# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-26-000107
**Filing Date:** 2026-5
**Character Count:** 75826
**Document Hash:** ab2c9af8b6e35103ba54b63391135cc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-26-000107.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001232582-26-000107

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260511

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**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:** 26964600

**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-20260511

**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): May 11, 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 May 11, 2026, Ashford Hospitality Trust, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026.

A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**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>[First Quarter 2026 Earnings Release of the Company, dated](aht2026q1earningsrelease.htm)[May 11](aht2026q1earningsrelease.htm)[, 2026](aht2026q1earningsrelease.htm)</u>

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

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

------

**SIGNATURES** 

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

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

---

| | | |
|:---|:---|:---|
| | ASHFORD HOSPITALITY TRUST, INC. | ASHFORD HOSPITALITY TRUST, INC. |
| Dated: May 11, 2026 | By: | /s/ Justin Coe |
|  |  | Justin Coe |
|  |  | Chief Accounting Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![hosptrustleft300dpia14.jpg](hosptrustleft300dpia14.jpg)

NEWS RELEASE

---

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

---

**ASHFORD TRUST REPORTS FIRST QUARTER 2026 RESULTS**

DALLAS – May 11, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2026. 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 March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

**FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR for all hotels increased 3.3% to $135.63 during the quarter on a 2.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders was $(71.1) million or $(11.03) per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDAre was $51.7 million for the quarter.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable Hotel EBITDA was $73.2 million for the quarter, reflecting growth of 5.2% over the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with cash and cash equivalents of $79.8 million and restricted cash of $141.2 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 $24.5 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 $73.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CapEx invested during the quarter was $17.0 million.

**RECENT OPERATING HIGHLIGHTS** 

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

------

AHT Reports First Quarter Results

May 11, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company successfully closed on five hotel sales for combined gross proceeds of $238.5 million or $229,000 per key. Additionally, these five sales are expected to result in anticipated capital expenditure savings of $50.5 million or $48,500 per key. These hotels include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Embassy Suites by Hilton Houston Near the Galleria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Embassy Suites by Hilton Austin Arboretum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hilton St. Petersburg Bayfront

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ La Posada de Santa Fe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hilton Alexandria Old Town

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, the Company successfully closed on two hotel sales for combined gross proceeds of $58.0 million or $187,000 per key. Additionally, these two sales are expected to result in anticipated capital expenditure savings of $4.7 million or $15,100 per key. These hotels include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Embassy Suites by Hilton Dallas Near the Galleria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has also entered into definitive agreements to sell another six hotels representing a combined $154.6 million or $108,000 per key. Additionally, these six sales are expected to result in anticipated capital expenditure savings of $105.7 million or $74,000 per key. These hotels include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Lakeway Resort & Spa

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sheraton Mission Valley San Diego

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Silversmith Hotel Chicago Downtown

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hyatt Regency Long Island

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sheraton Indianapolis City Centre

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hilton Garden Inn Jacksonville JTB/Deerwood Park

**CAPITAL STRUCTURE** 

As of March 31, 2026, the Company had total loans of $2.4 billion with a blended average interest rate of 7.9%, taking into account in-the-money interest rate caps. Approximately 6% of the Company's current consolidated debt is fixed-rate and approximately 94% is floating-rate.

During the quarter, 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 first quarter ended March 31, 2026.

"Our first-quarter performance reflected disciplined execution across the portfolio as our asset management team and property managers delivered strong results, with a clear focus on aggressively managing operating expenses while driving revenue growth and operational efficiency," said Stephen Zsigray, President and Chief Executive Officer.

"With a 3.3% increase in comparable RevPAR over the prior-year quarter and a 5.2% increase in comparable hotel EBITDA, the portfolio achieved a flow-through of 64.5%. From a capital markets perspective, strategic asset sales remain a core component of our plan to reduce leverage and enhance cash flow through both lower interest expense and reduced capital expenditures.

------

AHT Reports First Quarter Results

May 11, 2026

"We've seen strong buyer interest across multiple assets, successfully closing on the sale of seven hotels and entering into definitive agreements to sell an additional six. The attractive cap rates achieved on these sales underscore the intrinsic value of our portfolio.

"As we move through the remainder of the year, we expect strategic divestitures to remain an important lever to improve leverage, liquidity and cash flow. Additionally, we're encouraged by our progress to date in executing our strategy to drive outsized EBITDA growth, optimize our asset base and strengthen our balance sheet."

**UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS**

During the fourth quarter of 2025, the Company terminated the offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock. The Company also subsequently suspended the payment of dividends on its outstanding preferred stock to preserve liquidity.

"Operating performance continues to strengthen," said Zsigray. "With the ongoing implementation of our GRO AHT initiatives, quarterly AFFO has improved from $(13.8) million in Q1 2024, to $(5.6) million in Q1 2025, to breakeven in Q1 2026. That progression reflects work across cost structure, portfolio composition, and property performance, and the trajectory gives us conviction in our approach.

