Ashford Hospitality Trust (AHT) posts Q2 2026 profit, trims $599M debt and sells 11 hotels

Q: How did Ashford Hospitality Trust (AHT) perform operationally in Q2 2026?

Ashford Hospitality Trust’s comparable RevPAR increased 6.6% to $155.68 in Q2 2026, driven by a 5.8% rise in ADR and a small occupancy gain. Comparable Hotel EBITDA grew 9.6% to $79.9 million , and hotel EBITDA margin expanded to 32.5%.

Q: What were Ashford Hospitality Trust’s (AHT) Q2 2026 earnings and cash flow metrics?

For Q2 2026, Ashford reported net income attributable to common stockholders of $120.7 million , or $1.62 per diluted share. Adjusted EBITDAre was $69.4 million , and Adjusted FFO totaled $17.4 million, or $2.67 per diluted share .

Q: How much debt did Ashford Hospitality Trust (AHT) reduce by mid-2026?

As of June 30, 2026, Ashford’s total debt was $2.0 billion , a reduction of $599.5 million from $2.6 billion at December 31, 2025. The decrease mainly reflects application of hotel sale proceeds to repay mortgage indebtedness.

Q: What hotel asset sales did Ashford Hospitality Trust (AHT) complete around Q2 2026?

During Q2 2026, Ashford closed on nine hotel sales for $385.3 million in gross proceeds and expects $90.8 million of avoided capital expenditures. Two additional hotels sold post-quarter generated combined gross proceeds of $79.1 million.

Q: Are Ashford Hospitality Trust (AHT) preferred dividends currently being paid?

Dividends on Ashford’s preferred stock remain suspended . Management states it is presently unable to resume preferred redemptions or dividends, though preferred dividends are cumulative and will continue to accrue while unpaid.

Q: What is Ashford Hospitality Trust’s (AHT) capital structure and equity position as of June 30, 2026?

At June 30, 2026, Ashford had $2.0 billion of total debt and a total stockholders’ equity deficit of $570.9 million . The company also carried multiple series of cumulative and redeemable preferred stock outstanding.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ashford Hospitality Trust reported stronger operating metrics for the quarter ended June 30, 2026. Comparable RevPAR rose 6.6% to $155.68, driven by a 5.8% increase in ADR and a modest occupancy gain. Comparable Hotel EBITDA grew 9.6% to $79.9 million, with margins expanding 158 basis points to 32.5%.

GAAP results swung sharply, with net income attributable to common stockholders of $120.7 million, or $1.62 per diluted share, versus a loss a year earlier, largely reflecting significant gains on asset sales. Adjusted EBITDAre was $69.4 million, while Adjusted FFO was $17.4 million, or $2.67 per diluted share, up from $0.78.

The company continued to reshape its portfolio and balance sheet, closing nine hotel sales for $385.3 million in the quarter and two more afterward for $79.1 million. Total debt fell to $2.0 billion, a $599.5 million reduction from year-end 2025. Ashford refinanced the Highland loan with a new $525.0 million facility at SOFR + 5.24%, eliminating its final 2026 maturity and releasing 14 hotels from a cash sweep. Despite improved performance, preferred dividends remain suspended and cumulative, and common dividends were not declared.

Positive

Adjusted FFO surged to $17.4 million ($2.67 per diluted share) from $4.6 million ($0.78) a year earlier, indicating materially improved cash-generation capacity after adjustments.
Comparable Hotel EBITDA increased 9.6% to $79.9 million with 158 basis points of margin expansion to 32.5%, reflecting stronger hotel-level profitability.
Total debt declined to $2.0 billion, down $599.5 million (23.3%) from December 31, 2025, driven largely by asset sale proceeds applied to mortgage repayments.
Eleven hotel sales totaling $464.4 million in gross proceeds (including post-quarter closings) were completed at cap rates management views as supportive of asset values, while also avoiding $90.8 million of planned capital expenditures.
The $525.0 million Highland refinancing extended maturities, slightly improved loan spread versus the prior facility, and released 14 hotels from a cash sweep that had constrained property cash flows.

Negative

Total hotel revenue declined 9.4% year over year to $273.1 million for the quarter, reflecting the impact of hotel dispositions and portfolio changes despite stronger comparable metrics.
Dividends on all preferred stock remain suspended and cumulative, and management states it is currently unable to resume capital returns to preferred holders, signaling ongoing cash constraints.
Common shareholders received no dividends for the quarter, with dividends per common share reported as $0.00 despite the return to GAAP profitability.
Common equity remains in a deficit position of $570.9 million, only modestly improved from a $626.4 million deficit at year-end 2025, highlighting a still highly leveraged capital structure.
The JPMorgan Chase loan secured by eight hotels was in default as of June 30, 2026, triggering an additional 5.00% default interest rate on that mortgage under its loan agreement.

Filing Explained

The August 12 Form 8-K reports completed second-quarter results; as of June 30, 2026, the company recorded stockholders’ equity of $(570,885) thousand, meaning the disclosed book capital attributable to stockholders remained negative despite the reported quarterly profit.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Comparable RevPAR: $155.68 Net income attributable to common stockholders: $120.7 million Adjusted EBITDAre: $69.4 million +5 more

8 metrics

Comparable RevPAR $155.68 All hotels, three months ended June 30, 2026, up 6.6% year over year

Net income attributable to common stockholders $120.7 million Quarter ended June 30, 2026

Adjusted EBITDAre $69.4 million Quarter ended June 30, 2026

Adjusted FFO per diluted share $2.67 Quarter ended June 30, 2026, versus $0.78 in prior-year quarter

Total debt $2.0 billion As of June 30, 2026; down from $2.6 billion at December 31, 2025

Hotel sale proceeds during quarter $385.3 million Nine hotels sold in Q2 2026, plus $90.8 million of anticipated CapEx savings

Highland refinancing amount $525.0 million New mortgage loan at SOFR + 5.24% with two-year initial term

Hotel revenue change -9.44% Total hotel revenue decline in Q2 2026 versus Q2 2025

Key Terms

RevPAR, Adjusted EBITDAre, Adjusted funds from operations (AFFO), debt yield, +2 more

6 terms

RevPAR financial

"Comparable RevPAR for all hotels increased 6.6% to $155.7 during the quarter"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Adjusted EBITDAre financial

"Adjusted EBITDAre was $69.4 million for the quarter"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Adjusted funds from operations (AFFO) financial

"Adjusted funds from operations (AFFO) per diluted share was $2.67 for the quarter"

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

debt yield financial

"Comparable TTM Hotel EBITDA Debt Yield"

Debt yield is a simple ratio that divides a property's annual net operating income by the total loan amount, showing the annual return a lender would get from the asset's cash flow if they took ownership. It matters to investors and lenders because it measures the cash-flow cushion against the loan—like a speedometer for risk that does not change with interest rates, helping compare loans on a common basis.

cash sweep financial

"This refinancing also released the loan pool from a cash sweep that had been in effect"

An arrangement that automatically uses a company’s excess cash to pay down debt or move money into a designated account instead of leaving it idle. Think of it like a household automatically applying any paycheck remainder to a mortgage: it reduces outstanding loans and interest costs but can also limit cash available for dividends, share buybacks, or new projects. Investors watch cash sweeps because they affect a firm’s leverage, interest expense, and short-term flexibility.

preferred equity financial

"Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate"

Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.

