832 |  | 47832 | 16.1% | 51560 |  | 51560 | 17.7% | (7.2)% | (7.2)% |
| Other Areas | 24 | 4738 | 76828 | (1669) | 75159 | 25.3% | 81556 | (6541) | 75015 | 25.8% | (5.8)% | 0.2% |
| **Total Portfolio** | 68 | 16633 | $302625 | $(5110) | $297515 | 100.0% | $314694 | $(24192) | $290502 | 100.0% | (3.8)% | 2.4% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

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

------

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

**TOTAL ENTERPRISE VALUE**

**December 31, 2025**

**(in thousands, except share price)**

**(unaudited)**

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Common stock shares outstanding | 6476 |
| Partnership units outstanding | 95 |
| Combined common stock shares and partnership units outstanding | 6571 |
| Common stock price | $4.26 |
| **Market capitalization** | $**27992** |
| Series D cumulative preferred stock | $27778 |
| Series F cumulative preferred stock | $25926 |
| Series G cumulative preferred stock | $36774 |
| Series H cumulative preferred stock | $25949 |
| Series I cumulative preferred stock | $25858 |
| Series J redeemable preferred stock | $192105 |
| Series K redeemable preferred stock | $18278 |
| Series L redeemable preferred stock | $5955 |
| Series M redeemable preferred stock | $13772 |
| Indebtedness | $2571224 |
| Net working capital (see below) | $(103231) |
| **Total enterprise value (TEV)** | $**2868380** |
| Cash and cash equivalents | $66348 |
| Restricted cash | $144849 |
| Accounts receivable, net | $32736 |
| Inventory | $3599 |
| Prepaid expenses | $9767 |
| Due from third-party hotel managers, net | $24786 |
| **Total current assets** | $**282085** |
| Accounts payable, net & accrued expenses | $124633 |
| Dividends and distributions payable | $4247 |
| Due to affiliates, net | $49974 |
| **Total current liabilities** | $**178854** |
| **Net working capital** | $**103231** |

