Form 8-K

8-K — ASHFORD HOSPITALITY TRUST INC

Accession: 0001232582-26-000181

Filed: 2026-08-12

Period: 2026-08-12

CIK: 0001232582

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — aht-20260812.htm (Primary)

EX-99.1 (aht2026q2earningsrelease.htm)

GRAPHIC (hosptrustleft300dpia14.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: aht-20260812.htm · Sequence: 1

aht-20260812

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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): August 12, 2026

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192

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

14185 Dallas Parkway, Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

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

Not Applicable

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock AHT New York Stock Exchange

Preferred Stock, Series D AHT-PD New York Stock Exchange

Preferred Stock, Series F AHT-PF New York Stock Exchange

Preferred Stock, Series G AHT-PG New York Stock Exchange

Preferred Stock, Series H AHT-PH New York Stock Exchange

Preferred Stock, Series I AHT-PI New York Stock Exchange

Preferred Stock Repurchase Rights New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 12, 2026, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026.

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

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

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

101 Inline Interactive Data Files.

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

SIGNATURES

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

ASHFORD HOSPITALITY TRUST, INC.

Dated: August 12, 2026 By: /s/ Justin Coe

Justin Coe

Chief Accounting Officer

EX-99.1

Filename: aht2026q2earningsrelease.htm · Sequence: 2

Document

EXHIBIT 99.1

NEWS RELEASE

Contact: Justin Coe Joe Calabrese

Chief Accounting Officer Financial Relations Board

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

ASHFORD TRUST REPORTS SECOND QUARTER 2026 RESULTS

DALLAS – August 12, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

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

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

•Adjusted EBITDAre was $69.4 million for the quarter.

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

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

•The Company ended the quarter with cash and cash equivalents of $75.0 million and restricted cash of $137.0 million (including amounts held for sale). The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $24.2 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $83.8 million.

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

•CapEx invested during the quarter was $20.7 million.

RECENT OPERATING HIGHLIGHTS

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

AHT Reports Second Quarter Results

Page 2

August 12, 2026

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

◦Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard

◦Embassy Suites by Hilton Dallas Near the Galleria

◦Lakeway Resort & Spa

◦Sheraton Indianapolis City Centre

◦Silversmith Hotel Chicago Downtown

◦Sheraton Mission Valley San Diego

◦Hilton Garden Inn Jacksonville JTB/Deerwood Park

◦Hilton Garden Inn Austin Downtown

◦Hyatt Regency Savannah

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

◦Marriott Fremont Silicon Valley

◦Hyatt Regency Long Island

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

CAPITAL STRUCTURE

As of June 30, 2026, the Company had total loans of $2.0 billion with a blended average interest rate of 8.2%, taking into account in-the-money interest rate caps. Approximately 6% of the Company’s current consolidated debt is fixed-rate and approximately 94% is floating-rate.

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

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

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

AHT Reports Second Quarter Results

Page 3

August 12, 2026

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

UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS

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

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

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

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

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

NON-GAAP MEASURES

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

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

* * * * *

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

AHT Reports Second Quarter Results

Page 4

August 12, 2026

Forward-Looking Statements

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

June 30, 2026 December 31, 2025

ASSETS

Investments in hotel properties, gross $ 2,291,237 $ 3,069,016

Accumulated depreciation (747,916) (983,772)

Investments in hotel properties, net 1,543,321 2,085,244

Contract asset 368,298 355,138

Cash and cash equivalents 72,510 66,145

Restricted cash 136,985 149,580

Accounts receivable, net of allowance of $213 and $424 respectively 38,883 32,752

Inventories 2,672 3,598

Notes receivable, net 12,880 12,187

Investment in unconsolidated entities 7,110 7,265

Deferred costs, net 837 1,529

Derivative assets, net 1,256 410

Operating lease right-of-use assets 37,283 43,582

Prepaid expenses and other assets 17,124 32,057

Due from related parties, net 980 —

Due from third-party hotel managers 24,240 25,667

Assets held for sale 70,071 18,478

Total assets $ 2,334,450 $ 2,833,632

LIABILITIES AND EQUITY (DEFICIT)

Liabilities:

Indebtedness, net $ 1,905,747 $ 2,504,637

Indebtedness associated with hotels in receivership 273,971 294,771

Finance lease liability 17,258 17,536

Accounts payable and accrued expenses 114,368 123,773

Accrued interest payable 31,224 12,176

Accrued interest associated with hotels in receivership 94,327 84,155

Dividends and distributions payable 4,247 4,247

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

Due to related parties, net — 1,949

Due to third-party hotel managers 1,157 882

Operating lease liabilities 37,676 44,045

Other liabilities 36,624 36,768

Liabilities associated with assets held for sale 74,813 41,292

Total liabilities 2,643,964 3,206,874

Redeemable noncontrolling interests in operating partnership 20,800 20,516

Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 187,498 179,818

Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at June 30, 2026 and December 31, 2025 18,972 18,215

Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at June 30, 2026 and December 31, 2025 5,658 5,484

Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at June 30, 2026 and December 31, 2025 14,096 13,566

Equity (deficit):

Preferred stock, $0.01 par value, 55,000,000 shares authorized :

Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at June 30, 2026 and December 31, 2025 11 11

Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at June 30, 2026 and December 31, 2025 10 10

Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at June 30, 2026 and December 31, 2025 15 15

Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at June 30, 2026 and December 31, 2025 10 10

Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at June 30, 2026 and December 31, 2025 11 11

Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 65 65

Additional paid-in capital 2,402,052 2,402,015

Accumulated deficit (2,973,059) (3,028,489)

Total stockholders' equity (deficit) of the Company (570,885) (626,352)

Noncontrolling interests in consolidated entities 14,347 15,511

Total equity (deficit) (556,538) (610,841)

Total liabilities and equity/deficit $ 2,334,450 $ 2,833,632

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

REVENUE

Rooms $ 209,618 $ 227,203 $ 409,643 $ 433,504

Food and beverage 47,007 55,336 98,577 109,865

Other 16,442 19,006 32,425 35,226

Total hotel revenue 273,067 301,545 540,645 578,595

Other 173 456 327 765

Total revenue 273,240 302,001 540,972 579,360

EXPENSES

Hotel operating expenses

Rooms 46,032 51,659 92,222 99,449

Food and beverage 31,188 35,455 65,571 71,181

Other expenses 89,895 101,372 181,168 196,482

Management fees 9,340 10,344 18,624 20,192

Total hotel operating expenses 176,455 198,830 357,585 387,304

Property taxes, insurance and other 13,179 16,234 28,073 32,283

Depreciation and amortization 28,628 35,276 60,634 72,615

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

Advisory services fee:

Base advisory fee 8,507 8,339 16,815 16,534

Reimbursable expenses 5,664 3,411 17,351 6,619

Stock/unit-based compensation 28 222 56 155

Incentive fee — (66) — 27

Stirling performance participation fee — 111 — 227

Corporate, general and administrative:

Stock/unit-based compensation — — — 13

Other general and administrative 1,325 5,485 2,927 9,804

Total operating expenses 233,786 269,289 596,090 527,028

Gain (loss) on disposition of assets and hotel properties 150,046 6,684 250,076 38,552

Gain (loss) on derecognition of assets 6,828 9,900 14,618 19,946

OPERATING INCOME (LOSS) 196,328 49,296 209,576 110,830

Equity in earnings (loss) of unconsolidated entities 47 44 (155) (387)

Interest income 1,047 1,253 1,969 2,467

Other income (expense), net — — 3,223 —

Interest expense, net of discount amortization (50,868) (62,392) (118,185) (123,648)

Interest expense associated with hotels in receivership (7,607) (10,454) (15,427) (20,846)

Amortization of loan costs (4,802) (7,743) (11,039) (12,943)

Write-off of premiums, loan costs and exit fees (305) (1,486) (1,559) (6,083)

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

Realized and unrealized gain (loss) on derivatives 44 (836) 801 (3,576)

INCOME (LOSS) BEFORE INCOME TAXES 131,934 (32,320) 67,229 (54,201)

Income tax benefit (expense) (2,553) (119) (3,305) (436)

NET INCOME (LOSS) 129,381 (32,439) 63,924 (54,637)

(Income) loss attributable to noncontrolling interest in consolidated entities 341 1,412 996 3,188

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (1,729) 631 (699) 1,082

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 127,993 (30,396) 64,221 (50,367)

Preferred dividends (2,714) (7,017) (5,428) (13,746)

Deemed dividends on redeemable preferred stock (4,600) (2,530) (9,200) (3,587)

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

INCOME (LOSS) PER SHARE – BASIC AND DILUTED

Basic:

Net income (loss) attributable to common stockholders $ 18.73 $ (6.88) $ 7.70 $ (11.82)

Weighted average common shares outstanding – basic 6,443 5,804 6,442 5,728

Diluted:

Net income (loss) attributable to common stockholders $ 1.62 $ (6.88) $ 0.70 $ (11.82)

Weighted average common shares outstanding – diluted 77,465 5,895 83,944 5,728

Dividends declared per common share $ — $ — $ — $ —

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income (loss) $ 129,381 $ (32,439) $ 63,924 $ (54,637)

Interest expense and amortization of discounts and loan costs, net 55,670 70,135 129,224 136,591

Interest expense associated with hotels in receivership 7,607 10,454 15,427 20,846

Depreciation and amortization 28,628 35,276 60,634 72,615

Income tax expense (benefit) 2,553 119 3,305 436

Equity in (earnings) loss of unconsolidated entities (47) (44) 155 387

Company's portion of EBITDA of unconsolidated entities 359 406 467 526

EBITDA 224,151 83,907 273,136 176,764

Impairment charges on real estate — 1,447 112,649 1,447

(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (150,046) (6,684) (250,076) (38,552)

(Gain) loss on derecognition of assets (6,828) (9,900) (14,618) (19,946)

EBITDAre 67,277 68,770 121,091 119,713

Amortization of unfavorable contract liabilities (31) (31) (61) (61)

