Form 8-K

8-K — ASHFORD HOSPITALITY TRUST INC

Accession: 0001232582-26-000107

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001232582

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — aht-20260511.htm (Primary)

EX-99.1 (aht2026q1earningsrelease.htm)

GRAPHIC (hosptrustleft300dpia14.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: aht-20260511.htm · Sequence: 1

aht-20260511

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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): May 11, 2026

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)

14185 Dallas Parkway, Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 First Quarter 2026 Earnings Release of the Company, dated May 11, 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: May 11, 2026 By: /s/ Justin Coe

Justin Coe

Chief Accounting Officer

EX-99.1

Filename: aht2026q1earningsrelease.htm · Sequence: 2

Document

EXHIBIT 99.1

NEWS RELEASE

Contact: Justin Coe Allison Beach Joe Calabrese

Chief Accounting Officer Media Contact Financial Relations Board

(972) 490-9600 (972) 490-9600 (212) 827-3772

ASHFORD TRUST REPORTS FIRST QUARTER 2026 RESULTS

DALLAS – May 11, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

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

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

•Adjusted EBITDAre was $51.7 million for the quarter.

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

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

•The Company ended the quarter with cash and cash equivalents of $79.8 million and restricted cash of $141.2 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.5 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $73.7 million.

•CapEx invested during the quarter was $17.0 million.

RECENT OPERATING HIGHLIGHTS

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

AHT Reports First Quarter Results

Page 2

May 11, 2026

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

◦Embassy Suites by Hilton Houston Near the Galleria

◦Embassy Suites by Hilton Austin Arboretum

◦Hilton St. Petersburg Bayfront

◦La Posada de Santa Fe

◦Hilton Alexandria Old Town

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

◦Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard

◦Embassy Suites by Hilton Dallas Near the Galleria

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

◦Lakeway Resort & Spa

◦Sheraton Mission Valley San Diego

◦Silversmith Hotel Chicago Downtown

◦Hyatt Regency Long Island

◦Sheraton Indianapolis City Centre

◦Hilton Garden Inn Jacksonville JTB/Deerwood Park

CAPITAL STRUCTURE

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

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

The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 2026.

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

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

AHT Reports First Quarter Results

Page 3

May 11, 2026

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

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

UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS

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

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

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

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

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

INVESTOR CONFERENCE CALL

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

NON-GAAP MEASURES

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed

AHT Reports First Quarter Results

Page 4

May 11, 2026

Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

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

* * * * *

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

Forward-Looking Statements

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

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

March 31, 2026 December 31, 2025

ASSETS

Investments in hotel properties, gross $ 2,617,922 $ 3,069,016

Accumulated depreciation (810,924) (983,772)

Investments in hotel properties, net 1,806,998 2,085,244

Contract asset 335,979 355,138

Cash and cash equivalents 78,042 66,145

Restricted cash 141,203 149,580

Accounts receivable, net of allowance of $435 and $424 respectively 43,426 32,752

Inventories 3,106 3,598

Notes receivable, net 12,486 12,187

Investment in unconsolidated entities 7,063 7,265

Deferred costs, net 1,210 1,529

Derivative assets, net 1,212 410

Operating lease right-of-use assets 41,035 43,582

Prepaid expenses and other assets 53,235 32,057

Due from third-party hotel managers 24,535 25,667

Assets held for sale 55,779 18,478

Total assets $ 2,605,309 $ 2,833,632

LIABILITIES AND EQUITY (DEFICIT)

Liabilities:

Indebtedness, net $ 2,287,163 $ 2,526,608

Indebtedness associated with hotels in receivership 252,000 272,800

Finance lease liability 17,417 17,536

Accounts payable and accrued expenses 140,837 123,773

Accrued interest payable 31,787 13,993

Accrued interest associated with hotels in receivership 83,979 82,338

Dividends and distributions payable 4,247 4,247

Due to Ashford Inc., net 65,638 40,643

Due to related parties, net 12,319 1,949

Due to third-party hotel managers 1,306 882

Operating lease liabilities 44,042 44,045

Other liabilities 36,695 36,768

Liabilities associated with assets held for sale 66,613 41,292

Total liabilities 3,044,043 3,206,874

Redeemable noncontrolling interests in operating partnership 19,945 20,516

Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 183,655 179,818

Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 and December 31, 2025 18,591 18,215

Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 and December 31, 2025 5,547 5,484

Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 and December 31, 2025 13,831 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 March 31, 2026 and December 31, 2025 11 11

Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 and December 31, 2025 10 10

Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 and December 31, 2025 15 15

Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 and December 31, 2025 10 10

Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 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 March 31, 2026 and December 31, 2025, respectively 65 65

Additional paid-in capital 2,402,044 2,402,015

Accumulated deficit (3,097,325) (3,028,489)

Total stockholders' equity (deficit) of the Company (695,159) (626,352)

Noncontrolling interests in consolidated entities 14,856 15,511

Total equity (deficit) (680,303) (610,841)

Total liabilities and equity/deficit $ 2,605,309 $ 2,833,632

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026 2025

REVENUE

Rooms $ 200,025 $ 206,301

Food and beverage 51,570 54,529

Other 15,983 16,220

Total hotel revenue 267,578 277,050

Other 154 309

Total revenue 267,732 277,359

EXPENSES

Hotel operating expenses

Rooms 46,190 47,790

Food and beverage 34,383 35,726

Other expenses 91,273 95,110

Management fees 9,284 9,848

Total hotel operating expenses 181,130 188,474

Property taxes, insurance and other 14,894 16,049

Depreciation and amortization 32,006 37,339

Impairment charges 112,649 —

Advisory services fee:

Base advisory fee 8,308 8,195

Reimbursable expenses 11,687 3,208

Stock/unit-based compensation 28 (67)

Incentive fee — 93

Stirling performance participation fee — 116

Corporate, general and administrative:

Stock/unit-based compensation — 13

Other general and administrative 1,602 4,319

Total operating expenses 362,304 257,739

Gain (loss) on disposition of assets and hotel properties 100,030 31,868

Gain (loss) on derecognition of assets 7,790 10,046

OPERATING INCOME (LOSS) 13,248 61,534

Equity in earnings (loss) of unconsolidated entities (202) (431)

Interest income 922 1,214

Other income (expense), net 3,223 —

Interest expense, net of discount amortization (67,317) (61,602)

Interest expense associated with hotels in receivership (7,820) (10,046)

Amortization of loan costs (6,237) (5,200)

Write-off of premiums, loan costs and exit fees (1,254) (4,597)

Gain (loss) on extinguishment of debt (25) (13)

Realized and unrealized gain (loss) on derivatives 757 (2,740)

INCOME (LOSS) BEFORE INCOME TAXES (64,705) (21,881)

Income tax benefit (expense) (752) (317)

NET INCOME (LOSS) (65,457) (22,198)

(Income) loss attributable to noncontrolling interest in consolidated entities 655 1,776

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,030 451

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (63,772) (19,971)

Preferred dividends (2,714) (6,729)

Deemed dividends on redeemable preferred stock (4,600) (1,057)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (71,086) $ (27,757)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Net income (loss) attributable to common stockholders $ (11.03) $ (4.91)

Weighted average common shares outstanding – basic 6,442 5,651

Diluted:

Net income (loss) attributable to common stockholders $ (11.03) $ (4.91)

Weighted average common shares outstanding – diluted 6,442 5,651

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

March 31,

2026 2025

Net income (loss) $ (65,457) $ (22,198)

Interest expense and amortization of discounts and loan costs, net 73,554 66,802

Interest expense associated with hotels in receivership 7,820 10,046

Depreciation and amortization 32,006 37,339

Income tax expense (benefit) 752 317

Equity in (earnings) loss of unconsolidated entities 202 431

Company's portion of EBITDA of unconsolidated entities 108 120

EBITDA 48,985 92,857

Impairment charges on real estate 112,649 —

(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (100,030) (31,868)

(Gain) loss on derecognition of assets (7,790) (10,046)

EBITDAre 53,814 50,943

Amortization of unfavorable contract liabilities (31) (31)

Transaction and conversion costs 352 1,928

Write-off of premiums, loan costs and exit fees 1,254 4,597

Realized and unrealized (gain) loss on derivatives (757) 2,740

Stock/unit-based compensation 28 (54)

Legal, advisory and settlement costs 21 797

Other (income) expense, net (3,223) —

Incentive fee — 93

Stirling performance participation fee — 116

(Gain) loss on extinguishment of debt 25 13

Severance 179 521

Adjusted EBITDAre $ 51,662 $ 61,663

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

March 31,

2026 2025

Net income (loss) $ (65,457) $ (22,198)