---

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

------

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

**ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | **2025** | **2025** | **2025** | **2026** | **2026** | **2026** | **2026** |
| | | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** | **1st Quarter** | **2nd Quarter** | **3rd Quarter** | **4th Quarter** |
| | **Rooms** | **Actual** | **Actual** | **Actual** | **Actual** | **Estimated** | **Estimated** | **Estimated** | **Estimated** |
| **Courtyard Bloomington** | **117** | **x** | **x** |  | **x** | **x** |  |  |  |
| **Embassy Suites Austin** | **150** |  |  |  |  |  |  |  | **x** |
| **Embassy Suites Houston** | **150** |  |  |  |  |  |  |  | **x** |
| **Embassy Suites Palm Beach** | **160** | **x** |  |  |  |  |  | **x** | **x** |
| **Hampton Inn Evansville** | **140** | **x** | **x** |  |  |  |  |  |  |
| **Hilton Garden Inn Austin Downtown** | **254** |  | **x** | **x** |  |  |  |  | **x** |
| **Hilton Garden Inn Virginia Beach** | **176** |  |  |  | **x** | **x** | **x** |  | **x** |
| **Marriott Sugarland** | **300** |  |  |  |  |  |  |  | **x** |
| **Sheraton Anchorage** | **370** |  |  |  | **x** | **x** |  | **x** | **x** |
| **Sheraton San Diego Mission Valley** | **260** |  |  |  |  | **x** | **x** | **x** | **x** |
| **Westin Princeton** | **296** |  |  |  | **x** | **x** | **x** |  | **x** |
| **Total** |  | **3** | **3** | **1** | **4** | **5** | **3** | **3** | **9** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 and 2026 are included in this table.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025**<br>**4th Quarter** | **2025**<br>**3rd Quarter** | **2025**<br>**2nd Quarter** | **2025**<br>**1st Quarter** | **December 31, 2025**<br>**TTM** |
| Net income (loss) | $4332 | $26634 | $57561 | $69126 | $157653 |
| Non-property adjustments | 20110 | 2353 | (5234) | (31855) | (14626) |
| Interest income | (378) | (400) | (370) | (346) | (1494) |
| Interest expense | 2694 | 3061 | 3156 | 3065 | 11976 |
| Amortization of loan costs | 30 | 35 | 132 | 106 | 303 |
| Depreciation and amortization | 34042 | 34540 | 35228 | 37290 | 141100 |
| Non-hotel EBITDA ownership expense | 2303 | 2517 | 1806 | 1087 | 7713 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 63133 | 68740 | 92279 | 78473 | 302625 |
| Non-comparable adjustments | (472) | (384) | (1752) | (2502) | (5110) |
| Comparable hotel EBITDA | $62661 | $68356 | $90527 | $75971 | $297515 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $4182 | $150 | $4332 | $(75129) | $(70797) |
| Non-property adjustments | 20110 |  | 20110 | (20110) |  |
| Interest income | (378) |  | (378) | 378 |  |
| Interest expense | 2694 |  | 2694 | 55939 | 58633 |
| Amortization of loan cost | 30 |  | 30 | 6604 | 6634 |
| Depreciation and amortization | 31985 | 2057 | 34042 | 49 | 34091 |
| Income tax expense (benefit) |  |  |  | (838) | (838) |
| Non-hotel EBITDA ownership expense | 2353 | (50) | 2303 | (2303) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 60976 | 2157 | 63133 | (35410) | 27723 |
| Equity in (earnings) loss of unconsolidated entities |  |  |  | 67 | 67 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  | 256 | 256 |
| Hotel EBITDA attributable to the Company and OP unitholders | $60976 | $2157 | $63133 | $(35087) | $28046 |
| Non-comparable adjustments | (472) |  | (472) |  |  |
| Comparable hotel EBITDA | $60504 | $2157 | $62661 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $(36989) | $(136) | $(37125) | $(91974) | $(129099) |
| Non-property adjustments | 59274 |  | 59274 | (59274) |  |
| Interest income | (408) |  | (408) | 408 |  |
| Interest expense | 3181 |  | 3181 | 66934 | 70115 |
| Amortization of loan cost | 118 |  | 118 | 4354 | 4472 |
| Depreciation and amortization | 35695 | 1561 | 37256 | 49 | 37305 |
| Income tax expense (benefit) | (22) |  | (22) | (2294) | (2316) |