Transaction and conversion costs (91) 2,173 262 4,101

Write-off of premiums, loan costs and exit fees 305 1,486 1,559 6,083

Realized and unrealized (gain) loss on derivatives (44) 836 (801) 3,576

Stock/unit-based compensation 28 222 56 168

Legal, advisory and settlement costs (18) 55 4 852

Other (income) expense, net — — (3,223) —

Incentive fee — (66) — 27

Stirling performance participation fee — 111 — 227

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

Severance 68 274 247 796

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income (loss) $ 129,381 $ (32,439) $ 63,924 $ (54,637)

(Income) loss attributable to noncontrolling interest in consolidated entities 341 1,412 996 3,188

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (1,729) 631 (699) 1,082

Preferred dividends (2,714) (7,017) (5,428) (13,746)

Deemed dividends on redeemable preferred stock (4,600) (2,530) (9,200) (3,587)

Net income (loss) attributable to common stockholders 120,679 (39,943) 49,593 (67,700)

Depreciation and amortization on real estate 28,324 34,486 60,026 71,036

(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (150,046) (6,684) (250,076) (38,552)

(Gain) loss on derecognition of assets (6,828) (9,900) (14,618) (19,946)

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 1,729 (631) 699 (1,082)

Equity in (earnings) loss of unconsolidated entities (47) (44) 155 387

Impairment charges on real estate — 1,447 112,649 1,447

Company's portion of FFO of unconsolidated entities 148 152 47 (81)

FFO available to common stockholders and OP unitholders (6,041) (21,117) (41,525) (54,491)

Deemed dividends on redeemable preferred stock 4,600 2,530 9,200 3,587

Transaction and conversion costs (91) 2,173 262 4,101

Write-off of premiums, loan costs and exit fees 305 1,486 1,559 6,083

Unrealized (gain) loss on derivatives (44) 1,309 (801) 4,741

Stock/unit-based compensation 28 222 56 168

Legal, advisory and settlement costs (18) 55 4 852

Other (income) expense, net — — (3,223) —

Amortization of loan costs 4,802 7,705 11,039 12,868

Incentive fee — (66) — 27

Stirling performance participation fee — 111 — 227

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

Interest expense associated with hotels in receivership 7,607 9,902 15,427 19,948

Severance 68 274 247 796

Default interest and late fees 4,251 — 23,155 —

Company's portion of adjustments to FFO of unconsolidated entities 22 35 44 75

Adjusted FFO available to common stockholders and OP unitholders $ 17,439 $ 4,621 $ 17,419 $ (1,003)

Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 2.67 $ 0.78 $ 2.67 $ (0.17)

Weighted average diluted shares 6,535 5,906 6,536 5,834

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2026

(dollars in thousands)

(unaudited)

Indebtedness Current Maturity

Final Maturity (11)

Interest Rate (10)

Fixed-Rate

Debt Floating-Rate

Debt Total

Debt TTM Hotel Net Income TTM Hotel Net Income Debt Yield

Comparable TTM Hotel EBITDA (12)

Comparable TTM Hotel EBITDA

Debt Yield

JPMorgan Chase - 8 hotels February 2026 February 2026 SOFR (1) + 3.28% $ — $ 325,000 $ 325,000 (2) $ (5,938) (1.8) % $ 29,537 9.1 %

BAML Highland Pool - 15 hotels July 2026 July 2026 SOFR (1) + 5.47% — 523,899 523,899 (3) 77,810 14.9 % 68,601 13.1 %

BAML Indigo Atlanta - 1 hotel February 2027 February 2027 SOFR (1) + 2.85% — 12,330 12,330 (4) 469 3.8 % 2,303 18.7 %

BAML/Sculptor KEYS 16 Pool - 14 hotels February 2027 February 2030 SOFR (1) + 4.37% — 507,838 507,838 (5) 49,247 9.7 % 69,156 13.6 %

Morgan Stanley Pool - 7 hotels March 2027 March 2028 SOFR (1) + 5.96% — 143,534 143,534 (6) 162,603 113.3 % 18,706 13.0 %

BAML Nashville - 1 hotel September 2027 September 2030 SOFR (1) + 2.26% — 218,100 218,100 (7) 28,354 13.0 % 36,082 16.5 %

Torchlight Marriott Crystal Gateway - 1 hotel November 2027 November 2029 SOFR (1) + 4.75% — 121,500 121,500 (8) 12,538 10.3 % 16,127 13.3 %

BAML Pool - 4 hotels December 2028 December 2028 8.51% 30,200 — 30,200 394 1.3 % 4,400 14.6 %

Preferred Equity Nashville - 1 hotel May 2029 May 2029 11.14% 89,295 — 89,295 (9) N/A N/A N/A N/A

Unencumbered Hotel - 1 hotel — — — 1,768 N/A 4,233 N/A

Total $ 119,495 $ 1,852,201 $ 1,971,696 $ 327,245 16.6 % $ 249,145 12.6 %

Percentage 6.1 % 93.9 % 100.0 %

Weighted average interest rate (10)

10.47 % 8.03 % 8.18 %

All indebtedness is non-recourse.

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

(1) SOFR rate was 3.65% at June 30, 2026.

(2) As of June 30, 2026, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.

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

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

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

(6) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option was exercised in March 2026.