Earnings Snapshot

Comparable RevPAR: $155.68

quarter ended June 30, 2026

Comparable RevPAR $155.68 up 6.6% versus Q2 2025

Comparable Hotel EBITDA $79.9 million up 9.6% versus Q2 2025

Adjusted EBITDAre $69.4 million down from $73.8 million in Q2 2025

Adjusted FFO $17.4 million up from $4.6 million in Q2 2025

Total debt $2.0 billion down $599.5 million from $2.6 billion at December 31, 2025

FAQ

How did Ashford Hospitality Trust (AHT) perform operationally in Q2 2026?

Ashford Hospitality Trust’s comparable RevPAR increased 6.6% to $155.68 in Q2 2026, driven by a 5.8% rise in ADR and a small occupancy gain. Comparable Hotel EBITDA grew 9.6% to $79.9 million, and hotel EBITDA margin expanded to 32.5%.

What were Ashford Hospitality Trust’s (AHT) Q2 2026 earnings and cash flow metrics?

For Q2 2026, Ashford reported net income attributable to common stockholders of $120.7 million, or $1.62 per diluted share. Adjusted EBITDAre was $69.4 million, and Adjusted FFO totaled $17.4 million, or $2.67 per diluted share.

How much debt did Ashford Hospitality Trust (AHT) reduce by mid-2026?

As of June 30, 2026, Ashford’s total debt was $2.0 billion, a reduction of $599.5 million from $2.6 billion at December 31, 2025. The decrease mainly reflects application of hotel sale proceeds to repay mortgage indebtedness.

What hotel asset sales did Ashford Hospitality Trust (AHT) complete around Q2 2026?

During Q2 2026, Ashford closed on nine hotel sales for $385.3 million in gross proceeds and expects $90.8 million of avoided capital expenditures. Two additional hotels sold post-quarter generated combined gross proceeds of $79.1 million.

What are the key terms of Ashford Hospitality Trust’s (AHT) Highland loan refinancing?

On August 7, 2026, Ashford refinanced its Highland mortgage with a new $525.0 million loan, bearing interest at SOFR + 5.24%. It has a two-year initial term, three one-year extension options, and released 14 hotels from a prior cash sweep.

Are Ashford Hospitality Trust (AHT) preferred dividends currently being paid?

Dividends on Ashford’s preferred stock remain suspended. Management states it is presently unable to resume preferred redemptions or dividends, though preferred dividends are cumulative and will continue to accrue while unpaid.

What is Ashford Hospitality Trust’s (AHT) capital structure and equity position as of June 30, 2026?

At June 30, 2026, Ashford had $2.0 billion of total debt and a total stockholders’ equity deficit of $570.9 million. The company also carried multiple series of cumulative and redeemable preferred stock outstanding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Understanding 8-K Material Events →

Available on EDGAR 08/12/2026 - 04:17 PM Accepted by SEC EDGAR 08/12/2026 - 04:17 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): August 12, 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 August 12, 2026, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 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 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Second Quarter 2026 Earnings Release of the Company, dated August 12, 2026

101 Inline Interactive Data Files.

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: August 12, 2026	By:	/s/ Justin Coe
		Justin Coe
		Chief Accounting Officer

EXHIBIT 99.1

NEWS RELEASE


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

ASHFORD TRUST REPORTS SECOND QUARTER 2026 RESULTS

DALLAS – August 12, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 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 June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 6.6% to $155.7 during the quarter on a 5.8% increase in Comparable ADR and a 0.7% increase in Comparable Occupancy.

•Net income attributable to common stockholders was $120.7 million or $1.62 per diluted share for the quarter.

•Adjusted EBITDAre was $69.4 million for the quarter.

•Adjusted funds from operations (AFFO) per diluted share was $2.67 for the quarter, compared to $0.78 for the prior-year quarter.

•Comparable Hotel EBITDA was $79.9 million for the quarter, reflecting growth of 9.6% over the prior year quarter. Comparable Hotel EBITDA margin expanded 158 basis points to 32.5%.

•The Company ended the quarter with cash and cash equivalents of $75.0 million and restricted cash of $137.0 million (including amounts held for sale). The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.2 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 $83.8 million.

•Total debt was $2.0 billion at June 30, 2026, a decrease of $599.5 million, or 23.3%, from $2.6 billion at December 31, 2025.

•CapEx invested during the quarter was $20.7 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company closed on nine hotel sales for combined gross proceeds of $385.3 million or $194,200 per key. Additionally, these nine sales are expected to result in anticipated capital expenditure savings of $90.8 million or $45,800 per key, representing $476.1

AHT Reports Second Quarter Results

Page 2

August 12, 2026

million, or approximately $240,000 per key, of combined proceeds and avoided capital expenditure. These hotels include:

◦Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard

◦Embassy Suites by Hilton Dallas Near the Galleria

◦Lakeway Resort & Spa

◦Sheraton Indianapolis City Centre

◦Silversmith Hotel Chicago Downtown

◦Sheraton Mission Valley San Diego

◦Hilton Garden Inn Jacksonville JTB/Deerwood Park

◦Hilton Garden Inn Austin Downtown

◦Hyatt Regency Savannah

•Subsequent to quarter end, the Company closed on two hotel sales for combined gross proceeds of $79.1 million. These hotels include:

◦Marriott Fremont Silicon Valley

◦Hyatt Regency Long Island

•On August 7, 2026, the Company refinanced the Highland mortgage loan with a new $525.0 million mortgage loan. The refinanced mortgage loan has a two-year initial term, is interest only, bears interest at SOFR + 5.24%, compared to SOFR + 5.47% on the prior loan, and has three one-year extension options, subject to satisfaction of certain conditions. This refinancing also released the loan pool from a cash sweep that had been in effect for more than a year and addressed the Company’s final remaining 2026 maturity.

CAPITAL STRUCTURE

As of June 30, 2026, the Company had total loans of $2.0 billion with a blended average interest rate of 8.2%, 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.

“Our second quarter results provide the clearest evidence yet of Ashford Trust's operational turnaround,” said Stephen Zsigray, President and Chief Executive Officer. “Comparable RevPAR increased 6.6% in the quarter and we converted 70% of the incremental revenue into Hotel EBITDA. Growth was rate-led, with Comparable ADR up 5.8%, which, combined with cost discipline from our asset management team and our property managers, produced a 9.6% increase in Comparable Hotel EBITDA and 158 basis points of margin expansion.