| Non-hotel EBITDA ownership expense | 7005 | 136 | 7141 | (7141) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 67854 | 1561 | 69415 | (88938) | (19523) |
| Equity in (earnings) loss of unconsolidated entities |  |  |  | 1542 | 1542 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  | 130 | 130 |
| Hotel EBITDA attributable to the Company and OP unitholders | $67854 | $1561 | $69415 | $(87266) | $(17851) |
| Non-comparable adjustments | (4126) | (3) | (4129) |  |  |
| Comparable hotel EBITDA | $63728 | $1558 | $65286 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $149168 | $8485 | $157653 | $(345812) | $(188159) |
| Non-property adjustments | (14626) |  | (14626) | 14626 |  |
| Interest income | (1494) |  | (1494) | 1494 |  |
| Interest expense | 11976 |  | 11976 | 257721 | 269697 |
| Amortization of loan cost | 303 |  | 303 | 25267 | 25570 |
| Depreciation and amortization | 133730 | 7370 | 141100 | 195 | 141295 |
| Income tax expense (benefit) |  |  |  | (143) | (143) |
| Non-hotel EBITDA ownership expense | 7605 | 108 | 7713 | (7713) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 286662 | 15963 | 302625 | (54365) | 248260 |
| Equity in (earnings) loss of unconsolidated entities |  |  |  | 325 | 325 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  | 1208 | 1208 |
| Hotel EBITDA attributable to the Company and OP unitholders | $286662 | $15963 | $302625 | $(52832) | $249793 |
| Non-comparable adjustments | (5110) |  | (5110) |  |  |
| Comparable hotel EBITDA | $281552 | $15963 | $297515 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Hotel Properties Not Under Renovation** | **Hotel Properties Under Renovation** | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $158142 | $8525 | $166667 | $(231678) | $(65011) |
| Non-property adjustments | (27513) |  | (27513) | 27513 |  |
| Interest income | (1720) |  | (1720) | 1720 |  |
| Interest expense | 11628 |  | 11628 | 293733 | 305361 |
| Amortization of loan cost | 490 |  | 490 | 13100 | 13590 |
| Depreciation and amortization | 146362 | 5944 | 152306 | 470 | 152776 |
| Income tax expense (benefit) | 68 |  | 68 | 929 | 997 |
| Non-hotel EBITDA ownership expense | 12531 | 237 | 12768 | (12768) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 299988 | 14706 | 314694 | 93019 | 407713 |
| Equity in (earnings) loss of unconsolidated entities |  |  |  | 2370 | 2370 |
| Company's portion of EBITDA of unconsolidated entities |  |  |  | 436 | 436 |
| Hotel EBITDA attributable to the Company and OP unitholders | $299988 | $14706 | $314694 | $95825 | $410519 |
| Non-comparable adjustments | (24190) | (2) | (24192) |  |  |
| Comparable hotel EBITDA | $275798 | $14704 | $290502 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Atlanta, GA Area** | **Boston, MA Area** | **Dallas / Ft. Worth, TX Area** | **Houston, TX Area** | **Los Angeles, CA Metro Area** | **Miami, FL Metro Area** | **Minneapolis - <br>St. Paul, MN - WI Area** | **Nashville, TN Area** | **New York / New Jersey Metro Area** |
| Net income (loss) | $2024 | $150 | $2742 | $655 | $3034 | $1190 | $(819) | $6194 | $(335) |
| Non-property adjustments |  |  | (906) | (320) | (86) |  |  | (487) | (83) |
| Interest income | (57) |  | (21) |  | (15) | (1) |  | (37) |  |
| Interest expense | 699 |  | 916 |  |  |  |  |  |  |
| Amortization of loan costs | 6 |  |  |  |  |  |  |  |  |
| Depreciation and amortization | 1978 |  | 3745 | 1386 | 1362 | 1398 | 729 | 2080 | 1928 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 26 | (150) | 119 | (4) | 142 | 60 | 241 | 196 | (14) |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4676 |  | 6595 | 1717 | 4437 | 2647 | 151 | 7946 | 1496 |
| Non-comparable adjustments | (31) |  |  | 81 |  |  |  |  |  |
| Comparable hotel EBITDA | $4645 | $— | $6595 | $1798 | $4437 | $2647 | $151 | $7946 | $1496 |
|  | **Orlando, FL Area** | **Philadelphia, PA Area** | **San Diego, CA Area** | **San Francisco - Oakland, CA Metro Area** | **Tampa, FL Area** | **Washington D.C. - MD - VA Area** | **Other Areas** | **Total Portfolio** |  |