(Income) loss attributable to noncontrolling interest in consolidated entities 655 1,776

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,030 451

Preferred dividends (2,714) (6,729)

Deemed dividends on redeemable preferred stock (4,600) (1,057)

Net income (loss) attributable to common stockholders (71,086) (27,757)

Depreciation and amortization on real estate 31,702 36,550

(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (100,030) (31,868)

(Gain) loss on derecognition of assets (7,790) (10,046)

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (1,030) (451)

Equity in (earnings) loss of unconsolidated entities 202 431

Impairment charges on real estate 112,649 —

Company's portion of FFO of unconsolidated entities (101) (233)

FFO available to common stockholders and OP unitholders (35,484) (33,374)

Deemed dividends on redeemable preferred stock 4,600 1,057

Transaction and conversion costs 352 1,928

Write-off of premiums, loan costs and exit fees 1,254 4,597

Unrealized (gain) loss on derivatives (757) 3,432

Stock/unit-based compensation 28 (54)

Legal, advisory and settlement costs 21 797

Other (income) expense, net (3,223) —

Amortization of loan costs 6,237 5,163

Incentive fee — 93

Stirling performance participation fee — 116

(Gain) loss on extinguishment of debt 25 13

Interest expense associated with hotels in receivership 7,820 10,046

Severance 179 521

Default interest and late fees 18,904 —

Company's portion of adjustments to FFO of unconsolidated entities 22 40

Adjusted FFO available to common stockholders and OP unitholders $ (22) $ (5,625)

Adjusted FFO per diluted share available to common stockholders and OP unitholders $ — $ (0.98)

Weighted average diluted shares 6,536 5,761

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2026

(dollars in thousands)

(unaudited)

Indebtedness Current Maturity

Final Maturity (10)

Interest Rate (9)

Fixed-Rate

Debt Floating-Rate

Debt Total

Debt TTM Hotel Net Income TTM Hotel Net Income Debt Yield

Comparable TTM Hotel EBITDA (11)

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) $ (18,457) (84.0) % $ 2,170 9.9 %

JPMorgan Chase - 8 hotels February 2026 February 2026 SOFR (1) + 3.28% — 325,000 325,000 (2) (7,472) (2.3) % 28,138 8.7 %

BAML Highland Pool - 18 hotels July 2026 July 2026 SOFR (1) + 4.41% — 723,625 723,625 (3) (18,493) (2.6) % 85,124 11.8 %

BAML Indigo Atlanta - 1 hotel February 2027 February 2027 SOFR (1) + 2.85% — 12,330 12,330 (4) 235 1.9 % 2,181 17.7 %

BAML/Sculptor KEYS 16 Pool - 16 hotels February 2027 February 2030 SOFR (1) + 4.37% — 580,000 580,000 (5) 30,622 5.3 % 73,618 12.7 %

Morgan Stanley Pool - 11 hotels March 2027 March 2028 SOFR (1) + 4.82% — 231,340 231,340 (6) 131,875 57.0 % 26,806 11.6 %

BAML Nashville - 1 hotel September 2027 September 2030 SOFR (1) + 2.26% — 218,100 218,100 (5) 27,029 12.4 % 35,353 16.2 %

Torchlight Marriott Crystal Gateway - 1 hotel November 2027 November 2029 SOFR (1) + 4.75% — 121,500 121,500 (7) 12,697 10.5 % 16,328 13.4 %

BAML Pool - 4 hotels December 2028 December 2028 8.51% 30,200 — 30,200 239 0.8 % 4,321 14.3 %

Preferred Equity Nashville - 1 hotel May 2029 May 2029 11.14% 89,067 — 89,067 (8) N/A N/A N/A N/A

Unencumbered Hotel - 1 hotel — — — 1,599 N/A 4,070 N/A

Total $ 141,238 $ 2,211,895 $ 2,353,133 $ 159,874 6.8 % $ 278,109 11.8 %

Percentage 6.0 % 94.0 % 100.0 %

Weighted average interest rate (9)

9.57 % 7.74 % 7.85 %

All indebtedness is non-recourse.

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

(1) SOFR rate was 3.66% at March 31, 2026.

(2) As of March 31, 2026, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.

(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.

(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.

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

(8) 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.