"As noted, we have been active on the disposition front. However, we have been required to apply the majority of sale proceeds to retire mortgage debt that sits senior to the preferred. That use of proceeds has driven deleveraging to help address near-term loan maturities and protect equity within the portfolio, but it continues to constrain corporate cash available for preferred redemptions and dividends.

"With the Federal Reserve pausing further interest rate cuts, refinancing conditions and free cash flow remain tight. As a result, we do not anticipate resuming preferred dividends or redemptions in the near term. Our ability to resume will depend on continued operating improvement, the trajectory of interest rates, and our progress on refinancing upcoming maturities.

"In the near term, our primary focus remains on ensuring that our maturing loans are refinanced and that we preserve the equity in our portfolio. That discipline is what creates the runway to resume capital returns to preferred holders when conditions allow."

**INVESTOR CONFERENCE CALL**

Ashford Hospitality Trust, Inc. will not be hosting a conference call to discuss its first quarter 2026 financial results.

**NON-GAAP MEASURES** 

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

------

AHT Reports First Quarter Results

May 11, 2026

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.

***Forward-Looking Statements***

*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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.*

*The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, gross | $2617922 | $3069016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (810924) | (983772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in hotel properties, net | 1806998 | 2085244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract asset | 335979 | 355138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 78042 | 66145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 141203 | 149580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $435 and $424 respectively | 43426 | 32752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3106 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, net | 12486 | 12187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated entities | 7063 | 7265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, net | 1210 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets, net | 1212 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 41035 | 43582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 53235 | 32057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from third-party hotel managers | 24535 | 25667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 55779 | 18478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2605309 | $2833632 |
| **LIABILITIES AND EQUITY (DEFICIT)** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness, net | $2287163 | $2526608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness associated with hotels in receivership | 252000 | 272800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability | 17417 | 17536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 140837 | 123773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 31787 | 13993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 83979 | 82338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 4247 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Ashford Inc., net | 65638 | 40643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties, net | 12319 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to third-party hotel managers | 1306 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 44042 | 44045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 36695 | 36768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | 66613 | 41292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3044043 | 3206874 |
| Redeemable noncontrolling interests in operating partnership | 19945 | 20516 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 183655 | 179818 |
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 18591 | 18215 |
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 5547 | 5484 |
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 13831 | 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 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2402044 | 2402015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3097325) | (3028489) |
| &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 | (695159) | (626352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in consolidated entities | 14856 | 15511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity (deficit) | (680303) | (610841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity/deficit | $2605309 | $2833632 |

---

------

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

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **REVENUE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | $200025 | $206301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 51570 | 54529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 15983 | 16220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel revenue | 267578 | 277050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 154 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 267732 | 277359 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rooms | 46190 | 47790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 34383 | 35726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 91273 | 95110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9284 | 9848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total hotel operating expenses | 181130 | 188474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes, insurance and other | 14894 | 16049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 32006 | 37339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 112649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory services fee: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base advisory fee | 8308 | 8195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursable expenses | 11687 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 28 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, general and administrative: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 1602 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 362304 | 257739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposition of assets and hotel properties | 100030 | 31868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derecognition of assets | 7790 | 10046 |
| **OPERATING INCOME (LOSS)** | 13248 | 61534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (loss) of unconsolidated entities | (202) | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 922 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 3223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of discount amortization | (67317) | (61602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (7820) | (10046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | (6237) | (5200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | (1254) | (4597) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt | (25) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on derivatives | 757 | (2740) |
| **INCOME (LOSS) BEFORE INCOME TAXES** | (64705) | (21881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | (752) | (317) |
| **NET INCOME (LOSS)** | (65457) | (22198) |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 655 | 1776 |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1030 | 451 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY** | (63772) | (19971) |
| Preferred dividends | (2714) | (6729) |
| Deemed dividends on redeemable preferred stock | (4600) | (1057) |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(71086) | $(27757) |
| **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 | $(11.03) | $(4.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 6442 | 5651 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(11.03) | $(4.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 6442 | 5651 |
| &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** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Net income (loss)** | $(65457) | $(22198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and amortization of discounts and loan costs, net | 73554 | 66802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 7820 | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 32006 | 37339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 752 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 202 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of EBITDA of unconsolidated entities | 108 | 120 |
| **EBITDA** | 48985 | 92857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 112649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (100030) | (31868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (7790) | (10046) |
| **EBITDAre** | 53814 | 50943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of unfavorable contract liabilities | (31) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 352 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 1254 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized (gain) loss on derivatives | (757) | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 28 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 21 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (3223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | 25 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance | 179 | 521 |
| **Adjusted EBITDAre** | $51662 | $61663 |