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

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

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

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

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:

Three Months Ended June 30,

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

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 209,618 $ (19,369) $ 190,249 $ 227,203 $ (48,670) $ 178,533 (7.74) % 6.56 %

RevPAR $ 154.95 $ (148.11) $ 155.68 $ 144.08 $ (137.14) $ 146.09 7.55 % 6.56 %

Occupancy 76.16 % (76.94) % 76.07 % 75.23 % (74.20) % 75.53 % 1.24 % 0.71 %

ADR $ 203.46 $ (192.49) $ 204.65 $ 191.51 $ (184.81) $ 193.42 6.24 % 5.81 %

ALL HOTELS:

Six Months Ended June 30,

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

2026 2026 2026 2025 2025 2025 % Variance % Variance

Rooms revenue (in thousands) $ 409,643 $ (52,977) $ 356,666 $ 433,505 $ (94,983) $ 338,522 (5.50) % 5.36 %

RevPAR $ 145.05 $ (134.65) $ 146.74 $ 138.09 $ (134.02) $ 139.27 5.05 % 5.36 %

Occupancy 72.24 % (70.70) % 72.49 % 71.62 % (71.33) % 71.71 % 0.87 % 1.09 %

ADR $ 200.80 $ (190.44) $ 202.43 $ 192.80 $ (187.88) $ 194.23 4.15 % 4.22 %

NOTES:

(1) The above comparable information assumes the 53 hotel properties owned and included in the Company’s operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period and hotel properties in receivership.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS: Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 % Variance 2026 2025 % Variance

Total hotel revenue $ 273,068 $ 301,546 (9.44) % $ 540,647 $ 578,596 (6.56) %

Non-comparable adjustments (26,902) (65,347) (72,811) (125,991)

Comparable total hotel revenue $ 246,166 $ 236,199 4.22 % $ 467,836 $ 452,605 3.37 %

Hotel net income (loss) $ 181,455 $ 57,561 215.24 % $ 210,570 $ 126,687 66.21 %

Non-comparable adjustments (129,091) (7,011) (200,475) (45,407)

Comparable hotel net income (loss) $ 52,364 $ 50,550 3.59 % $ 10,095 $ 81,280 (87.58) %

Hotel net income (loss) margin 66.45 % 19.09 % 47.36 % 38.95 % 21.90 % 17.05 %

Comparable hotel net income margin 21.27 % 21.40 % (0.13) % 2.16 % 17.96 % (15.80) %

Hotel EBITDA $ 88,351 $ 92,279 (4.26) % $ 165,156 $ 170,752 (3.28) %

Non-comparable adjustments (8,404) (19,303) (20,253) (35,787)

Comparable hotel EBITDA $ 79,947 $ 72,976 9.55 % $ 144,903 $ 134,965 7.36 %

Hotel EBITDA margin 32.35 % 30.60 % 1.75 % 30.55 % 29.51 % 1.04 %

Comparable hotel EBITDA margin 32.48 % 30.90 % 1.58 % 30.97 % 29.82 % 1.15 %

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(dollars in thousands)

(unaudited)

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

2026 2026 2026 2026 2026 2026 2025 2025 2025 2025 2025 2025

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

Total hotel revenue $ 273,068 $ (26,902) $ 246,166 $ 267,578 $ (45,909) $ 221,669 $ 258,583 $ (51,663) $ 206,920 $ 265,675 $ (53,313) $ 212,362

Hotel net income (loss) $ 181,455 $ (129,091) $ 52,364 $ 29,115 $ (71,385) $ (42,270) $ 4,332 $ 19,635 $ 23,967 $ 26,634 $ 1,539 $ 28,173

Hotel net income (loss) margin 66.45 % 21.27 % 10.88 % (19.07) % 1.68 % 11.58 % 10.03 % 13.27 %

Hotel EBITDA $ 88,351 $ (8,404) $ 79,947 $ 76,805 $ (11,849) $ 64,956 $ 63,133 $ (12,086) $ 51,047 $ 68,740 $ (11,368) $ 57,372

Hotel EBITDA margin 32.35 % 32.48 % 28.70 % 29.30 % 24.41 % 24.67 % 25.87 % 27.02 %

Hotel net income (loss) % of total TTM 75.1 % 84.1 % 12.1 % (67.9) % 1.8 % 38.5 % 11.0 % 45.3 %

EBITDA % of total TTM 29.7 % 31.6 % 25.9 % 25.6 % 21.3 % 20.2 % 23.1 % 22.6 %

JV interests in Hotel net income (loss) $ (287) $ (287) $ (574) $ (574) $ (349) $ (349) $ (1,249) $ (1,249)

JV interests in EBITDA $ 886 $ 886 $ 816 $ 816 $ 1,038 $ 1,038 $ 216 $ 216

Actual Non-comparable Adjustments Comparable

2026 2026 2026

TTM TTM TTM

Total hotel revenue $ 1,064,904 $ (177,787) $ 887,117

Hotel net income (loss) $ 241,536 $ (179,302) $ 62,234

Hotel net income (loss) margin 22.68 % 7.02 %

Hotel EBITDA $ 297,029 $ (43,707) $ 253,322

Hotel EBITDA margin 27.89 % 28.56 %

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

EBITDA % of total TTM 100.0 % 100.0 %

JV interests in Hotel net income (loss) $ (2,458) $ (2,458)