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

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:

Three Months Ended March 31,

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 200,025 $ (9,716) $ 190,309 $ 206,301 $ (21,990) $ 184,311 (3.04) % 3.25 %

RevPAR $ 135.95 $ (142.71) $ 135.63 $ 132.04 $ (138.09) $ 131.35 2.97 % 3.25 %

Occupancy 68.64 % (71.15) % 68.52 % 67.98 % (70.13) % 67.73 % 0.97 % 1.16 %

ADR $ 198.08 $ (200.58) $ 197.95 $ 194.24 $ (196.89) $ 193.93 1.97 % 2.07 %

NOTES:

(1) The above comparable information assumes the 63 hotel properties owned and included in the Company’s operations at March 31, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS: Three Months Ended

March 31,

2026 2025 % Variance

Total hotel revenue $ 267,578 $ 277,051 (3.42) %

Non-comparable adjustments (13,217) (28,321)

Comparable total hotel revenue $ 254,361 $ 248,730 2.26 %

Hotel net income (loss) $ 29,115 $ 69,126 (57.88) %

Non-comparable adjustments (101,744) (35,827)

Comparable hotel net income (loss) $ (72,629) $ 33,299 (318.11) %

Hotel net income (loss) margin 10.88 % 24.95 % (14.07) %

Comparable hotel net income margin (28.55) % 13.39 % (41.94) %

Hotel EBITDA $ 76,805 $ 78,473 (2.13) %

Non-comparable adjustments (3,582) (8,883)

Comparable hotel EBITDA $ 73,223 $ 69,590 5.22 %

Hotel EBITDA margin 28.70 % 28.32 % 0.38 %

Comparable hotel EBITDA margin 28.79 % 27.98 % 0.81 %

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 2025 2025 2025 2025 2025 2025 2025 2025 2025

1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter

Total hotel revenue $ 267,578 $ (13,217) $ 254,361 $ 258,583 $ (19,635) $ 238,948 $ 265,675 $ (21,007) $ 244,668 $ 301,546 $ (27,557) $ 273,989

Hotel net income (loss) $ 29,115 $ (101,744) $ (72,629) $ 4,332 $ 5,255 $ 9,587 $ 26,634 $ 3,570 $ 30,204 $ 57,561 $ (808) $ 56,753

Hotel net income (loss) margin 10.88 % (28.55) % 1.68 % 4.01 % 10.03 % 12.34 % 19.09 % 20.71 %

Hotel EBITDA $ 76,805 $ (3,582) $ 73,223 $ 63,133 $ (4,290) $ 58,843 $ 68,740 $ (3,881) $ 64,859 $ 92,279 $ (7,574) $ 84,705

Hotel EBITDA margin 28.70 % 28.79 % 24.41 % 24.63 % 25.87 % 26.51 % 30.60 % 30.92 %

Hotel net income (loss) % of total TTM 24.8 % (303.7) % 3.7 % 40.1 % 22.6 % 126.3 % 48.9 % 237.3 %

EBITDA % of total TTM 25.5 % 26.0 % 21.0 % 20.9 % 22.8 % 23.0 % 30.7 % 30.1 %

JV interests in Hotel net income (loss) $ (574) $ (574) $ (349) $ (349) $ (1,249) $ (1,249) $ (1,235) $ (1,235)

JV interests in EBITDA $ 816 $ 816 $ 1,038 $ 1,038 $ 216 $ 216 $ 421 $ 421

Actual Non-comparable Adjustments Comparable

2026 2026 2026

TTM TTM TTM

Total hotel revenue $ 1,093,382 $ (81,416) $ 1,011,966

Hotel net income (loss) $ 117,642 $ (93,727) $ 23,915

Hotel net income (loss) margin 10.76 % 2.36 %

Hotel EBITDA $ 300,957 $ (19,327) $ 281,630

Hotel EBITDA margin 27.53 % 27.83 %

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

EBITDA % of total TTM 100.0 % 100.0 %

JV interests in Hotel net income (loss) $ (3,406) $ (3,406)

JV interests in EBITDA $ 2,490 $ 2,490

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 March 31,

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 $ 140.09 $ — $ 140.09 $ 143.67 $ — $ 143.67 (2.5) % (2.5) %