“We’ve been equally active on the balance sheet, completing the sale of eleven hotels—nine during the quarter and two shortly after quarter-end—at cap rates that reinforce our conviction in the underlying value of our assets. We applied the majority of proceeds to retire mortgage debt, which has improved our leverage profile, reduced interest expense, and helped address near-term loan maturities. Subsequent to quarter-end, we successfully addressed our final 2026 maturity with the Highland refinancing. This refinancing preserved a significant portion of total portfolio equity, while also improving our blended spread and releasing 14 hotels from a cash sweep that had been in effect for more than a year.

“Despite a number of property sales over the past 12 months, Adjusted EBITDAre for the quarter remained strong at $69.4 million and AFFO improved $12.8 million versus the prior year quarter. As we move into the back half of 2026, we remain focused on translating stronger performance into value for shareholders. Our recent sales transactions suggest there is still a disconnect, and we expect strategic asset

AHT Reports Second Quarter Results

Page 3

August 12, 2026

sales to remain an important lever for closing that gap while further strengthening our balance sheet, enhancing liquidity and improving cash flow.”

UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS

“The second quarter delivered acceleration in hotel performance,” said Zsigray. “Combined with the ongoing implementation of our GRO AHT initiatives, Adjusted FFO improved to $17.4 million for the quarter, compared to $4.6 million in the second quarter of 2025. That progression reflects work across cost structure, portfolio composition and property performance.

“We continue to optimize the portfolio via asset sales, and recently completed the refinancing of our Highland loan pool. That transaction demonstrates the point we have made consistently: deleveraging makes refinancing possible, which ultimately preserves the equity in our portfolio.

“While preserving portfolio equity benefits our preferred holders, that sequencing carries a near-term cost. We have been required to apply the majority of sale proceeds to retire mortgage debt that is senior to the preferred, which continues to constrain the cash available for preferred redemptions and dividends.

“While improved operating performance and successful refinancings will enhance conditions for future capital returns, the path of interest rates continues to work against us. Where the market previously anticipated further easing, the forward curve no longer reflects that relief and the probability of interest rate hikes has risen considerably.

“While we remain unable at this time, we intend to resume capital returns to preferred holders when conditions allow. Dividends on the Company’s preferred stock are cumulative and will continue to accumulate while suspended.”

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 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.

AHT Reports Second Quarter Results

Page 4

August 12, 2026

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)


	June 30, 2026		December 31, 2025
ASSETS
Investments in hotel properties, gross	$	2,291,237	$	3,069,016
Accumulated depreciation	(747,916)		(983,772)
Investments in hotel properties, net	1,543,321		2,085,244
Contract asset	368,298		355,138
Cash and cash equivalents	72,510		66,145
Restricted cash	136,985		149,580

Accounts receivable, net of allowance of $213 and $424 respectively	38,883		32,752
Inventories	2,672		3,598
Notes receivable, net	12,880		12,187


Investment in unconsolidated entities	7,110		7,265
Deferred costs, net	837		1,529
Derivative assets, net	1,256		410
Operating lease right-of-use assets	37,283		43,582
Prepaid expenses and other assets	17,124		32,057


Due from related parties, net	980		—
Due from third-party hotel managers	24,240		25,667


Assets held for sale	70,071		18,478
Total assets	$	2,334,450	$	2,833,632

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	1,905,747	$	2,504,637
Indebtedness associated with hotels in receivership	273,971		294,771
Finance lease liability	17,258		17,536
Accounts payable and accrued expenses	114,368		123,773
Accrued interest payable	31,224		12,176
Accrued interest associated with hotels in receivership	94,327		84,155
Dividends and distributions payable	4,247		4,247

Due to Ashford Inc., net	52,552		40,643

Due to related parties, net	—		1,949
Due to third-party hotel managers	1,157		882
Operating lease liabilities	37,676		44,045

Other liabilities	36,624		36,768


Liabilities associated with assets held for sale	74,813		41,292
Total liabilities	2,643,964		3,206,874

Redeemable noncontrolling interests in operating partnership	20,800		20,516
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	187,498		179,818
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at June 30, 2026 and December 31, 2025	18,972		18,215
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at June 30, 2026 and December 31, 2025	5,658		5,484
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at June 30, 2026 and December 31, 2025	14,096		13,566
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at June 30, 2026 and December 31, 2025	11		11
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at June 30, 2026 and December 31, 2025	10		10
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at June 30, 2026 and December 31, 2025	15		15
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at June 30, 2026 and December 31, 2025	10		10
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at June 30, 2026 and December 31, 2025	11		11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	65		65
Additional paid-in capital	2,402,052		2,402,015
Accumulated deficit	(2,973,059)		(3,028,489)
Total stockholders' equity (deficit) of the Company	(570,885)		(626,352)
Noncontrolling interests in consolidated entities	14,347		15,511
Total equity (deficit)	(556,538)		(610,841)
Total liabilities and equity/deficit	$	2,334,450	$	2,833,632

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
REVENUE
Rooms	$	209,618	$	227,203	$	409,643	$	433,504
Food and beverage	47,007		55,336		98,577		109,865
Other	16,442		19,006		32,425		35,226
Total hotel revenue	273,067		301,545		540,645		578,595
Other	173		456		327		765
Total revenue	273,240		302,001		540,972		579,360
EXPENSES
Hotel operating expenses
Rooms	46,032		51,659		92,222		99,449
Food and beverage	31,188		35,455		65,571		71,181
Other expenses	89,895		101,372		181,168		196,482
Management fees	9,340		10,344		18,624		20,192
Total hotel operating expenses	176,455		198,830		357,585		387,304
Property taxes, insurance and other	13,179		16,234		28,073		32,283
Depreciation and amortization	28,628		35,276		60,634		72,615

Impairment charges	—		1,447		112,649		1,447

Advisory services fee:
Base advisory fee	8,507		8,339		16,815		16,534
Reimbursable expenses	5,664		3,411		17,351		6,619
Stock/unit-based compensation	28		222		56		155
Incentive fee	—		(66)		—		27
Stirling performance participation fee	—		111		—		227
Corporate, general and administrative:
Stock/unit-based compensation	—		—		—		13
Other general and administrative	1,325		5,485		2,927		9,804
Total operating expenses	233,786		269,289		596,090		527,028
Gain (loss) on disposition of assets and hotel properties	150,046		6,684		250,076		38,552
Gain (loss) on derecognition of assets	6,828		9,900		14,618		19,946
OPERATING INCOME (LOSS)	196,328		49,296		209,576		110,830
Equity in earnings (loss) of unconsolidated entities	47		44		(155)		(387)
Interest income	1,047		1,253		1,969		2,467
Other income (expense), net	—		—		3,223		—
Interest expense, net of discount amortization	(50,868)		(62,392)		(118,185)		(123,648)
Interest expense associated with hotels in receivership	(7,607)		(10,454)		(15,427)		(20,846)
Amortization of loan costs	(4,802)		(7,743)		(11,039)		(12,943)
Write-off of premiums, loan costs and exit fees	(305)		(1,486)		(1,559)		(6,083)
Gain (loss) on extinguishment of debt	(1,950)		(2)		(1,975)		(15)

