Ashford Trust (NYSE: AHT) posts 2025 loss, weighs strategic options

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ashford Hospitality Trust reported a challenging 2025 with continued losses and high leverage while beginning a strategic review. For the full year, net loss attributable to common stockholders was $215.0 million, or $35.99 per diluted share, while adjusted EBITDAre reached $221.3 million and adjusted FFO was a loss of $5.66 per diluted share.

Comparable RevPAR for 2025 dipped 0.7% to $132, driven by lower room rates partly offset by slightly higher occupancy. The company ended the year with total assets of $2.83 billion, total liabilities of $3.21 billion, indebtedness of $2.57 billion at a blended 7.7% rate, and a reported stockholders’ equity deficit of $626.4 million.

Management is pursuing asset sales and balance sheet repair. During the quarter it sold one hotel, signed definitive agreements to sell two more, and expects about $69.5 million of gross proceeds from these sales, along with over $2 million in anticipated annual cash flow improvement and $14.5 million in future capital expenditure savings. A large mortgage secured by 18 hotels was extended to a final maturity date in July 2026 after a $10 million paydown.

The board formed a Special Committee to evaluate strategic alternatives “including a potential transaction.” In connection with this, the company terminated the current offering of its Series L and M non-traded preferred stock and suspended redemptions for all outstanding non-traded preferred stock. No dividend was paid on common stock for the fourth quarter of 2025.

Positive

Asset sales and expected savings: Signed sales of three hotels are expected to generate approximately $69.5 million in aggregate gross proceeds, with more than $2 million in projected annual cash flow improvement and $14.5 million in future capital expenditure savings.
Stable property-level performance: Comparable hotel EBITDA for 2025 increased 2.4% to $297.5 million, and comparable RevPAR declined only 0.7%, indicating relatively resilient operating metrics despite industry-wide economic pressures.

Negative

Significant net losses and negative equity: Net loss attributable to common stockholders was $215.0 million in 2025, or $35.99 per diluted share, and total stockholders’ equity was a deficit of $626.4 million, highlighting substantial balance sheet strain.
High, mostly floating-rate debt load: As of December 31, 2025, total loans were $2.6 billion with a blended average interest rate of 7.7%, approximately 95% of which is floating-rate, leaving earnings sensitive to interest rate conditions.
Capital constraints on preferred investors and common holders: The company suspended redemptions for all outstanding non-traded preferred stock, terminated the Series L and M non-traded preferred offerings, and did not pay a common dividend for the fourth quarter of 2025, underscoring cash preservation needs.

Insights

Ashford Trust shows weak earnings, heavy leverage, and launches a strategic review.

Ashford Hospitality Trust generated full-year 2025 adjusted EBITDAre of $221.3 million against total indebtedness of $2.57 billion at a blended 7.7% rate, leaving limited room after interest costs. The company reported a stockholders’ equity deficit of $626.4 million, signaling a highly leveraged capital structure.

Operations were relatively flat: comparable 2025 RevPAR slipped 0.7% to $132 as ADR softened while occupancy improved modestly, and comparable hotel EBITDA grew only 2.4%. Net loss attributable to common stockholders widened to $215.0 million, with adjusted FFO per diluted share at a loss of $5.66, indicating that cash earnings after financing and recurring adjustments remain negative.

Management is leaning on asset sales and loan extensions to manage the balance sheet. Signed hotel sales are expected to bring in about $69.5 million of gross proceeds plus over $2 million in projected annual cash flow gains, while an 18‑hotel mortgage was extended to July 2026 after a $10 million paydown. The board’s Special Committee to evaluate strategic alternatives, along with terminating the Series L and M non‑traded preferred offering and suspending redemptions, underlines capital structure stress and uncertainty; future disclosures around this review will shape how the portfolio and liabilities might be repositioned.

02/25/2026 - 04:11 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

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

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-31775

86-1062192

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

14185 Dallas Parkway, Suite 1200

Dallas

Texas

75254

(Address of principal executive offices)

(Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

AHT

New York Stock Exchange

Preferred Stock, Series D

AHT-PD

New York Stock Exchange

Preferred Stock, Series F

AHT-PF

New York Stock Exchange

Preferred Stock, Series G

AHT-PG

New York Stock Exchange

Preferred Stock, Series H

AHT-PH

New York Stock Exchange

Preferred Stock, Series I

AHT-PI

New York Stock Exchange

Preferred Stock Repurchase Rights

New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

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

ITEM 8.01 OTHER EVENTS.

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Fourth Quarter 2025 Earnings Release of the Company, dated February 25, 2026

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

SIGNATURES

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


	ASHFORD HOSPITALITY TRUST, INC.

Dated: February 25, 2026	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

EXHIBIT 99.1

NEWS RELEASE


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

ASHFORD TRUST REPORTS FOURTH QUARTER AND

FULL YEAR 2025 RESULTS

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

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

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

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

•Adjusted EBITDAre was $40.4 million for the quarter.

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

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

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

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

•CapEx invested during the quarter was $25.7 million.

FULL YEAR 2025 FINANCIAL HIGHLIGHTS

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

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

AHT Reports Fourth Quarter and Full Year Results

Page 2

February 25, 2026

•Adjusted EBITDAre was $221.3 million for the year.

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

•CapEx invested during the year was $71.2 million.

RECENT OPERATING HIGHLIGHTS

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

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

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

REVIEW OF STRATEGIC ALTERNATIVES

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

CAPITAL STRUCTURE

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

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

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

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

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

AHT Reports Fourth Quarter and Full Year Results

Page 3

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

Page 4

February 25, 2026

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	December 31, 2025		December 31, 2024
ASSETS
Investments in hotel properties, gross	$	3,069,016	$	3,350,086
Accumulated depreciation	(983,772)		(1,030,879)
Investments in hotel properties, net	2,085,244		2,319,207
Contract asset	355,138		366,671
Cash and cash equivalents	66,145		112,907
Restricted cash	149,580		99,695

Accounts receivable, net of allowance of $424 and $435 respectively	32,752		35,579
Inventories	3,598		3,631
Notes receivable, net	12,187		10,565


Investment in unconsolidated entities	7,265		7,590
Deferred costs, net	1,529		1,788
Derivative assets, net	410		2,594
Operating lease right-of-use assets	43,582		43,780
Prepaid expenses and other assets	32,057		39,144



Due from third-party hotel managers	25,667		21,206


Assets held for sale	18,478		96,628
Total assets	$	2,833,632	$	3,160,985

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	2,526,608	$	2,629,289
Indebtedness associated with hotels in receivership	272,800		314,640
Finance lease liability	17,536		17,992
Accounts payable and accrued expenses	123,773		137,506
Accrued interest payable	13,993		10,212
Accrued interest associated with hotels in receivership	82,338		52,031
Dividends and distributions payable	4,247		3,952

Due to Ashford Inc., net	40,643		25,635

Due to related parties, net	1,949		2,850
Due to third-party hotel managers	882		1,145
Operating lease liabilities	44,045		44,369

Other liabilities	36,768		34,011


Liabilities associated with assets held for sale	41,292		99,139
Total liabilities	3,206,874		3,372,771

Redeemable noncontrolling interests in operating partnership	20,516		22,509
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 and 6,799,638 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	179,818		156,671
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 and 601,175 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	18,215		14,869
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	5,484		—
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	13,566		—
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	11		11
Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	10		10
Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	15		15
Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	10		10
Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	11		11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	65		56
Additional paid-in capital	2,402,015		2,392,518
Accumulated deficit	(3,028,489)		(2,811,868)
Total stockholders' equity (deficit) of the Company	(626,352)		(419,237)
Noncontrolling interests in consolidated entities	15,511		13,402
Total equity (deficit)	(610,841)		(405,835)
Total liabilities and equity/deficit	$	2,833,632	$	3,160,985