| Net income (loss) | $716 | $402 | $23385 | $(15832) | $1494 | $(26184) | $5516 | $4332 |  |
| Non-property adjustments |  |  | (23315) | 15710 |  | 31484 | (1887) | 20110 |  |
| Interest income | (30) |  | (9) | (15) |  | (158) | (35) | (378) |  |
| Interest expense |  |  |  | 556 |  |  | 523 | 2694 |  |
| Amortization of loan costs |  |  |  |  |  |  | 24 | 30 |  |
| Depreciation and amortization | 732 | 345 | 485 | 1902 | 682 | 4034 | 11256 | 34042 |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 7 | 4 | 47 | 345 | 129 | (59) | 1214 | 2303 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1425 | 751 | 593 | 2666 | 2305 | 9117 | 16611 | 63133 |  |
| Non-comparable adjustments |  | (38) | 59 |  |  |  | (543) | (472) |  |
| Comparable hotel EBITDA | $1425 | $713 | $652 | $2666 | $2305 | $9117 | $16068 | $62661 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| | **Atlanta, GA Area** | **Boston, MA Area** | **Dallas / Ft. Worth, TX Area** | **Houston, TX Area** | **Los Angeles, CA Metro Area** | **Miami, FL Metro Area** | **Minneapolis - St. Paul, MN - WI Area** | **Nashville, TN Area** | **New York / New Jersey Metro Area** |
| Net income (loss) | $1966 | $2019 | $(2302) | $508 | $(33595) | $1403 | $(1033) | $6191 | $284 |
| Non-property adjustments |  |  | 16 |  | 35908 |  |  |  | (72) |
| Interest income | (47) | (77) |  |  | (14) | 23 |  | (25) |  |
| Interest expense | 749 |  | 1398 |  |  |  |  |  |  |
| Amortization of loan costs |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization | 2178 | 511 | 3913 | 1696 | 1954 | 1226 | 716 | 2404 | 1913 |
| Income tax expense (benefit) |  |  |  |  |  |  |  | (70) |  |
| Non-hotel EBITDA ownership expense | 194 | 38 | 1444 | 272 | 1072 | 149 | 218 | 15 | 429 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 5040 | 2491 | 4469 | 2476 | 5325 | 2801 | (99) | 8515 | 2554 |
| Non-comparable adjustments | (35) | (2491) | (5) | (397) | (2) | (1) | (2) |  | (3) |
| Comparable hotel EBITDA | $5005 | $— | $4464 | $2079 | $5323 | $2800 | $(101) | $8515 | $2551 |
|  | **Orlando, FL Area** | **Philadelphia, PA Area** | **San Diego, CA Area** | **San Francisco - Oakland, CA Metro Area** | **Tampa, FL Area** | **Washington D.C. - MD - VA Area** | **Other Areas** | **Total Portfolio** |  |
| Net income (loss) | $1530 | $(98) | $799 | $(749) | $1057 | $6388 | $(21493) | $(37125) |  |
| Non-property adjustments |  |  |  |  |  |  | 23422 | 59274 |  |
| Interest income | (29) |  | (26) | (16) |  | (164) | (33) | (408) |  |
| Interest expense |  |  |  | 210 |  |  | 824 | 3181 |  |
| Amortization of loan costs |  |  |  | 80 |  |  | 38 | 118 |  |
| Depreciation and amortization | 927 | 367 | 611 | 2164 | 760 | 4396 | 11520 | 37256 |  |
| Income tax expense (benefit) |  |  |  |  |  |  | 48 | (22) |  |
| Non-hotel EBITDA ownership expense | 6 | 35 | 287 | 818 | 1106 | 193 | 865 | 7141 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2434 | 304 | 1671 | 2507 | 2923 | 10813 | 15191 | 69415 |  |
| Non-comparable adjustments |  | (5) | (813) |  | (3) | (4) | (368) | (4129) |  |
| Comparable hotel EBITDA | $2434 | $299 | $858 | $2507 | $2920 | $10809 | $14823 | $65286 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Atlanta, GA Area** | **Boston, MA Area** | **Dallas / Ft. Worth, TX Area** | **Houston, TX Area** | **Los Angeles, CA Metro Area** | **Miami, FL Metro Area** | **Minneapolis - St. Paul, MN - WI Area** | **Nashville, TN Area** | **New York / New Jersey Metro Area** |
| Net income (loss) | $8424 | $31971 | $6760 | $17334 | $14597 | $5980 | $(360) | $26992 | $2330 |
| Non-property adjustments |  | (31814) | (925) | (16354) | (86) |  |  | (487) | (83) |
| Interest income | (223) |  | (22) |  | (60) | (6) |  | (133) |  |
| Interest expense | 2810 |  | 4340 |  |  |  |  |  |  |
| Amortization of loan costs | 22 |  | 162 |  |  |  |  |  |  |