JV interests in EBITDA $ 2,955 $ 2,955

NOTES:

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

Three Months Ended June 30,

Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

Atlanta, GA Area 6 1,128 $ 145.71 $ — $ 145.71 $ 135.85 $ — $ 135.85 7.3 % 7.3 %

Dallas / Ft. Worth, TX Area 4 1,246 143.90 (130.89) 144.50 125.88 (105.27) 128.36 14.3 % 12.6 %

Houston, TX Area 1 303 141.85 — 141.85 117.64 (99.09) 141.63 20.6 % 0.2 %

Los Angeles, CA Metro Area 4 1,312 158.64 — 158.64 154.24 — 154.24 2.9 % 2.9 %

Miami, FL Metro Area 1 254 202.97 (173.47) 204.19 174.80 (147.75) 191.84 16.1 % 6.4 %

Minneapolis - St. Paul, MN Area 2 520 83.91 — 83.91 77.51 — 77.51 8.3 % 8.3 %

Nashville, TN Area 1 674 252.17 — 252.17 246.56 — 246.56 2.3 % 2.3 %

New York / New Jersey Metro Area 4 1,159 113.62 — 113.62 106.84 — 106.84 6.3 % 6.3 %

Orlando, FL Area 2 524 120.42 — 120.42 111.36 — 111.36 8.1 % 8.1 %

Philadelphia, PA Area 1 263 152.68 — 152.68 145.92 — 145.92 4.6 % 4.6 %

San Diego, CA Area — — 139.81 (139.81) — 154.30 (154.30) — (9.4) % — %

San Francisco - Oakland, CA Metro Area 2 615 162.34 (144.43) 165.82 144.07 (143.64) 144.19 12.7 % 15.0 %

Tampa, FL Area 1 238 170.90 — 171.13 144.52 (138.01) 153.62 18.3 % 11.4 %

Washington D.C. - MD - VA Area 8 2,176 189.68 — 189.68 175.51 (167.02) 176.49 8.1 % 7.5 %

Other Areas 16 3,017 146.95 (150.82) 145.60 138.45 (138.11) 138.68 6.1 % 5.0 %

Total Portfolio 53 13,429 $ 154.95 $ (148.11) $ 155.68 $ 144.08 $ (137.14) $ 146.09 7.5 % 6.6 %

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

Six Months Ended June 30,

Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable

2026 2026 2026 2025 2025 2025 % Variance % Variance

Atlanta, GA Area 6 1,128 $ 142.92 $ — $ 142.92 $ 139.74 $ — $ 139.74 2.3 % 2.3 %

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

Dallas / Ft. Worth, TX Area 4 1,246 138.95 (122.07) 140.35 126.01 (105.07) 128.53 10.3 % 9.2 %

Houston, TX Area 1 303 132.78 (73.09) 139.15 114.63 (97.83) 136.36 15.8 % 2.0 %

Los Angeles, CA Metro Area 4 1,312 165.32 — 165.32 154.95 — 154.95 6.7 % 6.7 %

Miami, FL Metro Area 1 254 246.12 (249.60) 244.96 211.42 (179.11) 231.77 16.4 % 5.7 %

Minneapolis - St. Paul, MN Area 2 520 81.55 — 81.55 64.48 — 64.48 26.5 % 26.5 %

Nashville, TN Area 1 674 236.34 — 236.34 237.11 — 237.11 (0.3) % (0.3) %

New York / New Jersey Metro Area 4 1,159 95.00 — 95.00 93.88 — 93.88 1.2 % 1.2 %

Orlando, FL Area 2 524 132.27 — 132.27 129.29 — 129.29 2.3 % 2.3 %

Philadelphia, PA Area 1 263 129.57 — 129.57 119.05 — 119.05 8.8 % 8.8 %

San Diego, CA Area — — 132.68 (132.68) — 145.57 (145.57) — (8.9) % — %

San Francisco - Oakland, CA Metro Area 2 615 154.25 (116.75) 163.30 134.84 (117.42) 139.89 14.4 % 16.7 %

Tampa, FL Area 1 238 189.41 (199.23) 184.62 171.77 (170.53) 173.51 10.3 % 6.4 %

Washington D.C. - MD - VA Area 8 2,176 161.99 (125.45) 164.08 158.36 (151.79) 159.12 2.3 % 3.1 %

Other Areas 16 3,017 130.20 (127.39) 131.44 126.94 (131.24) 124.05 2.6 % 6.0 %

Total Portfolio 53 13,429 $ 145.05 $ (134.65) $ 146.74 $ 138.09 $ (134.02) $ 139.27 5.0 % 5.4 %

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2026

(in thousands, except share price)

(unaudited)

June 30, 2026

Common stock shares outstanding 6,476

Partnership units outstanding 93

Combined common stock shares and partnership units outstanding 6,569

Common stock price $ 3.24

Market capitalization $ 21,284

Series D cumulative preferred stock $ 27,778

Series F cumulative preferred stock $ 25,926

Series G cumulative preferred stock $ 36,774

Series H cumulative preferred stock $ 25,949

Series I cumulative preferred stock $ 25,858

Series J redeemable preferred stock $ 192,105

Series K redeemable preferred stock $ 18,278

Series L redeemable preferred stock $ 5,955

Series M redeemable preferred stock $ 13,772

Indebtedness $ 1,971,696

Net working capital (see below) $ (83,778)