Realized and unrealized gain (loss) on derivatives	44		(836)		801		(3,576)
INCOME (LOSS) BEFORE INCOME TAXES	131,934		(32,320)		67,229		(54,201)
Income tax benefit (expense)	(2,553)		(119)		(3,305)		(436)
NET INCOME (LOSS)	129,381		(32,439)		63,924		(54,637)
(Income) loss attributable to noncontrolling interest in consolidated entities	341		1,412		996		3,188
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,729)		631		(699)		1,082
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	127,993		(30,396)		64,221		(50,367)
Preferred dividends	(2,714)		(7,017)		(5,428)		(13,746)
Deemed dividends on redeemable preferred stock	(4,600)		(2,530)		(9,200)		(3,587)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	120,679	$	(39,943)	$	49,593	$	(67,700)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	18.73	$	(6.88)	$	7.70	$	(11.82)
Weighted average common shares outstanding – basic	6,443		5,804		6,442		5,728
Diluted:
Net income (loss) attributable to common stockholders	$	1.62	$	(6.88)	$	0.70	$	(11.82)
Weighted average common shares outstanding – diluted	77,465		5,895		83,944		5,728
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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income (loss)	$	129,381	$	(32,439)	$	63,924	$	(54,637)
Interest expense and amortization of discounts and loan costs, net	55,670		70,135		129,224		136,591
Interest expense associated with hotels in receivership	7,607		10,454		15,427		20,846
Depreciation and amortization	28,628		35,276		60,634		72,615
Income tax expense (benefit)	2,553		119		3,305		436
Equity in (earnings) loss of unconsolidated entities	(47)		(44)		155		387
Company's portion of EBITDA of unconsolidated entities	359		406		467		526
EBITDA	224,151		83,907		273,136		176,764
Impairment charges on real estate	—		1,447		112,649		1,447
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(150,046)		(6,684)		(250,076)		(38,552)
(Gain) loss on derecognition of assets	(6,828)		(9,900)		(14,618)		(19,946)

EBITDAre	67,277		68,770		121,091		119,713
Amortization of unfavorable contract liabilities	(31)		(31)		(61)		(61)
Transaction and conversion costs	(91)		2,173		262		4,101
Write-off of premiums, loan costs and exit fees	305		1,486		1,559		6,083
Realized and unrealized (gain) loss on derivatives	(44)		836		(801)		3,576
Stock/unit-based compensation	28		222		56		168
Legal, advisory and settlement costs	(18)		55		4		852
Other (income) expense, net	—		—		(3,223)		—
Incentive fee	—		(66)		—		27
Stirling performance participation fee	—		111		—		227


(Gain) loss on extinguishment of debt	1,950		2		1,975		15
Severance	68		274		247		796




Adjusted EBITDAre	$	69,444	$	73,832	$	121,109	$	135,497

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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net income (loss)	$	129,381	$	(32,439)	$	63,924	$	(54,637)
(Income) loss attributable to noncontrolling interest in consolidated entities	341		1,412		996		3,188
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,729)		631		(699)		1,082
Preferred dividends	(2,714)		(7,017)		(5,428)		(13,746)
Deemed dividends on redeemable preferred stock	(4,600)		(2,530)		(9,200)		(3,587)

Net income (loss) attributable to common stockholders	120,679		(39,943)		49,593		(67,700)
Depreciation and amortization on real estate	28,324		34,486		60,026		71,036
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(150,046)		(6,684)		(250,076)		(38,552)
(Gain) loss on derecognition of assets	(6,828)		(9,900)		(14,618)		(19,946)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	1,729		(631)		699		(1,082)
Equity in (earnings) loss of unconsolidated entities	(47)		(44)		155		387
Impairment charges on real estate	—		1,447		112,649		1,447
Company's portion of FFO of unconsolidated entities	148		152		47		(81)
FFO available to common stockholders and OP unitholders	(6,041)		(21,117)		(41,525)		(54,491)
Deemed dividends on redeemable preferred stock	4,600		2,530		9,200		3,587

Transaction and conversion costs	(91)		2,173		262		4,101
Write-off of premiums, loan costs and exit fees	305		1,486		1,559		6,083
Unrealized (gain) loss on derivatives	(44)		1,309		(801)		4,741
Stock/unit-based compensation	28		222		56		168
Legal, advisory and settlement costs	(18)		55		4		852
Other (income) expense, net	—		—		(3,223)		—

Amortization of loan costs	4,802		7,705		11,039		12,868
Incentive fee	—		(66)		—		27
Stirling performance participation fee	—		111		—		227

(Gain) loss on extinguishment of debt	1,950		2		1,975		15

Interest expense associated with hotels in receivership	7,607		9,902		15,427		19,948
Severance	68		274		247		796
Default interest and late fees	4,251		—		23,155		—



Company's portion of adjustments to FFO of unconsolidated entities	22		35		44		75
Adjusted FFO available to common stockholders and OP unitholders	$	17,439	$	4,621	$	17,419	$	(1,003)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	2.67	$	0.78	$	2.67	$	(0.17)
Weighted average diluted shares	6,535		5,906		6,536		5,834

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2026

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (11)	Interest Rate (10)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (12)		Comparable TTM Hotel EBITDA Debt Yield
JPMorgan Chase - 8 hotels	February 2026	February 2026	SOFR (1) + 3.28%	$	—		$	325,000		$	325,000		(2)	$	(5,938)	(1.8)	%	$	29,537	9.1	%
BAML Highland Pool - 15 hotels	July 2026	July 2026	SOFR (1) + 5.47%	—			523,899			523,899			(3)	77,810		14.9	%	68,601		13.1	%
BAML Indigo Atlanta - 1 hotel	February 2027	February 2027	SOFR (1) + 2.85%	—			12,330			12,330			(4)	469		3.8	%	2,303		18.7	%
BAML/Sculptor KEYS 16 Pool - 14 hotels	February 2027	February 2030	SOFR (1) + 4.37%	—			507,838			507,838			(5)	49,247		9.7	%	69,156		13.6	%
Morgan Stanley Pool - 7 hotels	March 2027	March 2028	SOFR (1) + 5.96%	—			143,534			143,534			(6)	162,603		113.3	%	18,706		13.0	%
BAML Nashville - 1 hotel	September 2027	September 2030	SOFR (1) + 2.26%	—			218,100			218,100			(7)	28,354		13.0	%	36,082		16.5	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(8)	12,538		10.3	%	16,127		13.3	%
BAML Pool - 4 hotels	December 2028	December 2028	8.51%	30,200			—			30,200				394		1.3	%	4,400		14.6	%
Preferred Equity Nashville - 1 hotel	May 2029	May 2029	11.14%	89,295			—			89,295			(9)	N/A		N/A		N/A		N/A
Unencumbered Hotel - 1 hotel				—			—			—				1,768		N/A		4,233		N/A























Total				$	119,495		$	1,852,201		$	1,971,696			$	327,245	16.6	%	$	249,145	12.6	%
Percentage				6.1		%	93.9		%	100.0		%
Weighted average interest rate (10)				10.47		%	8.03		%	8.18		%

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 3.65% at June 30, 2026.

