Ashford Hospitality Trust : First Quarter 2026

Published: 2026-05-11 17:49:14 ET AHT

Published on 05/11/2026 at 05:49 pm EDT

‌NEWS RELEASE

Contact:

Justin Coe

Chief Accounting Officer

Allison Beach

Media Contact

Joe Calabrese

Financial Relations Board

(972) 490-9600

(212) 827-3772

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.

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.

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

‌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

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.

"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."

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."

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

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 https://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

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

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

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

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

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

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

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

(67)

Incentive fee

Stirling performance participation fee

116

Corporate, general and administrative:

Stock/unit-based compensation

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:

Weighted average common shares outstanding - diluted

6,442

5,651

Dividends declared per common share $ - $ -

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

‌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)

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

(54)

Legal, advisory and settlement costs

797

Other (income) expense, net

(3,223)

Incentive fee

Stirling performance participation fee

116

(Gain) loss on extinguishment of debt

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)

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

(54)

Legal, advisory and settlement costs

797

Other (income) expense, net

(3,223)

Amortization of loan costs

6,237

5,163

Incentive fee

Stirling performance participation fee

116

(Gain) loss on extinguishment of debt

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

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

Three Months Ended March 31,

‌ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS

March 31, 2026 (dollars in thousands) (unaudited)

Comparable

Comparable TTM

Current

Fixed-Rate

Floating-Rate

Total

TTM Hotel

TTM Hotel Net

TTM Hotel

Hotel EBITDA

ness Maturity

Final Maturity (10)

Interest Rate (9)

Debt

Net Income

Income Debt Yield

EBITDA (11)

Debt Yield

Indebted

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel

March 2025

4.66%

$ 21,971

$ -

$ 21,971

(2) $ (18,457)

(84.0)%

$ 2,170

9.9 %

JPMorgan Chase - 8 hotels

February 2026

SOFR (1) + 3.28%

325,000

(2) (7,472)

(2.3)%

28,138

8.7 %

BAML Highland Pool - 18 hotels

July 2026

SOFR (1) + 4.41%

723,625

(3) (18,493)

(2.6)%

85,124

11.8 %

BAML Indigo Atlanta - 1 hotel

February 2027

SOFR (1) + 2.85%

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

(5) 30,622

5.3 %

73,618

12.7 %

Morgan Stanley Pool - 11 hotels

March 2027

March 2028

SOFR (1) + 4.82%

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

(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

(7) 12,697

10.5 %

16,328

13.4 %

BAML Pool - 4 hotels

December 2028

8.51%

30,200

239

0.8 %

4,321

14.3 %

Preferred Equity Nashville - 1 hotel

May 2029

11.14%

89,067

(8) 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

2025

% 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:

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:

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

Actual

Non-comparable Adjustments

Comparable

Actual

Non-comparable Adjustments

Comparable

Actual

Non-comparable Adjustments

Comparable

Actual

Non-comparable Adjustments

Comparable

2026

2025

1st Quarter

4th Quarter

3rd 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)

$ (349)

$ (1,249)

$ (1,235)

JV interests in EBITDA

$ 816

$ 1,038

$ 216

$ 421

Actual

Non-comparable Adjustments

Comparable

2026

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 %

EBITDA % of total TTM

100.0 %

JV interests in Hotel net income (loss)

$ (3,406)

JV interests in EBITDA

$ 2,490

NOTES:

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

‌ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET

(unaudited)

Actual

Non-comparable Adjustments

Comparable

Actual

Non-comparable Adjustments

Comparable

Actual

Comparable

2026

2025

% Variance

Three Months Ended March 31,

Number of Hotels

Number of Rooms

Atlanta, GA Area

1,128

$ 140.09

$ -

$ 140.09

$ 143.67

$ -

$ 143.67

(2.5)%

Boston, MA Area

38.81

(38.81)

(100.0)%

- %

Dallas / Ft. Worth, TX Area

1,396

134.27

126.14

6.4 %

Houston, TX Area

303

125.24

(73.09)

136.42

111.58

(96.56)