Boston, MA Area — — — — — 38.81 (38.81) — (100.0) % — %

Dallas / Ft. Worth, TX Area 5 1,396 134.27 — 134.27 126.14 — 126.14 6.4 % 6.4 %

Houston, TX Area 1 303 125.24 (73.09) 136.42 111.58 (96.56) 131.03 12.2 % 4.1 %

Los Angeles, CA Metro Area 4 1,312 172.07 — 172.07 155.67 — 155.67 10.5 % 10.5 %

Miami, FL Metro Area 2 414 274.01 — 274.01 248.44 — 248.44 10.3 % 10.3 %

Minneapolis - St. Paul, MN Area 2 520 79.17 — 79.17 51.31 — 51.31 54.3 % 54.3 %

Nashville, TN Area 1 674 220.34 — 220.34 227.55 — 227.55 (3.2) % (3.2) %

New York / New Jersey Metro Area 4 1,159 76.18 — 76.18 80.78 — 80.78 (5.7) % (5.7) %

Orlando, FL Area 2 524 144.26 — 144.26 147.41 — 147.41 (2.1) % (2.1) %

Philadelphia, PA Area 1 263 106.20 — 106.20 91.89 — 91.89 15.6 % 15.6 %

San Diego, CA Area 1 260 127.21 — 127.21 136.74 (141.82) 133.82 (7.0) % (4.9) %

San Francisco - Oakland, CA Metro Area 3 793 146.67 — 146.67 125.52 — 125.52 16.8 % 16.8 %

Tampa, FL Area 1 238 198.86 (199.47) 198.26 199.33 (203.42) 193.61 (0.2) % 2.4 %

Washington D.C. - MD - VA Area 8 2,176 136.88 (125.45) 138.19 141.03 (136.40) 141.56 (2.9) % (2.4) %

Other Areas 22 4,431 115.35 (121.66) 115.05 115.29 (134.02) 112.71 0.1 % 2.1 %

Total Portfolio 63 15,591 $ 135.95 $ (142.71) $ 135.63 $ 132.04 $ (138.09) $ 131.35 3.0 % 3.3 %

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2026

(in thousands, except share price)

(unaudited)

March 31, 2026

Common stock shares outstanding 6,476

Partnership units outstanding 93

Combined common stock shares and partnership units outstanding 6,569

Common stock price $ 2.74

Market capitalization $ 17,999

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 $ 2,353,133

Net working capital (see below) $ (73,734)

Total enterprise value (TEV) $ 2,669,793

Cash and cash equivalents $ 78,798

Restricted cash $ 137,000

Accounts receivable, net $ 44,492

Other receivable $ 24,147

Inventory $ 3,312

Prepaid expenses $ 14,342

Due from third-party hotel managers, net $ 23,229

Total current assets $ 325,320

Accounts payable, net & accrued expenses $ 161,417

Dividends and distributions payable $ 4,247

Due to affiliates, net $ 85,922

Total current liabilities $ 251,586

Net working capital $ 73,734

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 2025 2025 2025 March 31, 2026

1st Quarter 4th Quarter 3rd Quarter 2nd Quarter TTM

Net income (loss) $ 29,115 $ 4,332 $ 26,634 $ 57,561 $ 117,642

Non-property adjustments 12,668 20,110 2,353 (5,234) 29,897

Interest income (344) (378) (400) (370) (1,492)

Interest expense 2,127 2,694 3,061 3,156 11,038

Amortization of loan costs 2 30 35 132 199

Depreciation and amortization 31,956 34,042 34,540 35,228 135,766

Income tax expense (benefit) 2 — — — 2

Non-hotel EBITDA ownership expense 1,279 2,303 2,517 1,806 7,905

Hotel EBITDA including amounts attributable to noncontrolling interest 76,805 63,133 68,740 92,279 300,957

Non-comparable adjustments (3,582) (4,290) (3,881) (7,574) (19,327)

Comparable hotel EBITDA $ 73,223 $ 58,843 $ 64,859 $ 84,705 $ 281,630

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 (3,582)

Comparable hotel EBITDA $ 73,223

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 (4,290)

Comparable hotel EBITDA $ 58,843

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 (3,881)

Comparable hotel EBITDA $ 64,859

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 (7,574)

Comparable hotel EBITDA $ 84,705

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, 2025

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 69,126 $ (91,324) $ (22,198)

Non-property adjustments (31,855) 31,855 —

Interest income (346) 346 —

Interest expense 3,065 68,583 71,648

Amortization of loan cost 106 5,094 5,200

Depreciation and amortization 37,290 49 37,339

Income tax expense (benefit) — 317 317

Non-hotel EBITDA ownership expense 1,087 (1,087) —

Hotel EBITDA including amounts attributable to noncontrolling interest 78,473 13,833 92,306