---

**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** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Net income (loss)** | $(65457) | $(22198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss attributable to noncontrolling interest in consolidated entities | 655 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1030 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (2714) | (6729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | (4600) | (1057) |
| Net income (loss) attributable to common stockholders | (71086) | (27757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization on real estate | 31702 | 36550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on consolidation of VIE and disposition of assets and hotel properties | (100030) | (31868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derecognition of assets | (7790) | (10046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1030) | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated entities | 202 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on real estate | 112649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of FFO of unconsolidated entities | (101) | (233) |
| **FFO available to common stockholders and OP unitholders** | (35484) | (33374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed dividends on redeemable preferred stock | 4600 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction and conversion costs | 352 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of premiums, loan costs and exit fees | 1254 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivatives | (757) | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock/unit-based compensation | 28 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal, advisory and settlement costs | 21 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (3223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 6237 | 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stirling performance participation fee |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | 25 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 7820 | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance | 179 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Default interest and late fees | 18904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company's portion of adjustments to FFO of unconsolidated entities | 22 | 40 |
| **Adjusted FFO available to common stockholders and OP unitholders** | $(22) | $(5625) |
| Adjusted FFO per diluted share available to common stockholders and OP unitholders | $— | $(0.98) |
| Weighted average diluted shares | 6536 | 5761 |

---

------

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

**SUMMARY OF INDEBTEDNESS**

**March 31, 2026**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indebtedness** | **Current Maturity** | **Final Maturity** <sup>(10)</sup> | **Interest Rate** <sup>(9)</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>(11)</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) | $(18457) | (84.0)% | $2170 | 9.9% |
| JPMorgan Chase - 8 hotels | February 2026 | February 2026 | SOFR (1) + 3.28% |  | 325000 | 325000 | (2) | (7472) | (2.3)% | 28138 | 8.7% |
| BAML Highland Pool - 18 hotels | July 2026 | July 2026 | SOFR (1) + 4.41% |  | 723625 | 723625 | (3) | (18493) | (2.6)% | 85124 | 11.8% |
| BAML Indigo Atlanta - 1 hotel | February 2027 | February 2027 | SOFR (1) + 2.85% |  | 12330 | 12330 | (4) | 235 | 1.9% | 2181 | 17.7% |
| BAML/Sculptor KEYS 16 Pool - 16 hotels | February 2027 | February 2030 | SOFR (1) + 4.37% |  | 580000 | 580000 | (5) | 30622 | 5.3% | 73618 | 12.7% |
| Morgan Stanley Pool - 11 hotels | March 2027 | March 2028 | SOFR (1) + 4.82% |  | 231340 | 231340 | (6) | 131875 | 57.0% | 26806 | 11.6% |
| BAML Nashville - 1 hotel | September 2027 | September 2030 | SOFR (1) + 2.26% |  | 218100 | 218100 | (5) | 27029 | 12.4% | 35353 | 16.2% |
| Torchlight Marriott Crystal Gateway - 1 hotel | November 2027 | November 2029 | SOFR (1) + 4.75% |  | 121500 | 121500 | (7) | 12697 | 10.5% | 16328 | 13.4% |
| BAML Pool - 4 hotels | December 2028 | December 2028 | 8.51% | 30200 |  | 30200 |  | 239 | 0.8% | 4321 | 14.3% |
| Preferred Equity Nashville - 1 hotel | May 2029 | May 2029 | 11.14% | 89067 |  | 89067 | (8) | N/A | N/A | N/A | N/A |
| Unencumbered Hotel - 1 hotel |  |  |  |  |  |  |  | 1599 | N/A | 4070 | N/A |
| Total |  |  |  | $141238 | $2211895 | $2353133 |  | $159874 | 6.8% | $278109 | 11.8% |
| Percentage |  |  |  | 6.0% | 94.0% | 100.0% |  |  |  |  |  |
| Weighted average interest rate <sup>(9)</sup> |  |  |  | 9.57% | 7.74% | 7.85% |  |  |  |  |  |

---

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 3.66% at March 31, 2026.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of March 31, 2026, 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.

<sup>(4)&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>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option was exercised in March 2026.<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>

<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 2.75%.

<sup>(8)&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>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest rates do not include default or late payment rates in effect on two mortgage loans.

<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The final maturity date assumes all available extension options will be exercised.