Total enterprise value (TEV) $ 2,281,597

Cash and cash equivalents $ 73,392

Restricted cash $ 132,725

Accounts receivable, net $ 40,889

Other receivable $ 2,758

Inventory $ 10,912

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

Total current assets $ 283,759

Accounts payable, net & accrued expenses $ 135,113

Dividends and distributions payable $ 4,247

Due to affiliates, net $ 60,621

Total current liabilities $ 199,981

Net working capital $ 83,778

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

2026 2026 2025 2025 June 30, 2026

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

Net income (loss) $ 181,455 $ 29,115 $ 4,332 $ 26,634 $ 241,536

Non-property adjustments (124,569) 12,668 20,110 2,353 (89,438)

Interest income (376) (344) (378) (400) (1,498)

Interest expense 1,858 2,127 2,694 3,061 9,740

Amortization of loan costs — 2 30 35 67

Depreciation and amortization 28,580 31,956 34,042 34,540 129,118

Income tax expense (benefit) — 2 — — 2

Non-hotel EBITDA ownership expense 1,403 1,279 2,303 2,517 7,502

Hotel EBITDA including amounts attributable to noncontrolling interest 88,351 76,805 63,133 68,740 297,029

Non-comparable adjustments (8,404) (11,849) (12,086) (11,368) (43,707)

Comparable hotel EBITDA $ 79,947 $ 64,956 $ 51,047 $ 57,372 $ 253,322

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2026

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 181,455 $ (52,074) $ 129,381

Non-property adjustments (124,569) 124,569 —

Interest income (376) 376 —

Interest expense 1,858 56,617 58,475

Amortization of loan cost — 4,802 4,802

Depreciation and amortization 28,580 48 28,628

Income tax expense (benefit) — 2,553 2,553

Non-hotel EBITDA ownership expense 1,403 (1,403) —

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

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

Company's portion of EBITDA of unconsolidated entities — 359 359

Hotel EBITDA attributable to the Company and OP unitholders $ 88,351 $ 135,800 $ 224,151

Non-comparable adjustments (8,404)

Comparable hotel EBITDA $ 79,947

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2026

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 29,115 $ (94,572) $ (65,457)

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

Interest income (344) 344 —

Interest expense 2,127 73,010 75,137

Amortization of loan cost 2 6,235 6,237

Depreciation and amortization 31,956 50 32,006

Income tax expense (benefit) 2 750 752

Non-hotel EBITDA ownership expense 1,279 (1,279) —

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

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

Company's portion of EBITDA of unconsolidated entities — 108 108

Hotel EBITDA attributable to the Company and OP unitholders $ 76,805 $ (27,820) $ 48,985

Non-comparable adjustments (11,849)

Comparable hotel EBITDA $ 64,956

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2025

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 4,332 $ (75,129) $ (70,797)

Non-property adjustments 20,110 (20,110) —

Interest income (378) 378 —

Interest expense 2,694 55,939 58,633

Amortization of loan cost 30 6,604 6,634

Depreciation and amortization 34,042 49 34,091

Income tax expense (benefit) — (838) (838)

Non-hotel EBITDA ownership expense 2,303 (2,303) —

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

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

Company's portion of EBITDA of unconsolidated entities — 256 256

Hotel EBITDA attributable to the Company and OP unitholders $ 63,133 $ (35,087) $ 28,046

Non-comparable adjustments (12,086)

Comparable hotel EBITDA $ 51,047

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended September 30, 2025

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 26,634 $ (89,359) $ (62,725)

Non-property adjustments 2,353 (2,353) —

Interest income (400) 400 —

Interest expense 3,061 63,509 66,570

Amortization of loan cost 35 5,958 5,993

Depreciation and amortization 34,540 49 34,589

Income tax expense (benefit) — 259 259

Non-hotel EBITDA ownership expense 2,517 (2,517) —

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

Equity in (earnings) loss of unconsolidated entities — (129) (129)

Company's portion of EBITDA of unconsolidated entities — 426 426

Hotel EBITDA attributable to the Company and OP unitholders $ 68,740 $ (23,757) $ 44,983

Non-comparable adjustments (11,368)

Comparable hotel EBITDA $ 57,372

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2025

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 57,561 $ (90,000) $ (32,439)

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

Interest income (370) 370 —

Interest expense 3,156 69,690 72,846

Amortization of loan cost 132 7,611 7,743

Depreciation and amortization 35,228 48 35,276

Income tax expense (benefit) — 119 119

Non-hotel EBITDA ownership expense 1,806 (1,806) —

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

Equity in (earnings) loss of unconsolidated entities — (44) (44)

Company's portion of EBITDA of unconsolidated entities — 406 406

Hotel EBITDA attributable to the Company and OP unitholders $ 92,279 $ (8,372) $ 83,907

Non-comparable adjustments (19,303)

Comparable hotel EBITDA $ 72,976

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Six Months Ended June 30, 2026

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 210,570 $ (146,646) $ 63,924