| Depreciation and amortization | 8225 | 1 | 14794 | 6773 | 5858 | 5642 | 2827 | 8956 | 7570 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 325 | (94) | 1074 | 737 | 639 | 132 | 339 | 476 | 565 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 19583 | 64 | 26183 | 8490 | 20948 | 11748 | 2806 | 35804 | 10382 |
| Non-comparable adjustments | (34) | (64) |  | (712) |  |  |  |  |  |
| Comparable hotel EBITDA | $19549 | $— | $26183 | $7778 | $20948 | $11748 | $2806 | $35804 | $10382 |
|  | **Orlando, FL Area** | **Philadelphia, PA Area** | **San Diego, CA Area** | **San Francisco - Oakland, CA Metro Area** | **Tampa, FL Area** | **Washington D.C. - MD - VA Area** | **Other Areas** | **Total Portfolio** |  |
| Net income (loss) | $10151 | $2062 | $27492 | $(13155) | $8948 | $258 | $7869 | $157653 |  |
| Non-property adjustments | (6700) |  | (23315) | 15711 |  | 31484 | 17943 | (14626) |  |
| Interest income | (123) |  | (86) | (52) |  | (649) | (140) | (1494) |  |
| Interest expense |  |  |  | 1966 |  |  | 2860 | 11976 |  |
| Amortization of loan costs |  |  |  | 27 |  |  | 92 | 303 |  |
| Depreciation and amortization | 3193 | 1396 | 2369 | 7766 | 2783 | 16529 | 46418 | 141100 |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 24 | 31 | 216 | 994 | 259 | 210 | 1786 | 7713 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 6545 | 3489 | 6676 | 13257 | 11990 | 47832 | 76828 | 302625 |  |
| Non-comparable adjustments |  | (40) | (2591) |  |  |  | (1669) | (5110) |  |
| Comparable hotel EBITDA | $6545 | $3449 | $4085 | $13257 | $11990 | $47832 | $75159 | $297515 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Atlanta, GA Area** | **Boston, MA Area** | **Dallas / Ft. Worth, TX Area** | **Houston, TX Area** | **Los Angeles, CA Metro Area** | **Miami, FL Metro Area** | **Minneapolis - St. Paul, MN - WI Area** | **Nashville, TN Area** | **New York / New Jersey Metro Area** |
| Net income (loss) | $19975 | $4380 | $6725 | $920 | $(27369) | $5264 | $(1812) | $25591 | $177 |
| Non-property adjustments | (14362) | 665 | (1568) |  | 38909 |  |  |  | 661 |
| Interest income | (180) | (282) | (4) |  | (71) | (15) |  | (108) | (4) |
| Interest expense | 3079 | 2518 | 1735 |  |  |  |  |  |  |
| Amortization of loan costs |  | 144 |  |  |  |  |  |  |  |
| Depreciation and amortization | 9556 | 3552 | 13575 | 6686 | 8315 | 4561 | 2972 | 9675 | 8175 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 406 |  | 1754 | 1004 | 1240 | 1168 | 327 | 169 | 767 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 18474 | 10977 | 22217 | 8610 | 21024 | 10978 | 1487 | 35327 | 9776 |
| Non-comparable adjustments | (246) | (10977) | (570) | (1842) | 151 |  |  |  | (112) |
| Comparable hotel EBITDA | $18228 | $— | $21647 | $6768 | $21175 | $10978 | $1487 | $35327 | $9664 |
|  | **Orlando, FL Area** | **Philadelphia, PA Area** | **San Diego, CA Area** | **San Francisco - Oakland, CA Metro Area** | **Tampa, FL Area** | **Washington D.C. - MD - VA Area** | **Other Areas** | **Total Portfolio** |  |
| Net income (loss) | $3759 | $272 | $5925 | $815 | $7965 | $33402 | $80678 | $166667 |  |
| Non-property adjustments |  | 425 |  | 228 |  |  | (52471) | (27513) |  |
| Interest income | (112) | (4) | (94) | (67) |  | (635) | (144) | (1720) |  |
| Interest expense |  |  |  | 846 |  |  | 3450 | 11628 |  |
| Amortization of loan costs |  |  |  | 198 |  |  | 148 | 490 |  |
| Depreciation and amortization | 3823 | 1655 | 2388 | 9147 | 3222 | 18311 | 46693 | 152306 |  |
| Income tax expense (benefit) |  |  |  |  |  |  | 68 | 68 |  |
| Non-hotel EBITDA ownership expense | 28 | 56 | 264 | 928 | 1041 | 482 | 3134 | 12768 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 7498 | 2404 | 8483 | 12095 | 12228 | 51560 | 81556 | 314694 |  |
| Non-comparable adjustments |  | 228 | (4056) | (227) |  |  | (6541) | (24192) |  |
| Comparable hotel EBITDA | $7498 | $2632 | $4427 | $11868 | $12228 | $51560 | $75015 | $290502 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