<sup>(11)</sup> &nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

------

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

**KEY PERFORMANCE INDICATORS** 

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL HOTELS:** | | | | | | | | |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Non-comparable Adjustments** | **Comparable** | **Actual** | **Comparable** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **% Variance** | **% Variance** |
| Rooms revenue (in thousands) | $200025 | $(9716) | $190309 | $206301 | $(21990) | $184311 | (3.04)% | 3.25% |
| RevPAR | $135.95 | $(142.71) | $135.63 | $132.04 | $(138.09) | $131.35 | 2.97% | 3.25% |
| Occupancy | 68.64% | (71.15)% | 68.52% | 67.98% | (70.13)% | 67.73% | 0.97% | 1.16% |
| ADR | $198.08 | $(200.58) | $197.95 | $194.24 | $(196.89) | $193.93 | 1.97% | 2.07% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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) & EBITDA**

**(dollars in thousands)**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **ALL HOTELS:** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** | **March 31,** |
|  | **2026** | **2025** | **% Variance** |
| Total hotel revenue | $267578 | $277051 | (3.42)% |
| Non-comparable adjustments | (13217) | (28321) |  |
| Comparable total hotel revenue | $254361 | $248730 | 2.26% |
| Hotel net income (loss) | $29115 | $69126 | (57.88)% |
| Non-comparable adjustments | (101744) | (35827) |  |
| Comparable hotel net income (loss) | $(72629) | $33299 | (318.11)% |
| Hotel net income (loss) margin | 10.88% | 24.95% | (14.07)% |
| Comparable hotel net income margin | (28.55)% | 13.39% | (41.94)% |
| Hotel EBITDA | $76805 | $78473 | (2.13)% |
| Non-comparable adjustments | (3582) | (8883) |  |
| Comparable hotel EBITDA | $73223 | $69590 | 5.22% |
| Hotel EBITDA margin | 28.70% | 28.32% | 0.38% |
| Comparable hotel EBITDA margin | 28.79% | 27.98% | 0.81% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS**

**(dollars in thousands)**

**(unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual**<br>**2026** | **Non-comparable Adjustments**<br>**2026** | **Comparable**<br>**2026** | **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** |
| | **1st Quarter** | **1st Quarter** | **1st Quarter** | **4th Quarter** | **4th Quarter** | **4th Quarter** | **3rd Quarter** | **3rd Quarter** | **3rd Quarter** | **2nd Quarter** | **2nd Quarter** | **2nd Quarter** |
| Total hotel revenue | $267578 | $(13217) | $254361 | $258583 | $(19635) | $238948 | $265675 | $(21007) | $244668 | $301546 | $(27557) | $273989 |
| Hotel net income (loss) | $29115 | $(101744) | $(72629) | $4332 | $5255 | $9587 | $26634 | $3570 | $30204 | $57561 | $(808) | $56753 |
| Hotel net income (loss) margin | 10.88% |  | (28.55)% | 1.68% |  | 4.01% | 10.03% |  | 12.34% | 19.09% |  | 20.71% |
| Hotel EBITDA | $76805 | $(3582) | $73223 | $63133 | $(4290) | $58843 | $68740 | $(3881) | $64859 | $92279 | $(7574) | $84705 |
| Hotel EBITDA margin | 28.70% |  | 28.79% | 24.41% |  | 24.63% | 25.87% |  | 26.51% | 30.60% |  | 30.92% |
| Hotel net income (loss) % of total TTM | 24.8% |  | (303.7)% | 3.7% |  | 40.1% | 22.6% |  | 126.3% | 48.9% |  | 237.3% |
| EBITDA % of total TTM | 25.5% |  | 26.0% | 21.0% |  | 20.9% | 22.8% |  | 23.0% | 30.7% |  | 30.1% |
| JV interests in Hotel net income (loss) | $(574) |  | $(574) | $(349) |  | $(349) | $(1249) |  | $(1249) | $(1235) |  | $(1235) |
| JV interests in EBITDA | $816 |  | $816 | $1038 |  | $1038 | $216 |  | $216 | $421 |  | $421 |
|  | **Actual** | **Non-comparable Adjustments** | **Comparable** |  |  |  |  |  |  |  |  |  |
|  | **2026** | **2026** | **2026** |  |  |  |  |  |  |  |  |  |
|  | **TTM** | **TTM** | **TTM** |  |  |  |  |  |  |  |  |  |
| Total hotel revenue | $1093382 | $(81416) | $1011966 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) | $117642 | $(93727) | $23915 |  |  |  |  |  |  |  |  |  |
| Hotel net income (loss) margin | 10.76% |  | 2.36% |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA | $300957 | $(19327) | $281630 |  |  |  |  |  |  |  |  |  |
| Hotel EBITDA margin | 27.53% |  | 27.83% |  |  |  |  |  |  |  |  |  |
| 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) | $(3406) |  | $(3406) |  |  |  |  |  |  |  |  |  |
| JV interests in EBITDA | $2490 |  | $2490 |  |  |  |  |  |  |  |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 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** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **% Variance** | **% Variance** |
| Atlanta, GA Area | 6 | 1128 | $140.09 | $— | $140.09 | $143.67 | $— | $143.67 | (2.5)% | (2.5)% |
| Boston, MA Area |  |  |  |  |  | 38.81 | (38.81) |  | (100.0)% | —% |
| Dallas / Ft. Worth, TX Area | 5 | 1396 | 134.27 |  | 134.27 | 126.14 |  | 126.14 | 6.4% | 6.4% |
| Houston, TX Area | 1 | 303 | 125.24 | (73.09) | 136.42 | 111.58 | (96.56) | 131.03 | 12.2% | 4.1% |
| Los Angeles, CA Metro Area | 4 | 1312 | 172.07 |  | 172.07 | 155.67 |  | 155.67 | 10.5% | 10.5% |
| Miami, FL Metro Area | 2 | 414 | 274.01 |  | 274.01 | 248.44 |  | 248.44 | 10.3% | 10.3% |
| Minneapolis - St. Paul, MN Area | 2 | 520 | 79.17 |  | 79.17 | 51.31 |  | 51.31 | 54.3% | 54.3% |
| Nashville, TN Area | 1 | 674 | 220.34 |  | 220.34 | 227.55 |  | 227.55 | (3.2)% | (3.2)% |
| New York / New Jersey Metro Area | 4 | 1159 | 76.18 |  | 76.18 | 80.78 |  | 80.78 | (5.7)% | (5.7)% |
| Orlando, FL Area | 2 | 524 | 144.26 |  | 144.26 | 147.41 |  | 147.41 | (2.1)% | (2.1)% |
| Philadelphia, PA Area | 1 | 263 | 106.20 |  | 106.20 | 91.89 |  | 91.89 | 15.6% | 15.6% |
| San Diego, CA Area | 1 | 260 | 127.21 |  | 127.21 | 136.74 | (141.82) | 133.82 | (7.0)% | (4.9)% |
| San Francisco - Oakland, CA Metro Area | 3 | 793 | 146.67 |  | 146.67 | 125.52 |  | 125.52 | 16.8% | 16.8% |
| Tampa, FL Area | 1 | 238 | 198.86 | (199.47) | 198.26 | 199.33 | (203.42) | 193.61 | (0.2)% | 2.4% |
| Washington D.C. - MD - VA Area | 8 | 2176 | 136.88 | (125.45) | 138.19 | 141.03 | (136.40) | 141.56 | (2.9)% | (2.4)% |
| Other Areas | 22 | 4431 | 115.35 | (121.66) | 115.05 | 115.29 | (134.02) | 112.71 | 0.1% | 2.1% |
| **Total Portfolio** | 63 | 15591 | $135.95 | $(142.71) | $135.63 | $132.04 | $(138.09) | $131.35 | 3.0% | 3.3% |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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**