Non-property adjustments (111,901) 111,901 —

Interest income (720) 720 —

Interest expense 3,985 129,627 133,612

Amortization of loan cost 2 11,037 11,039

Depreciation and amortization 60,536 98 60,634

Income tax expense (benefit) 2 3,303 3,305

Non-hotel EBITDA ownership expense 2,682 (2,682) —

Hotel EBITDA including amounts attributable to noncontrolling interest 165,156 107,358 272,514

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

Company's portion of EBITDA of unconsolidated entities — 467 467

Hotel EBITDA attributable to the Company and OP unitholders $ 165,156 $ 107,980 $ 273,136

Non-comparable adjustments (20,253)

Comparable hotel EBITDA $ 144,903

NOTES:

(2) Excluded hotels under renovation:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Six Months Ended June 30, 2025

Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc.

Net income (loss) $ 126,687 $ (181,324) $ (54,637)

Non-property adjustments (37,089) 37,089 —

Interest income (716) 716 —

Interest expense 6,221 138,273 144,494

Amortization of loan cost 238 12,705 12,943

Depreciation and amortization 72,518 97 72,615

Income tax expense (benefit) — 436 436

Non-hotel EBITDA ownership expense 2,893 (2,893) —

Hotel EBITDA including amounts attributable to noncontrolling interest 170,752 5,099 175,851

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

Company's portion of EBITDA of unconsolidated entities — 526 526

Hotel EBITDA attributable to the Company and OP unitholders $ 170,752 $ 6,012 $ 176,764

Non-comparable adjustments (35,787)

Comparable hotel EBITDA $ 134,965

NOTES:

(2) Excluded hotels under renovation:

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

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

TTM Ended June 30, 2026

BAML/Sculptor KEYS Pool - 14 hotels BAML Highland Pool - 15 hotels Morgan Stanley Pool - 7 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel

Net income (loss) $ 49,247 $ 77,810 $ 162,603 $ (5,938) $ 28,354 $ 469 $ 12,538

Non-property adjustments (3,487) (32,020) (150,834) 17,674 (487) 18 —

Interest income (140) (349) (233) (200) (144) — (364)

Interest expense — — — — — 845 —

Amortization of loan costs — — — — — 14 —

Depreciation and amortization 27,399 37,672 17,400 17,525 8,176 1,067 3,927

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

Non-hotel EBITDA ownership expense 1,487 2,799 2,019 476 183 (110) 26

Hotel EBITDA including amounts attributable to noncontrolling interest 74,508 85,912 30,955 29,537 36,082 2,303 16,127

Non-comparable adjustments (5,352) (17,311) (12,249) — — — —

Comparable hotel EBITDA $ 69,156 $ 68,601 $ 18,706 $ 29,537 $ 36,082 $ 2,303 $ 16,127

Ft Worth Le Meridien - 1 hotel BAML Pool - 4 hotels Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (3,476) $ 394 $ (82,233) $ 1,768 $ 241,536

Non-property adjustments — — 79,697 — (89,439)

Interest income (67) — — — (1,497)

Interest expense 3,466 — 3,530 1,898 9,739

Amortization of loan costs 6 — 47 — 67

Depreciation and amortization 3,877 3,937 7,599 539 129,118

Income tax expense (benefit) — — — — 2

Non-hotel EBITDA ownership expense 371 69 155 28 7,503

Hotel EBITDA including amounts attributable to noncontrolling interest 4,177 4,400 8,795 4,233 297,029

Non-comparable adjustments — — (8,795) — (43,707)

Comparable hotel EBITDA $ 4,177 $ 4,400 $ — $ 4,233 $ 253,322

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2026

Net income (loss) $ 41,428 $ 112,463 $ 34,799 $ 4,623 $ 8,974 $ 216 $ 4,513

Non-property adjustments (24,341) (95,440) (30,577) — — — —

Interest income (36) (90) (50) (57) (34) — (84)

Interest expense — — — — — 202 —

Amortization of loan costs — — — — — — —

Depreciation and amortization 6,746 9,218 2,651 4,349 1,993 220 971

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

Non-hotel EBITDA ownership expense 236 568 502 41 4 3 7

Hotel EBITDA including amounts attributable to noncontrolling interest 24,033 26,719 7,325 8,956 10,937 641 5,407

Non-comparable adjustments (1,287) (5,297) (1,403) — — — —

Comparable hotel EBITDA $ 22,746 $ 21,422 $ 5,922 $ 8,956 $ 10,937 $ 641 $ 5,407

Ft Worth Le Meridien - 1 hotel BAML Pool - 4 hotels Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (406) $ 350 $ (26,258) $ 753 $ 181,455

Non-property adjustments — — 25,788 — (124,570)

Interest income (24) — — — (375)

Interest expense 630 — 557 468 1,857

Amortization of loan costs — — — — —

Depreciation and amortization 1,037 931 329 135 28,580

Income tax expense (benefit) — — — — —

Non-hotel EBITDA ownership expense 15 22 1 5 1,404

Hotel EBITDA including amounts attributable to noncontrolling interest 1,252 1,303 417 1,361 88,351

Non-comparable adjustments — — (417) — (8,404)