------

**Exhibit 1**

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

**RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** | **TTM Ended December 31, 2025** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 17 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **Hilton Alexandria / La Posada - 2 hotels** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Aareal Le Pavillon - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** |
| Net income (loss) | $50333 | $78299 | $52323 | $6760 | $26993 | $(25179) | $294 | $12642 | $(18344) | $(24375) | $(6189) |
| Non-property adjustments | (8121) | (32550) | (38278) |  | (487) | 31484 |  |  | 16344 | 17259 |  |
| Interest income | (139) | (333) | (279) | (186) | (133) |  | (5) | (397) |  |  | (22) |
| Interest expense |  |  |  |  |  |  | 887 |  | 1967 | 2857 | 4341 |
| Amortization of loan costs |  |  |  |  |  |  | 22 |  | 27 | 92 | 162 |
| Depreciation and amortization | 27424 | 38133 | 22149 | 18579 | 8956 | 4603 | 1205 | 4023 | 2076 | 5287 | 4037 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 2397 | 2238 | 1882 | 666 | 475 | 23 | (115) | 53 | 44 | 387 | 493 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 71894 | 85787 | 37797 | 25819 | 35804 | 10931 | 2288 | 16321 | 2114 | 1507 | 2822 |
| Non-comparable adjustments | (1) | (64) | (3235) | 1 |  |  |  |  |  | (1507) |  |
| Comparable hotel EBITDA | $71893 | $85723 | $34562 | $25820 | $35804 | $10931 | $2288 | $16321 | $2114 | $— | $2822 |
|  | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |  |  |  |  |  |  |
| Net income (loss) | $538 | $1473 | $2085 | $157653 |  |  |  |  |  |  |  |
| Non-property adjustments |  | (277) |  | (14626) |  |  |  |  |  |  |  |
| Interest income |  |  |  | (1494) |  |  |  |  |  |  |  |
| Interest expense |  |  | 1924 | 11976 |  |  |  |  |  |  |  |
| Amortization of loan costs |  |  |  | 303 |  |  |  |  |  |  |  |
| Depreciation and amortization | 4089 |  | 539 | 141100 |  |  |  |  |  |  |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 42 | (894) | 22 | 7713 |  |  |  |  |  |  |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 4669 | 302 | 4570 | 302625 |  |  |  |  |  |  |  |
| Non-comparable adjustments | (2) | (302) |  | (5110) |  |  |  |  |  |  |  |
| Comparable hotel EBITDA | $4667 | $— | $4570 | $297515 |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 68 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.