**TOTAL ENTERPRISE VALUE**

**March 31, 2026**

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

**(unaudited)**

---

| | |
|:---|:---|
| | **March 31, 2026** |
| Common stock shares outstanding | 6476 |
| Partnership units outstanding | 93 |
| Combined common stock shares and partnership units outstanding | 6569 |
| Common stock price | $2.74 |
| **Market capitalization** | $**17999** |
| 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 | $2353133 |
| Net working capital (see below) | $(73734) |
| **Total enterprise value (TEV)** | $**2669793** |
| Cash and cash equivalents | $78798 |
| Restricted cash | $137000 |
| Accounts receivable, net | $44492 |
| Other receivable | $24147 |
| Inventory | $3312 |
| Prepaid expenses | $14342 |
| Due from third-party hotel managers, net | $23229 |
| **Total current assets** | $**325320** |
| Accounts payable, net & accrued expenses | $161417 |
| Dividends and distributions payable | $4247 |
| Due to affiliates, net | $85922 |
| **Total current liabilities** | $**251586** |
| **Net working capital** | $**73734** |

---

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.

------

**Exhibit 1**

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

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

**(in thousands)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2026**<br>**1st Quarter** | **2025**<br>**4th Quarter** | **2025**<br>**3rd Quarter** | **2025**<br>**2nd Quarter** | **March 31, 2026**<br>**TTM** |
| Net income (loss) | $29115 | $4332 | $26634 | $57561 | $117642 |
| Non-property adjustments | 12668 | 20110 | 2353 | (5234) | 29897 |
| Interest income | (344) | (378) | (400) | (370) | (1492) |
| Interest expense | 2127 | 2694 | 3061 | 3156 | 11038 |
| Amortization of loan costs | 2 | 30 | 35 | 132 | 199 |
| Depreciation and amortization | 31956 | 34042 | 34540 | 35228 | 135766 |
| Income tax expense (benefit) | 2 |  |  |  | 2 |
| Non-hotel EBITDA ownership expense | 1279 | 2303 | 2517 | 1806 | 7905 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 76805 | 63133 | 68740 | 92279 | 300957 |
| Non-comparable adjustments | (3582) | (4290) | (3881) | (7574) | (19327) |
| Comparable hotel EBITDA | $73223 | $58843 | $64859 | $84705 | $281630 |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $29115 | $(94572) | $(65457) |
| Non-property adjustments | 12668 | (12668) |  |
| Interest income | (344) | 344 |  |
| Interest expense | 2127 | 73010 | 75137 |
| Amortization of loan cost | 2 | 6235 | 6237 |
| Depreciation and amortization | 31956 | 50 | 32006 |
| Income tax expense (benefit) | 2 | 750 | 752 |
| Non-hotel EBITDA ownership expense | 1279 | (1279) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 76805 | (28130) | 48675 |
| Equity in (earnings) loss of unconsolidated entities |  | 202 | 202 |
| Company's portion of EBITDA of unconsolidated entities |  | 108 | 108 |
| Hotel EBITDA attributable to the Company and OP unitholders | $76805 | $(27820) | $48985 |
| Non-comparable adjustments | (3582) |  |  |
| Comparable hotel EBITDA | $73223 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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** |
| | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $4332 | $(75129) | $(70797) |
| Non-property adjustments | 20110 | (20110) |  |
| Interest income | (378) | 378 |  |
| Interest expense | 2694 | 55939 | 58633 |
| Amortization of loan cost | 30 | 6604 | 6634 |
| Depreciation and amortization | 34042 | 49 | 34091 |
| Income tax expense (benefit) |  | (838) | (838) |
| Non-hotel EBITDA ownership expense | 2303 | (2303) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 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 | $63133 | $(35087) | $28046 |
| Non-comparable adjustments | (4290) |  |  |
| Comparable hotel EBITDA | $58843 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $26634 | $(89359) | $(62725) |
| Non-property adjustments | 2353 | (2353) |  |
| Interest income | (400) | 400 |  |
| Interest expense | 3061 | 63509 | 66570 |
| Amortization of loan cost | 35 | 5958 | 5993 |
| Depreciation and amortization | 34540 | 49 | 34589 |
| Income tax expense (benefit) |  | 259 | 259 |
| Non-hotel EBITDA ownership expense | 2517 | (2517) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 68740 | (24054) | 44686 |
| Equity in (earnings) loss of unconsolidated entities |  | (129) | (129) |
| Company's portion of EBITDA of unconsolidated entities |  | 426 | 426 |