(2) As of June 30, 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.

(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. On August 7, 2026, we refinanced this mortgage loan with a new $525.0 million mortgage loan. The refinanced mortgage loan has a two-year initial term, is interest only, bears interest at SOFR + 5.24%, and has three one-year extension options, subject to satisfaction of certain conditions.

(4) 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.

(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. On July 1, 2026, this mortgage loan was paid down by $43.5 million in conjunction with the sale of the Marriott in Fremont, California.

(6) 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.

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

(8) 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%.

(9) 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.

(10) Interest rates do not include default or late payment rates in effect on two mortgage loans.

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

(12) 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 June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	209,618		$	(19,369)		$	190,249		$	227,203		$	(48,670)		$	178,533		(7.74)	%	6.56	%
	RevPAR	$	154.95		$	(148.11)		$	155.68		$	144.08		$	(137.14)		$	146.09		7.55	%	6.56	%
	Occupancy	76.16		%	(76.94)		%	76.07		%	75.23		%	(74.20)		%	75.53		%	1.24	%	0.71	%
	ADR	$	203.46		$	(192.49)		$	204.65		$	191.51		$	(184.81)		$	193.42		6.24	%	5.81	%


ALL HOTELS:
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	409,643		$	(52,977)		$	356,666		$	433,505		$	(94,983)		$	338,522		(5.50)	%	5.36	%
	RevPAR	$	145.05		$	(134.65)		$	146.74		$	138.09		$	(134.02)		$	139.27		5.05	%	5.36	%
	Occupancy	72.24		%	(70.70)		%	72.49		%	71.62		%	(71.33)		%	71.71		%	0.87	%	1.09	%
	ADR	$	200.80		$	(190.44)		$	202.43		$	192.80		$	(187.88)		$	194.23		4.15	%	4.22	%

NOTES:

(1) The above comparable information assumes the 53 hotel properties owned and included in the Company’s operations at June 30, 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								Six Months Ended
	June 30,								June 30,
	2026			2025			% Variance		2026			2025			% Variance
Total hotel revenue	$	273,068		$	301,546		(9.44)	%	$	540,647		$	578,596		(6.56)	%
Non-comparable adjustments	(26,902)			(65,347)					(72,811)			(125,991)
Comparable total hotel revenue	$	246,166		$	236,199		4.22	%	$	467,836		$	452,605		3.37	%

Hotel net income (loss)	$	181,455		$	57,561		215.24	%	$	210,570		$	126,687		66.21	%
Non-comparable adjustments	(129,091)			(7,011)					(200,475)			(45,407)
Comparable hotel net income (loss)	$	52,364		$	50,550		3.59	%	$	10,095		$	81,280		(87.58)	%
Hotel net income (loss) margin	66.45		%	19.09		%	47.36	%	38.95		%	21.90		%	17.05	%
Comparable hotel net income margin	21.27		%	21.40		%	(0.13)	%	2.16		%	17.96		%	(15.80)	%

Hotel EBITDA	$	88,351		$	92,279		(4.26)	%	$	165,156		$	170,752		(3.28)	%
Non-comparable adjustments	(8,404)			(19,303)					(20,253)			(35,787)
Comparable hotel EBITDA	$	79,947		$	72,976		9.55	%	$	144,903		$	134,965		7.36	%
Hotel EBITDA margin	32.35		%	30.60		%	1.75	%	30.55		%	29.51		%	1.04	%
Comparable hotel EBITDA margin	32.48		%	30.90		%	1.58	%	30.97		%	29.82		%	1.15	%

NOTES:

(2) 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			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026			2026			2026		2026			2025			2025		2025			2025			2025		2025
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	273,068		$	(26,902)	$	246,166		$	267,578		$	(45,909)	$	221,669		$	258,583		$	(51,663)	$	206,920		$	265,675		$	(53,313)	$	212,362
Hotel net income (loss)	$	181,455		$	(129,091)	$	52,364		$	29,115		$	(71,385)	$	(42,270)		$	4,332		$	19,635	$	23,967		$	26,634		$	1,539	$	28,173
Hotel net income (loss) margin	66.45		%			21.27		%	10.88		%			(19.07)		%	1.68		%			11.58		%	10.03		%			13.27		%
Hotel EBITDA	$	88,351		$	(8,404)	$	79,947		$	76,805		$	(11,849)	$	64,956		$	63,133		$	(12,086)	$	51,047		$	68,740		$	(11,368)	$	57,372
Hotel EBITDA margin	32.35		%			32.48		%	28.70		%			29.30		%	24.41		%			24.67		%	25.87		%			27.02		%

Hotel net income (loss) % of total TTM	75.1		%			84.1		%	12.1		%			(67.9)		%	1.8		%			38.5		%	11.0		%			45.3		%
EBITDA % of total TTM	29.7		%			31.6		%	25.9		%			25.6		%	21.3		%			20.2		%	23.1		%			22.6		%

JV interests in Hotel net income (loss)	$	(287)				$	(287)		$	(574)				$	(574)		$	(349)				$	(349)		$	(1,249)				$	(1,249)
JV interests in EBITDA	$	886				$	886		$	816				$	816		$	1,038				$	1,038		$	216				$	216

	Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026
	TTM			TTM		TTM
Total hotel revenue	$	1,064,904		$	(177,787)	$	887,117
Hotel net income (loss)	$	241,536		$	(179,302)	$	62,234
Hotel net income (loss) margin	22.68		%			7.02		%
Hotel EBITDA	$	297,029		$	(43,707)	$	253,322
Hotel EBITDA margin	27.89		%			28.56		%

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)	$	(2,458)				$	(2,458)
JV interests in EBITDA	$	2,955				$	2,955

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 June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2026		2026		2026		2025		2025		2025		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	145.71	$	—	$	145.71	$	135.85	$	—	$	135.85	7.3	%	7.3	%