Equity in (earnings) loss of unconsolidated entities — 431 431

Company's portion of EBITDA of unconsolidated entities — 120 120

Hotel EBITDA attributable to the Company and OP unitholders $ 78,473 $ 14,384 $ 92,857

Non-comparable adjustments (8,883)

Comparable hotel EBITDA $ 69,590

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

TTM Ended March 31, 2026

BAML/Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 11 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel

Net income (loss) $ 30,622 $ (18,493) $ 131,875 $ (7,472) $ 27,029 $ 235 $ 12,697

Non-property adjustments 14,154 63,436 (118,810) 17,674 (487) 18 —

Interest income (140) (342) (257) (187) (142) — (381)

Interest expense — — — — — 867 —

Amortization of loan costs — — — — — 20 —

Depreciation and amortization 27,483 37,889 20,467 17,533 8,478 1,157 3,964

Income tax expense (benefit) 2 — — — — — —

Non-hotel EBITDA ownership expense 1,497 2,673 2,023 590 475 (116) 48

Hotel EBITDA including amounts attributable to noncontrolling interest 73,618 85,163 35,298 28,138 35,353 2,181 16,328

Non-comparable adjustments — (39) (8,492) — — — —

Comparable hotel EBITDA $ 73,618 $ 85,124 $ 26,806 $ 28,138 $ 35,353 $ 2,181 $ 16,328

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Ft Worth Le Meridien - 1 hotel BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (18,457) $ (4,817) $ 239 $ (37,415) $ 1,599 $ 117,642

Non-property adjustments 16,344 — — 37,568 — 29,897

Interest income — (43) — — — (1,492)

Interest expense 2,216 3,957 — 2,087 1,911 11,038

Amortization of loan costs — 109 — 70 — 199

Depreciation and amortization 2,039 3,957 4,030 8,230 539 135,766

Income tax expense (benefit) — — — — — 2

Non-hotel EBITDA ownership expense 28 358 52 256 21 7,905

Hotel EBITDA including amounts attributable to noncontrolling interest 2,170 3,521 4,321 10,796 4,070 300,957

Non-comparable adjustments — — — (10,796) — (19,327)

Comparable hotel EBITDA $ 2,170 $ 3,521 $ 4,321 $ — $ 4,070 $ 281,630

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

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 — — (2,303) — — — —

Comparable hotel EBITDA $ 17,789 $ 21,820 $ 7,664 $ 9,511 $ 9,025 $ 690 $ 4,074

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Ft Worth Le Meridien - 1 hotel BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (921) $ (811) $ (175) $ 11,058 $ (24) $ 29,115

Non-property adjustments — — — (10,885) — 12,668

Interest income — (21) — — — (344)

Interest expense 552 906 — — 468 2,127

Amortization of loan costs — — — — — 2

Depreciation and amortization 488 1,037 951 1,059 135 31,956

Income tax expense (benefit) — — — — — 2

Non-hotel EBITDA ownership expense 1 42 19 47 3 1,279

Hotel EBITDA including amounts attributable to noncontrolling interest 120 1,153 795 1,279 582 76,805

Non-comparable adjustments — — — (1,279) — (3,582)

Comparable hotel EBITDA $ 120 $ 1,153 $ 795 $ — $ 582 $ 73,223

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

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 — — (1,384) — — — —

Comparable hotel EBITDA $ 14,074 $ 18,288 $ 5,285 $ 5,719 $ 7,946 $ 400 $ 3,234

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Ft Worth Le Meridien - 1 hotel BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (17,194) $ (493) $ 158 $ (29,819) $ 414 $ 4,332

Non-property adjustments 16,344 — — 30,094 — 20,110

Interest income — (22) — — — (378)

Interest expense 556 917 — 522 481 2,694

Amortization of loan costs — — — 24 — 30

Depreciation and amortization 517 1,037 975 2,215 135 34,042

Income tax expense (benefit) — — — — — —

Non-hotel EBITDA ownership expense 22 28 18 (130) 4 2,303

Hotel EBITDA including amounts attributable to noncontrolling interest 245 1,467 1,151 2,906 1,034 63,133

Non-comparable adjustments — — — (2,906) — (4,290)