| Hotel EBITDA attributable to the Company and OP unitholders | $68740 | $(23757) | $44983 |
| Non-comparable adjustments | (3881) |  |  |
| Comparable hotel EBITDA | $64859 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $57561 | $(90000) | $(32439) |
| Non-property adjustments | (5234) | 5234 |  |
| Interest income | (370) | 370 |  |
| Interest expense | 3156 | 69690 | 72846 |
| Amortization of loan cost | 132 | 7611 | 7743 |
| Depreciation and amortization | 35228 | 48 | 35276 |
| Income tax expense (benefit) |  | 119 | 119 |
| Non-hotel EBITDA ownership expense | 1806 | (1806) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 92279 | (8734) | 83545 |
| Equity in (earnings) loss of unconsolidated entities |  | (44) | (44) |
| Company's portion of EBITDA of unconsolidated entities |  | 406 | 406 |
| Hotel EBITDA attributable to the Company and OP unitholders | $92279 | $(8372) | $83907 |
| Non-comparable adjustments | (7574) |  |  |
| Comparable hotel EBITDA | $84705 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Hotel Total** | **Corporate / Allocated** | **Ashford Hospitality Trust, Inc.** |
| Net income (loss) | $69126 | $(91324) | $(22198) |
| Non-property adjustments | (31855) | 31855 |  |
| Interest income | (346) | 346 |  |
| Interest expense | 3065 | 68583 | 71648 |
| Amortization of loan cost | 106 | 5094 | 5200 |
| Depreciation and amortization | 37290 | 49 | 37339 |
| Income tax expense (benefit) |  | 317 | 317 |
| Non-hotel EBITDA ownership expense | 1087 | (1087) |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 78473 | 13833 | 92306 |
| Equity in (earnings) loss of unconsolidated entities |  | 431 | 431 |
| Company's portion of EBITDA of unconsolidated entities |  | 120 | 120 |
| Hotel EBITDA attributable to the Company and OP unitholders | $78473 | $14384 | $92857 |
| Non-comparable adjustments | (8883) |  |  |
| Comparable hotel EBITDA | $69590 |  |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 March 31, 2026** | **TTM Ended March 31, 2026** | **TTM Ended March 31, 2026** | **TTM Ended March 31, 2026** | **TTM Ended March 31, 2026** | **TTM Ended March 31, 2026** | **TTM Ended March 31, 2026** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 11 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** |
| Net income (loss) | $30622 | $(18493) | $131875 | $(7472) | $27029 | $235 | $12697 |
| Non-property adjustments | 14154 | 63436 | (118810) | 17674 | (487) | 18 |  |
| Interest income | (140) | (342) | (257) | (187) | (142) |  | (381) |
| Interest expense |  |  |  |  |  | 867 |  |
| Amortization of loan costs |  |  |  |  |  | 20 |  |
| Depreciation and amortization | 27483 | 37889 | 20467 | 17533 | 8478 | 1157 | 3964 |
| Income tax expense (benefit) | 2 |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 1497 | 2673 | 2023 | 590 | 475 | (116) | 48 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 73618 | 85163 | 35298 | 28138 | 35353 | 2181 | 16328 |
| Non-comparable adjustments |  | (39) | (8492) |  |  |  |  |
| Comparable hotel EBITDA | $73618 | $85124 | $26806 | $28138 | $35353 | $2181 | $16328 |
|  | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |
| Net income (loss) | $(18457) | $(4817) | $239 | $(37415) | $1599 | $117642 |  |
| Non-property adjustments | 16344 |  |  | 37568 |  | 29897 |  |
| Interest income |  | (43) |  |  |  | (1492) |  |
| Interest expense | 2216 | 3957 |  | 2087 | 1911 | 11038 |  |
| Amortization of loan costs |  | 109 |  | 70 |  | 199 |  |
| Depreciation and amortization | 2039 | 3957 | 4030 | 8230 | 539 | 135766 |  |
| Income tax expense (benefit) |  |  |  |  |  | 2 |  |
| Non-hotel EBITDA ownership expense | 28 | 358 | 52 | 256 | 21 | 7905 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 2170 | 3521 | 4321 | 10796 | 4070 | 300957 |  |
| Non-comparable adjustments |  |  |  | (10796) |  | (19327) |  |
| Comparable hotel EBITDA | $2170 | $3521 | $4321 | $— | $4070 | $281630 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 11 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** |
| Net income (loss) | $(11647) | $(51866) | $85699 | $(12621) | $7059 | $204 | $3160 |
| Non-property adjustments | 22275 | 64118 | (80532) | 17674 |  | 18 |  |
| Interest income | (33) | (84) | (46) | (45) | (34) |  | (81) |
| Interest expense |  |  |  |  |  | 201 |  |
| Amortization of loan costs |  |  |  |  |  | 2 |  |
| Depreciation and amortization | 7018 | 9370 | 4306 | 4346 | 1995 | 262 | 989 |