Dallas / Ft. Worth, TX Area	4	1,246	143.90		(130.89)		144.50		125.88		(105.27)		128.36		14.3	%	12.6	%
Houston, TX Area	1	303	141.85		—		141.85		117.64		(99.09)		141.63		20.6	%	0.2	%
Los Angeles, CA Metro Area	4	1,312	158.64		—		158.64		154.24		—		154.24		2.9	%	2.9	%
Miami, FL Metro Area	1	254	202.97		(173.47)		204.19		174.80		(147.75)		191.84		16.1	%	6.4	%
Minneapolis - St. Paul, MN Area	2	520	83.91		—		83.91		77.51		—		77.51		8.3	%	8.3	%
Nashville, TN Area	1	674	252.17		—		252.17		246.56		—		246.56		2.3	%	2.3	%
New York / New Jersey Metro Area	4	1,159	113.62		—		113.62		106.84		—		106.84		6.3	%	6.3	%
Orlando, FL Area	2	524	120.42		—		120.42		111.36		—		111.36		8.1	%	8.1	%
Philadelphia, PA Area	1	263	152.68		—		152.68		145.92		—		145.92		4.6	%	4.6	%
San Diego, CA Area	—	—	139.81		(139.81)		—		154.30		(154.30)		—		(9.4)	%	—	%
San Francisco - Oakland, CA Metro Area	2	615	162.34		(144.43)		165.82		144.07		(143.64)		144.19		12.7	%	15.0	%
Tampa, FL Area	1	238	170.90		—		171.13		144.52		(138.01)		153.62		18.3	%	11.4	%
Washington D.C. - MD - VA Area	8	2,176	189.68		—		189.68		175.51		(167.02)		176.49		8.1	%	7.5	%
Other Areas	16	3,017	146.95		(150.82)		145.60		138.45		(138.11)		138.68		6.1	%	5.0	%
Total Portfolio	53	13,429	$	154.95	$	(148.11)	$	155.68	$	144.08	$	(137.14)	$	146.09	7.5	%	6.6	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Six Months Ended June 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2026		2026		2026		2025		2025		2025		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	142.92	$	—	$	142.92	$	139.74	$	—	$	139.74	2.3	%	2.3	%
Boston, MA Area	—	—	—		—		—		38.81		(38.81)		—		(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	4	1,246	138.95		(122.07)		140.35		126.01		(105.07)		128.53		10.3	%	9.2	%
Houston, TX Area	1	303	132.78		(73.09)		139.15		114.63		(97.83)		136.36		15.8	%	2.0	%
Los Angeles, CA Metro Area	4	1,312	165.32		—		165.32		154.95		—		154.95		6.7	%	6.7	%
Miami, FL Metro Area	1	254	246.12		(249.60)		244.96		211.42		(179.11)		231.77		16.4	%	5.7	%
Minneapolis - St. Paul, MN Area	2	520	81.55		—		81.55		64.48		—		64.48		26.5	%	26.5	%
Nashville, TN Area	1	674	236.34		—		236.34		237.11		—		237.11		(0.3)	%	(0.3)	%
New York / New Jersey Metro Area	4	1,159	95.00		—		95.00		93.88		—		93.88		1.2	%	1.2	%
Orlando, FL Area	2	524	132.27		—		132.27		129.29		—		129.29		2.3	%	2.3	%
Philadelphia, PA Area	1	263	129.57		—		129.57		119.05		—		119.05		8.8	%	8.8	%
San Diego, CA Area	—	—	132.68		(132.68)		—		145.57		(145.57)		—		(8.9)	%	—	%
San Francisco - Oakland, CA Metro Area	2	615	154.25		(116.75)		163.30		134.84		(117.42)		139.89		14.4	%	16.7	%
Tampa, FL Area	1	238	189.41		(199.23)		184.62		171.77		(170.53)		173.51		10.3	%	6.4	%
Washington D.C. - MD - VA Area	8	2,176	161.99		(125.45)		164.08		158.36		(151.79)		159.12		2.3	%	3.1	%
Other Areas	16	3,017	130.20		(127.39)		131.44		126.94		(131.24)		124.05		2.6	%	6.0	%
Total Portfolio	53	13,429	$	145.05	$	(134.65)	$	146.74	$	138.09	$	(134.02)	$	139.27	5.0	%	5.4	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2026

(in thousands, except share price)

(unaudited)



	June 30, 2026
Common stock shares outstanding	6,476
Partnership units outstanding	93
Combined common stock shares and partnership units outstanding	6,569
Common stock price	$	3.24
Market capitalization	$	21,284
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	$	1,971,696

Net working capital (see below)	$	(83,778)
Total enterprise value (TEV)	$	2,281,597






Cash and cash equivalents	$	73,392
Restricted cash	$	132,725
Accounts receivable, net	$	40,889
Other receivable	$	2,758
Inventory	$	10,912

Due from third-party hotel managers, net	$	23,083

Total current assets	$	283,759

Accounts payable, net & accrued expenses	$	135,113
Dividends and distributions payable	$	4,247
Due to affiliates, net	$	60,621
Total current liabilities	$	199,981

Net working capital	$	83,778

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		2026		2025		2025		June 30, 2026
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	181,455	$	29,115	$	4,332	$	26,634	$	241,536
Non-property adjustments	(124,569)		12,668		20,110		2,353		(89,438)
Interest income	(376)		(344)		(378)		(400)		(1,498)
Interest expense	1,858		2,127		2,694		3,061		9,740
Amortization of loan costs	—		2		30		35		67
Depreciation and amortization	28,580		31,956		34,042		34,540		129,118
Income tax expense (benefit)	—		2		—		—		2
Non-hotel EBITDA ownership expense	1,403		1,279		2,303		2,517		7,502
Hotel EBITDA including amounts attributable to noncontrolling interest	88,351		76,805		63,133		68,740		297,029
Non-comparable adjustments	(8,404)		(11,849)		(12,086)		(11,368)		(43,707)
Comparable hotel EBITDA	$	79,947	$	64,956	$	51,047	$	57,372	$	253,322

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	181,455	$	(52,074)	$	129,381



Non-property adjustments	(124,569)		124,569		—
Interest income	(376)		376		—
Interest expense	1,858		56,617		58,475
Amortization of loan cost	—		4,802		4,802
Depreciation and amortization	28,580		48		28,628
Income tax expense (benefit)	—		2,553		2,553
Non-hotel EBITDA ownership expense	1,403		(1,403)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	88,351		135,488		223,839



Equity in (earnings) loss of unconsolidated entities	—		(47)		(47)

Company's portion of EBITDA of unconsolidated entities	—		359		359
Hotel EBITDA attributable to the Company and OP unitholders	$	88,351	$	135,800	$	224,151
Non-comparable adjustments	(8,404)
Comparable hotel EBITDA	$	79,947