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
REVENUE
Rooms	$	190,203	$	203,979	$	825,623	$	889,753
Food and beverage	51,801		53,579		207,588		212,581
Other	16,579		17,502		69,643		67,800
Total hotel revenue	258,583		275,060		1,102,854		1,170,134
Other	384		421		1,534		2,325
Total revenue	258,967		275,481		1,104,388		1,172,459
EXPENSES
Hotel operating expenses
Rooms	48,320		49,887		198,106		209,569
Food and beverage	35,374		36,057		139,828		145,304
Other expenses	95,091		106,481		392,070		418,077
Management fees	8,907		9,765		38,264		42,406
Total hotel operating expenses	187,692		202,190		768,268		815,356
Property taxes, insurance and other	11,298		11,768		59,793		64,103
Depreciation and amortization	34,091		37,305		141,295		152,776

Impairment charges	47,827		59,331		67,648		59,331

Advisory services fee:
Base advisory fee	8,290		8,120		33,238		32,495
Reimbursable expenses	6,861		11,294		16,361		23,856
Stock/unit-based compensation	(224)		540		(773)		1,801

Stirling performance participation fee	—		121		213		454
Corporate, general and administrative:
Stock/unit-based compensation	—		26		13		296
Other general and administrative	3,663		4,174		20,770		24,366
Total operating expenses	299,498		334,869		1,106,826		1,174,834
Gain (loss) on disposition of assets and hotel properties	24,494		—		79,799		94,406
Gain (loss) on derecognition of assets	9,405		10,429		39,054		167,177
OPERATING INCOME (LOSS)	(6,632)		(48,959)		116,415		259,208
Equity in earnings (loss) of unconsolidated entities	(67)		(1,542)		(325)		(2,370)
Interest income	1,073		1,499		4,739		6,942
Other income (expense), net	—		—		—		108
Interest expense, net of discount amortization	(49,227)		(59,685)		(230,659)		(259,768)
Interest expense associated with hotels in receivership	(9,406)		(10,430)		(39,038)		(45,592)
Amortization of loan costs	(6,634)		(4,472)		(25,570)		(13,591)
Write-off of premiums, loan costs and exit fees	(492)		(1,414)		(8,853)		(5,245)
Gain (loss) on extinguishment of debt	292		(16)		335		2,774

Realized and unrealized gain (loss) on derivatives	(542)		(6,396)		(5,346)		(6,480)
INCOME (LOSS) BEFORE INCOME TAXES	(71,635)		(131,415)		(188,302)		(64,014)
Income tax benefit (expense)	838		2,316		143		(997)
NET INCOME (LOSS)	(70,797)		(129,099)		(188,159)		(65,011)
(Income) loss attributable to noncontrolling interest in consolidated entities	339		3,534		5,058		4,028
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,135		1,355		3,262		683
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(69,323)		(124,210)		(179,839)		(60,300)
Preferred dividends	(7,295)		(6,307)		(28,216)		(22,686)
Deemed dividends on redeemable preferred stock	(1,685)		(653)		(6,949)		(2,906)
Gain (loss) on extinguishment of preferred stock	—		30		—		3,370
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(78,303)	$	(131,140)	$	(215,004)	$	(82,522)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(12.33)	$	(23.83)	$	(35.99)	$	(17.54)
Weighted average common shares outstanding – basic	6,351		5,502		5,974		4,706
Diluted:
Net income (loss) attributable to common stockholders	$	(12.33)	$	(23.83)	$	(35.99)	$	(17.54)
Weighted average common shares outstanding – diluted	6,351		5,502		5,974		4,706
Dividends declared per common share	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(70,797)	$	(129,099)	$	(188,159)	$	(65,011)
Interest expense and amortization of discounts and loan costs, net	55,861		64,157		256,229		273,359
Interest expense associated with hotels in receivership	9,406		10,430		39,038		45,592
Depreciation and amortization	34,091		37,305		141,295		152,776
Income tax expense (benefit)	(838)		(2,316)		(143)		997
Equity in (earnings) loss of unconsolidated entities	67		1,542		325		2,370
Company's portion of EBITDA of unconsolidated entities	256		130		1,208		436
EBITDA	28,046		(17,851)		249,793		410,519
Impairment charges on real estate	47,827		59,331		67,648		59,331
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(24,494)		—		(79,799)		(94,406)
(Gain) loss on derecognition of assets	(9,405)		(10,429)		(39,054)		(167,177)

EBITDAre	41,974		31,051		198,588		208,267
Amortization of unfavorable contract liabilities	(31)		(30)		(122)		(122)
Transaction and conversion costs	620		1,599		9,549		10,809
Write-off of premiums, loan costs and exit fees	492		1,414		8,853		5,245
Realized and unrealized (gain) loss on derivatives	542		6,396		5,346		6,480
Stock/unit-based compensation	(224)		566		(760)		2,097
Legal, advisory and settlement costs	253		2,061		1,871		3,230
Other (income) expense, net	—		—		—		(108)

Stirling performance participation fee	(213)		(111)		—		—
(Gain) loss on insurance settlements	(2,950)		(73)		(2,950)		(73)

(Gain) loss on extinguishment of debt	(292)		16		(335)		(2,774)
Severance	216		2,280		1,228		2,824



Company's portion of adjustments to EBITDAre of unconsolidated entities	—		—		—		6
Adjusted EBITDAre	$	40,387	$	45,169	$	221,268	$	235,881

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss)	$	(70,797)	$	(129,099)	$	(188,159)	$	(65,011)
(Income) loss attributable to noncontrolling interest in consolidated entities	339		3,534		5,058		4,028
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,135		1,355		3,262		683
Preferred dividends	(7,295)		(6,307)		(28,216)		(22,686)
Deemed dividends on redeemable preferred stock	(1,685)		(653)		(6,949)		(2,906)
Gain (loss) on extinguishment of preferred stock	—		30		—		3,370
Net income (loss) attributable to common stockholders	(78,303)		(131,140)		(215,004)		(82,522)
Depreciation and amortization on real estate	33,358		37,305		138,441		152,776
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(24,494)		—		(79,799)		(94,406)
(Gain) loss on derecognition of assets	(9,405)		(10,429)		(39,054)		(167,177)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,135)		(1,355)		(3,262)		(683)
Equity in (earnings) loss of unconsolidated entities	67		1,542		325		2,370
Impairment charges on real estate	47,827		59,331		67,648		59,331
Company's portion of FFO of unconsolidated entities	36		(475)		192		(932)
FFO available to common stockholders and OP unitholders	(32,049)		(45,221)		(130,513)		(131,243)
Deemed dividends on redeemable preferred stock	1,685		653		6,949		2,906
(Gain) loss on extinguishment of preferred stock	—		(30)		—		(3,370)
Transaction and conversion costs	620		1,599		9,549		10,809
Write-off of premiums, loan costs and exit fees	492		1,414		8,853		5,245
Unrealized (gain) loss on derivatives	611		9,377		7,064		32,790
Stock/unit-based compensation	(224)		566		(760)		2,097
Legal, advisory and settlement costs	253		2,061		1,871		3,230
Other (income) expense, net	—		—		—		(108)
Amortization of credit facility exit fee	—		—		—		844
Amortization of loan costs	6,634		4,472		25,490		13,591

Stirling performance participation fee	(213)		(111)		—		—
(Gain) loss on insurance settlements	(2,950)		(73)		(2,950)		(73)
(Gain) loss on extinguishment of debt	(292)		16		(335)		(2,774)

Interest expense associated with hotels in receivership	9,406		10,430		39,038		40,045
Severance	216		2,280		1,228		2,824




Company's portion of adjustments to FFO of unconsolidated entities	20		119		105		125
Adjusted FFO available to common stockholders and OP unitholders	$	(15,791)	$	(12,448)	$	(34,411)	$	(23,062)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(2.45)	$	(2.21)	$	(5.66)	$	(4.84)
Weighted average diluted shares	6,446		5,621		6,078		4,769