| Income tax expense (benefit) | 2 |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 174 | 282 | 540 | 157 | 5 | 3 | 6 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 17789 | 21820 | 9967 | 9511 | 9025 | 690 | 4074 |
| Non-comparable adjustments |  |  | (2303) |  |  |  |  |
| Comparable hotel EBITDA | $17789 | $21820 | $7664 | $9511 | $9025 | $690 | $4074 |
|  | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |
| Net income (loss) | $(921) | $(811) | $(175) | $11058 | $(24) | $29115 |  |
| Non-property adjustments |  |  |  | (10885) |  | 12668 |  |
| Interest income |  | (21) |  |  |  | (344) |  |
| Interest expense | 552 | 906 |  |  | 468 | 2127 |  |
| Amortization of loan costs |  |  |  |  |  | 2 |  |
| Depreciation and amortization | 488 | 1037 | 951 | 1059 | 135 | 31956 |  |
| Income tax expense (benefit) |  |  |  |  |  | 2 |  |
| Non-hotel EBITDA ownership expense | 1 | 42 | 19 | 47 | 3 | 1279 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 120 | 1153 | 795 | 1279 | 582 | 76805 |  |
| Non-comparable adjustments |  |  |  | (1279) |  | (3582) |  |
| Comparable hotel EBITDA | $120 | $1153 | $795 | $— | $582 | $73223 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 11 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** |
| Net income (loss) | $8015 | $8187 | $25394 | $1117 | $6194 | $30 | $2329 |
| Non-property adjustments | (1421) | (736) | (23684) |  | (487) |  |  |
| Interest income | (34) | (86) | (58) | (48) | (37) |  | (93) |
| Interest expense |  |  |  |  |  | 218 |  |
| Amortization of loan costs |  |  |  |  |  | 6 |  |
| Depreciation and amortization | 6927 | 9379 | 5040 | 4457 | 2080 | 289 | 991 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 587 | 1544 | (23) | 193 | 196 | (143) | 7 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 14074 | 18288 | 6669 | 5719 | 7946 | 400 | 3234 |
| Non-comparable adjustments |  |  | (1384) |  |  |  |  |
| Comparable hotel EBITDA | $14074 | $18288 | $5285 | $5719 | $7946 | $400 | $3234 |
|  | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |
| Net income (loss) | $(17194) | $(493) | $158 | $(29819) | $414 | $4332 |  |
| Non-property adjustments | 16344 |  |  | 30094 |  | 20110 |  |
| Interest income |  | (22) |  |  |  | (378) |  |
| Interest expense | 556 | 917 |  | 522 | 481 | 2694 |  |
| Amortization of loan costs |  |  |  | 24 |  | 30 |  |
| Depreciation and amortization | 517 | 1037 | 975 | 2215 | 135 | 34042 |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 22 | 28 | 18 | (130) | 4 | 2303 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 245 | 1467 | 1151 | 2906 | 1034 | 63133 |  |
| Non-comparable adjustments |  |  |  | (2906) |  | (4290) |  |
| Comparable hotel EBITDA | $245 | $1467 | $1151 | $— | $1034 | $58843 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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 September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 11 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** |
| Net income (loss) | $11451 | $9026 | $16711 | $943 | $6127 | $19 | $2536 |
| Non-property adjustments |  | 38 | (16041) |  |  |  |  |
| Interest income | (37) | (89) | (79) | (50) | (39) |  | (106) |
| Interest expense |  |  |  |  |  | 224 |  |
| Amortization of loan costs |  |  |  |  |  | 6 |  |
| Depreciation and amortization | 6708 | 9705 | 5403 | 4373 | 2108 | 296 | 976 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 490 | 405 | 1000 | 85 | (22) | 27 | 6 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 18612 | 19085 | 6994 | 5351 | 8174 | 572 | 3412 |
| Non-comparable adjustments |  |  | (1127) |  |  |  |  |
| Comparable hotel EBITDA | $18612 | $19085 | $5867 | $5351 | $8174 | $572 | $3412 |
|  | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |
| Net income (loss) | $23 | $(1766) | $61 | $(19122) | $625 | $26634 |  |
| Non-property adjustments |  |  |  | 18356 |  | 2353 |  |
| Interest income |  |  |  |  |  | (400) |  |
| Interest expense | 556 | 1013 |  | 787 | 481 | 3061 |  |
| Amortization of loan costs |  | 6 |  | 23 |  | 35 |  |
| Depreciation and amortization | 515 | 766 | 1080 | 2476 | 134 | 34540 |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | (20) | 286 | 10 | 234 | 16 | 2517 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 1074 | 305 | 1151 | 2754 | 1256 | 68740 |  |
| Non-comparable adjustments |  |  |  | (2754) |  | (3881) |  |
| Comparable hotel EBITDA | $1074 | $305 | $1151 | $— | $1256 | $64859 |  |