Comparable hotel EBITDA $ 1,252 $ 1,303 $ — $ 1,361 $ 79,947

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2026

Net income (loss) $ (11,647) $ (51,866) $ 85,699 $ (12,621) $ 7,059 $ 204 $ 3,160

Non-property adjustments 22,275 64,118 (80,532) 17,674 — 18 —

Interest income (33) (84) (46) (45) (34) — (81)

Interest expense — — — — — 201 —

Amortization of loan costs — — — — — 2 —

Depreciation and amortization 7,018 9,370 4,306 4,346 1,995 262 989

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

Non-hotel EBITDA ownership expense 174 282 540 157 5 3 6

Hotel EBITDA including amounts attributable to noncontrolling interest 17,789 21,820 9,967 9,511 9,025 690 4,074

Non-comparable adjustments (1,182) (3,836) (5,432) — — — —

Comparable hotel EBITDA $ 16,607 $ 17,984 $ 4,535 $ 9,511 $ 9,025 $ 690 $ 4,074

Ft Worth Le Meridien - 1 hotel BAML Pool - 4 hotels Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (811) $ (175) $ 10,137 $ (24) $ 29,115

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

Interest income (21) — — — (344)

Interest expense 906 — 552 468 2,127

Amortization of loan costs — — — — 2

Depreciation and amortization 1,037 951 1,547 135 31,956

Income tax expense (benefit) — — — — 2

Non-hotel EBITDA ownership expense 42 19 48 3 1,279

Hotel EBITDA including amounts attributable to noncontrolling interest 1,153 795 1,399 582 76,805

Non-comparable adjustments — — (1,399) — (11,849)

Comparable hotel EBITDA $ 1,153 $ 795 $ — $ 582 $ 64,956

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2025

Net income (loss) $ 8,015 $ 8,187 $ 25,394 $ 1,117 $ 6,194 $ 30 $ 2,329

Non-property adjustments (1,421) (736) (23,684) — (487) — —

Interest income (34) (86) (58) (48) (37) — (93)

Interest expense — — — — — 218 —

Amortization of loan costs — — — — — 6 —

Depreciation and amortization 6,927 9,379 5,040 4,457 2,080 289 991

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

Non-hotel EBITDA ownership expense 587 1,544 (23) 193 196 (143) 7

Hotel EBITDA including amounts attributable to noncontrolling interest 14,074 18,288 6,669 5,719 7,946 400 3,234

Non-comparable adjustments (1,098) (4,812) (3,025) — — — —

Comparable hotel EBITDA $ 12,976 $ 13,476 $ 3,644 $ 5,719 $ 7,946 $ 400 $ 3,234

Ft Worth Le Meridien - 1 hotel BAML Pool - 4 hotels Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (493) $ 158 $ (47,013) $ 414 $ 4,332

Non-property adjustments — — 46,438 — 20,110

Interest income (22) — — — (378)

Interest expense 917 — 1,078 481 2,694

Amortization of loan costs — — 24 — 30

Depreciation and amortization 1,037 975 2,732 135 34,042

Income tax expense (benefit) — — — — —

Non-hotel EBITDA ownership expense 28 18 (108) 4 2,303

Hotel EBITDA including amounts attributable to noncontrolling interest 1,467 1,151 3,151 1,034 63,133

Non-comparable adjustments — — (3,151) — (12,086)

Comparable hotel EBITDA $ 1,467 $ 1,151 $ — $ 1,034 $ 51,047

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended September 30, 2025

Net income (loss) $ 11,451 $ 9,026 $ 16,711 $ 943 $ 6,127 $ 19 $ 2,536

Non-property adjustments — 38 (16,041) — — — —

Interest income (37) (89) (79) (50) (39) — (106)

Interest expense — — — — — 224 —

Amortization of loan costs — — — — — 6 —

Depreciation and amortization 6,708 9,705 5,403 4,373 2,108 296 976

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

Non-hotel EBITDA ownership expense 490 405 1,000 85 (22) 27 6

Hotel EBITDA including amounts attributable to noncontrolling interest 18,612 19,085 6,994 5,351 8,174 572 3,412

Non-comparable adjustments (1,785) (3,366) (2,389) — — — —

Comparable hotel EBITDA $ 16,827 $ 15,719 $ 4,605 $ 5,351 $ 8,174 $ 572 $ 3,412

Ft Worth Le Meridien - 1 hotel BAML Pool - 4 hotels Disposed Hotels Unencumbered Hotels Total Portfolio

Net income (loss) $ (1,766) $ 61 $ (19,099) $ 625 $ 26,634

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

Interest income — — — — (400)

Interest expense 1,013 — 1,343 481 3,061

Amortization of loan costs 6 — 23 — 35

Depreciation and amortization 766 1,080 2,991 134 34,540

Income tax expense (benefit) — — — — —

Non-hotel EBITDA ownership expense 286 10 214 16 2,517

Hotel EBITDA including amounts attributable to noncontrolling interest 305 1,151 3,828 1,256 68,740

Non-comparable adjustments — — (3,828) — (11,368)

Comparable hotel EBITDA $ 305 $ 1,151 $ — $ 1,256 $ 57,372

NOTES:

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