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2025

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (12)	Interest Rate (11)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (13)		Comparable TTM Hotel EBITDA Debt Yield
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	$	21,971		$	—		$	21,971		(2)	$	(18,344)	(83.5)	%	$	2,114	9.6	%
BAML Highland Pool - 18 hotels	January 2026	July 2026	SOFR (1) + 4.15%	—			733,625			733,625			(3)	78,299		10.7	%	85,723		11.7	%
JPMorgan Chase - 8 hotels	February 2026	February 2026	SOFR (1) + 3.28%	—			325,000			325,000			(4)	6,760		2.1	%	25,820		7.9	%
BAML Indigo Atlanta - 1 hotel	February 2026	February 2027	SOFR (1) + 2.85%	—			12,330			12,330			(5)	294		2.4	%	2,288		18.6	%
Morgan Stanley Pool - 14 hotels	March 2026	March 2028	SOFR (1) + 3.83%	—			341,203			341,203			(6)	52,323		15.3	%	34,562		10.1	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(7)	(25,179)		(25.6)	%	10,931		11.1	%
BAML/Sculptor KEYS 16 Pool - 16 hotels	February 2027	February 2030	SOFR (1) + 4.37%	—			580,000			580,000			(8)	50,333		8.7	%	71,893		12.4	%
BAML Nashville - 1 hotel	September 2027	September 2030	SOFR (1) + 2.26%	—			218,100			218,100			(8)	26,993		12.4	%	35,804		16.4	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(9)	12,642		10.4	%	16,321		13.4	%
BAML Pool - 4 hotels	December 2028	December 2028	8.51%	30,200			—			30,200				538		1.8	%	4,667		15.5	%
Preferred Equity Nashville - 1 hotel	May 2029	May 2029	11.14%	88,845			—			88,845			(10)	N/A		N/A		N/A		N/A
Unencumbered Hotel - 1 hotel				—			—			—				2,085		N/A		4,570		N/A





















Total				$	141,016		$	2,430,208		$	2,571,224			$	186,744	7.3	%	$	294,693	11.5	%
Percentage				5.5		%	94.5		%	100.0		%
Weighted average interest rate (11)				9.57		%	7.58		%	7.69		%

All indebtedness is non-recourse.

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

(1) SOFR rate was 3.69% at December 31, 2025.

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

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

(4) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions, which must be completed by February 9, 2026. On February 9, 2026, this mortgage loan went into default under the terms and conditions of the mortgage loan agreement and began incurring default interest of 5.00% in addition to the stated interest rate, in accordance with the terms and conditions of the mortgage loan agreement.

(5) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.

(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(7) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(8) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

(9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.

(10) Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate, consisting of 10.14% cash interest and 1.00% paid-in-kind interest.

(11) Interest rates do not include default or late payment rates in effect on one mortgage loan.

(12) The final maturity date assumes all available extension options will be exercised.

(13) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2025

(dollars in thousands)

(unaudited)


	2026		2027		2028		2029		2030		Thereafter		Total
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	$	21,971	$	—	$	—	$	—	$	—	$	—	$	21,971
BAML Highland Pool - 18 hotels	733,625		—		—		—		—		—		733,625
JPMorgan Chase - 8 hotels	325,000		—		—		—		—		—		325,000
BAML Indigo Atlanta - 1 hotel	—		12,330		—		—		—		—		12,330
Morgan Stanley Pool - 15 hotels	—		—		341,203		—		—		—		341,203
Aareal Alexandria/La Posada - 2 hotels	—		—		98,450		—		—		—		98,450
BAML Pool - 4 hotels	—		—		30,200		—		—		—		30,200
Preferred Equity Nashville - 1 hotel	—		—		—		88,845		—		—		88,845
Torchlight Marriott Gateway - 1 hotel	—		—		—		121,500		—		—		121,500
BAML/Sculptor KEYS 16 Pool - 16 hotels	—		—		—		—		580,000		—		580,000
BAML Nashville - 1 hotel	—		—		—		—		218,100		—		218,100





















Principal due in future periods	1,080,596		12,330		469,853		210,345		798,100		—		2,571,224
Scheduled amortization payments remaining	—		—		—		—		—		—		—
Total indebtedness	$	1,080,596	$	12,330	$	469,853	$	210,345	$	798,100	$	—	$	2,571,224

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	190,203		$	(2,735)		$	187,468		$	203,979		$	(13,045)		$	190,934		(6.75)	%	(1.82)	%
	RevPAR	$	122.71		$	(138.67)		$	122.51		$	125.66		$	(140.24)		$	124.77		(2.34)	%	(1.82)	%
	Occupancy	66.84		%	(69.51)		%	66.80		%	66.37		%	(68.11)		%	66.26		%	0.71	%	0.82	%
	ADR	$	183.60		$	(199.51)		$	183.39		$	189.34		$	(205.90)		$	188.31		(3.03)	%	(2.61)	%


ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	825,624		$	(22,549)		$	803,075		$	889,753		$	(84,727)		$	805,026		(7.21)	%	(0.24)	%
	RevPAR	$	131.68		$	(113.36)		$	132.28		$	132.87		$	(129.41)		$	133.24		(0.89)	%	(0.72)	%
	Occupancy	70.26		%	(66.54)		%	70.39		%	69.66		%	(67.87)		%	69.85		%	0.86	%	0.77	%
	ADR	$	187.41		$	(170.36)		$	187.93		$	190.75		$	(190.67)		$	190.76		(1.75)	%	(1.48)	%

NOTES:

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


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	180,648		$	(2,736)		$	177,912		$	195,339		$	(13,045)		$	182,294		(7.52)	%	(2.40)	%
	RevPAR	$	123.58		$	(138.67)		$	123.38		$	127.25		$	(140.24)		$	126.42		(2.88)	%	(2.40)	%
	Occupancy	67.30		%	(69.51)		%	67.27		%	66.68		%	(68.11)		%	66.59		%	0.93	%	1.02	%
	ADR	$	183.64		$	(199.51)		$	183.41		$	190.84		$	(205.90)		$	189.84		(3.77)	%	(3.39)	%


ALL HOTELS NOT UNDER RENOVATION:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	779,662		$	(22,548)		$	757,114		$	843,851		$	(84,727)		$	759,124		(7.61)	%	(0.26)	%
	RevPAR	$	131.70		$	(113.36)		$	132.34		$	132.98		$	(129.41)		$	133.39		(0.96)	%	(0.79)	%
	Occupancy	70.47		%	(66.54)		%	70.61		%	69.62		%	(67.87)		%	69.83		%	1.22	%	1.12	%
	ADR	$	186.89		$	(170.36)		$	187.43		$	191.00		$	(190.67)		$	191.04		(2.16)	%	(1.89)	%

NOTES:

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

(2) Excluded hotels under renovation:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Year Ended
	December 31,								December 31,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	258,583		$	275,060		(5.99)	%	$	1,102,855		$	1,170,134		(5.75)	%
Non-comparable adjustments	(3,443)			(15,712)					(27,113)			(102,695)
Comparable total hotel revenue	$	255,140		$	259,348		(1.62)	%	$	1,075,742		$	1,067,439		0.78	%

Hotel net income (loss)	$	4,332		$	(37,125)		111.67	%	$	157,653		$	166,667		(5.41)	%
Non-comparable adjustments	(24,029)			41					(48,253)			(88,342)
Comparable hotel net income (loss)	$	(19,697)		$	(37,084)		46.89	%	$	109,400		$	78,325		39.67	%
Hotel net income (loss) margin	1.68		%	(13.50)		%	15.18	%	14.29		%	14.24		%	0.05	%
Comparable hotel net income margin	(7.72)		%	(14.30)		%	6.58	%	10.17		%	7.34		%	2.83	%

Hotel EBITDA	$	63,133		$	69,415		(9.05)	%	$	302,625		$	314,694		(3.84)	%
Non-comparable adjustments	(472)			(4,129)					(5,110)			(24,192)
Comparable hotel EBITDA	$	62,661		$	65,286		(4.02)	%	$	297,515		$	290,502		2.41	%
Hotel EBITDA margin	24.41		%	25.24		%	(0.83)	%	27.44		%	26.89		%	0.55	%
Comparable hotel EBITDA margin	24.56		%	25.17		%	(0.61)	%	27.66		%	27.21		%	0.45	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:	Three Months Ended								Year Ended
	December 31,								December 31,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	246,397		$	263,762		(6.58)	%	$	1,047,259		$	1,113,609		(5.96)	%
Non-comparable adjustments	(3,442)			(15,711)					(27,112)			(102,695)
Comparable total hotel revenue	$	242,955		$	248,051		(2.05)	%	$	1,020,147		$	1,010,914		0.91	%