---

NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **BAML/Sculptor KEYS Pool - 16 hotels** | **BAML Highland Pool - 18 hotels** | **Morgan Stanley Pool - 11 hotels** | **JP Morgan Chase - 8 hotels** | **BAML Nashville -1 hotel** | **BAML Indigo Atlanta - 1 hotel** | **Torchlight Marriott Gateway - 1 hotel** |
| Net income (loss) | $22803 | $16160 | $4071 | $3089 | $7649 | $(18) | $4672 |
| Non-property adjustments | (6700) | 16 | 1447 |  |  |  |  |
| Interest income | (36) | (83) | (74) | (44) | (32) |  | (101) |
| Interest expense |  |  |  |  |  | 224 |  |
| Amortization of loan costs |  |  |  |  |  | 6 |  |
| Depreciation and amortization | 6830 | 9435 | 5718 | 4357 | 2295 | 310 | 1008 |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 246 | 442 | 506 | 155 | 296 | (3) | 29 |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 23143 | 25970 | 11668 | 7557 | 10208 | 519 | 5608 |
| Non-comparable adjustments |  | (39) | (3678) |  |  |  |  |
| Comparable hotel EBITDA | $23143 | $25931 | $7990 | $7557 | $10208 | $519 | $5608 |
|  | **US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel** | **Ft Worth Le Meridien - 1 hotel** | **BAML - 4 Pack** | **Disposed Hotels** | **Unencumbered Hotels** | **Total Portfolio** |  |
| Net income (loss) | $(365) | $(1747) | $195 | $468 | $584 | $57561 |  |
| Non-property adjustments |  |  |  | 3 |  | (5234) |  |
| Interest income |  |  |  |  |  | (370) |  |
| Interest expense | 552 | 1121 |  | 778 | 481 | 3156 |  |
| Amortization of loan costs |  | 103 |  | 23 |  | 132 |  |
| Depreciation and amortization | 519 | 1117 | 1024 | 2480 | 135 | 35228 |  |
| Income tax expense (benefit) |  |  |  |  |  |  |  |
| Non-hotel EBITDA ownership expense | 25 | 2 | 5 | 105 | (2) | 1806 |  |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 731 | 596 | 1224 | 3857 | 1198 | 92279 |  |
| Non-comparable adjustments |  |  |  | (3857) |  | (7574) |  |
| Comparable hotel EBITDA | $731 | $596 | $1224 | $— | $1198 | $84705 |  |

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NOTES:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The above comparable information assumes the 63 hotel properties owned and included in the Company's operations at March 31, 2026, 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.