Comparable hotel EBITDA $ 245 $ 1,467 $ 1,151 $ — $ 1,034 $ 58,843

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

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 — — (1,127) — — — —

Comparable hotel EBITDA $ 18,612 $ 19,085 $ 5,867 $ 5,351 $ 8,174 $ 572 $ 3,412

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Ft Worth Le Meridien - 1 hotel BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ 23 $ (1,766) $ 61 $ (19,122) $ 625 $ 26,634

Non-property adjustments — — — 18,356 — 2,353

Interest income — — — — — (400)

Interest expense 556 1,013 — 787 481 3,061

Amortization of loan costs — 6 — 23 — 35

Depreciation and amortization 515 766 1,080 2,476 134 34,540

Income tax expense (benefit) — — — — — —

Non-hotel EBITDA ownership expense (20) 286 10 234 16 2,517

Hotel EBITDA including amounts attributable to noncontrolling interest 1,074 305 1,151 2,754 1,256 68,740

Non-comparable adjustments — — — (2,754) — (3,881)

Comparable hotel EBITDA $ 1,074 $ 305 $ 1,151 $ — $ 1,256 $ 64,859

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

Net income (loss) $ 22,803 $ 16,160 $ 4,071 $ 3,089 $ 7,649 $ (18) $ 4,672

Non-property adjustments (6,700) 16 1,447 — — — —

Interest income (36) (83) (74) (44) (32) — (101)

Interest expense — — — — — 224 —

Amortization of loan costs — — — — — 6 —

Depreciation and amortization 6,830 9,435 5,718 4,357 2,295 310 1,008

Income tax expense (benefit) — — — — — — —

Non-hotel EBITDA ownership expense 246 442 506 155 296 (3) 29

Hotel EBITDA including amounts attributable to noncontrolling interest 23,143 25,970 11,668 7,557 10,208 519 5,608

Non-comparable adjustments — (39) (3,678) — — — —

Comparable hotel EBITDA $ 23,143 $ 25,931 $ 7,990 $ 7,557 $ 10,208 $ 519 $ 5,608

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Ft Worth Le Meridien - 1 hotel BAML - 4 Pack Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (365) $ (1,747) $ 195 $ 468 $ 584 $ 57,561

Non-property adjustments — — — 3 — (5,234)

Interest income — — — — — (370)

Interest expense 552 1,121 — 778 481 3,156

Amortization of loan costs — 103 — 23 — 132

Depreciation and amortization 519 1,117 1,024 2,480 135 35,228

Income tax expense (benefit) — — — — — —

Non-hotel EBITDA ownership expense 25 2 5 105 (2) 1,806

Hotel EBITDA including amounts attributable to noncontrolling interest 731 596 1,224 3,857 1,198 92,279

Non-comparable adjustments — — — (3,857) — (7,574)

Comparable hotel EBITDA $ 731 $ 596 $ 1,224 $ — $ 1,198 $ 84,705

NOTES:

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v3.26.1

Document and Entity Information

May 11, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

May 11, 2026

Entity Registrant Name

ASHFORD HOSPITALITY TRUST, INC.

Entity Central Index Key

0001232582

Amendment Flag

false

Entity Incorporation, State or Country Code

Entity File Number

001-31775

Entity Tax Identification Number

86-1062192

Entity Address, Address Line One

14185 Dallas Parkway, Suite 1200

Entity Address, City or Town

Dallas

Entity Address, State or Province

Entity Address, Postal Zip Code

75254

City Area Code

972

Local Phone Number

490-9600

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

AHT

Security Exchange Name

NYSE

Preferred Stock, Series D

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series D

Trading Symbol

AHT-PD

Security Exchange Name

NYSE

Preferred Stock, Series F

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series F

Trading Symbol

AHT-PF

Security Exchange Name

NYSE

Preferred Stock, Series G

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series G

Trading Symbol

AHT-PG

Security Exchange Name

NYSE

Preferred Stock, Series H

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series H

Trading Symbol

AHT-PH

Security Exchange Name

NYSE

Preferred Stock, Series I

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock, Series I

Trading Symbol

AHT-PI

Security Exchange Name

NYSE

Preferred Stock Repurchase Rights

Entity Information [Line Items]

Title of 12(b) Security

Preferred Stock Repurchase Rights

No Trading Symbol Flag

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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No definition available.

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Area code of city

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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- Definition

Boolean flag that is true only for a security having no trading symbol.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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