NOTES:

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
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	29,115	$	(94,572)	$	(65,457)



Non-property adjustments	12,668		(12,668)		—
Interest income	(344)		344		—
Interest expense	2,127		73,010		75,137
Amortization of loan cost	2		6,235		6,237
Depreciation and amortization	31,956		50		32,006
Income tax expense (benefit)	2		750		752
Non-hotel EBITDA ownership expense	1,279		(1,279)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	76,805		(28,130)		48,675



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	$	76,805	$	(27,820)	$	48,985
Non-comparable adjustments	(11,849)
Comparable hotel EBITDA	$	64,956

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 Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	4,332	$	(75,129)	$	(70,797)



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

Hotel EBITDA including amounts attributable to noncontrolling interest	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	$	63,133	$	(35,087)	$	28,046
Non-comparable adjustments	(12,086)
Comparable hotel EBITDA	$	51,047

NOTES:

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
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	26,634	$	(89,359)	$	(62,725)



Non-property adjustments	2,353		(2,353)		—
Interest income	(400)		400		—
Interest expense	3,061		63,509		66,570
Amortization of loan cost	35		5,958		5,993
Depreciation and amortization	34,540		49		34,589
Income tax expense (benefit)	—		259		259
Non-hotel EBITDA ownership expense	2,517		(2,517)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	68,740		(24,054)		44,686



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	$	68,740	$	(23,757)	$	44,983
Non-comparable adjustments	(11,368)
Comparable hotel EBITDA	$	57,372

NOTES:

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
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	57,561	$	(90,000)	$	(32,439)



Non-property adjustments	(5,234)		5,234		—
Interest income	(370)		370		—
Interest expense	3,156		69,690		72,846
Amortization of loan cost	132		7,611		7,743
Depreciation and amortization	35,228		48		35,276
Income tax expense (benefit)	—		119		119
Non-hotel EBITDA ownership expense	1,806		(1,806)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	92,279		(8,734)		83,545



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	$	92,279	$	(8,372)	$	83,907
Non-comparable adjustments	(19,303)
Comparable hotel EBITDA	$	72,976

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Six Months Ended June 30, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	210,570	$	(146,646)	$	63,924
Non-property adjustments	(111,901)		111,901		—
Interest income	(720)		720		—
Interest expense	3,985		129,627		133,612
Amortization of loan cost	2		11,037		11,039
Depreciation and amortization	60,536		98		60,634
Income tax expense (benefit)	2		3,303		3,305
Non-hotel EBITDA ownership expense	2,682		(2,682)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	165,156		107,358		272,514

Equity in (earnings) loss of unconsolidated entities	—		155		155

Company's portion of EBITDA of unconsolidated entities	—		467		467
Hotel EBITDA attributable to the Company and OP unitholders	$	165,156	$	107,980	$	273,136
Non-comparable adjustments	(20,253)
Comparable hotel EBITDA	$	144,903

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)


	Six Months Ended June 30, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	126,687	$	(181,324)	$	(54,637)
Non-property adjustments	(37,089)		37,089		—
Interest income	(716)		716		—
Interest expense	6,221		138,273		144,494
Amortization of loan cost	238		12,705		12,943
Depreciation and amortization	72,518		97		72,615
Income tax expense (benefit)	—		436		436
Non-hotel EBITDA ownership expense	2,893		(2,893)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	170,752		5,099		175,851

Equity in (earnings) loss of unconsolidated entities	—		387		387

Company's portion of EBITDA of unconsolidated entities	—		526		526
Hotel EBITDA attributable to the Company and OP unitholders	$	170,752	$	6,012	$	176,764
Non-comparable adjustments	(35,787)
Comparable hotel EBITDA	$	134,965

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)


	TTM Ended June 30, 2026
	BAML/Sculptor KEYS Pool - 14 hotels		BAML Highland Pool - 15 hotels		Morgan Stanley Pool - 7 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	49,247	$	77,810	$	162,603	$	(5,938)	$	28,354	$	469	$	12,538
Non-property adjustments	(3,487)		(32,020)		(150,834)		17,674		(487)		18		—
Interest income	(140)		(349)		(233)		(200)		(144)		—		(364)
Interest expense	—		—		—		—		—		845		—
Amortization of loan costs	—		—		—		—		—		14		—
Depreciation and amortization	27,399		37,672		17,400		17,525		8,176		1,067		3,927
Income tax expense (benefit)	2		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,487		2,799		2,019		476		183		(110)		26
Hotel EBITDA including amounts attributable to noncontrolling interest	74,508		85,912		30,955		29,537		36,082		2,303		16,127
Non-comparable adjustments	(5,352)		(17,311)		(12,249)		—		—		—		—
Comparable hotel EBITDA	$	69,156	$	68,601	$	18,706	$	29,537	$	36,082	$	2,303	$	16,127

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(3,476)	$	394	$	(82,233)	$	1,768	$	241,536
Non-property adjustments	—		—		79,697		—		(89,439)
Interest income	(67)		—		—		—		(1,497)
Interest expense	3,466		—		3,530		1,898		9,739
Amortization of loan costs	6		—		47		—		67
Depreciation and amortization	3,877		3,937		7,599		539		129,118
Income tax expense (benefit)	—		—		—		—		2
Non-hotel EBITDA ownership expense	371		69		155		28		7,503
Hotel EBITDA including amounts attributable to noncontrolling interest	4,177		4,400		8,795		4,233		297,029
Non-comparable adjustments	—		—		(8,795)		—		(43,707)
Comparable hotel EBITDA	$	4,177	$	4,400	$	—	$	4,233	$	253,322

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2026
	BAML/Sculptor KEYS Pool - 14 hotels		BAML Highland Pool - 15 hotels		Morgan Stanley Pool - 7 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	41,428	$	112,463	$	34,799	$	4,623	$	8,974	$	216	$	4,513
Non-property adjustments	(24,341)		(95,440)		(30,577)		—		—		—		—
Interest income	(36)		(90)		(50)		(57)		(34)		—		(84)
Interest expense	—		—		—		—		—		202		—
Amortization of loan costs	—		—		—		—		—		—		—
Depreciation and amortization	6,746		9,218		2,651		4,349		1,993		220		971
Income tax expense (benefit)	—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	236		568		502		41		4		3		7
Hotel EBITDA including amounts attributable to noncontrolling interest	24,033		26,719		7,325		8,956		10,937		641		5,407
Non-comparable adjustments	(1,287)		(5,297)		(1,403)		—		—		—		—
Comparable hotel EBITDA	$	22,746	$	21,422	$	5,922	$	8,956	$	10,937	$	641	$	5,407