Hotel net income (loss)	$	4,182		$	(36,989)		111.31	%	$	149,168		$	158,142		(5.67)	%
Non-comparable adjustments	(24,030)			42					(48,255)			(88,342)
Comparable hotel net income (loss)	$	(19,848)		$	(36,947)		46.28	%	$	100,913		$	69,800		44.57	%
Hotel net income (loss) margin	1.70		%	(14.02)		%	15.72	%	14.24		%	14.20		%	0.04	%
Comparable hotel net income margin	(8.17)		%	(14.89)		%	6.72	%	9.89		%	6.90		%	2.99	%

Hotel EBITDA	$	60,976		$	67,854		(10.14)	%	$	286,662		$	299,988		(4.44)	%
Non-comparable adjustments	(472)			(4,126)					(5,110)			(24,190)
Comparable hotel EBITDA	$	60,504		$	63,728		(5.06)	%	$	281,552		$	275,798		2.09	%
Hotel EBITDA margin	24.75		%	25.73		%	(0.98)	%	27.37		%	26.94		%	0.43	%
Comparable hotel EBITDA margin	24.90		%	25.69		%	(0.79)	%	27.60		%	27.28		%	0.32	%

NOTES:

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

(3) Excluded hotels under renovation:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)


	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025			2025			2025		2025			2025			2025		2025			2025			2025		2025
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total hotel revenue	$	258,583		$	(3,443)	$	255,140		$	265,675		$	(5,756)	$	259,919		$	301,546		$	(8,658)	$	292,888		$	277,051		$	(9,256)	$	267,795
Hotel net income (loss)	$	4,332		$	(24,029)	$	(19,697)		$	26,634		$	4,845	$	31,479		$	57,561		$	2,756	$	60,317		$	69,126		$	(31,825)	$	37,301
Hotel net income (loss) margin	1.68		%			(7.72)		%	10.03		%			12.11		%	19.09		%			20.59		%	24.95		%			13.93		%
Hotel EBITDA	$	63,133		$	(472)	$	62,661		$	68,740		$	(384)	$	68,356		$	92,279		$	(1,752)	$	90,527		$	78,473		$	(2,502)	$	75,971
Hotel EBITDA margin	24.41		%			24.56		%	25.87		%			26.30		%	30.60		%			30.91		%	28.32		%			28.37		%

Hotel net income (loss) % of total TTM	2.7		%			(18.0)		%	16.9		%			28.8		%	36.5		%			55.1		%	43.9		%			34.1		%
EBITDA % of total TTM	20.9		%			21.1		%	22.7		%			23.0		%	30.5		%			30.4		%	25.9		%			25.5		%

JV interests in Hotel net income (loss)	$	(349)				$	(349)		$	(1,249)				$	(1,249)		$	(1,235)				$	(1,235)		$	(1,544)				$	(1,544)
JV interests in EBITDA	$	1,038				$	1,038		$	216				$	216		$	421				$	421		$	321				$	321

	Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025
	TTM			TTM		TTM
Total hotel revenue	$	1,102,855		$	(27,113)	$	1,075,742
Hotel net income (loss)	$	157,653		$	(48,253)	$	109,400
Hotel net income (loss) margin	14.29		%			10.17		%
Hotel EBITDA	$	302,625		$	(5,110)	$	297,515
Hotel EBITDA margin	27.44		%			27.66		%

Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%

JV interests in Hotel net income (loss)	$	(4,377)				$	(4,377)
JV interests in EBITDA	$	1,996				$	1,996

NOTES:

(2) 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,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2025		2025		2025		2024		2024		2024		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	132.37	$	—	$	132.37	$	131.35	$	—	$	131.35	0.8	%	0.8	%
Boston, MA Area	—	—	—		—		—		215.20		(215.20)		—		(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	117.84		—		117.84		104.51		—		104.51		12.8	%	12.8	%
Houston, TX Area	2	453	115.93		—		115.93		108.77		(84.23)		121.89		6.6	%	(4.9)	%
Los Angeles, CA Metro Area	4	1,312	143.81		—		143.81		141.47		—		141.47		1.7	%	1.7	%
Miami, FL Metro Area	2	414	166.52		—		166.52		161.30		—		161.30		3.2	%	3.2	%
Minneapolis - St. Paul, MN Area	2	520	64.68		—		64.68		56.57		—		56.57		14.3	%	14.3	%
Nashville, TN Area	1	674	207.72		—		207.72		210.75		—		210.75		(1.4)	%	(1.4)	%
New York / New Jersey Metro Area	4	1,159	93.11		—		93.11		94.75		—		94.75		(1.7)	%	(1.7)	%
Orlando, FL Area	2	524	107.15		—		107.15		131.25		—		131.25		(18.4)	%	(18.4)	%
Philadelphia, PA Area	1	263	115.96		—		115.96		96.56		—		96.56		20.1	%	20.1	%
San Diego, CA Area	1	260	111.63		(141.93)		108.97		137.18		(146.76)		131.65		(18.6)	%	(17.2)	%
San Francisco - Oakland, CA Metro Area	3	793	124.16		—		124.16		118.00		—		118.00		5.2	%	5.2	%
Tampa, FL Area	2	571	123.00		—		123.00		149.76		—		149.76		(17.9)	%	(17.9)	%
Washington D.C. - MD - VA Area	9	2,428	121.28		—		121.28		136.69		—		136.69		(11.3)	%	(11.3)	%
Other Areas	24	4,738	117.77		(138.28)		116.94		115.96		(103.95)		116.73		1.6	%	0.2	%
Total Portfolio	68	16,633	$	122.71	$	(138.67)	$	122.51	$	125.66	$	(140.24)	$	124.77	(2.3)	%	(1.8)	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2025		2025		2025		2024		2024		2024		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	136.52	$	—	$	136.52	$	128.61	$	(77.84)	$	133.27	6.2	%	2.4	%
Boston, MA Area	—	—	38.81		(38.81)		—		207.84		(207.84)		—		(81.3)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	119.39		—		119.39		112.38		(83.82)		113.88		6.2	%	4.8	%
Houston, TX Area	2	453	113.00		(91.11)		120.47		107.13		(94.74)		113.78		5.5	%	5.9	%
Los Angeles, CA Metro Area	4	1,312	148.63		—		148.63		144.70		(84.48)		147.01		2.7	%	1.1	%
Miami, FL Metro Area	2	414	174.76		—		174.76		168.55		—		168.55		3.7	%	3.7	%
Minneapolis - St. Paul, MN Area	2	520	73.02		—		73.02		71.87		—		71.87		1.6	%	1.6	%
Nashville, TN Area	1	674	224.10		—		224.10		223.78		—		223.78		0.1	%	0.1	%
New York / New Jersey Metro Area	4	1,159	99.47		—		99.47		95.37		(55.84)		96.68		4.3	%	2.9	%
Orlando, FL Area	2	524	114.53		—		114.53		122.23		—		122.23		(6.3)	%	(6.3)	%
Philadelphia, PA Area	1	263	121.96		—		121.96		105.67		(28.18)		115.28		15.4	%	5.8	%
San Diego, CA Area	1	260	142.38		(152.04)		138.00		155.51		(164.47)		150.34		(8.4)	%	(8.2)	%
San Francisco - Oakland, CA Metro Area	3	793	135.34		—		135.34		126.33		(85.16)		130.63		7.1	%	3.6	%
Tampa, FL Area	2	571	139.81		—		139.81		144.01		—		144.01		(2.9)	%	(2.9)	%
Washington D.C. - MD - VA Area	9	2,428	142.07		—		142.07		149.72		—		149.72		(5.1)	%	(5.1)	%
Other Areas	24	4,738	124.47		(111.30)		125.21		126.55		(113.80)		128.17		(1.6)	%	(2.3)	%
Total Portfolio	68	16,633	$	131.68	$	(113.36)	$	132.28	$	132.87	$	(129.41)	$	133.24	(0.9)	%	(0.7)	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Three Months Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2025		2025		2025				2024		2024		2024				% Variance		% Variance
Atlanta, GA Area	6	1,128	$	2,024	$	(31)	$	1,993	(10.1)	%	$	1,966	$	(27)	$	1,939	(5.2)	%	3.0	%	2.8	%
Boston, MA Area	—	—	150		(150)		—		—	%	2,019		(2,019)		—		—	%	(92.6)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	2,742		—		2,742		(13.9)	%	(2,302)		15		(2,287)		6.2	%	219.1	%	219.9	%
Houston, TX Area	2	453	655		(410)		245		(1.2)	%	508		(33)		475		(1.3)	%	28.9	%	(48.4)	%
Los Angeles, CA Metro Area	4	1,312	3,034		—		3,034		(15.4)	%	(33,595)		—		(33,595)		90.6	%	109.0	%	109.0	%
Miami, FL Metro Area	2	414	1,190		—		1,190		(6.0)	%	1,403		—		1,403		(3.8)	%	(15.2)	%	(15.2)	%
Minneapolis - St. Paul, MN Area	2	520	(819)		—		(819)		4.2	%	(1,033)		—		(1,033)		2.8	%	20.7	%	20.7	%
Nashville, TN Area	1	674	6,194		—		6,194		(31.4)	%	6,191		—		6,191		(16.7)	%	—	%	—	%
New York / New Jersey Metro Area	4	1,159	(335)		(82)		(417)		2.1	%	284		—		284		(0.8)	%	(218.0)	%	(246.8)	%
Orlando, FL Area	2	524	716		—		716		(3.6)	%	1,530		—		1,530		(4.1)	%	(53.2)	%	(53.2)	%
Philadelphia, PA Area	1	263	402		(38)		364		(1.8)	%	(98)		(4)		(102)		0.3	%	510.2	%	456.9	%
San Diego, CA Area	1	260	23,385		(23,269)		116		(0.6)	%	799		(577)		222		(0.6)	%	2,826.8	%	(47.7)	%
San Francisco - Oakland, CA Metro Area	3	793	(15,832)		(150)		(15,982)		81.1	%	(749)		384		(365)		1.0	%	(2,013.8)	%	(4,278.6)	%
Tampa, FL Area	2	571	1,494		—		1,494		(7.6)	%	1,057		—		1,057		(2.9)	%	41.3	%	41.3	%
Washington D.C. - MD - VA Area	9	2,428	(26,184)		—		(26,184)		132.9	%	6,388		—		6,388		(17.2)	%	(509.9)	%	(509.9)	%
Other Areas	24	4,738	5,516		101		5,617		(28.7)	%	(21,493)		2,302		(19,191)		51.7	%	125.7	%	129.3	%
Total Portfolio	68	16,633	$	4,332	$	(24,029)	$	(19,697)	100.0	%	$	(37,125)	$	41	$	(37,084)	100.0	%	111.7	%	46.9	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2025		2025		2025				2024		2024		2024				% Variance		% Variance
Atlanta, GA Area	6	1,128	$	8,424	$	(33)	$	8,391	7.7	%	$	19,975	$	(14,100)	$	5,875	7.5	%	(57.8)	%	42.8	%
Boston, MA Area	—	—	31,971		(31,971)		—		—	%	4,380		(4,380)		—		—	%	629.9	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	6,760		(19)		6,741		6.2	%	6,725		(1,715)		5,010		6.4	%	0.5	%	34.6	%
Houston, TX Area	2	453	17,334		(16,032)		1,302		1.2	%	920		(6)		914		1.2	%	1,784.1	%	42.5	%
Los Angeles, CA Metro Area	4	1,312	14,597		—		14,597		13.3	%	(27,369)		3,375		(23,994)		(30.6)	%	153.3	%	160.8	%
Miami, FL Metro Area	2	414	5,980		—		5,980		5.5	%	5,264		—		5,264		6.7	%	13.6	%	13.6	%
Minneapolis - St. Paul, MN Area	2	520	(360)		—		(360)		(0.3)	%	(1,812)		—		(1,812)		(2.3)	%	80.1	%	80.1	%
Nashville, TN Area	1	674	26,992		—		26,992		24.7	%	25,591		—		25,591		32.7	%	5.5	%	5.5	%
New York / New Jersey Metro Area	4	1,159	2,330		(83)		2,247		2.1	%	177		882		1,059		1.4	%	1,216.4	%	112.2	%
Orlando, FL Area	2	524	10,151		—		10,151		9.3	%	3,759		—		3,759		4.8	%	170.0	%	170.0	%
Philadelphia, PA Area	1	263	2,062		(40)		2,022		1.8	%	272		798		1,070		1.4	%	658.1	%	89.0	%
San Diego, CA Area	1	260	27,492		(25,225)		2,267		2.1	%	5,925		(3,157)		2,768		3.5	%	364.0	%	(18.1)	%
San Francisco - Oakland, CA Metro Area	3	793	(13,155)		62		(13,093)		(12.0)	%	815		628		1,443		1.8	%	(1,714.1)	%	(1,007.3)	%
Tampa, FL Area	2	571	8,948		—		8,948		8.2	%	7,965		—		7,965		10.2	%	12.3	%	12.3	%
Washington D.C. - MD - VA Area	9	2,428	258		—		258		0.2	%	33,402		—		33,402		42.6	%	(99.2)	%	(99.2)	%
Other Areas	24	4,738	7,869		25,088		32,957		30.0	%	80,678		(70,667)		10,011		12.7	%	(90.2)	%	229.2	%
Total Portfolio	68	16,633	$	157,653	$	(48,253)	$	109,400	100.0	%	$	166,667	$	(88,342)	$	78,325	100.0	%	(5.4)	%	39.7	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Three Months Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2025		2025		2025				2024		2024		2024				% Variance		% Variance
Atlanta, GA Area	6	1,128	$	4,676	$	(31)	$	4,645	7.4	%	$	5,040	$	(35)	$	5,005	7.7	%	(7.2)	%	(7.2)	%
Boston, MA Area	—	—	—		—		—		—	%	2,491		(2,491)		—		—	%	(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	6,595		—		6,595		10.5	%	4,469		(5)		4,464		6.8	%	47.6	%	47.7	%
Houston, TX Area	2	453	1,717		81		1,798		2.9	%	2,476		(397)		2,079		3.2	%	(30.7)	%	(13.5)	%
Los Angeles, CA Metro Area	4	1,312	4,437		—		4,437		7.1	%	5,325		(2)		5,323		8.2	%	(16.7)	%	(16.6)	%
Miami, FL Metro Area	2	414	2,647		—		2,647		4.2	%	2,801		(1)		2,800		4.3	%	(5.5)	%	(5.5)	%
Minneapolis - St. Paul, MN Area	2	520	151		—		151		0.2	%	(99)		(2)		(101)		(0.2)	%	252.5	%	249.5	%
Nashville, TN Area	1	674	7,946		—		7,946		12.7	%	8,515		—		8,515		13.0	%	(6.7)	%	(6.7)	%
New York / New Jersey Metro Area	4	1,159	1,496		—		1,496		2.4	%	2,554		(3)		2,551		3.9	%	(41.4)	%	(41.4)	%
Orlando, FL Area	2	524	1,425		—		1,425		2.3	%	2,434		—		2,434		3.7	%	(41.5)	%	(41.5)	%
Philadelphia, PA Area	1	263	751		(38)		713		1.1	%	304		(5)		299		0.5	%	147.0	%	138.5	%
San Diego, CA Area	1	260	593		59		652		1.0	%	1,671		(813)		858		1.3	%	(64.5)	%	(24.0)	%
San Francisco - Oakland, CA Metro Area	3	793	2,666		—		2,666		4.3	%	2,507		—		2,507		3.8	%	6.3	%	6.3	%
Tampa, FL Area	2	571	2,305		—		2,305		3.7	%	2,923		(3)		2,920		4.5	%	(21.1)	%	(21.1)	%
Washington D.C. - MD - VA Area	9	2,428	9,117		—		9,117		14.5	%	10,813		(4)		10,809		16.6	%	(15.7)	%	(15.7)	%
Other Areas	24	4,738	16,611		(543)		16,068		25.7	%	15,191		(368)		14,823		22.7	%	9.3	%	8.4	%
Total Portfolio	68	16,633	$	63,133	$	(472)	$	62,661	100.0	%	$	69,415	$	(4,129)	$	65,286	100.0	%	(9.0)	%	(4.0)	%

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)


			Year Ended December 31,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Non-comparable Adjustments		Comparable		% of Total		Actual		Comparable
			2025		2025		2025				2024		2024		2024				% Variance		% Variance
Atlanta, GA Area	6	1,128	$	19,583	$	(34)	$	19,549	6.6	%	$	18,474	$	(246)	$	18,228	6.3	%	6.0	%	7.2	%
Boston, MA Area	—	—	64		(64)		—		—	%	10,977		(10,977)		—		—	%	(99.4)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396	26,183		—		26,183		8.8	%	22,217		(570)		21,647		7.5	%	17.9	%	21.0	%
Houston, TX Area	2	453	8,490		(712)		7,778		2.6	%	8,610		(1,842)		6,768		2.3	%	(1.4)	%	14.9	%
Los Angeles, CA Metro Area	4	1,312	20,948		—		20,948		7.0	%	21,024		151		21,175		7.3	%	(0.4)	%	(1.1)	%
Miami, FL Metro Area	2	414	11,748		—		11,748		3.9	%	10,978		—		10,978		3.8	%	7.0	%	7.0	%
Minneapolis - St. Paul, MN Area	2	520	2,806		—		2,806		0.9	%	1,487		—		1,487		0.5	%	88.7	%	88.7	%
Nashville, TN Area	1	674	35,804		—		35,804		12.0	%	35,327		—		35,327		12.2	%	1.4	%	1.4	%
New York / New Jersey Metro Area	4	1,159	10,382		—		10,382		3.5	%	9,776		(112)		9,664		3.3	%	6.2	%	7.4	%
Orlando, FL Area	2	524	6,545		—		6,545		2.2	%	7,498		—		7,498		2.6	%	(12.7)	%	(12.7)	%
Philadelphia, PA Area	1	263	3,489		(40)		3,449		1.2	%	2,404		228		2,632		0.9	%	45.1	%	31.0	%
San Diego, CA Area	1	260	6,676		(2,591)		4,085		1.4	%	8,483		(4,056)		4,427		1.5	%	(21.3)	%	(7.7)	%
San Francisco - Oakland, CA Metro Area	3	793	13,257		—		13,257		4.5	%	12,095		(227)		11,868		4.1	%	9.6	%	11.7	%
Tampa, FL Area	2	571	11,990		—		11,990		4.0	%	12,228		—		12,228		4.2	%	(1.9)	%	(1.9)	%
Washington D.C. - MD - VA Area	9	2,428	47,832		—		47,832		16.1	%	51,560		—		51,560		17.7	%	(7.2)	%	(7.2)	%
Other Areas	24	4,738	76,828		(1,669)		75,159		25.3	%	81,556		(6,541)		75,015		25.8	%	(5.8)	%	0.2	%
Total Portfolio	68	16,633	$	302,625	$	(5,110)	$	297,515	100.0	%	$	314,694	$	(24,192)	$	290,502	100.0	%	(3.8)	%	2.4	%

NOTES:

(2) 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	6,476
Partnership units outstanding	95
Combined common stock shares and partnership units outstanding	6,571
Common stock price	$	4.26
Market capitalization	$	27,992
Series D cumulative preferred stock	$	27,778
Series F cumulative preferred stock	$	25,926
Series G cumulative preferred stock	$	36,774
Series H cumulative preferred stock	$	25,949
Series I cumulative preferred stock	$	25,858
Series J redeemable preferred stock	$	192,105
Series K redeemable preferred stock	$	18,278
Series L redeemable preferred stock	$	5,955
Series M redeemable preferred stock	$	13,772
Indebtedness	$	2,571,224

Net working capital (see below)	$	(103,231)
Total enterprise value (TEV)	$	2,868,380






Cash and cash equivalents	$	66,348
Restricted cash	$	144,849
Accounts receivable, net	$	32,736
Inventory	$	3,599
Prepaid expenses	$	9,767

Due from third-party hotel managers, net	$	24,786

Total current assets	$	282,085

Accounts payable, net & accrued expenses	$	124,633
Dividends and distributions payable	$	4,247
Due to affiliates, net	$	49,974
Total current liabilities	$	178,854

Net working capital	$	103,231

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025

2026

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Courtyard Bloomington

117

Embassy Suites Austin

150

Embassy Suites Houston

150

Embassy Suites Palm Beach

160

Hampton Inn Evansville

140

Hilton Garden Inn Austin Downtown

254

Hilton Garden Inn Virginia Beach

176

Marriott Sugarland

300

Sheraton Anchorage

370

Sheraton San Diego Mission Valley

260

Westin Princeton

296

Total

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2025		2025		2025		2025		December 31, 2025
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	4,332	$	26,634	$	57,561	$	69,126	$	157,653
Non-property adjustments	20,110		2,353		(5,234)		(31,855)		(14,626)
Interest income	(378)		(400)		(370)		(346)		(1,494)
Interest expense	2,694		3,061		3,156		3,065		11,976
Amortization of loan costs	30		35		132		106		303
Depreciation and amortization	34,042		34,540		35,228		37,290		141,100

Non-hotel EBITDA ownership expense	2,303		2,517		1,806		1,087		7,713
Hotel EBITDA including amounts attributable to noncontrolling interest	63,133		68,740		92,279		78,473		302,625
Non-comparable adjustments	(472)		(384)		(1,752)		(2,502)		(5,110)
Comparable hotel EBITDA	$	62,661	$	68,356	$	90,527	$	75,971	$	297,515

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2025
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	4,182	$	150	$	4,332	$	(75,129)	$	(70,797)



Non-property adjustments	20,110		—		20,110		(20,110)		—
Interest income	(378)		—		(378)		378		—
Interest expense	2,694		—		2,694		55,939		58,633
Amortization of loan cost	30		—		30		6,604		6,634
Depreciation and amortization	31,985		2,057		34,042		49		34,091
Income tax expense (benefit)	—		—		—		(838)		(838)
Non-hotel EBITDA ownership expense	2,353		(50)		2,303		(2,303)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	60,976		2,157		63,133		(35,410)		27,723



Equity in (earnings) loss of unconsolidated entities	—		—		—		67		67

Company's portion of EBITDA of unconsolidated entities	—		—		—		256		256
Hotel EBITDA attributable to the Company and OP unitholders	$	60,976	$	2,157	$	63,133	$	(35,087)	$	28,046
Non-comparable adjustments	(472)		—		(472)
Comparable hotel EBITDA	$	60,504	$	2,157	$	62,661

NOTES:

(2) 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
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(36,989)	$	(136)	$	(37,125)	$	(91,974)	$	(129,099)



Non-property adjustments	59,274		—		59,274		(59,274)		—
Interest income	(408)		—		(408)		408		—
Interest expense	3,181		—		3,181		66,934		70,115
Amortization of loan cost	118		—		118		4,354		4,472
Depreciation and amortization	35,695		1,561		37,256		49		37,305
Income tax expense (benefit)	(22)		—		(22)		(2,294)		(2,316)
Non-hotel EBITDA ownership expense	7,005		136		7,141		(7,141)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	67,854		1,561		69,415		(88,938)		(19,523)



Equity in (earnings) loss of unconsolidated entities	—		—		—		1,542		1,542

Company's portion of EBITDA of unconsolidated entities	—		—		—		130		130
Hotel EBITDA attributable to the Company and OP unitholders	$	67,854	$	1,561	$	69,415	$	(87,266)	$	(17,851)
Non-comparable adjustments	(4,126)		(3)		(4,129)
Comparable hotel EBITDA	$	63,728	$	1,558	$	65,286

NOTES:

(2) 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
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	149,168	$	8,485	$	157,653	$	(345,812)	$	(188,159)
Non-property adjustments	(14,626)		—		(14,626)		14,626		—
Interest income	(1,494)		—		(1,494)		1,494		—
Interest expense	11,976		—		11,976		257,721		269,697
Amortization of loan cost	303		—		303		25,267		25,570
Depreciation and amortization	133,730		7,370		141,100		195		141,295
Income tax expense (benefit)	—		—		—		(143)		(143)
Non-hotel EBITDA ownership expense	7,605		108		7,713		(7,713)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	286,662		15,963		302,625		(54,365)		248,260

Equity in (earnings) loss of unconsolidated entities	—		—		—		325		325

Company's portion of EBITDA of unconsolidated entities	—		—		—		1,208		1,208
Hotel EBITDA attributable to the Company and OP unitholders	$	286,662	$	15,963	$	302,625	$	(52,832)	$	249,793
Non-comparable adjustments	(5,110)		—		(5,110)
Comparable hotel EBITDA	$	281,552	$	15,963	$	297,515

NOTES:

(2) 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
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	158,142	$	8,525	$	166,667	$	(231,678)	$	(65,011)
Non-property adjustments	(27,513)		—		(27,513)		27,513		—
Interest income	(1,720)		—		(1,720)		1,720		—
Interest expense	11,628		—		11,628		293,733		305,361
Amortization of loan cost	490		—		490		13,100		13,590
Depreciation and amortization	146,362		5,944		152,306		470		152,776
Income tax expense (benefit)	68		—		68		929		997
Non-hotel EBITDA ownership expense	12,531		237		12,768		(12,768)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	299,988		14,706		314,694		93,019		407,713

Equity in (earnings) loss of unconsolidated entities	—		—		—		2,370		2,370

Company's portion of EBITDA of unconsolidated entities	—		—		—		436		436
Hotel EBITDA attributable to the Company and OP unitholders	$	299,988	$	14,706	$	314,694	$	95,825	$	410,519
Non-comparable adjustments	(24,190)		(2)		(24,192)
Comparable hotel EBITDA	$	275,798	$	14,704	$	290,502

NOTES:

(2) 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
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	2,024	$	150	$	2,742	$	655	$	3,034	$	1,190	$	(819)	$	6,194	$	(335)



Non-property adjustments	—		—		(906)		(320)		(86)		—		—		(487)		(83)
Interest income	(57)		—		(21)		—		(15)		(1)		—		(37)		—
Interest expense	699		—		916		—		—		—		—		—		—
Amortization of loan costs	6		—		—		—		—		—		—		—		—
Depreciation and amortization	1,978		—		3,745		1,386		1,362		1,398		729		2,080		1,928
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	26		(150)		119		(4)		142		60		241		196		(14)

Hotel EBITDA including amounts attributable to noncontrolling interest	4,676		—		6,595		1,717		4,437		2,647		151		7,946		1,496
Non-comparable adjustments	(31)		—		—		81		—		—		—		—		—
Comparable hotel EBITDA	$	4,645	$	—	$	6,595	$	1,798	$	4,437	$	2,647	$	151	$	7,946	$	1,496

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	716	$	402	$	23,385	$	(15,832)	$	1,494	$	(26,184)	$	5,516	$	4,332



Non-property adjustments	—		—		(23,315)		15,710		—		31,484		(1,887)		20,110
Interest income	(30)		—		(9)		(15)		—		(158)		(35)		(378)
Interest expense	—		—		—		556		—		—		523		2,694
Amortization of loan costs	—		—		—		—		—		—		24		30
Depreciation and amortization	732		345		485		1,902		682		4,034		11,256		34,042
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	7		4		47		345		129		(59)		1,214		2,303

Hotel EBITDA including amounts attributable to noncontrolling interest	1,425		751		593		2,666		2,305		9,117		16,611		63,133
Non-comparable adjustments	—		(38)		59		—		—		—		(543)		(472)
Comparable hotel EBITDA	$	1,425	$	713	$	652	$	2,666	$	2,305	$	9,117	$	16,068	$	62,661

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended December 31, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,966	$	2,019	$	(2,302)	$	508	$	(33,595)	$	1,403	$	(1,033)	$	6,191	$	284



Non-property adjustments	—		—		16		—		35,908		—		—		—		(72)
Interest income	(47)		(77)		—		—		(14)		23		—		(25)		—
Interest expense	749		—		1,398		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,178		511		3,913		1,696		1,954		1,226		716		2,404		1,913
Income tax expense (benefit)	—		—		—		—		—		—		—		(70)		—
Non-hotel EBITDA ownership expense	194		38		1,444		272		1,072		149		218		15		429

Hotel EBITDA including amounts attributable to noncontrolling interest	5,040		2,491		4,469		2,476		5,325		2,801		(99)		8,515		2,554
Non-comparable adjustments	(35)		(2,491)		(5)		(397)		(2)		(1)		(2)		—		(3)
Comparable hotel EBITDA	$	5,005	$	—	$	4,464	$	2,079	$	5,323	$	2,800	$	(101)	$	8,515	$	2,551

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	1,530	$	(98)	$	799	$	(749)	$	1,057	$	6,388	$	(21,493)	$	(37,125)



Non-property adjustments	—		—		—		—		—		—		23,422		59,274
Interest income	(29)		—		(26)		(16)		—		(164)		(33)		(408)
Interest expense	—		—		—		210		—		—		824		3,181
Amortization of loan costs	—		—		—		80		—		—		38		118
Depreciation and amortization	927		367		611		2,164		760		4,396		11,520		37,256
Income tax expense (benefit)	—		—		—		—		—		—		48		(22)
Non-hotel EBITDA ownership expense	6		35		287		818		1,106		193		865		7,141

Hotel EBITDA including amounts attributable to noncontrolling interest	2,434		304		1,671		2,507		2,923		10,813		15,191		69,415
Non-comparable adjustments	—		(5)		(813)		—		(3)		(4)		(368)		(4,129)
Comparable hotel EBITDA	$	2,434	$	299	$	858	$	2,507	$	2,920	$	10,809	$	14,823	$	65,286

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Year Ended December 31, 2025
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	8,424	$	31,971	$	6,760	$	17,334	$	14,597	$	5,980	$	(360)	$	26,992	$	2,330
Non-property adjustments	—		(31,814)		(925)		(16,354)		(86)		—		—		(487)		(83)
Interest income	(223)		—		(22)		—		(60)		(6)		—		(133)		—
Interest expense	2,810		—		4,340		—		—		—		—		—		—
Amortization of loan costs	22		—		162		—		—		—		—		—		—
Depreciation and amortization	8,225		1		14,794		6,773		5,858		5,642		2,827		8,956		7,570
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	325		(94)		1,074		737		639		132		339		476		565
Hotel EBITDA including amounts attributable to noncontrolling interest	19,583		64		26,183		8,490		20,948		11,748		2,806		35,804		10,382
Non-comparable adjustments	(34)		(64)		—		(712)		—		—		—		—		—
Comparable hotel EBITDA	$	19,549	$	—	$	26,183	$	7,778	$	20,948	$	11,748	$	2,806	$	35,804	$	10,382