131.03

12.2 %

4.1 %

Los Angeles, CA Metro Area

1,312

172.07

155.67

10.5 %

Miami, FL Metro Area

414

274.01

248.44

10.3 %

Minneapolis - St. Paul, MN Area

520

79.17

51.31

54.3 %

Nashville, TN Area

674

220.34

227.55

(3.2)%

New York / New Jersey Metro Area

1,159

76.18

80.78

(5.7)%

Orlando, FL Area

524

144.26

147.41

(2.1)%

Philadelphia, PA Area

263

106.20

91.89

15.6 %

San Diego, CA Area

260

127.21

136.74

(141.82)

133.82

(7.0)%

(4.9)%

San Francisco - Oakland, CA Metro Area

793

146.67

125.52

16.8 %

Tampa, FL Area

238

198.86

(199.47)

198.26

199.33

(203.42)

193.61

(0.2)%

2.4 %

Washington D.C. - MD - VA Area

2,176

136.88

(125.45)

138.19

141.03

(136.40)

141.56

(2.9)%

(2.4)%

Other Areas

4,431

115.35

(121.66)

115.05

115.29

(134.02)

112.71

0.1 %

2.1 %

Total Portfolio

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

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.

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

132

199

Depreciation and amortization

31,956

34,042

34,540

35,228

135,766

Income tax expense (benefit)

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:

(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.

‌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

6,235

6,237

Depreciation and amortization

31,956

32,006

Income tax expense (benefit)

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

Company's portion of EBITDA of unconsolidated entities

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:

‌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

6,604

6,634

Depreciation and amortization

34,042

34,091

Income tax expense (benefit)

(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

Company's portion of EBITDA of unconsolidated entities

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:

‌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

5,958

5,993

Depreciation and amortization

34,540

34,589

Income tax expense (benefit)

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)

Company's portion of EBITDA of unconsolidated entities

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:

‌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

35,276

Income tax expense (benefit)

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)

Company's portion of EBITDA of unconsolidated entities

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:

‌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

37,339

Income tax expense (benefit)

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

Company's portion of EBITDA of unconsolidated entities

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:

‌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)

Interest income

(140)

(342)

(257)

(187)

(142)

(381)

Interest expense

867

Amortization of loan costs

Depreciation and amortization

27,483

37,889

20,467

17,533

8,478

1,157

3,964

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

1,497

2,673

2,023

590

475

(116)

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

199

Depreciation and amortization

2,039

3,957

4,030

8,230

539

135,766

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

358

256

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:

‌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)

$ (11,647)

(51,866)

85,699

(12,621)

$ 7,059

$ 204

3,160

Non-property adjustments

22,275

64,118

(80,532)

17,674

Interest income

(33)

(84)

(46)

(45)

(34)

(81)

Interest expense

201

Amortization of loan costs

Depreciation and amortization

7,018

9,370

4,306

4,346

1,995

262

989

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

174

282

540

157

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

Depreciation and amortization

488

1,037

951

1,059

135

31,956

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

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:

‌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)

$ 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

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)

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

Depreciation and amortization

517

1,037

975

2,215

135

34,042

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

(130)

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:

‌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)

$ 11,451

9,026

16,711

943

$ 6,127

$ 19

2,536

Non-property adjustments

(16,041)

Interest income

(37)

(89)

(79)

(50)

(39)

(106)

Interest expense

224

Amortization of loan costs

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

(22)

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)

(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

Depreciation and amortization

515

766

1,080

2,476

134

34,540

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

(20)

286

234

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:

‌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)

$ 22,803

16,160

4,071

3,089

$ 7,649

$ (18)

4,672

Non-property adjustments

(6,700)

1,447

Interest income

(36)

(83)

(74)

(44)

(32)

(101)

Interest expense

224

Amortization of loan costs

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)

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

(5,234)

Interest income

(370)

Interest expense

552

1,121

778

481

3,156

Amortization of loan costs

103

132

Depreciation and amortization

519

1,117

1,024

2,480

135

35,228

Income tax expense (benefit)

Non-hotel EBITDA ownership expense

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:

Disclaimer

Ashford Hospitality Trust Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 21:48 UTC.