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(406)	$	350	$	(26,258)	$	753	$	181,455
Non-property adjustments	—		—		25,788		—		(124,570)
Interest income	(24)		—		—		—		(375)
Interest expense	630		—		557		468		1,857
Amortization of loan costs	—		—		—		—		—
Depreciation and amortization	1,037		931		329		135		28,580
Income tax expense (benefit)	—		—		—		—		—
Non-hotel EBITDA ownership expense	15		22		1		5		1,404
Hotel EBITDA including amounts attributable to noncontrolling interest	1,252		1,303		417		1,361		88,351
Non-comparable adjustments	—		—		(417)		—		(8,404)
Comparable hotel EBITDA	$	1,252	$	1,303	$	—	$	1,361	$	79,947

NOTES:

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
	BAML/Sculptor KEYS Pool - 14 hotels		BAML Highland Pool - 15 hotels		Morgan Stanley Pool - 7 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	(11,647)	$	(51,866)	$	85,699	$	(12,621)	$	7,059	$	204	$	3,160
Non-property adjustments	22,275		64,118		(80,532)		17,674		—		18		—
Interest income	(33)		(84)		(46)		(45)		(34)		—		(81)
Interest expense	—		—		—		—		—		201		—
Amortization of loan costs	—		—		—		—		—		2		—
Depreciation and amortization	7,018		9,370		4,306		4,346		1,995		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	17,789		21,820		9,967		9,511		9,025		690		4,074
Non-comparable adjustments	(1,182)		(3,836)		(5,432)		—		—		—		—
Comparable hotel EBITDA	$	16,607	$	17,984	$	4,535	$	9,511	$	9,025	$	690	$	4,074

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(811)	$	(175)	$	10,137	$	(24)	$	29,115
Non-property adjustments	—		—		(10,885)		—		12,668
Interest income	(21)		—		—		—		(344)
Interest expense	906		—		552		468		2,127
Amortization of loan costs	—		—		—		—		2
Depreciation and amortization	1,037		951		1,547		135		31,956
Income tax expense (benefit)	—		—		—		—		2
Non-hotel EBITDA ownership expense	42		19		48		3		1,279
Hotel EBITDA including amounts attributable to noncontrolling interest	1,153		795		1,399		582		76,805
Non-comparable adjustments	—		—		(1,399)		—		(11,849)
Comparable hotel EBITDA	$	1,153	$	795	$	—	$	582	$	64,956

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
	BAML/Sculptor KEYS Pool - 14 hotels		BAML Highland Pool - 15 hotels		Morgan Stanley Pool - 7 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	8,015	$	8,187	$	25,394	$	1,117	$	6,194	$	30	$	2,329
Non-property adjustments	(1,421)		(736)		(23,684)		—		(487)		—		—
Interest income	(34)		(86)		(58)		(48)		(37)		—		(93)
Interest expense	—		—		—		—		—		218		—
Amortization of loan costs	—		—		—		—		—		6		—
Depreciation and amortization	6,927		9,379		5,040		4,457		2,080		289		991
Income tax expense (benefit)	—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	587		1,544		(23)		193		196		(143)		7
Hotel EBITDA including amounts attributable to noncontrolling interest	14,074		18,288		6,669		5,719		7,946		400		3,234
Non-comparable adjustments	(1,098)		(4,812)		(3,025)		—		—		—		—
Comparable hotel EBITDA	$	12,976	$	13,476	$	3,644	$	5,719	$	7,946	$	400	$	3,234

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(493)	$	158	$	(47,013)	$	414	$	4,332
Non-property adjustments	—		—		46,438		—		20,110
Interest income	(22)		—		—		—		(378)
Interest expense	917		—		1,078		481		2,694
Amortization of loan costs	—		—		24		—		30
Depreciation and amortization	1,037		975		2,732		135		34,042
Income tax expense (benefit)	—		—		—		—		—
Non-hotel EBITDA ownership expense	28		18		(108)		4		2,303
Hotel EBITDA including amounts attributable to noncontrolling interest	1,467		1,151		3,151		1,034		63,133
Non-comparable adjustments	—		—		(3,151)		—		(12,086)
Comparable hotel EBITDA	$	1,467	$	1,151	$	—	$	1,034	$	51,047

NOTES:

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
	BAML/Sculptor KEYS Pool - 14 hotels		BAML Highland Pool - 15 hotels		Morgan Stanley Pool - 7 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	11,451	$	9,026	$	16,711	$	943	$	6,127	$	19	$	2,536
Non-property adjustments	—		38		(16,041)		—		—		—		—
Interest income	(37)		(89)		(79)		(50)		(39)		—		(106)
Interest expense	—		—		—		—		—		224		—
Amortization of loan costs	—		—		—		—		—		6		—
Depreciation and amortization	6,708		9,705		5,403		4,373		2,108		296		976
Income tax expense (benefit)	—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	490		405		1,000		85		(22)		27		6
Hotel EBITDA including amounts attributable to noncontrolling interest	18,612		19,085		6,994		5,351		8,174		572		3,412
Non-comparable adjustments	(1,785)		(3,366)		(2,389)		—		—		—		—
Comparable hotel EBITDA	$	16,827	$	15,719	$	4,605	$	5,351	$	8,174	$	572	$	3,412

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(1,766)	$	61	$	(19,099)	$	625	$	26,634
Non-property adjustments	—		—		18,356		—		2,353
Interest income	—		—		—		—		(400)
Interest expense	1,013		—		1,343		481		3,061
Amortization of loan costs	6		—		23		—		35
Depreciation and amortization	766		1,080		2,991		134		34,540
Income tax expense (benefit)	—		—		—		—		—
Non-hotel EBITDA ownership expense	286		10		214		16		2,517
Hotel EBITDA including amounts attributable to noncontrolling interest	305		1,151		3,828		1,256		68,740
Non-comparable adjustments	—		—		(3,828)		—		(11,368)
Comparable hotel EBITDA	$	305	$	1,151	$	—	$	1,256	$	57,372

NOTES:

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 1.6 MB

Ashford Hospitality Trust (AHT) posts Q2 2026 profit, trims $599M debt and sells 11 hotels

Rhea-AI Filing Summary

Positive

Negative

Filing Explained

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Ashford Hospitality Trust (AHT) perform operationally in Q2 2026?

What were Ashford Hospitality Trust’s (AHT) Q2 2026 earnings and cash flow metrics?

How much debt did Ashford Hospitality Trust (AHT) reduce by mid-2026?

What hotel asset sales did Ashford Hospitality Trust (AHT) complete around Q2 2026?

What are the key terms of Ashford Hospitality Trust’s (AHT) Highland loan refinancing?

Are Ashford Hospitality Trust (AHT) preferred dividends currently being paid?

What is Ashford Hospitality Trust’s (AHT) capital structure and equity position as of June 30, 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents