Ashford (NYSE: AHT) halts preferred dividends, extends hotel loan

Rhea-AI Filing Summary

Ashford Hospitality Trust has extended its Highland mortgage loan secured by 18 hotels. As part of the extension, the company paid down the loan by $10 million, bringing the current balance to $723.6 million, or about 65% of the portfolio’s appraised value, with a new final maturity date of July 9, 2026.

To preserve liquidity while it evaluates strategic alternatives, Ashford has suspended all preferred stock dividends. This suspension includes dividends that had already been declared for holders of its Series D, F, G, H, I, J, K, L and M preferred stock as of December 31, 2025, which were scheduled to be paid on January 15, 2026. The company states that previously declared but unpaid dividends are intended to be paid as soon as reasonably practicable and will continue to accrue under the terms of each preferred series, while decisions on future dividends will be made quarterly.

Positive

• None.

Negative

• Suspension of preferred dividends, including previously declared payments signals a need to conserve cash and directly affects income for holders of multiple preferred stock series.
• Liquidity focus tied to evaluating strategic alternatives suggests financial pressure, as the company is both extending a large hotel mortgage and halting preferred distributions while obligations continue to accrue.

Insights

REIT capital structure and credit analyst

Loan extension aids near-term flexibility, but suspending preferred dividends signals liquidity stress for Ashford Hospitality.

Ashford Hospitality Trust extended its Highland mortgage loan on 18 hotels, paying down $10 million to reach a current balance of $723.6 million, described as roughly 65% of appraised value. The new final maturity date of July 9, 2026 pushes out a major debt obligation, which can ease near-term refinancing pressure on this specific loan while keeping leverage tied to the underlying property values.

At the same time, the company is suspending preferred dividends across multiple series to preserve liquidity as it evaluates strategic alternatives. The suspension covers even dividends previously declared for recordholders as of December 31, 2025 and payable on January 15, 2026, which is a strong indication that cash conservation has become a priority. The filing notes that unpaid dividends will continue to accrue and are intended to be paid as soon as reasonably practicable, but the actual timing will depend on future conditions and the company’s ongoing quarterly review of dividend decisions.

For investors, the combination of extending a large mortgage and halting preferred dividends highlights a focus on liquidity and balance sheet management. The impact on preferred shareholders is immediate, as cash distributions are paused even though the economic claims continue to accumulate. Subsequent disclosures about progress on strategic alternatives, along with any updates on resuming dividend payments, will be crucial for understanding how this capital structure strategy develops after July 9, 2026 or earlier if conditions change.

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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): January 13, 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)

(IRS 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

ITEM 7.01    REGULATION FD DISCLOSURE.

On January 13, 2026, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing that it has 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.

Additionally, to preserve the Company’s liquidity position as it evaluates strategic alternatives, preferred dividends have been suspended, including dividends previously declared for recordholders of the Company’s Series D, F, G, H, I, J, K, L and M preferred stock as of December 31, 2025, and payable on January 15, 2026. The Company intends to pay the previously declared but unpaid dividends as soon as reasonably practicable. Any accrued but unpaid dividends will accrue in accordance with the terms outlined in the applicable governing documents for each series of preferred stock. The Company will continue to evaluate potential future dividends on a quarterly basis.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 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    Press Release of the Company, dated January 13, 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: January 13, 2026			By:			/s/ Jim Plohg
						Jim Plohg
						Executive Vice President, General Counsel & Secretary

FAQ

What did Ashford Hospitality Trust (AHT) announce regarding its Highland mortgage loan?

Ashford Hospitality Trust announced that it has extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million, resulting in a current balance of $723.6 million, which the company states is approximately 65% of appraised value. The extended loan now has a final maturity date of July 9, 2026.

Which preferred stock dividends did Ashford Hospitality Trust (AHT) suspend?

The company suspended preferred dividends across multiple series, including previously declared dividends for recordholders of its Series D, F, G, H, I, J, K, L and M preferred stock as of December 31, 2025. These dividends had been scheduled for payment on January 15, 2026, but will not be paid on that date due to the suspension.

Will Ashford Hospitality Trust (AHT) ever pay the previously declared but unpaid preferred dividends?

Ashford Hospitality Trust states that it intends to pay the previously declared but unpaid preferred dividends as soon as reasonably practicable. It also notes that any accrued but unpaid dividends will continue to accrue in accordance with the terms outlined in the governing documents for each preferred stock series.

Why did Ashford Hospitality Trust (AHT) suspend its preferred dividends?

The company explains that preferred dividends have been suspended in order to preserve its liquidity position while it evaluates strategic alternatives. This indicates a focus on conserving cash as Ashford reviews potential actions or transactions involving its capital structure or assets.

How will Ashford Hospitality Trust (AHT) decide on future preferred dividend payments?

Ashford Hospitality Trust states that it will continue to evaluate potential future dividends on a quarterly basis. This means that decisions about resuming or adjusting preferred dividend payments will be revisited each quarter rather than being set on a fixed schedule in advance.

What does the new loan balance and maturity mean for Ashford Hospitality Trust (AHT)?

After a $10 million paydown, the Highland mortgage loan has a current balance of $723.6 million, or roughly 65% of appraised value, and a final maturity date of July 9, 2026. This extension provides more time before the loan comes due, while keeping the debt level tied to the appraised value of the 18-hotel collateral pool.