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	10,151	$	2,062	$	27,492	$	(13,155)	$	8,948	$	258	$	7,869	$	157,653
Non-property adjustments	(6,700)		—		(23,315)		15,711		—		31,484		17,943		(14,626)
Interest income	(123)		—		(86)		(52)		—		(649)		(140)		(1,494)
Interest expense	—		—		—		1,966		—		—		2,860		11,976
Amortization of loan costs	—		—		—		27		—		—		92		303
Depreciation and amortization	3,193		1,396		2,369		7,766		2,783		16,529		46,418		141,100
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	24		31		216		994		259		210		1,786		7,713
Hotel EBITDA including amounts attributable to noncontrolling interest	6,545		3,489		6,676		13,257		11,990		47,832		76,828		302,625
Non-comparable adjustments	—		(40)		(2,591)		—		—		—		(1,669)		(5,110)
Comparable hotel EBITDA	$	6,545	$	3,449	$	4,085	$	13,257	$	11,990	$	47,832	$	75,159	$	297,515

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Year Ended December 31, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	19,975	$	4,380	$	6,725	$	920	$	(27,369)	$	5,264	$	(1,812)	$	25,591	$	177
Non-property adjustments	(14,362)		665		(1,568)		—		38,909		—		—		—		661
Interest income	(180)		(282)		(4)		—		(71)		(15)		—		(108)		(4)
Interest expense	3,079		2,518		1,735		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	9,556		3,552		13,575		6,686		8,315		4,561		2,972		9,675		8,175
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	406		—		1,754		1,004		1,240		1,168		327		169		767
Hotel EBITDA including amounts attributable to noncontrolling interest	18,474		10,977		22,217		8,610		21,024		10,978		1,487		35,327		9,776
Non-comparable adjustments	(246)		(10,977)		(570)		(1,842)		151		—		—		—		(112)
Comparable hotel EBITDA	$	18,228	$	—	$	21,647	$	6,768	$	21,175	$	10,978	$	1,487	$	35,327	$	9,664

	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	3,759	$	272	$	5,925	$	815	$	7,965	$	33,402	$	80,678	$	166,667
Non-property adjustments	—		425		—		228		—		—		(52,471)		(27,513)
Interest income	(112)		(4)		(94)		(67)		—		(635)		(144)		(1,720)
Interest expense	—		—		—		846		—		—		3,450		11,628
Amortization of loan costs	—		—		—		198		—		—		148		490
Depreciation and amortization	3,823		1,655		2,388		9,147		3,222		18,311		46,693		152,306
Income tax expense (benefit)	—		—		—		—		—		—		68		68
Non-hotel EBITDA ownership expense	28		56		264		928		1,041		482		3,134		12,768
Hotel EBITDA including amounts attributable to noncontrolling interest	7,498		2,404		8,483		12,095		12,228		51,560		81,556		314,694
Non-comparable adjustments	—		228		(4,056)		(227)		—		—		(6,541)		(24,192)
Comparable hotel EBITDA	$	7,498	$	2,632	$	4,427	$	11,868	$	12,228	$	51,560	$	75,015	$	290,502

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	TTM Ended December 31, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	50,333	$	78,299	$	52,323	$	6,760	$	26,993	$	(25,179)	$	294	$	12,642	$	(18,344)	$	(24,375)	$	(6,189)
Non-property adjustments	(8,121)		(32,550)		(38,278)		—		(487)		31,484		—		—		16,344		17,259		—
Interest income	(139)		(333)		(279)		(186)		(133)		—		(5)		(397)		—		—		(22)
Interest expense	—		—		—		—		—		—		887		—		1,967		2,857		4,341
Amortization of loan costs	—		—		—		—		—		—		22		—		27		92		162
Depreciation and amortization	27,424		38,133		22,149		18,579		8,956		4,603		1,205		4,023		2,076		5,287		4,037
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	2,397		2,238		1,882		666		475		23		(115)		53		44		387		493
Hotel EBITDA including amounts attributable to noncontrolling interest	71,894		85,787		37,797		25,819		35,804		10,931		2,288		16,321		2,114		1,507		2,822
Non-comparable adjustments	(1)		(64)		(3,235)		1		—		—		—		—		—		(1,507)		—
Comparable hotel EBITDA	$	71,893	$	85,723	$	34,562	$	25,820	$	35,804	$	10,931	$	2,288	$	16,321	$	2,114	$	—	$	2,822

	BAML - 4 Pack		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	538	$	1,473	$	2,085	$	157,653
Non-property adjustments	—		(277)		—		(14,626)
Interest income	—		—		—		(1,494)
Interest expense	—		—		1,924		11,976
Amortization of loan costs	—		—		—		303
Depreciation and amortization	4,089		—		539		141,100
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	42		(894)		22		7,713
Hotel EBITDA including amounts attributable to noncontrolling interest	4,669		302		4,570		302,625
Non-comparable adjustments	(2)		(302)		—		(5,110)
Comparable hotel EBITDA	$	4,667	$	—	$	4,570	$	297,515

NOTES:

Source: View Original Filing on SEC EDGAR

FAQ

How did Ashford Hospitality Trust (AHT) perform financially in full-year 2025?

Ashford Hospitality Trust reported a full-year 2025 net loss attributable to common stockholders of $215.0 million, or $35.99 per diluted share. Adjusted EBITDAre was $221.3 million, while adjusted funds from operations were negative at $5.66 per diluted share, reflecting ongoing earnings pressure.

What happened to Ashford Hospitality Trust’s RevPAR and hotel operating metrics in 2025?

For 2025, comparable RevPAR for all hotels decreased 0.7% to $132, driven by a 1.5% drop in comparable ADR and a 0.8% increase in comparable occupancy. Comparable hotel EBITDA improved 2.4% to $297.5 million, with comparable hotel EBITDA margins modestly higher.

What strategic actions is Ashford Hospitality Trust (AHT) taking to address its capital structure?

The board formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. The company is also pursuing hotel asset sales, extending key mortgage loans, terminating the Series L and M non-traded preferred offering, and suspending redemptions on all outstanding non-traded preferred stock.

How leveraged is Ashford Hospitality Trust as of December 31, 2025?

As of December 31, 2025, Ashford Hospitality Trust had total loans of $2.6 billion at a blended average interest rate of 7.7%, with about 95% of this debt floating-rate. Total liabilities were $3.21 billion versus total assets of $2.83 billion, resulting in a stockholders’ equity deficit.

What hotel asset sales has Ashford Hospitality Trust announced and what are the expected benefits?

During the quarter, Ashford Hospitality Trust sold Le Pavillon and signed definitive agreements to sell the Embassy Suites Austin Arboretum and Embassy Suites Houston Near the Galleria. These transactions are expected to generate about $69.5 million in gross proceeds, plus annual cash flow and future CapEx savings.

Did Ashford Hospitality Trust pay a dividend on its common stock for the fourth quarter of 2025?

No, Ashford Hospitality Trust did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2025. This decision aligns with the company’s focus on deleveraging, liquidity management, and navigating its ongoing strategic review process.

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Ashford Trust (NYSE: AHT) posts 2025 loss, weighs strategic options

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FAQ

How did Ashford Hospitality Trust (AHT) perform financially in full-year 2025?

What happened to Ashford Hospitality Trust’s RevPAR and hotel operating metrics in 2025?

What strategic actions is Ashford Hospitality Trust (AHT) taking to address its capital structure?

How leveraged is Ashford Hospitality Trust as of December 31, 2025?

What hotel asset sales has Ashford Hospitality Trust announced and what are the expected benefits?

Did Ashford Hospitality Trust pay a dividend on its common stock for the fourth quarter of 2025?

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Ashford Trust (NYSE: AHT) posts 2025 loss, weighs strategic options

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FAQ

How did Ashford Hospitality Trust (AHT) perform financially in full-year 2025?

What happened to Ashford Hospitality Trust’s RevPAR and hotel operating metrics in 2025?

What strategic actions is Ashford Hospitality Trust (AHT) taking to address its capital structure?

How leveraged is Ashford Hospitality Trust as of December 31, 2025?

What hotel asset sales has Ashford Hospitality Trust announced and what are the expected benefits?

Did Ashford Hospitality Trust pay a dividend on its common stock for the fourth quarter of 2025?

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Press Releases

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NYSE:AHT

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